Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2020 (In apartment units) (1)
|
| Same Store |
|
| Non-Same Store |
|
| Lease-up |
|
| Total Completed Communities |
|
| Development Units Delivered |
|
| Total |
| ||||||
Atlanta, GA |
|
| 10,996 |
|
|
| 438 |
|
|
| — |
|
|
| 11,434 |
|
|
| — |
|
|
| 11,434 |
|
Dallas, TX |
|
| 9,405 |
|
|
| 362 |
|
|
| — |
|
|
| 9,767 |
|
|
| 240 |
|
|
| 10,007 |
|
Austin, TX |
|
| 7,117 |
|
|
| — |
|
|
| — |
|
|
| 7,117 |
|
|
| — |
|
|
| 7,117 |
|
Charlotte, NC |
|
| 6,149 |
|
|
| — |
|
|
| — |
|
|
| 6,149 |
|
|
| — |
|
|
| 6,149 |
|
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 953 |
|
|
| — |
|
|
| 5,350 |
|
|
| — |
|
|
| 5,350 |
|
Orlando, FL |
|
| 5,274 |
|
|
| — |
|
|
| — |
|
|
| 5,274 |
|
|
| — |
|
|
| 5,274 |
|
Tampa, FL |
|
| 5,220 |
|
|
| — |
|
|
| — |
|
|
| 5,220 |
|
|
| — |
|
|
| 5,220 |
|
Houston, TX |
|
| 4,867 |
|
|
| — |
|
|
| — |
|
|
| 4,867 |
|
|
| — |
|
|
| 4,867 |
|
Fort Worth, TX |
|
| 4,249 |
|
|
| — |
|
|
| 168 |
|
|
| 4,417 |
|
|
| — |
|
|
| 4,417 |
|
Nashville, TN |
|
| 4,375 |
|
|
| — |
|
|
| — |
|
|
| 4,375 |
|
|
| — |
|
|
| 4,375 |
|
Washington, DC |
|
| 4,080 |
|
|
| — |
|
|
| — |
|
|
| 4,080 |
|
|
| — |
|
|
| 4,080 |
|
Jacksonville, FL |
|
| 3,496 |
|
|
| — |
|
|
| — |
|
|
| 3,496 |
|
|
| — |
|
|
| 3,496 |
|
Charleston, SC |
|
| 2,726 |
|
|
| 442 |
|
|
| — |
|
|
| 3,168 |
|
|
| — |
|
|
| 3,168 |
|
Phoenix, AZ |
|
| 2,623 |
|
|
| — |
|
|
| — |
|
|
| 2,623 |
|
|
| — |
|
|
| 2,623 |
|
Greenville, SC |
|
| 2,084 |
|
|
| — |
|
|
| 271 |
|
|
| 2,355 |
|
|
| — |
|
|
| 2,355 |
|
Savannah, GA |
|
| 2,219 |
|
|
| — |
|
|
| — |
|
|
| 2,219 |
|
|
| — |
|
|
| 2,219 |
|
Richmond, VA |
|
| 2,004 |
|
|
| — |
|
|
| — |
|
|
| 2,004 |
|
|
| — |
|
|
| 2,004 |
|
Memphis, TN |
|
| 1,811 |
|
|
| — |
|
|
| — |
|
|
| 1,811 |
|
|
| — |
|
|
| 1,811 |
|
San Antonio, TX |
|
| 1,504 |
|
|
| — |
|
|
| — |
|
|
| 1,504 |
|
|
| — |
|
|
| 1,504 |
|
Birmingham, AL |
|
| 1,462 |
|
|
| — |
|
|
| — |
|
|
| 1,462 |
|
|
| — |
|
|
| 1,462 |
|
Huntsville, AL |
|
| 1,228 |
|
|
| — |
|
|
| — |
|
|
| 1,228 |
|
|
| — |
|
|
| 1,228 |
|
Kansas City, MO-KS |
|
| 1,110 |
|
|
| — |
|
|
| — |
|
|
| 1,110 |
|
|
| — |
|
|
| 1,110 |
|
Other |
|
| 6,717 |
|
|
| 2,149 |
|
|
| — |
|
|
| 8,866 |
|
|
| — |
|
|
| 8,866 |
|
Total Multifamily Units |
|
| 95,113 |
|
|
| 4,344 |
|
|
| 439 |
|
|
| 99,896 |
|
|
| 240 |
|
|
| 100,136 |
|
(1) | Schedule excludes a 269 unit joint venture property in Washington, D.C. |
Supplemental Data S-1
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
| As of September 30, 2020 |
|
| Average Effective |
|
| As of September 30, 2020 |
| ||||||||||||||||
|
| Gross Real Assets |
|
| Percent to Total of Gross Real Assets |
|
| Physical Occupancy |
|
| Rent per Unit for the Three Months Ended September 30, 2020 |
|
| Completed Units |
|
| Total Units, Including Development |
| ||||||
Atlanta, GA |
| $ | 1,993,602 |
|
|
| 14.4 | % |
|
| 95.5 | % |
| $ | 1,465 |
|
|
| 11,434 |
|
|
|
|
|
Dallas, TX |
|
| 1,400,619 |
|
|
| 10.1 | % |
|
| 95.1 | % |
|
| 1,298 |
|
|
| 9,767 |
|
|
|
|
|
Charlotte, NC |
|
| 963,208 |
|
|
| 7.0 | % |
|
| 95.9 | % |
|
| 1,247 |
|
|
| 6,149 |
|
|
|
|
|
Washington, DC |
|
| 959,434 |
|
|
| 6.9 | % |
|
| 96.3 | % |
|
| 1,806 |
|
|
| 4,080 |
|
|
|
|
|
Tampa, FL |
|
| 879,023 |
|
|
| 6.3 | % |
|
| 96.6 | % |
|
| 1,505 |
|
|
| 5,220 |
|
|
|
|
|
Austin, TX |
|
| 842,119 |
|
|
| 6.1 | % |
|
| 95.3 | % |
|
| 1,277 |
|
|
| 7,117 |
|
|
|
|
|
Orlando, FL |
|
| 828,470 |
|
|
| 6.0 | % |
|
| 94.4 | % |
|
| 1,458 |
|
|
| 5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
| 697,545 |
|
|
| 5.0 | % |
|
| 96.0 | % |
|
| 1,176 |
|
|
| 5,350 |
|
|
|
|
|
Houston, TX |
|
| 602,904 |
|
|
| 4.4 | % |
|
| 93.5 | % |
|
| 1,218 |
|
|
| 4,867 |
|
|
|
|
|
Nashville, TN |
|
| 531,984 |
|
|
| 3.8 | % |
|
| 94.0 | % |
|
| 1,316 |
|
|
| 4,375 |
|
|
|
|
|
Charleston, SC |
|
| 401,450 |
|
|
| 2.9 | % |
|
| 95.6 | % |
|
| 1,250 |
|
|
| 3,168 |
|
|
|
|
|
Fort Worth, TX |
|
| 394,859 |
|
|
| 2.9 | % |
|
| 95.5 | % |
|
| 1,185 |
|
|
| 4,249 |
|
|
|
|
|
Phoenix, AZ |
|
| 376,347 |
|
|
| 2.7 | % |
|
| 96.1 | % |
|
| 1,299 |
|
|
| 2,623 |
|
|
|
|
|
Jacksonville, FL |
|
| 292,488 |
|
|
| 2.1 | % |
|
| 96.9 | % |
|
| 1,160 |
|
|
| 3,496 |
|
|
|
|
|
Richmond, VA |
|
| 265,846 |
|
|
| 1.9 | % |
|
| 96.8 | % |
|
| 1,236 |
|
|
| 2,004 |
|
|
|
|
|
Savannah, GA |
|
| 242,277 |
|
|
| 1.7 | % |
|
| 97.3 | % |
|
| 1,113 |
|
|
| 2,219 |
|
|
|
|
|
Denver, CO |
|
| 210,736 |
|
|
| 1.5 | % |
|
| 91.5 | % |
|
| 1,652 |
|
|
| 812 |
|
|
|
|
|
Kansas City, MO-KS |
|
| 184,782 |
|
|
| 1.3 | % |
|
| 95.0 | % |
|
| 1,298 |
|
|
| 1,110 |
|
|
|
|
|
San Antonio, TX |
|
| 162,834 |
|
|
| 1.2 | % |
|
| 96.3 | % |
|
| 1,119 |
|
|
| 1,504 |
|
|
|
|
|
Birmingham, AL |
|
| 158,756 |
|
|
| 1.1 | % |
|
| 96.5 | % |
|
| 1,083 |
|
|
| 1,462 |
|
|
|
|
|
Greenville, SC |
|
| 155,805 |
|
|
| 1.1 | % |
|
| 96.3 | % |
|
| 948 |
|
|
| 2,084 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
| |||||||||||||||||||||||
Tennessee |
| $ | 184,385 |
|
|
| 1.3 | % |
|
| 97.4 | % |
| $ | 1,007 |
|
|
| 2,754 |
|
|
|
|
|
Florida |
|
| 176,226 |
|
|
| 1.3 | % |
|
| 96.5 | % |
|
| 1,376 |
|
|
| 1,806 |
|
|
|
|
|
Alabama |
|
| 159,508 |
|
|
| 1.2 | % |
|
| 97.3 | % |
|
| 1,056 |
|
|
| 1,648 |
|
|
|
|
|
Virginia |
|
| 152,802 |
|
|
| 1.1 | % |
|
| 97.3 | % |
|
| 1,359 |
|
|
| 1,039 |
|
|
|
|
|
Kentucky |
|
| 94,146 |
|
|
| 0.7 | % |
|
| 95.9 | % |
|
| 911 |
|
|
| 1,308 |
|
|
|
|
|
Mississippi |
|
| 74,368 |
|
|
| 0.5 | % |
|
| 97.8 | % |
|
| 930 |
|
|
| 1,241 |
|
|
|
|
|
Nevada |
|
| 70,648 |
|
|
| 0.5 | % |
|
| 95.0 | % |
|
| 1,160 |
|
|
| 721 |
|
|
|
|
|
South Carolina |
|
| 36,702 |
|
|
| 0.3 | % |
|
| 94.3 | % |
|
| 915 |
|
|
| 576 |
|
|
|
|
|
Stabilized Communities |
| $ | 13,493,873 |
|
|
| 97.3 | % |
|
| 95.6 | % |
| $ | 1,293 |
|
|
| 99,457 |
|
|
|
|
|
Orlando, FL |
| $ | 83,017 |
|
|
| 0.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 633 |
|
Greenville, SC |
|
| 72,326 |
|
|
| 0.5 | % |
|
| 93.4 | % |
| $ | 1,614 |
|
|
| 271 |
|
|
| 271 |
|
Phoenix, AZ |
|
| 63,739 |
|
|
| 0.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 345 |
|
Dallas, TX |
|
| 62,827 |
|
|
| 0.5 | % |
|
| 32.5 | % |
|
| 1,375 |
|
|
| 240 |
|
|
| 348 |
|
Denver, CO |
|
| 32,374 |
|
|
| 0.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 306 |
|
Fort Worth, TX |
|
| 26,219 |
|
|
| 0.2 | % |
|
| 67.9 | % |
|
| 1,331 |
|
|
| 168 |
|
|
| 168 |
|
Houston, TX |
|
| 22,024 |
|
|
| 0.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 308 |
|
Lease-up / Development Communities |
| $ | 362,526 |
|
|
| 2.7 | % |
|
| 61.0 | % |
| $ | 1,460 |
|
|
| 679 |
|
|
| 2,379 |
|
Total Multifamily Communities |
| $ | 13,856,399 |
|
|
| 100.0 | % |
|
| 95.4 | % |
| $ | 1,294 |
|
|
| 100,136 |
|
|
| 101,836 |
|
(1) | Schedule excludes one joint venture property in Washington, D.C. |
Supplemental Data S-2
Dollars in thousands
| As of September 30, 2020 |
|
| Three Months Ended |
| |||||||||||||||
|
| Apartment Units |
|
| Gross Real Assets |
|
| September 30, 2020 |
|
| September 30, 2019 |
|
| Percent Change |
| |||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
| 95,113 |
|
| $ | 12,824,842 |
|
| $ | 397,600 |
|
| $ | 389,600 |
|
|
| 2.1 | % |
Non-Same Store Communities |
|
| 4,344 |
|
|
| 669,031 |
|
|
| 18,273 |
|
|
| 20,219 |
|
|
|
|
|
Lease-up/Development Communities |
|
| 679 |
|
|
| 362,526 |
|
|
| 2,097 |
|
|
| 54 |
|
|
|
|
|
Total Multifamily Portfolio |
|
| 100,136 |
|
| $ | 13,856,399 |
|
| $ | 417,970 |
|
| $ | 409,873 |
|
|
|
|
|
Commercial Property/Land |
|
| — |
|
|
| 231,691 |
|
|
| 5,229 |
|
|
| 5,759 |
|
|
|
|
|
Total Operating Revenues |
|
| 100,136 |
|
| $ | 14,088,090 |
|
| $ | 423,199 |
|
| $ | 415,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 158,898 |
|
| $ | 148,238 |
|
|
| 7.2 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 7,069 |
|
|
| 8,837 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 1,284 |
|
|
| 65 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 167,251 |
|
| $ | 157,140 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 2,563 |
|
|
| 2,399 |
|
|
|
|
|
Total Property Operating Expenses |
|
|
|
|
|
|
|
|
| $ | 169,814 |
|
| $ | 159,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 238,702 |
|
| $ | 241,362 |
|
|
| -1.1 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 11,204 |
|
|
| 11,382 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 813 |
|
|
| (11 | ) |
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 250,719 |
|
| $ | 252,733 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 2,666 |
|
|
| 3,360 |
|
|
|
|
|
Total Net Operating Income |
|
|
|
|
|
|
|
|
| $ | 253,385 |
|
| $ | 256,093 |
|
|
| -1.1 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||||||||||
|
| September 30, 2020 |
|
| September 30, 2019 |
|
| Percent Change |
|
| September 30, 2020 |
|
| September 30, 2019 |
|
| Percent Change |
| ||||||
Personnel |
| $ | 36,788 |
|
| $ | 35,854 |
|
|
| 2.6 | % |
| $ | 105,431 |
|
| $ | 104,343 |
|
|
| 1.0 | % |
Building Repair and Maintenance |
|
| 17,712 |
|
|
| 17,067 |
|
|
| 3.8 | % |
|
| 48,461 |
|
|
| 47,788 |
|
|
| 1.4 | % |
Utilities |
|
| 30,771 |
|
|
| 29,009 |
|
|
| 6.1 | % |
|
| 84,616 |
|
|
| 81,505 |
|
|
| 3.8 | % |
Marketing |
|
| 6,539 |
|
|
| 4,835 |
|
|
| 35.2 | % |
|
| 16,826 |
|
|
| 13,847 |
|
|
| 21.5 | % |
Office Operations |
|
| 6,018 |
|
|
| 5,501 |
|
|
| 9.4 | % |
|
| 16,279 |
|
|
| 15,784 |
|
|
| 3.1 | % |
Property Taxes |
|
| 55,749 |
|
|
| 52,787 |
|
|
| 5.6 | % |
|
| 165,823 |
|
|
| 158,480 |
|
|
| 4.6 | % |
Insurance |
|
| 5,321 |
|
|
| 3,185 |
|
|
| 67.1 | % |
|
| 11,718 |
|
|
| 8,930 |
|
|
| 31.2 | % |
Total Property Operating Expenses |
| $ | 158,898 |
|
| $ | 148,238 |
|
|
| 7.2 | % |
| $ | 449,154 |
|
| $ | 430,677 |
|
|
| 4.3 | % |
Supplemental Data S-3
Same Store Portfolio
|
|
|
|
|
|
|
|
|
| Average Physical Occupancy |
| |||||||||||||
|
|
|
|
|
| Percent of |
|
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||
|
| Apartment Units |
|
| Same Store NOI |
|
| September 30, 2020 |
|
| September 30, 2019 |
|
| September 30, 2020 |
|
| September 30, 2019 |
| ||||||
Atlanta, GA |
|
| 10,996 |
|
|
| 13.1 | % |
|
| 95.0 | % |
|
| 95.6 | % |
|
| 94.9 | % |
|
| 95.7 | % |
Dallas, TX |
|
| 9,405 |
|
|
| 8.7 | % |
|
| 95.1 | % |
|
| 95.5 | % |
|
| 95.3 | % |
|
| 95.3 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 7.1 | % |
|
| 96.2 | % |
|
| 96.2 | % |
|
| 96.1 | % |
|
| 96.2 | % |
Washington, DC |
|
| 4,080 |
|
|
| 6.6 | % |
|
| 96.3 | % |
|
| 96.8 | % |
|
| 96.3 | % |
|
| 96.9 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 6.6 | % |
|
| 96.1 | % |
|
| 96.1 | % |
|
| 95.7 | % |
|
| 96.1 | % |
Austin, TX |
|
| 7,117 |
|
|
| 6.2 | % |
|
| 95.2 | % |
|
| 96.0 | % |
|
| 95.4 | % |
|
| 95.9 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 6.1 | % |
|
| 93.7 | % |
|
| 95.5 | % |
|
| 94.5 | % |
|
| 95.6 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 4.8 | % |
|
| 96.2 | % |
|
| 96.6 | % |
|
| 96.2 | % |
|
| 96.5 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 4.7 | % |
|
| 94.5 | % |
|
| 96.6 | % |
|
| 95.1 | % |
|
| 96.0 | % |
Houston, TX |
|
| 4,867 |
|
|
| 4.1 | % |
|
| 93.7 | % |
|
| 95.3 | % |
|
| 94.4 | % |
|
| 95.4 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 3.9 | % |
|
| 95.4 | % |
|
| 95.9 | % |
|
| 95.4 | % |
|
| 95.6 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 3.4 | % |
|
| 96.6 | % |
|
| 96.2 | % |
|
| 96.2 | % |
|
| 96.3 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 3.3 | % |
|
| 96.0 | % |
|
| 97.1 | % |
|
| 96.1 | % |
|
| 96.7 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 2.8 | % |
|
| 95.9 | % |
|
| 95.6 | % |
|
| 95.8 | % |
|
| 95.6 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 2.2 | % |
|
| 96.9 | % |
|
| 96.5 | % |
|
| 96.6 | % |
|
| 96.7 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 2.1 | % |
|
| 96.8 | % |
|
| 95.5 | % |
|
| 95.9 | % |
|
| 95.5 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 1.6 | % |
|
| 95.8 | % |
|
| 95.4 | % |
|
| 95.4 | % |
|
| 95.7 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 1.6 | % |
|
| 97.2 | % |
|
| 96.1 | % |
|
| 96.5 | % |
|
| 95.8 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 1.4 | % |
|
| 97.1 | % |
|
| 97.6 | % |
|
| 96.5 | % |
|
| 96.7 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 1.2 | % |
|
| 96.7 | % |
|
| 96.5 | % |
|
| 96.4 | % |
|
| 96.6 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 1.2 | % |
|
| 97.3 | % |
|
| 97.8 | % |
|
| 97.2 | % |
|
| 97.4 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 1.2 | % |
|
| 96.0 | % |
|
| 95.7 | % |
|
| 95.6 | % |
|
| 95.8 | % |
Other |
|
| 6,717 |
|
|
| 6.1 | % |
|
| 96.6 | % |
|
| 96.6 | % |
|
| 95.9 | % |
|
| 96.5 | % |
Total Same Store |
|
| 95,113 |
|
|
| 100.0 | % |
|
| 95.6 | % |
|
| 96.1 | % |
|
| 95.6 | % |
|
| 96.0 | % |
Supplemental Data S-4
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,996 |
|
| $ | 51,356 |
|
| $ | 50,787 |
|
|
| 1.1 | % |
| $ | 20,063 |
|
| $ | 19,287 |
|
|
| 4.0 | % |
| $ | 31,293 |
|
| $ | 31,500 |
|
|
| (0.7 | )% |
| $ | 1,463 |
|
| $ | 1,453 |
|
|
| 0.7 | % |
Dallas, TX |
|
| 9,405 |
|
|
| 39,024 |
|
|
| 38,543 |
|
|
| 1.2 | % |
|
| 18,281 |
|
|
| 16,243 |
|
|
| 12.5 | % |
|
| 20,743 |
|
|
| 22,300 |
|
|
| (7.0 | )% |
|
| 1,312 |
|
|
| 1,295 |
|
|
| 1.3 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 25,015 |
|
|
| 24,416 |
|
|
| 2.5 | % |
|
| 8,105 |
|
|
| 7,772 |
|
|
| 4.3 | % |
|
| 16,910 |
|
|
| 16,644 |
|
|
| 1.6 | % |
|
| 1,249 |
|
|
| 1,233 |
|
|
| 1.3 | % |
Washington, DC |
|
| 4,080 |
|
|
| 23,275 |
|
|
| 23,442 |
|
|
| (0.7 | )% |
|
| 7,496 |
|
|
| 7,202 |
|
|
| 4.1 | % |
|
| 15,779 |
|
|
| 16,240 |
|
|
| (2.8 | )% |
|
| 1,812 |
|
|
| 1,804 |
|
|
| 0.5 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 25,176 |
|
|
| 24,534 |
|
|
| 2.6 | % |
|
| 9,387 |
|
|
| 8,793 |
|
|
| 6.8 | % |
|
| 15,789 |
|
|
| 15,741 |
|
|
| 0.3 | % |
|
| 1,502 |
|
|
| 1,466 |
|
|
| 2.4 | % |
Austin, TX |
|
| 7,117 |
|
|
| 29,554 |
|
|
| 28,940 |
|
|
| 2.1 | % |
|
| 14,645 |
|
|
| 12,704 |
|
|
| 15.3 | % |
|
| 14,909 |
|
|
| 16,236 |
|
|
| (8.2 | )% |
|
| 1,281 |
|
|
| 1,250 |
|
|
| 2.4 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,161 |
|
|
| 24,477 |
|
|
| (1.3 | )% |
|
| 9,686 |
|
|
| 8,959 |
|
|
| 8.1 | % |
|
| 14,475 |
|
|
| 15,518 |
|
|
| (6.7 | )% |
|
| 1,462 |
|
|
| 1,458 |
|
|
| 0.3 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 17,123 |
|
|
| 16,254 |
|
|
| 5.3 | % |
|
| 5,773 |
|
|
| 5,841 |
|
|
| (1.2 | )% |
|
| 11,350 |
|
|
| 10,413 |
|
|
| 9.0 | % |
|
| 1,147 |
|
|
| 1,113 |
|
|
| 3.1 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 18,430 |
|
|
| 18,345 |
|
|
| 0.5 | % |
|
| 7,118 |
|
|
| 6,304 |
|
|
| 12.9 | % |
|
| 11,312 |
|
|
| 12,041 |
|
|
| (6.1 | )% |
|
| 1,310 |
|
|
| 1,280 |
|
|
| 2.3 | % |
Houston, TX |
|
| 4,867 |
|
|
| 18,735 |
|
|
| 18,647 |
|
|
| 0.5 | % |
|
| 9,003 |
|
|
| 8,356 |
|
|
| 7.7 | % |
|
| 9,732 |
|
|
| 10,291 |
|
|
| (5.4 | )% |
|
| 1,222 |
|
|
| 1,207 |
|
|
| 1.3 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 17,010 |
|
|
| 16,538 |
|
|
| 2.9 | % |
|
| 7,627 |
|
|
| 7,015 |
|
|
| 8.7 | % |
|
| 9,383 |
|
|
| 9,523 |
|
|
| (1.5 | )% |
|
| 1,184 |
|
|
| 1,165 |
|
|
| 1.6 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 12,860 |
|
|
| 12,620 |
|
|
| 1.9 | % |
|
| 4,671 |
|
|
| 4,854 |
|
|
| (3.8 | )% |
|
| 8,189 |
|
|
| 7,766 |
|
|
| 5.4 | % |
|
| 1,157 |
|
|
| 1,137 |
|
|
| 1.7 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 11,117 |
|
|
| 10,504 |
|
|
| 5.8 | % |
|
| 3,300 |
|
|
| 3,189 |
|
|
| 3.5 | % |
|
| 7,817 |
|
|
| 7,315 |
|
|
| 6.9 | % |
|
| 1,294 |
|
|
| 1,234 |
|
|
| 4.8 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 10,896 |
|
|
| 10,486 |
|
|
| 3.9 | % |
|
| 4,329 |
|
|
| 4,055 |
|
|
| 6.8 | % |
|
| 6,567 |
|
|
| 6,431 |
|
|
| 2.1 | % |
|
| 1,199 |
|
|
| 1,180 |
|
|
| 1.6 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 8,187 |
|
|
| 7,858 |
|
|
| 4.2 | % |
|
| 2,908 |
|
|
| 2,508 |
|
|
| 15.9 | % |
|
| 5,279 |
|
|
| 5,350 |
|
|
| (1.3 | )% |
|
| 1,229 |
|
|
| 1,206 |
|
|
| 1.8 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 8,147 |
|
|
| 7,894 |
|
|
| 3.2 | % |
|
| 3,171 |
|
|
| 3,038 |
|
|
| 4.4 | % |
|
| 4,976 |
|
|
| 4,856 |
|
|
| 2.5 | % |
|
| 1,108 |
|
|
| 1,094 |
|
|
| 1.3 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,698 |
|
|
| 6,331 |
|
|
| 5.8 | % |
|
| 2,782 |
|
|
| 2,658 |
|
|
| 4.7 | % |
|
| 3,916 |
|
|
| 3,673 |
|
|
| 6.6 | % |
|
| 945 |
|
|
| 923 |
|
|
| 2.5 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,245 |
|
|
| 5,876 |
|
|
| 6.3 | % |
|
| 2,546 |
|
|
| 2,485 |
|
|
| 2.5 | % |
|
| 3,699 |
|
|
| 3,391 |
|
|
| 9.1 | % |
|
| 1,043 |
|
|
| 1,007 |
|
|
| 3.6 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,466 |
|
|
| 5,178 |
|
|
| 5.6 | % |
|
| 2,154 |
|
|
| 2,275 |
|
|
| (5.3 | )% |
|
| 3,312 |
|
|
| 2,903 |
|
|
| 14.1 | % |
|
| 1,081 |
|
|
| 1,043 |
|
|
| 3.7 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,536 |
|
|
| 5,443 |
|
|
| 1.7 | % |
|
| 2,663 |
|
|
| 2,464 |
|
|
| 8.1 | % |
|
| 2,873 |
|
|
| 2,979 |
|
|
| (3.6 | )% |
|
| 1,117 |
|
|
| 1,113 |
|
|
| 0.3 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,293 |
|
|
| 3,893 |
|
|
| 10.3 | % |
|
| 1,492 |
|
|
| 1,361 |
|
|
| 9.6 | % |
|
| 2,801 |
|
|
| 2,532 |
|
|
| 10.6 | % |
|
| 1,004 |
|
|
| 934 |
|
|
| 7.4 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,600 |
|
|
| 4,479 |
|
|
| 2.7 | % |
|
| 1,848 |
|
|
| 1,759 |
|
|
| 5.1 | % |
|
| 2,752 |
|
|
| 2,720 |
|
|
| 1.2 | % |
|
| 1,295 |
|
|
| 1,257 |
|
|
| 3.0 | % |
Other |
|
| 6,717 |
|
|
| 24,696 |
|
|
| 24,115 |
|
|
| 2.4 | % |
|
| 9,850 |
|
|
| 9,116 |
|
|
| 8.1 | % |
|
| 14,846 |
|
|
| 14,999 |
|
|
| (1.0 | )% |
|
| 1,138 |
|
|
| 1,102 |
|
|
| 3.2 | % |
Total Same Store |
|
| 95,113 |
|
| $ | 397,600 |
|
| $ | 389,600 |
|
|
| 2.1 | % |
| $ | 158,898 |
|
| $ | 148,238 |
|
|
| 7.2 | % |
| $ | 238,702 |
|
| $ | 241,362 |
|
|
| (1.1 | )% |
| $ | 1,293 |
|
| $ | 1,270 |
|
|
| 1.8 | % |
Supplemental Data S-5
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q3 2020 |
|
| Q2 2020 |
|
| % Chg |
|
| Q3 2020 |
|
| Q2 2020 |
|
| % Chg |
|
| Q3 2020 |
|
| Q2 2020 |
|
| % Chg |
|
| Q3 2020 |
|
| Q2 2020 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,996 |
|
| $ | 51,356 |
|
| $ | 50,277 |
|
|
| 2.1 | % |
| $ | 20,063 |
|
| $ | 18,813 |
|
|
| 6.6 | % |
| $ | 31,293 |
|
| $ | 31,464 |
|
|
| (0.5 | )% |
| $ | 1,463 |
|
| $ | 1,462 |
|
|
| 0.1 | % |
Dallas, TX |
|
| 9,405 |
|
|
| 39,024 |
|
|
| 38,662 |
|
|
| 0.9 | % |
|
| 18,281 |
|
|
| 16,985 |
|
|
| 7.6 | % |
|
| 20,743 |
|
|
| 21,677 |
|
|
| (4.3 | )% |
|
| 1,312 |
|
|
| 1,310 |
|
|
| 0.1 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 25,015 |
|
|
| 24,616 |
|
|
| 1.6 | % |
|
| 8,105 |
|
|
| 7,866 |
|
|
| 3.0 | % |
|
| 16,910 |
|
|
| 16,750 |
|
|
| 1.0 | % |
|
| 1,249 |
|
|
| 1,251 |
|
|
| (0.1 | )% |
Washington, DC |
|
| 4,080 |
|
|
| 23,275 |
|
|
| 23,171 |
|
|
| 0.4 | % |
|
| 7,496 |
|
|
| 6,862 |
|
|
| 9.2 | % |
|
| 15,779 |
|
|
| 16,309 |
|
|
| (3.2 | )% |
|
| 1,812 |
|
|
| 1,809 |
|
|
| 0.2 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 25,176 |
|
|
| 24,504 |
|
|
| 2.7 | % |
|
| 9,387 |
|
|
| 8,606 |
|
|
| 9.1 | % |
|
| 15,789 |
|
|
| 15,898 |
|
|
| (0.7 | )% |
|
| 1,502 |
|
|
| 1,493 |
|
|
| 0.6 | % |
Austin, TX |
|
| 7,117 |
|
|
| 29,554 |
|
|
| 29,204 |
|
|
| 1.2 | % |
|
| 14,645 |
|
|
| 12,902 |
|
|
| 13.5 | % |
|
| 14,909 |
|
|
| 16,302 |
|
|
| (8.5 | )% |
|
| 1,281 |
|
|
| 1,277 |
|
|
| 0.3 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,161 |
|
|
| 24,039 |
|
|
| 0.5 | % |
|
| 9,686 |
|
|
| 9,098 |
|
|
| 6.5 | % |
|
| 14,475 |
|
|
| 14,941 |
|
|
| (3.1 | )% |
|
| 1,462 |
|
|
| 1,468 |
|
|
| (0.4 | )% |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 17,123 |
|
|
| 16,713 |
|
|
| 2.5 | % |
|
| 5,773 |
|
|
| 5,936 |
|
|
| (2.7 | )% |
|
| 11,350 |
|
|
| 10,777 |
|
|
| 5.3 | % |
|
| 1,147 |
|
|
| 1,140 |
|
|
| 0.6 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 18,430 |
|
|
| 18,090 |
|
|
| 1.9 | % |
|
| 7,118 |
|
|
| 6,826 |
|
|
| 4.3 | % |
|
| 11,312 |
|
|
| 11,264 |
|
|
| 0.4 | % |
|
| 1,310 |
|
|
| 1,311 |
|
|
| (0.1 | )% |
Houston, TX |
|
| 4,867 |
|
|
| 18,735 |
|
|
| 18,656 |
|
|
| 0.4 | % |
|
| 9,003 |
|
|
| 7,683 |
|
|
| 17.2 | % |
|
| 9,732 |
|
|
| 10,973 |
|
|
| (11.3 | )% |
|
| 1,222 |
|
|
| 1,223 |
|
|
| (0.1 | )% |
Fort Worth, TX |
|
| 4,249 |
|
|
| 17,010 |
|
|
| 16,656 |
|
|
| 2.1 | % |
|
| 7,627 |
|
|
| 7,041 |
|
|
| 8.3 | % |
|
| 9,383 |
|
|
| 9,615 |
|
|
| (2.4 | )% |
|
| 1,184 |
|
|
| 1,179 |
|
|
| 0.4 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 12,860 |
|
|
| 12,532 |
|
|
| 2.6 | % |
|
| 4,671 |
|
|
| 4,441 |
|
|
| 5.2 | % |
|
| 8,189 |
|
|
| 8,091 |
|
|
| 1.2 | % |
|
| 1,157 |
|
|
| 1,151 |
|
|
| 0.5 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 11,117 |
|
|
| 10,755 |
|
|
| 3.4 | % |
|
| 3,300 |
|
|
| 3,055 |
|
|
| 8.0 | % |
|
| 7,817 |
|
|
| 7,700 |
|
|
| 1.5 | % |
|
| 1,294 |
|
|
| 1,283 |
|
|
| 0.9 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 10,896 |
|
|
| 10,584 |
|
|
| 2.9 | % |
|
| 4,329 |
|
|
| 3,934 |
|
|
| 10.0 | % |
|
| 6,567 |
|
|
| 6,650 |
|
|
| (1.2 | )% |
|
| 1,199 |
|
|
| 1,195 |
|
|
| 0.3 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 8,187 |
|
|
| 7,966 |
|
|
| 2.8 | % |
|
| 2,908 |
|
|
| 2,611 |
|
|
| 11.4 | % |
|
| 5,279 |
|
|
| 5,355 |
|
|
| (1.4 | )% |
|
| 1,229 |
|
|
| 1,219 |
|
|
| 0.8 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 8,147 |
|
|
| 7,867 |
|
|
| 3.6 | % |
|
| 3,171 |
|
|
| 2,851 |
|
|
| 11.2 | % |
|
| 4,976 |
|
|
| 5,016 |
|
|
| (0.8 | )% |
|
| 1,108 |
|
|
| 1,105 |
|
|
| 0.3 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,698 |
|
|
| 6,523 |
|
|
| 2.7 | % |
|
| 2,782 |
|
|
| 2,711 |
|
|
| 2.6 | % |
|
| 3,916 |
|
|
| 3,812 |
|
|
| 2.7 | % |
|
| 945 |
|
|
| 938 |
|
|
| 0.8 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,245 |
|
|
| 6,007 |
|
|
| 4.0 | % |
|
| 2,546 |
|
|
| 2,372 |
|
|
| 7.3 | % |
|
| 3,699 |
|
|
| 3,635 |
|
|
| 1.8 | % |
|
| 1,043 |
|
|
| 1,032 |
|
|
| 1.0 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,466 |
|
|
| 5,273 |
|
|
| 3.7 | % |
|
| 2,154 |
|
|
| 2,137 |
|
|
| 0.8 | % |
|
| 3,312 |
|
|
| 3,136 |
|
|
| 5.6 | % |
|
| 1,081 |
|
|
| 1,071 |
|
|
| 0.9 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,536 |
|
|
| 5,444 |
|
|
| 1.7 | % |
|
| 2,663 |
|
|
| 2,424 |
|
|
| 9.9 | % |
|
| 2,873 |
|
|
| 3,020 |
|
|
| (4.9 | )% |
|
| 1,117 |
|
|
| 1,117 |
|
|
| (0.0 | )% |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,293 |
|
|
| 4,043 |
|
|
| 6.2 | % |
|
| 1,492 |
|
|
| 1,379 |
|
|
| 8.2 | % |
|
| 2,801 |
|
|
| 2,664 |
|
|
| 5.1 | % |
|
| 1,004 |
|
|
| 984 |
|
|
| 2.0 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,600 |
|
|
| 4,493 |
|
|
| 2.4 | % |
|
| 1,848 |
|
|
| 1,594 |
|
|
| 15.9 | % |
|
| 2,752 |
|
|
| 2,899 |
|
|
| (5.1 | )% |
|
| 1,295 |
|
|
| 1,286 |
|
|
| 0.7 | % |
Other |
|
| 6,717 |
|
|
| 24,696 |
|
|
| 23,819 |
|
|
| 3.7 | % |
|
| 9,850 |
|
|
| 9,054 |
|
|
| 8.8 | % |
|
| 14,846 |
|
|
| 14,765 |
|
|
| 0.5 | % |
|
| 1,138 |
|
|
| 1,125 |
|
|
| 1.1 | % |
Total Same Store |
|
| 95,113 |
|
| $ | 397,600 |
|
| $ | 389,894 |
|
|
| 2.0 | % |
| $ | 158,898 |
|
| $ | 147,181 |
|
|
| 8.0 | % |
| $ | 238,702 |
|
| $ | 242,713 |
|
|
| (1.7 | )% |
| $ | 1,293 |
|
| $ | 1,289 |
|
|
| 0.3 | % |
Supplemental Data S-6
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
|
| Q3 2020 |
|
| Q3 2019 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,996 |
|
| $ | 152,417 |
|
| $ | 150,119 |
|
|
| 1.5 | % |
| $ | 57,298 |
|
| $ | 55,484 |
|
|
| 3.3 | % |
| $ | 95,119 |
|
| $ | 94,635 |
|
|
| 0.5 | % |
| $ | 1,464 |
|
| $ | 1,432 |
|
|
| 2.2 | % |
Dallas, TX |
|
| 9,405 |
|
|
| 116,590 |
|
|
| 114,181 |
|
|
| 2.1 | % |
|
| 51,644 |
|
|
| 49,343 |
|
|
| 4.7 | % |
|
| 64,946 |
|
|
| 64,838 |
|
|
| 0.2 | % |
|
| 1,308 |
|
|
| 1,282 |
|
|
| 2.0 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 74,448 |
|
|
| 71,838 |
|
|
| 3.6 | % |
|
| 23,262 |
|
|
| 22,759 |
|
|
| 2.2 | % |
|
| 51,186 |
|
|
| 49,079 |
|
|
| 4.3 | % |
|
| 1,247 |
|
|
| 1,213 |
|
|
| 2.8 | % |
Austin, TX |
|
| 7,117 |
|
|
| 88,212 |
|
|
| 84,865 |
|
|
| 3.9 | % |
|
| 40,226 |
|
|
| 37,928 |
|
|
| 6.1 | % |
|
| 47,986 |
|
|
| 46,937 |
|
|
| 2.2 | % |
|
| 1,273 |
|
|
| 1,226 |
|
|
| 3.8 | % |
Washington, DC |
|
| 4,080 |
|
|
| 69,673 |
|
|
| 69,226 |
|
|
| 0.6 | % |
|
| 21,425 |
|
|
| 21,001 |
|
|
| 2.0 | % |
|
| 48,248 |
|
|
| 48,225 |
|
|
| 0.0 | % |
|
| 1,805 |
|
|
| 1,778 |
|
|
| 1.5 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 74,465 |
|
|
| 72,178 |
|
|
| 3.2 | % |
|
| 26,600 |
|
|
| 25,630 |
|
|
| 3.8 | % |
|
| 47,865 |
|
|
| 46,548 |
|
|
| 2.8 | % |
|
| 1,494 |
|
|
| 1,445 |
|
|
| 3.4 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 72,836 |
|
|
| 72,540 |
|
|
| 0.4 | % |
|
| 27,651 |
|
|
| 26,390 |
|
|
| 4.8 | % |
|
| 45,185 |
|
|
| 46,150 |
|
|
| (2.1 | )% |
|
| 1,464 |
|
|
| 1,440 |
|
|
| 1.7 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 54,759 |
|
|
| 53,151 |
|
|
| 3.0 | % |
|
| 19,978 |
|
|
| 18,197 |
|
|
| 9.8 | % |
|
| 34,781 |
|
|
| 34,954 |
|
|
| (0.5 | )% |
|
| 1,309 |
|
|
| 1,252 |
|
|
| 4.6 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 50,435 |
|
|
| 47,593 |
|
|
| 6.0 | % |
|
| 17,024 |
|
|
| 16,156 |
|
|
| 5.4 | % |
|
| 33,411 |
|
|
| 31,437 |
|
|
| 6.3 | % |
|
| 1,140 |
|
|
| 1,087 |
|
|
| 4.8 | % |
Houston, TX |
|
| 4,867 |
|
|
| 56,211 |
|
|
| 55,432 |
|
|
| 1.4 | % |
|
| 25,011 |
|
|
| 24,128 |
|
|
| 3.7 | % |
|
| 31,200 |
|
|
| 31,304 |
|
|
| (0.3 | )% |
|
| 1,221 |
|
|
| 1,191 |
|
|
| 2.5 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 50,269 |
|
|
| 48,825 |
|
|
| 3.0 | % |
|
| 21,344 |
|
|
| 20,707 |
|
|
| 3.1 | % |
|
| 28,925 |
|
|
| 28,118 |
|
|
| 2.9 | % |
|
| 1,178 |
|
|
| 1,151 |
|
|
| 2.4 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 38,013 |
|
|
| 37,385 |
|
|
| 1.7 | % |
|
| 13,395 |
|
|
| 12,881 |
|
|
| 4.0 | % |
|
| 24,618 |
|
|
| 24,504 |
|
|
| 0.5 | % |
|
| 1,152 |
|
|
| 1,122 |
|
|
| 2.6 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 32,636 |
|
|
| 30,480 |
|
|
| 7.1 | % |
|
| 9,296 |
|
|
| 9,007 |
|
|
| 3.2 | % |
|
| 23,340 |
|
|
| 21,473 |
|
|
| 8.7 | % |
|
| 1,285 |
|
|
| 1,197 |
|
|
| 7.3 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 32,026 |
|
|
| 31,084 |
|
|
| 3.0 | % |
|
| 12,015 |
|
|
| 11,456 |
|
|
| 4.9 | % |
|
| 20,011 |
|
|
| 19,628 |
|
|
| 2.0 | % |
|
| 1,196 |
|
|
| 1,160 |
|
|
| 3.1 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 24,019 |
|
|
| 23,101 |
|
|
| 4.0 | % |
|
| 8,050 |
|
|
| 7,335 |
|
|
| 9.7 | % |
|
| 15,969 |
|
|
| 15,766 |
|
|
| 1.3 | % |
|
| 1,223 |
|
|
| 1,180 |
|
|
| 3.6 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 23,991 |
|
|
| 23,506 |
|
|
| 2.1 | % |
|
| 9,005 |
|
|
| 8,795 |
|
|
| 2.4 | % |
|
| 14,986 |
|
|
| 14,711 |
|
|
| 1.9 | % |
|
| 1,106 |
|
|
| 1,080 |
|
|
| 2.4 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 19,687 |
|
|
| 18,784 |
|
|
| 4.8 | % |
|
| 7,978 |
|
|
| 7,763 |
|
|
| 2.8 | % |
|
| 11,709 |
|
|
| 11,021 |
|
|
| 6.2 | % |
|
| 939 |
|
|
| 904 |
|
|
| 3.9 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 18,213 |
|
|
| 17,310 |
|
|
| 5.2 | % |
|
| 7,284 |
|
|
| 7,239 |
|
|
| 0.6 | % |
|
| 10,929 |
|
|
| 10,071 |
|
|
| 8.5 | % |
|
| 1,032 |
|
|
| 988 |
|
|
| 4.4 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 16,028 |
|
|
| 14,952 |
|
|
| 7.2 | % |
|
| 6,322 |
|
|
| 6,358 |
|
|
| (0.6 | )% |
|
| 9,706 |
|
|
| 8,594 |
|
|
| 12.9 | % |
|
| 1,075 |
|
|
| 1,017 |
|
|
| 5.8 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 16,471 |
|
|
| 16,091 |
|
|
| 2.4 | % |
|
| 7,467 |
|
|
| 7,032 |
|
|
| 6.2 | % |
|
| 9,004 |
|
|
| 9,059 |
|
|
| (0.6 | )% |
|
| 1,118 |
|
|
| 1,096 |
|
|
| 2.0 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 13,592 |
|
|
| 13,104 |
|
|
| 3.7 | % |
|
| 5,069 |
|
|
| 4,938 |
|
|
| 2.7 | % |
|
| 8,523 |
|
|
| 8,166 |
|
|
| 4.4 | % |
|
| 1,287 |
|
|
| 1,230 |
|
|
| 4.6 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 12,316 |
|
|
| 11,288 |
|
|
| 9.1 | % |
|
| 4,183 |
|
|
| 3,988 |
|
|
| 4.9 | % |
|
| 8,133 |
|
|
| 7,300 |
|
|
| 11.4 | % |
|
| 987 |
|
|
| 904 |
|
|
| 9.2 | % |
Other |
|
| 6,717 |
|
|
| 72,549 |
|
|
| 70,860 |
|
|
| 2.4 | % |
|
| 27,627 |
|
|
| 26,162 |
|
|
| 5.6 | % |
|
| 44,922 |
|
|
| 44,698 |
|
|
| 0.5 | % |
|
| 1,141 |
|
|
| 1,125 |
|
|
| 1.4 | % |
Total Same Store |
|
| 95,113 |
|
| $ | 1,179,856 |
|
| $ | 1,147,893 |
|
|
| 2.8 | % |
| $ | 449,154 |
|
| $ | 430,677 |
|
|
| 4.3 | % |
| $ | 730,702 |
|
| $ | 717,216 |
|
|
| 1.9 | % |
| $ | 1,289 |
|
| $ | 1,250 |
|
|
| 3.1 | % |
Supplemental Data S-7
Dollars in thousands |
|
|
| Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
| September 30, 2020 |
|
|
|
| Projected |
| Development Costs |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Start |
| Occupancy |
| Completion |
| Stabilization |
| Total |
|
| Thru |
|
|
|
|
| ||
|
| Location |
| Total |
|
| Delivered |
|
| Leased |
|
| Date |
| Date |
| Date |
| Date(1) |
| Cost |
|
| Q3 2020 |
|
| After |
| ||||||
MAA Frisco Bridges II |
| Dallas, TX |
|
| 348 |
|
|
| 240 |
|
|
| 127 |
|
| 2Q18 |
| 2Q20 |
| 4Q20 |
| 1Q22 |
| $ | 69,000 |
|
| $ | 62,827 |
|
| $ | 6,173 |
|
Novel Midtown(2) |
| Phoenix, AZ |
|
| 345 |
|
| — |
|
| — |
|
| 1Q19 |
| 1Q21 |
| 2Q21 |
| 4Q22 |
|
| 82,000 |
|
|
| 63,739 |
|
|
| 18,261 |
| ||
Westglenn |
| Denver, CO |
|
| 306 |
|
| — |
|
| — |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 4Q22 |
|
| 84,500 |
|
|
| 32,374 |
|
|
| 52,126 |
| ||
The Robinson(3) |
| Orlando, FL |
|
| 369 |
|
| — |
|
| — |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 1Q23 |
|
| 99,000 |
|
|
| 51,061 |
|
|
| 47,939 |
| ||
Long Point |
| Houston, TX |
|
| 308 |
|
| — |
|
| — |
|
| 4Q19 |
| 3Q21 |
| 1Q22 |
| 1Q23 |
|
| 57,000 |
|
|
| 22,024 |
|
|
| 34,976 |
| ||
Sand Lake(4) |
| Orlando, FL |
|
| 264 |
|
| — |
|
| — |
|
| 4Q19 |
| 2Q21 |
| 4Q21 |
| 1Q23 |
|
| 68,000 |
|
|
| 31,956 |
|
|
| 36,044 |
| ||
Total Active |
|
|
|
| 1,940 |
|
|
| 240 |
|
|
| 127 |
|
|
|
|
|
|
|
|
|
| $ | 459,500 |
|
| $ | 263,981 |
|
| $ | 195,519 |
|
(1)Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
(3) Previously reported as 336 N. Orange.
(4) MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data |
|
|
|
|
|
|
| |||||||||||||
|
|
|
| Nine months ended September 30, 2020 |
|
|
| |||||||||||||
Units Redeveloped |
|
| Redevelopment Spend |
|
| Spend per Unit |
|
| Increase in Average Effective Rent per Unit |
|
| Increase in Average Effective Rent per Unit |
|
| Estimated Units Remaining in Pipeline | |||||
| 3,300 |
|
| $ | 19,599 |
|
| $ | 5,939 |
|
| $ | 108 |
|
| 9.3% |
|
| 9,000 - 11,000 |
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands |
| As of September 30, 2020 |
|
|
|
|
|
|
|
|
| ||||
|
| Location |
| Total Units |
| Percent Occupied |
|
| Construction Finished |
| Expected Stabilization(1) |
| Total Cost |
| |
The Greene |
| Greenville, SC |
| 271 |
| 93.4% |
|
| (2) |
| 4Q20 |
| $ | 72,326 |
|
Copper Ridge II |
| Fort Worth, TX |
| 168 |
| 67.9% |
|
| 2Q20 |
| 2Q21 |
|
| 26,219 |
|
Total |
|
|
| 439 |
| 83.6% |
|
|
|
|
|
| $ | 98,545 |
|
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
2020 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2020) |
Land Acquisition |
| Market |
| Acreage |
| Closing Date |
Georgetown |
| Austin, TX |
| 22 |
| January 2020 |
2020 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2020) |
Land Disposition |
| Market |
| Acreage |
| Closing Date |
Colonial Promenade |
| Huntsville, AL |
| 27 |
| September 2020 |
Supplemental Data S-8
MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property |
| Market |
| # of units |
| Ownership Interest |
|
Post Massachusetts Avenue |
| Washington, D.C. |
| 269 |
| 35% |
|
Dollars in thousands |
| As of September 30, 2020 |
| |||||||||
Joint Venture Property |
| Gross Investment in Real Estate |
|
| Mortgage Notes Payable |
|
| Company’s Equity Investment |
| |||
Post Massachusetts Avenue |
| $ | 79,641 |
| (1) | $ | 51,744 |
| (2) | $ | 43,467 |
|
|
| Three months ended September 30, 2020 |
|
| Nine months ended September 30, 2020 |
| ||||||||||
Joint Venture Property |
| Entity NOI |
|
| Company’s Equity in Income |
|
| Entity NOI |
|
| Company’s Equity in Income |
| ||||
Post Massachusetts Avenue |
| $ | 1,837 |
|
| $ | 428 |
|
| $ | 5,781 |
|
| $ | 1,153 |
|
(1) | Represents GAAP basis net book value plus accumulated depreciation. |
(2) | This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025. |
Dollars in thousands
DEBT SUMMARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Versus Fixed Rate Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Rate Maturity |
| ||||
Fixed rate debt |
| $ | 4,390,594 |
|
|
| 99.2 | % |
|
| 3.7 | % |
|
| 8.0 |
|
Floating (unhedged) debt |
|
| 35,000 |
|
|
| 0.8 | % |
|
| 0.2 | % |
|
| 0.1 |
|
Total |
| $ | 4,425,594 |
|
|
| 100.0 | % |
|
| 3.7 | % |
|
| 7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Versus Unsecured Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Contract Maturity |
| ||||
Unsecured debt |
| $ | 3,939,425 |
|
|
| 89.0 | % |
|
| 3.6 | % |
|
| 6.3 |
|
Secured debt |
|
| 486,169 |
|
|
| 11.0 | % |
|
| 4.6 | % |
|
| 21.3 |
|
Total |
| $ | 4,425,594 |
|
|
| 100.0 | % |
|
| 3.7 | % |
|
| 7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unencumbered Versus Encumbered Assets |
| Total Cost |
|
| Percent of Total |
|
| Q3 2020 NOI |
|
| Percent of Total |
| ||||
Unencumbered gross assets |
| $ | 13,186,477 |
|
|
| 91.3 | % |
| $ | 236,235 |
|
|
| 93.2 | % |
Encumbered gross assets |
|
| 1,258,937 |
|
|
| 8.7 | % |
|
| 17,150 |
|
|
| 6.8 | % |
Total |
| $ | 14,445,414 |
|
|
| 100.0 | % |
| $ | 253,385 |
|
|
| 100.0 | % |
FIXED INTEREST RATE MATURITIES
Maturity |
| Fixed Rate Debt |
|
|
| Effective Rate |
| ||
2021 |
| $ | 192,023 |
|
|
|
| 5.2 | % |
2022 |
|
| 366,031 |
|
|
|
| 3.6 | % |
2023 |
|
| 360,222 |
|
|
|
| 4.2 | % |
2024 |
|
| 416,968 |
|
|
|
| 4.0 | % |
2025 |
|
| 403,155 |
|
|
|
| 4.2 | % |
2026 |
|
| — |
|
|
|
| — |
|
2027 |
|
| 594,785 |
|
|
|
| 3.7 | % |
2028 |
|
| 395,326 |
|
|
|
| 4.2 | % |
2029 |
|
| 562,082 |
|
|
|
| 3.7 | % |
Thereafter |
|
| 1,100,002 |
|
|
|
| 3.0 | % |
Total |
| $ | 4,390,594 |
|
|
|
| 3.7 | % |
Supplemental Data S-9
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
| Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾ |
|
| Public Bonds |
|
| Other Unsecured |
|
| Secured |
|
| Total |
| ||||||
2020 |
| $ | 35,000 |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 35,000 |
|
2021 |
|
| — |
|
|
| — |
|
|
| 72,711 |
|
|
| 119,312 |
|
|
| 192,023 |
|
2022 |
|
| — |
|
|
| 249,182 |
|
|
| 116,849 |
|
|
| — |
|
|
| 366,031 |
|
2023 |
|
| — |
|
|
| 347,992 |
|
|
| 12,230 |
|
|
| — |
|
|
| 360,222 |
|
2024 |
|
| — |
|
|
| 397,010 |
|
|
| 19,958 |
|
|
| — |
|
|
| 416,968 |
|
2025 |
|
| — |
|
|
| 396,030 |
|
|
| — |
|
|
| 7,125 |
|
|
| 403,155 |
|
2026 |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
2027 |
|
| — |
|
|
| 594,785 |
|
|
| — |
|
|
| — |
|
|
| 594,785 |
|
2028 |
|
| — |
|
|
| 395,326 |
|
|
| — |
|
|
| — |
|
|
| 395,326 |
|
2029 |
|
| — |
|
|
| 562,082 |
|
|
| — |
|
|
| — |
|
|
| 562,082 |
|
Thereafter |
|
| — |
|
|
| 740,270 |
|
|
| — |
|
|
| 359,732 |
|
|
| 1,100,002 |
|
Total |
| $ | 35,000 |
|
| $ | 3,682,677 |
|
| $ | 221,748 |
|
| $ | 486,169 |
|
| $ | 4,425,594 |
|
(1) | The $35.0 million maturing in 2020 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of September 30, 2020. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended September 30, 2020, average daily borrowings outstanding under the commercial paper program were $118.0 million. |
(2) | There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of September 30, 2020. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions. |
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
| Required |
| Actual |
|
| Compliance | |
Total debt to adjusted total assets |
| 60% or less |
| 30.6% |
|
| Yes | |
Total secured debt to adjusted total assets |
| 40% or less |
| 3.4% |
|
| Yes | |
Consolidated income available for debt service to total annual debt service charge |
| 1.5x or greater for trailing 4 quarters |
| 5.4x |
|
| Yes | |
Total unencumbered assets to total unsecured debt |
| Greater than 150% |
| 334% |
|
| Yes | |
|
|
|
|
|
|
|
|
|
Bank Covenants |
| Required |
| Actual |
|
| Compliance | |
Total debt to total capitalized asset value |
| 60% or less |
| 27.3% |
|
| Yes | |
Total secured debt to total capitalized asset value |
| 40% or Less |
| 3.1% |
|
| Yes | |
Total adjusted EBITDA to fixed charges |
| 1.5x or greater for trailing 4 quarters |
| 5.1x |
|
| Yes | |
Total unsecured debt to total unsecured capitalized asset value |
| 60% or less |
| 26.0% |
|
| Yes |
(1)The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP’s debt agreements.
Supplemental Data S-10
|
| Commercial |
| Long-Term |
|
|
|
| Paper Rating |
| Debt Rating |
| Outlook |
Fitch Ratings(1) |
| F2 |
| BBB+ |
| Stable |
Moody’s Investors Service(2) |
| P-2 |
| Baa1 |
| Stable |
Standard & Poor’s Ratings Services(1) |
| A-2 |
| BBB+ |
| Stable |
(1) | Corporate credit rating assigned to MAA and MAALP |
(2) | Corporate credit rating assigned to MAALP |
COMMON STOCK |
Stock Symbol: |
| MAA |
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Exchange Traded: |
| NYSE |
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| |
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Estimated Future Dates: |
| Q4 2020 |
|
| Q1 2021 |
|
| Q2 2021 |
|
| Q3 2021 |
|
|
|
|
| ||||
Earnings release & conference call |
| Late January |
|
| Late April |
|
| Late July |
|
| Late October |
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Dividend Information - Common Shares: |
| Q3 2019 |
|
| Q4 2019 |
|
| Q1 2020 |
|
| Q2 2020 |
|
| Q3 2020 |
| |||||
Declaration date |
| 9/26/2019 |
|
| 12/10/2019 |
|
| 3/19/2020 |
|
| 5/19/2020 |
|
| 9/24/2020 |
| |||||
Record date |
| 10/15/2019 |
|
| 1/15/2020 |
|
| 4/15/2020 |
|
| 7/15/2020 |
|
| 10/15/2020 |
| |||||
Payment date |
| 10/31/2019 |
|
| 1/31/2020 |
|
| 4/30/2020 |
|
| 7/31/2020 |
|
| 10/30/2020 |
| |||||
Distributions per share |
| $ | 0.9600 |
|
| $ | 1.0000 |
|
| $ | 1.0000 |
|
| $ | 1.0000 |
|
| $ | 1.0000 |
|
Supplemental Data S-11
Third Quarter 2020 Operating Metrics
Dollars in thousands
Third Quarter 2020 Residential Rents (through October 26, 2020) |
| Dollars |
|
| % of Total Billed |
| ||
Total billed |
| $ | 374,226 |
|
|
|
|
|
Cash collected to date |
|
| 370,975 |
|
|
| 99.1 | % |
Deferred payments outstanding (1) |
|
| 416 |
|
|
| 0.1 | % |
Total cash collected and deferred payments |
| $ | 371,391 |
|
|
| 99.2 | % |
Bad debt reserve (as of September 30, 2020) |
| $ | 3,411 |
|
|
| 0.9 | % |
|
|
|
|
|
|
|
|
|
Third Quarter 2020 Commercial Rents (through October 26, 2020) |
|
|
|
|
|
|
|
|
Total billed |
| $ | 5,666 |
|
|
|
|
|
Cash collected to date |
|
| 5,188 |
|
|
| 91.6 | % |
Rent abatements (2) |
|
| 440 |
|
|
| 7.8 | % |
Total cash collected and rent abatements |
| $ | 5,628 |
|
|
| 99.3 | % |
Bad debt reserve (as of September 30, 2020) |
| $ | 478 |
|
|
| 8.4 | % |
(1) | Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic. |
(2) | Pursuant to a lease amendment signed whereby the commercial lease is extended by the number of months abated. |
October 2020 Operating Metrics
Dollars in thousands
October 2020 Residential Rents (through October 26, 2020) |
| Dollars |
|
| % of Total Billed |
|
| Third Quarter 2020 Average (1) |
| |||
Total billed |
| $ | 124,932 |
|
|
|
|
|
|
|
|
|
Cash collected to date |
|
| 123,220 |
|
|
| 98.6 | % |
|
| 98.4 | % |
Deferred payments outstanding (2) |
|
| 167 |
|
|
| 0.1 | % |
|
| 0.2 | % |
Total cash collected and deferred payments |
| $ | 123,387 |
|
|
| 98.8 | % |
|
| 98.6 | % |
(1) | Represents the average cash collections and deferrals for July, August, and September 2020 through the 26th of each such month. |
(2) | Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic. |
Same Store Pricing/Occupancy (through October 26, 2020) |
| October 2020 |
|
| October 2019 |
| ||
Lease over lease pricing growth for new leases effective in October (3) (4) |
|
| (2.0 | )% |
|
| 0.6 | % |
Lease over lease pricing growth for renewals effective in October (4) (5) |
|
| 4.8 | % |
|
| 7.4 | % |
Blended lease over lease pricing growth for new leases and renewals effective in October (4) |
|
| 1.3 | % |
|
| 4.0 | % |
Lease over lease pricing growth on new leases signed during October (4) |
|
| (2.0 | )% |
|
| (0.6 | )% |
Lease over lease pricing growth on renewal leases signed during October (4) |
|
| 5.8 | % |
|
| 7.0 | % |
Blended lease over lease pricing growth for new leases and renewals signed during October (4) |
|
| 1.2 | % |
|
| 2.7 | % |
Average Physical Occupancy |
|
| 95.6 | % |
|
| 95.6 | % |
(3) | Represents leases for move-ins that occurred in October; lease price is typically set on average 28 days ahead of lease start date. |
(4) | Lease over lease pricing growth includes the impact of concessions. |
(5) | Represents leases for renewals that went into effect in October; lease price is typically set on average 60 days ahead of lease start date. |
Supplemental Data S-12
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 | |||||||
| Tim Argo |
| Senior Vice President, Director of Finance | |||||||
| Jennifer Patrick |
| Director of Investor Relations | |||||||
| Phone: 866-576-9689 (toll free) | |||||||||
| Email: investor.relations@maac.com |
Supplemental Data S-13