EX-99.2 3 a1q18exh992.htm EXHIBIT 99.2 Exhibit


PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2018 (In apartment units)
 
 
Same Store
 
Non-Same Store(1)
 
Lease-up
 
Total Completed Communities
 
Development Units Delivered
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
10,664

 
—

 
332

 
10,996

 
94

 
11,090

Dallas, TX
 
9,404

 
362

 
—

 
9,766

 
—

 
9,766

Austin, TX
 
6,475

 
298

 
344

 
7,117

 
—

 
7,117

Charlotte, NC
 
6,149

 
—

 
—

 
6,149

 
—

 
6,149

Orlando, FL
 
4,498

 
776

 
—

 
5,274

 
—

 
5,274

Tampa, FL
 
5,220

 
—

 
—

 
5,220

 
—

 
5,220

Raleigh/Durham, NC
 
4,397

 
803

 
—

 
5,200

 
—

 
5,200

Houston, TX
 
4,479

 
388

 
—

 
4,867

 
—

 
4,867

Nashville, TN
 
3,776

 
279

 
320

 
4,375

 
—

 
4,375

Fort Worth, TX
 
4,249

 
—

 
—

 
4,249

 
—

 
4,249

Washington, DC
 
4,080

 
—

 
—

 
4,080

 
—

 
4,080

Jacksonville, FL
 
3,496

 
—

 
—

 
3,496

 
—

 
3,496

Charleston, SC
 
2,726

 
302

 
—

 
3,028

 
—

 
3,028

Phoenix, AZ
 
2,301

 
322

 
—

 
2,623

 
—

 
2,623

Savannah, GA
 
2,219

 
—

 
—

 
2,219

 
—

 
2,219

Greenville, SC
 
1,748

 
336

 
—

 
2,084

 
—

 
2,084

Richmond, VA
 
1,668

 
336

 
—

 
2,004

 
—

 
2,004

Memphis, TN
 
1,811

 
—

 
—

 
1,811

 
—

 
1,811

San Antonio, TX
 
1,504

 
—

 
—

 
1,504

 
—

 
1,504

Birmingham, AL
 
1,462

 
—

 
—

 
1,462

 
—

 
1,462

Little Rock, AR
 
1,368

 
—

 
—

 
1,368

 
—

 
1,368

Jackson, MS
 
1,241

 
—

 
—

 
1,241

 
—

 
1,241

Huntsville, AL
 
1,228

 
—

 
—

 
1,228

 
—

 
1,228

Other
 
7,320

 
449

 
513

 
8,282

 
—

 
8,282

Total Multifamily Units
 
93,483

 
4,651

 
1,509

 
99,643

 
94

 
99,737


(1)Non-Same Store total excludes 269 units in joint venture property in Washington, D.C.



Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS(1) 
Dollars in thousands, except Average Effective Rent
 
 
As of March 31, 2018
 
Average Effective Rent for the Three Months Ended March 31, 2018
 
As of March 31, 2018
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
1,752,714

 
13.4
%
 
96.4
%
 
$
1,355

 
10,664

 
 
Dallas, TX
 
1,349,925

 
10.4
%
 
95.6
%
 
1,258

 
9,766

 
 
Washington, DC
 
936,823

 
7.2
%
 
97.0
%
 
1,712

 
4,080

 
 
Charlotte, NC
 
928,483

 
7.1
%
 
96.8
%
 
1,160

 
6,149

 
 
Tampa, FL
 
846,686

 
6.5
%
 
97.4
%
 
1,366

 
5,220

 
 
Orlando, FL
 
807,378

 
6.2
%
 
97.2
%
 
1,369

 
5,274

 
 
Austin, TX
 
756,849

 
5.8
%
 
96.0
%
 
1,159

 
6,773

 
 
Raleigh/Durham, NC
 
654,421

 
5.0
%
 
96.5
%
 
1,055

 
5,200

 
 
Houston, TX
 
591,063

 
4.5
%
 
97.4
%
 
1,126

 
4,867

 
 
Nashville, TN
 
445,393

 
3.4
%
 
97.2
%
 
1,186

 
4,055

 
 
Fort Worth, TX
 
382,288

 
2.9
%
 
96.7
%
 
1,110

 
4,249

 
 
Phoenix, AZ
 
368,659

 
2.8
%
 
95.7
%
 
1,098

 
2,623

 
 
Charleston, SC
 
360,476

 
2.8
%
 
97.2
%
 
1,150

 
3,028

 
 
Jacksonville, FL
 
286,239

 
2.2
%
 
97.7
%
 
1,059

 
3,496

 
 
Richmond, VA
 
255,917

 
2.0
%
 
97.7
%
 
1,096

 
2,004

 
 
Savannah, GA
 
233,897

 
1.8
%
 
97.3
%
 
1,024

 
2,219

 
 
San Antonio, TX
 
159,598

 
1.2
%
 
95.9
%
 
1,059

 
1,504

 
 
Kansas City, MO-KS
 
156,008

 
1.2
%
 
96.8
%
 
1,200

 
956

 
 
Birmingham, AL
 
151,831

 
1.2
%
 
96.5
%
 
956

 
1,462

 
 
Greenville, SC
 
151,592

 
1.2
%
 
96.6
%
 
851

 
2,084

 
 
Memphis, TN
 
125,536

 
1.0
%
 
97.1
%
 
924

 
1,811

 
 
All Other Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Florida
 
$
170,973

 
1.3
%
 
97.6
%
 
$
1,227

 
1,806

 
 
Alabama
 
153,352

 
1.2
%
 
98.1
%
 
883

 
1,648

 
 
Virginia
 
149,041

 
1.1
%
 
98.1
%
 
1,217

 
1,039

 
 
Arkansas
 
115,628

 
0.9
%
 
96.1
%
 
873

 
1,368

 
 
Kentucky
 
90,899

 
0.7
%
 
96.9
%
 
848

 
1,308

 
 
Mississippi
 
71,183

 
0.5
%
 
97.3
%
 
861

 
1,241

 
 
Nevada
 
68,119

 
0.5
%
 
97.1
%
 
934

 
721

 
 
Tennessee
 
49,638

 
0.4
%
 
96.5
%
 
827

 
943

 
 
South Carolina
 
35,611

 
0.3
%
 
98.6
%
 
804

 
576

 
 
Subtotal
$
12,606,220

 
96.7
%
 
96.8
%
 
$
1,181

 
98,134

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
165,777

 
1.3
%
 
42.2
%
 
$
2,360

 
426

 
770

Denver, CO
 
82,443

 
0.6
%
 
34.5
%
 
1,780

 
359

 
359

Nashville, TN
 
71,781

 
0.6
%
 
84.4
%
 
1,754

 
320

 
320

Austin, TX
 
61,643

 
0.5
%
 
74.1
%
 
1,467

 
344

 
344

Kansas City, MO-KS
 
24,982

 
0.2
%
 
37.0
%
 
1,222

 
154

 
154

Charleston, SC
 
16,824

 
0.1
%
 
—

 
—

 
—

 
140

Lease-up and Development
$
423,450

 
3.3
%
 
56.1
%
 
$
1,774

 
1,603

 
2,087

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
13,029,670

 
100.0
%
 
96.1
%
 
$
1,190

 
99,737

 
100,221


(1) Schedule excludes one joint venture property in Washington, D.C.

Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
 
As of March 31, 2018
 
Three Months Ended
 
Apartment Units
 
Gross Real Assets
 
March 31, 2018
 
March 31, 2017
 
Percent Change
Operating Revenue
 
 
 
 
 
 
 
 
 
Same Store Communities
93,483

 
$
11,817,414

 
$
356,847

 
$
350,597

 
1.8
%
Non-Same Store Communities
4,651

 
788,806

 
19,562

 
22,582

 

Lease up/Development Communities
1,603

 
423,450

 
4,042

 
54

 

Total Multifamily Portfolio
99,737

 
$
13,029,670

 
$
380,451

 
$
373,233

 
 
Commercial Property/Land
—

 
$
211,930

 
$
5,566

 
$
5,675

 
 
Total Operating Revenue
99,737

 
$
13,241,600

 
$
386,017

 
$
378,908

 

 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
131,497

 
$
129,414

 
1.6
%
Non-Same Store Communities

 

 
8,442

 
9,700

 

Lease up/Development Communities

 

 
2,368

 
44

 

Total Multifamily Portfolio

 

 
$
142,307

 
$
139,158

 
 
Commercial Property/Land
 
 

 
$
2,097

 
$
2,115

 
 
Total Property Operating Expenses
 

 
$
144,404

 
$
141,273

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
225,350

 
$
221,183

 
1.9
%
Non-Same Store Communities

 

 
11,120

 
12,882

 

Lease up/Development Communities

 

 
1,674

 
10

 

Total Multifamily Portfolio

 

 
$
238,144

 
$
234,075

 
 
Commercial Property/Land
 
 

 
$
3,469

 
$
3,560

 
 
Total Net Operating Income

 

 
$
241,613

 
$
237,635

 
1.7
%



COMPONENTS OF SAME STORE PROPERTY OPERATING EXPENSES
Dollars in thousands
 
Three Months Ended
 
March 31, 2018
 
March 31, 2017
 
Percent Increase/(Decrease)
Personnel
$
31,535

 
$
30,787

 
2.4
 %
Building Repair and Maintenance
13,957

 
14,994

 
(6.9
)%
Utilities
25,964

 
24,537

 
5.8
 %
Marketing
3,505

 
3,888

 
(9.9
)%
Office Operations(1)
6,059

 
5,292

 
14.5
 %
Property Taxes
47,810

 
46,590

 
2.6
 %
Insurance
2,667

 
3,326

 
(19.8
)%
Total Property Operating Expenses
$
131,497

 
$
129,414

 
1.6
 %

(1) The three months ended March 31, 2018, include $0.9 million in operating expenses primarily for remediating some minor and isolated water intrusion as a result of storm damage from the 2018 arctic blast.


Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio
 
 
Average Physical Occupancy
 
Apartment Units
 
Percent of Same Store NOI
 
Three months ended March 31, 2018
 
Three months ended March 31, 2017
Atlanta, GA
10,664
 
13.6
%
 
96.1
%
 
96.2
%
Dallas, TX
9,404
 
9.6
%
 
95.6
%
 
95.2
%
Charlotte, NC
6,149
 
7.4
%
 
96.4
%
 
96.3
%
Washington, DC
4,080
 
6.7
%
 
96.6
%
 
97.2
%
Tampa, FL
5,220
 
6.6
%
 
96.5
%
 
95.9
%
Austin, TX
6,475
 
5.9
%
 
96.0
%
 
95.6
%
Orlando, FL
4,498
 
5.7
%
 
96.4
%
 
95.7
%
Raleigh/Durham, NC
4,397
 
4.5
%
 
96.7
%
 
96.6
%
Nashville, TN
3,776
 
4.3
%
 
95.9
%
 
95.1
%
Fort Worth, TX
4,249
 
4.0
%
 
95.8
%
 
95.6
%
Houston, TX
4,479
 
3.8
%
 
96.9
%
 
94.7
%
Jacksonville, FL
3,496
 
3.5
%
 
96.6
%
 
96.9
%
Charleston, SC
2,726
 
2.9
%
 
96.1
%
 
95.7
%
Phoenix, AZ
2,301
 
2.6
%
 
96.8
%
 
97.4
%
Savannah, GA
2,219
 
2.1
%
 
97.0
%
 
96.6
%
Richmond, VA
1,668
 
1.7
%
 
96.9
%
 
95.8
%
Memphis, TN
1,811
 
1.4
%
 
95.7
%
 
95.7
%
Greenville, SC
1,748
 
1.3
%
 
96.7
%
 
96.4
%
Birmingham, AL
1,462
 
1.2
%
 
95.7
%
 
96.4
%
San Antonio, TX
1,504
 
1.2
%
 
95.5
%
 
96.1
%
Little Rock, AR
1,368
 
1.0
%
 
95.9
%
 
95.6
%
Huntsville, AL
1,228
 
1.0
%
 
97.2
%
 
96.3
%
Jackson, MS
1,241
 
1.0
%
 
95.6
%
 
96.0
%
Other
7,320
 
7.0
%
 
96.5
%
 
96.0
%
Total Same Store
93,483
 
100.0
%
 
96.3
%
 
96.0
%


Supplemental Data S-4



MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q1 2018
 
Q1 2017
 
% Chg
 
Q1 2018
 
Q1 2017
 
% Chg
 
Q1 2018
 
Q1 2017
 
% Chg
 
Q1 2018
 
Q1 2017
 
% Chg
Atlanta, GA
10,664

 
$
46,504

 
$
46,072

 
0.9
 %
 
$
16,004

 
$
16,375

 
(2.3
)%
 
$
30,500

 
$
29,697

 
2.7
 %
 
$
1,355

 
$
1,339

 
1.2
 %
Dallas, TX
9,404

 
37,735

 
37,380

 
0.9
 %
 
16,292

 
15,769

 
3.3
 %
 
21,443

 
21,611

 
(0.8
)%
 
1,265

 
1,261

 
0.3
 %
Charlotte, NC
6,149

 
23,097

 
22,740

 
1.6
 %
 
6,601

 
6,778

 
(2.6
)%
 
16,496

 
15,962

 
3.3
 %
 
1,160

 
1,146

 
1.2
 %
Washington, DC
4,080

 
22,080

 
21,716

 
1.7
 %
 
7,024

 
6,813

 
3.1
 %
 
15,056

 
14,903

 
1.0
 %
 
1,712

 
1,679

 
2.0
 %
Tampa, FL
5,220

 
22,868

 
22,384

 
2.2
 %
 
7,904

 
7,852

 
0.7
 %
 
14,964

 
14,532

 
3.0
 %
 
1,366

 
1,346

 
1.5
 %
Austin, TX
6,475

 
24,166

 
24,180

 
(0.1
)%
 
10,849

 
10,816

 
0.3
 %
 
13,317

 
13,364

 
(0.4
)%
 
1,141

 
1,146

 
(0.4
)%
Orlando, FL
4,498

 
19,885

 
19,000

 
4.7
 %
 
6,996

 
6,701

 
4.4
 %
 
12,889

 
12,299

 
4.8
 %
 
1,381

 
1,328

 
4.0
 %
Raleigh/Durham, NC
4,397

 
15,138

 
14,696

 
3.0
 %
 
4,969

 
4,785

 
3.8
 %
 
10,169

 
9,911

 
2.6
 %
 
1,039

 
1,011

 
2.8
 %
Nashville, TN
3,776

 
14,362

 
14,147

 
1.5
 %
 
4,621

 
4,557

 
1.4
 %
 
9,741

 
9,590

 
1.6
 %
 
1,167

 
1,155

 
1.0
 %
Fort Worth, TX
4,249

 
15,737

 
15,168

 
3.8
 %
 
6,664

 
6,070

 
9.8
 %
 
9,073

 
9,098

 
(0.3
)%
 
1,110

 
1,070

 
3.7
 %
Houston, TX
4,479

 
15,970

 
16,257

 
(1.8
)%
 
7,355

 
7,620

 
(3.5
)%
 
8,615

 
8,637

 
(0.3
)%
 
1,107

 
1,150

 
(3.7
)%
Jacksonville, FL
3,496

 
11,928

 
11,488

 
3.8
 %
 
4,008

 
4,016

 
(0.2
)%
 
7,920

 
7,472

 
6.0
 %
 
1,059

 
1,019

 
3.9
 %
Charleston, SC
2,726

 
10,123

 
9,935

 
1.9
 %
 
3,513

 
3,271

 
7.4
 %
 
6,610

 
6,664

 
(0.8
)%
 
1,121

 
1,113

 
0.7
 %
Phoenix, AZ
2,301

 
8,163

 
7,867

 
3.8
 %
 
2,394

 
2,371

 
1.0
 %
 
5,769

 
5,496

 
5.0
 %
 
1,084

 
1,036

 
4.6
 %
Savannah, GA
2,219

 
7,533

 
7,361

 
2.3
 %
 
2,774

 
2,587

 
7.2
 %
 
4,759

 
4,774

 
(0.3
)%
 
1,024

 
1,003

 
2.1
 %
Richmond, VA
1,668

 
5,789

 
5,475

 
5.7
 %
 
1,935

 
1,865

 
3.8
 %
 
3,854

 
3,610

 
6.8
 %
 
1,045

 
998

 
4.7
 %
Memphis, TN
1,811

 
5,438

 
5,291

 
2.8
 %
 
2,320

 
2,366

 
(1.9
)%
 
3,118

 
2,925

 
6.6
 %
 
924

 
900

 
2.7
 %
Greenville, SC
1,748

 
4,765

 
4,704

 
1.3
 %
 
1,741

 
1,722

 
1.1
 %
 
3,024

 
2,982

 
1.4
 %
 
808

 
797

 
1.4
 %
Birmingham, AL
1,462

 
4,722

 
4,674

 
1.0
 %
 
1,943

 
1,966

 
(1.2
)%
 
2,779

 
2,708

 
2.6
 %
 
956

 
949

 
0.7
 %
San Antonio, TX
1,504

 
5,158

 
5,156

 
0.0
 %
 
2,389

 
2,269

 
5.3
 %
 
2,769

 
2,887

 
(4.1
)%
 
1,059

 
1,062

 
(0.3
)%
Little Rock, AR
1,368

 
3,879

 
3,865

 
0.4
 %
 
1,521

 
1,438

 
5.8
 %
 
2,358

 
2,427

 
(2.8
)%
 
873

 
884

 
(1.2
)%
Huntsville, AL
1,228

 
3,490

 
3,336

 
4.6
 %
 
1,290

 
1,276

 
1.1
 %
 
2,200

 
2,060

 
6.8
 %
 
818

 
784

 
4.3
 %
Jackson, MS
1,241

 
3,580

 
3,592

 
(0.3
)%
 
1,385

 
1,343

 
3.1
 %
 
2,195

 
2,249

 
(2.4
)%
 
861

 
867

 
(0.7
)%
Other
7,320

 
24,737

 
24,113

 
2.6
 %
 
9,005

 
8,788

 
2.5
 %
 
15,732

 
15,325

 
2.7
 %
 
1,030

 
1,014

 
1.6
 %
Total Same Store
93,483

 
$
356,847

 
$
350,597

 
1.8
 %
 
$
131,497

 
$
129,414

 
1.6
 %
 
$
225,350

 
$
221,183

 
1.9
 %
 
$
1,177

 
$
1,161

 
1.4
 %












Supplemental Data S-5



MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q1 2018
 
Q4 2017
 
% Chg
 
Q1 2018
 
Q4 2017
 
% Chg
 
Q1 2018
 
Q4 2017
 
% Chg
 
Q1 2018
 
Q4 2017
 
% Chg
Atlanta, GA
10,664

 
$
46,504

 
$
46,438

 
0.1
 %
 
$
16,004

 
$
16,058

 
(0.3
)%
 
$
30,500

 
$
30,380

 
0.4
 %
 
$
1,355

 
$
1,356

 
(0.1
)%
Dallas, TX
9,404

 
37,735

 
37,683

 
0.1
 %
 
16,292

 
15,856

 
2.7
 %
 
21,443

 
21,827

 
(1.8
)%
 
1,265

 
1,268

 
(0.2
)%
Charlotte, NC
6,149

 
23,097

 
22,881

 
0.9
 %
 
6,601

 
6,894

 
(4.3
)%
 
16,496

 
15,987

 
3.2
 %
 
1,160

 
1,163

 
(0.3
)%
Washington, DC
4,080

 
22,080

 
22,002

 
0.4
 %
 
7,024

 
6,807

 
3.2
 %
 
15,056

 
15,195

 
(0.9
)%
 
1,712

 
1,716

 
(0.2
)%
Tampa, FL
5,220

 
22,868

 
22,666

 
0.9
 %
 
7,904

 
7,753

 
1.9
 %
 
14,964

 
14,913

 
0.3
 %
 
1,366

 
1,364

 
0.1
 %
Austin, TX
6,475

 
24,166

 
24,188

 
(0.1
)%
 
10,849

 
10,619

 
2.2
 %
 
13,317

 
13,569

 
(1.9
)%
 
1,141

 
1,142

 
(0.1
)%
Orlando, FL
4,498

 
19,885

 
19,617

 
1.4
 %
 
6,996

 
6,727

 
4.0
 %
 
12,889

 
12,890

 
0.0
 %
 
1,381

 
1,375

 
0.4
 %
Raleigh/Durham, NC
4,397

 
15,138

 
15,117

 
0.1
 %
 
4,969

 
4,853

 
2.4
 %
 
10,169

 
10,264

 
(0.9
)%
 
1,039

 
1,039

 
0.0
 %
Nashville, TN
3,776

 
14,362

 
14,271

 
0.6
 %
 
4,621

 
4,557

 
1.4
 %
 
9,741

 
9,714

 
0.3
 %
 
1,167

 
1,168

 
(0.1
)%
Fort Worth, TX
4,249

 
15,737

 
15,636

 
0.6
 %
 
6,664

 
6,087

 
9.5
 %
 
9,073

 
9,549

 
(5.0
)%
 
1,110

 
1,109

 
0.1
 %
Houston, TX
4,479

 
15,970

 
15,913

 
0.4
 %
 
7,355

 
6,590

 
11.6
 %
 
8,615

 
9,323

 
(7.6
)%
 
1,107

 
1,097

 
0.9
 %
Jacksonville, FL
3,496

 
11,928

 
11,791

 
1.2
 %
 
4,008

 
3,701

 
8.3
 %
 
7,920

 
8,090

 
(2.1
)%
 
1,059

 
1,049

 
1.0
 %
Charleston, SC
2,726

 
10,123

 
10,134

 
(0.1
)%
 
3,513

 
3,567

 
(1.5
)%
 
6,610

 
6,567

 
0.7
 %
 
1,121

 
1,131

 
(0.9
)%
Phoenix, AZ
2,301

 
8,163

 
8,140

 
0.3
 %
 
2,394

 
2,302

 
4.0
 %
 
5,769

 
5,838

 
(1.2
)%
 
1,084

 
1,075

 
0.8
 %
Savannah, GA
2,219

 
7,533

 
7,526

 
0.1
 %
 
2,774

 
2,733

 
1.5
 %
 
4,759

 
4,793

 
(0.7
)%
 
1,024

 
1,025

 
(0.1
)%
Richmond, VA
1,668

 
5,789

 
5,773

 
0.3
 %
 
1,935

 
1,833

 
5.6
 %
 
3,854

 
3,940

 
(2.2
)%
 
1,045

 
1,042

 
0.3
 %
Memphis, TN
1,811

 
5,438

 
5,380

 
1.1
 %
 
2,320

 
2,261

 
2.6
 %
 
3,118

 
3,119

 
0.0
 %
 
924

 
926

 
(0.2
)%
Greenville, SC
1,748

 
4,765

 
4,716

 
1.0
 %
 
1,741

 
1,719

 
1.3
 %
 
3,024

 
2,997

 
0.9
 %
 
808

 
810

 
(0.2
)%
Birmingham, AL
1,462

 
4,722

 
4,703

 
0.4
 %
 
1,943

 
1,965

 
(1.1
)%
 
2,779

 
2,738

 
1.5
 %
 
956

 
960

 
(0.4
)%
San Antonio, TX
1,504

 
5,158

 
5,169

 
(0.2
)%
 
2,389

 
2,112

 
13.1
 %
 
2,769

 
3,057

 
(9.4
)%
 
1,059

 
1,065

 
(0.6
)%
Little Rock, AR
1,368

 
3,879

 
3,842

 
1.0
 %
 
1,521

 
1,428

 
6.5
 %
 
2,358

 
2,414

 
(2.3
)%
 
873

 
875

 
(0.2
)%
Huntsville, AL
1,228

 
3,490

 
3,409

 
2.4
 %
 
1,290

 
1,162

 
11.0
 %
 
2,200

 
2,247

 
(2.1
)%
 
818

 
813

 
0.6
 %
Jackson, MS
1,241

 
3,580

 
3,570

 
0.3
 %
 
1,385

 
1,291

 
7.3
 %
 
2,195

 
2,279

 
(3.7
)%
 
861

 
868

 
(0.8
)%
Other
7,320

 
24,737

 
24,511

 
0.9
 %
 
9,005

 
8,832

 
2.0
 %
 
15,732

 
15,679

 
0.3
 %
 
1,030

 
1,032

 
(0.2
)%
Total Same Store
93,483

 
$
356,847

 
$
355,076

 
0.5
 %
 
$
131,497

 
$
127,707

 
3.0
 %
 
$
225,350

 
$
227,369

 
(0.9
)%
 
$
1,177

 
$
1,177

 
0.0
 %






Supplemental Data S-6



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of March 31, 2018
 
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q1 2018
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1201 Midtown II
Charleston, SC
 
140

 
—

 
—

 
2Q17
 
3Q18
 
4Q18
 
3Q19
 
29,500

 
16,824

 
12,676

Post Centennial Park
Atlanta, GA
 
438

 
94

 
—

 
1Q16
 
2Q18
 
3Q18
 
4Q19
 
96,300

 
84,594

 
11,706

Total Active
 
 
578

 
94

 
—

 
 
 
 
 
 
 
 
 
$
125,800

 
$
101,418

 
$
24,382


(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
MULTIFAMILY LEASE-UP COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2018
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Location
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
Acklen West End
Nashville, TN
 
320

 
84.4
%
 
(2) 
 
3Q18
The Denton II
Kansas City, MO
 
154

 
37.0
%
 
4Q17
 
4Q18
Post South Lamar II
Austin, TX
 
344

 
74.1
%
 
4Q17
 
4Q18
Post Midtown
Atlanta, GA
 
332

 
42.2
%
 
3Q17
 
4Q18
Post River North
Denver, CO
 
359

 
34.5
%
 
1Q18
 
2Q19
Total
 
 
1,509

 
56.1
%
 
 
 
 

(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Property was acquired while still in lease-up; construction was complete prior to acquisition by MAA.

2018 ACQUISITION & DISPOSITION ACTIVITY (THROUGH MARCH 31, 2018)

There have been no acquisitions through the first quarter of 2018.

Land Dispositions
 
Market
 
Acres
 
Closing Date
Craft Farms - Phase III
 
Gulf Shores, AL
 
3
 
January 24, 2018
Randal Park - Outparcel
 
Orlando, FL
 
34
 
February 27, 2018




Supplemental Data S-7



INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
Dollars in thousands
 

MAA holds an investment in a joint venture with institutional investors and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property
 
Market
 
# of units
 
Ownership Interest
Post Massachusetts Avenue
 
Washington, D.C.
 
269
 
35%

 
 
As of March 31, 2018
Joint Venture Property
 
Gross Investment in Real Estate
 
Mortgage Notes Payable
 
Company's Equity Investment
Post Massachusetts Avenue
 
$
78,358

(1) 
$
50,971

(2) 
$
45,000


 
 
Three months ended March 31, 2018
Joint Venture Property
 
Entity NOI
 
Company's Equity in Income
Post Massachusetts Avenue
 
$
1,839

 
$
498



(1) Represents GAAP basis net book value plus accumulated depreciation.

(2) This mortgage note has an outstanding principal value of $51 million, bears interest at a stated fixed rate of 3.5% and matures in February 2019. This note is currently prepayable without penalty.

Supplemental Data S-8



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2018
Dollars in thousands
 
 
 
 
DEBT SUMMARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Rate
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Floating Versus Fixed Rate or Hedged Debt
 
 
 
 
 
 
 
 
 
 
Fixed rate or swapped debt
 
$
3,669,491

 
81.6
%
 
3.8
%
 
4.2
%
 
4.5

Capped debt
 
25,000

 
0.5
%
 
2.1
%
 
2.1
%
 
0.1

Floating (unhedged) debt
 
804,360

 
17.9
%
 
2.7
%
 
2.7
%
 
0.1

Total
 
$
4,498,851

 
100.0
%
 
3.6
%
 
3.9
%
 
3.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
$
3,566,664

 
79.3
%
 
3.5
%
 
3.5
%
 
5.0

Secured debt
 
932,187

 
20.7
%
 
3.8
%
 
5.3
%
 
1.5

Total
 
$
4,498,851

 
100.0
%
 
3.6
%
 
3.9
%
 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
 
 
Q1 2018
 
Percent of
 
 
Cost
 
Total
 
 
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
11,549,446

 
84.8
%
 
 
 
$
205,877

 
85.2
%
Encumbered gross assets
 
2,062,845

 
15.2
%
 

 
35,736

 
14.8
%
Total
 
$
13,612,291

 
100.0
%
 
 
 
$
241,613

 
100.0
%

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
2018
 
$
49,987

 
$
250,171

 
$
300,158

 
3.7
%
 
$
25,000

 
$
325,158

 
 
2019
 
575,647

 
—

 
575,647

 
5.9
%
 
—

 
575,647

 
 
2020
 
162,054

 
299,199

 
461,253

 
3.2
%
 
—

 
461,253

 
 
2021
 
196,835

 
—

 
196,835

 
5.2
%
 
—

 
196,835

 
 
2022
 
364,907

 
—

 
364,907

 
3.6
%
 
—

 
364,907

 
 
Thereafter
 
1,770,691

 
—

 
1,770,691

 
3.9
%
 
—

 
1,770,691

 
 
Total
 
$
3,120,121

 
$
549,370

 
$
3,669,491

 
4.2
%
 
$
25,000

 
$
3,694,491

 
4.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 










Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2018 (CONTINUED)
Dollars in thousands
 
 
 
 

DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key Bank Unsecured
 
Public Bonds
 
Other Unsecured
 
Secured
 
Total
2018
 
$
—

 
$
—

 
$
300,158

 
$
80,000

 
$
380,158

2019
 
—

 
—

 
19,971

 
555,676

 
575,647

2020
 
450,000

 
—

 
149,802

 
162,054

 
761,856

2021
 
—

 
—

 
222,142

 
124,252

 
346,394

2022
 
—

 
248,238

 
415,868

 
—

 
664,106

Thereafter
 
—

 
1,728,342

 
32,143

 
10,205

 
1,770,690

Total
 
$
450,000

 
$
1,976,580

 
$
1,140,084

 
$
932,187

 
$
4,498,851


DEBT COVENANT ANALYSIS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenants
 
Required
 
Actual
 
Compliance
Total debt to total assets
 
60% or less
 
33.1%
 
Yes
Total secured debt to total assets
 
40% or less
 
6.8%
 
Yes
Consolidated income available for debt service to total annual debt service charge
 
1.5x or greater for trailing 4 quarters
 
5.24x
 
Yes
Total unencumbered assets to total unsecured debt
 
Greater than 150%
 
324%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total debt to total capitalized asset value
 
60% or less
 
29.1%
 
Yes
Total secured debt to total capitalized asset value
 
40% or Less
 
6.0%
 
Yes
Total adjusted EBITDA to fixed charges
 
1.5x or greater for trailing 4 quarters
 
4.65x
 
Yes
Total unsecured debt to total unsecured capitalized asset value
 
60% or less
 
27.1%
 
Yes
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in Mid-America Apartments, L.P.'s debt agreements.

Supplemental Data S-10



2018 GUIDANCE
 
 
 
MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
 
Full Year 2018
Earnings
 
Earnings per common share - diluted
$1.78 to $2.08
Midpoint
$1.93
FFO per Share - diluted
$5.85 to $6.15
Midpoint
$6.00
AFFO per Share - diluted
$5.24 to $5.54
Midpoint
$5.39
 
 
MAA Same Store Communities:
 
Number of units
93,483
Lease over lease pricing growth for new leases and renewals
2.25% to 2.75%
Average physical occupancy
95.75% to 96.25%
Property revenue growth
1.75% to 2.25%
Property operating expense growth
1.50% to 2.50%
NOI growth
2.00% to 2.50%
Real estate tax expense growth
3.50% to 4.50%
 
 
Corporate Expenses:
 
General and administrative expenses
$39.0 to $40.0 million
Property management expenses
$50.5 to $52.5 million
Total overhead (Gross of capitalized development overhead)
$89.5 to $92.5 million
Capitalized development overhead
$1.75 million
Total overhead (Net of capitalized development overhead)
$87.75 to $90.75 million
 
 
Income tax expense
$2.5 to $3.0 million
 
 
Transaction/Investment Volume:
 
Acquisition volume
$300.0 to $350.0 million
Disposition volume
$0.00 million
Development investment
$75.0 to $125.0 million
 
 
Debt:
 
Average effective interest rate
3.80% to 4.00%
Average cash interest rate
4.00% to 4.20%
Capitalized interest
$1.5 to $2.5 million
Mark to market adjustment
$9.5 to $10.5 million
 
 
Other Items:
 
Merger and integration expenses
$8.0 to $10.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
 
2018 Full Year Guidance Range
 
Low
 
High
Earnings per common share - diluted
$
1.78

 
$
2.08

Real estate depreciation
4.03

 
4.03

Amortization other
0.04

 
0.04

FFO per Share - diluted
5.85

 
6.15

Recurring capital expenditures
(0.61
)
 
(0.61
)
AFFO per Share - diluted
$
5.24

 
$
5.54


Supplemental Data S-11



CREDIT RATINGS
 
 
 
 
 
 
 
 
Rating
 
Outlook
Fitch Ratings (1)
BBB+
 
Stable
Moody's Investors Service (2)
Baa1
 
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, L.P.
(2) 
Corporate credit rating assigned to Mid-America Apartments, L.P., the primary operating partnership of Mid-America Apartment Communities, Inc.

COMMON STOCK
 
 
 
 
 
 
 
 
 
 
Stock Symbol:
MAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
NYSE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
Q2 2018
 
Q3 2018
 
Q4 2018
 
Q1 2019
 
 
Earnings release & conference call
Early August
 
Late October
 
Late January
 
Early May
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 2017
 
Q1 2018
Declaration date
3/23/2017

 
5/23/2017

 
9/26/2017

 
12/5/2017

 
3/13/2018

Record date
4/13/2017

 
7/14/2017

 
10/13/2017

 
1/12/2018

 
4/13/2018

Payment date
4/28/2017

 
7/31/2017

 
10/31/2017

 
1/31/2018

 
4/30/2018

Distributions per share
$
0.8700

 
$
0.8700

 
$
0.8700

 
$
0.9225

 
$
0.9225


INVESTOR RELATIONS DATA
 
 
 
 
 
 
 
 
 
 
 
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
 
 
 
 
 
 
 
 
 
 
 
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of MAA's website at www.maac.com.
 
 
 
 
 
 
 
 
 
 
 
For Questions Contact:
 
 
 
 
 
 
 
 
 
 
Name
 
Title
 
Tim Argo
 
Senior Vice President, Finance
 
Jennifer Patrick
 
Investor Relations
 
Phone: 866-576-9689 (toll free)
 
Email: investor.relations@maac.com


Supplemental Data S-12