EXHIBIT 99.2
Supplementary Financial Information
4th Quarter 2000
Financial Statistics ( in 000's, except per share data)
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Payment Payment Record
Dividends Information (latest declaration): per share Date Date
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Common Dividend - quarterly $0.5850 1/31/01 1/24/01
Preferred Series A - monthly $0.1979 2/15/01 2/1/01
Preferred Series B - monthly $0.1849 2/15/01 2/1/01
Preferred Series C - quarterly $0.5859 1/15/01 1/1/01
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Annualized
ROA: 4th Qtr 2000 Trailing 4 Qtrs
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Gross Real Estate Assets, Average $1,428,244 $1,410,070
EBITDA $ 129,000 $ 126,667
EBITDA/Gross Real Estate Assets (%) 9.0% 9.0%
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4th Qtr 2000 4th Qtr 1999
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Common and Preferred Dividends as % of FFO 86% 87%
EBITDA/Debt Service (1) 2.13 2.22
EBITDA/Fixed Charges (2) 1.68 1.73
Total Debt as % of Gross Real Estate Assets 55% 53%
MAA portion of JV debt $27,353 $27,575
Capitalized Interest YTD $ 3,730 $ 3,967
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FAD: 4th Qtr 2000 4th Qtr 1999 Full Year 2000 Full Year 1999
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FFO $14,578 $14,172 $57,456 $60,046
Average Units 30,875 31,506 30,924 32,734
Average Shares - Fully Diluted 20,458 21,280 20,551 21,817
Capex at annual $400/Unit $ 100 $ 100 $ 400 $ 400
Recurring Capex (annual $400/unit) $ 3,088 $ 3,151 $12,370 $13,094
FAD $11,490 $11,021 $45,086 $46,952
Free Cash Flow (3) $12,251 $11,912 $48,358 $50,191
Per Share (Diluted):
FFO $ 0.71 $ 0.67 $ 2.80 $ 2.75
FAD $ 0.56 $ 0.52 $ 2.19 $ 2.15
Free Cash Flow (3) $ 0.60 $ 0.56 $ 2.35 $ 2.30
Distribution $ 0.585 $ 0.575 $ 2.325 $ 2.310
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Principal Average Years
Debt: Balance To Maturity Average Rate
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Fixed Rate -Conventional $504,328 8.6 7.4%
Fixed Rate -Tax-free 94,442 22.6 6.2%
Line of Credit - Swapped to Fixed Rate 75,000 4.3 6.9%
Variable Rate - Tax-free 31,817 26.8 5.8%
Variable Rate - Conventional 75,502 6.7 8.0%
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Total $781,089 10.7 7.2%
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Scheduled Avg. Rate for
Future Payments as of December 31, 2000: Amortization Maturities Total Maturities
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2001 $ 4,694 $ 49,544 $ 54,238 8.1%
2002 4,721 18,822 23,543 6.9%
2003 4,473 161,821 166,294 6.6%
2004 4,368 71,168 75,536 7.7%
2005 4,193 61,299 65,492 7.3%
Thereafter 168,716 227,270 395,986 7.0%
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Total $191,165 $589,924 $781,089 7.2%
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(1) Annualized EBITDA for trailing six months to annualized debt service
(aggregate of principal and interest) for same period.
(2) Annualized EBITDA for
trailing six months to annualized fixed charges (aggregate of preferred
distributions, principal and interest) for same period.
(3) Includes addback of
other non-cash items, primarily non-real depreciation and amortization.
Supplementary Financial Information
4th Quarter 2000
Apartment Data (end of period)
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All Properties: 2000 1999 Percent Change
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Total Units, including ownership interests 33,612 33,901 -0.9%
Average Rental Rate (1) (2) $642.00 $620.80 3.4%
Physical Occupancy (1) (2) 94.2% 94.6% -0.4%
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Same Store (1): 4th Qtr 2000 4th Qtr 1999
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Revenue $50,629 $49,670 1.9%
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Operating Expenses 12,913 12,495 3.3%
RE Taxes and Insurance 5,317 5,216 1.9%
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Total Expenses 18,230 17,711 2.9%
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NOI $32,399 $31,959 1.4%
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Units 27,997 27,997
Average Rental Rate $636.68 $618.38 3.0%
Physical Occupancy 94.5% 94.5% 0.0%
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September 2000
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December 2000 MAA Market
Average Occupancy by Geographic Market: Occupancy (2) Occupancy (2) Occupancy
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Alabama 93.5% 95.3% 91.6%
Arkansas & Missouri 94.4% 96.9% 96.2%
Chattanooga, TN 95.7% 95.0% 96.5%
Florida (except JAX) 93.5% 95.5% 95.6%
Georgia 94.9% 95.1% 92.7%
Jackson, TN 95.6% 95.9% 93.9%
Jacksonville, FL 95.1% 94.7% 94.9%
Kentucky & Ohio 94.2% 96.5% 93.8%
Memphis, TN 92.4% 94.8% 92.0%
Mississippi 91.3% 94.6% 92.6%
N. Carolina & Virginia 96.0% 95.6% 95.1%
Nashville, TN 94.3% 96.3% 95.4%
S. Carolina 94.4% 95.6% 94.9%
Texas 96.6% 96.0% 95.7%
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MAA Average Rental Rate by Geographic Market (1) (2): December 2000 December 1999 Percent Change
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Alabama $640.60 $633.40 1.1%
Arkansas & Missouri $585.30 $567.90 3.1%
Chattanooga, TN $648.80 $633.90 2.4%
Florida (except JAX) $683.20 $664.40 2.8%
Georgia $695.00 $677.50 2.6%
Jackson, TN $602.70 $583.60 3.3%
Jacksonville, FL $654.80 $635.50 3.0%
Kentucky & Ohio $625.80 $609.40 2.7%
Memphis, TN $617.50 $591.80 4.3%
Mississippi $561.80 $549.20 2.3%
N. Carolina & Virginia $639.10 $600.30 6.5%
Nashville, TN $678.50 $628.10 8.0%
S. Carolina $609.90 $592.30 3.0%
Texas $642.50 $623.60 3.0%
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MAA Owned Properties, including Ownership Interests
As of December 31, 2000 Properties Apartments Percent of Total
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Memphis, TN 13 4,667 14%
Chattanooga, TN 4 943 3%
Nashville, TN 4 1,230 4%
Jackson, TN 5 664 2%
Georgia 22 5,707 17%
Texas 15 4,312 13%
S. Carolina 12 2,604 8%
Jacksonville, FL 8 2,726 8%
Florida (except JAX) 13 3,758 11%
Mississippi 8 1,925 5%
Kentucky & Ohio 8 1,962 6%
Arkansas & Missouri 4 1,128 3%
N. Carolina & Virginia 4 1,034 3%
Alabama 4 952 3%
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Total 124 33,612 100%
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(1) Prior year information restated to represent units currently owned.
(2) Information represents owned properties not in lease-up.
Supplementary Financial Information
4th Quarter 2000
Development Pipeline Summary ($ in 000's)
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Current Actual/Forecast
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Total Estimated Cost to Construction Initial Stabil- Apartments
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Units Cost Date Start Finish Occupancy ization Available Leased Occupied
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Development Communities:
In Lease-up Location
Grand Reserve Lexington Lexington, KY 370 33,355 32,500 3Q 1998 3Q 2000 4Q 1999 3Q 2001 370 211 197
Reserve at Dexter Lake Phs II Memphis, TN 244 16,743 16,536 2Q 1999 4Q 2000 1Q 2000 2Q 2001 244 203 198
Kenwood Club at the Park Katy, TX 320 18,243 18,243 2Q 1999 2Q 2000 1Q 2000 2Q 2001 320 264 251
Grande View Nashville Nashville, TN 433 36,217 33,465 1Q 1999 1Q 2001 3Q 2000 1Q 2002 264 186 168
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1,367 $104,558 $100,744 1,198 864 814
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Under Construction / Pre-development:
Reserve at Dexter Lake Phase Memphis, TN 244 16,869 3,206 3Q 2000 4Q 2001 2Q 2001 3Q 2002
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244 $ 16,869 $ 3,206
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Total 1,611 $121,427 $103,950 1,198 864 814
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