Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2021 (In apartment units) (1)
|
| Same Store |
|
| Non-Same Store |
|
| Lease-up |
|
| Total Completed Communities |
|
| Development Units Delivered |
|
| Total |
| ||||||
Atlanta, GA |
|
| 11,434 |
|
|
| — |
|
|
| — |
|
|
| 11,434 |
|
|
| — |
|
|
| 11,434 |
|
Dallas, TX |
|
| 9,767 |
|
|
| — |
|
|
| 348 |
|
|
| 10,115 |
|
|
| — |
|
|
| 10,115 |
|
Austin, TX |
|
| 7,117 |
|
|
| — |
|
|
| — |
|
|
| 7,117 |
|
|
| — |
|
|
| 7,117 |
|
Charlotte, NC |
|
| 5,867 |
|
|
| 282 |
|
|
| — |
|
|
| 6,149 |
|
|
| — |
|
|
| 6,149 |
|
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| — |
|
|
| — |
|
|
| 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 |
|
| 3,168 |
|
|
| — |
|
|
| — |
|
|
| 3,168 |
|
|
| — |
|
|
| 3,168 |
|
Phoenix, AZ |
|
| 2,623 |
|
|
| — |
|
|
| — |
|
|
| 2,623 |
|
|
| 138 |
|
|
| 2,761 |
|
Greenville, SC |
|
| 2,084 |
|
|
| 271 |
|
|
| — |
|
|
| 2,355 |
|
|
| — |
|
|
| 2,355 |
|
Savannah, GA |
|
| 1,837 |
|
|
| 382 |
|
|
| — |
|
|
| 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 |
|
| 7,076 |
|
|
| 1,790 |
|
|
| — |
|
|
| 8,866 |
|
|
| — |
|
|
| 8,866 |
|
Total Multifamily Units |
|
| 97,003 |
|
|
| 2,725 |
|
|
| 516 |
|
|
| 100,244 |
|
|
| 138 |
|
|
| 100,382 |
|
(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 March 31, 2021 |
|
| Average Effective |
|
| As of March 31, 2021 |
| |||||||||||||||
|
| Gross Real Assets |
|
| Percent to Total of Gross Real Assets |
|
| Physical Occupancy |
|
| Rent per Unit for the Three Months Ended March 31, 2021 |
|
| Completed Units |
|
| Total Units, Including Development |
| ||||||
Atlanta, GA |
| $ | 2,009,059 |
|
|
| 14.3 | % |
|
| 95.4 | % |
| $ | 1,473 |
|
|
| 11,434 |
|
|
|
|
|
Dallas, TX |
|
| 1,418,457 |
|
|
| 10.1 | % |
|
| 96.0 | % |
|
| 1,292 |
|
|
| 9,767 |
|
|
|
|
|
Charlotte, NC |
|
| 971,912 |
|
|
| 6.9 | % |
|
| 96.5 | % |
|
| 1,245 |
|
|
| 6,149 |
|
|
|
|
|
Washington, DC |
|
| 969,129 |
|
|
| 6.9 | % |
|
| 96.7 | % |
|
| 1,789 |
|
|
| 4,080 |
|
|
|
|
|
Tampa, FL |
|
| 883,264 |
|
|
| 6.3 | % |
|
| 97.6 | % |
|
| 1,534 |
|
|
| 5,220 |
|
|
|
|
|
Austin, TX |
|
| 846,050 |
|
|
| 6.0 | % |
|
| 96.1 | % |
|
| 1,272 |
|
|
| 7,117 |
|
|
|
|
|
Orlando, FL |
|
| 831,759 |
|
|
| 5.9 | % |
|
| 96.0 | % |
|
| 1,453 |
|
|
| 5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
| 701,931 |
|
|
| 5.0 | % |
|
| 95.8 | % |
|
| 1,183 |
|
|
| 5,350 |
|
|
|
|
|
Houston, TX |
|
| 608,281 |
|
|
| 4.3 | % |
|
| 95.2 | % |
|
| 1,206 |
|
|
| 4,867 |
|
|
|
|
|
Nashville, TN |
|
| 536,232 |
|
|
| 3.8 | % |
|
| 95.3 | % |
|
| 1,313 |
|
|
| 4,375 |
|
|
|
|
|
Charleston, SC |
|
| 404,315 |
|
|
| 2.9 | % |
|
| 96.7 | % |
|
| 1,271 |
|
|
| 3,168 |
|
|
|
|
|
Fort Worth, TX |
|
| 396,806 |
|
|
| 2.8 | % |
|
| 96.6 | % |
|
| 1,198 |
|
|
| 4,249 |
|
|
|
|
|
Phoenix, AZ |
|
| 379,706 |
|
|
| 2.7 | % |
|
| 97.3 | % |
|
| 1,328 |
|
|
| 2,623 |
|
|
|
|
|
Jacksonville, FL |
|
| 291,702 |
|
|
| 2.1 | % |
|
| 98.1 | % |
|
| 1,180 |
|
|
| 3,496 |
|
|
|
|
|
Richmond, VA |
|
| 267,273 |
|
|
| 1.9 | % |
|
| 97.1 | % |
|
| 1,256 |
|
|
| 2,004 |
|
|
|
|
|
Savannah, GA |
|
| 244,229 |
|
|
| 1.7 | % |
|
| 97.5 | % |
|
| 1,136 |
|
|
| 2,219 |
|
|
|
|
|
Greenville, SC |
|
| 228,275 |
|
|
| 1.6 | % |
|
| 96.7 | % |
|
| 1,025 |
|
|
| 2,355 |
|
|
|
|
|
Denver, CO |
|
| 211,582 |
|
|
| 1.5 | % |
|
| 93.8 | % |
|
| 1,625 |
|
|
| 812 |
|
|
|
|
|
Kansas City, MO-KS |
|
| 186,758 |
|
|
| 1.3 | % |
|
| 94.0 | % |
|
| 1,291 |
|
|
| 1,110 |
|
|
|
|
|
San Antonio, TX |
|
| 163,342 |
|
|
| 1.2 | % |
|
| 97.1 | % |
|
| 1,128 |
|
|
| 1,504 |
|
|
|
|
|
Birmingham, AL |
|
| 160,025 |
|
|
| 1.1 | % |
|
| 96.8 | % |
|
| 1,109 |
|
|
| 1,462 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
| |||||||||||||||||||||||
Tennessee |
| $ | 183,946 |
|
|
| 1.3 | % |
|
| 97.1 | % |
| $ | 1,034 |
|
|
| 2,754 |
|
|
|
|
|
Florida |
|
| 177,651 |
|
|
| 1.3 | % |
|
| 96.9 | % |
|
| 1,391 |
|
|
| 1,806 |
|
|
|
|
|
Alabama |
|
| 161,116 |
|
|
| 1.1 | % |
|
| 97.4 | % |
|
| 1,094 |
|
|
| 1,648 |
|
|
|
|
|
Virginia |
|
| 153,546 |
|
|
| 1.1 | % |
|
| 97.4 | % |
|
| 1,377 |
|
|
| 1,039 |
|
|
|
|
|
Kentucky |
|
| 93,833 |
|
|
| 0.7 | % |
|
| 97.0 | % |
|
| 923 |
|
|
| 1,308 |
|
|
|
|
|
Mississippi |
|
| 73,258 |
|
|
| 0.5 | % |
|
| 97.3 | % |
|
| 956 |
|
|
| 1,241 |
|
|
|
|
|
Nevada |
|
| 71,257 |
|
|
| 0.5 | % |
|
| 96.4 | % |
|
| 1,204 |
|
|
| 721 |
|
|
|
|
|
South Carolina |
|
| 36,230 |
|
|
| 0.3 | % |
|
| 95.8 | % |
|
| 934 |
|
|
| 576 |
|
|
|
|
|
Stabilized Communities |
| $ | 13,660,924 |
|
|
| 97.0 | % |
|
| 96.3 | % |
| $ | 1,301 |
|
|
| 99,728 |
|
|
|
|
|
Orlando, FL |
| $ | 132,105 |
|
|
| 0.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 633 |
|
Phoenix, AZ |
|
| 94,626 |
|
|
| 0.7 | % |
|
| 13.3 | % |
|
| 1,622 |
|
|
| 138 |
|
|
| 662 |
|
Dallas, TX |
|
| 64,765 |
|
|
| 0.5 | % |
|
| 69.0 | % |
|
| 1,498 |
|
|
| 348 |
|
|
| 348 |
|
Denver, CO |
|
| 57,536 |
|
|
| 0.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 306 |
|
Houston, TX |
|
| 36,893 |
|
|
| 0.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 308 |
|
Fort Worth, TX |
|
| 26,332 |
|
|
| 0.2 | % |
|
| 89.3 | % |
|
| 1,308 |
|
|
| 168 |
|
|
| 168 |
|
Austin, TX |
|
| 13,198 |
|
|
| 0.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 350 |
|
Lease-up / Development Communities |
| $ | 425,455 |
|
|
| 3.0 | % |
|
| 50.7 | % |
| $ | 1,475 |
|
|
| 654 |
|
|
| 2,775 |
|
Total Multifamily Communities |
| $ | 14,086,379 |
|
|
| 100.0 | % |
|
| 95.9 | % |
| $ | 1,302 |
|
|
| 100,382 |
|
|
| 102,503 |
|
(1) | Schedule excludes one joint venture property in Washington, D.C. |
Supplemental Data S-2
Dollars in thousands
|
| As of March 31, 2021 |
|
| Three Months Ended |
| ||||||||||||||
|
| Apartment Units |
|
| Gross Real Assets |
|
| March 31, 2021 |
|
| March 31, 2020 |
|
| Percent Change |
| |||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
| 97,003 |
|
| $ | 13,317,442 |
|
| $ | 407,037 |
|
| $ | 401,370 |
|
|
| 1.4 | % |
Non-Same Store Communities |
|
| 2,725 |
|
|
| 343,482 |
|
|
| 10,420 |
|
|
| 10,327 |
|
|
|
|
|
Lease-up/Development Communities |
|
| 654 |
|
|
| 425,455 |
|
|
| 1,721 |
|
|
| 63 |
|
|
|
|
|
Total Multifamily Portfolio |
|
| 100,382 |
|
| $ | 14,086,379 |
|
| $ | 419,178 |
|
| $ | 411,760 |
|
|
|
|
|
Commercial Property/Land |
|
| — |
|
|
| 273,676 |
|
|
| 5,827 |
|
|
| 6,338 |
|
|
|
|
|
Total Operating Revenues |
|
| 100,382 |
|
| $ | 14,360,055 |
|
| $ | 425,005 |
|
| $ | 418,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 154,307 |
|
| $ | 146,336 |
|
|
| 5.4 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 4,307 |
|
|
| 4,216 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 1,361 |
|
|
| 93 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 159,975 |
|
| $ | 150,645 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 2,493 |
|
|
| 2,527 |
|
|
|
|
|
Total Property Operating Expenses |
|
|
|
|
|
|
|
|
| $ | 162,468 |
|
| $ | 153,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 252,730 |
|
| $ | 255,034 |
|
|
| -0.9 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 6,113 |
|
|
| 6,111 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 360 |
|
|
| (30 | ) |
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 259,203 |
|
| $ | 261,115 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 3,334 |
|
|
| 3,811 |
|
|
|
|
|
Total Net Operating Income |
|
|
|
|
|
|
|
|
| $ | 262,537 |
|
| $ | 264,926 |
|
|
| -0.9 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
| Three Months Ended |
| |||||||||
|
| March 31, 2021 |
|
| March 31, 2020 |
|
| Percent Change |
| |||
Personnel |
| $ | 33,809 |
|
| $ | 33,128 |
|
|
| 2.1 | % |
Building Repair and Maintenance |
|
| 17,134 |
|
|
| 16,665 |
|
|
| 2.8 | % |
Utilities |
|
| 28,761 |
|
|
| 26,691 |
|
|
| 7.8 | % |
Marketing |
|
| 5,298 |
|
|
| 4,673 |
|
|
| 13.4 | % |
Office Operations |
|
| 5,589 |
|
|
| 5,413 |
|
|
| 3.3 | % |
Property Taxes |
|
| 58,214 |
|
|
| 56,520 |
|
|
| 3.0 | % |
Insurance |
|
| 5,502 |
|
|
| 3,246 |
|
|
| 69.5 | % |
Total Property Operating Expenses |
| $ | 154,307 |
|
| $ | 146,336 |
|
|
| 5.4 | % |
Supplemental Data S-3
NOI CONTRIBUTION PERCENTAGE BY MARKET |
Same Store Portfolio
|
|
|
|
|
|
|
|
| Average Physical Occupancy |
| ||||||
|
|
|
|
|
| Percent of |
|
| Three Months Ended |
| ||||||
|
| Apartment Units |
|
| Same Store NOI |
|
| March 31, 2021 |
|
| March 31, 2020 |
| ||||
Atlanta, GA |
|
| 11,434 |
|
|
| 13.2 | % |
|
| 94.8 | % |
|
| 94.9 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 8.6 | % |
|
| 95.2 | % |
|
| 95.7 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 6.6 | % |
|
| 97.0 | % |
|
| 95.5 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 6.5 | % |
|
| 96.0 | % |
|
| 96.4 | % |
Washington, DC |
|
| 4,080 |
|
|
| 6.2 | % |
|
| 96.1 | % |
|
| 96.4 | % |
Austin, TX |
|
| 7,117 |
|
|
| 6.1 | % |
|
| 95.3 | % |
|
| 95.9 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 6.1 | % |
|
| 95.4 | % |
|
| 95.1 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 5.6 | % |
|
| 95.7 | % |
|
| 96.4 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 4.6 | % |
|
| 94.6 | % |
|
| 95.8 | % |
Houston, TX |
|
| 4,867 |
|
|
| 4.0 | % |
|
| 93.9 | % |
|
| 95.2 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 3.8 | % |
|
| 95.7 | % |
|
| 95.1 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 3.4 | % |
|
| 97.5 | % |
|
| 96.0 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 3.3 | % |
|
| 95.8 | % |
|
| 95.5 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 3.2 | % |
|
| 96.9 | % |
|
| 96.9 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 2.2 | % |
|
| 96.9 | % |
|
| 96.2 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 1.8 | % |
|
| 97.1 | % |
|
| 95.7 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 1.7 | % |
|
| 96.0 | % |
|
| 94.5 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 1.5 | % |
|
| 97.6 | % |
|
| 95.7 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 1.3 | % |
|
| 96.6 | % |
|
| 96.0 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 1.2 | % |
|
| 94.9 | % |
|
| 96.3 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 1.2 | % |
|
| 96.8 | % |
|
| 97.1 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 1.1 | % |
|
| 93.9 | % |
|
| 95.7 | % |
Other |
|
| 7,076 |
|
|
| 6.8 | % |
|
| 96.2 | % |
|
| 95.5 | % |
Total Same Store |
|
| 97,003 |
|
|
| 100.0 | % |
|
| 95.7 | % |
|
| 95.7 | % |
Supplemental Data S-4
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q1 2021 |
|
| Q1 2020 |
|
| % Chg |
|
| Q1 2021 |
|
| Q1 2020 |
|
| % Chg |
|
| Q1 2021 |
|
| Q1 2020 |
|
| % Chg |
|
| Q1 2021 |
|
| Q1 2020 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 53,106 |
|
| $ | 52,744 |
|
|
| 0.7 | % |
| $ | 19,807 |
|
| $ | 19,332 |
|
|
| 2.5 | % |
| $ | 33,299 |
|
| $ | 33,412 |
|
|
| (0.3 | )% |
| $ | 1,473 |
|
| $ | 1,465 |
|
|
| 0.6 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 39,920 |
|
|
| 40,203 |
|
|
| (0.7 | )% |
|
| 18,140 |
|
|
| 16,949 |
|
|
| 7.0 | % |
|
| 21,780 |
|
|
| 23,254 |
|
|
| (6.3 | )% |
|
| 1,292 |
|
|
| 1,299 |
|
|
| (0.6 | )% |
Tampa, FL |
|
| 5,220 |
|
|
| 25,872 |
|
|
| 24,785 |
|
|
| 4.4 | % |
|
| 9,115 |
|
|
| 8,606 |
|
|
| 5.9 | % |
|
| 16,757 |
|
|
| 16,179 |
|
|
| 3.6 | % |
|
| 1,534 |
|
|
| 1,485 |
|
|
| 3.3 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 23,770 |
|
|
| 23,890 |
|
|
| (0.5 | )% |
|
| 7,304 |
|
|
| 6,995 |
|
|
| 4.4 | % |
|
| 16,466 |
|
|
| 16,895 |
|
|
| (2.5 | )% |
|
| 1,254 |
|
|
| 1,256 |
|
|
| (0.1 | )% |
Washington, DC |
|
| 4,080 |
|
|
| 22,977 |
|
|
| 23,228 |
|
|
| (1.1 | )% |
|
| 7,300 |
|
|
| 7,068 |
|
|
| 3.3 | % |
|
| 15,677 |
|
|
| 16,160 |
|
|
| (3.0 | )% |
|
| 1,789 |
|
|
| 1,800 |
|
|
| (0.6 | )% |
Austin, TX |
|
| 7,117 |
|
|
| 28,955 |
|
|
| 29,454 |
|
|
| (1.7 | )% |
|
| 13,530 |
|
|
| 12,679 |
|
|
| 6.7 | % |
|
| 15,425 |
|
|
| 16,775 |
|
|
| (8.0 | )% |
|
| 1,272 |
|
|
| 1,265 |
|
|
| 0.5 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,598 |
|
|
| 24,635 |
|
|
| (0.2 | )% |
|
| 9,193 |
|
|
| 8,866 |
|
|
| 3.7 | % |
|
| 15,405 |
|
|
| 15,769 |
|
|
| (2.3 | )% |
|
| 1,454 |
|
|
| 1,466 |
|
|
| (0.9 | )% |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 20,845 |
|
|
| 20,401 |
|
|
| 2.2 | % |
|
| 6,770 |
|
|
| 6,514 |
|
|
| 3.9 | % |
|
| 14,075 |
|
|
| 13,887 |
|
|
| 1.4 | % |
|
| 1,183 |
|
|
| 1,154 |
|
|
| 2.5 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 18,302 |
|
|
| 18,240 |
|
|
| 0.3 | % |
|
| 6,697 |
|
|
| 6,035 |
|
|
| 11.0 | % |
|
| 11,605 |
|
|
| 12,205 |
|
|
| (4.9 | )% |
|
| 1,313 |
|
|
| 1,301 |
|
|
| 0.9 | % |
Houston, TX |
|
| 4,867 |
|
|
| 18,523 |
|
|
| 18,820 |
|
|
| (1.6 | )% |
|
| 8,359 |
|
|
| 8,325 |
|
|
| 0.4 | % |
|
| 10,164 |
|
|
| 10,495 |
|
|
| (3.2 | )% |
|
| 1,206 |
|
|
| 1,220 |
|
|
| (1.2 | )% |
Fort Worth, TX |
|
| 4,249 |
|
|
| 17,016 |
|
|
| 16,603 |
|
|
| 2.5 | % |
|
| 7,307 |
|
|
| 6,676 |
|
|
| 9.5 | % |
|
| 9,709 |
|
|
| 9,927 |
|
|
| (2.2 | )% |
|
| 1,198 |
|
|
| 1,171 |
|
|
| 2.3 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 13,134 |
|
|
| 12,621 |
|
|
| 4.1 | % |
|
| 4,574 |
|
|
| 4,282 |
|
|
| 6.8 | % |
|
| 8,560 |
|
|
| 8,339 |
|
|
| 2.7 | % |
|
| 1,180 |
|
|
| 1,143 |
|
|
| 3.3 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 13,057 |
|
|
| 12,536 |
|
|
| 4.2 | % |
|
| 4,708 |
|
|
| 4,574 |
|
|
| 2.9 | % |
|
| 8,349 |
|
|
| 7,962 |
|
|
| 4.9 | % |
|
| 1,271 |
|
|
| 1,227 |
|
|
| 3.6 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 11,262 |
|
|
| 10,764 |
|
|
| 4.6 | % |
|
| 3,126 |
|
|
| 2,941 |
|
|
| 6.3 | % |
|
| 8,136 |
|
|
| 7,823 |
|
|
| 4.0 | % |
|
| 1,328 |
|
|
| 1,273 |
|
|
| 4.3 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 8,282 |
|
|
| 7,866 |
|
|
| 5.3 | % |
|
| 2,770 |
|
|
| 2,531 |
|
|
| 9.4 | % |
|
| 5,512 |
|
|
| 5,335 |
|
|
| 3.3 | % |
|
| 1,256 |
|
|
| 1,214 |
|
|
| 3.5 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 7,155 |
|
|
| 6,846 |
|
|
| 4.5 | % |
|
| 2,715 |
|
|
| 2,520 |
|
|
| 7.7 | % |
|
| 4,440 |
|
|
| 4,326 |
|
|
| 2.6 | % |
|
| 1,172 |
|
|
| 1,138 |
|
|
| 3.0 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,846 |
|
|
| 6,466 |
|
|
| 5.9 | % |
|
| 2,615 |
|
|
| 2,484 |
|
|
| 5.3 | % |
|
| 4,231 |
|
|
| 3,982 |
|
|
| 6.3 | % |
|
| 961 |
|
|
| 931 |
|
|
| 3.2 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,442 |
|
|
| 5,961 |
|
|
| 8.1 | % |
|
| 2,575 |
|
|
| 2,366 |
|
|
| 8.8 | % |
|
| 3,867 |
|
|
| 3,595 |
|
|
| 7.6 | % |
|
| 1,077 |
|
|
| 1,018 |
|
|
| 5.8 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,529 |
|
|
| 5,289 |
|
|
| 4.5 | % |
|
| 2,164 |
|
|
| 2,031 |
|
|
| 6.5 | % |
|
| 3,365 |
|
|
| 3,258 |
|
|
| 3.3 | % |
|
| 1,109 |
|
|
| 1,072 |
|
|
| 3.5 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,377 |
|
|
| 5,491 |
|
|
| (2.1 | )% |
|
| 2,371 |
|
|
| 2,381 |
|
|
| (0.4 | )% |
|
| 3,006 |
|
|
| 3,110 |
|
|
| (3.3 | )% |
|
| 1,128 |
|
|
| 1,119 |
|
|
| 0.9 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,435 |
|
|
| 3,980 |
|
|
| 11.4 | % |
|
| 1,499 |
|
|
| 1,312 |
|
|
| 14.3 | % |
|
| 2,936 |
|
|
| 2,668 |
|
|
| 10.0 | % |
|
| 1,054 |
|
|
| 963 |
|
|
| 9.5 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,501 |
|
|
| 4,499 |
|
|
| 0.0 | % |
|
| 1,688 |
|
|
| 1,627 |
|
|
| 3.7 | % |
|
| 2,813 |
|
|
| 2,872 |
|
|
| (2.1 | )% |
|
| 1,291 |
|
|
| 1,278 |
|
|
| 1.0 | % |
Other |
|
| 7,076 |
|
|
| 27,133 |
|
|
| 26,048 |
|
|
| 4.2 | % |
|
| 9,980 |
|
|
| 9,242 |
|
|
| 8.0 | % |
|
| 17,153 |
|
|
| 16,806 |
|
|
| 2.1 | % |
|
| 1,187 |
|
|
| 1,150 |
|
|
| 3.3 | % |
Total Same Store |
|
| 97,003 |
|
| $ | 407,037 |
|
| $ | 401,370 |
|
|
| 1.4 | % |
| $ | 154,307 |
|
| $ | 146,336 |
|
|
| 5.4 | % |
| $ | 252,730 |
|
| $ | 255,034 |
|
|
| (0.9 | )% |
| $ | 1,305 |
|
| $ | 1,288 |
|
|
| 1.3 | % |
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q1 2021 |
|
| Q4 2020 |
|
| % Chg |
|
| Q1 2021 |
|
| Q4 2020 |
|
| % Chg |
|
| Q1 2021 |
|
| Q4 2020 |
|
| % Chg |
|
| Q1 2021 |
|
| Q4 2020 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 53,106 |
|
| $ | 53,306 |
|
|
| (0.4 | )% |
| $ | 19,807 |
|
| $ | 19,617 |
|
|
| 1.0 | % |
| $ | 33,299 |
|
| $ | 33,689 |
|
|
| (1.2 | )% |
| $ | 1,473 |
|
| $ | 1,466 |
|
|
| 0.5 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 39,920 |
|
|
| 39,895 |
|
|
| 0.1 | % |
|
| 18,140 |
|
|
| 17,958 |
|
|
| 1.0 | % |
|
| 21,780 |
|
|
| 21,937 |
|
|
| (0.7 | )% |
|
| 1,292 |
|
|
| 1,290 |
|
|
| 0.1 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 25,872 |
|
|
| 25,517 |
|
|
| 1.4 | % |
|
| 9,115 |
|
|
| 8,707 |
|
|
| 4.7 | % |
|
| 16,757 |
|
|
| 16,810 |
|
|
| (0.3 | )% |
|
| 1,534 |
|
|
| 1,517 |
|
|
| 1.1 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 23,770 |
|
|
| 23,837 |
|
|
| (0.3 | )% |
|
| 7,304 |
|
|
| 7,629 |
|
|
| (4.3 | )% |
|
| 16,466 |
|
|
| 16,208 |
|
|
| 1.6 | % |
|
| 1,254 |
|
|
| 1,249 |
|
|
| 0.5 | % |
Washington, DC |
|
| 4,080 |
|
|
| 22,977 |
|
|
| 23,214 |
|
|
| (1.0 | )% |
|
| 7,300 |
|
|
| 7,008 |
|
|
| 4.2 | % |
|
| 15,677 |
|
|
| 16,206 |
|
|
| (3.3 | )% |
|
| 1,789 |
|
|
| 1,792 |
|
|
| (0.2 | )% |
Austin, TX |
|
| 7,117 |
|
|
| 28,955 |
|
|
| 29,393 |
|
|
| (1.5 | )% |
|
| 13,530 |
|
|
| 13,893 |
|
|
| (2.6 | )% |
|
| 15,425 |
|
|
| 15,500 |
|
|
| (0.5 | )% |
|
| 1,272 |
|
|
| 1,268 |
|
|
| 0.3 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,598 |
|
|
| 24,383 |
|
|
| 0.9 | % |
|
| 9,193 |
|
|
| 9,000 |
|
|
| 2.1 | % |
|
| 15,405 |
|
|
| 15,383 |
|
|
| 0.1 | % |
|
| 1,454 |
|
|
| 1,452 |
|
|
| 0.1 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 20,845 |
|
|
| 20,836 |
|
|
| 0.0 | % |
|
| 6,770 |
|
|
| 6,881 |
|
|
| (1.6 | )% |
|
| 14,075 |
|
|
| 13,955 |
|
|
| 0.9 | % |
|
| 1,183 |
|
|
| 1,177 |
|
|
| 0.5 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 18,302 |
|
|
| 18,374 |
|
|
| (0.4 | )% |
|
| 6,697 |
|
|
| 6,704 |
|
|
| (0.1 | )% |
|
| 11,605 |
|
|
| 11,670 |
|
|
| (0.6 | )% |
|
| 1,313 |
|
|
| 1,309 |
|
|
| 0.3 | % |
Houston, TX |
|
| 4,867 |
|
|
| 18,523 |
|
|
| 18,619 |
|
|
| (0.5 | )% |
|
| 8,359 |
|
|
| 8,640 |
|
|
| (3.3 | )% |
|
| 10,164 |
|
|
| 9,979 |
|
|
| 1.9 | % |
|
| 1,206 |
|
|
| 1,208 |
|
|
| (0.2 | )% |
Fort Worth, TX |
|
| 4,249 |
|
|
| 17,016 |
|
|
| 16,954 |
|
|
| 0.4 | % |
|
| 7,307 |
|
|
| 7,082 |
|
|
| 3.2 | % |
|
| 9,709 |
|
|
| 9,872 |
|
|
| (1.7 | )% |
|
| 1,198 |
|
|
| 1,189 |
|
|
| 0.7 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 13,134 |
|
|
| 12,919 |
|
|
| 1.7 | % |
|
| 4,574 |
|
|
| 4,335 |
|
|
| 5.5 | % |
|
| 8,560 |
|
|
| 8,584 |
|
|
| (0.3 | )% |
|
| 1,180 |
|
|
| 1,168 |
|
|
| 1.1 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 13,057 |
|
|
| 12,950 |
|
|
| 0.8 | % |
|
| 4,708 |
|
|
| 4,596 |
|
|
| 2.4 | % |
|
| 8,349 |
|
|
| 8,354 |
|
|
| (0.1 | )% |
|
| 1,271 |
|
|
| 1,261 |
|
|
| 0.8 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 11,262 |
|
|
| 11,185 |
|
|
| 0.7 | % |
|
| 3,126 |
|
|
| 3,063 |
|
|
| 2.1 | % |
|
| 8,136 |
|
|
| 8,122 |
|
|
| 0.2 | % |
|
| 1,328 |
|
|
| 1,311 |
|
|
| 1.3 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 8,282 |
|
|
| 8,293 |
|
|
| (0.1 | )% |
|
| 2,770 |
|
|
| 2,667 |
|
|
| 3.9 | % |
|
| 5,512 |
|
|
| 5,626 |
|
|
| (2.0 | )% |
|
| 1,256 |
|
|
| 1,245 |
|
|
| 0.9 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 7,155 |
|
|
| 6,979 |
|
|
| 2.5 | % |
|
| 2,715 |
|
|
| 2,530 |
|
|
| 7.3 | % |
|
| 4,440 |
|
|
| 4,449 |
|
|
| (0.2 | )% |
|
| 1,172 |
|
|
| 1,156 |
|
|
| 1.4 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,846 |
|
|
| 6,774 |
|
|
| 1.1 | % |
|
| 2,615 |
|
|
| 2,380 |
|
|
| 9.9 | % |
|
| 4,231 |
|
|
| 4,394 |
|
|
| (3.7 | )% |
|
| 961 |
|
|
| 952 |
|
|
| 1.0 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,442 |
|
|
| 6,343 |
|
|
| 1.6 | % |
|
| 2,575 |
|
|
| 2,438 |
|
|
| 5.6 | % |
|
| 3,867 |
|
|
| 3,905 |
|
|
| (1.0 | )% |
|
| 1,077 |
|
|
| 1,059 |
|
|
| 1.7 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,529 |
|
|
| 5,501 |
|
|
| 0.5 | % |
|
| 2,164 |
|
|
| 2,072 |
|
|
| 4.4 | % |
|
| 3,365 |
|
|
| 3,429 |
|
|
| (1.9 | )% |
|
| 1,109 |
|
|
| 1,096 |
|
|
| 1.2 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,377 |
|
|
| 5,460 |
|
|
| (1.5 | )% |
|
| 2,371 |
|
|
| 2,513 |
|
|
| (5.7 | )% |
|
| 3,006 |
|
|
| 2,947 |
|
|
| 2.0 | % |
|
| 1,128 |
|
|
| 1,123 |
|
|
| 0.5 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,435 |
|
|
| 4,383 |
|
|
| 1.2 | % |
|
| 1,499 |
|
|
| 1,494 |
|
|
| 0.3 | % |
|
| 2,936 |
|
|
| 2,889 |
|
|
| 1.6 | % |
|
| 1,054 |
|
|
| 1,035 |
|
|
| 1.9 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,501 |
|
|
| 4,559 |
|
|
| (1.3 | )% |
|
| 1,688 |
|
|
| 1,677 |
|
|
| 0.7 | % |
|
| 2,813 |
|
|
| 2,882 |
|
|
| (2.4 | )% |
|
| 1,291 |
|
|
| 1,295 |
|
|
| (0.3 | )% |
Other |
|
| 7,076 |
|
|
| 27,133 |
|
|
| 26,926 |
|
|
| 0.8 | % |
|
| 9,980 |
|
|
| 9,378 |
|
|
| 6.4 | % |
|
| 17,153 |
|
|
| 17,548 |
|
|
| (2.3 | )% |
|
| 1,187 |
|
|
| 1,179 |
|
|
| 0.8 | % |
Total Same Store |
|
| 97,003 |
|
| $ | 407,037 |
|
| $ | 406,600 |
|
|
| 0.1 | % |
| $ | 154,307 |
|
| $ | 152,262 |
|
|
| 1.3 | % |
| $ | 252,730 |
|
| $ | 254,338 |
|
|
| (0.6 | )% |
| $ | 1,305 |
|
| $ | 1,298 |
|
|
| 0.5 | % |
Supplemental Data S-6
Dollars in thousands
|
|
|
| Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
| March 31, 2021 |
|
|
|
| Projected |
| Development Costs |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Start |
| Occupancy |
| Completion |
| Stabilization |
| Total |
|
| Thru |
|
|
|
|
| ||
|
| Location |
| Total |
|
| Delivered |
|
| Leased |
|
| Date |
| Date |
| Date |
| Date (1) |
| Cost |
|
| Q1 2021 |
|
| After |
| ||||||
Novel Midtown (2) |
| Phoenix, AZ |
|
| 345 |
|
|
| 138 |
|
|
| 76 |
|
| 1Q19 |
| 1Q21 |
| 2Q21 |
| 4Q22 |
| $ | 84,000 |
|
| $ | 78,286 |
|
| $ | 5,714 |
|
MAA Westglenn |
| Denver, CO |
|
| 306 |
|
| — |
|
| — |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 4Q22 |
|
| 84,500 |
|
|
| 57,536 |
|
|
| 26,964 |
| ||
MAA Robinson |
| Orlando, FL |
|
| 369 |
|
| — |
|
| — |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 1Q23 |
|
| 99,000 |
|
|
| 79,085 |
|
|
| 19,915 |
| ||
Sand Lake (3) |
| Orlando, FL |
|
| 264 |
|
| — |
|
| — |
|
| 4Q19 |
| 2Q21 |
| 4Q21 |
| 1Q23 |
|
| 68,000 |
|
|
| 53,020 |
|
|
| 14,980 |
| ||
MAA Park Point |
| Houston, TX |
|
| 308 |
|
| — |
|
| — |
|
| 4Q19 |
| 3Q21 |
| 1Q22 |
| 1Q23 |
|
| 57,000 |
|
|
| 36,893 |
|
|
| 20,107 |
| ||
MAA Windmill Hill |
| Austin, TX |
|
| 350 |
|
| — |
|
| — |
|
| 4Q20 |
| 1Q22 |
| 3Q22 |
| 4Q23 |
|
| 63,000 |
|
|
| 13,198 |
|
|
| 49,802 |
| ||
Novel Val Vista (2) |
| Phoenix, AZ |
|
| 317 |
|
| — |
|
| — |
|
| 4Q20 |
| 3Q22 |
| 1Q23 |
| 2Q24 |
|
| 72,500 |
|
|
| 16,331 |
|
|
| 56,169 |
| ||
Total Active |
|
|
|
| 2,259 |
|
|
| 138 |
|
|
| 76 |
|
|
|
|
|
|
|
|
|
| $ | 528,000 |
|
| $ | 334,349 |
|
| $ | 193,651 |
|
(1)Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
(3) MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
|
|
|
| Three months ended March 31, 2021 |
|
|
| ||||||||||||
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 | ||||
| 964 |
|
| $ | 5,356 |
|
| $ | 5,556 |
|
| $ | 118 |
|
| 10.1% |
|
| 10,000 - 13,000 |
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands
|
| As of March 31, 2021 |
|
|
|
|
|
|
|
|
| ||||
|
| Location |
| Total Units |
| Percent Occupied |
|
| Construction Finished |
| Expected Stabilization (1) |
| Total Cost |
| |
Copper Ridge II |
| Fort Worth, TX |
| 168 |
| 89.3% |
|
| 2Q20 |
| 2Q21 |
| $ | 26,255 |
|
MAA Frisco Bridges II |
| Dallas, TX |
| 348 |
| 69.0% |
|
| 1Q21 |
| 1Q22 |
|
| 64,765 |
|
Total |
|
|
| 516 |
| 75.6% |
|
|
|
|
|
| $ | 91,020 |
|
| (1) | Communities are considered stabilized after achieving 90% average physical occupancy for 90 days. |
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2021 |
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 |
| $ | 4,272,585 |
|
|
| 91.7 | % |
|
| 3.7 | % |
|
| 7.7 |
|
Floating (unhedged) debt |
|
| 385,000 |
|
|
| 8.3 | % |
|
| 0.2 | % |
|
| 0.1 |
|
Total |
| $ | 4,657,585 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Versus Unsecured Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Contract Maturity |
| ||||
Unsecured debt |
| $ | 4,291,332 |
|
|
| 92.1 | % |
|
| 3.3 | % |
|
| 5.3 |
|
Secured debt |
|
| 366,253 |
|
|
| 7.9 | % |
|
| 4.4 | % |
|
| 27.4 |
|
Total |
| $ | 4,657,585 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unencumbered Versus Encumbered Assets |
| Total Cost |
|
| Percent of Total |
|
| Q1 2021 NOI |
|
| Percent of Total |
| ||||
Unencumbered gross assets |
| $ | 13,639,888 |
|
|
| 92.6 | % |
| $ | 250,155 |
|
|
| 95.3 | % |
Encumbered gross assets |
|
| 1,097,007 |
|
|
| 7.4 | % |
|
| 12,382 |
|
|
| 4.7 | % |
Total |
| $ | 14,736,895 |
|
|
| 100.0 | % |
| $ | 262,537 |
|
|
| 100.0 | % |
Supplemental Data S-7
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2021 (CONTINUED) |
Dollars in thousands
FIXED INTEREST RATE MATURITIES
Maturity |
| Fixed Rate Debt |
|
|
| Effective Rate |
| ||
2021 |
| $ | 72,737 |
|
|
|
| 5.4 | % |
2022 |
|
| 366,256 |
|
|
|
| 3.6 | % |
2023 |
|
| 360,563 |
|
|
|
| 4.2 | % |
2024 |
|
| 417,376 |
|
|
|
| 4.0 | % |
2025 |
|
| 402,875 |
|
|
|
| 4.2 | % |
2026 |
|
| — |
|
|
|
| — |
|
2027 |
|
| 595,174 |
|
|
|
| 3.7 | % |
2028 |
|
| 395,630 |
|
|
|
| 4.2 | % |
2029 |
|
| 561,415 |
|
|
|
| 3.7 | % |
2030 |
|
| 296,936 |
|
|
|
| 3.1 | % |
Thereafter |
|
| 803,623 |
|
|
|
| 3.0 | % |
Total |
| $ | 4,272,585 |
|
|
|
| 3.7 | % |
DEBT MATURITIES OF OUTSTANDING BALANCES
|
| Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾ |
|
| Public Bonds |
|
| Other Unsecured |
|
| Secured |
|
| Total |
| |||||
2021 |
| $ | 385,000 |
|
| $ | — |
|
| $ | 72,737 |
|
| $ | — |
|
| $ | 457,737 |
|
2022 |
|
| — |
|
|
| 249,370 |
|
|
| 116,886 |
|
|
| — |
|
|
| 366,256 |
|
2023 |
|
| — |
|
|
| 348,329 |
|
|
| 12,234 |
|
|
| — |
|
|
| 360,563 |
|
2024 |
|
| — |
|
|
| 397,414 |
|
|
| 19,962 |
|
|
| — |
|
|
| 417,376 |
|
2025 |
|
| — |
|
|
| 396,417 |
|
|
| — |
|
|
| 6,458 |
|
|
| 402,875 |
|
2026 |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
2027 |
|
| — |
|
|
| 595,174 |
|
|
| — |
|
|
| — |
|
|
| 595,174 |
|
2028 |
|
| — |
|
|
| 395,630 |
|
|
| — |
|
|
| — |
|
|
| 395,630 |
|
2029 |
|
| — |
|
|
| 561,415 |
|
|
| — |
|
|
| — |
|
|
| 561,415 |
|
2030 |
|
| — |
|
|
| 296,936 |
|
|
| — |
|
|
| — |
|
|
| 296,936 |
|
Thereafter |
|
| — |
|
|
| 443,828 |
|
|
| — |
|
|
| 359,795 |
|
|
| 803,623 |
|
Total |
| $ | 385,000 |
|
| $ | 3,684,513 |
|
| $ | 221,819 |
|
| $ | 366,253 |
|
| $ | 4,657,585 |
|
(1) | The $385.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of March 31, 2021. 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 March 31, 2021, average daily borrowings outstanding under the commercial paper program were $298.1 million. |
(2) | There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of March 31, 2021. 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 |
| 31.6% |
|
| Yes | |
Total secured debt to adjusted total assets |
| 40% or less |
| 2.5% |
|
| Yes | |
Consolidated income available for debt service to total annual debt service charge |
| 1.5x or greater for trailing 4 quarters |
| 5.6x |
|
| Yes | |
Total unencumbered assets to total unsecured debt |
| Greater than 150% |
| 318% |
|
| Yes | |
|
|
|
|
|
|
|
|
|
Bank Covenants |
| Required |
| Actual |
|
| Compliance | |
Total debt to total capitalized asset value |
| 60% or less |
| 27.7% |
|
| Yes | |
Total secured debt to total capitalized asset value |
| 40% or Less |
| 2.3% |
|
| Yes | |
Total adjusted EBITDA to fixed charges |
| 1.5x or greater for trailing 4 quarters |
| 5.4x |
|
| Yes | |
Total unsecured debt to total unsecured capitalized asset value |
| 60% or less |
| 26.9% |
|
| Yes |
(1)The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.
Supplemental Data S-8
2021 GUIDANCE |
MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected Core FFO per Share and Core AFFO per Share is provided below.
|
| Full Year 2021 |
| |
|
|
|
| |
Earnings per common share - diluted |
| $3.34 to $3.64 |
| |
Midpoint |
| $3.49 |
| |
Core FFO per Share - diluted |
| $6.35 to $6.65 |
| |
Midpoint |
| $6.50 |
| |
Core AFFO per Share - diluted |
| $5.67 to $5.97 |
| |
Midpoint |
| $5.82 |
| |
|
|
|
|
|
MAA Same Store Communities: |
|
|
|
|
Number of units |
|
| 97,003 |
|
Average physical occupancy |
| 95.25% to 95.75% |
| |
Property revenue growth (1) |
| 1.00% to 3.00% |
| |
Property operating expense growth (1) |
| 3.00% to 5.00% |
| |
NOI growth (1) |
| 0.00% to 2.00% |
| |
Real estate tax expense growth |
| 3.25% to 4.25% |
| |
|
|
|
|
|
Corporate Expenses: |
|
|
|
|
General and administrative expenses |
| $47.5 to $49.5 million |
| |
Property management expenses |
| $57.5 to $59.5 million |
| |
Total overhead |
| $105.0 to $109.0 million |
| |
|
|
|
|
|
Transaction/Investment Volume: |
|
|
|
|
Multifamily acquisition volume |
|
| — |
|
Multifamily disposition volume |
| $200.0 to $250.0 million |
| |
Development investment |
| $250.0 to $350.0 million |
| |
|
|
|
|
|
Debt: |
|
|
|
|
Average effective interest rate |
| 3.5% to 3.7% |
| |
Capitalized interest |
| $7.0 to $8.0 million |
| |
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
Diluted common shares and units |
| 118.5 million to 119.0 million |
|
| (1) | Guidance includes impact of Double Play bulk internet program, which is expected to contribute 0.3% to 0.4% of property revenue growth, 0.7% to 0.8% of property operating expense growth and 0.1% to 0.2% of NOI growth to the results for the year ending December 31, 2021. |
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE
|
|
| Full Year 2021 Guidance Range |
| |||||
|
| Low |
|
| High |
| ||
Earnings per common share - diluted |
| $ | 3.34 |
|
| $ | 3.64 |
|
Real estate depreciation and amortization |
|
| 4.39 |
|
|
| 4.39 |
|
Gains on sale of depreciable assets |
|
| (1.54 | ) |
|
| (1.54 | ) |
FFO per Share - diluted |
|
| 6.19 |
|
|
| 6.49 |
|
Non-Core items (1) |
|
| 0.16 |
|
|
| 0.16 |
|
Core FFO per Share - diluted |
|
| 6.35 |
|
|
| 6.65 |
|
Recurring capital expenditures |
|
| (0.68 | ) |
|
| (0.68 | ) |
Core AFFO per Share - diluted |
| $ | 5.67 |
|
| $ | 5.97 |
|
| (1) | Non-Core items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs, and mark-to-market debt adjustments. |
Supplemental Data S-9
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Traded: |
| NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Future Dates: |
| Q2 2021 |
|
| Q3 2021 |
|
| Q4 2021 |
|
| Q1 2022 |
|
|
|
|
| ||||
Earnings release & conference call |
| Late July |
|
| Late October |
|
| Late January |
|
| Late April |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Information - Common Shares: |
| Q1 2020 |
|
| Q2 2020 |
|
| Q3 2020 |
|
| Q4 2020 |
|
| Q1 2021 |
| |||||
Declaration date |
| 3/19/2020 |
|
| 5/19/2020 |
|
| 9/24/2020 |
|
| 12/8/2020 |
|
| 3/23/2021 |
| |||||
Record date |
| 4/15/2020 |
|
| 7/15/2020 |
|
| 10/15/2020 |
|
| 1/15/2021 |
|
| 4/15/2021 |
| |||||
Payment date |
| 4/30/2020 |
|
| 7/31/2020 |
|
| 10/30/2020 |
|
| 1/29/2021 |
|
| 4/30/2021 |
| |||||
Distributions per share |
| $ | 1.0000 |
|
| $ | 1.0000 |
|
| $ | 1.0000 |
|
| $ | 1.0250 |
|
| $ | 1.0250 |
|
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: |
|
|
|
|
|
|
|
|
| |
| 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-10