MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 2, 2012

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8-K - CURRENT REPORT - MID AMERICA APARTMENT COMMUNITIES INC.v320049_8k.htm
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MAA August 2, 2012 Supplemental Data S-1

 

MULTIFAMILY COMMUNITIES AND UNITS

Dollars in thousands

 

MULTIFAMILY COMMUNITIES

   Number of Units   Number of Communities 
   2012   2011   2012   2011 
   Jun 30   Mar 31   Dec 31   Sept 30   Jun 30   Jun 30   Mar 31   Dec 31   Sept 30   Jun 30 
Same store communities   40,609    40,609    40,181    40,181    40,181    136    136    135    135    135 
Stabilized non-same store communities   6,206    5,667    6,691    5,976    5,030    24    22    25    22    19 
Development communities (1)   1,220    1,220    950    950    950    3    3    2    2    2 
Lease-up communities   -    -    -    208    717    -    -    -    1    3 
Wholly-owned communities   48,035    47,496    47,822    47,315    46,878    163    161    162    160    159 
Joint venture communities   1,782    2,261    2,261    2,261    2,261    6    7    7    7    7 
Total Multifamily communities   49,817    49,757    50,083    49,576    49,139    169    168    169    167    166 

 

(1)The Number of Units for Development Communities includes 815 units which have not yet been delivered and are unavailable for occupancy. The Number of Communities for Development Communities excludes one development which is a phase II to an existing community.

 

DEVELOPMENT PIPELINE

 

2.7% of Multifamily Gross Assets  Units           Current                 
          Percent   Percent of Completed   Estimated Cost   Cost   Construction   Initial   Expected 
   MSA  Total   Completed   Occupied   Leased(2)   Total   per Unit   to Date   Start   Finish   Occupancy   Stabilized 
Cool Springs  Nashville   428    51%   82%   109%  $55,400   $129   $48,249    4Q10    4Q12    1Q12    4Q13 
River's Walk  Charleston   270    0%   N/A    N/A    33,000   $122    7,821    1Q12    4Q13    2Q13    4Q14 
Ridge at Chenal Valley  Little Rock   312    60%   55%   81%   28,500   $91    24,563    2Q11    4Q12    1Q12    3Q13 
1225 South Church Phase II  Charlotte   210    0%   N/A    N/A    26,700   $127    16,509    2Q11    4Q12    4Q12    4Q13 
Total      1,220    33%   70%   96%  $143,600   $118   $97,142                     

 

(2)Percent of Completed Leased may at times exceed 100% as units may be leased with future move-in dates in advance of the unit being completed and available for occupancy.

 

DEVELOPMENT AND LEASE-UP OPERATING DATA                    
   2012   2011 
   Jun 30   Mar 31   Dec 31   Sept 30   Jun 30 
Revenue from development communities  $771   $197   $2   $2   $- 
Revenue from lease-up communities   -    -    -    720    2,017 
Total development and lease-up revenues   771    197    2    722    2,017 
                          
Operating expenses from development communities   379    232    55    55    11 
Operating expenses from lease-up communities   -    -    -    307    939 
Total development and lease-up operating expenses   379    232    55    362    950 
                          
Total development and lease-up NOI  $392   $(35)  $(53)  $360   $1,067 
Number of communities represented (3)   3    3    2    3    5 

 

(3)The Number of Communities Represented excludes one development community which is a phase II to an existing community; however, values for the phase are included in the table.

 

 
 

 

MAA August 2, 2012 Supplemental Data S-2

 

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

 

                   Average 
                   Effective 
   As of June 30, 2012   Rent for the 
           Percent to       Three Months 
   Completed   Gross   Total of Gross   Physical   Ended 
   Units   Real Assets   Real Assets   Occupancy   Jun 30, 2012 
                     
Dallas, TX   4,810   $357,522    9.8%   95.9%  $911.44 
Atlanta, GA   3,483   $286,306    7.9%   94.9%  $813.41 
Jacksonville, FL   3,950   $279,063    7.7%   96.0%  $828.70 
Nashville, TN   2,779   $226,320    6.2%   97.2%  $854.39 
Houston, TX   2,909   $221,893    6.1%   97.3%  $868.31 
Austin, TX   2,255   $177,175    4.9%   96.8%  $891.11 
Raleigh/Durham, NC   1,549   $158,550    4.4%   96.8%  $902.23 
Tampa, FL   1,786   $128,291    3.5%   95.9%  $916.75 
Phoenix, AZ   1,024   $115,129    3.2%   94.2%  $773.86 
South Florida   480   $54,975    1.5%   95.4%  $1,346.31 
Richmond, VA   300   $41,477    1.1%   94.0%  $1,190.43 
Charlotte, NC   196   $27,269    0.7%   98.0%  $1,126.68 
Orlando, FL   288   $15,430    0.4%   95.5%  $759.23 
Large Markets   25,809   $2,089,400    57.4%   96.1%  $878.39 
                          
Memphis, TN   3,305   $190,615    5.2%   96.3%  $752.79 
Greenville, SC   1,748   $91,193    2.5%   95.3%  $660.11 
Columbus, GA   1,509   $85,212    2.3%   95.0%  $760.15 
Little Rock, AR   1,056   $76,010    2.1%   96.9%  $805.60 
Savannah, GA   782   $71,750    2.0%   95.9%  $900.38 
Jackson, MS   1,241   $65,345    1.8%   95.6%  $776.44 
Lexington, KY   924   $63,805    1.8%   95.7%  $751.84 
San Antonio, TX   740   $60,059    1.6%   95.5%  $909.85 
Norfolk, Hampton, VA Beach, VA   536   $54,698    1.5%   95.9%  $1,072.08 
Tallahassee, FL   604   $44,963    1.2%   95.4%  $873.79 
Augusta, GA/Aiken, SC   912   $44,439    1.2%   95.7%  $689.98 
Birmingham, AL   440   $43,670    1.2%   97.3%  $1,018.60 
Charleston, SC   488   $43,629    1.2%   94.9%  $964.77 
Chattanooga, TN   943   $42,697    1.2%   97.0%  $708.55 
Macon, GA   694   $41,189    1.1%   96.5%  $741.64 
All Other Secondary Markets by State (individual markets <$40MM gross real assets)                         
Florida   2,130   $137,241    3.8%   95.2%  $773.12 
Georgia   1,233   $73,307    2.0%   94.2%  $712.97 
South Carolina   576   $33,695    0.9%   95.0%  $720.42 
Alabama   752   $47,681    1.3%   96.1%  $721.77 
Virginia   232   $39,150    1.1%   97.0%  $1,294.41 
Tennessee   665   $36,939    1.0%   94.3%  $669.55 
Kentucky   624   $33,041    0.9%   97.0%  $732.22 
Ohio   414   $26,034    0.7%   97.3%  $728.40 
North Carolina   240   $9,544    0.3%   97.1%  $583.96 
Secondary Markets   22,788   $1,455,906    39.9%   95.8%  $773.94 
                          
Subtotal   48,597   $3,545,306    97.3%   96.0%  $829.41 

 

       Total                     
       Units                     
Nashville, TN   Large    428    219   $48,249    1.3%   82.0%  $1,360.32 
Charleston, SC   Secondary    270    -   $7,821    0.2%   N/A    N/A 
Little Rock, AR   Secondary    312    186   $24,563    0.7%   55.0%  $1,018.45 
Charlotte, NC   Large    210    -   $16,509    0.5%   N/A    N/A 
Lease-up and Development    1,220    405   $97,142    2.7%   69.6%  $1,203.32 
Total Multifamily Communities    49,817    49,002   $3,642,448    100.0%   95.7%  $832.50 

 

 
 

 

MAA August 2, 2012 Supplemental Data S-3

 

SAME STORE SUMMARY

Dollars in thousands

 

   Three Months Ended June 30,   Six Months Ended June 30, 
           Percent           Percent 
   2012   2011   Change   2012   2011   Change 
Revenues  $104,088   $99,524    4.6%  $206,595   $197,650    4.5%
Expense   43,116    42,294    1.9%   85,742    83,092    3.2%
NOI  $60,972   $57,230    6.5%  $120,853   $114,558    5.5%

 

   Percent Change from Prior Year 
   1Q12   2Q12   YTD 
Revenues   4.5%   4.6%   4.5%
Expense   4.5%   1.9%   3.2%
NOI   4.5%   6.5%   5.5%

 

   Percent Change from Prior Quarter 
   1Q12   2Q12 
Revenues   1.7%   1.5%
Expense   1.4%   1.1%
NOI   1.9%   1.8%

 

NOI BRIDGE

Dollars in thousands

 

   Three Months Ended   Six Months Ended 
   6/30/12   3/31/12   6/30/11   6/30/12   6/30/11 
NOI                         
Large market same store  $32,748   $32,098   $30,401   $64,846   $60,677 
Secondary market same store   28,224    27,783    26,829    56,007    53,881 
Total same store   60,972    59,881    57,230    120,853    114,558 
Non-same store   12,423    9,635    5,736    22,058    9,923 
Total NOI   73,395    69,516    62,966    142,911    124,481 
Held for sale NOI included above   (590)   (784)   (1,750)   (1,374)   (3,586)
Management fee income   209    269    263    478    486 
Depreciation and amortization   (31,549)   (30,272)   (27,280)   (61,821)   (54,140)
Acquisition (expense) credit   (865)   634    (1,520)   (231)   (1,739)
Property management expenses   (5,570)   (5,454)   (5,194)   (11,024)   (10,338)
General and administrative expenses   (3,462)   (3,447)   (5,439)   (6,909)   (10,049)
Interest and other non-property income   112    142    114    254    459 
Interest expense   (14,270)   (14,216)   (13,945)   (28,486)   (27,704)
(Loss) gain on debt extinguishment   (15)   20    (48)   5    (48)
Amortization of deferred financing costs   (869)   (771)   (707)   (1,640)   (1,422)
Net casualty gain (loss) and other settlement proceeds   2    (4)   (265)   (2)   (406)
(Loss) gain on sale of non-depreciable or non-real estate assets   (3)   -    22    (3)   16 
Loss from real estate joint ventures   (67)   (31)   (178)   (98)   (423)
Discontinued operations   13,014    9,466    641    22,480    1,248 
Net income attributable to noncontrolling interests   (1,312)   (1,178)   (252)   (2,490)   (563)
Net income attributable to MAA  $28,160   $23,890   $7,428   $52,050   $16,272 

 

 
 

 

MAA August 2, 2012 Supplemental Data S-4

 

CURRENT PERIOD SAME STORE DETAILS

 

Dollars in thousands except Average Effective Rent

 

CURRENT PERIOD ACTUALS As of June 30, 2012, unless otherwise noted

 

       Three Months Ended June 30, 2012             
                   Average       Quarterly   Twelve 
                   Effective   Physical   Economic   Month 
   Units   Revenue   Expense   NOI   Rent   Occupancy   Occupancy (1)   Turn Rate 
Large Markets                                        
Dallas, TX   3,791   $10,316   $4,376   $5,940   $830.45    96.3%   94.1%   55.4%
Jacksonville, FL   3,471   $8,457   $3,443   $5,014   $781.06    95.9%   93.1%   54.5%
Nashville, TN   2,479   $6,858   $2,775   $4,083   $842.62    97.1%   94.7%   55.1%
Atlanta, GA   2,109   $5,814   $2,344   $3,470   $841.90    94.2%   92.2%   52.5%
Houston, TX   2,281   $6,334   $2,817   $3,517   $852.41    97.6%   94.2%   57.8%
Raleigh/Durham, NC   1,341   $3,650   $1,328   $2,322   $839.86    96.6%   95.0%   48.4%
Austin, TX   1,776   $4,905   $2,195   $2,710   $843.06    96.8%   95.3%   52.3%
Phoenix, AZ   1,024   $2,556   $1,121   $1,435   $773.86    94.2%   89.7%   59.8%
Tampa, FL   1,552   $4,555   $1,986   $2,569   $895.28    95.5%   93.6%   49.2%
South Florida   480   $2,008   $721   $1,287   $1,346.31    95.4%   94.7%   48.8%
Orlando, FL   288   $680   $279   $401   $759.23    95.5%   92.3%   46.2%
Large Markets Total   20,592   $56,133   $23,385   $32,748   $842.00    96.1%   93.7%   53.9%
                                         
Secondary Markets                                        
Memphis, TN   3,305   $7,965   $3,462   $4,503   $752.79    96.3%   93.2%   56.3%
Greenville, SC   1,748   $3,747   $1,599   $2,148   $660.11    95.3%   91.7%   57.1%
Columbus, GA   1,509   $3,613   $1,466   $2,147   $760.15    95.0%   90.8%   72.4%
Jackson, MS   1,241   $3,100   $1,194   $1,906   $776.44    95.6%   92.3%   62.8%
Lexington, KY   924   $2,194   $829   $1,365   $751.84    95.7%   93.4%   58.0%
Little Rock, AR   808   $1,846   $671   $1,175   $722.65    96.9%   95.2%   51.1%
Savannah, GA   526   $1,495   $558   $937   $892.65    96.2%   93.6%   57.0%
Augusta, GA/Aiken, SC   912   $2,059   $877   $1,182   $689.98    95.7%   93.1%   68.6%
Charleston, SC   488   $1,522   $567   $955   $964.77    94.9%   92.6%   65.8%
Chattanooga, TN   943   $2,269   $969   $1,300   $708.55    97.0%   95.8%   57.4%
Jackson, TN   665   $1,415   $690   $725   $669.55    94.3%   91.8%   61.8%
Columbia, SC   576   $1,369   $633   $736   $720.42    95.0%   92.0%   49.3%
Huntsville, AL   544   $1,250   $511   $739   $701.02    95.2%   91.4%   55.3%
Warner Robins, GA   504   $1,218   $475   $743   $741.27    94.4%   91.9%   63.7%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)  
Florida   2,230   $5,453   $2,247   $3,206   $762.82    94.8%   92.2%   54.8%
Georgia   1,126   $2,493   $1,081   $1,412   $701.43    94.9%   90.6%   60.1%
Kentucky   624   $1,438   $511   $927   $732.22    97.0%   94.5%   51.1%
Texas   400   $1,153   $471   $682   $913.72    96.3%   95.2%   72.3%
Alabama   408   $1,032   $412   $620   $754.29    97.5%   93.3%   49.3%
Virginia   296   $870   $308   $562   $912.96    96.3%   90.1%   66.2%
North Carolina   240   $454   $200   $254   $583.96    97.1%   90.1%   64.6%
Secondary Markets Total   20,017   $47,955   $19,731   $28,224   $745.14    95.7%   92.6%   59.2%
                                         
Total Same Store   40,609   $104,088   $43,116   $60,972   $794.25    95.9%   93.2%   56.5%

 

(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.

 

 
 

 

MAA August 2, 2012 Supplemental Data S-5

 

SAME STORE GROWTH DETAILS

 

PERCENT CHANGE TO THREE MONTHS ENDED JUNE 30, 2012

FROM THREE MONTHS ENDED MARCH 31, 2012 (PRIOR QUARTER) AND THREE MONTHS ENDED JUNE 30, 2011 (PRIOR YEAR)

 

   Revenue   Expense   NOI   Physical Occupancy   Average Effective Rent 
   Prior   Prior   Prior   Prior   Prior   Prior   Prior   Prior   Prior   Prior 
   Quarter   Year   Quarter   Year   Quarter   Year   Quarter   Year   Quarter   Year 
Large Markets                                                  
Dallas, TX   2.7%   7.7%   1.5%   1.7%   3.7%   12.5%   0.5%   0.8%   2.0%   7.8%
Jacksonville, FL   0.9%   2.6%   2.3%   5.1%   0.0%   0.9%   -0.8%   -1.0%   1.2%   3.7%
Nashville, TN   2.9%   7.3%   10.2%   7.9%   -1.5%   6.9%   0.5%   0.8%   2.3%   7.0%
Atlanta, GA   1.2%   4.4%   1.4%   1.1%   1.1%   6.7%   -2.1%   -2.8%   1.4%   5.2%
Houston, TX   2.4%   6.9%   -2.9%   -1.1%   7.1%   14.3%   1.2%   2.3%   1.5%   6.0%
Raleigh/Durham, NC   2.6%   6.8%   5.0%   -1.0%   1.4%   11.7%   -0.6%   -0.9%   2.5%   7.0%
Austin, TX   2.6%   9.9%   -3.1%   0.3%   7.8%   19.2%   0.6%   1.1%   2.6%   10.2%
Phoenix, AZ   1.4%   4.5%   0.7%   16.6%   2.0%   -3.4%   -1.3%   1.6%   2.0%   5.3%
Tampa, FL   1.1%   3.2%   6.5%   6.6%   -2.7%   0.7%   -1.9%   -1.9%   2.0%   4.5%
South Florida   3.4%   5.1%   -0.8%   6.0%   5.9%   4.6%   -1.3%   -0.9%   1.2%   3.1%
Orlando, FL   -0.9%   5.6%   6.1%   6.5%   -5.2%   5.0%   -1.0%   -1.4%   1.8%   5.6%
Large Markets Total   2.0%   5.9%   2.1%   3.4%   2.0%   7.7%   -0.3%   0.0%   1.8%   6.1%
                                                   
Secondary Markets                                                  
Memphis, TN   0.9%   3.1%   -3.3%   -0.9%   4.4%   6.5%   -0.4%   -1.5%   1.9%   3.9%
Greenville, SC   1.3%   6.9%   -0.4%   -0.4%   2.6%   13.1%   -0.9%   -0.8%   2.5%   6.7%
Columbus, GA   -0.4%   -0.1%   0.3%   3.5%   -0.8%   -2.4%   0.6%   -1.0%   1.8%   4.8%
Jackson, MS   1.1%   4.4%   5.0%   -0.6%   -1.2%   7.8%   -0.6%   -1.6%   2.2%   4.2%
Lexington, KY   2.9%   3.4%   -0.4%   2.0%   4.9%   4.3%   1.8%   -2.0%   1.7%   5.0%
Little Rock, AR   0.4%   2.4%   -4.4%   -5.4%   3.4%   7.4%   0.6%   -0.4%   0.6%   2.3%
Savannah, GA   0.3%   3.8%   -0.9%   2.8%   1.0%   4.5%   1.1%   0.6%   1.9%   5.3%
Augusta, GA/Aiken, SC   1.6%   0.4%   0.3%   -5.7%   2.5%   5.4%   -1.1%   -0.2%   1.7%   0.5%
Charleston, SC   0.7%   4.9%   -1.0%   -2.4%   1.8%   9.8%   1.0%   -1.0%   0.5%   4.9%
Chattanooga, TN   2.6%   5.3%   0.6%   3.6%   4.2%   6.6%   1.0%   0.1%   1.7%   5.9%
Jackson, TN   1.2%   2.8%   3.8%   0.9%   -1.1%   4.6%   -1.5%   -3.7%   2.2%   5.4%
Columbia, SC   0.8%   3.6%   -0.2%   2.8%   1.7%   4.2%   -0.1%   0.7%   1.6%   4.5%
Huntsville, AL   3.4%   3.8%   -1.2%   0.4%   6.8%   6.3%   1.8%   0.7%   1.0%   2.9%
Warner Robins, GA   -1.1%   1.6%   3.5%   1.3%   -3.9%   1.8%   -3.2%   -2.4%   1.9%   3.2%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)            
Florida   1.1%   2.4%   0.3%   2.1%   1.6%   2.6%   -1.7%   -0.9%   1.8%   3.7%
Georgia   -0.4%   -0.2%   2.9%   2.9%   -2.8%   -2.4%   -0.8%   -2.2%   0.6%   0.9%
Kentucky   2.4%   5.1%   3.7%   3.0%   1.8%   6.3%   -0.4%   1.6%   1.9%   6.2%
Texas   2.4%   8.6%   3.5%   -3.7%   1.6%   19.0%   -0.5%   -1.0%   1.7%   7.8%
Alabama   -0.5%   4.0%   -3.1%   -3.7%   1.3%   9.9%   -1.5%   -0.3%   1.3%   4.3%
Virginia   -0.8%   -1.4%   -0.6%   -2.2%   -0.9%   -0.9%   -1.0%   3.1%   1.8%   1.4%
North Carolina   -2.2%   1.3%   12.4%   2.0%   -11.2%   0.8%   0.8%   -2.1%   1.8%   5.8%
Secondary Markets Total   1.0%   3.1%   0.1%   0.3%   1.6%   5.2%   -0.3%   -0.9%   1.7%   4.2%
                                                   
Total Same Store   1.5%   4.6%   1.1%   1.9%   1.8%   6.5%   -0.3%   -0.5%   1.8%   5.2%

 

 
 

 

MAA August 2, 2012 Supplemental Data S-6

 

OPERATING RESULTS

Dollars in thousands

 

   Three Months     
   Ended     
   June 30,   Trailing 
   2012   4 Quarters 
Net income attributable to MAA  $28,160   $84,599 
Depreciation and amortization   31,549    120,749 
Interest expense   14,270    58,626 
Loss on debt extinguishment   15    702 
Amortization of deferred financing costs   869    3,120 
Net casualty (gain) loss and other settlement proceeds   (2)   215 
Gain (loss) on sale of non-depreciable or non-real estate assets   3    (1,065)
Net casualty loss and other settlement proceeds of discontinued operations   2    61 
Depreciation of discontinued operations   374    2,483 
Gain on sale of discontinued operations   (12,953)   (35,252)
EBITDA  $62,287   $234,238 

 

   Three Months Ended 
   June 30 
   2012   2011 
EBITDA/Debt Service   4.09x   3.39x
Fixed Charge Coverage (1)   4.36x   3.62x
Total Debt/Total Gross Assets   44.1%   47.1%
Total Net Debt (2)/Total Gross Assets   43.5%   46.7%
Total Net Debt (2)/EBITDA   6.69x   7.67x
Unencumbered Assets/Total Gross Assets   48.5%   17.9%

 

(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

(2) Total Net Debt equals Total Debt less Cash and Cash Equivalents.

 

DEBT AS OF JUNE 30, 2012

Dollars in thousands

 

SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES

 

       Average Years     
   Principal   to Rate   Effective 
   Balance   Maturity   Rate 
Secured Debt               
Conventional - Fixed Rate or Swapped  $858,738    4.2    5.0%
Tax-free - Fixed Rate or Swapped   17,800    0.3    4.4%
Conventional - Variable Rate - Capped (1)   213,136    3.6    1.0%
Tax-free - Variable Rate - Capped (1)   72,715    1.7    1.0%
Total Secured Fixed or Hedged Rate Debt   1,162,389    3.8    4.0%
Conventional - Variable Rate   64,032    0.2    0.8%
Total Secured Debt   1,226,421    3.7    3.9%
Unsecured Debt               
Fixed Rate or Swapped   285,000    6.3    3.9%
Variable Rate   78,000    -    1.7%
Total Unsecured Debt   363,000    5.0    3.4%
Total Debt  $1,589,421    4.0    3.8%
                
Total Fixed or Hedged Debt  $1,447,389    4.3    4.0%

 

(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 and 5.4% of SIFMA for tax-free caps.

 

 
 

 

MAA August 2, 2012 Supplemental Data S-7

 

DEBT AS OF JUNE 30, 2012 continued

Dollars in thousands

 

OUTSTANDING BALANCES                        

 

   Available           Average 
   Credit   Amount   Remaining   Years to 
   Limit   Borrowed   Capacity   Maturity 
Fannie Mae Credit Facilities  $638,236   $638,236   $-    6.0 
Freddie Mac Credit Facilities   198,247    198,247   $-    2.0 
Unsecured Credit Facility   248,827    78,000   $170,827    3.3 
Other Secured Borrowings   389,938    389,938   $-    7.0 
Other Unsecured Debt   285,000    285,000   $-    6.3 
Total Debt  $1,760,248   $1,589,421   $170,827    5.7 

 

DEBT MATURITIES OF OUTSTANDING BALANCES

 

   Credit Facility Amounts Borrowed             
   Secured   Unsecured   Other   Other     
Maturity  Fannie Mae   Freddie Mac   Facility   Secured   Unsecured   Total 
2012  $-   $-   $-   $-   $-   $- 
2013   -    -    -    -    -   $- 
2014   186,721    198,247    -    16,675    -   $401,643 
2015   120,000    -    78,000    51,155    -   $249,155 
2016   80,000    -    -    -    -   $80,000 
2017   80,000    -    -    61,387    150,000   $291,387 
Thereafter   171,515    -    -    260,721    135,000   $567,236 
Total  $638,236   $198,247   $78,000   $389,938   $285,000   $1,589,421 

 

INTEREST RATE MATURITIES

 

   Fixed   Interest   Total       Interest   Total   Average 
   Rate   Rate   Fixed Rate   Contract   Rate   Fixed or   Years to 
   Debt   Swaps   Balances   Rate   Caps   Hedged   Maturity 
2012       $42,800   $42,800    4.8%  $23,795   $66,595      
2013   -    190,000    190,000    5.2%   7,945   $197,945      
2014   16,675    144,000    160,675    5.7%   59,631   $220,306      
2015   35,955    75,000    110,955    5.6%   55,200   $166,155      
2016   -    -    -    -    89,280   $89,280      
2017   111,387    150,000    261,387    2.6%   25,000   $286,387      
Thereafter   395,721    -    395,721    5.0%   25,000   $420,721      
Total  $559,738   $601,800   $1,161,538    4.7%  $285,851   $1,447,389    4.4 

 

SUMMARIES

       Percent of   Interest   Years to 
Floating Versus Fixed Rate or Hedged Debt  Balance   Total   Rate   Maturity 
Fixed rate or swapped debt  $1,161,538    73.1%   4.7%   4.6 
Capped debt   285,851    18.0%   1.0%   3.1 
Floating (unhedged) debt   142,032    8.9%   1.3%   0.1 
Total  $1,589,421    100.0%   3.8%   4.0 

 

       Percent of   Interest   Years to 
Secured Versus Unsecured Debt  Balance   Total   Rate   Maturity 
Unsecured debt  $363,000    22.8%   3.4%   5.7 
Secured debt   1,226,421    77.2%   3.9%   5.5 
Total  $1,589,421    100.0%   3.8%   5.7 

 

   Total   Percent of   Total   Percent of 
Unencumbered Versus Encumbered Assets  Cost   Total   NOI (1)   Total 
Unencumbered gross assets  $1,745,497    48.5%  $33,012    45.0%
Encumbered gross assets   1,856,668    51.5%   40,383    55.0%
Total  $3,602,165    100.0%  $73,395    100.0%

 

(1) For the three months ended June 30, 2012.

 

 
 

 

MAA August 2, 2012 Supplemental Data S-8

 

JOINT VENTURE OPERATIONS

Dollars in thousands

 

OPERATING DATA (MAA'S PRO-RATA SHARE)  Three Months Ended,   Six Months Ended, 
   June 30,   June 30, 
   2012   2011   2012   2011 
Property revenues  $1,666   $2,097   $3,809   $3,879 
Property operating expenses   824    1,033    1,852    1,942 
Net Operating Income   842    1,064    1,957    1,937 
                     
Interest expense   439    554    998    1,052 
Depreciation and amortization   442    629    1,000    1,145 
Other   28    59    57    163 
Total Other Expenses   909    1,242    2,055    2,360 
                     
Gain (loss) from real estate joint ventures  $(67)  $(178)  $(98)  $(423)

 

BALANCE SHEET DATA  June 30,   December 31, 
   2012   2011 
Gross real estate assets  $148,998   $195,069 
Accumulated depreciation   (14,669)   (14,882)
Real estate assets, net   134,329    180,187 
Other assets   5,028    7,552 
Total assets   139,357    187,739 
           
Notes payable   103,713    131,012 
Other liabilities   46,870    67,655 
Total liabilities   150,583    198,667 
           
Member's equity   (11,226)   (10,928)
Total liabilities and member's equity  $139,357   $187,739 
           
MAA's investment in real estate joint venture  $6,202   $17,006 
MAA's pro-rata share of joint venture debt  $34,568   $43,666 
MAA's pro-rata share of joint venture gross real estate assets  $49,661   $65,016 
Percent of MAA wholly owned gross real estate assets   1%   2%

 

COMMUNITY DATA (as of end of period)  June 30,   December 31, 
   2012   2011 
Number of communities   6    7 
Number of units   1,782    2,261 

 

 

 

MID AMERICA APARTMENT COMMUNITIES INC. Reports