Exhibit 99.2
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2023 (1)
In apartment units
|
| Same |
|
| Non-Same |
|
| Lease-up |
|
| Total |
|
| Development |
|
| Total |
| ||||||
Atlanta, GA |
|
| 11,434 |
|
|
| — |
|
|
| — |
|
|
| 11,434 |
|
|
| — |
|
|
| 11,434 |
|
Dallas, TX |
|
| 10,115 |
|
|
| — |
|
|
| — |
|
|
| 10,115 |
|
|
| — |
|
|
| 10,115 |
|
Tampa, FL |
|
| 5,220 |
|
|
| 196 |
|
|
| — |
|
|
| 5,416 |
|
|
| — |
|
|
| 5,416 |
|
Orlando, FL |
|
| 5,274 |
|
|
| 633 |
|
|
| — |
|
|
| 5,907 |
|
|
| — |
|
|
| 5,907 |
|
Austin, TX |
|
| 6,829 |
|
|
| — |
|
|
| 350 |
|
|
| 7,179 |
|
|
| — |
|
|
| 7,179 |
|
Charlotte, NC |
|
| 5,651 |
|
|
| 216 |
|
|
| 344 |
|
|
| 6,211 |
|
|
| — |
|
|
| 6,211 |
|
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| — |
|
|
| — |
|
|
| 5,350 |
|
|
| — |
|
|
| 5,350 |
|
Nashville, TN |
|
| 4,375 |
|
|
| — |
|
|
| — |
|
|
| 4,375 |
|
|
| — |
|
|
| 4,375 |
|
Fort Worth, TX |
|
| 3,687 |
|
|
| — |
|
|
| — |
|
|
| 3,687 |
|
|
| — |
|
|
| 3,687 |
|
Houston, TX |
|
| 4,867 |
|
|
| 308 |
|
|
| — |
|
|
| 5,175 |
|
|
| — |
|
|
| 5,175 |
|
Charleston, SC |
|
| 3,168 |
|
|
| — |
|
|
| — |
|
|
| 3,168 |
|
|
| — |
|
|
| 3,168 |
|
Jacksonville, FL |
|
| 3,496 |
|
|
| — |
|
|
| — |
|
|
| 3,496 |
|
|
| — |
|
|
| 3,496 |
|
Phoenix, AZ |
|
| 2,623 |
|
|
| 345 |
|
|
| — |
|
|
| 2,968 |
|
|
| — |
|
|
| 2,968 |
|
Northern Virginia |
|
| 1,888 |
|
|
| — |
|
|
| — |
|
|
| 1,888 |
|
|
| — |
|
|
| 1,888 |
|
Greenville, SC |
|
| 2,355 |
|
|
| — |
|
|
| — |
|
|
| 2,355 |
|
|
| — |
|
|
| 2,355 |
|
Savannah, GA |
|
| 1,837 |
|
|
| — |
|
|
| — |
|
|
| 1,837 |
|
|
| — |
|
|
| 1,837 |
|
Richmond, VA |
|
| 1,732 |
|
|
| 272 |
|
|
| — |
|
|
| 2,004 |
|
|
| — |
|
|
| 2,004 |
|
Fredericksburg, VA |
|
| 1,435 |
|
|
| — |
|
|
| — |
|
|
| 1,435 |
|
|
| — |
|
|
| 1,435 |
|
Memphis, TN |
|
| 1,811 |
|
|
| — |
|
|
| — |
|
|
| 1,811 |
|
|
| — |
|
|
| 1,811 |
|
Birmingham, AL |
|
| 1,462 |
|
|
| — |
|
|
| — |
|
|
| 1,462 |
|
|
| — |
|
|
| 1,462 |
|
San Antonio, TX |
|
| 1,504 |
|
|
| — |
|
|
| — |
|
|
| 1,504 |
|
|
| — |
|
|
| 1,504 |
|
Denver, CO |
|
| 812 |
|
|
| 306 |
|
|
| — |
|
|
| 1,118 |
|
|
| — |
|
|
| 1,118 |
|
Huntsville, AL |
|
| 1,228 |
|
|
| — |
|
|
| — |
|
|
| 1,228 |
|
|
| — |
|
|
| 1,228 |
|
Kansas City, MO-KS |
|
| 1,110 |
|
|
| — |
|
|
| — |
|
|
| 1,110 |
|
|
| — |
|
|
| 1,110 |
|
Other |
|
| 6,022 |
|
|
| 1,152 |
|
|
| — |
|
|
| 7,174 |
|
|
| 6 |
|
|
| 7,180 |
|
Total Multifamily Units |
|
| 95,285 |
|
|
| 3,428 |
|
|
| 694 |
|
|
| 99,407 |
|
|
| 6 |
|
|
| 99,413 |
|
Supplemental Data S-1
PORTFOLIO STATISTICS (CONTINUED) |
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
| As of March 31, 2023 |
|
| Average |
|
| As of March 31, 2023 |
| |||||||||||||||
|
| Gross Real |
|
| Percent to |
|
| Physical |
|
| Rent per |
|
| Completed |
|
| Total Units, |
| ||||||
Atlanta, GA |
| $ | 2,072,383 |
|
|
| 13.9 | % |
|
| 94.4 | % |
| $ | 1,832 |
|
|
| 11,434 |
|
|
|
| |
Dallas, TX |
|
| 1,545,306 |
|
|
| 10.3 | % |
|
| 95.5 | % |
|
| 1,642 |
|
|
| 10,115 |
|
|
|
| |
Orlando, FL |
|
| 1,017,648 |
|
|
| 6.8 | % |
|
| 95.8 | % |
|
| 1,979 |
|
|
| 5,907 |
|
|
|
| |
Tampa, FL |
|
| 991,963 |
|
|
| 6.6 | % |
|
| 96.1 | % |
|
| 2,073 |
|
|
| 5,416 |
|
|
|
| |
Charlotte, NC |
|
| 990,124 |
|
|
| 6.6 | % |
|
| 95.6 | % |
|
| 1,587 |
|
|
| 5,867 |
|
|
|
| |
Austin, TX |
|
| 879,141 |
|
|
| 5.9 | % |
|
| 95.3 | % |
|
| 1,623 |
|
|
| 6,829 |
|
|
|
| |
Raleigh/Durham, NC |
|
| 723,638 |
|
|
| 4.8 | % |
|
| 95.8 | % |
|
| 1,514 |
|
|
| 5,350 |
|
|
|
| |
Houston, TX |
|
| 686,065 |
|
|
| 4.6 | % |
|
| 95.7 | % |
|
| 1,395 |
|
|
| 5,175 |
|
|
|
| |
Northern Virginia |
|
| 569,472 |
|
|
| 3.8 | % |
|
| 96.6 | % |
|
| 2,269 |
|
|
| 1,888 |
|
|
|
| |
Nashville, TN |
|
| 553,207 |
|
|
| 3.7 | % |
|
| 95.3 | % |
|
| 1,678 |
|
|
| 4,375 |
|
|
|
| |
Phoenix, AZ |
|
| 476,709 |
|
|
| 3.2 | % |
|
| 95.9 | % |
|
| 1,760 |
|
|
| 2,968 |
|
|
|
| |
Charleston, SC |
|
| 420,754 |
|
|
| 2.8 | % |
|
| 95.5 | % |
|
| 1,687 |
|
|
| 3,168 |
|
|
|
| |
Fort Worth, TX |
|
| 383,561 |
|
|
| 2.6 | % |
|
| 95.8 | % |
|
| 1,556 |
|
|
| 3,687 |
|
|
|
| |
Jacksonville, FL |
|
| 304,941 |
|
|
| 2.0 | % |
|
| 96.5 | % |
|
| 1,547 |
|
|
| 3,496 |
|
|
|
| |
Denver, CO |
|
| 294,979 |
|
|
| 2.0 | % |
|
| 95.8 | % |
|
| 1,943 |
|
|
| 1,118 |
|
|
|
| |
Richmond, VA |
|
| 276,296 |
|
|
| 1.8 | % |
|
| 96.1 | % |
|
| 1,558 |
|
|
| 2,004 |
|
|
|
| |
Fredericksburg, VA |
|
| 251,690 |
|
|
| 1.7 | % |
|
| 96.3 | % |
|
| 1,777 |
|
|
| 1,435 |
|
|
|
| |
Greenville, SC |
|
| 234,258 |
|
|
| 1.6 | % |
|
| 96.3 | % |
|
| 1,296 |
|
|
| 2,355 |
|
|
|
| |
Savannah, GA |
|
| 222,199 |
|
|
| 1.5 | % |
|
| 96.4 | % |
|
| 1,623 |
|
|
| 1,837 |
|
|
|
| |
Kansas City, MO-KS |
|
| 190,843 |
|
|
| 1.3 | % |
|
| 95.8 | % |
|
| 1,522 |
|
|
| 1,110 |
|
|
|
| |
San Antonio, TX |
|
| 168,794 |
|
|
| 1.1 | % |
|
| 95.9 | % |
|
| 1,379 |
|
|
| 1,504 |
|
|
|
| |
Birmingham, AL |
|
| 168,328 |
|
|
| 1.1 | % |
|
| 95.9 | % |
|
| 1,356 |
|
|
| 1,462 |
|
|
|
| |
All Other Markets by State (individual markets <1% gross real assets) |
| |||||||||||||||||||||||
Tennessee |
|
| 196,666 |
|
|
| 1.3 | % |
|
| 96.0 | % |
|
| 1,314 |
|
|
| 2,754 |
|
|
|
| |
Florida |
|
| 185,500 |
|
|
| 1.2 | % |
|
| 95.7 | % |
|
| 1,791 |
|
|
| 1,806 |
|
|
|
| |
Alabama |
|
| 170,375 |
|
|
| 1.1 | % |
|
| 96.4 | % |
|
| 1,372 |
|
|
| 1,648 |
|
|
|
| |
Virginia |
|
| 158,802 |
|
|
| 1.1 | % |
|
| 96.2 | % |
|
| 1,709 |
|
|
| 1,039 |
|
|
|
| |
Kentucky |
|
| 97,931 |
|
|
| 0.7 | % |
|
| 96.5 | % |
|
| 1,152 |
|
|
| 1,308 |
|
|
|
| |
Maryland |
|
| 82,195 |
|
|
| 0.5 | % |
|
| 97.0 | % |
|
| 2,062 |
|
|
| 361 |
|
|
|
| |
Nevada |
|
| 74,153 |
|
|
| 0.5 | % |
|
| 97.2 | % |
|
| 1,587 |
|
|
| 721 |
|
|
|
| |
South Carolina |
|
| 38,417 |
|
|
| 0.3 | % |
|
| 95.1 | % |
|
| 1,153 |
|
|
| 576 |
|
|
|
| |
Stabilized Communities |
| $ | 14,426,338 |
|
|
| 96.5 | % |
|
| 95.7 | % |
| $ | 1,662 |
|
|
| 98,713 |
|
|
|
| |
Charlotte, NC |
|
| 139,337 |
|
|
| 0.9 | % |
|
| 84.9 | % |
|
| 2,033 |
|
|
| 344 |
|
|
| 344 |
|
Salt Lake City, UT |
|
| 81,395 |
|
|
| 0.5 | % |
|
| — |
|
|
| — |
|
|
| 6 |
|
|
| 400 |
|
Atlanta, GA |
|
| 81,347 |
|
|
| 0.5 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 340 |
|
Phoenix, AZ |
|
| 63,897 |
|
|
| 0.4 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 317 |
|
Austin, TX |
|
| 59,517 |
|
|
| 0.4 | % |
|
| 74.6 | % |
|
| 1,671 |
|
|
| 350 |
|
|
| 350 |
|
Denver, CO |
|
| 53,564 |
|
|
| 0.4 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 352 |
|
Tampa, FL |
|
| 42,255 |
|
|
| 0.3 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 495 |
|
Raleigh/Durham, NC |
|
| 20,177 |
|
|
| 0.1 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 406 |
|
Lease-up / Development Communities |
| $ | 541,489 |
|
|
| 3.5 | % |
|
| 79.7 | % |
| $ | 1,850 |
|
|
| 700 |
|
|
| 3,004 |
|
Total Multifamily Communities |
| $ | 14,967,827 |
|
|
| 100.0 | % |
|
| 95.5 | % |
| $ | 1,664 |
|
|
| 99,413 |
|
|
| 101,717 |
|
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
|
| As of March 31, 2023 |
|
| Three Months Ended |
| ||||||||||||||
|
| Apartment Units |
|
| Gross Real Assets |
|
| March 31, 2023 |
|
| March 31, 2022 |
|
| Percent |
| |||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
| 95,285 |
|
| $ | 13,802,326 |
|
| $ | 500,010 |
|
| $ | 450,323 |
|
|
| 11.0 | % |
Non-Same Store Communities |
|
| 3,428 |
|
|
| 624,012 |
|
|
| 19,347 |
|
|
| 19,715 |
|
|
|
| |
Lease-up/Development Communities |
|
| 700 |
|
|
| 541,489 |
|
|
| 3,234 |
|
|
| 23 |
|
|
|
| |
Total Multifamily Portfolio |
|
| 99,413 |
|
| $ | 14,967,827 |
|
| $ | 522,591 |
|
| $ | 470,061 |
|
|
|
| |
Commercial Property/Land |
|
| — |
|
|
| 360,490 |
|
|
| 6,442 |
|
|
| 6,017 |
|
|
|
| |
Total Operating Revenues |
|
| 99,413 |
|
| $ | 15,328,317 |
|
| $ | 529,033 |
|
| $ | 476,078 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
|
|
|
|
|
| $ | 171,070 |
|
| $ | 157,887 |
|
|
| 8.3 | % | ||
Non-Same Store Communities |
|
|
|
|
|
|
|
| 7,462 |
|
|
| 8,798 |
|
|
|
| |||
Lease-up/Development Communities |
|
|
|
|
|
|
|
| 1,588 |
|
|
| 211 |
|
|
|
| |||
Total Multifamily Portfolio |
|
|
|
|
|
|
| $ | 180,120 |
|
| $ | 166,896 |
|
|
|
| |||
Commercial Property/Land |
|
|
|
|
|
|
|
| 2,683 |
|
|
| 2,524 |
|
|
|
| |||
Total Property Operating Expenses |
|
|
|
|
|
|
| $ | 182,803 |
|
| $ | 169,420 |
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
|
|
|
|
|
| $ | 328,940 |
|
| $ | 292,436 |
|
|
| 12.5 | % | ||
Non-Same Store Communities |
|
|
|
|
|
|
|
| 11,885 |
|
|
| 10,917 |
|
|
|
| |||
Lease-up/Development Communities |
|
|
|
|
|
|
|
| 1,646 |
|
|
| (188 | ) |
|
|
| |||
Total Multifamily Portfolio |
|
|
|
|
|
|
| $ | 342,471 |
|
| $ | 303,165 |
|
|
|
| |||
Commercial Property/Land |
|
|
|
|
|
|
|
| 3,759 |
|
|
| 3,493 |
|
|
|
| |||
Total Net Operating Income |
|
|
|
|
|
|
| $ | 346,230 |
|
| $ | 306,658 |
|
|
| 12.9 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
| Three Months Ended |
| |||||||||
|
| March 31, 2023 |
|
| March 31, 2022 |
|
| Percent Change |
| |||
Property Taxes |
| $ | 62,613 |
|
| $ | 57,701 |
|
|
| 8.5 | % |
Personnel |
|
| 37,163 |
|
|
| 34,776 |
|
|
| 6.9 | % |
Utilities |
|
| 31,004 |
|
|
| 29,053 |
|
|
| 6.7 | % |
Building Repair and Maintenance |
|
| 20,630 |
|
|
| 18,240 |
|
|
| 13.1 | % |
Office Operations |
|
| 6,959 |
|
|
| 6,780 |
|
|
| 2.6 | % |
Insurance |
|
| 6,888 |
|
|
| 6,097 |
|
|
| 13.0 | % |
Marketing |
|
| 5,813 |
|
|
| 5,240 |
|
|
| 10.9 | % |
Total Property Operating Expenses |
| $ | 171,070 |
|
| $ | 157,887 |
|
|
| 8.3 | % |
Supplemental Data S-3
MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE |
|
|
|
|
|
|
|
| Average Physical Occupancy |
| |||||||
|
|
|
|
| Percent of |
|
| Three Months Ended |
| |||||||
|
| Apartment Units |
|
| Same Store NOI |
|
| March 31, 2023 |
|
| March 31, 2022 |
| ||||
Atlanta, GA |
|
| 11,434 |
|
|
| 12.6 | % |
|
| 94.9 | % |
|
| 95.8 | % |
Dallas, TX |
|
| 10,115 |
|
|
| 9.7 | % |
|
| 95.6 | % |
|
| 95.6 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 6.9 | % |
|
| 95.6 | % |
|
| 96.6 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 6.5 | % |
|
| 96.1 | % |
|
| 96.4 | % |
Austin, TX |
|
| 6,829 |
|
|
| 6.4 | % |
|
| 95.3 | % |
|
| 95.2 | % |
Charlotte, NC |
|
| 5,651 |
|
|
| 6.2 | % |
|
| 95.6 | % |
|
| 95.7 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 5.6 | % |
|
| 95.2 | % |
|
| 95.5 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 4.8 | % |
|
| 95.4 | % |
|
| 95.6 | % |
Fort Worth, TX |
|
| 3,687 |
|
|
| 3.7 | % |
|
| 95.4 | % |
|
| 95.8 | % |
Houston, TX |
|
| 4,867 |
|
|
| 3.7 | % |
|
| 96.0 | % |
|
| 95.7 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 3.6 | % |
|
| 95.6 | % |
|
| 96.0 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 3.4 | % |
|
| 96.0 | % |
|
| 96.9 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 3.3 | % |
|
| 95.8 | % |
|
| 96.4 | % |
Northern Virginia |
|
| 1,888 |
|
|
| 2.8 | % |
|
| 95.9 | % |
|
| 95.4 | % |
Greenville, SC |
|
| 2,355 |
|
|
| 2.3 | % |
|
| 96.0 | % |
|
| 95.9 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 2.0 | % |
|
| 96.0 | % |
|
| 96.9 | % |
Richmond, VA |
|
| 1,732 |
|
|
| 1.8 | % |
|
| 95.8 | % |
|
| 96.6 | % |
Fredericksburg, VA |
|
| 1,435 |
|
|
| 1.8 | % |
|
| 96.2 | % |
|
| 96.5 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 1.5 | % |
|
| 95.0 | % |
|
| 95.7 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 1.2 | % |
|
| 95.8 | % |
|
| 95.4 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 1.1 | % |
|
| 95.3 | % |
|
| 95.2 | % |
Denver, CO |
|
| 812 |
|
|
| 1.1 | % |
|
| 95.1 | % |
|
| 96.4 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 1.1 | % |
|
| 95.7 | % |
|
| 96.1 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 1.0 | % |
|
| 95.2 | % |
|
| 95.7 | % |
Other |
|
| 6,022 |
|
|
| 5.9 | % |
|
| 95.3 | % |
|
| 96.4 | % |
Total Same Store |
|
| 95,285 |
|
|
| 100.0 | % |
|
| 95.5 | % |
|
| 95.9 | % |
Supplemental Data S-4
MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| |||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q1 2023 |
|
| Q1 2022 |
|
| % Chg |
|
| Q1 2023 |
|
| Q1 2022 |
|
| % Chg |
|
| Q1 2023 |
|
| Q1 2022 |
|
| % Chg |
|
| Q1 2023 |
|
| Q1 2022 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 64,725 |
|
| $ | 59,597 |
|
|
| 8.6 | % |
| $ | 23,208 |
|
| $ | 21,046 |
|
|
| 10.3 | % |
| $ | 41,517 |
|
| $ | 38,551 |
|
|
| 7.7 | % |
| $ | 1,832 |
|
| $ | 1,647 |
|
|
| 11.2 | % |
Dallas, TX |
|
| 10,115 |
|
|
| 52,290 |
|
|
| 46,567 |
|
|
| 12.3 | % |
|
| 20,534 |
|
|
| 19,097 |
|
|
| 7.5 | % |
|
| 31,756 |
|
|
| 27,470 |
|
|
| 15.6 | % |
|
| 1,642 |
|
|
| 1,448 |
|
|
| 13.3 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 33,908 |
|
|
| 29,930 |
|
|
| 13.3 | % |
|
| 11,141 |
|
|
| 10,054 |
|
|
| 10.8 | % |
|
| 22,767 |
|
|
| 19,876 |
|
|
| 14.5 | % |
|
| 2,075 |
|
|
| 1,798 |
|
|
| 15.4 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 32,366 |
|
|
| 27,890 |
|
|
| 16.0 | % |
|
| 10,855 |
|
|
| 9,638 |
|
|
| 12.6 | % |
|
| 21,511 |
|
|
| 18,252 |
|
|
| 17.9 | % |
|
| 1,941 |
|
|
| 1,651 |
|
|
| 17.6 | % |
Austin, TX |
|
| 6,829 |
|
|
| 35,335 |
|
|
| 31,781 |
|
|
| 11.2 | % |
|
| 14,380 |
|
|
| 12,627 |
|
|
| 13.9 | % |
|
| 20,955 |
|
|
| 19,154 |
|
|
| 9.4 | % |
|
| 1,623 |
|
|
| 1,450 |
|
|
| 11.9 | % |
Charlotte, NC |
|
| 5,651 |
|
|
| 28,453 |
|
|
| 25,579 |
|
|
| 11.2 | % |
|
| 7,907 |
|
|
| 7,408 |
|
|
| 6.7 | % |
|
| 20,546 |
|
|
| 18,171 |
|
|
| 13.1 | % |
|
| 1,593 |
|
|
| 1,401 |
|
|
| 13.7 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 25,987 |
|
|
| 22,907 |
|
|
| 13.4 | % |
|
| 7,580 |
|
|
| 7,141 |
|
|
| 6.1 | % |
|
| 18,407 |
|
|
| 15,766 |
|
|
| 16.8 | % |
|
| 1,514 |
|
|
| 1,326 |
|
|
| 14.2 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 23,255 |
|
|
| 20,580 |
|
|
| 13.0 | % |
|
| 7,345 |
|
|
| 6,985 |
|
|
| 5.2 | % |
|
| 15,910 |
|
|
| 13,595 |
|
|
| 17.0 | % |
|
| 1,678 |
|
|
| 1,472 |
|
|
| 14.0 | % |
Fort Worth, TX |
|
| 3,687 |
|
|
| 18,899 |
|
|
| 17,076 |
|
|
| 10.7 | % |
|
| 6,650 |
|
|
| 6,301 |
|
|
| 5.5 | % |
|
| 12,249 |
|
|
| 10,775 |
|
|
| 13.7 | % |
|
| 1,556 |
|
|
| 1,386 |
|
|
| 12.2 | % |
Houston, TX |
|
| 4,867 |
|
|
| 21,764 |
|
|
| 20,220 |
|
|
| 7.6 | % |
|
| 9,576 |
|
|
| 8,455 |
|
|
| 13.3 | % |
|
| 12,188 |
|
|
| 11,765 |
|
|
| 3.6 | % |
|
| 1,386 |
|
|
| 1,285 |
|
|
| 7.9 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 16,963 |
|
|
| 14,857 |
|
|
| 14.2 | % |
|
| 5,121 |
|
|
| 4,950 |
|
|
| 3.5 | % |
|
| 11,842 |
|
|
| 9,907 |
|
|
| 19.5 | % |
|
| 1,687 |
|
|
| 1,453 |
|
|
| 16.1 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 16,563 |
|
|
| 15,206 |
|
|
| 8.9 | % |
|
| 5,529 |
|
|
| 4,943 |
|
|
| 11.9 | % |
|
| 11,034 |
|
|
| 10,263 |
|
|
| 7.5 | % |
|
| 1,547 |
|
|
| 1,369 |
|
|
| 13.0 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 14,483 |
|
|
| 13,112 |
|
|
| 10.5 | % |
|
| 3,470 |
|
|
| 3,293 |
|
|
| 5.4 | % |
|
| 11,013 |
|
|
| 9,819 |
|
|
| 12.2 | % |
|
| 1,748 |
|
|
| 1,560 |
|
|
| 12.0 | % |
Northern Virginia |
|
| 1,888 |
|
|
| 13,344 |
|
|
| 12,172 |
|
|
| 9.6 | % |
|
| 4,049 |
|
|
| 3,886 |
|
|
| 4.2 | % |
|
| 9,295 |
|
|
| 8,286 |
|
|
| 12.2 | % |
|
| 2,269 |
|
|
| 2,067 |
|
|
| 9.7 | % |
Greenville, SC |
|
| 2,355 |
|
|
| 10,155 |
|
|
| 9,106 |
|
|
| 11.5 | % |
|
| 2,721 |
|
|
| 3,302 |
|
|
| (17.6 | )% |
|
| 7,434 |
|
|
| 5,804 |
|
|
| 28.1 | % |
|
| 1,296 |
|
|
| 1,155 |
|
|
| 12.3 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 9,672 |
|
|
| 8,434 |
|
|
| 14.7 | % |
|
| 3,038 |
|
|
| 2,897 |
|
|
| 4.9 | % |
|
| 6,634 |
|
|
| 5,537 |
|
|
| 19.8 | % |
|
| 1,623 |
|
|
| 1,382 |
|
|
| 17.4 | % |
Richmond, VA |
|
| 1,732 |
|
|
| 8,805 |
|
|
| 8,008 |
|
|
| 10.0 | % |
|
| 2,789 |
|
|
| 2,650 |
|
|
| 5.2 | % |
|
| 6,016 |
|
|
| 5,358 |
|
|
| 12.3 | % |
|
| 1,596 |
|
|
| 1,445 |
|
|
| 10.4 | % |
Fredericksburg, VA |
|
| 1,435 |
|
|
| 8,196 |
|
|
| 7,690 |
|
|
| 6.6 | % |
|
| 2,345 |
|
|
| 2,293 |
|
|
| 2.3 | % |
|
| 5,851 |
|
|
| 5,397 |
|
|
| 8.4 | % |
|
| 1,777 |
|
|
| 1,671 |
|
|
| 6.3 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 7,827 |
|
|
| 7,314 |
|
|
| 7.0 | % |
|
| 2,752 |
|
|
| 2,636 |
|
|
| 4.4 | % |
|
| 5,075 |
|
|
| 4,678 |
|
|
| 8.5 | % |
|
| 1,346 |
|
|
| 1,250 |
|
|
| 7.6 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 6,593 |
|
|
| 6,010 |
|
|
| 9.7 | % |
|
| 2,543 |
|
|
| 2,338 |
|
|
| 8.8 | % |
|
| 4,050 |
|
|
| 3,672 |
|
|
| 10.3 | % |
|
| 1,356 |
|
|
| 1,234 |
|
|
| 9.9 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 6,537 |
|
|
| 5,940 |
|
|
| 10.1 | % |
|
| 2,828 |
|
|
| 2,498 |
|
|
| 13.2 | % |
|
| 3,709 |
|
|
| 3,442 |
|
|
| 7.8 | % |
|
| 1,379 |
|
|
| 1,237 |
|
|
| 11.5 | % |
Denver, CO |
|
| 812 |
|
|
| 5,036 |
|
|
| 4,660 |
|
|
| 8.1 | % |
|
| 1,445 |
|
|
| 1,338 |
|
|
| 8.0 | % |
|
| 3,591 |
|
|
| 3,322 |
|
|
| 8.1 | % |
|
| 1,946 |
|
|
| 1,776 |
|
|
| 9.5 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 5,316 |
|
|
| 4,928 |
|
|
| 7.9 | % |
|
| 1,733 |
|
|
| 1,608 |
|
|
| 7.8 | % |
|
| 3,583 |
|
|
| 3,320 |
|
|
| 7.9 | % |
|
| 1,297 |
|
|
| 1,185 |
|
|
| 9.4 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 5,330 |
|
|
| 4,870 |
|
|
| 9.4 | % |
|
| 1,887 |
|
|
| 1,765 |
|
|
| 6.9 | % |
|
| 3,443 |
|
|
| 3,105 |
|
|
| 10.9 | % |
|
| 1,522 |
|
|
| 1,386 |
|
|
| 9.8 | % |
Other |
|
| 6,022 |
|
|
| 28,208 |
|
|
| 25,889 |
|
|
| 9.0 | % |
|
| 9,644 |
|
|
| 8,738 |
|
|
| 10.4 | % |
|
| 18,564 |
|
|
| 17,151 |
|
|
| 8.2 | % |
|
| 1,484 |
|
|
| 1,334 |
|
|
| 11.2 | % |
Total Same Store |
|
| 95,285 |
|
| $ | 500,010 |
|
| $ | 450,323 |
|
|
| 11.0 | % |
| $ | 171,070 |
|
| $ | 157,887 |
|
|
| 8.3 | % |
| $ | 328,940 |
|
| $ | 292,436 |
|
|
| 12.5 | % |
| $ | 1,657 |
|
| $ | 1,472 |
|
|
| 12.6 | % |
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| |||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q1 2023 |
|
| Q4 2022 |
|
| % Chg |
|
| Q1 2023 |
|
| Q4 2022 |
|
| % Chg |
|
| Q1 2023 |
|
| Q4 2022 |
|
| % Chg |
|
| Q1 2023 |
|
| Q4 2022 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 64,725 |
|
| $ | 65,166 |
|
|
| (0.7 | )% |
| $ | 23,208 |
|
| $ | 22,590 |
|
|
| 2.7 | % |
| $ | 41,517 |
|
| $ | 42,576 |
|
|
| (2.5 | )% |
| $ | 1,832 |
|
| $ | 1,827 |
|
|
| 0.2 | % |
Dallas, TX |
|
| 10,115 |
|
|
| 52,290 |
|
|
| 51,776 |
|
|
| 1.0 | % |
|
| 20,534 |
|
|
| 20,702 |
|
|
| (0.8 | )% |
|
| 31,756 |
|
|
| 31,074 |
|
|
| 2.2 | % |
|
| 1,642 |
|
|
| 1,630 |
|
|
| 0.7 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 33,908 |
|
|
| 33,693 |
|
|
| 0.6 | % |
|
| 11,141 |
|
|
| 10,425 |
|
|
| 6.9 | % |
|
| 22,767 |
|
|
| 23,268 |
|
|
| (2.2 | )% |
|
| 2,075 |
|
|
| 2,065 |
|
|
| 0.5 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 32,366 |
|
|
| 32,026 |
|
|
| 1.1 | % |
|
| 10,855 |
|
|
| 10,280 |
|
|
| 5.6 | % |
|
| 21,511 |
|
|
| 21,746 |
|
|
| (1.1 | )% |
|
| 1,941 |
|
|
| 1,919 |
|
|
| 1.1 | % |
Austin, TX |
|
| 6,829 |
|
|
| 35,335 |
|
|
| 35,159 |
|
|
| 0.5 | % |
|
| 14,380 |
|
|
| 15,359 |
|
|
| (6.4 | )% |
|
| 20,955 |
|
|
| 19,800 |
|
|
| 5.8 | % |
|
| 1,623 |
|
|
| 1,622 |
|
|
| 0.0 | % |
Charlotte, NC |
|
| 5,651 |
|
|
| 28,453 |
|
|
| 28,178 |
|
|
| 1.0 | % |
|
| 7,907 |
|
|
| 7,732 |
|
|
| 2.3 | % |
|
| 20,546 |
|
|
| 20,446 |
|
|
| 0.5 | % |
|
| 1,593 |
|
|
| 1,576 |
|
|
| 1.1 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 25,987 |
|
|
| 25,895 |
|
|
| 0.4 | % |
|
| 7,580 |
|
|
| 7,467 |
|
|
| 1.5 | % |
|
| 18,407 |
|
|
| 18,428 |
|
|
| (0.1 | )% |
|
| 1,514 |
|
|
| 1,506 |
|
|
| 0.5 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 23,255 |
|
|
| 23,059 |
|
|
| 0.8 | % |
|
| 7,345 |
|
|
| 7,055 |
|
|
| 4.1 | % |
|
| 15,910 |
|
|
| 16,004 |
|
|
| (0.6 | )% |
|
| 1,678 |
|
|
| 1,671 |
|
|
| 0.4 | % |
Fort Worth, TX |
|
| 3,687 |
|
|
| 18,899 |
|
|
| 18,807 |
|
|
| 0.5 | % |
|
| 6,650 |
|
|
| 7,497 |
|
|
| (11.3 | )% |
|
| 12,249 |
|
|
| 11,310 |
|
|
| 8.3 | % |
|
| 1,556 |
|
|
| 1,546 |
|
|
| 0.6 | % |
Houston, TX |
|
| 4,867 |
|
|
| 21,764 |
|
|
| 21,628 |
|
|
| 0.6 | % |
|
| 9,576 |
|
|
| 9,634 |
|
|
| (0.6 | )% |
|
| 12,188 |
|
|
| 11,994 |
|
|
| 1.6 | % |
|
| 1,386 |
|
|
| 1,382 |
|
|
| 0.3 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 16,963 |
|
|
| 16,999 |
|
|
| (0.2 | )% |
|
| 5,121 |
|
|
| 4,297 |
|
|
| 19.2 | % |
|
| 11,842 |
|
|
| 12,702 |
|
|
| (6.8 | )% |
|
| 1,687 |
|
|
| 1,675 |
|
|
| 0.7 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 16,563 |
|
|
| 16,603 |
|
|
| (0.2 | )% |
|
| 5,529 |
|
|
| 5,326 |
|
|
| 3.8 | % |
|
| 11,034 |
|
|
| 11,277 |
|
|
| (2.2 | )% |
|
| 1,547 |
|
|
| 1,538 |
|
|
| 0.6 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 14,483 |
|
|
| 14,499 |
|
|
| (0.1 | )% |
|
| 3,470 |
|
|
| 3,451 |
|
|
| 0.6 | % |
|
| 11,013 |
|
|
| 11,048 |
|
|
| (0.3 | )% |
|
| 1,748 |
|
|
| 1,747 |
|
|
| 0.0 | % |
Northern Virginia |
|
| 1,888 |
|
|
| 13,344 |
|
|
| 13,222 |
|
|
| 0.9 | % |
|
| 4,049 |
|
|
| 3,717 |
|
|
| 8.9 | % |
|
| 9,295 |
|
|
| 9,505 |
|
|
| (2.2 | )% |
|
| 2,269 |
|
|
| 2,248 |
|
|
| 0.9 | % |
Greenville, SC |
|
| 2,355 |
|
|
| 10,155 |
|
|
| 10,058 |
|
|
| 1.0 | % |
|
| 2,721 |
|
|
| 3,392 |
|
|
| (19.8 | )% |
|
| 7,434 |
|
|
| 6,666 |
|
|
| 11.5 | % |
|
| 1,296 |
|
|
| 1,286 |
|
|
| 0.8 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 9,672 |
|
|
| 9,609 |
|
|
| 0.7 | % |
|
| 3,038 |
|
|
| 2,840 |
|
|
| 7.0 | % |
|
| 6,634 |
|
|
| 6,769 |
|
|
| (2.0 | )% |
|
| 1,623 |
|
|
| 1,604 |
|
|
| 1.2 | % |
Richmond, VA |
|
| 1,732 |
|
|
| 8,805 |
|
|
| 8,827 |
|
|
| (0.2 | )% |
|
| 2,789 |
|
|
| 2,720 |
|
|
| 2.5 | % |
|
| 6,016 |
|
|
| 6,107 |
|
|
| (1.5 | )% |
|
| 1,596 |
|
|
| 1,591 |
|
|
| 0.3 | % |
Fredericksburg, VA |
|
| 1,435 |
|
|
| 8,196 |
|
|
| 8,187 |
|
|
| 0.1 | % |
|
| 2,345 |
|
|
| 2,210 |
|
|
| 6.1 | % |
|
| 5,851 |
|
|
| 5,977 |
|
|
| (2.1 | )% |
|
| 1,777 |
|
|
| 1,773 |
|
|
| 0.2 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 7,827 |
|
|
| 7,816 |
|
|
| 0.1 | % |
|
| 2,752 |
|
|
| 2,717 |
|
|
| 1.3 | % |
|
| 5,075 |
|
|
| 5,099 |
|
|
| (0.5 | )% |
|
| 1,346 |
|
|
| 1,348 |
|
|
| (0.2 | )% |
Birmingham, AL |
|
| 1,462 |
|
|
| 6,593 |
|
|
| 6,446 |
|
|
| 2.3 | % |
|
| 2,543 |
|
|
| 2,440 |
|
|
| 4.2 | % |
|
| 4,050 |
|
|
| 4,006 |
|
|
| 1.1 | % |
|
| 1,356 |
|
|
| 1,353 |
|
|
| 0.2 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 6,537 |
|
|
| 6,547 |
|
|
| (0.2 | )% |
|
| 2,828 |
|
|
| 2,810 |
|
|
| 0.6 | % |
|
| 3,709 |
|
|
| 3,737 |
|
|
| (0.7 | )% |
|
| 1,379 |
|
|
| 1,381 |
|
|
| (0.1 | )% |
Denver, CO |
|
| 812 |
|
|
| 5,036 |
|
|
| 5,019 |
|
|
| 0.3 | % |
|
| 1,445 |
|
|
| 1,339 |
|
|
| 7.9 | % |
|
| 3,591 |
|
|
| 3,680 |
|
|
| (2.4 | )% |
|
| 1,946 |
|
|
| 1,934 |
|
|
| 0.6 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 5,316 |
|
|
| 5,288 |
|
|
| 0.5 | % |
|
| 1,733 |
|
|
| 1,704 |
|
|
| 1.7 | % |
|
| 3,583 |
|
|
| 3,584 |
|
|
| (0.0 | )% |
|
| 1,297 |
|
|
| 1,296 |
|
|
| 0.1 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 5,330 |
|
|
| 5,306 |
|
|
| 0.5 | % |
|
| 1,887 |
|
|
| 1,771 |
|
|
| 6.5 | % |
|
| 3,443 |
|
|
| 3,535 |
|
|
| (2.6 | )% |
|
| 1,522 |
|
|
| 1,514 |
|
|
| 0.5 | % |
Other |
|
| 6,022 |
|
|
| 28,208 |
|
|
| 28,211 |
|
|
| (0.0 | )% |
|
| 9,644 |
|
|
| 9,091 |
|
|
| 6.1 | % |
|
| 18,564 |
|
|
| 19,120 |
|
|
| (2.9 | )% |
|
| 1,484 |
|
|
| 1,481 |
|
|
| 0.2 | % |
Total Same Store |
|
| 95,285 |
|
| $ | 500,010 |
|
| $ | 498,024 |
|
|
| 0.4 | % |
| $ | 171,070 |
|
| $ | 168,566 |
|
|
| 1.5 | % |
| $ | 328,940 |
|
| $ | 329,458 |
|
|
| (0.2 | )% |
| $ | 1,657 |
|
| $ | 1,649 |
|
|
| 0.5 | % |
Supplemental Data S-6
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
|
|
|
| Units as of |
| Development Costs as of |
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
| March 31, 2023 |
| March 31, 2023 |
|
|
|
| Expected | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| Expected |
| Spend |
| Expected |
|
| Start |
| Initial |
|
|
|
| ||||||
|
| Location |
| Total |
| Delivered |
| Leased |
| Total |
| to Date |
| Remaining |
|
| Date |
| Occupancy |
| Completion |
| Stabilization (1) | ||||||
Novel West Midtown (2) |
| Atlanta, GA |
|
| 340 |
|
| — |
|
| — |
| $ | 92,300 |
| $ | 81,347 |
| $ | 10,953 |
|
| 2Q21 |
| 2Q23 |
| 4Q23 |
| 3Q24 |
Novel Daybreak (2) |
| Salt Lake City, UT |
|
| 400 |
|
| 6 |
|
| 29 |
|
| 94,000 |
|
| 81,395 |
|
| 12,605 |
|
| 2Q21 |
| 2Q23 |
| 4Q23 |
| 4Q24 |
Novel Val Vista (2) |
| Phoenix, AZ |
|
| 317 |
|
| — |
|
| — |
|
| 77,200 |
|
| 63,897 |
|
| 13,303 |
|
| 4Q20 |
| 3Q23 |
| 1Q24 |
| 1Q25 |
MAA Milepost 35 |
| Denver, CO |
|
| 352 |
|
| — |
|
| — |
|
| 125,000 |
|
| 53,564 |
|
| 71,436 |
|
| 1Q22 |
| 4Q23 |
| 4Q24 |
| 3Q25 |
MAA Nixie |
| Raleigh, NC |
|
| 406 |
|
| — |
|
| — |
|
| 145,500 |
|
| 20,177 |
|
| 125,323 |
|
| 4Q22 |
| 4Q24 |
| 3Q25 |
| 3Q26 |
MAA Breakwater |
| Tampa, FL |
|
| 495 |
|
| — |
|
| — |
|
| 197,500 |
|
| 42,255 |
|
| 155,245 |
|
| 4Q22 |
| 1Q25 |
| 4Q25 |
| 4Q26 |
Total Active |
|
|
|
| 2,310 |
|
| 6 |
|
| 29 |
| $ | 731,500 |
| $ | 342,635 |
| $ | 388,865 |
|
|
|
|
|
|
|
|
|
(1) Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands
|
| As of March 31, 2023 |
|
|
|
|
| |||||||||
|
| Location |
| Total Units |
|
| Physical Occupancy |
| Spend to Date |
|
| Construction Completed |
| Expected Stabilization (1) | ||
MAA LoSo |
| Charlotte, NC |
| 344 |
|
| 84.9% |
| $ | 139,337 |
|
| (2) |
| 2Q23 | |
MAA Windmill Hill |
| Austin, TX |
| 350 |
|
| 74.6% |
|
| 59,517 |
|
| 4Q22 |
| 4Q23 | |
Total |
|
|
|
| 694 |
|
| 79.7% |
| $ | 198,854 |
|
|
|
|
|
(1) Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2) Property was acquired while in lease-up; construction was completed prior to acquisition by MAA.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
Three months ended March 31, 2023 |
|
| ||||||||||||||||
Units Completed |
|
| Redevelopment Spend |
|
| Average Cost per Unit |
|
| Increase in Average Effective Rent per Unit |
|
| Increase in Average Effective Rent per Unit |
| Estimated Units Remaining in Pipeline | ||||
| 1,328 |
|
| $ | 8,503 |
|
| $ | 6,403 |
|
| $ | 108 |
|
| 8.1% |
| 9,000 - 12,000 |
Supplemental Data S-7
2023 ACQUISITION ACTIVITY |
Land Acquisition |
| Market |
| Acreage |
| Closing Date |
MAA Packing District II |
| Orlando, FL |
| 6 |
| February 2023 |
2023 DISPOSITION ACTIVITY |
Land Dispositions |
| Market |
| Acreage |
| Closing Date |
Traditions Commercial Lots |
| Gulf Shores, AL |
| 21 |
| March 2023 |
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2023 |
Dollars in thousands
DEBT SUMMARIES |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fixed Rate Versus Floating Rate Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Rate Maturity |
| ||||
Fixed rate debt |
| $ | 4,395,650 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 7.7 |
|
Floating rate debt |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Total |
| $ | 4,395,650 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unsecured Versus Secured Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Contract Maturity |
| ||||
Unsecured debt |
| $ | 4,032,000 |
|
|
| 91.7 | % |
|
| 3.4 | % |
|
| 6.1 |
|
Secured debt |
|
| 363,650 |
|
|
| 8.3 | % |
|
| 4.4 | % |
|
| 25.6 |
|
Total |
| $ | 4,395,650 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unencumbered Versus Encumbered Assets |
| Total Cost |
|
| Percent of Total |
|
| Q1 2023 NOI |
|
| Percent of Total |
| ||||
Unencumbered gross assets |
| $ | 14,968,257 |
|
|
| 94.8 | % |
| $ | 329,435 |
|
|
| 95.1 | % |
Encumbered gross assets |
|
| 824,574 |
|
|
| 5.2 | % |
|
| 16,795 |
|
|
| 4.9 | % |
Total |
| $ | 15,792,831 |
|
|
| 100.0 | % |
| $ | 346,230 |
|
|
| 100.0 | % |
FIXED INTEREST RATE MATURITIES
Maturity |
| Fixed Rate Debt |
|
|
| Effective Interest Rate |
| ||
2023 |
| $ | 349,677 |
|
|
|
| 4.2 | % |
2024 |
|
| 399,046 |
|
|
|
| 4.0 | % |
2025 |
|
| 401,570 |
|
|
|
| 4.2 | % |
2026 |
|
| 297,395 |
|
|
|
| 1.2 | % |
2027 |
|
| 596,745 |
|
|
|
| 3.7 | % |
2028 |
|
| 396,847 |
|
|
|
| 4.2 | % |
2029 |
|
| 558,749 |
|
|
|
| 3.7 | % |
2030 |
|
| 297,629 |
|
|
|
| 3.1 | % |
2031 |
|
| 445,150 |
|
|
|
| 1.8 | % |
2032 |
|
| — |
|
|
|
| — |
|
Thereafter |
|
| 652,842 |
|
|
|
| 3.8 | % |
Total |
| $ | 4,395,650 |
|
|
|
| 3.4 | % |
Supplemental Data S-8
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2023 (CONTINUED) |
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
Maturity |
| Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾ |
|
| Public Bonds |
|
| Secured |
|
| Total |
| ||||
2023 |
| $ | — |
|
| $ | 349,677 |
|
| $ | — |
|
| $ | 349,677 |
|
2024 |
|
| — |
|
|
| 399,046 |
|
|
| — |
|
|
| 399,046 |
|
2025 |
|
| — |
|
|
| 397,967 |
|
|
| 3,603 |
|
|
| 401,570 |
|
2026 |
|
| — |
|
|
| 297,395 |
|
|
| — |
|
|
| 297,395 |
|
2027 |
|
| — |
|
|
| 596,745 |
|
|
| — |
|
|
| 596,745 |
|
2028 |
|
| — |
|
|
| 396,847 |
|
|
| — |
|
|
| 396,847 |
|
2029 |
|
| — |
|
|
| 558,749 |
|
|
| — |
|
|
| 558,749 |
|
2030 |
|
| — |
|
|
| 297,629 |
|
|
| — |
|
|
| 297,629 |
|
2031 |
|
| — |
|
|
| 445,150 |
|
|
| — |
|
|
| 445,150 |
|
2032 |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Thereafter |
|
| — |
|
|
| 292,795 |
|
|
| 360,047 |
|
|
| 652,842 |
|
Total |
| $ | — |
|
| $ | 4,032,000 |
|
| $ | 363,650 |
|
| $ | 4,395,650 |
|
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
| Required |
| Actual |
| Compliance |
Total debt to adjusted total assets |
| 60% or less |
| 27.8% |
| Yes |
Total secured debt to adjusted total assets |
| 40% or less |
| 2.3% |
| Yes |
Consolidated income available for debt service to total annual debt service charge |
| 1.5x or greater for trailing 4 quarters |
| 7.5x |
| Yes |
Total unencumbered assets to total unsecured debt |
| Greater than 150% |
| 359.8% |
| Yes |
|
|
|
|
|
|
|
Bank Covenants |
| Required |
| Actual |
| Compliance |
Total debt to total capitalized asset value |
| 60% or less |
| 18.8% |
| Yes |
Total secured debt to total capitalized asset value |
| 40% or Less |
| 1.6% |
| Yes |
Total adjusted EBITDA to fixed charges |
| 1.5x or greater for trailing 4 quarters |
| 7.5x |
| Yes |
Total unsecured debt to total unsecured capitalized asset value |
| 60% or less |
| 18.1% |
| Yes |
(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.
Supplemental Data S-9
2023 GUIDANCE |
MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP financial measures, along with guidance for expected Earnings per common share. A reconciliation of expected Earnings per common share to expected Core FFO per Share and Core AFFO per Share is provided below.
|
| Current Range |
| Current Midpoint |
Earnings: |
|
|
|
|
Earnings per common share - diluted |
| $6.05 to $6.41 |
| $6.23 |
Core FFO per Share - diluted |
| $8.93 to $9.29 |
| $9.11 |
Core AFFO per Share - diluted |
| $8.01 to $8.37 |
| $8.19 |
|
|
|
|
|
MAA Same Store Portfolio: |
|
|
|
|
Number of units |
| 95,285 |
| 95,285 |
Average physical occupancy |
| 95.6% to 96.0% |
| 95.8% |
Property revenue growth |
| 5.25% to 7.25% |
| 6.25% |
Effective rent growth |
| 6.00% to 8.00% |
| 7.00% |
Property operating expense growth |
| 5.15% to 7.15% |
| 6.15% |
NOI growth |
| 5.30% to 7.30% |
| 6.30% |
Real estate tax expense growth |
| 5.50% to 7.00% |
| 6.25% |
|
|
|
|
|
Corporate Expenses: ($ in millions) |
|
|
|
|
Property management expenses |
| $72.0 to $74.0 |
| $73.0 |
General and administrative expenses |
| $54.5 to $56.5 |
| $55.5 |
Total overhead |
| $126.5 to $130.5 |
| $128.5 |
Income tax expense |
| $4.0 to $5.0 |
| $4.5 |
|
|
|
|
|
Transaction/Investment Volume: ($ in millions) |
|
|
|
|
Multifamily acquisition volume |
| $350.0 to $450.0 |
| $400.0 |
Multifamily disposition volume |
| $250.0 to $350.0 |
| $300.0 |
Development investment |
| $250.0 to $350.0 |
| $300.0 |
|
|
|
|
|
Debt: |
|
|
|
|
Average effective interest rate |
| 3.4% to 3.6% |
| 3.5% |
Capitalized interest ($ in millions) |
| $12.0 to $14.0 |
| $13.0 |
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
Diluted common shares and units |
| 119.5 to 120.0 million |
| 119.75 million |
RECONCILIATION OF EARNINGS PER COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2023 GUIDANCE |
|
| Full Year 2023 Guidance Range |
| |||||
|
| Low |
|
| High |
| ||
Earnings per common share - diluted |
| $ | 6.05 |
|
| $ | 6.41 |
|
Real estate depreciation and amortization |
|
| 4.71 |
|
|
| 4.71 |
|
Gains on sale of depreciable assets |
|
| (1.82 | ) |
|
| (1.82 | ) |
FFO per Share - diluted |
|
| 8.94 |
|
|
| 9.30 |
|
Non-Core FFO items (1) |
|
| (0.01 | ) |
|
| (0.01 | ) |
Core FFO per Share - diluted |
|
| 8.93 |
|
|
| 9.29 |
|
Recurring capital expenditures |
|
| (0.92 | ) |
|
| (0.92 | ) |
Core AFFO per Share - diluted |
| $ | 8.01 |
|
| $ | 8.37 |
|
Supplemental Data S-10
CREDIT RATINGS |
|
| Commercial |
| Long-Term |
|
|
|
| Paper Rating |
| Debt Rating |
| Outlook |
Fitch Ratings (1) |
| F1 |
| A- |
| Stable |
Moody’s Investors Service (2) |
| P-2 |
| A3 |
| Stable |
Standard & Poor’s Ratings Services (1) |
| A-2 |
| A- |
| Stable |
COMMON STOCK |
Stock Symbol: |
| MAA |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Exchange Traded: |
| NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Estimated Future Dates: |
| Q2 2023 |
|
| Q3 2023 |
|
| Q4 2023 |
|
| Q1 2024 |
|
|
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| |||||
Earnings release & conference call |
| Late |
|
| Late |
|
| Early |
|
| Early |
|
|
|
| |||||
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|
|
|
|
|
|
|
|
|
|
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Dividend Information - Common Shares: |
| Q1 2022 |
|
| Q2 2022 |
|
| Q3 2022 |
|
| Q4 2022 |
|
| Q1 2023 |
| |||||
Declaration date |
| 3/22/2022 |
|
| 5/17/2022 |
|
| 9/27/2022 |
|
| 12/13/2022 |
|
| 3/21/2023 |
| |||||
Record date |
| 4/14/2022 |
|
| 7/15/2022 |
|
| 10/14/2022 |
|
| 1/13/2023 |
|
| 4/14/2023 |
| |||||
Payment date |
| 4/29/2022 |
|
| 7/29/2022 |
|
| 10/31/2022 |
|
| 1/31/2023 |
|
| 4/28/2023 |
| |||||
Distributions per share |
| $ | 1.0875 |
|
| $ | 1.2500 |
|
| $ | 1.2500 |
|
| $ | 1.4000 |
|
| $ | 1.4000 |
|
INVESTOR RELATIONS DATA |
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com. |
For Questions Contact: |
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| |
| Name |
| Title | |||||||
| Andrew Schaeffer |
| Senior Vice President, Treasurer and Director of Capital Markets | |||||||
| Jennifer Patrick |
| Director of Investor Relations | |||||||
| Phone: 866-576-9689 (toll free) | |||||||||
| Email: investor.relations@maac.com |
Supplemental Data S-11