EX-99.2 3 a1q15exh992.htm EXHIBIT 99.2 1Q15 Exh 99.2


PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2015 (In apartment units)
 
Same Store
 
Non Same Store
 
In Lease-Up
 
Total Completed Communities
 
Current Development Units Delivered
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
5,594

 
480

 
—

 
6,074

 
—

 
6,074

Austin, TX
5,838

 
—

 
—

 
5,838

 
—

 
5,838

Charlotte, NC
4,648

 
353

 
—

 
5,001

 
—

 
5,001

Raleigh/Durham, NC
4,663

 
—

 
—

 
4,663

 
—

 
4,663

Fort Worth, TX
4,519

 
—

 
—

 
4,519

 
—

 
4,519

Dallas, TX
3,979

 
1,318

 
—

 
5,297

 
—

 
5,297

Nashville, TN
3,207

 
349

 
—

 
3,556

 
163

 
3,719

Tampa, FL
2,878

 
—

 
—

 
2,878

 
—

 
2,878

Orlando, FL
2,718

 
934

 
—

 
3,652

 
—

 
3,652

Houston, TX
2,597

 
635

 
—

 
3,232

 
—

 
3,232

Phoenix, AZ
1,976

 
—

 
—

 
1,976

 
—

 
1,976

South Florida
480

 
—

 
—

 
480

 
—

 
480

Las Vegas, NV
721

 
—

 
—

 
721

 
—

 
721

Large Markets
43,818

 
4,069

 
—

 
47,887

 
163

 
48,050

 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202

 
—

 
—

 
3,202

 
—

 
3,202

Charleston, SC
2,648

 
—

 
—

 
2,648

 
—

 
2,648

Savannah, GA
2,219

 
—

 
—

 
2,219

 
—

 
2,219

Richmond, VA
1,668

 
—

 
—

 
1,668

 
—

 
1,668

Memphis, TN
1,811

 
457

 
—

 
2,268

 
—

 
2,268

Birmingham, AL
1,462

 
—

 
—

 
1,462

 
—

 
1,462

Greenville, SC
1,748

 
—

 
—

 
1,748

 
—

 
1,748

San Antonio, TX
1,176

 
328

 
—

 
1,504

 
—

 
1,504

Huntsville, AL
1,380

 
—

 
—

 
1,380

 
—

 
1,380

Norfolk/Hampton/VA Beach, VA
1,033

 
—

 
—

 
1,033

 
—

 
1,033

Little Rock, AR
1,368

 
—

 
—

 
1,368

 
—

 
1,368

Jackson, MS
1,241

 
—

 
—

 
1,241

 
—

 
1,241

Lexington, KY
924

 
—

 
—

 
924

 
—

 
924

Chattanooga, TN
943

 
—

 
—

 
943

 
—

 
943

Other
4,735

 
5,583

 
—

 
10,318

 
—

 
10,318

Secondary Markets
27,558

 
6,368

 
—

 
33,926

 
—

 
33,926

Total Multifamily Units
71,376

 
10,437

 
—

 
81,813

 
163

 
81,976





Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS
Dollars in thousands, except Average Effective Rent
 
 
As of March 31, 2015
 
Average Effective Rent for the Three Months Ended March 31, 2015
 
As of March 31, 2015
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
655,717

 
8.3
%
 
96.2
%
 
$
1,035

 
6,074

 
 
Charlotte, NC
 
$
602,134

 
7.6
%
 
97.0
%
 
$
942

 
5,001

 
 
Austin, TX
 
$
568,812

 
7.2
%
 
95.9
%
 
$
1,012

 
5,838

 
 
Raleigh/Durham, NC
 
$
543,704

 
6.8
%
 
95.8
%
 
$
923

 
4,663

 
 
Dallas, TX
 
$
537,904

 
6.8
%
 
96.1
%
 
$
1,049

 
5,297

 
 
Orlando, FL
 
$
476,638

 
6.0
%
 
97.6
%
 
$
1,080

 
3,652

 
 
Fort Worth, TX
 
$
377,778

 
4.7
%
 
95.9
%
 
$
935

 
4,519

 
 
Nashville, TN
 
$
335,550

 
4.2
%
 
95.1
%
 
$
1,057

 
3,556

 
 
Tampa, FL
 
$
301,591

 
3.8
%
 
97.3
%
 
$
1,042

 
2,878

 
 
Houston, TX
 
$
279,108

 
3.5
%
 
96.5
%
 
$
1,041

 
3,232

 
 
Phoenix, AZ
 
$
234,363

 
3.0
%
 
97.0
%
 
$
905

 
1,976

 
 
Las Vegas, NV
 
$
65,611

 
0.8
%
 
96.0
%
 
$
792

 
721

 
 
South Florida
 
$
57,604

 
0.7
%
 
98.3
%
 
$
1,459

 
480

 
 
Large Markets
 
$
5,036,514

 
63.4
%
 
96.3
%
 
$
1,005

 
47,887

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charleston, SC
 
$
258,492

 
3.3
%
 
96.4
%
 
$
999

 
2,648

 
 
Jacksonville, FL
 
$
245,500

 
3.1
%
 
97.7
%
 
$
919

 
3,202

 
 
Savannah, GA
 
$
222,719

 
2.8
%
 
95.8
%
 
$
958

 
2,219

 
 
Richmond, VA
 
$
186,080

 
2.3
%
 
96.3
%
 
$
933

 
1,668

 
 
Fredericksburg, VA

 
$
156,402

 
2.0
%
 
96.6
%
 
$
1,187

 
1,001

 
 
San Antonio, TX
 
$
155,634

 
2.0
%
 
95.5
%
 
$
1,035

 
1,504

 
 
Memphis, TN
 
$
148,169

 
1.9
%
 
95.6
%
 
$
832

 
2,268

 
 
Birmingham, AL
 
$
143,534

 
1.8
%
 
96.0
%
 
$
932

 
1,462

 
 
Huntsville, AL
 
$
112,295

 
1.4
%
 
94.3
%
 
$
741

 
1,380

 
 
Little Rock, AR
 
$
112,128

 
1.4
%
 
93.8
%
 
$
876

 
1,368

 
 
Kansas City, MO
 
$
98,755

 
1.2
%
 
92.8
%
 
$
1,241

 
621

 
 
Norfolk, Hampton, VA Beach, VA
 
$
97,645

 
1.2
%
 
96.3
%
 
$
965

 
1,033

 
 
Greenville, SC
 
$
94,581

 
1.2
%
 
96.2
%
 
$
742

 
1,748

 
 
All Other Secondary Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Florida
 
$
179,869

 
2.3
%
 
97.1
%
 
$
893

 
2,478

 
 
Georgia
 
$
135,424

 
1.7
%
 
95.5
%
 
$
761

 
2,152

 
 
North Carolina
 
$
101,272

 
1.3
%
 
96.2
%
 
$
704

 
1,562

 
 
Kentucky
 
$
89,136

 
1.1
%
 
96.5
%
 
$
801

 
1,308

 
 
Tennessee
 
$
85,721

 
1.1
%
 
97.5
%
 
$
715

 
1,608

 
 
Mississippi
 
$
70,481

 
0.9
%
 
97.5
%
 
$
840

 
1,241

 
 
Alabama
 
$
59,236

 
0.7
%
 
98.4
%
 
$
886

 
628

 
 
Virgina
 
$
47,875

 
0.6
%
 
99.6
%
 
$
1,314

 
251

 
 
South Carolina
 
$
35,397

 
0.4
%
 
96.4
%
 
$
741

 
576

 
 
Secondary Markets
 
$
2,836,345

 
35.7
%
 
96.2
%
 
$
886

 
33,926

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
$
7,872,859

 
99.1
%
 
96.3
%
 
$
955

 
81,813

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nashville, TN
Large
$
31,448

 
0.4
%
 
39.9
%
 
$
1,082

 
163

 
220

Jacksonville, FL
Secondary
$
34,941

 
0.4
%
 
0.0
%
 
$
—

 
—

 
294

Fredericksburg, VA
Secondary
$
4,578

 
0.1
%
 
0.0
%
 
$
—

 
—

 
120

Lease-up and Development
$
70,967

 
0.9
%
 
39.9
%
 
$
1,082

 
163

 
634

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
7,943,826

 
100.0
%
 
96.2
%
 
$
956

 
81,976

 
82,447



Supplemental Data S-2



COMPONENTS OF PROPERTY NET OPERATING INCOME
Dollars in thousands
 
Apartment
 
Gross Real
 
Three Months Ended
 
Units
 
Estate Assets
 
March 31, 2015

 
March 31, 2014

 
Percent Change
Property Revenue
 
 
 
 
 
 
 
 
 
Same Store Communities
71,376

 
$
6,726,782

 
$
221,973

 
$
211,474

 
5.0
%
Non-Same Store Communities
10,437

 
1,146,077

 
34,784

 
31,405

 

Lease up/Development Communities
163

 
70,967

 
125

 
6

 

Total Multifamily Portfolio
81,976

 
$
7,943,826

 
$
256,882

 
$
242,885

 
 
Commercial Property/Land (1)
—

 
$
69,504

 
$
1,671

 
$
1,337

 
 
Total Property Revenue
81,976

 
$
8,013,330

 
$
258,553

 
$
244,222

 

 
 
 
 
 
 
 
 
 
 
Property Expenses
 
 
 
 
 
 
 
 
 
Same Store Communities
71,376

 
$
6,726,782

 
$
85,664

 
$
82,614

 
3.7
%
Non-Same Store Communities
10,437

 
1,146,077

 
14,115

 
13,327

 

Lease up/Development Communities
163

 
70,967

 
188

 
17

 

Total Multifamily Portfolio
81,976

 
$
7,943,826

 
$
99,967

 
$
95,958

 
 
Commercial Property/Land (1)
—

 
$
69,504

 
$
683

 
$
638

 
 
Total Property Expenses
81,976

 
$
8,013,330

 
$
100,650

 
$
96,596

 

 
 
 
 
 
 
 
 
 
 
Property Net Operating Income
 
 
 
 
 
 
 
 
 
Same Store Communities
71,376

 
$
6,726,782

 
$
136,309

 
$
128,860

 
5.8
%
Non-Same Store Communities
10,437

 
1,146,077

 
20,669

 
18,078

 

Lease up/Development Communities
163

 
70,967

 
(63
)
 
(11
)
 

Total Multifamily Portfolio
81,976

 
$
7,943,826

 
$
156,915

 
$
146,927

 
 
Commercial Property/Land (1)
—

 
$
69,504

 
$
988

 
$
699

 
 
Total Property Net Operating Income
81,976

 
$
8,013,330

 
$
157,903

 
$
147,626

 
7.0
%

(1) Includes activity for Nord du Lac, which is presented in Discontinued Operations on the Statement of Operations.

COMPONENTS OF SAME STORE PROPERTY EXPENSES
Dollars in thousands

 
Three Months Ended
 
 
 
March 31, 2015

 
March 31, 2014

 
Percent Increase/(Decrease)
 
Percent of 2015 Total
Personnel
$
21,947

 
$
20,906

 
5.0
 %
 
25.6
%
Building Repair and Maintenance
10,180

 
10,185

 
0.0
 %
 
11.9
%
Utilities
19,227

 
18,664

 
3.0
 %
 
22.4
%
Marketing
2,814

 
2,448

 
15.0
 %
 
3.3
%
Office Operations
3,292

 
3,028

 
8.7
 %
 
3.8
%
Property Taxes
25,318

 
24,334

 
4.0
 %
 
29.6
%
Insurance
2,886

 
3,049

 
(5.3
)%
 
3.4
%
Total Property Expenses
$
85,664

 
$
82,614

 
3.7
 %
 
100.0
%
 
 
 
 
 
 
 
 

Supplemental Data S-3







NOI CONTRIBUTION PERCENTAGE BY REGION

 
 
Average Physical Occupancy
 
Percent of Same Store
 
Three months ended March 31, 2015
 
Three months ended March 31, 2014
Atlanta, GA
8.3
%
 
95.8
%
 
94.4
%
Austin, TX
7.9
%
 
95.5
%
 
94.8
%
Charlotte, NC
7.0
%
 
96.2
%
 
96.0
%
Raleigh/Durham, NC
6.9
%
 
95.4
%
 
94.2
%
Fort Worth, TX
5.9
%
 
95.4
%
 
95.2
%
Dallas, TX
5.6
%
 
95.8
%
 
95.2
%
Nashville, TN
5.3
%
 
94.4
%
 
95.4
%
Tampa, FL
4.5
%
 
96.4
%
 
95.5
%
Orlando, FL
4.3
%
 
96.7
%
 
95.7
%
Houston, TX
3.5
%
 
96.0
%
 
95.8
%
Phoenix, AZ
2.8
%
 
96.1
%
 
94.8
%
South Florida
1.0
%
 
97.5
%
 
94.9
%
Las Vegas, NV
0.9
%
 
94.9
%
 
93.3
%
Large Markets
63.9
%
 
95.7
%
 
95.1
%
 
 
 
 
 
 
Jacksonville, FL
4.4
%
 
96.5
%
 
95.2
%
Charleston, SC
4.1
%
 
95.4
%
 
95.3
%
Savannah, GA
3.3
%
 
95.3
%
 
95.5
%
Richmond, VA
2.4
%
 
95.2
%
 
95.5
%
Memphis, TN
2.0
%
 
93.8
%
 
94.6
%
Birmingham, AL
2.0
%
 
95.0
%
 
95.4
%
Greenville, SC
1.9
%
 
95.1
%
 
94.2
%
San Antonio, TX
1.6
%
 
96.3
%
 
94.6
%
Huntsville, AL
1.5
%
 
94.5
%
 
94.9
%
Norfolk/Hampton/VA Beach, VA
1.5
%
 
95.2
%
 
94.3
%
Little Rock, AR
1.8
%
 
94.4
%
 
95.1
%
Jackson, MS
1.6
%
 
95.9
%
 
94.0
%
Lexington, KY
1.1
%
 
96.1
%
 
95.0
%
Chattanooga, TN
1.0
%
 
97.3
%
 
95.3
%
Other
5.9
%
 
94.9
%
 
95.2
%
Secondary Markets
36.1
%
 
95.3
%
 
95.0
%
 
 
 
 
 
 
Total Same Store
100.0
%
 
95.6
%
 
95.0
%


Supplemental Data S-4



NOI BRIDGE
 
 
 
 
 
 
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
March 31, 2015
 
December 31, 2014
 
March 31, 2014
 
 
 
 
 
 
 
NOI
 
 
 
 
 
 
MAA same store
 
$
136,309

 
$
135,614

 
$
128,860

Non-same store
 
21,594

 
20,664

 
18,766

Total NOI
 
157,903

 
156,278

 
147,626

Held for sale NOI included above
 
(486
)
 
(515
)
 
(1,599
)
Management fee income
 
—

 
—

 
97

Depreciation and amortization
 
(73,112
)
 
(71,945
)
 
(90,013
)
Acquisition expense
 
(339
)
 
(1,417
)
 
(11
)
Property management expenses
 
(8,493
)
 
(8,076
)
 
(7,011
)
General and administrative expenses
 
(6,566
)
 
(4,844
)
 
(4,342
)
Merger related credit (expenses)
 
—

 
50

 
(2,076
)
Integration related expenses
 
—

 
(1,255
)
 
(3,842
)
Interest and other non-property (expense) income
 
(157
)
 
(258
)
 
160

Interest Expense
 
(29,931
)
 
(30,374
)
 
(30,676
)
Loss on debt extinguishment
 
(3,376
)
 
—

 
—

Amortization of deferred financing costs
 
(917
)
 
(1,004
)
 
(1,311
)
Gain on sale of depreciable real estate assets excluded from discontinued operations
 
30,228

 
395

 
2,564

Net casualty loss and other settlement proceeds
 
(19
)
 
(45
)
 
(10
)
Income tax expense
 
(510
)
 
(815
)
 
(270
)
(Loss) gain on sale of non-depreciable real estate assets
 
—

 
(185
)
 
557

Gain (loss) from real estate joint ventures
 
19

 
(10
)
 
(24
)
Discontinued operations
 
433

 
478

 
5,895

Net income attributable to noncontrolling interests
 
(3,410
)
 
(1,933
)
 
(848
)
Net income attributable to MAA
 
$
61,267

 
$
34,525

 
$
14,866




Supplemental Data S-5



MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS
Dollars in thousands, except per unit data
 
Revenues
 
Expenses
 
NOI
 
Revenue per Occupied Unit
 
Effective Rent per Unit
 
Q1 2015
 
Q1 2014
 
% Chg
 
Q1 2015
 
Q1 2014
 
% Chg
 
Q1 2015
 
Q1 2014
 
% Chg
 
Q1 2015
 
Q1 2014
 
% Chg
 
Q1 2015
 
Q1 2014
 
% Chg
Atlanta, GA
$
18,940

 
$
17,429

 
8.7
 %
 
$
7,560

 
$
7,307

 
3.5
 %
 
$
11,380

 
$
10,122

 
12.4
 %
 
$
1,178

 
$
1,100

 
7.1
%
 
$
1,004

 
$
943

 
6.5
%
Austin, TX
19,287

 
18,150

 
6.3
 %
 
8,551

 
8,193

 
4.4
 %
 
10,736

 
9,957

 
7.8
 %
 
1,153

 
1,093

 
5.5
%
 
1,012

 
958

 
5.6
%
Charlotte, NC
14,204

 
13,491

 
5.3
 %
 
4,697

 
4,533

 
3.6
 %
 
9,507

 
8,958

 
6.1
 %
 
1,059

 
1,008

 
5.1
%
 
926

 
886

 
4.5
%
Raleigh/Durham, NC
14,093

 
13,572

 
3.8
 %
 
4,645

 
4,362

 
6.5
 %
 
9,448

 
9,210

 
2.6
 %
 
1,056

 
1,030

 
2.5
%
 
923

 
909

 
1.5
%
Fort Worth, TX
13,992

 
13,266

 
5.5
 %
 
6,005

 
5,909

 
1.6
 %
 
7,987

 
7,357

 
8.6
 %
 
1,082

 
1,028

 
5.3
%
 
935

 
884

 
5.8
%
Dallas, TX
13,529

 
12,861

 
5.2
 %
 
5,776

 
5,732

 
0.8
 %
 
7,753

 
7,129

 
8.8
 %
 
1,184

 
1,131

 
4.7
%
 
1,045

 
1,001

 
4.4
%
Nashville, TN
10,725

 
10,425

 
2.9
 %
 
3,550

 
3,600

 
(1.4
)%
 
7,175

 
6,825

 
5.1
 %
 
1,181

 
1,135

 
4.1
%
 
1,056

 
1,012

 
4.3
%
Tampa, FL
9,968

 
9,477

 
5.2
 %
 
3,889

 
3,724

 
4.4
 %
 
6,079

 
5,753

 
5.7
 %
 
1,197

 
1,149

 
4.2
%
 
1,042

 
1,003

 
3.9
%
Orlando, FL
9,443

 
8,987

 
5.1
 %
 
3,538

 
3,396

 
4.2
 %
 
5,905

 
5,591

 
5.6
 %
 
1,198

 
1,152

 
4.0
%
 
1,065

 
1,021

 
4.3
%
Houston, TX
8,477

 
7,950

 
6.6
 %
 
3,749

 
3,570

 
5.0
 %
 
4,728

 
4,380

 
7.9
 %
 
1,133

 
1,065

 
6.4
%
 
1,000

 
938

 
6.6
%
Phoenix, AZ
5,922

 
5,558

 
6.5
 %
 
2,134

 
2,106

 
1.3
 %
 
3,788

 
3,452

 
9.7
 %
 
1,039

 
989

 
5.1
%
 
905

 
858

 
5.5
%
South Florida
2,227

 
2,109

 
5.6
 %
 
803

 
761

 
5.5
 %
 
1,424

 
1,348

 
5.6
 %
 
1,587

 
1,543

 
2.9
%
 
1,459

 
1,429

 
2.1
%
Las Vegas, NV
1,914

 
1,803

 
6.2
 %
 
700

 
666

 
5.1
 %
 
1,214

 
1,137

 
6.8
 %
 
933

 
893

 
4.5
%
 
792

 
773

 
2.5
%
Large Markets
$
142,721

 
$
135,078

 
5.7
 %
 
$
55,597

 
$
53,859

 
3.2
 %
 
$
87,124

 
$
81,219

 
7.3
 %
 
$
1,134

 
$
1,081

 
4.9
%
 
$
992

 
$
947

 
4.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
$
9,354

 
$
8,995

 
4.0
 %
 
$
3,411

 
$
3,366

 
1.3
 %
 
$
5,943

 
$
5,629

 
5.6
 %
 
$
1,009

 
$
984

 
2.5
%
 
$
919

 
$
904

 
1.7
%
Charleston, SC
8,695

 
8,141

 
6.8
 %
 
3,072

 
2,869

 
7.1
 %
 
5,623

 
5,272

 
6.7
 %
 
1,148

 
1,075

 
6.8
%
 
999

 
937

 
6.6
%
Savannah, GA
6,921

 
6,540

 
5.8
 %
 
2,455

 
2,279

 
7.7
 %
 
4,466

 
4,261

 
4.8
 %
 
1,091

 
1,029

 
6.0
%
 
958

 
908

 
5.5
%
Richmond, VA
5,116

 
4,897

 
4.5
 %
 
1,800

 
1,665

 
8.1
 %
 
3,316

 
3,232

 
2.6
 %
 
1,073

 
1,025

 
4.7
%
 
933

 
905

 
3.1
%
Memphis, TN
4,843

 
4,845

 
0.0
 %
 
2,184

 
2,162

 
1.0
 %
 
2,659

 
2,683

 
(0.9
)%
 
950

 
942

 
0.8
%
 
844

 
832

 
1.4
%
Birmingham, AL
4,494

 
4,415

 
1.8
 %
 
1,771

 
1,654

 
7.1
 %
 
2,723

 
2,761

 
(1.4
)%
 
1,079

 
1,055

 
2.3
%
 
932

 
929

 
0.3
%
Greenville, SC
4,286

 
4,023

 
6.5
 %
 
1,650

 
1,589

 
3.8
 %
 
2,636

 
2,434

 
8.3
 %
 
859

 
814

 
5.5
%
 
742

 
703

 
5.5
%
San Antonio, TX
3,842

 
3,675

 
4.5
 %
 
1,684

 
1,593

 
5.7
 %
 
2,158

 
2,082

 
3.7
 %
 
1,130

 
1,101

 
2.6
%
 
1,010

 
994

 
1.6
%
Huntsville, AL
3,458

 
3,442

 
0.5
 %
 
1,354

 
1,317

 
2.8
 %
 
2,104

 
2,125

 
(1.0
)%
 
884

 
876

 
0.9
%
 
741

 
740

 
0.1
%
Norfolk/Hampton/VA Beach, VA
3,331

 
3,257

 
2.3
 %
 
1,290

 
1,154

 
11.8
 %
 
2,041

 
2,103

 
(2.9
)%
 
1,129

 
1,114

 
1.3
%
 
965

 
965

 
0.0
%
Little Rock, AR
3,788

 
3,778

 
0.3
 %
 
1,376

 
1,393

 
(1.2
)%
 
2,412

 
2,385

 
1.1
 %
 
978

 
968

 
1.0
%
 
876

 
871

 
0.6
%
Jackson, MS
3,450

 
3,290

 
4.9
 %
 
1,281

 
1,229

 
4.2
 %
 
2,169

 
2,061

 
5.2
 %
 
966

 
940

 
2.8
%
 
840

 
817

 
2.8
%
Lexington, KY
2,419

 
2,280

 
6.1
 %
 
885

 
844

 
4.9
 %
 
1,534

 
1,436

 
6.8
 %
 
909

 
866

 
5.0
%
 
815

 
795

 
2.5
%
Chattanooga, TN
2,426

 
2,347

 
3.4
 %
 
1,041

 
1,003

 
3.8
 %
 
1,385

 
1,344

 
3.1
 %
 
881

 
871

 
1.1
%
 
744

 
739

 
0.7
%
Other
12,829

 
12,471

 
2.9
 %
 
4,813

 
4,638

 
3.8
 %
 
8,016

 
7,833

 
2.3
 %
 
951

 
923

 
3.0
%
 
834

 
813

 
2.6
%
Secondary Markets
$
79,252

 
$
76,396

 
3.7
 %
 
$
30,067

 
$
28,755

 
4.6
 %
 
$
49,185

 
$
47,641

 
3.2
 %
 
$
1,006

 
$
973

 
3.4
%
 
$
882

 
$
859

 
2.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
$
221,973

 
$
211,474

 
5.0
 %
 
$
85,664

 
$
82,614

 
3.7
 %
 
$
136,309

 
$
128,860

 
5.8
 %
 
$
1,085

 
$
1,039

 
4.4
%
 
$
949

 
$
913

 
3.9
%







Supplemental Data S-6




MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS
Dollars in thousands, except per unit data
 
Revenues
 
Expenses
 
NOI
 
Revenue per Occupied Unit
 
Effective Rent per Unit
 
Q1 2015
 
Q4 2014
 
% Chg
 
Q1 2015
 
Q4 2014
 
% Chg
 
Q1 2015
 
Q4 2014
 
% Chg
 
Q1 2015
 
Q4 2014
 
% Chg
 
Q1 2015
 
Q4 2014
 
% Chg
Atlanta, GA
$
18,940

 
$
18,513

 
2.3
 %
 
$
7,560

 
$
7,415

 
2.0
 %
 
$
11,380

 
$
11,098

 
2.5
 %
 
$
1,178

 
$
1,159

 
1.6
 %
 
$
1,004

 
$
995

 
0.9
 %
Austin, TX
19,287

 
19,156

 
0.7
 %
 
8,551

 
8,144

 
5.0
 %
 
10,736

 
11,012

 
(2.5
)%
 
1,153

 
1,146

 
0.6
 %
 
1,012

 
1,007

 
0.5
 %
Charlotte, NC
14,204

 
13,988

 
1.5
 %
 
4,697

 
4,689

 
0.2
 %
 
9,507

 
9,299

 
2.2
 %
 
1,059

 
1,048

 
1.0
 %
 
926

 
922

 
0.4
 %
Raleigh/Durham, NC
14,093

 
14,047

 
0.3
 %
 
4,645

 
4,684

 
(0.8
)%
 
9,448

 
9,363

 
0.9
 %
 
1,056

 
1,051

 
0.5
 %
 
923

 
919

 
0.4
 %
Fort Worth, TX
13,992

 
13,861

 
0.9
 %
 
6,005

 
5,625

 
6.8
 %
 
7,987

 
8,236

 
(3.0
)%
 
1,082

 
1,069

 
1.2
 %
 
935

 
929

 
0.6
 %
Dallas, TX
13,529

 
13,427

 
0.8
 %
 
5,776

 
5,761

 
0.3
 %
 
7,753

 
7,666

 
1.1
 %
 
1,184

 
1,172

 
1.0
 %
 
1,045

 
1,039

 
0.6
 %
Nashville, TN
10,725

 
10,793

 
(0.6
)%
 
3,550

 
3,739

 
(5.1
)%
 
7,175

 
7,054

 
1.7
 %
 
1,181

 
1,186

 
(0.4
)%
 
1,056

 
1,054

 
0.2
 %
Tampa, FL
9,968

 
9,886

 
0.8
 %
 
3,889

 
3,694

 
5.3
 %
 
6,079

 
6,192

 
(1.8
)%
 
1,197

 
1,184

 
1.1
 %
 
1,042

 
1,036

 
0.6
 %
Orlando, FL
9,443

 
9,348

 
1.0
 %
 
3,538

 
3,444

 
2.7
 %
 
5,905

 
5,904

 
0.0
 %
 
1,198

 
1,183

 
1.3
 %
 
1,065

 
1,051

 
1.3
 %
Houston, TX
8,477

 
8,297

 
2.2
 %
 
3,749

 
3,461

 
8.3
 %
 
4,728

 
4,836

 
(2.2
)%
 
1,133

 
1,114

 
1.7
 %
 
1,000

 
987

 
1.3
 %
Phoenix, AZ
5,922

 
5,841

 
1.4
 %
 
2,134

 
2,035

 
4.9
 %
 
3,788

 
3,806

 
(0.5
)%
 
1,039

 
1,022

 
1.7
 %
 
905

 
892

 
1.5
 %
South Florida
2,227

 
2,141

 
4.0
 %
 
803

 
768

 
4.6
 %
 
1,424

 
1,373

 
3.7
 %
 
1,587

 
1,566

 
1.3
 %
 
1,459

 
1,471

 
(0.8
)%
Las Vegas, NV
1,914

 
1,887

 
1.4
 %
 
700

 
728

 
(3.8
)%
 
1,214

 
1,159

 
4.7
 %
 
933

 
927

 
0.6
 %
 
792

 
793

 
(0.1
)%
Large Markets
$
142,721

 
$
141,185

 
1.1
 %
 
$
55,597

 
$
54,187

 
2.6
 %
 
$
87,124

 
$
86,998

 
0.1
 %
 
$
1,134

 
$
1,123

 
1.0
 %
 
$
992

 
$
985

 
0.7
 %
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

Jacksonville, FL
$
9,354

 
$
9,235

 
1.3
 %
 
$
3,411

 
$
3,403

 
0.2
 %
 
$
5,943

 
$
5,832

 
1.9
 %
 
$
1,009

 
$
999

 
1.0
 %
 
$
919

 
$
915

 
0.4
 %
Charleston, SC
8,695

 
8,641

 
0.6
 %
 
3,072

 
3,099

 
(0.9
)%
 
5,623

 
5,542

 
1.5
 %
 
1,148

 
1,140

 
0.7
 %
 
999

 
993

 
0.6
 %
Savannah, GA
6,921

 
6,874

 
0.7
 %
 
2,455

 
2,514

 
(2.3
)%
 
4,466

 
4,360

 
2.4
 %
 
1,091

 
1,083

 
0.7
 %
 
958

 
952

 
0.6
 %
Richmond, VA
5,116

 
5,103

 
0.3
 %
 
1,800

 
1,749

 
2.9
 %
 
3,316

 
3,354

 
(1.1
)%
 
1,073

 
1,064

 
0.8
 %
 
933

 
933

 
0.0
 %
Memphis, TN
4,843

 
4,859

 
(0.3
)%
 
2,184

 
2,190

 
(0.3
)%
 
2,659

 
2,669

 
(0.4
)%
 
950

 
954

 
(0.4
)%
 
844

 
850

 
(0.7
)%
Birmingham, AL
4,494

 
4,451

 
1.0
 %
 
1,771

 
1,741

 
1.7
 %
 
2,723

 
2,710

 
0.5
 %
 
1,079

 
1,082

 
(0.3
)%
 
932

 
940

 
(0.9
)%
Greenville, SC
4,286

 
4,248

 
0.9
 %
 
1,650

 
1,652

 
(0.1
)%
 
2,636

 
2,596

 
1.5
 %
 
859

 
848

 
1.3
 %
 
742

 
734

 
1.1
 %
San Antonio, TX
3,842

 
3,771

 
1.9
 %
 
1,684

 
1,576

 
6.9
 %
 
2,158

 
2,195

 
(1.7
)%
 
1,130

 
1,129

 
0.1
 %
 
1,010

 
1,014

 
(0.4
)%
Huntsville, AL
3,458

 
3,429

 
0.8
 %
 
1,354

 
1,295

 
4.6
 %
 
2,104

 
2,134

 
(1.4
)%
 
884

 
874

 
1.1
 %
 
741

 
740

 
0.1
 %
Norfolk/Hampton/VA Beach, VA
3,331

 
3,262

 
2.1
 %
 
1,290

 
1,339

 
(3.7
)%
 
2,041

 
1,923

 
6.1
 %
 
1,129

 
1,116

 
1.2
 %
 
965

 
966

 
(0.1
)%
Little Rock, AR
3,788

 
3,750

 
1.0
 %
 
1,376

 
1,366

 
0.7
 %
 
2,412

 
2,384

 
1.2
 %
 
978

 
969

 
0.9
 %
 
876

 
877

 
(0.1
)%
Jackson, MS
3,450

 
3,421

 
0.8
 %
 
1,281

 
1,229

 
4.2
 %
 
2,169

 
2,192

 
(1.0
)%
 
966

 
954

 
1.3
 %
 
840

 
838

 
0.2
 %
Lexington, KY
2,419

 
2,396

 
1.0
 %
 
885

 
886

 
(0.1
)%
 
1,534

 
1,510

 
1.6
 %
 
909

 
902

 
0.8
 %
 
815

 
813

 
0.2
 %
Chattanooga, TN
2,426

 
2,377

 
2.1
 %
 
1,041

 
1,032

 
0.9
 %
 
1,385

 
1,345

 
3.0
 %
 
881

 
877

 
0.5
 %
 
744

 
744

 
0.0
 %
Other
12,829

 
12,613

 
1.7
 %
 
4,813

 
4,743

 
1.5
 %
 
8,016

 
7,870

 
1.9
 %
 
951

 
939

 
1.3
 %
 
834

 
834

 
0.0
 %
Secondary Markets
$
79,252

 
$
78,430

 
1.0
 %
 
$
30,067

 
$
29,814

 
0.8
 %
 
$
49,185

 
$
48,616

 
1.2
 %
 
$
1,006

 
$
998

 
0.8
 %
 
$
882

882

$
881

 
0.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
$
221,973

 
$
219,615

 
1.1
 %
 
$
85,664

 
$
84,001

 
2.0
 %
 
$
136,309

 
$
135,614

 
0.5
 %
 
$
1,085

 
$
1,075

 
0.9
 %
 
$
949

 
$
945

 
0.4
 %


Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of March 31, 2015
 
 
 
Initial
 
 
 
 
 
Development Costs
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date
 
Cost
 
Q1 2015
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
220 Riverside
Jacksonville, FL
 
294

 
—

 
141

 
4Q12
 
2Q15
 
3Q15
 
2Q16
 
$
42,700

 
$
34,941

 
$
7,759

CG at Bellevue II
Nashville, TN
 
220

 
163

 
84

 
3Q13
 
4Q14
 
2Q15
 
1Q16
 
31,100

 
30,016

 
1,084

Station Square at Cosner's Corner II
Fredericksburg, VA
 
120

 
—

 
—

 
1Q15
 
4Q15
 
4Q15
 
3Q16
 
20,100

 
4,578

 
15,522

Total Active
 
 
634

 
163

 
225

 
 
 
 
 
 
 
 
 
$
93,900

 
$
69,535

 
$
24,365



2015 ACQUISITION ACTIVITY

Multifamily Acquisitions
 
Location
 
Apartment Units
 
Year Built
 
Closing Date
Residences at Burlington Creek
 
Kansas City, Missouri
 
298
 
2013/2014
 
January 15, 2015
Total Multifamily Acquisitions
 
 
 
298
 
 
 
 


Land Acquisitions
 
Location
 
Acres
 
Year Built
 
Closing Date
River's Walk (2 outparcels)
 
Charleston, South Carolina
 
1.9
 
 
 
Q1 2015 - various
Total Land Acquisitions
 
 
 
1.9
 
 
 
 


Supplemental Data S-8



2015 DISPOSITION ACTIVITY


Multifamily Dispositions
 
Location
 
Apartment Units
 
Year Built
 
Closing Date
Vistas
 
Macon, Georgia
 
144
 
1985
 
February 26, 2015
Austin Chase
 
Macon, Georgia
 
256
 
1996
 
February 26, 2015
Fairways at Hartland
 
Bowling Green, Kentucky
 
240
 
1996
 
February 26, 2015
Fountain Lake
 
Brunswick, Georgia
 
113
 
1983
 
March 25, 2015
Westbury Creek
 
Augusta, Georgia
 
120
 
1984
 
April 1, 2015
Bradford Pointe
 
Augusta, Georgia
 
192
 
1986
 
April 1, 2015
Woodwinds
 
Aiken, South Carolina
 
144
 
1988
 
April 1, 2015
Colony at South Park
 
Aiken, South Carolina
 
184
 
1989
 
April 1, 2015
Huntington Chase
 
Warner Robbins, Georgia
 
200
 
1997
 
April 29, 2015
Southland Station
 
Warner Robbins, Georgia
 
304
 
1988
 
April 29, 2015
Sutton Place
 
Memphis, TN MSA
 
253
 
1991
 
April 29, 2015
Oaks
 
Jackson, Tennessee
 
100
 
1978
 
April 29, 2015
Bradford Chase
 
Jackson, Tennessee
 
148
 
1987
 
April 29, 2015
Woods of Post House
 
Jackson, Tennessee
 
122
 
1997
 
April 29, 2015
Post House North
 
Jackson, Tennessee
 
145
 
1987
 
April 29, 2015
Post House Jackson
 
Jackson, Tennessee
 
150
 
1987
 
April 29, 2015
Anatole
 
Daytona Beach, Florida
 
208
 
1986
 
April 29, 2015
Paddock Park
 
Ocala, Florida
 
480
 
1986
 
April 29, 2015
Total Multifamily Dispositions
 
 
 
3,503
 
 
 
 


Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2015
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
$
1,171,580

 
4.0

 
4.0
%
Conventional - Variable Rate - Capped (1) (2)
176,704

 
1.4

 
0.9
%
Total Secured Fixed or Hedged Rate Debt
1,348,284

 
3.6

 
3.6
%
Conventional - Variable Rate
80,785

 
0.1

 
0.8
%
Total Secured Debt
1,429,069

 
3.4

 
3.5
%
Unsecured Debt
 
 
 
 
 
Fixed Rate or Swapped
1,871,424

 
5.0

 
4.0
%
Variable Rate
179,000

 
0.1

 
1.3
%
Total Unsecured Debt
2,050,424

 
4.5

 
3.8
%
Total Debt
$
3,479,493

 
4.1

 
3.7
%
Total Fixed or Hedged Debt
$
3,219,708

 
4.4

 
3.9
%

(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.
(2) 
Includes an $11.7 million mortgage with an embedded cap at a 7% all-in interest rate.

OTHER SUMMARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Average Years
 
 
 
 
Percent of
 
Interest
 
to Rate
 
 
Balance
 
Total
 
Rate
 
Maturity
Floating Versus Fixed Rate or Hedged Debt
 
 
 
 
 
 
 
 
Fixed rate or swapped debt
 
$
3,043,005

 
87.4
%
 
4.0
%
 
4.6

Capped debt
 
176,703

 
5.1
%
 
0.9
%
 
1.4

Floating (unhedged) debt
 
259,785

 
7.5
%
 
1.1
%
 
0.1

Total
 
$
3,479,493

 
100.0
%
 
3.7
%
 
4.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Average Years
 
 
 
 
Percent of
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
Unsecured Debt
 
$
2,050,424

 
58.9
%
 
3.8
%
 
4.8

Secured Debt
 
1,429,069

 
41.1
%
 
3.5
%
 
3.6

Total
 
$
3,479,493

 
100.0
%
 
3.7
%
 
4.3

 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
Q1 2015
 
Percent of
 
 
Cost
 
Total
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
5,651,836

 
70.5
%
 
$
108,623

 
68.8
%
Encumbered gross assets
 
2,361,494

 
29.5
%
 
49,280

 
31.2
%
Total
 
$
8,013,330

 
100.0
%
 
$
157,903

 
100.0
%

Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2015 (CONTINUED)
Dollars in thousands

 
 
 
 
FIXED OR HEDGED INTEREST RATE MATURITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
Fixed
 
Interest
 
Total
 
 
 
Interest
 
Total
 
Years to
 
 
Rate
 
Rate
 
Fixed Rate
 
Contract
 
Rate
 
Fixed or
 
Rate
Maturity
 
Debt
 
Swaps
 
Balances
 
Rate
 
Caps
 
Hedged
 
Maturity
2015
 
$
218,659

 
$
25,000

 
$
243,659

 
5.4
%
 
$
51,703

 
$
295,362

 
 
2016
 
110,454

 
—

 
110,454

 
5.9
%
 
75,000

 
185,454

 
 
2017
 
130,538

 
300,000

 
430,538

 
2.2
%
 
25,000

 
455,538

 
 
2018
 
143,722

 
250,000

 
393,722

 
2.9
%
 
25,000

 
418,722

 
 
2019
 
556,184

 
—

 
556,184

 
5.7
%
 
—

 
556,184

 
 
Thereafter
 
1,308,448

 
—

 
1,308,448

 
4.4
%
 
—

 
1,308,448

 
 
Total
 
$
2,468,005

 
$
575,000

 
$
3,043,005

 
4.3
%
 
$
176,703

 
$
3,219,708

 
4.4


DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Facilities
 
 
 
 
 
 
 
 
Fannie Mae Secured
 
Key Bank Unsecured
 
Other Secured
 
Other Unsecured
 
Total
2015
 
$
80,785

 
$
—

 
$
45,430

 
$
189,618

 
$
315,833

2016
 
80,000

 
—

 
35,208

 
78,202

 
$
193,410

2017
 
80,000

 
179,000

 
62,538

 
168,101

 
$
489,639

2018
 
80,000

 
—

 
93,722

 
300,485

 
$
474,207

2019
 
—

 
—

 
556,184

 
20,000

 
$
576,184

Thereafter
 
—

 
—

 
315,202

 
1,115,018

 
$
1,430,220

Total
 
$
320,785

 
$
179,000

 
$
1,108,284

 
$
1,871,424

 
$
3,479,493


DEBT COVENANT ANALYSIS
 
 
 
 
 
 
 
 
 
 
 
 
 
Public Bond Covenants
 
Required
 
Actual
 
Compliance
Limit on Incurrence of Total Debt
 
60% or less
 
43.1%
 
Yes
Limit on Incurrence of Secured Debt
 
40% or less
 
17.7%
 
Yes
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge
 
1.5:1 or greater for trailing 4 quarters
 
4.65x
 
Yes
Maintenance of Unencumbered Total Asset Value
 
Greater than 150%
 
275.1%
 
Yes


Supplemental Data S-11



EBITDA AND BALANCE SHEET RATIOS
 
 
 
Dollars in thousands
 
 
 
 
Three Months
 
Twelve Months
 
Ended
 
Ended
 
March 31,
 
March 31,
 
2015
 
2015
Consolidated net income
$
64,677

 
$
205,240

Depreciation and amortization
73,112

 
284,910

Interest expense
29,931

 
118,719

Loss on debt extinguishment
3,376

 
6,502

Amortization of deferred financing costs
917

 
4,095

Net casualty loss and other settlement proceeds
19

 
485

Income tax expense
510

 
2,290

Gain on sale of non-depreciable assets
—

 
207

Net casualty gain after insurance and other settlement proceeds on discontinued operations
—

 
(2
)
Gain on sale of depreciable real estate assets excluded from discontinued operations
(30,228
)
 
(70,313
)
Gain on disposition within unconsolidated entities
(12
)
 
(4,019
)
Loss (gain) on sale of discontinued operations
—

 
87

EBITDA
142,302

 
548,201

Acquisition expense
339

 
2,716

Merger related expenses
—

 
1,076

Integration related expenses
—

 
4,553

Recurring EBITDA
$
142,641

 
$
556,546

 
 
 
 
 
Three Months Ended
 
March 31,
 
2015
 
2014
Recurring EBITDA/Debt Service
3.79x
 
3.44x
Fixed Charge Coverage (1)
4.04x
 
3.58x
Total Debt/Total Capitalization (2)
36.1%
 
39.0%
Total Debt/Total Gross Assets
42.3%
 
43.3%
Total Net Debt (3)/Total Gross Assets
42.1%
 
41.8%
Total Net Debt (3)/Recurring EBITDA (4)
6.22x
 
6.17x
Unencumbered Assets/Gross Real Estate Assets
70.5%
 
63.9%

(1) 
Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends.
(2) 
Total Capitalization equals the number of shares of common stock and units at period end times the closing stock price at period end plus total debt outstanding.
(3) 
Total Net Debt equals Total Debt less cash and cash equivalents.
(4) 
Recurring EBITDA represents the twelve months ended March 31, 2015.


Supplemental Data S-12



2015 GUIDANCE
 
 
 
 
Full Year 2015
Earnings
 
Core FFO per Share - diluted
$5.09 to $5.33
Midpoint
$5.21
Core AFFO per Share - diluted
$4.43 to $4.67
Midpoint
$4.55
 
 
Same Store Communities:
 
Number of units
71,376
Property revenue growth
3.0% to 4.0%
Property operating expense growth
3.0% to 4.0%
Property NOI growth
3.0% to 4.0%
Real estate tax expense growth
4.5% to 5.5%
 
 
Corporate Expenses:
 
General and administrative and property management expenses
$56.5 to $58.5 million
Income tax expense
$1.5 to $2.5 million
 
 
Transaction/Investment Volume:
 
Acquisition volume (multifamily)
$400 to $500 million
Disposition volume (multifamily)
$300 to $350 million
Commercial / land disposition volume
$50 to $75 million
Development investment
$50 to $60 million
 
 
Debt:
 
Average Interest Rate (excluding mark-to-market debt adjustment)
4.0% to 4.3%
Average Effective Interest Rate
3.4% to 3.7%
Capitalized Interest
$1.0 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)
40% to 42%
Unencumbered Asset Pool (Percent of Total Gross Assets)
68% to 73%
 
 
Non Core Items:
 
Acquisition expense
$2.0 to $3.5 million
Loss on debt extinguishment/modification
$3.5 to $4.5 million
Projected amortization of debt mark-to-market
$21 to $22 million

MAA provides guidance on Core FFO per Share but does not forecast net income available for common shareholders per diluted share. It is not possible to reasonably predict the timing and certainty of acquisitions and dispositions that would materially affect depreciation, capital gains or losses, merger and acquisition expenses and net income attributable to noncontrolling interests or to forecast extraordinary items, which, combined, generally represent the difference between net income available for common shareholders and Core FFO.








Supplemental Data S-13



CREDIT RATINGS
 
 
 
 
 
 
 
 
Rating
 
Outlook
Fitch Ratings (1)
BBB
 
Positive
Moody's Investors Service (2)
Baa2
 
Stable
Standard & Poor's Ratings Services (1)
BBB
 
Stable

(1) 
Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP.
(2) 
Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc.

COMMON STOCK
 
 
 
 
 
 
 
 
 
 
Stock Symbol:
MAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
NYSE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
Q2 2015
 
Q3 2015
 
Q4 2015
 
Q1 2016
 
 
Earnings release & conference call
Late July
 
Late October
 
Early February
 
Late April
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
Declaration Date
3/20/2014

 
5/22/2014

 
9/11/2014

 
12/3/2014

 
3/12/2015

Record Date
4/15/2014

 
7/15/2014

 
10/15/2014

 
1/15/2015

 
4/15/2015

Payment Date
4/30/2014

 
7/31/2014

 
10/31/2014

 
1/30/2015

 
4/30/2015

Distributions Per Share
$
0.73

 
$
0.73

 
$
0.73

 
$
0.77

 
$
0.77


INVESTOR RELATIONS DATA
 
 
 
 
 
 
 
 
 
 
 
MAA does not send quarterly reports to shareholders, but provides quarterly reports, earnings releases and supplemental data upon request.
 
 
 
 
 
 
 
 
 
 
 
For recent press releases, 10-Q's, 10-K's 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 our website at www.maac.com.
 
 
 
 
 
 
 
 
 
 
 
For Questions Contact:
 
 
 
 
 
 
 
 
 
 
Name
 
Title
 
Tim Argo
 
Senior Vice President, Director of Finance
 
Jennifer Patrick
 
Investor Relations


Supplemental Data S-14