| MAA | August 2, 2012 | Supplemental Data S-1 |
MULTIFAMILY COMMUNITIES AND UNITS
Dollars in thousands
MULTIFAMILY COMMUNITIES
| Number of Units | Number of Communities | |||||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
| Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | |||||||||||||||||||||||||||||||
| Same store communities | 40,609 | 40,609 | 40,181 | 40,181 | 40,181 | 136 | 136 | 135 | 135 | 135 | ||||||||||||||||||||||||||||||
| Stabilized non-same store communities | 6,206 | 5,667 | 6,691 | 5,976 | 5,030 | 24 | 22 | 25 | 22 | 19 | ||||||||||||||||||||||||||||||
| Development communities (1) | 1,220 | 1,220 | 950 | 950 | 950 | 3 | 3 | 2 | 2 | 2 | ||||||||||||||||||||||||||||||
| Lease-up communities | - | - | - | 208 | 717 | - | - | - | 1 | 3 | ||||||||||||||||||||||||||||||
| Wholly-owned communities | 48,035 | 47,496 | 47,822 | 47,315 | 46,878 | 163 | 161 | 162 | 160 | 159 | ||||||||||||||||||||||||||||||
| Joint venture communities | 1,782 | 2,261 | 2,261 | 2,261 | 2,261 | 6 | 7 | 7 | 7 | 7 | ||||||||||||||||||||||||||||||
| Total Multifamily communities | 49,817 | 49,757 | 50,083 | 49,576 | 49,139 | 169 | 168 | 169 | 167 | 166 | ||||||||||||||||||||||||||||||
| (1) | The Number of Units for Development Communities includes 815 units which have not yet been delivered and are unavailable for occupancy. The Number of Communities forDevelopment Communities excludes one development which is a phase II to an existing community. |
DEVELOPMENT PIPELINE
| 2.7% of Multifamily Gross Assets | Units | Current | ||||||||||||||||||||||||||||||||||||||||||||
| Percent | Percent of Completed | Estimated Cost | Cost | Construction | Initial | Expected | ||||||||||||||||||||||||||||||||||||||||
| MSA | Total | Completed | Occupied | Leased(2) | Total | per Unit | to Date | Start | Finish | Occupancy | Stabilized | |||||||||||||||||||||||||||||||||||
| Cool Springs | Nashville | 428 | 51 | % | 82 | % | 109 | % | $ | 55,400 | $ | 129 | $ | 48,249 | 4Q10 | 4Q12 | 1Q12 | 4Q13 | ||||||||||||||||||||||||||||
| River's Walk | Charleston | 270 | 0 | % | N/A | N/A | 33,000 | $ | 122 | 7,821 | 1Q12 | 4Q13 | 2Q13 | 4Q14 | ||||||||||||||||||||||||||||||||
| Ridge at Chenal Valley | Little Rock | 312 | 60 | % | 55 | % | 81 | % | 28,500 | $ | 91 | 24,563 | 2Q11 | 4Q12 | 1Q12 | 3Q13 | ||||||||||||||||||||||||||||||
| 1225 South Church Phase II | Charlotte | 210 | 0 | % | N/A | N/A | 26,700 | $ | 127 | 16,509 | 2Q11 | 4Q12 | 4Q12 | 4Q13 | ||||||||||||||||||||||||||||||||
| Total | 1,220 | 33 | % | 70 | % | 96 | % | $ | 143,600 | $ | 118 | $ | 97,142 | |||||||||||||||||||||||||||||||||
| (2) | Percent of Completed Leased may at times exceed 100% as units may be leased with future move-in dates in advance of the unit being completed and available for occupancy. |
| DEVELOPMENT AND LEASE-UP OPERATING DATA | ||||||||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | ||||||||||||||||
| Revenue from development communities | $ | 771 | $ | 197 | $ | 2 | $ | 2 | $ | - | ||||||||||
| Revenue from lease-up communities | - | - | - | 720 | 2,017 | |||||||||||||||
| Total development and lease-up revenues | 771 | 197 | 2 | 722 | 2,017 | |||||||||||||||
| Operating expenses from development communities | 379 | 232 | 55 | 55 | 11 | |||||||||||||||
| Operating expenses from lease-up communities | - | - | - | 307 | 939 | |||||||||||||||
| Total development and lease-up operating expenses | 379 | 232 | 55 | 362 | 950 | |||||||||||||||
| Total development and lease-up NOI | $ | 392 | $ | (35 | ) | $ | (53 | ) | $ | 360 | $ | 1,067 | ||||||||
| Number of communities represented(3) | 3 | 3 | 2 | 3 | 5 | |||||||||||||||
| (3) | The Number of Communities Represented excludes one development community which is a phase II to an existing community; however, values for the phase are included in the table. |
| MAA | August 2, 2012 | Supplemental Data S-2 |
MULTIFAMILY COMMUNITY STATISTICS
Dollars in thousands except Average Effective Rent
| Average | ||||||||||||||||||||
| Effective | ||||||||||||||||||||
| As of June 30, 2012 | Rent for the | |||||||||||||||||||
| Percent to | Three Months | |||||||||||||||||||
| Completed | Gross | Total of Gross | Physical | Ended | ||||||||||||||||
| Units | Real Assets | Real Assets | Occupancy | Jun 30, 2012 | ||||||||||||||||
| Dallas, TX | 4,810 | $ | 357,522 | 9.8 | % | 95.9 | % | $ | 911.44 | |||||||||||
| Atlanta, GA | 3,483 | $ | 286,306 | 7.9 | % | 94.9 | % | $ | 813.41 | |||||||||||
| Jacksonville, FL | 3,950 | $ | 279,063 | 7.7 | % | 96.0 | % | $ | 828.70 | |||||||||||
| Nashville, TN | 2,779 | $ | 226,320 | 6.2 | % | 97.2 | % | $ | 854.39 | |||||||||||
| Houston, TX | 2,909 | $ | 221,893 | 6.1 | % | 97.3 | % | $ | 868.31 | |||||||||||
| Austin, TX | 2,255 | $ | 177,175 | 4.9 | % | 96.8 | % | $ | 891.11 | |||||||||||
| Raleigh/Durham, NC | 1,549 | $ | 158,550 | 4.4 | % | 96.8 | % | $ | 902.23 | |||||||||||
| Tampa, FL | 1,786 | $ | 128,291 | 3.5 | % | 95.9 | % | $ | 916.75 | |||||||||||
| Phoenix, AZ | 1,024 | $ | 115,129 | 3.2 | % | 94.2 | % | $ | 773.86 | |||||||||||
| South Florida | 480 | $ | 54,975 | 1.5 | % | 95.4 | % | $ | 1,346.31 | |||||||||||
| Richmond, VA | 300 | $ | 41,477 | 1.1 | % | 94.0 | % | $ | 1,190.43 | |||||||||||
| Charlotte, NC | 196 | $ | 27,269 | 0.7 | % | 98.0 | % | $ | 1,126.68 | |||||||||||
| Orlando, FL | 288 | $ | 15,430 | 0.4 | % | 95.5 | % | $ | 759.23 | |||||||||||
| Large Markets | 25,809 | $ | 2,089,400 | 57.4 | % | 96.1 | % | $ | 878.39 | |||||||||||
| Memphis, TN | 3,305 | $ | 190,615 | 5.2 | % | 96.3 | % | $ | 752.79 | |||||||||||
| Greenville, SC | 1,748 | $ | 91,193 | 2.5 | % | 95.3 | % | $ | 660.11 | |||||||||||
| Columbus, GA | 1,509 | $ | 85,212 | 2.3 | % | 95.0 | % | $ | 760.15 | |||||||||||
| Little Rock, AR | 1,056 | $ | 76,010 | 2.1 | % | 96.9 | % | $ | 805.60 | |||||||||||
| Savannah, GA | 782 | $ | 71,750 | 2.0 | % | 95.9 | % | $ | 900.38 | |||||||||||
| Jackson, MS | 1,241 | $ | 65,345 | 1.8 | % | 95.6 | % | $ | 776.44 | |||||||||||
| Lexington, KY | 924 | $ | 63,805 | 1.8 | % | 95.7 | % | $ | 751.84 | |||||||||||
| San Antonio, TX | 740 | $ | 60,059 | 1.6 | % | 95.5 | % | $ | 909.85 | |||||||||||
| Norfolk, Hampton, VA Beach, VA | 536 | $ | 54,698 | 1.5 | % | 95.9 | % | $ | 1,072.08 | |||||||||||
| Tallahassee, FL | 604 | $ | 44,963 | 1.2 | % | 95.4 | % | $ | 873.79 | |||||||||||
| Augusta, GA/Aiken, SC | 912 | $ | 44,439 | 1.2 | % | 95.7 | % | $ | 689.98 | |||||||||||
| Birmingham, AL | 440 | $ | 43,670 | 1.2 | % | 97.3 | % | $ | 1,018.60 | |||||||||||
| Charleston, SC | 488 | $ | 43,629 | 1.2 | % | 94.9 | % | $ | 964.77 | |||||||||||
| Chattanooga, TN | 943 | $ | 42,697 | 1.2 | % | 97.0 | % | $ | 708.55 | |||||||||||
| Macon, GA | 694 | $ | 41,189 | 1.1 | % | 96.5 | % | $ | 741.64 | |||||||||||
| All Other Secondary Markets by State (individual markets <$40MM gross real assets) | ||||||||||||||||||||
| Florida | 2,130 | $ | 137,241 | 3.8 | % | 95.2 | % | $ | 773.12 | |||||||||||
| Georgia | 1,233 | $ | 73,307 | 2.0 | % | 94.2 | % | $ | 712.97 | |||||||||||
| South Carolina | 576 | $ | 33,695 | 0.9 | % | 95.0 | % | $ | 720.42 | |||||||||||
| Alabama | 752 | $ | 47,681 | 1.3 | % | 96.1 | % | $ | 721.77 | |||||||||||
| Virginia | 232 | $ | 39,150 | 1.1 | % | 97.0 | % | $ | 1,294.41 | |||||||||||
| Tennessee | 665 | $ | 36,939 | 1.0 | % | 94.3 | % | $ | 669.55 | |||||||||||
| Kentucky | 624 | $ | 33,041 | 0.9 | % | 97.0 | % | $ | 732.22 | |||||||||||
| Ohio | 414 | $ | 26,034 | 0.7 | % | 97.3 | % | $ | 728.40 | |||||||||||
| North Carolina | 240 | $ | 9,544 | 0.3 | % | 97.1 | % | $ | 583.96 | |||||||||||
| Secondary Markets | 22,788 | $ | 1,455,906 | 39.9 | % | 95.8 | % | $ | 773.94 | |||||||||||
| Subtotal | 48,597 | $ | 3,545,306 | 97.3 | % | 96.0 | % | $ | 829.41 | |||||||||||
| Total | ||||||||||||||||||||||||||||
| Units | ||||||||||||||||||||||||||||
| Nashville, TN | Large | 428 | 219 | $ | 48,249 | 1.3 | % | 82.0 | % | $ | 1,360.32 | |||||||||||||||||
| Charleston, SC | Secondary | 270 | - | $ | 7,821 | 0.2 | % | N/A | N/A | |||||||||||||||||||
| Little Rock, AR | Secondary | 312 | 186 | $ | 24,563 | 0.7 | % | 55.0 | % | $ | 1,018.45 | |||||||||||||||||
| Charlotte, NC | Large | 210 | - | $ | 16,509 | 0.5 | % | N/A | N/A | |||||||||||||||||||
| Lease-up and Development | 1,220 | 405 | $ | 97,142 | 2.7 | % | 69.6 | % | $ | 1,203.32 | ||||||||||||||||||
| Total Multifamily Communities | 49,817 | 49,002 | $ | 3,642,448 | 100.0 | % | 95.7 | % | $ | 832.50 | ||||||||||||||||||
| MAA | August 2, 2012 | Supplemental Data S-3 |
SAME STORE SUMMARY
Dollars in thousands
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| Percent | Percent | |||||||||||||||||||||||
| 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||||||||
| Revenues | $ | 104,088 | $ | 99,524 | 4.6 | % | $ | 206,595 | $ | 197,650 | 4.5 | % | ||||||||||||
| Expense | 43,116 | 42,294 | 1.9 | % | 85,742 | 83,092 | 3.2 | % | ||||||||||||||||
| NOI | $ | 60,972 | $ | 57,230 | 6.5 | % | $ | 120,853 | $ | 114,558 | 5.5 | % | ||||||||||||
| Percent Change from Prior Year | ||||||||||||
| 1Q12 | 2Q12 | YTD | ||||||||||
| Revenues | 4.5 | % | 4.6 | % | 4.5 | % | ||||||
| Expense | 4.5 | % | 1.9 | % | 3.2 | % | ||||||
| NOI | 4.5 | % | 6.5 | % | 5.5 | % | ||||||
| Percent Change from Prior Quarter | ||||||||
| 1Q12 | 2Q12 | |||||||
| Revenues | 1.7 | % | 1.5 | % | ||||
| Expense | 1.4 | % | 1.1 | % | ||||
| NOI | 1.9 | % | 1.8 | % | ||||
NOI BRIDGE
Dollars in thousands
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| 6/30/12 | 3/31/12 | 6/30/11 | 6/30/12 | 6/30/11 | ||||||||||||||||
| NOI | ||||||||||||||||||||
| Large market same store | $ | 32,748 | $ | 32,098 | $ | 30,401 | $ | 64,846 | $ | 60,677 | ||||||||||
| Secondary market same store | 28,224 | 27,783 | 26,829 | 56,007 | 53,881 | |||||||||||||||
| Total same store | 60,972 | 59,881 | 57,230 | 120,853 | 114,558 | |||||||||||||||
| Non-same store | 12,423 | 9,635 | 5,736 | 22,058 | 9,923 | |||||||||||||||
| Total NOI | 73,395 | 69,516 | 62,966 | 142,911 | 124,481 | |||||||||||||||
| Held for sale NOI included above | (590 | ) | (784 | ) | (1,750 | ) | (1,374 | ) | (3,586 | ) | ||||||||||
| Management fee income | 209 | 269 | 263 | 478 | 486 | |||||||||||||||
| Depreciation and amortization | (31,549 | ) | (30,272 | ) | (27,280 | ) | (61,821 | ) | (54,140 | ) | ||||||||||
| Acquisition (expense) credit | (865 | ) | 634 | (1,520 | ) | (231 | ) | (1,739 | ) | |||||||||||
| Property management expenses | (5,570 | ) | (5,454 | ) | (5,194 | ) | (11,024 | ) | (10,338 | ) | ||||||||||
| General and administrative expenses | (3,462 | ) | (3,447 | ) | (5,439 | ) | (6,909 | ) | (10,049 | ) | ||||||||||
| Interest and other non-property income | 112 | 142 | 114 | 254 | 459 | |||||||||||||||
| Interest expense | (14,270 | ) | (14,216 | ) | (13,945 | ) | (28,486 | ) | (27,704 | ) | ||||||||||
| (Loss) gain on debt extinguishment | (15 | ) | 20 | (48 | ) | 5 | (48 | ) | ||||||||||||
| Amortization of deferred financing costs | (869 | ) | (771 | ) | (707 | ) | (1,640 | ) | (1,422 | ) | ||||||||||
| Net casualty gain (loss) and other settlement proceeds | 2 | (4 | ) | (265 | ) | (2 | ) | (406 | ) | |||||||||||
| (Loss) gain on sale of non-depreciable or non-real estate assets | (3 | ) | - | 22 | (3 | ) | 16 | |||||||||||||
| Loss from real estate joint ventures | (67 | ) | (31 | ) | (178 | ) | (98 | ) | (423 | ) | ||||||||||
| Discontinued operations | 13,014 | 9,466 | 641 | 22,480 | 1,248 | |||||||||||||||
| Net income attributable to noncontrolling interests | (1,312 | ) | (1,178 | ) | (252 | ) | (2,490 | ) | (563 | ) | ||||||||||
| Net income attributable to MAA | $ | 28,160 | $ | 23,890 | $ | 7,428 | $ | 52,050 | $ | 16,272 | ||||||||||
| MAA | August 2, 2012 | Supplemental Data S-4 |
CURRENT PERIOD SAME STORE DETAILS
Dollars in thousands except Average Effective Rent
CURRENT PERIOD ACTUALS As of June 30, 2012, unless otherwise noted
| Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
| Average | Quarterly | Twelve | ||||||||||||||||||||||||||||||
| Effective | Physical | Economic | Month | |||||||||||||||||||||||||||||
| Units | Revenue | Expense | NOI | Rent | Occupancy | Occupancy (1) | Turn Rate | |||||||||||||||||||||||||
| Large Markets | ||||||||||||||||||||||||||||||||
| Dallas, TX | 3,791 | $ | 10,316 | $ | 4,376 | $ | 5,940 | $ | 830.45 | 96.3 | % | 94.1 | % | 55.4 | % | |||||||||||||||||
| Jacksonville, FL | 3,471 | $ | 8,457 | $ | 3,443 | $ | 5,014 | $ | 781.06 | 95.9 | % | 93.1 | % | 54.5 | % | |||||||||||||||||
| Nashville, TN | 2,479 | $ | 6,858 | $ | 2,775 | $ | 4,083 | $ | 842.62 | 97.1 | % | 94.7 | % | 55.1 | % | |||||||||||||||||
| Atlanta, GA | 2,109 | $ | 5,814 | $ | 2,344 | $ | 3,470 | $ | 841.90 | 94.2 | % | 92.2 | % | 52.5 | % | |||||||||||||||||
| Houston, TX | 2,281 | $ | 6,334 | $ | 2,817 | $ | 3,517 | $ | 852.41 | 97.6 | % | 94.2 | % | 57.8 | % | |||||||||||||||||
| Raleigh/Durham, NC | 1,341 | $ | 3,650 | $ | 1,328 | $ | 2,322 | $ | 839.86 | 96.6 | % | 95.0 | % | 48.4 | % | |||||||||||||||||
| Austin, TX | 1,776 | $ | 4,905 | $ | 2,195 | $ | 2,710 | $ | 843.06 | 96.8 | % | 95.3 | % | 52.3 | % | |||||||||||||||||
| Phoenix, AZ | 1,024 | $ | 2,556 | $ | 1,121 | $ | 1,435 | $ | 773.86 | 94.2 | % | 89.7 | % | 59.8 | % | |||||||||||||||||
| Tampa, FL | 1,552 | $ | 4,555 | $ | 1,986 | $ | 2,569 | $ | 895.28 | 95.5 | % | 93.6 | % | 49.2 | % | |||||||||||||||||
| South Florida | 480 | $ | 2,008 | $ | 721 | $ | 1,287 | $ | 1,346.31 | 95.4 | % | 94.7 | % | 48.8 | % | |||||||||||||||||
| Orlando, FL | 288 | $ | 680 | $ | 279 | $ | 401 | $ | 759.23 | 95.5 | % | 92.3 | % | 46.2 | % | |||||||||||||||||
| Large Markets Total | 20,592 | $ | 56,133 | $ | 23,385 | $ | 32,748 | $ | 842.00 | 96.1 | % | 93.7 | % | 53.9 | % | |||||||||||||||||
| Secondary Markets | ||||||||||||||||||||||||||||||||
| Memphis, TN | 3,305 | $ | 7,965 | $ | 3,462 | $ | 4,503 | $ | 752.79 | 96.3 | % | 93.2 | % | 56.3 | % | |||||||||||||||||
| Greenville, SC | 1,748 | $ | 3,747 | $ | 1,599 | $ | 2,148 | $ | 660.11 | 95.3 | % | 91.7 | % | 57.1 | % | |||||||||||||||||
| Columbus, GA | 1,509 | $ | 3,613 | $ | 1,466 | $ | 2,147 | $ | 760.15 | 95.0 | % | 90.8 | % | 72.4 | % | |||||||||||||||||
| Jackson, MS | 1,241 | $ | 3,100 | $ | 1,194 | $ | 1,906 | $ | 776.44 | 95.6 | % | 92.3 | % | 62.8 | % | |||||||||||||||||
| Lexington, KY | 924 | $ | 2,194 | $ | 829 | $ | 1,365 | $ | 751.84 | 95.7 | % | 93.4 | % | 58.0 | % | |||||||||||||||||
| Little Rock, AR | 808 | $ | 1,846 | $ | 671 | $ | 1,175 | $ | 722.65 | 96.9 | % | 95.2 | % | 51.1 | % | |||||||||||||||||
| Savannah, GA | 526 | $ | 1,495 | $ | 558 | $ | 937 | $ | 892.65 | 96.2 | % | 93.6 | % | 57.0 | % | |||||||||||||||||
| Augusta, GA/Aiken, SC | 912 | $ | 2,059 | $ | 877 | $ | 1,182 | $ | 689.98 | 95.7 | % | 93.1 | % | 68.6 | % | |||||||||||||||||
| Charleston, SC | 488 | $ | 1,522 | $ | 567 | $ | 955 | $ | 964.77 | 94.9 | % | 92.6 | % | 65.8 | % | |||||||||||||||||
| Chattanooga, TN | 943 | $ | 2,269 | $ | 969 | $ | 1,300 | $ | 708.55 | 97.0 | % | 95.8 | % | 57.4 | % | |||||||||||||||||
| Jackson, TN | 665 | $ | 1,415 | $ | 690 | $ | 725 | $ | 669.55 | 94.3 | % | 91.8 | % | 61.8 | % | |||||||||||||||||
| Columbia, SC | 576 | $ | 1,369 | $ | 633 | $ | 736 | $ | 720.42 | 95.0 | % | 92.0 | % | 49.3 | % | |||||||||||||||||
| Huntsville, AL | 544 | $ | 1,250 | $ | 511 | $ | 739 | $ | 701.02 | 95.2 | % | 91.4 | % | 55.3 | % | |||||||||||||||||
| Warner Robins, GA | 504 | $ | 1,218 | $ | 475 | $ | 743 | $ | 741.27 | 94.4 | % | 91.9 | % | 63.7 | % | |||||||||||||||||
| All Other Secondary Markets by State (individual markets <$30MM gross real assets) | ||||||||||||||||||||||||||||||||
| Florida | 2,230 | $ | 5,453 | $ | 2,247 | $ | 3,206 | $ | 762.82 | 94.8 | % | 92.2 | % | 54.8 | % | |||||||||||||||||
| Georgia | 1,126 | $ | 2,493 | $ | 1,081 | $ | 1,412 | $ | 701.43 | 94.9 | % | 90.6 | % | 60.1 | % | |||||||||||||||||
| Kentucky | 624 | $ | 1,438 | $ | 511 | $ | 927 | $ | 732.22 | 97.0 | % | 94.5 | % | 51.1 | % | |||||||||||||||||
| Texas | 400 | $ | 1,153 | $ | 471 | $ | 682 | $ | 913.72 | 96.3 | % | 95.2 | % | 72.3 | % | |||||||||||||||||
| Alabama | 408 | $ | 1,032 | $ | 412 | $ | 620 | $ | 754.29 | 97.5 | % | 93.3 | % | 49.3 | % | |||||||||||||||||
| Virginia | 296 | $ | 870 | $ | 308 | $ | 562 | $ | 912.96 | 96.3 | % | 90.1 | % | 66.2 | % | |||||||||||||||||
| North Carolina | 240 | $ | 454 | $ | 200 | $ | 254 | $ | 583.96 | 97.1 | % | 90.1 | % | 64.6 | % | |||||||||||||||||
| Secondary Markets Total | 20,017 | $ | 47,955 | $ | 19,731 | $ | 28,224 | $ | 745.14 | 95.7 | % | 92.6 | % | 59.2 | % | |||||||||||||||||
| Total Same Store | 40,609 | $ | 104,088 | $ | 43,116 | $ | 60,972 | $ | 794.25 | 95.9 | % | 93.2 | % | 56.5 | % | |||||||||||||||||
(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.
| MAA | August 2, 2012 | Supplemental Data S-5 |
SAME STORE GROWTH DETAILS
PERCENT CHANGE TO THREE MONTHS ENDED JUNE 30, 2012
FROM THREE MONTHS ENDED MARCH 31, 2012 (PRIOR QUARTER) AND THREE MONTHS ENDED JUNE 30, 2011 (PRIOR YEAR)
| Revenue | Expense | NOI | Physical Occupancy | Average Effective Rent | ||||||||||||||||||||||||||||||||||||
| Prior | Prior | Prior | Prior | Prior | Prior | Prior | Prior | Prior | Prior | |||||||||||||||||||||||||||||||
| Quarter | Year | Quarter | Year | Quarter | Year | Quarter | Year | Quarter | Year | |||||||||||||||||||||||||||||||
| Large Markets | ||||||||||||||||||||||||||||||||||||||||
| Dallas, TX | 2.7 | % | 7.7 | % | 1.5 | % | 1.7 | % | 3.7 | % | 12.5 | % | 0.5 | % | 0.8 | % | 2.0 | % | 7.8 | % | ||||||||||||||||||||
| Jacksonville, FL | 0.9 | % | 2.6 | % | 2.3 | % | 5.1 | % | 0.0 | % | 0.9 | % | -0.8 | % | -1.0 | % | 1.2 | % | 3.7 | % | ||||||||||||||||||||
| Nashville, TN | 2.9 | % | 7.3 | % | 10.2 | % | 7.9 | % | -1.5 | % | 6.9 | % | 0.5 | % | 0.8 | % | 2.3 | % | 7.0 | % | ||||||||||||||||||||
| Atlanta, GA | 1.2 | % | 4.4 | % | 1.4 | % | 1.1 | % | 1.1 | % | 6.7 | % | -2.1 | % | -2.8 | % | 1.4 | % | 5.2 | % | ||||||||||||||||||||
| Houston, TX | 2.4 | % | 6.9 | % | -2.9 | % | -1.1 | % | 7.1 | % | 14.3 | % | 1.2 | % | 2.3 | % | 1.5 | % | 6.0 | % | ||||||||||||||||||||
| Raleigh/Durham, NC | 2.6 | % | 6.8 | % | 5.0 | % | -1.0 | % | 1.4 | % | 11.7 | % | -0.6 | % | -0.9 | % | 2.5 | % | 7.0 | % | ||||||||||||||||||||
| Austin, TX | 2.6 | % | 9.9 | % | -3.1 | % | 0.3 | % | 7.8 | % | 19.2 | % | 0.6 | % | 1.1 | % | 2.6 | % | 10.2 | % | ||||||||||||||||||||
| Phoenix, AZ | 1.4 | % | 4.5 | % | 0.7 | % | 16.6 | % | 2.0 | % | -3.4 | % | -1.3 | % | 1.6 | % | 2.0 | % | 5.3 | % | ||||||||||||||||||||
| Tampa, FL | 1.1 | % | 3.2 | % | 6.5 | % | 6.6 | % | -2.7 | % | 0.7 | % | -1.9 | % | -1.9 | % | 2.0 | % | 4.5 | % | ||||||||||||||||||||
| South Florida | 3.4 | % | 5.1 | % | -0.8 | % | 6.0 | % | 5.9 | % | 4.6 | % | -1.3 | % | -0.9 | % | 1.2 | % | 3.1 | % | ||||||||||||||||||||
| Orlando, FL | -0.9 | % | 5.6 | % | 6.1 | % | 6.5 | % | -5.2 | % | 5.0 | % | -1.0 | % | -1.4 | % | 1.8 | % | 5.6 | % | ||||||||||||||||||||
| Large Markets Total | 2.0 | % | 5.9 | % | 2.1 | % | 3.4 | % | 2.0 | % | 7.7 | % | -0.3 | % | 0.0 | % | 1.8 | % | 6.1 | % | ||||||||||||||||||||
| Secondary Markets | ||||||||||||||||||||||||||||||||||||||||
| Memphis, TN | 0.9 | % | 3.1 | % | -3.3 | % | -0.9 | % | 4.4 | % | 6.5 | % | -0.4 | % | -1.5 | % | 1.9 | % | 3.9 | % | ||||||||||||||||||||
| Greenville, SC | 1.3 | % | 6.9 | % | -0.4 | % | -0.4 | % | 2.6 | % | 13.1 | % | -0.9 | % | -0.8 | % | 2.5 | % | 6.7 | % | ||||||||||||||||||||
| Columbus, GA | -0.4 | % | -0.1 | % | 0.3 | % | 3.5 | % | -0.8 | % | -2.4 | % | 0.6 | % | -1.0 | % | 1.8 | % | 4.8 | % | ||||||||||||||||||||
| Jackson, MS | 1.1 | % | 4.4 | % | 5.0 | % | -0.6 | % | -1.2 | % | 7.8 | % | -0.6 | % | -1.6 | % | 2.2 | % | 4.2 | % | ||||||||||||||||||||
| Lexington, KY | 2.9 | % | 3.4 | % | -0.4 | % | 2.0 | % | 4.9 | % | 4.3 | % | 1.8 | % | -2.0 | % | 1.7 | % | 5.0 | % | ||||||||||||||||||||
| Little Rock, AR | 0.4 | % | 2.4 | % | -4.4 | % | -5.4 | % | 3.4 | % | 7.4 | % | 0.6 | % | -0.4 | % | 0.6 | % | 2.3 | % | ||||||||||||||||||||
| Savannah, GA | 0.3 | % | 3.8 | % | -0.9 | % | 2.8 | % | 1.0 | % | 4.5 | % | 1.1 | % | 0.6 | % | 1.9 | % | 5.3 | % | ||||||||||||||||||||
| Augusta, GA/Aiken, SC | 1.6 | % | 0.4 | % | 0.3 | % | -5.7 | % | 2.5 | % | 5.4 | % | -1.1 | % | -0.2 | % | 1.7 | % | 0.5 | % | ||||||||||||||||||||
| Charleston, SC | 0.7 | % | 4.9 | % | -1.0 | % | -2.4 | % | 1.8 | % | 9.8 | % | 1.0 | % | -1.0 | % | 0.5 | % | 4.9 | % | ||||||||||||||||||||
| Chattanooga, TN | 2.6 | % | 5.3 | % | 0.6 | % | 3.6 | % | 4.2 | % | 6.6 | % | 1.0 | % | 0.1 | % | 1.7 | % | 5.9 | % | ||||||||||||||||||||
| Jackson, TN | 1.2 | % | 2.8 | % | 3.8 | % | 0.9 | % | -1.1 | % | 4.6 | % | -1.5 | % | -3.7 | % | 2.2 | % | 5.4 | % | ||||||||||||||||||||
| Columbia, SC | 0.8 | % | 3.6 | % | -0.2 | % | 2.8 | % | 1.7 | % | 4.2 | % | -0.1 | % | 0.7 | % | 1.6 | % | 4.5 | % | ||||||||||||||||||||
| Huntsville, AL | 3.4 | % | 3.8 | % | -1.2 | % | 0.4 | % | 6.8 | % | 6.3 | % | 1.8 | % | 0.7 | % | 1.0 | % | 2.9 | % | ||||||||||||||||||||
| Warner Robins, GA | -1.1 | % | 1.6 | % | 3.5 | % | 1.3 | % | -3.9 | % | 1.8 | % | -3.2 | % | -2.4 | % | 1.9 | % | 3.2 | % | ||||||||||||||||||||
| All Other Secondary Markets by State (individual markets <$30MM gross real assets) | ||||||||||||||||||||||||||||||||||||||||
| Florida | 1.1 | % | 2.4 | % | 0.3 | % | 2.1 | % | 1.6 | % | 2.6 | % | -1.7 | % | -0.9 | % | 1.8 | % | 3.7 | % | ||||||||||||||||||||
| Georgia | -0.4 | % | -0.2 | % | 2.9 | % | 2.9 | % | -2.8 | % | -2.4 | % | -0.8 | % | -2.2 | % | 0.6 | % | 0.9 | % | ||||||||||||||||||||
| Kentucky | 2.4 | % | 5.1 | % | 3.7 | % | 3.0 | % | 1.8 | % | 6.3 | % | -0.4 | % | 1.6 | % | 1.9 | % | 6.2 | % | ||||||||||||||||||||
| Texas | 2.4 | % | 8.6 | % | 3.5 | % | -3.7 | % | 1.6 | % | 19.0 | % | -0.5 | % | -1.0 | % | 1.7 | % | 7.8 | % | ||||||||||||||||||||
| Alabama | -0.5 | % | 4.0 | % | -3.1 | % | -3.7 | % | 1.3 | % | 9.9 | % | -1.5 | % | -0.3 | % | 1.3 | % | 4.3 | % | ||||||||||||||||||||
| Virginia | -0.8 | % | -1.4 | % | -0.6 | % | -2.2 | % | -0.9 | % | -0.9 | % | -1.0 | % | 3.1 | % | 1.8 | % | 1.4 | % | ||||||||||||||||||||
| North Carolina | -2.2 | % | 1.3 | % | 12.4 | % | 2.0 | % | -11.2 | % | 0.8 | % | 0.8 | % | -2.1 | % | 1.8 | % | 5.8 | % | ||||||||||||||||||||
| Secondary Markets Total | 1.0 | % | 3.1 | % | 0.1 | % | 0.3 | % | 1.6 | % | 5.2 | % | -0.3 | % | -0.9 | % | 1.7 | % | 4.2 | % | ||||||||||||||||||||
| Total Same Store | 1.5 | % | 4.6 | % | 1.1 | % | 1.9 | % | 1.8 | % | 6.5 | % | -0.3 | % | -0.5 | % | 1.8 | % | 5.2 | % | ||||||||||||||||||||
| MAA | August 2, 2012 | Supplemental Data S-6 |
OPERATING RESULTS
Dollars in thousands
| Three Months | ||||||||
| Ended | ||||||||
| June 30, | Trailing | |||||||
| 2012 | 4 Quarters | |||||||
| Net income attributable to MAA | $ | 28,160 | $ | 84,599 | ||||
| Depreciation and amortization | 31,549 | 120,749 | ||||||
| Interest expense | 14,270 | 58,626 | ||||||
| Loss on debt extinguishment | 15 | 702 | ||||||
| Amortization of deferred financing costs | 869 | 3,120 | ||||||
| Net casualty (gain) loss and other settlement proceeds | (2 | ) | 215 | |||||
| Gain (loss) on sale of non-depreciable or non-real estate assets | 3 | (1,065 | ) | |||||
| Net casualty loss and other settlement proceeds of discontinued operations | 2 | 61 | ||||||
| Depreciation of discontinued operations | 374 | 2,483 | ||||||
| Gain on sale of discontinued operations | (12,953 | ) | (35,252 | ) | ||||
| EBITDA | $ | 62,287 | $ | 234,238 | ||||
| Three Months Ended | ||||||||
| June 30 | ||||||||
| 2012 | 2011 | |||||||
| EBITDA/Debt Service | 4.09 | x | 3.39 | x | ||||
| Fixed Charge Coverage(1) | 4.36 | x | 3.62 | x | ||||
| Total Debt/Total Gross Assets | 44.1 | % | 47.1 | % | ||||
| Total Net Debt(2)/Total Gross Assets | 43.5 | % | 46.7 | % | ||||
| Total Net Debt(2)/EBITDA | 6.69 | x | 7.67 | x | ||||
| Unencumbered Assets/Total Gross Assets | 48.5 | % | 17.9 | % | ||||
(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.
(2) Total Net Debt equals Total Debt less Cash and Cash Equivalents.
DEBT AS OF JUNE 30, 2012
Dollars in thousands
SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES
| Average Years | ||||||||||||
| Principal | to Rate | Effective | ||||||||||
| Balance | Maturity | Rate | ||||||||||
| Secured Debt | ||||||||||||
| Conventional - Fixed Rate or Swapped | $ | 858,738 | 4.2 | 5.0 | % | |||||||
| Tax-free - Fixed Rate or Swapped | 17,800 | 0.3 | 4.4 | % | ||||||||
| Conventional - Variable Rate - Capped (1) | 213,136 | 3.6 | 1.0 | % | ||||||||
| Tax-free - Variable Rate - Capped(1) | 72,715 | 1.7 | 1.0 | % | ||||||||
| Total Secured Fixed or Hedged Rate Debt | 1,162,389 | 3.8 | 4.0 | % | ||||||||
| Conventional - Variable Rate | 64,032 | 0.2 | 0.8 | % | ||||||||
| Total Secured Debt | 1,226,421 | 3.7 | 3.9 | % | ||||||||
| Unsecured Debt | ||||||||||||
| Fixed Rate or Swapped | 285,000 | 6.3 | 3.9 | % | ||||||||
| Variable Rate | 78,000 | - | 1.7 | % | ||||||||
| Total Unsecured Debt | 363,000 | 5.0 | 3.4 | % | ||||||||
| Total Debt | $ | 1,589,421 | 4.0 | 3.8 | % | |||||||
| Total Fixed or Hedged Debt | $ | 1,447,389 | 4.3 | 4.0 | % | |||||||
| (1) | The effective rate represents the average rate on the underlying variable debt unless the cap rates are reached, which average 4.6% of LIBOR for conventional caps and 5.4% of SIFMA for tax-free caps. |
| MAA | August 2, 2012 | Supplemental Data S-7 |
DEBT AS OF JUNE 30, 2012continued
Dollars in thousands
OUTSTANDING BALANCES
| Available | Average | |||||||||||||||
| Credit | Amount | Remaining | Years to | |||||||||||||
| Limit | Borrowed | Capacity | Maturity | |||||||||||||
| Fannie Mae Credit Facilities | $ | 638,236 | $ | 638,236 | $ | - | 6.0 | |||||||||
| Freddie Mac Credit Facilities | 198,247 | 198,247 | $ | - | 2.0 | |||||||||||
| Unsecured Credit Facility | 248,827 | 78,000 | $ | 170,827 | 3.3 | |||||||||||
| Other Secured Borrowings | 389,938 | 389,938 | $ | - | 7.0 | |||||||||||
| Other Unsecured Debt | 285,000 | 285,000 | $ | - | 6.3 | |||||||||||
| Total Debt | $ | 1,760,248 | $ | 1,589,421 | $ | 170,827 | 5.7 | |||||||||
DEBT MATURITIES OF OUTSTANDING BALANCES
| Credit Facility Amounts Borrowed | ||||||||||||||||||||||||
| Secured | Unsecured | Other | Other | |||||||||||||||||||||
| Maturity | Fannie Mae | Freddie Mac | Facility | Secured | Unsecured | Total | ||||||||||||||||||
| 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| 2013 | - | - | - | - | - | $ | - | |||||||||||||||||
| 2014 | 186,721 | 198,247 | - | 16,675 | - | $ | 401,643 | |||||||||||||||||
| 2015 | 120,000 | - | 78,000 | 51,155 | - | $ | 249,155 | |||||||||||||||||
| 2016 | 80,000 | - | - | - | - | $ | 80,000 | |||||||||||||||||
| 2017 | 80,000 | - | - | 61,387 | 150,000 | $ | 291,387 | |||||||||||||||||
| Thereafter | 171,515 | - | - | 260,721 | 135,000 | $ | 567,236 | |||||||||||||||||
| Total | $ | 638,236 | $ | 198,247 | $ | 78,000 | $ | 389,938 | $ | 285,000 | $ | 1,589,421 | ||||||||||||
INTEREST RATE MATURITIES
| Fixed | Interest | Total | Interest | Total | Average | |||||||||||||||||||||||
| Rate | Rate | Fixed Rate | Contract | Rate | Fixed or | Years to | ||||||||||||||||||||||
| Debt | Swaps | Balances | Rate | Caps | Hedged | Maturity | ||||||||||||||||||||||
| 2012 | $ | 42,800 | $ | 42,800 | 4.8 | % | $ | 23,795 | $ | 66,595 | ||||||||||||||||||
| 2013 | - | 190,000 | 190,000 | 5.2 | % | 7,945 | $ | 197,945 | ||||||||||||||||||||
| 2014 | 16,675 | 144,000 | 160,675 | 5.7 | % | 59,631 | $ | 220,306 | ||||||||||||||||||||
| 2015 | 35,955 | 75,000 | 110,955 | 5.6 | % | 55,200 | $ | 166,155 | ||||||||||||||||||||
| 2016 | - | - | - | - | 89,280 | $ | 89,280 | |||||||||||||||||||||
| 2017 | 111,387 | 150,000 | 261,387 | 2.6 | % | 25,000 | $ | 286,387 | ||||||||||||||||||||
| Thereafter | 395,721 | - | 395,721 | 5.0 | % | 25,000 | $ | 420,721 | ||||||||||||||||||||
| Total | $ | 559,738 | $ | 601,800 | $ | 1,161,538 | 4.7 | % | $ | 285,851 | $ | 1,447,389 | 4.4 | |||||||||||||||
SUMMARIES
| Percent of | Interest | Years to | ||||||||||||||
| Floating Versus Fixed Rate or Hedged Debt | Balance | Total | Rate | Maturity | ||||||||||||
| Fixed rate or swapped debt | $ | 1,161,538 | 73.1 | % | 4.7 | % | 4.6 | |||||||||
| Capped debt | 285,851 | 18.0 | % | 1.0 | % | 3.1 | ||||||||||
| Floating (unhedged) debt | 142,032 | 8.9 | % | 1.3 | % | 0.1 | ||||||||||
| Total | $ | 1,589,421 | 100.0 | % | 3.8 | % | 4.0 | |||||||||
| Percent of | Interest | Years to | ||||||||||||||
| Secured Versus Unsecured Debt | Balance | Total | Rate | Maturity | ||||||||||||
| Unsecured debt | $ | 363,000 | 22.8 | % | 3.4 | % | 5.7 | |||||||||
| Secured debt | 1,226,421 | 77.2 | % | 3.9 | % | 5.5 | ||||||||||
| Total | $ | 1,589,421 | 100.0 | % | 3.8 | % | 5.7 | |||||||||
| Total | Percent of | Total | Percent of | |||||||||||||
| Unencumbered Versus Encumbered Assets | Cost | Total | NOI (1) | Total | ||||||||||||
| Unencumbered gross assets | $ | 1,745,497 | 48.5 | % | $ | 33,012 | 45.0 | % | ||||||||
| Encumbered gross assets | 1,856,668 | 51.5 | % | 40,383 | 55.0 | % | ||||||||||
| Total | $ | 3,602,165 | 100.0 | % | $ | 73,395 | 100.0 | % | ||||||||
(1) For the three months ended June 30, 2012.
| MAA | August 2, 2012 | Supplemental Data S-8 |
JOINT VENTURE OPERATIONS
Dollars in thousands
| OPERATING DATA (MAA'S PRO-RATA SHARE) | Three Months Ended, | Six Months Ended, | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Property revenues | $ | 1,666 | $ | 2,097 | $ | 3,809 | $ | 3,879 | ||||||||
| Property operating expenses | 824 | 1,033 | 1,852 | 1,942 | ||||||||||||
| Net Operating Income | 842 | 1,064 | 1,957 | 1,937 | ||||||||||||
| Interest expense | 439 | 554 | 998 | 1,052 | ||||||||||||
| Depreciation and amortization | 442 | 629 | 1,000 | 1,145 | ||||||||||||
| Other | 28 | 59 | 57 | 163 | ||||||||||||
| Total Other Expenses | 909 | 1,242 | 2,055 | 2,360 | ||||||||||||
| Gain (loss) from real estate joint ventures | $ | (67 | ) | $ | (178 | ) | $ | (98 | ) | $ | (423 | ) | ||||
| BALANCE SHEET DATA | June 30, | December 31, | ||||||
| 2012 | 2011 | |||||||
| Gross real estate assets | $ | 148,998 | $ | 195,069 | ||||
| Accumulated depreciation | (14,669 | ) | (14,882 | ) | ||||
| Real estate assets, net | 134,329 | 180,187 | ||||||
| Other assets | 5,028 | 7,552 | ||||||
| Total assets | 139,357 | 187,739 | ||||||
| Notes payable | 103,713 | 131,012 | ||||||
| Other liabilities | 46,870 | 67,655 | ||||||
| Total liabilities | 150,583 | 198,667 | ||||||
| Member's equity | (11,226 | ) | (10,928 | ) | ||||
| Total liabilities and member's equity | $ | 139,357 | $ | 187,739 | ||||
| MAA's investment in real estate joint venture | $ | 6,202 | $ | 17,006 | ||||
| MAA's pro-rata share of joint venture debt | $ | 34,568 | $ | 43,666 | ||||
| MAA's pro-rata share of joint venture gross real estate assets | $ | 49,661 | $ | 65,016 | ||||
| Percent of MAA wholly owned gross real estate assets | 1 | % | 2 | % | ||||
| COMMUNITY DATA(as of end of period) | June 30, | December 31, | ||||||
| 2012 | 2011 | |||||||
| Number of communities | 6 | 7 | ||||||
| Number of units | 1,782 | 2,261 | ||||||
