TENNESSEE | 001-12762 | 62-1543819 |
(State or Other Jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
TENNESSEE | 333-190028-01 | 62-1543816 |
(State or Other Jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
6584 Poplar Avenue | |
Memphis, Tennessee | 38138 |
(Address of Principal Executive Offices) | (Zip Code) |
(d) | Exhibits | |||
Exhibit Number | Description | |||
99.1 | Press Release dated February 3, 2016 | |||
99.2 | Supplemental Data Schedules dated December 31, 2015 |
MID-AMERICA APARTMENT COMMUNITIES, INC. | ||
Date: | February 3, 2016 | /s/Albert M. Campbell, III |
Albert M. Campbell, III | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
MID-AMERICA APARTMENTS, L.P. | ||
By: Mid-America Apartment Communities, Inc. | ||
Date: | February 3, 2016 | /s/Albert M. Campbell, III |
Albert M. Campbell, III | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
Exhibits | ||
Exhibit Number | Description | |
99.1 | Press Release dated February 3, 2016 | |
99.2 | Supplemental Data Schedules dated December 31, 2015 |
TABLE OF CONTENTS | ||
Press Release Text | 1 | |
Financial Highlights | 6 | |
Consolidated Statements of Operations | 8 | |
Share and Unit Data | 9 | |
Funds from Operations | 10 | |
Consolidated Balance Sheets | 11 | |
Non-GAAP Financials and Other Definitions | 12 | |
Portfolio Statistics | S-1 | |
Components of Property Net Operating Income/Components of Same Store Property Expenses | S-3 | |
NOI Contribution Percentage by Region | S-4 | |
NOI Bridge | S-5 | |
Multifamily Same Store Comparisons | S-6 | |
Multifamily Development Pipeline/Multifamily Lease-up Communities | S-9 | |
2015 Acquisition Activity | S-9 | |
2015 Disposition Activity | S-10 | |
Debt and Debt Covenants as of December 31, 2015 | S-11 | |
EBITDA and Balance Sheet Ratios | S-13 | |
2016 Guidance | S-14 | |
Credit Ratings/Common Stock/Investor Relations Data | S-15 |
OVERVIEW |
• | Core Funds from Operations, or Core FFO, per diluted common share and unit, or per Share, was $1.45 for the fourth quarter and $5.51 for the full year, both representing record performance for the company. |
• | Same store net operating income, or NOI, for the fourth quarter increased 7.3% as compared to the same period in the prior year, based on a 5.4% increase in revenue and a 2.4% increase in property operating expenses. |
• | Average revenue per occupied unit for the same store portfolio increased 4.7% for the fourth quarter to $1,125, primarily driven by an increase in average effective rent per unit of 4.4%. |
• | Average physical occupancy for the same store portfolio for the fourth quarter increased 0.7% over the same period in the prior year and physical occupancy ended the quarter at 96.5%, a fourth quarter record. |
• | Resident turnover for the same store portfolio remained low for the fourth quarter of 2015 at 52.5% on a rolling twelve month basis. |
• | During the fourth quarter, the company acquired two properties, Cityscape at Market Center II, a new 318-unit community located in the Dallas, Texas Metropolitan Statistical Area, or MSA, which is a phase II for an adjacent property owned by the company, and The Denton, a new 55-unit community located in the Kansas City, Missouri-Kansas MSA with a 154 unit phase II new development component which the company started during the quarter. |
• | MAA has a total of five development communities under construction, containing 748 units, with a total projected cost of approximately $117 million. An additional $13.6 million of construction costs were funded during the fourth quarter. |
• | MAA completed the construction of 220 Riverside located in Jacksonville, Florida during the fourth quarter. This community, and Cityscape at Market Center II, remained in lease-up as of year-end with average quarter-end physical occupancy of 85.3%. |
• | For the full year, the company completed redevelopment of 5,781 units, achieving average rental rate increases of 10.1% above non-renovated units. |
• | During the fourth quarter, the company completed the refinancing of an unsecured revolving credit facility, increasing borrowing capacity to $750 million and further improving terms to reflect the company's strong credit profile. |
• | Also during the fourth quarter, the company's operating partnership, Mid-America Apartments, L.P. (MAALP), issued $400 million of new ten-year senior unsecured notes at a coupon rate of 4.00% and issuance price of 98.990%. |
• | MAA ended the year with record low leverage of debt to market cap of 32.2% and net debt to gross assets of 40.6%, a decline of 190 basis points from prior year-end. At the end of 2015, unencumbered assets have increased to 72.8% of gross real estate assets. |
Percent Change From | Three months ended | |||||||||||||
Three months ended December 31, 2014 | December 31, 2015 | |||||||||||||
Average | Average | |||||||||||||
Effective | Physical | |||||||||||||
Revenue | Expense | NOI | Rent per Unit | Occupancy | ||||||||||
Large Markets | 6.0 | % | 2.2 | % | 8.4 | % | 5.4 | % | 96.2 | % | ||||
Secondary Markets | 4.4 | % | 2.9 | % | 5.3 | % | 2.8 | % | 96.0 | % | ||||
Same Store | 5.4 | % | 2.4 | % | 7.3 | % | 4.4 | % | 96.1 | % |
• | Total debt to total capitalization was 32.2% (based on the December 31, 2015 closing stock price), compared to 37.2% as of December 31, 2014, |
• | Total net debt to total gross assets (based on gross book value at December 31, 2015) was 40.6%, compared to 42.5% as of December 31, 2014, |
• | Total debt outstanding was $3.4 billion at an average effective interest rate of 3.7%, |
• | 95.9% of the total debt was fixed or hedged against rising interest rates for an average of 5.0 years, |
• | Fixed charge coverage ratio (Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment) was 4.47x and total net debt to Recurring EBITDA was 5.79x, |
• | Approximately $709.3 million combined cash and capacity under the company's unsecured credit facility was available, and |
• | Unencumbered assets increased to 72.8% of gross real estate assets as compared to 66.9% in the prior year. |
• | inability to generate sufficient cash flows due to market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors; |
• | exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; |
• | adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets, which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns; |
• | failure of new acquisitions to achieve anticipated results or be efficiently integrated; |
• | failure of development communities to be completed, if at all, within budget and on a timely basis or to lease-up as anticipated; |
• | unexpected capital needs; |
• | changes in operating costs, including real estate taxes, utilities and insurance costs; |
• | losses from catastrophes in excess of our insurance coverage; |
• | ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures; |
• | level and volatility of interest or capitalization rates or capital market conditions; |
• | loss of hedge accounting treatment for interest rate swaps or interest rate caps; |
• | the continuation of the good credit of our interest rate swap and cap providers; |
• | price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing; |
• | the effect of any rating agency actions on the cost and availability of new debt financing; |
• | significant decline in market value of real estate serving as collateral for mortgage obligations; |
• | significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product; |
• | our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of our operating partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules; |
• | inability to attract and retain qualified personnel; |
• | cyberliability or potential liability for breaches of our privacy or information security systems; |
• | potential liability for environmental contamination; |
• | adverse legislative or regulatory tax changes; |
• | litigation and compliance costs associated with laws requiring access for disabled persons; and |
• | other risks identified in this press release and, from time to time, in other reports we file with the SEC or in other documents that we publicly disseminate. |
FINANCIAL HIGHLIGHTS | |||||||||||||||
Dollars in thousands, except per share data | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Total property revenues | $ | 263,337 | $ | 253,219 | $ | 1,042,779 | $ | 992,178 | |||||||
Total NOI | $ | 165,796 | $ | 156,278 | $ | 642,134 | $ | 598,814 | |||||||
Management fee income | $ | — | $ | — | $ | — | $ | 154 | |||||||
Recurring EBITDA | $ | 151,294 | $ | 143,047 | $ | 585,046 | $ | 549,270 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.57 | $ | 0.46 | $ | 4.41 | $ | 1.97 | |||||||
Diluted | $ | 0.57 | $ | 0.46 | $ | 4.41 | $ | 1.97 | |||||||
Funds from operations per share (diluted): | |||||||||||||||
FFO | $ | 1.49 | $ | 1.35 | $ | 5.69 | $ | 5.09 | |||||||
Core FFO | $ | 1.45 | $ | 1.32 | $ | 5.51 | $ | 4.99 | |||||||
Core AFFO | $ | 1.34 | $ | 1.18 | $ | 4.80 | $ | 4.28 | |||||||
Dividends declared per share | $ | 0.82 | $ | 0.77 | $ | 3.13 | $ | 2.96 | |||||||
Dividends/Core FFO (diluted) payout ratio | 56.6 | % | 58.3 | % | 56.8 | % | 59.3 | % | |||||||
Dividends/ Core AFFO (diluted) payout ratio | 61.2 | % | 65.3 | % | 65.2 | % | 69.2 | % | |||||||
Consolidated interest expense | $ | 30,834 | $ | 31,378 | $ | 122,344 | $ | 123,953 | |||||||
Mark-to-market debt adjustment | 3,901 | 5,511 | 19,955 | 25,079 | |||||||||||
Capitalized interest | 342 | 469 | 1,655 | 1,722 | |||||||||||
Total interest incurred | $ | 35,077 | $ | 37,358 | $ | 143,954 | $ | 150,754 | |||||||
Amortization of principal on notes payable | $ | 1,934 | $ | 2,242 | $ | 8,244 | $ | 6,927 |
FINANCIAL HIGHLIGHTS (CONTINUED) | |||||||
Dollars in thousands, except per share data | |||||||
As of | |||||||
December 31, 2015 | December 31, 2014 | ||||||
Total gross assets (1) | $ | 8,346,994 | $ | 8,195,457 | |||
Total debt (1) | $ | 3,427,568 | $ | 3,512,699 | |||
Common shares and units, outstanding end of period | 79,571,567 | 79,458,827 | |||||
Share price, end of period | $ | 90.81 | $ | 74.68 | |||
Book equity value, end of period | $ | 3,166,073 | $ | 3,057,722 | |||
Market equity value, end of period | $ | 7,225,894 | $ | 5,933,985 | |||
Debt to total market capitalization ratio | 32.2 | % | 37.2 | % | |||
Total net debt/total gross assets | 40.6 | % | 42.5 | % | |||
Unencumbered Assets/Gross Real Estate Assets | 72.8 | % | 66.9 | % | |||
Recurring EBITDA/Debt Service | 4.23x | 3.75x | |||||
Fixed Charge Coverage (2) | 4.47x | 3.99x | |||||
Total Net Debt (3)/Recurring EBITDA (4) | 5.79x | 6.37x |
(1) | Total gross assets and Total debt as of December 31, 2014 include the reclassification of certain debt issuance costs from Deferred financing costs to Debt. |
(2) | Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. |
(3) | Total Net Debt equals Total Debt less Cash and Cash Equivalents. |
(4) | Recurring EBITDA represents the twelve months ended December 31, 2015. |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
Dollars in thousands, except per share data | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating revenues: | |||||||||||||||
Rental revenues | $ | 241,421 | $ | 230,482 | $ | 952,196 | $ | 902,177 | |||||||
Other property revenues | 21,916 | 22,737 | 90,583 | 90,001 | |||||||||||
Total property revenues | 263,337 | 253,219 | 1,042,779 | 992,178 | |||||||||||
Management fee income | — | — | — | 154 | |||||||||||
Total operating revenues | 263,337 | 253,219 | 1,042,779 | 992,332 | |||||||||||
Property operating expenses: | |||||||||||||||
Personnel | 24,967 | 25,110 | 103,000 | 101,591 | |||||||||||
Building repairs and maintenance | 7,329 | 7,361 | 30,524 | 30,715 | |||||||||||
Real estate taxes and insurance | 31,793 | 30,291 | 129,618 | 123,419 | |||||||||||
Utilities | 22,327 | 22,165 | 89,769 | 89,150 | |||||||||||
Landscaping | 4,426 | 4,556 | 19,458 | 20,113 | |||||||||||
Other Operating | 6,699 | 7,457 | 28,276 | 28,360 | |||||||||||
Depreciation and amortization | 73,914 | 71,946 | 294,520 | 301,812 | |||||||||||
Total property operating expenses | 171,455 | 168,886 | 695,165 | 695,160 | |||||||||||
Acquisition expense | 622 | 1,417 | 2,777 | 2,388 | |||||||||||
Property management expenses | 7,884 | 8,076 | 30,990 | 32,095 | |||||||||||
General and administrative expenses | 6,613 | 4,844 | 25,716 | 20,909 | |||||||||||
Merger related expenses | — | (50 | ) | — | 3,152 | ||||||||||
Integration related expenses | — | 1,255 | — | 8,395 | |||||||||||
Income from continuing operations before non-operating items | 76,763 | 68,791 | 288,131 | 230,233 | |||||||||||
Interest and other non-property (expense) income | (8 | ) | (307 | ) | (368 | ) | 770 | ||||||||
Interest expense | (30,834 | ) | (31,378 | ) | (122,344 | ) | (123,953 | ) | |||||||
Loss on debt extinguishment | (218 | ) | — | (3,602 | ) | (2,586 | ) | ||||||||
Net casualty (loss) gain after insurance and other settlement proceeds | (13 | ) | (45 | ) | 473 | (476 | ) | ||||||||
(Loss) gain on sale of depreciable real estate assets excluded from discontinued operations | (72 | ) | 395 | 189,958 | 42,649 | ||||||||||
(Loss) gain on sale of non-depreciable real estate assets | — | (185 | ) | 172 | 350 | ||||||||||
Income before income tax expense | 45,618 | 37,271 | 352,420 | 146,987 | |||||||||||
Income tax expense | (254 | ) | (815 | ) | (1,673 | ) | (2,050 | ) | |||||||
Income from continuing operations before joint venture activity | 45,364 | 36,456 | 350,747 | 144,937 | |||||||||||
(Loss) gain from real estate joint ventures | 3 | (10 | ) | (2 | ) | 6,009 | |||||||||
Income from continuing operations | 45,367 | 36,446 | 350,745 | 150,946 | |||||||||||
Discontinued operations: | |||||||||||||||
Loss from discontinued operations before (loss) gain on sale | — | (4 | ) | — | (63 | ) | |||||||||
Gain (loss) on sale of discontinued operations | — | 16 | — | 5,394 | |||||||||||
Consolidated net income | 45,367 | 36,458 | 350,745 | 156,277 | |||||||||||
Net income attributable to noncontrolling interests | 2,380 | 1,933 | 18,458 | 8,297 | |||||||||||
Net income available for MAA common shareholders | $ | 42,987 | $ | 34,525 | $ | 332,287 | $ | 147,980 | |||||||
Earnings per common share - basic: | |||||||||||||||
Income from continuing operations available for common shareholders | $ | 0.57 | $ | 0.46 | $ | 4.41 | $ | 1.90 | |||||||
Discontinued property operations | — | — | — | 0.07 | |||||||||||
Net income available for common shareholders | $ | 0.57 | $ | 0.46 | $ | 4.41 | $ | 1.97 | |||||||
Earnings per common share - diluted: | |||||||||||||||
Income from continuing operations available for common shareholders | $ | 0.57 | $ | 0.46 | $ | 4.41 | $ | 1.90 | |||||||
Discontinued property operations | — | — | — | 0.07 | |||||||||||
Net income available for common shareholders | $ | 0.57 | $ | 0.46 | $ | 4.41 | $ | 1.97 | |||||||
Dividends declared per common share | $ | 0.82 | $ | 0.77 | $ | 3.13 | $ | 2.96 |
SHARE AND UNIT DATA | |||||||||||
Shares and units in thousands | |||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
NET INCOME SHARES (1) | |||||||||||
Weighted average common shares - Basic | 75,203 | 75,114 | 75,176 | 74,982 | |||||||
Weighted average partnership units outstanding | — | — | — | — | |||||||
Effect of dilutive securities | 197 | — | — | — | |||||||
Weighted average common shares - Diluted | 75,400 | 75,114 | 75,176 | 74,982 | |||||||
FUNDS FROM OPERATIONS SHARES AND UNITS | |||||||||||
Weighted average common shares and units - Basic | 79,378 | 79,308 | 79,361 | 79,188 | |||||||
Weighted average common shares and units - Diluted | 79,575 | 79,461 | 79,551 | 79,370 | |||||||
PERIOD END SHARES AND UNITS | |||||||||||
Common shares at December 31, | 75,409 | 75,268 | 75,409 | 75,268 | |||||||
Partnership units at December 31, | 4,163 | 4,191 | 4,163 | 4,191 | |||||||
Total shares and units at December 31, | 79,572 | 79,459 | 79,572 | 79,459 |
(1) | For additional information on the calculation of diluted shares and earnings per share, please refer to the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2015, expected to be filed with the SEC on February 25, 2016. |
FUNDS FROM OPERATIONS | |||||||||||||||||
Dollars in thousands, except per share data | |||||||||||||||||
Three months ended | Year ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net income available for MAA common shareholders | $ | 42,987 | $ | 34,525 | $ | 332,287 | $ | 147,980 | |||||||||
Depreciation and amortization of real estate assets | 73,121 | 71,315 | 291,572 | 299,421 | |||||||||||||
Depreciation and amortization of real estate assets of discontinued operations | — | — | — | 42 | |||||||||||||
Gain on sale of discontinued operations | — | (16 | ) | — | (5,394 | ) | |||||||||||
Loss (gain) on sale of depreciable real estate assets excluded from discontinued operations | 72 | (395 | ) | (189,958 | ) | (42,649 | ) | ||||||||||
Loss (gain) on disposition within unconsolidated entities | — | 10 | (12 | ) | (4,007 | ) | |||||||||||
Depreciation and amortization of real estate assets of real estate joint ventures | 6 | 6 | 25 | 397 | |||||||||||||
Net income attributable to noncontrolling interests | 2,380 | 1,933 | 18,458 | 8,297 | |||||||||||||
Funds from operations attributable to the Company | 118,566 | 107,378 | 452,372 | 404,087 | |||||||||||||
Acquisition expense | 622 | 1,417 | 2,777 | 2,388 | |||||||||||||
Merger related expenses | — | (50 | ) | — | 3,152 | ||||||||||||
Integration related expenses | — | 1,255 | — | 8,395 | |||||||||||||
Loss (gain) on sale of non-depreciable real estate assets | — | 185 | (172 | ) | (350 | ) | |||||||||||
Mark-to-market debt adjustment | (3,901 | ) | (5,511 | ) | (19,955 | ) | (25,079 | ) | |||||||||
Loss on debt extinguishment | 218 | — | 3,602 | 3,126 | (1 | ) | |||||||||||
Core funds from operations attributable to the Company | 115,505 | 104,674 | 438,624 | 395,719 | |||||||||||||
Recurring capital expenditures | (8,565 | ) | (11,234 | ) | (56,888 | ) | (56,098 | ) | |||||||||
Core adjusted funds from operations | $ | 106,940 | $ | 93,440 | $ | 381,736 | $ | 339,621 | |||||||||
Weighted average common shares and units - Diluted | 79,575 | 79,461 | 79,551 | 79,370 | |||||||||||||
Funds from operations per share and unit - Diluted | $ | 1.49 | $ | 1.35 | $ | 5.69 | $ | 5.09 | |||||||||
Core funds from operations per share and unit - Diluted | $ | 1.45 | $ | 1.32 | $ | 5.51 | $ | 4.99 | |||||||||
Core adjusted funds from operations per share and unit - Diluted | $ | 1.34 | $ | 1.18 | $ | 4.80 | $ | 4.28 |
CONSOLIDATED BALANCE SHEETS | |||||||
Dollars in thousands | |||||||
December 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Real estate assets | |||||||
Land | $ | 926,532 | $ | 913,408 | |||
Buildings and improvements | 6,939,288 | 6,781,210 | |||||
Furniture, fixtures and equipment | 228,157 | 214,742 | |||||
Capital improvements in progress | 44,355 | 80,772 | |||||
8,138,332 | 7,990,132 | ||||||
Accumulated depreciation | (1,482,368 | ) | (1,358,400 | ) | |||
6,655,964 | 6,631,732 | ||||||
Undeveloped land | 51,779 | 55,997 | |||||
Corporate property, net | 8,812 | 7,988 | |||||
Investments in real estate joint ventures | 1,811 | 1,791 | |||||
Real estate assets, net | 6,718,366 | 6,697,508 | |||||
Cash and cash equivalents | 37,559 | 26,653 | |||||
Restricted cash | 26,082 | 28,181 | |||||
Deferred financing cost, net | 5,232 | 5,996 | |||||
Other assets | 58,935 | 61,119 | |||||
Goodwill | 1,607 | 2,321 | |||||
Total assets | $ | 6,847,781 | $ | 6,821,778 | |||
Liabilities and Shareholders' Equity | |||||||
Liabilities | |||||||
Secured notes payable | $ | 1,286,236 | $ | 1,589,641 | |||
Unsecured notes payable | 2,141,332 | 1,923,058 | |||||
Accounts payable | 9,142 | 8,395 | |||||
Fair market value of interest rate swaps | 10,358 | 13,392 | |||||
Accrued expenses and other liabilities | 223,017 | 219,044 | |||||
Security deposits | 11,623 | 10,526 | |||||
Total liabilities | 3,681,708 | 3,764,056 | |||||
Redeemable stock | 8,250 | 5,911 | |||||
Shareholders' equity | |||||||
Common stock | 754 | 752 | |||||
Additional paid-in capital | 3,627,073 | 3,619,270 | |||||
Accumulated distributions in excess of net income | (634,141 | ) | (729,086 | ) | |||
Accumulated other comprehensive loss | (1,589 | ) | (412 | ) | |||
Total MAA shareholders' equity | 2,992,097 | 2,890,524 | |||||
Noncontrolling interest | 165,726 | 161,287 | |||||
Total equity | 3,157,823 | 3,051,811 | |||||
Total liabilities and shareholders' equity | $ | 6,847,781 | $ | 6,821,778 |
NON-GAAP FINANCIAL MEASURES AND OTHER DEFINITIONS |
NON-GAAP FINANCIAL MEASURES AND OTHER DEFINITIONS (CONTINUED) |
PORTFOLIO STATISTICS |
Same Store | Non Same Store | In Lease-Up | Total for Completed Communities | Current Development Units Delivered | Total | ||||||||||||
Atlanta, GA | 5,594 | 480 | — | 6,074 | — | 6,074 | |||||||||||
Austin, TX | 5,838 | — | — | 5,838 | — | 5,838 | |||||||||||
Dallas, TX | 3,979 | 1,318 | 318 | 5,615 | — | 5,615 | |||||||||||
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 | |||||||||||
Nashville, TN | 3,207 | 569 | — | 3,776 | — | 3,776 | |||||||||||
Orlando, FL | 2,718 | 934 | — | 3,652 | — | 3,652 | |||||||||||
Houston, TX | 2,597 | 635 | — | 3,232 | — | 3,232 | |||||||||||
Tampa, FL | 2,878 | — | — | 2,878 | — | 2,878 | |||||||||||
Phoenix, AZ | 1,976 | 325 | — | 2,301 | — | 2,301 | |||||||||||
Las Vegas, NV | 721 | — | — | 721 | — | 721 | |||||||||||
South Florida | 480 | — | — | 480 | — | 480 | |||||||||||
Large Markets | 43,818 | 4,614 | 318 | 48,750 | — | 48,750 | |||||||||||
Jacksonville, FL | 3,202 | — | 294 | 3,496 | — | 3,496 | |||||||||||
Charleston, SC | 2,648 | — | — | 2,648 | — | 2,648 | |||||||||||
Savannah, GA | 2,219 | — | — | 2,219 | — | 2,219 | |||||||||||
Richmond, VA | 1,668 | 254 | — | 1,922 | — | 1,922 | |||||||||||
Memphis, TN | 1,811 | — | 1,811 | — | 1,811 | ||||||||||||
Greenville, SC | 1,748 | — | — | 1,748 | — | 1,748 | |||||||||||
San Antonio, TX | 1,176 | 328 | — | 1,504 | — | 1,504 | |||||||||||
Birmingham, AL | 1,462 | — | — | 1,462 | — | 1,462 | |||||||||||
Huntsville, AL | 1,380 | — | — | 1,380 | — | 1,380 | |||||||||||
Little Rock, AR | 1,368 | — | — | 1,368 | — | 1,368 | |||||||||||
Norfolk, Hampton, VA Beach, VA | 1,033 | 252 | — | 1,285 | — | 1,285 | |||||||||||
Jackson, MS | 1,241 | — | — | 1,241 | — | 1,241 | |||||||||||
Chattanooga, TN | 943 | — | — | 943 | — | 943 | |||||||||||
Lexington, KY | 924 | — | — | 924 | — | 924 | |||||||||||
Other | 4,735 | 2,023 | — | 6,758 | 37 | 6,795 | |||||||||||
Secondary Markets | 27,558 | 2,857 | 294 | 30,709 | 37 | 30,746 | |||||||||||
Total Multifamily Units | 71,376 | 7,471 | 612 | 79,459 | 37 | 79,496 |
PORTFOLIO STATISTICS (CONTINUED) |
As of December 31, 2015 | Average Effective Rent for the Three Months Ended December 31, 2015 | As of December 31, 2015 | ||||||||||||||||||
Gross Real Assets | Percent to Total of Gross Real Assets | Physical Occupancy | Completed Units | Total Units, Including Development | ||||||||||||||||
Atlanta, GA | $ | 665,313 | 8.2 | % | 96.4 | % | $ | 1,093 | 6,074 | |||||||||||
Charlotte, NC | $ | 608,702 | 7.5 | % | 96.9 | % | $ | 991 | 5,001 | |||||||||||
Austin, TX | $ | 580,027 | 7.2 | % | 96.1 | % | $ | 1,058 | 5,838 | |||||||||||
Raleigh/Durham, NC | $ | 548,287 | 6.8 | % | 96.2 | % | $ | 951 | 4,663 | |||||||||||
Dallas, TX | $ | 545,981 | 6.8 | % | 95.5 | % | $ | 1,091 | 5,297 | |||||||||||
Orlando, FL | $ | 479,666 | 5.9 | % | 97.3 | % | $ | 1,159 | 3,652 | |||||||||||
Fort Worth, TX | $ | 383,895 | 4.8 | % | 96.3 | % | $ | 986 | 4,519 | |||||||||||
Nashville, TN | $ | 378,663 | 4.7 | % | 95.4 | % | $ | 1,103 | 3,776 | |||||||||||
Tampa, FL | $ | 305,193 | 3.8 | % | 96.4 | % | $ | 1,093 | 2,878 | |||||||||||
Phoenix, AZ | $ | 292,626 | 3.6 | % | 96.7 | % | $ | 993 | 2,301 | |||||||||||
Houston, TX | $ | 281,503 | 3.5 | % | 96.4 | % | $ | 1,057 | 3,232 | |||||||||||
Las Vegas, NV | $ | 66,234 | 0.8 | % | 97.9 | % | $ | 831 | 721 | |||||||||||
South Florida | $ | 58,774 | 0.7 | % | 96.3 | % | $ | 1,522 | 480 | |||||||||||
Large Markets | $ | 5,194,864 | 64.3 | % | 96.3 | % | $ | 1,053 | 48,432 | |||||||||||
Charleston, SC | $ | 263,133 | 3.3 | % | 96.2 | % | $ | 1,050 | 2,648 | |||||||||||
Jacksonville, FL | $ | 247,955 | 3.1 | % | 97.2 | % | $ | 951 | 3,202 | |||||||||||
Richmond, VA | $ | 232,651 | 2.9 | % | 96.8 | % | $ | 1,002 | 1,922 | |||||||||||
Savannah, GA | $ | 225,350 | 2.8 | % | 96.8 | % | $ | 985 | 2,219 | |||||||||||
Fredericksburg, VA | $ | 156,938 | 1.9 | % | 96.8 | % | $ | 1,223 | 1,001 | |||||||||||
San Antonio, TX | $ | 156,861 | 1.9 | % | 96.8 | % | $ | 1,050 | 1,504 | |||||||||||
Kansas City, MO | $ | 153,132 | 1.9 | % | 95.0 | % | $ | 1,191 | 956 | |||||||||||
Birmingham, AL | $ | 146,231 | 1.8 | % | 96.4 | % | $ | 937 | 1,462 | |||||||||||
Norfolk, Hampton, VA Beach, VA | $ | 140,833 | 1.7 | % | 98.2 | % | $ | 1,034 | 1,285 | |||||||||||
Memphis, TN | $ | 124,875 | 1.6 | % | 96.4 | % | $ | 857 | 1,811 | |||||||||||
Huntsville, AL | $ | 114,634 | 1.4 | % | 96.6 | % | $ | 751 | 1,380 | |||||||||||
Little Rock, AR | $ | 114,105 | 1.4 | % | 96.2 | % | $ | 871 | 1,368 | |||||||||||
Greenville, SC | $ | 96,257 | 1.2 | % | 95.8 | % | $ | 768 | 1,748 | |||||||||||
All Other Secondary Markets by State (individual markets <1% gross real assets) | ||||||||||||||||||||
Florida | $ | 141,118 | 1.8 | % | 95.6 | % | $ | 976 | 1,790 | |||||||||||
Kentucky | $ | 90,955 | 1.1 | % | 97.0 | % | $ | 823 | 1,308 | |||||||||||
Mississippi | $ | 71,943 | 0.9 | % | 96.7 | % | $ | 854 | 1,241 | |||||||||||
North Carolina | $ | 71,567 | 0.9 | % | 96.8 | % | $ | 684 | 1,172 | |||||||||||
Alabama | $ | 59,751 | 0.7 | % | 97.5 | % | $ | 919 | 628 | |||||||||||
Virginia | $ | 48,026 | 0.6 | % | 96.0 | % | $ | 1,367 | 251 | |||||||||||
Tennessee | $ | 47,099 | 0.6 | % | 97.0 | % | $ | 780 | 943 | |||||||||||
South Carolina | $ | 35,889 | 0.4 | % | 95.8 | % | $ | 764 | 576 | |||||||||||
Secondary Markets | $ | 2,739,303 | 33.9 | % | 96.6 | % | $ | 936 | 30,415 | |||||||||||
Subtotal | $ | 7,934,167 | 98.2 | % | 96.4 | % | $ | 1,008 | 78,847 | |||||||||||
Dallas, TX | Large | $ | 58,586 | 0.7 | % | 77.0 | % | $ | 1,393 | 318 | 318 | |||||||||
Orlando, FL | Large | $ | 10,517 | 0.1 | % | 0.0 | % | $ | — | — | 314 | |||||||||
Jacksonville, FL | Secondary | $ | 40,900 | 0.5 | % | 94.2 | % | $ | 1,295 | 294 | 294 | |||||||||
Fredericksburg, VA | Secondary | $ | 18,325 | 0.2 | % | 89.2 | % | $ | 1,396 | 37 | 120 | |||||||||
Charleston, SC | Secondary | $ | 8,887 | 0.1 | % | 0.0 | % | $ | — | — | 78 | |||||||||
Richmond, VA | Secondary | $ | 3,547 | 0.1 | % | 0.0 | % | $ | — | — | 82 | |||||||||
Kansas City, MO | Secondary | $ | 1,039 | 0.1 | % | 0.0 | % | $ | — | — | 154 | |||||||||
Lease-up and Development | $ | 141,801 | 1.8 | % | 85.5 | % | $ | 1,349 | 649 | 1,360 | ||||||||||
Total Wholly Owned Multifamily Communities | $ | 8,075,968 | 100.0 | % | 96.3 | % | $ | 1,011 | 79,496 | 80,207 |
COMPONENTS OF PROPERTY NET OPERATING INCOME |
Apartment | Gross Real | Three Months Ended | |||||||||||||||
Units | Estate Assets | December 31, 2015 | December 31, 2014 | Percent Change | |||||||||||||
Property Revenue | |||||||||||||||||
Same Store Communities | 71,376 | $ | 6,818,961 | $ | 231,575 | $ | 219,616 | 5.4 | % | ||||||||
Non-Same Store Communities | 7,471 | 1,115,207 | 28,747 | 31,955 | |||||||||||||
Lease up/Development Communities | 649 | 141,800 | 1,460 | 2 | |||||||||||||
Total Multifamily Portfolio | 79,496 | $ | 8,075,968 | $ | 261,782 | $ | 251,573 | ||||||||||
Commercial Property/Land | — | $ | 55,986 | $ | 1,555 | $ | 1,646 | ||||||||||
Total Property Revenue | 79,496 | $ | 8,131,954 | $ | 263,337 | $ | 253,219 | ||||||||||
Property Expenses | |||||||||||||||||
Same Store Communities | 71,376 | $ | 6,818,961 | $ | 86,042 | $ | 84,003 | 2.4 | % | ||||||||
Non-Same Store Communities | 7,471 | 1,115,207 | 10,391 | 12,171 | |||||||||||||
Lease up/Development Communities | 649 | 141,800 | 550 | 85 | |||||||||||||
Total Multifamily Portfolio | 79,496 | $ | 8,075,968 | $ | 96,983 | $ | 96,259 | ||||||||||
Commercial Property/Land | — | $ | 55,986 | $ | 558 | $ | 681 | ||||||||||
Total Property Expenses | 79,496 | $ | 8,131,954 | $ | 97,541 | $ | 96,940 | ||||||||||
Property Net Operating Income | |||||||||||||||||
Same Store Communities | 71,376 | $ | 6,818,961 | $ | 145,533 | $ | 135,613 | 7.3 | % | ||||||||
Non-Same Store Communities | 7,471 | 1,115,207 | 18,356 | 19,784 | |||||||||||||
Lease up/Development Communities | 649 | 141,800 | 910 | (84 | ) | ||||||||||||
Total Multifamily Portfolio | 79,496 | $ | 8,075,968 | $ | 164,799 | $ | 155,313 | ||||||||||
Commercial Property/Land | — | $ | 55,986 | $ | 997 | $ | 965 | ||||||||||
Total Property Net Operating Income | 79,496 | $ | 8,131,954 | $ | 165,796 | $ | 156,278 | 6.1 | % |
COMPONENTS OF SAME STORE PROPERTY EXPENSES |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
December 31, 2015 | December 31, 2014 | Percent Increase/(Decrease) | December 31, 2015 | December 31, 2014 | Percent Increase/(Decrease) | ||||||||||||||||
Personnel | $ | 22,257 | $ | 21,749 | 2.3 | % | $ | 90,585 | $ | 86,894 | 4.2 | % | |||||||||
Building Repair and Maintenance | 10,460 | 10,090 | 3.7 | % | 43,783 | 42,842 | 2.2 | % | |||||||||||||
Utilities | 19,945 | 19,429 | 2.7 | % | 79,952 | 77,694 | 2.9 | % | |||||||||||||
Marketing | 2,743 | 3,311 | (17.2 | )% | 11,215 | 11,553 | (2.9 | )% | |||||||||||||
Office Operations | 2,955 | 2,871 | 2.9 | % | 12,803 | 11,852 | 8.0 | % | |||||||||||||
Property Taxes | 24,790 | 23,609 | 5.0 | % | 100,440 | 96,149 | 4.5 | % | |||||||||||||
Insurance | 2,892 | 2,944 | (1.8 | )% | 11,615 | 11,734 | (1.0 | )% | |||||||||||||
Total Property Expenses | $ | 86,042 | $ | 84,003 | 2.4 | % | $ | 350,393 | $ | 338,718 | 3.4 | % |
NOI CONTRIBUTION PERCENTAGE BY REGION |
Average Physical Occupancy | ||||||||
Percent of Same Store | Three months ended December 31, 2015 | Three months ended December 31, 2014 | ||||||
Atlanta, GA | 8.9 | % | 96.0 | % | 95.2 | % | ||
Austin, TX | 8.1 | % | 95.8 | % | 95.4 | % | ||
Charlotte, NC | 6.9 | % | 96.5 | % | 95.7 | % | ||
Raleigh/Durham, NC | 6.8 | % | 95.8 | % | 95.6 | % | ||
Fort Worth, TX | 6.1 | % | 96.5 | % | 95.7 | % | ||
Dallas, TX | 5.6 | % | 95.9 | % | 96.0 | % | ||
Nashville, TN | 5.2 | % | 95.5 | % | 94.6 | % | ||
Tampa, FL | 4.5 | % | 96.8 | % | 96.7 | % | ||
Orlando, FL | 4.4 | % | 96.8 | % | 96.9 | % | ||
Houston, TX | 3.5 | % | 95.9 | % | 95.6 | % | ||
Phoenix, AZ | 2.8 | % | 96.6 | % | 96.4 | % | ||
South Florida | 1.0 | % | 95.9 | % | 95.0 | % | ||
Las Vegas, NV | 0.9 | % | 97.9 | % | 94.1 | % | ||
Large Markets | 64.7 | % | 96.2 | % | 95.7 | % | ||
Jacksonville, FL | 4.2 | % | 96.4 | % | 96.2 | % | ||
Charleston, SC | 3.9 | % | 95.8 | % | 95.4 | % | ||
Savannah, GA | 3.2 | % | 96.0 | % | 95.3 | % | ||
Richmond, VA | 2.4 | % | 96.1 | % | 95.8 | % | ||
Memphis, TN | 2.0 | % | 95.2 | % | 93.7 | % | ||
Birmingham, AL | 2.0 | % | 96.4 | % | 93.8 | % | ||
Greenville, SC | 1.9 | % | 95.6 | % | 95.5 | % | ||
Little Rock, AR | 1.7 | % | 95.4 | % | 94.3 | % | ||
San Antonio, TX | 1.6 | % | 96.2 | % | 94.7 | % | ||
Jackson, MS | 1.5 | % | 96.5 | % | 96.4 | % | ||
Huntsville, AL | 1.5 | % | 95.6 | % | 94.7 | % | ||
Norfolk, Hampton, VA Beach, VA | 1.4 | % | 95.8 | % | 94.3 | % | ||
Lexington, KY | 1.1 | % | 96.5 | % | 95.9 | % | ||
Chattanooga, TN | 1.0 | % | 97.4 | % | 95.8 | % | ||
Other | 5.9 | % | 96.1 | % | 94.5 | % | ||
Secondary Markets | 35.3 | % | 96.0 | % | 95.1 | % | ||
Total Same Store | 100.0 | % | 96.1 | % | 95.4 | % |
NOI BRIDGE | |||||||||||||||||||
Dollars in thousands | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, 2015 | September 30, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||||||||
NOI | |||||||||||||||||||
MAA same store | $ | 145,533 | $ | 142,101 | $ | 135,613 | $ | 562,274 | $ | 524,603 | |||||||||
Non-same store | 20,263 | 18,298 | 20,665 | 79,860 | 74,211 | ||||||||||||||
Total NOI | 165,796 | 160,399 | 156,278 | 642,134 | 598,814 | ||||||||||||||
Held for sale NOI included above | — | — | — | — | 16 | ||||||||||||||
Management fee income | — | — | — | — | 154 | ||||||||||||||
Depreciation and amortization | (73,914 | ) | (73,098 | ) | (71,945 | ) | (294,520 | ) | (301,812 | ) | |||||||||
Acquisition expense | (622 | ) | (656 | ) | (1,417 | ) | (2,777 | ) | (2,388 | ) | |||||||||
Property management expenses | (7,884 | ) | (7,628 | ) | (8,076 | ) | (30,990 | ) | (32,095 | ) | |||||||||
General and administrative expenses | (6,613 | ) | (5,879 | ) | (4,844 | ) | (25,716 | ) | (20,909 | ) | |||||||||
Merger related expenses | — | — | 50 | — | (3,152 | ) | |||||||||||||
Integration related expenses | — | — | (1,255 | ) | — | (8,395 | ) | ||||||||||||
Interest and other non-property (expense) income | (8 | ) | (179 | ) | (307 | ) | (368 | ) | 770 | ||||||||||
Interest Expense | (30,834 | ) | (30,229 | ) | (31,378 | ) | (122,344 | ) | (123,953 | ) | |||||||||
Loss on debt extinguishment | (218 | ) | (5 | ) | — | (3,602 | ) | (2,586 | ) | ||||||||||
(Loss) gain on sale of depreciable real estate assets excluded from discontinued operations | (72 | ) | 54,621 | 395 | 189,958 | 42,649 | |||||||||||||
Net casualty (loss) gain and other settlement proceeds | (13 | ) | (5 | ) | (45 | ) | 473 | (476 | ) | ||||||||||
Income tax expense | (254 | ) | (512 | ) | (815 | ) | (1,673 | ) | (2,050 | ) | |||||||||
(Loss) gain on sale of non-depreciable real estate assets | — | — | (185 | ) | 172 | 350 | |||||||||||||
Gain (loss) from real estate joint ventures | 3 | (1 | ) | (10 | ) | (2 | ) | 6,009 | |||||||||||
Discontinued operations | — | — | 12 | — | 5,331 | ||||||||||||||
Net income attributable to noncontrolling interests | (2,380 | ) | (5,094 | ) | (1,933 | ) | (18,458 | ) | (8,297 | ) | |||||||||
Net income available for MAA common shareholders | $ | 42,987 | $ | 91,734 | $ | 34,525 | $ | 332,287 | $ | 147,980 |
MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS |
Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2015 | Q4 2014 | % Chg | Q4 2015 | Q4 2014 | % Chg | Q4 2015 | Q4 2014 | % Chg | Q4 2015 | Q4 2014 | % Chg | Q4 2015 | Q4 2014 | % Chg | ||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | $ | 19,903 | $ | 18,513 | 7.5 | % | $ | 6,945 | $ | 7,415 | (6.3 | )% | $ | 12,958 | $ | 11,098 | 16.8 | % | $ | 1,235 | $ | 1,159 | 6.6 | % | $ | 1,066 | $ | 995 | 7.1 | % | ||||||||||||||||||||||||
Austin, TX | 20,351 | 19,156 | 6.2 | % | 8,531 | 8,144 | 4.8 | % | 11,820 | 11,012 | 7.3 | % | 1,213 | 1,146 | 5.8 | % | 1,058 | 1,007 | 5.1 | % | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 14,844 | 13,988 | 6.1 | % | 4,850 | 4,689 | 3.4 | % | 9,994 | 9,299 | 7.5 | % | 1,103 | 1,048 | 5.2 | % | 971 | 922 | 5.3 | % | ||||||||||||||||||||||||||||||||||
Raleigh/Durham, NC | 14,617 | 14,047 | 4.1 | % | 4,684 | 4,684 | 0.0 | % | 9,933 | 9,363 | 6.1 | % | 1,091 | 1,051 | 3.8 | % | 951 | 919 | 3.5 | % | ||||||||||||||||||||||||||||||||||
Fort Worth, TX | 14,911 | 13,861 | 7.6 | % | 6,019 | 5,626 | 7.0 | % | 8,892 | 8,235 | 8.0 | % | 1,140 | 1,069 | 6.6 | % | 986 | 929 | 6.1 | % | ||||||||||||||||||||||||||||||||||
Dallas, TX | 14,092 | 13,427 | 5.0 | % | 5,887 | 5,761 | 2.2 | % | 8,205 | 7,666 | 7.0 | % | 1,231 | 1,172 | 5.0 | % | 1,092 | 1,039 | 5.1 | % | ||||||||||||||||||||||||||||||||||
Nashville, TN | 11,307 | 10,793 | 4.8 | % | 3,740 | 3,739 | 0.0 | % | 7,567 | 7,054 | 7.3 | % | 1,230 | 1,186 | 3.7 | % | 1,093 | 1,054 | 3.7 | % | ||||||||||||||||||||||||||||||||||
Tampa, FL | 10,370 | 9,887 | 4.9 | % | 3,858 | 3,694 | 4.4 | % | 6,512 | 6,193 | 5.2 | % | 1,241 | 1,185 | 4.7 | % | 1,093 | 1,036 | 5.5 | % | ||||||||||||||||||||||||||||||||||
Orlando, FL | 10,165 | 9,348 | 8.7 | % | 3,719 | 3,445 | 8.0 | % | 6,446 | 5,903 | 9.2 | % | 1,288 | 1,183 | 8.9 | % | 1,140 | 1,051 | 8.5 | % | ||||||||||||||||||||||||||||||||||
Houston, TX | 8,597 | 8,298 | 3.6 | % | 3,466 | 3,461 | 0.1 | % | 5,131 | 4,837 | 6.1 | % | 1,150 | 1,114 | 3.2 | % | 1,019 | 987 | 3.2 | % | ||||||||||||||||||||||||||||||||||
Phoenix, AZ | 6,204 | 5,841 | 6.2 | % | 2,098 | 2,035 | 3.1 | % | 4,106 | 3,806 | 7.9 | % | 1,083 | 1,022 | 6.0 | % | 948 | 892 | 6.3 | % | ||||||||||||||||||||||||||||||||||
South Florida | 2,259 | 2,140 | 5.6 | % | 830 | 768 | 8.1 | % | 1,429 | 1,372 | 4.2 | % | 1,636 | 1,565 | 4.5 | % | 1,522 | 1,471 | 3.5 | % | ||||||||||||||||||||||||||||||||||
Las Vegas, NV | 2,092 | 1,888 | 10.8 | % | 741 | 729 | 1.6 | % | 1,351 | 1,159 | 16.6 | % | 987 | 928 | 6.4 | % | 831 | 793 | 4.8 | % | ||||||||||||||||||||||||||||||||||
Large Markets | $ | 149,712 | $ | 141,187 | 6.0 | % | $ | 55,368 | $ | 54,190 | 2.2 | % | $ | 94,344 | $ | 86,997 | 8.4 | % | $ | 1,184 | $ | 1,123 | 5.4 | % | $ | 1,038 | $ | 985 | 5.4 | % | ||||||||||||||||||||||||
Jacksonville, FL | $ | 9,709 | $ | 9,235 | 5.1 | % | $ | 3,417 | $ | 3,404 | 0.4 | % | $ | 6,292 | $ | 5,831 | 7.9 | % | $ | 1,048 | $ | 999 | 4.9 | % | $ | 951 | $ | 915 | 3.9 | % | ||||||||||||||||||||||||
Charleston, SC | 9,158 | 8,640 | 6.0 | % | 3,546 | 3,099 | 14.4 | % | 5,612 | 5,541 | 1.3 | % | 1,204 | 1,140 | 5.6 | % | 1,050 | 993 | 5.7 | % | ||||||||||||||||||||||||||||||||||
Savannah, GA | 7,237 | 6,875 | 5.3 | % | 2,589 | 2,514 | 3.0 | % | 4,648 | 4,361 | 6.6 | % | 1,133 | 1,083 | 4.6 | % | 985 | 952 | 3.5 | % | ||||||||||||||||||||||||||||||||||
Richmond, VA | 5,253 | 5,103 | 2.9 | % | 1,708 | 1,749 | (2.3 | )% | 3,545 | 3,354 | 5.7 | % | 1,092 | 1,064 | 2.6 | % | 954 | 933 | 2.3 | % | ||||||||||||||||||||||||||||||||||
Memphis, TN | 5,020 | 4,859 | 3.3 | % | 2,179 | 2,190 | (0.5 | )% | 2,841 | 2,669 | 6.4 | % | 971 | 954 | 1.8 | % | 857 | 850 | 0.8 | % | ||||||||||||||||||||||||||||||||||
Birmingham, AL | 4,591 | 4,451 | 3.1 | % | 1,713 | 1,741 | (1.6 | )% | 2,878 | 2,710 | 6.2 | % | 1,086 | 1,082 | 0.4 | % | 937 | 940 | (0.3 | )% | ||||||||||||||||||||||||||||||||||
Greenville, SC | 4,492 | 4,247 | 5.8 | % | 1,755 | 1,652 | 6.2 | % | 2,737 | 2,595 | 5.5 | % | 896 | 848 | 5.7 | % | 768 | 734 | 4.6 | % | ||||||||||||||||||||||||||||||||||
Little Rock, AR | 3,804 | 3,750 | 1.4 | % | 1,380 | 1,366 | 1.0 | % | 2,424 | 2,384 | 1.7 | % | 972 | 969 | 0.3 | % | 871 | 877 | (0.7 | )% | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 3,873 | 3,771 | 2.7 | % | 1,514 | 1,576 | (3.9 | )% | 2,359 | 2,195 | 7.5 | % | 1,141 | 1,129 | 1.1 | % | 1,029 | 1,014 | 1.5 | % | ||||||||||||||||||||||||||||||||||
Jackson, MS | 3,512 | 3,421 | 2.7 | % | 1,318 | 1,229 | 7.2 | % | 2,194 | 2,192 | 0.1 | % | 977 | 954 | 2.4 | % | 854 | 838 | 1.9 | % | ||||||||||||||||||||||||||||||||||
Huntsville, AL | 3,534 | 3,429 | 3.1 | % | 1,422 | 1,294 | 9.9 | % | 2,112 | 2,135 | (1.1 | )% | 893 | 874 | 2.2 | % | 751 | 740 | 1.5 | % | ||||||||||||||||||||||||||||||||||
Norfolk, Hampton, VA Beach, VA | 3,347 | 3,261 | 2.6 | % | 1,315 | 1,339 | (1.8 | )% | 2,032 | 1,922 | 5.7 | % | 1,128 | 1,116 | 1.1 | % | 966 | 966 | 0.0 | % | ||||||||||||||||||||||||||||||||||
Lexington, KY | 2,494 | 2,397 | 4.0 | % | 895 | 885 | 1.1 | % | 1,599 | 1,512 | 5.8 | % | 932 | 902 | 3.3 | % | 833 | 813 | 2.5 | % | ||||||||||||||||||||||||||||||||||
Chattanooga, TN | 2,464 | 2,377 | 3.7 | % | 1,066 | 1,032 | 3.3 | % | 1,398 | 1,345 | 3.9 | % | 895 | 877 | 2.1 | % | 780 | 744 | 4.8 | % | ||||||||||||||||||||||||||||||||||
Other | 13,375 | 12,613 | 6.0 | % | 4,857 | 4,743 | 2.4 | % | 8,518 | 7,870 | 8.2 | % | 980 | 939 | 4.4 | % | 863 | 834 | 3.5 | % | ||||||||||||||||||||||||||||||||||
Secondary Markets | $ | 81,863 | $ | 78,429 | 4.4 | % | $ | 30,674 | $ | 29,813 | 2.9 | % | $ | 51,189 | $ | 48,616 | 5.3 | % | $ | 1,031 | $ | 998 | 3.3 | % | $ | 906 | $ | 881 | 2.8 | % | ||||||||||||||||||||||||
Total Same Store | $ | 231,575 | $ | 219,616 | 5.4 | % | $ | 86,042 | $ | 84,003 | 2.4 | % | $ | 145,533 | $ | 135,613 | 7.3 | % | $ | 1,125 | $ | 1,075 | 4.7 | % | $ | 987 | $ | 945 | 4.4 | % |
MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS |
Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2015 | Q3 2015 | % Chg | Q4 2015 | Q3 2015 | % Chg | Q4 2015 | Q3 2015 | % Chg | Q4 2015 | Q3 2015 | % Chg | Q4 2015 | Q3 2015 | % Chg | ||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | $ | 19,903 | $ | 19,971 | (0.3 | )% | $ | 6,945 | $ | 7,781 | (10.7 | )% | $ | 12,958 | $ | 12,190 | 6.3 | % | $ | 1,235 | $ | 1,237 | (0.2 | )% | $ | 1,066 | $ | 1,054 | 1.1 | % | ||||||||||||||||||||||||
Austin, TX | 20,351 | 20,324 | 0.1 | % | 8,531 | 8,964 | (4.8 | )% | 11,820 | 11,360 | 4.0 | % | 1,213 | 1,203 | 0.8 | % | 1,058 | 1,049 | 0.9 | % | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 14,844 | 14,809 | 0.2 | % | 4,850 | 5,044 | (3.8 | )% | 9,994 | 9,765 | 2.3 | % | 1,103 | 1,099 | 0.4 | % | 971 | 962 | 0.9 | % | ||||||||||||||||||||||||||||||||||
Raleigh/Durham, NC | 14,617 | 14,734 | (0.8 | )% | 4,684 | 5,194 | (9.8 | )% | 9,933 | 9,540 | 4.1 | % | 1,091 | 1,090 | 0.1 | % | 951 | 947 | 0.4 | % | ||||||||||||||||||||||||||||||||||
Fort Worth, TX | 14,911 | 14,697 | 1.5 | % | 6,019 | 6,306 | (4.6 | )% | 8,892 | 8,391 | 6.0 | % | 1,140 | 1,123 | 1.5 | % | 986 | 973 | 1.3 | % | ||||||||||||||||||||||||||||||||||
Dallas, TX | 14,092 | 14,085 | 0.0 | % | 5,887 | 6,135 | (4.0 | )% | 8,205 | 7,950 | 3.2 | % | 1,231 | 1,224 | 0.6 | % | 1,092 | 1,082 | 0.9 | % | ||||||||||||||||||||||||||||||||||
Nashville, TN | 11,307 | 11,490 | (1.6 | )% | 3,740 | 3,964 | (5.7 | )% | 7,567 | 7,526 | 0.5 | % | 1,230 | 1,236 | (0.5 | )% | 1,093 | 1,090 | 0.3 | % | ||||||||||||||||||||||||||||||||||
Orlando, FL | 10,370 | 10,359 | 0.1 | % | 3,858 | 4,030 | (4.3 | )% | 6,512 | 6,329 | 2.9 | % | 1,241 | 1,233 | 0.6 | % | 1,093 | 1,078 | 1.4 | % | ||||||||||||||||||||||||||||||||||
Tampa, FL | 10,165 | 10,020 | 1.4 | % | 3,719 | 3,679 | 1.1 | % | 6,446 | 6,341 | 1.7 | % | 1,288 | 1,268 | 1.6 | % | 1,140 | 1,123 | 1.5 | % | ||||||||||||||||||||||||||||||||||
Houston, TX | 8,597 | 8,663 | (0.8 | )% | 3,466 | 3,575 | (3.0 | )% | 5,131 | 5,088 | 0.8 | % | 1,150 | 1,162 | (1.0 | )% | 1,019 | 1,023 | (0.4 | )% | ||||||||||||||||||||||||||||||||||
Phoenix, AZ | 6,204 | 6,177 | 0.4 | % | 2,098 | 2,142 | (2.1 | )% | 4,106 | 4,035 | 1.8 | % | 1,083 | 1,079 | 0.4 | % | 948 | 935 | 1.4 | % | ||||||||||||||||||||||||||||||||||
South Florida | 2,259 | 2,272 | (0.6 | )% | 830 | 809 | 2.6 | % | 1,429 | 1,463 | (2.3 | )% | 1,636 | 1,640 | (0.2 | )% | 1,522 | 1,504 | 1.2 | % | ||||||||||||||||||||||||||||||||||
Las Vegas, NV | 2,092 | 2,041 | 2.5 | % | 741 | 782 | (5.2 | )% | 1,351 | 1,259 | 7.3 | % | 987 | 983 | 0.4 | % | 831 | 818 | 1.6 | % | ||||||||||||||||||||||||||||||||||
Large Markets | $ | 149,712 | $ | 149,642 | 0.0 | % | $ | 55,368 | $ | 58,405 | (5.2 | )% | $ | 94,344 | $ | 91,237 | 3.4 | % | $ | 1,184 | $ | 1,179 | 0.4 | % | $ | 1,038 | $ | 1,029 | 0.9 | % | ||||||||||||||||||||||||
Jacksonville, FL | $ | 9,709 | $ | 9,668 | 0.4 | % | $ | 3,417 | $ | 3,500 | (2.4 | )% | $ | 6,292 | $ | 6,168 | 2.0 | % | $ | 1,048 | $ | 1,038 | 1.0 | % | $ | 951 | $ | 944 | 0.7 | % | ||||||||||||||||||||||||
Charleston, SC | 9,158 | 9,232 | (0.8 | )% | 3,546 | 3,214 | 10.3 | % | 5,612 | 6,018 | (6.7 | )% | 1,204 | 1,202 | 0.2 | % | 1,050 | 1,041 | 0.9 | % | ||||||||||||||||||||||||||||||||||
Savannah, GA | 7,237 | 7,302 | (0.9 | )% | 2,589 | 2,704 | (4.3 | )% | 4,648 | 4,598 | 1.1 | % | 1,133 | 1,132 | 0.1 | % | 985 | 982 | 0.3 | % | ||||||||||||||||||||||||||||||||||
Richmond, VA | 5,253 | 5,312 | (1.1 | )% | 1,708 | 1,899 | (10.1 | )% | 3,545 | 3,413 | 3.9 | % | 1,092 | 1,098 | (0.5 | )% | 954 | 951 | 0.3 | % | ||||||||||||||||||||||||||||||||||
Memphis, TN | 5,020 | 5,079 | (1.2 | )% | 2,179 | 2,256 | (3.4 | )% | 2,841 | 2,823 | 0.6 | % | 971 | 970 | 0.1 | % | 857 | 857 | 0.0 | % | ||||||||||||||||||||||||||||||||||
Birmingham, AL | 4,591 | 4,664 | (1.6 | )% | 1,713 | 1,857 | (7.8 | )% | 2,878 | 2,807 | 2.5 | % | 1,086 | 1,104 | (1.6 | )% | 937 | 939 | (0.2 | )% | ||||||||||||||||||||||||||||||||||
Greenville, SC | 4,492 | 4,525 | (0.7 | )% | 1,755 | 1,791 | (2.0 | )% | 2,737 | 2,734 | 0.1 | % | 896 | 894 | 0.2 | % | 768 | 766 | 0.3 | % | ||||||||||||||||||||||||||||||||||
Little Rock, AR | 3,804 | 3,855 | (1.3 | )% | 1,380 | 1,409 | (2.1 | )% | 2,424 | 2,446 | (0.9 | )% | 972 | 976 | (0.4 | )% | 871 | 874 | (0.3 | )% | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 3,873 | 3,950 | (1.9 | )% | 1,514 | 1,664 | (9.0 | )% | 2,359 | 2,286 | 3.2 | % | 1,141 | 1,157 | (1.4 | )% | 1,029 | 1,032 | (0.3 | )% | ||||||||||||||||||||||||||||||||||
Jackson, MS | 3,512 | 3,573 | (1.7 | )% | 1,318 | 1,377 | (4.3 | )% | 2,194 | 2,196 | (0.1 | )% | 977 | 989 | (1.2 | )% | 854 | 853 | 0.1 | % | ||||||||||||||||||||||||||||||||||
Huntsville, AL | 3,534 | 3,533 | 0.0 | % | 1,422 | 1,537 | (7.5 | )% | 2,112 | 1,996 | 5.8 | % | 893 | 899 | (0.7 | )% | 751 | 753 | (0.3 | )% | ||||||||||||||||||||||||||||||||||
Norfolk, Hampton, VA Beach, VA | 3,347 | 3,356 | (0.3 | )% | 1,315 | 1,381 | (4.8 | )% | 2,032 | 1,975 | 2.9 | % | 1,128 | 1,122 | 0.5 | % | 966 | 970 | (0.4 | )% | ||||||||||||||||||||||||||||||||||
Lexington, KY | 2,494 | 2,521 | (1.1 | )% | 895 | 907 | (1.3 | )% | 1,599 | 1,614 | (0.9 | )% | 932 | 935 | (0.3 | )% | 833 | 837 | (0.5 | )% | ||||||||||||||||||||||||||||||||||
Chattanooga, TN | 2,464 | 2,458 | 0.2 | % | 1,066 | 1,092 | (2.4 | )% | 1,398 | 1,366 | 2.3 | % | 895 | 896 | (0.1 | )% | 780 | 772 | 1.0 | % | ||||||||||||||||||||||||||||||||||
Other | 13,375 | 13,466 | (0.7 | )% | 4,857 | 5,042 | (3.7 | )% | 8,518 | 8,424 | 1.1 | % | 980 | 980 | 0.0 | % | 863 | 858 | 0.6 | % | ||||||||||||||||||||||||||||||||||
Secondary Markets | $ | 81,863 | $ | 82,494 | (0.8 | )% | $ | 30,674 | $ | 31,630 | (3.0 | )% | $ | 51,189 | $ | 50,864 | 0.6 | % | $ | 1,031 | $ | 1,033 | (0.2 | )% | $ | 906 | $ | 903 | 0.3 | % | ||||||||||||||||||||||||
Total Same Store | $ | 231,575 | $ | 232,136 | (0.2 | )% | $ | 86,042 | $ | 90,035 | (4.4 | )% | $ | 145,533 | $ | 142,101 | 2.4 | % | $ | 1,125 | $ | 1,123 | 0.2 | % | $ | 987 | $ | 980 | 0.7 | % |
MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF DECEMBER 31, 2015 |
Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
YTD 2015 | YTD 2014 | % Chg | YTD 2015 | YTD 2014 | % Chg | YTD 2015 | YTD 2014 | % Chg | YTD 2015 | YTD 2014 | % Chg | YTD 2015 | YTD 2014 | % Chg | ||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | $ | 78,092 | $ | 71,818 | 8.7 | % | $ | 29,861 | $ | 29,845 | 0.1 | % | $ | 48,231 | $ | 41,973 | 14.9 | % | $ | 1,615 | $ | 1,504 | 7.4 | % | $ | 1,038 | $ | 970 | 7.0 | % | ||||||||||||||||||||||||
Austin, TX | 79,667 | 74,964 | 6.3 | % | 34,994 | 33,483 | 4.5 | % | 44,673 | 41,481 | 7.7 | % | 1,582 | 1,495 | 5.8 | % | 1,037 | 982 | 5.6 | % | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 58,423 | 55,081 | 6.1 | % | 19,584 | 18,997 | 3.1 | % | 38,839 | 36,084 | 7.6 | % | 1,447 | 1,372 | 5.5 | % | 950 | 905 | 5.0 | % | ||||||||||||||||||||||||||||||||||
Raleigh/Durham, NC | 57,945 | 55,129 | 5.1 | % | 19,505 | 18,705 | 4.3 | % | 38,440 | 36,424 | 5.5 | % | 1,439 | 1,387 | 3.7 | % | 939 | 915 | 2.6 | % | ||||||||||||||||||||||||||||||||||
Fort Worth, TX | 57,911 | 54,251 | 6.7 | % | 24,422 | 23,174 | 5.4 | % | 33,489 | 31,077 | 7.8 | % | 1,483 | 1,397 | 6.2 | % | 961 | 906 | 6.1 | % | ||||||||||||||||||||||||||||||||||
Dallas, TX | 55,395 | 52,503 | 5.5 | % | 23,516 | 22,618 | 4.0 | % | 31,879 | 29,885 | 6.7 | % | 1,611 | 1,536 | 4.9 | % | 1,070 | 1,020 | 4.9 | % | ||||||||||||||||||||||||||||||||||
Nashville, TN | 44,690 | 43,011 | 3.9 | % | 15,010 | 14,655 | 2.4 | % | 29,680 | 28,356 | 4.7 | % | 1,619 | 1,557 | 4.0 | % | 1,078 | 1,035 | 4.2 | % | ||||||||||||||||||||||||||||||||||
Orlando, FL | 40,776 | 38,559 | 5.7 | % | 15,660 | 14,962 | 4.7 | % | 25,116 | 23,597 | 6.4 | % | 1,628 | 1,552 | 4.9 | % | 1,068 | 1,017 | 5.0 | % | ||||||||||||||||||||||||||||||||||
Tampa, FL | 39,349 | 36,497 | 7.8 | % | 14,646 | 13,903 | 5.3 | % | 24,703 | 22,594 | 9.3 | % | 1,662 | 1,557 | 6.7 | % | 1,105 | 1,034 | 6.9 | % | ||||||||||||||||||||||||||||||||||
Houston, TX | 34,302 | 32,613 | 5.2 | % | 14,643 | 13,997 | 4.6 | % | 19,659 | 18,616 | 5.6 | % | 1,530 | 1,454 | 5.2 | % | 1,014 | 963 | 5.3 | % | ||||||||||||||||||||||||||||||||||
Phoenix, AZ | 24,306 | 22,722 | 7.0 | % | 8,550 | 8,497 | 0.6 | % | 15,756 | 14,225 | 10.8 | % | 1,420 | 1,343 | 5.7 | % | 927 | 874 | 6.1 | % | ||||||||||||||||||||||||||||||||||
South Florida | 9,020 | 8,494 | 6.2 | % | 3,289 | 3,090 | 6.4 | % | 5,731 | 5,404 | 6.1 | % | 2,163 | 2,068 | 4.6 | % | 1,494 | 1,442 | 3.6 | % | ||||||||||||||||||||||||||||||||||
Las Vegas, NV | 8,020 | 7,396 | 8.4 | % | 2,931 | 2,858 | 2.6 | % | 5,089 | 4,538 | 12.1 | % | 1,287 | 1,216 | 5.8 | % | 812 | 781 | 4.0 | % | ||||||||||||||||||||||||||||||||||
Large Markets | $ | 587,896 | $ | 553,038 | 6.3 | % | $ | 226,611 | $ | 218,784 | 3.6 | % | $ | 361,285 | $ | 334,254 | 8.1 | % | $ | 1,551 | $ | 1,470 | 5.5 | % | $ | 1,017 | $ | 966 | 5.3 | % | ||||||||||||||||||||||||
Jacksonville, FL | $ | 38,194 | $ | 36,359 | 5.0 | % | $ | 13,847 | $ | 13,809 | 0.3 | % | $ | 24,347 | $ | 22,550 | 8.0 | % | $ | 1,372 | $ | 1,321 | 3.9 | % | $ | 937 | $ | 907 | 3.3 | % | ||||||||||||||||||||||||
Charleston, SC | 36,110 | 33,745 | 7.0 | % | 12,957 | 12,229 | 6.0 | % | 23,153 | 21,516 | 7.6 | % | 1,577 | 1,477 | 6.8 | % | 1,027 | 966 | 6.3 | % | ||||||||||||||||||||||||||||||||||
Savannah, GA | 28,617 | 26,972 | 6.1 | % | 10,452 | 10,024 | 4.3 | % | 18,165 | 16,948 | 7.2 | % | 1,492 | 1,409 | 5.9 | % | 974 | 933 | 4.4 | % | ||||||||||||||||||||||||||||||||||
Richmond, VA | 20,901 | 20,059 | 4.2 | % | 7,197 | 6,957 | 3.4 | % | 13,704 | 13,102 | 4.6 | % | 1,449 | 1,393 | 4.0 | % | 945 | 920 | 2.7 | % | ||||||||||||||||||||||||||||||||||
Memphis, TN | 19,950 | 19,436 | 2.6 | % | 8,897 | 8,804 | 1.1 | % | 11,053 | 10,632 | 4.0 | % | 1,283 | 1,266 | 1.3 | % | 852 | 842 | 1.2 | % | ||||||||||||||||||||||||||||||||||
Birmingham, AL | 18,357 | 17,831 | 2.9 | % | 7,322 | 6,984 | 4.8 | % | 11,035 | 10,847 | 1.7 | % | 1,453 | 1,432 | 1.5 | % | 936 | 940 | (0.4 | )% | ||||||||||||||||||||||||||||||||||
Greenville, SC | 17,708 | 16,607 | 6.6 | % | 7,004 | 6,678 | 4.9 | % | 10,704 | 9,929 | 7.8 | % | 1,175 | 1,104 | 6.4 | % | 758 | 718 | 5.6 | % | ||||||||||||||||||||||||||||||||||
Little Rock, AR | 15,223 | 15,075 | 1.0 | % | 5,583 | 5,521 | 1.1 | % | 9,640 | 9,554 | 0.9 | % | 1,299 | 1,295 | 0.3 | % | 874 | 876 | (0.2 | )% | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 15,538 | 14,966 | 3.8 | % | 6,519 | 6,302 | 3.4 | % | 9,019 | 8,664 | 4.1 | % | 1,525 | 1,486 | 2.6 | % | 1,024 | 1,002 | 2.2 | % | ||||||||||||||||||||||||||||||||||
Jackson, MS | 14,088 | 13,506 | 4.3 | % | 5,308 | 5,056 | 5.0 | % | 8,780 | 8,450 | 3.9 | % | 1,307 | 1,267 | 3.2 | % | 847 | 828 | 2.3 | % | ||||||||||||||||||||||||||||||||||
Huntsville, AL | 14,026 | 13,745 | 2.0 | % | 5,703 | 5,388 | 5.8 | % | 8,323 | 8,357 | (0.4 | )% | 1,189 | 1,168 | 1.8 | % | 749 | 741 | 1.1 | % | ||||||||||||||||||||||||||||||||||
Norfolk, Hampton, VA Beach, VA | 13,435 | 13,027 | 3.1 | % | 5,343 | 5,288 | 1.0 | % | 8,092 | 7,739 | 4.6 | % | 1,506 | 1,487 | 1.3 | % | 967 | 965 | 0.2 | % | ||||||||||||||||||||||||||||||||||
Lexington, KY | 9,922 | 9,371 | 5.9 | % | 3,626 | 3,524 | 2.9 | % | 6,296 | 5,847 | 7.7 | % | 1,233 | 1,181 | 4.4 | % | 829 | 806 | 2.9 | % | ||||||||||||||||||||||||||||||||||
Chattanooga, TN | 9,804 | 9,489 | 3.3 | % | 4,250 | 4,172 | 1.9 | % | 5,554 | 5,317 | 4.5 | % | 1,189 | 1,170 | 1.6 | % | 763 | 741 | 3.0 | % | ||||||||||||||||||||||||||||||||||
Other | 52,898 | 50,093 | 5.6 | % | 19,774 | 19,198 | 3.0 | % | 33,124 | 30,895 | 7.2 | % | 1,292 | 1,237 | 4.4 | % | 850 | 824 | 3.2 | % | ||||||||||||||||||||||||||||||||||
Secondary Markets | $ | 324,771 | $ | 310,281 | 4.7 | % | $ | 123,782 | $ | 119,934 | 3.2 | % | $ | 200,989 | $ | 190,347 | 5.6 | % | $ | 1,363 | $ | 1,314 | 3.7 | % | $ | 896 | $ | 871 | 2.9 | % | ||||||||||||||||||||||||
Total Same Store | $ | 912,667 | $ | 863,319 | 5.7 | % | $ | 350,393 | $ | 338,718 | 3.4 | % | $ | 562,274 | $ | 524,601 | 7.2 | % | $ | 1,478 | $ | 1,410 | 4.8 | % | $ | 970 | $ | 929 | 4.4 | % |
MULTIFAMILY DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||||||||
Units as of December 31, 2015 | Initial | Development Costs | ||||||||||||||||||||||||||||
Start | Occupancy | Completion | Stabilization | Total | Thru | |||||||||||||||||||||||||
Location | Total | Delivered | Leased | Date | Date | Date | Date | Cost | Q4 2015 | After | ||||||||||||||||||||
Station Square at Cosner's Corner II | Fredericksburg, Virginia | 120 | 37 | 50 | 1Q15 | 4Q15 | 1Q16 | 4Q16 | $ | 19,900 | $ | 18,325 | $ | 1,575 | ||||||||||||||||
River's Walk Phase II | Charleston, South Carolina | 78 | — | — | 2Q15 | 2Q16 | 3Q16 | 4Q16 | 14,900 | 8,887 | 6,013 | |||||||||||||||||||
Retreat at West Creek II | Richmond, Virginia | 82 | — | — | 4Q15 | 4Q16 | 2Q17 | 2Q17 | 15,100 | 3,547 | 11,553 | |||||||||||||||||||
CG at Randal Lakes Phase II | Orlando, Florida | 314 | — | — | 2Q15 | 3Q16 | 2Q17 | 4Q17 | 41,300 | 10,517 | 30,783 | |||||||||||||||||||
The Denton II | Kansas City, Missouri-Kansas MSA | 154 | — | — | 4Q15 | 2Q17 | 4Q17 | 3Q18 | 25,400 | 1,039 | 24,361 | |||||||||||||||||||
Total Active | 748 | 37 | 50 | $ | 116,600 | $ | 42,315 | $ | 74,285 |
MULTIFAMILY LEASE-UP COMMUNITIES | |||||||||||
As of December 31, 2015 | |||||||||||
Total | Percent | Construction | Expected | ||||||||
MSA | Units | Occupied | Finished | Stabilized | |||||||
220 Riverside | Jacksonville, Florida | 294 | 94.2 | % | 4Q15 | 1Q16 | |||||
Cityscape at Market Center II | Dallas, Texas | 318 | 77.0 | % | (1) | 3Q16 | |||||
Total | 612 | 85.3 | % |
2015 ACQUISITION ACTIVITY |
Multifamily Acquisitions | Location | Apartment Units | Year Built | Closing Date | ||||
Residences at Burlington Creek | Kansas City, Missouri-Kansas MSA | 298 | 2014 | January 15, 2015 | ||||
SkySong | Scottsdale, Arizona | 325 | 2014 | June 11, 2015 | ||||
Retreat at West Creek | Richmond, Virginia | 254 | 2015 | June 15, 2015 | ||||
Radius | Norfolk/Hampton/Virgina Beach, Virginia MSA | 252 | 2012 | July 28, 2015 | ||||
Haven at Prairie Trace | Kansas City, Missouri-Kansas MSA | 280 | 2015 | July 30, 2015 | ||||
Cityscape at Market Center II | Dallas, Texas | 318 | 2015 | November 19, 2015 | ||||
The Denton | Kansas City, Missouri-Kansas MSA | 55 | 2014 | December 17, 2015 | ||||
Total Multifamily Acquisitions | 1,782 |
Land Acquisitions | Location | Acres | Closing Date | |||||
River's Walk | Charleston, South Carolina | 2.5 | Q1/Q2 2015 - various | |||||
Retreat at West Creek II | Richmond, Virginia | 4.4 | October 14, 2015 | |||||
The Denton II | Kansas City, Missouri-Kansas MSA | 4.5 | December 17, 2015 | |||||
Total Land Acquisitions | 11.4 |
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, Tennessee 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 | ||||
Whisperwood | Columbus, Georgia | 1,008 | 1986 | July 1, 2015 | ||||
Colonial Grand at Wilmington | Wilmington, North Carolina | 390 | 2002 | July 1, 2015 | ||||
Savannah Creek | Memphis, Tennessee MSA | 204 | 1989 | July 1, 2015 | ||||
Total Multifamily Dispositions | 5,105 |
Commercial Dispositions | Location | Square Feet | Year Built | Closing Date | ||||
Colonial Promenade Craft Farms | Gulf Shores, Alabama | 67,735 | 2010 | April 28, 2015 | ||||
Total Commercial Dispositions | 67.735 |
Land Dispositions | Location | Acres | Closing Date | |||||
Colonial Promenade Craft Farms | Gulf Shores, Alabama | 0.23 | April 28, 2015 | |||||
Total Land Dispositions | 0.23 |
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2015 | |||||||||
Dollars in thousands | |||||||||
SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES | |||||||||
Average | |||||||||
Years | |||||||||
Principal | to Rate | Effective | |||||||
Balance | Maturity | Rate | |||||||
Secured Debt | |||||||||
Fixed Rate or Swapped | $ | 1,062,862 | 3.4 | 4.0 | % | ||||
Variable Rate - Capped (1) | 125,000 | 1.1 | 0.8 | % | |||||
Total Secured Fixed or Hedged Rate Debt | 1,187,862 | 3.2 | 3.6 | % | |||||
Variable Rate | 65,000 | 0.1 | 0.8 | % | |||||
Fair Market Value Adjustments and Debt Issuance Costs | 33,374 | 3.2 | |||||||
Total Secured Debt | 1,286,236 | 3.0 | 3.4 | % | |||||
Unsecured Debt | |||||||||
Fixed Rate or Swapped | 2,085,246 | 6.1 | 3.9 | % | |||||
Variable Rate | 75,000 | — | 1.2 | % | |||||
Fair Market Value Adjustments, Debt Issuance Costs and Discounts | (18,914 | ) | 9.5 | ||||||
Total Unsecured Debt | 2,141,332 | 5.9 | 3.8 | % | |||||
Total Debt | $ | 3,427,568 | 4.8 | 3.7 | % | ||||
Total Fixed or Hedged Debt | $ | 3,287,568 | 5.0 | 3.8 | % |
(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. |
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 | $ | 3,162,568 | 92.3 | % | 3.9 | % | 5.2 | |||||||
Capped debt | 125,000 | 3.6 | % | 0.8 | % | 1.1 | ||||||||
Floating (unhedged) debt | 140,000 | 4.1 | % | 1.0 | % | 0.1 | ||||||||
Total | $ | 3,427,568 | 100.0 | % | 3.7 | % | 4.8 | |||||||
Effective | Average Years | |||||||||||||
Percent of | Interest | to Contract | ||||||||||||
Balance | Total | Rate | Maturity | |||||||||||
Secured Versus Unsecured Debt | ||||||||||||||
Unsecured Debt | $ | 2,141,332 | 62.5 | % | 3.8 | % | 5.9 | |||||||
Secured Debt | 1,286,236 | 37.5 | % | 3.4 | % | 3.2 | ||||||||
Total | $ | 3,427,568 | 100.0 | % | 3.7 | % | 4.8 | |||||||
Total | Percent of | Q4 2015 | Percent of | |||||||||||
Cost | Total | NOI | Total | |||||||||||
Unencumbered Versus Encumbered Assets | ||||||||||||||
Unencumbered gross assets | $ | 6,013,806 | 72.0 | % | $ | 119,419 | 72.0 | % | ||||||
Encumbered gross assets | 2,333,188 | 28.0 | % | 46,377 | 28.0 | % | ||||||||
Total | $ | 8,346,994 | 100.0 | % | $ | 165,796 | 100.0 | % |
DEBT AND DEBT COVENANTS AS OF DECEMBER 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 | |||||||||||||||||||
2016 | $ | 110,921 | $ | — | $ | 110,921 | 5.9 | % | $ | 75,000 | $ | 185,921 | ||||||||||||||
2017 | 128,963 | 298,949 | 427,912 | 3.0 | % | 25,000 | 452,912 | |||||||||||||||||||
2018 | 141,540 | 250,956 | 392,496 | 3.6 | % | 25,000 | 417,496 | |||||||||||||||||||
2019 | 569,206 | — | 569,206 | 5.7 | % | — | 569,206 | |||||||||||||||||||
2020 | 170,452 | — | 170,452 | 4.8 | % | — | 170,452 | |||||||||||||||||||
Thereafter | 1,491,581 | — | 1,491,581 | 4.3 | % | — | 1,491,581 | |||||||||||||||||||
Total | $ | 2,612,663 | $ | 549,905 | $ | 3,162,568 | 4.4 | % | $ | 125,000 | $ | 3,287,568 | 5.0 |
DEBT MATURITIES OF OUTSTANDING BALANCES | ||||||||||||||||||||
Credit Facilities | ||||||||||||||||||||
Fannie Mae Secured | Key Bank Unsecured | Other Secured | Other Unsecured | Total | ||||||||||||||||
2016 | $ | 80,000 | $ | — | $ | 33,921 | $ | 77,000 | $ | 190,921 | ||||||||||
2017 | 80,000 | — | 61,005 | 17,959 | 158,964 | |||||||||||||||
2018 | 80,000 | — | 91,667 | 300,829 | 472,496 | |||||||||||||||
2019 | — | — | 549,273 | 19,932 | 569,205 | |||||||||||||||
2020 | — | 75,000 | 170,452 | 149,730 | 395,182 | |||||||||||||||
Thereafter | — | — | 139,918 | 1,500,882 | 1,640,800 | |||||||||||||||
Total | $ | 240,000 | $ | 75,000 | $ | 1,046,236 | $ | 2,066,332 | $ | 3,427,568 |
DEBT COVENANT ANALYSIS | ||||||
Public Bond Covenants | Required | Actual | Compliance | |||
Limit on Incurrence of Total Debt | 60% or less | 41.1% | Yes | |||
Limit on Incurrence of Secured Debt | 40% or less | 15.4% | Yes | |||
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge | 1.5:1 or greater for trailing 4 quarters | 4.93x | Yes | |||
Maintenance of Unencumbered Total Asset Value | Greater than 150% | 280.4% | Yes |
EBITDA AND BALANCE SHEET RATIOS | |||||||
Dollars in thousands | |||||||
Three Months | Twelve Months | ||||||
Ended | Ended | ||||||
December 31, | December 31, | ||||||
2015 | 2015 | ||||||
Consolidated net income | $ | 45,367 | $ | 350,745 | |||
Depreciation and amortization | 73,914 | 294,520 | |||||
Interest expense | 30,834 | 122,344 | |||||
Loss on debt extinguishment | 218 | 3,602 | |||||
Net casualty loss (gain) and other settlement proceeds | 13 | (473 | ) | ||||
Income tax expense | 254 | 1,673 | |||||
Loss on sale of non-depreciable assets | — | (172 | ) | ||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 72 | (189,958 | ) | ||||
(Loss) gain on disposition within unconsolidated entities | — | (12 | ) | ||||
EBITDA | 150,672 | 582,269 | |||||
Acquisition expense | 622 | 2,777 | |||||
Recurring EBITDA | $ | 151,294 | $ | 585,046 | |||
Three Months Ended | |||||||
December 31, | |||||||
2015 | 2014 | ||||||
Recurring EBITDA/Debt Service | 4.23x | 3.75x | |||||
Fixed Charge Coverage (1) | 4.47x | 3.99x | |||||
Total Debt/Total Capitalization (2) | 32.2% | 37.2% | |||||
Total Debt/Total Gross Assets | 41.1% | 43.0% | |||||
Total Net Debt (3)/Total Gross Assets | 40.6% | 42.5% | |||||
Total Net Debt (3)/Recurring EBITDA (4) | 5.79x | 6.37x | |||||
Unencumbered Assets/Gross Real Estate Assets | 72.8% | 66.9% |
(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 December 31, 2015. |
2016 GUIDANCE | |
Full Year 2016 | |
Earnings | |
Core FFO per Share - diluted | $5.68 to $5.88 |
Midpoint | $5.78 |
Core AFFO per Share - diluted | $4.98 to $5.18 |
Midpoint | $5.08 |
Same Store Communities: | |
Number of units | 72,329 |
Property revenue growth | 3.75% to 4.25% |
Property operating expense growth | 2.75% to 3.75% |
Property NOI growth | 4.0% to 5.0% |
Real estate tax expense growth | 4.5% to 5.5% |
Corporate Expenses: | |
General and administrative and property management expenses | $60.0 to $62.0 million |
Income tax expense | $1.5 to $2.5 million |
Transaction/Investment Volume: | |
Acquisition volume (multifamily) | $300 to $400 million |
Disposition volume (multifamily) | $200 to $300 million |
Commercial / land disposition volume | $30 to $60 million |
Development investment | $50 to $60 million |
Debt: | |
Average Interest Rate (excluding mark-to-market debt adjustment) | 4.1% to 4.3% |
Average Effective Interest Rate | 3.6% to 3.9% |
Capitalized Interest | $1.0 to $2.0 million |
Leverage (Total Net Debt/Total Gross Assets) | 39% to 41% |
Unencumbered Asset Pool (Percent of Total Gross Assets) | 72% to 75% |
Non Core Items: | |
Acquisition expense | $1.8 to $2.4 million |
Projected amortization of debt mark-to-market | $15 to $16 million |
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: | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | |||||||||||||||
Earnings release & conference call | Early May | Early August | Early November | Early February | |||||||||||||||
Dividend Information - Common Shares: | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | ||||||||||||||
Declaration Date | 12/3/2014 | 3/12/2015 | 5/19/2015 | 9/24/2015 | 12/8/2015 | ||||||||||||||
Record Date | 1/15/2015 | 4/15/2015 | 7/15/2015 | 10/15/2015 | 1/15/2016 | ||||||||||||||
Payment Date | 1/30/2015 | 4/30/2015 | 7/31/2015 | 10/30/2015 | 1/29/2016 | ||||||||||||||
Distributions Per Share | $ | 0.77 | $ | 0.77 | $ | 0.77 | $ | 0.77 | $ | 0.82 |
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, Finance | |||||||||
Jennifer Patrick | Investor Relations |
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