MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 27, 2016

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PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2016 (In apartment units)
 
Same Store
 
Non Same Store
 
In Lease-Up
 
Total for Completed Communities
 
Current Development Units Delivered
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
6,074

 
3

 
—

 
6,077

 
—

 
6,077

Austin, TX
5,838

 
—

 
—

 
5,838

 
—

 
5,838

Dallas, TX
4,743

 
872

 
—

 
5,615

 
—

 
5,615

Raleigh/Durham, NC
4,397

 
266

 
—

 
4,663

 
—

 
4,663

Fort Worth, TX
4,093

 
426

 
—

 
4,519

 
—

 
4,519

Charlotte, NC
4,401

 
—

 
—

 
4,401

 
—

 
4,401

Nashville, TN
3,207

 
569

 
—

 
3,776

 
—

 
3,776

Orlando, FL
3,190

 
462

 
—

 
3,652

 
110

 
3,762

Houston, TX
3,232

 
352

 
—

 
3,584

 
—

 
3,584

Tampa, FL
2,878

 
—

 
—

 
2,878

 
—

 
2,878

Phoenix, AZ
1,976

 
325

 
322

 
2,623

 
—

 
2,623

Las Vegas, NV
721

 
—

 
—

 
721

 
—

 
721

South Florida
480

 
—

 
—

 
480

 
—

 
480

Large Markets
45,230

 
3,275

 
322

 
48,827

 
110

 
48,937

 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202

 
294

 
—

 
3,496

 
—

 
3,496

Charleston, SC
2,648

 
—

 
78

 
2,726

 
—

 
2,726

Savannah, GA
2,219

 
—

 
—

 
2,219

 
—

 
2,219

Greenville, SC
1,748

 
—

 
336

 
2,084

 
—

 
2,084

Richmond, VA
1,668

 
254

 
—

 
1,922

 
—

 
1,922

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

Fredericksburg, VA
741

 
694

 
—

 
1,435

 
—

 
1,435

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

Lexington, KY
924

 
—

 
—

 
924

 
—

 
924

Other
5,335

 
1,478

 
—

 
6,813

 
—

 
6,813

Secondary Markets
27,099

 
2,720

 
414

 
30,233

 
—

 
30,233

Total Multifamily Units
72,329

 
5,995

 
736

 
79,060

 
110

 
79,170





Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS
Dollars in thousands, except Average Effective Rent
 
 
As of September 30, 2016
 
Average Effective Rent for the Three Months Ended September 30, 2016
 
As of September 30, 2016
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
674,650

 
8.1
%
 
96.7
%
 
$
1,145

 
6,077

 
 
Dallas, TX
 
$
611,764

 
7.3
%
 
95.8
%
 
$
1,149

 
5,615

 
 
Austin, TX
 
$
587,825

 
7.0
%
 
96.1
%
 
$
1,095

 
5,838

 
 
Charlotte, NC
 
$
569,477

 
6.8
%
 
96.3
%
 
$
1,064

 
4,401

 
 
Raleigh/Durham, NC
 
$
552,904

 
6.6
%
 
96.3
%
 
$
993

 
4,663

 
 
Orlando, FL
 
$
482,997

 
5.8
%
 
96.7
%
 
$
1,218

 
3,652

 
 
Fort Worth, TX
 
$
389,392

 
4.7
%
 
96.5
%
 
$
1,037

 
4,519

 
 
Nashville, TN
 
$
382,572

 
4.6
%
 
96.4
%
 
$
1,150

 
3,776

 
 
Houston, TX
 
$
359,954

 
4.3
%
 
96.1
%
 
$
1,124

 
3,584

 
 
Tampa, FL
 
$
308,713

 
3.7
%
 
97.8
%
 
$
1,146

 
2,878

 
 
Phoenix, AZ
 
$
295,147

 
3.5
%
 
96.8
%
 
$
1,021

 
2,301

 
 
Las Vegas, NV
 
$
66,729

 
0.8
%
 
98.2
%
 
$
875

 
721

 
 
South Florida
 
$
59,211

 
0.7
%
 
96.9
%
 
$
1,581

 
480

 
 
Large Markets
 
$
5,341,335

 
63.9
%
 
96.5
%
 
$
1,106

 
48,505

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
 
$
293,591

 
3.5
%
 
97.3
%
 
$
1,011

 
3,496

 
 
Charleston, SC
 
$
269,329

 
3.2
%
 
96.6
%
 
$
1,085

 
2,648

 
 
Fredericksburg, VA
 
$
237,981

 
2.9
%
 
96.3
%
 
$
1,287

 
1,435

 
 
Richmond, VA
 
$
234,237

 
2.8
%
 
97.1
%
 
$
1,029

 
1,922

 
 
Savannah, GA
 
$
228,745

 
2.7
%
 
96.8
%
 
$
995

 
2,219

 
 
San Antonio, TX
 
$
157,912

 
1.9
%
 
96.9
%
 
$
1,060

 
1,504

 
 
Kansas City, MO
 
$
154,190

 
1.9
%
 
96.2
%
 
$
1,191

 
956

 
 
Birmingham, AL
 
$
148,613

 
1.8
%
 
95.9
%
 
$
947

 
1,462

 
 
Norfolk, Hampton, Virginia Beach, VA
 
$
142,530

 
1.7
%
 
97.7
%
 
$
1,020

 
1,285

 
 
Memphis, TN
 
$
126,790

 
1.5
%
 
96.3
%
 
$
889

 
1,811

 
 
Little Rock, AR
 
$
115,992

 
1.4
%
 
95.8
%
 
$
884

 
1,368

 
 
Huntsville, AL
 
$
107,931

 
1.3
%
 
96.8
%
 
$
785

 
1,228

 
 
Greenville, SC
 
$
97,752

 
1.2
%
 
96.7
%
 
$
790

 
1,748

 
 
All Other Secondary Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Florida
 
$
143,657

 
1.7
%
 
96.4
%
 
$
1,012

 
1,790

 
 
Kentucky
 
$
92,764

 
1.1
%
 
96.3
%
 
$
850

 
1,308

 
 
Mississippi
 
$
73,663

 
0.9
%
 
97.4
%
 
$
865

 
1,241

 
 
Alabama
 
$
60,309

 
0.7
%
 
97.5
%
 
$
952

 
628

 
 
Tennessee
 
$
49,959

 
0.6
%
 
96.5
%
 
$
810

 
943

 
 
Virginia
 
$
48,122

 
0.6
%
 
99.2
%
 
$
1,437

 
251

 
 
South Carolina
 
$
36,692

 
0.4
%
 
97.0
%
 
$
793

 
576

 
 
Secondary Markets
 
$
2,820,759

 
33.8
%
 
96.8
%
 
$
980

 
29,819

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
$
8,162,094

 
97.7
%
 
96.6
%
 
$
1,058

 
78,324

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orlando, FL
Large
$
29,717

 
0.4
%
 
73.6
%
 
$
1,307

 
110

 
314

Phoenix, AZ
Large
$
69,008

 
0.8
%
 
68.6
%
 
$
1,340

 
322

 
322

Charleston, SC
Secondary
$
14,332

 
0.2
%
 
94.9
%
 
$
1,621

 
78

 
78

Greenville, SC
Secondary
$
56,464

 
0.7
%
 
79.8
%
 
$
1,273

 
336

 
336

Richmond, VA
Secondary
$
9,965

 
0.1
%
 
0.0
%
 
$
—

 
—

 
82

Kansas City, MO
Secondary
$
8,943

 
0.1
%
 
0.0
%
 
$
—

 
—

 
154

Lease-up and Development
$
188,429

 
2.3
%
 
76.1
%
 
$
1,335

 
846

 
1,286

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
8,350,523

 
100.0
%
 
96.4
%
 
$
1,061

 
79,170

 
79,610


Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
 
Apartment
 
Gross Real
 
Three Months Ended
 
Units
 
Assets
 
September 30, 2016
 
September 30, 2015
 
Percent Change
Property Revenue
 
 
 
 
 
 
 
 
 
Same Store Communities
72,329

 
$
7,304,194

 
$
248,876

 
$
240,242

 
3.6
%
Non-Same Store Communities
5,995

 
857,900

 
25,640

 
20,238

 

Lease up/Development Communities
846

 
188,429

 
1,679

 
27

 

Total Multifamily Portfolio
79,170

 
$
8,350,523

 
$
276,195

 
$
260,507

 
 
Commercial Property/Land
—

 
$
30,715

 
$
703

 
$
1,491

 
 
Total Property Revenue
79,170

 
$
8,381,238

 
$
276,898

 
$
261,998

 

 
 
 
 
 
 
 
 
 
 
Property Expenses
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
95,714

 
$
92,536

 
3.4
%
Non-Same Store Communities

 

 
9,964

 
8,465

 

Lease up/Development Communities

 

 
644

 
2

 

Total Multifamily Portfolio

 

 
$
106,322

 
$
101,003

 
 
Commercial Property/Land
 
 

 
$
324

 
$
596

 
 
Total Property Expenses

 

 
$
106,646

 
$
101,599

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
153,162

 
$
147,706

 
3.7
%
Non-Same Store Communities

 

 
15,676

 
11,773

 

Lease up/Development Communities

 

 
1,035

 
25

 

Total Multifamily Portfolio

 

 
$
169,873

 
$
159,504

 
 
Commercial Property/Land
 
 

 
$
379

 
$
895

 
 
Total Net Operating Income

 

 
$
170,252

 
$
160,399

 
6.1
%


COMPONENTS OF SAME STORE PROPERTY EXPENSES
Dollars in thousands

 
Three Months Ended
 
Nine Months Ended
 
September 30, 2016
 
September 30, 2015
 
Percent Increase/(Decrease)
 
September 30, 2016
 
September 30, 2015
 
Percent Increase/(Decrease)
Personnel
$
24,515

 
$
24,052

 
1.9
 %
 
$
70,651

 
$
69,341

 
1.9
 %
Building Repair and Maintenance
11,963

 
11,492

 
4.1
 %
 
34,274

 
33,661

 
1.8
 %
Utilities
22,040

 
21,558

 
2.2
 %
 
61,903

 
60,270

 
2.7
 %
Marketing
2,617

 
2,856

 
(8.4
)%
 
7,829

 
8,874

 
(11.8
)%
Office Operations
3,547

 
3,360

 
5.6
 %
 
10,414

 
10,143

 
2.7
 %
Property Taxes
28,419

 
26,215

 
8.4
 %
 
86,164

 
80,822

 
6.6
 %
Insurance
2,613

 
3,003

 
(13.0
)%
 
8,614

 
8,875

 
(2.9
)%
Total Property Expenses
$
95,714

 
$
92,536

 
3.4
 %
 
$
279,849

 
$
271,986

 
2.9
 %


Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION

 
 
Average Physical Occupancy
 
Apartment Units
 
Percent of Same Store NOI
 
Three months ended September 30, 2016
 
Three months ended September 30, 2015
Atlanta, GA
6,074
 
9.5
%
 
96.4
%
 
96.2
%
Austin, TX
5,838
 
7.7
%
 
96.2
%
 
96.5
%
Charlotte, NC
4,401
 
6.7
%
 
96.5
%
 
96.6
%
Dallas, TX
4,743
 
6.6
%
 
96.1
%
 
96.2
%
Raleigh/Durham, NC
4,397
 
6.1
%
 
96.3
%
 
96.7
%
Orlando, FL
3,190
 
5.3
%
 
96.6
%
 
96.9
%
Fort Worth, TX
4,093
 
5.2
%
 
96.2
%
 
96.6
%
Nashville, TN
3,207
 
5.1
%
 
96.2
%
 
96.6
%
Tampa, FL
2,878
 
4.4
%
 
96.6
%
 
97.3
%
Houston, TX
3,232
 
4.1
%
 
95.4
%
 
95.7
%
Phoenix, AZ
1,976
 
2.8
%
 
96.8
%
 
96.6
%
South Florida
480
 
1.0
%
 
95.8
%
 
96.2
%
Las Vegas, NV
721
 
0.9
%
 
97.5
%
 
96.0
%
Large Markets
45,230
 
65.4
%
 
96.3
%
 
96.5
%
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202
 
4.2
%
 
96.9
%
 
97.0
%
Charleston, SC
2,648
 
4.0
%
 
96.2
%
 
96.7
%
Savannah, GA
2,219
 
3.0
%
 
96.8
%
 
96.9
%
Richmond, VA
1,668
 
2.3
%
 
96.7
%
 
96.7
%
San Antonio, TX
1,504
 
1.9
%
 
96.3
%
 
96.8
%
Memphis, TN
1,811
 
1.9
%
 
96.5
%
 
96.4
%
Greenville, SC
1,748
 
1.9
%
 
96.4
%
 
96.5
%
Birmingham, AL
1,462
 
1.8
%
 
96.2
%
 
96.3
%
Little Rock, AR
1,368
 
1.6
%
 
96.1
%
 
96.2
%
Jackson, MS
1,241
 
1.5
%
 
96.5
%
 
97.1
%
Fredericksburg, VA
741
 
1.3
%
 
96.2
%
 
96.8
%
Huntsville, AL
1,228
 
1.3
%
 
96.8
%
 
94.8
%
Lexington, KY
924
 
1.1
%
 
96.8
%
 
97.3
%
Other
5,335
 
6.8
%
 
96.4
%
 
96.7
%
Secondary Markets
27,099
 
34.6
%
 
96.5
%
 
96.6
%
 
 
 
 
 
 
 
 
Total Same Store
72,329
 
100.0
%
 
96.4
%
 
96.5
%
 
 
 
 
 
 
 
 


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
 
 
 
Q3 2016
 
Q3 2015
 
% Chg
 
Q3 2016
 
Q3 2015
 
% Chg
 
Q3 2016
 
Q3 2015
 
% Chg
 
Q3 2016
 
Q3 2015
 
% Chg
Atlanta, GA
6,074

 
$
23,148

 
$
22,022

 
5.1
 %
 
$
8,547

 
$
8,561

 
(0.2
)%
 
$
14,601

 
$
13,461

 
8.5
 %
 
$
1,144

 
$
1,083

 
5.6
 %
Austin, TX
5,838

 
21,186

 
20,324

 
4.2
 %
 
9,377

 
8,964

 
4.6
 %
 
11,809

 
11,360

 
4.0
 %
 
1,095

 
1,049

 
4.4
 %
Charlotte, NC
4,401

 
15,363

 
14,733

 
4.3
 %
 
5,047

 
4,934

 
2.3
 %
 
10,316

 
9,799

 
5.3
 %
 
1,064

 
1,009

 
5.5
 %
Dallas, TX
4,743

 
17,879

 
17,020

 
5.0
 %
 
7,718

 
7,284

 
6.0
 %
 
10,161

 
9,736

 
4.4
 %
 
1,154

 
1,101

 
4.8
 %
Raleigh/Durham, NC
4,397

 
14,487

 
14,056

 
3.1
 %
 
5,158

 
4,927

 
4.7
 %
 
9,329

 
9,129

 
2.2
 %
 
1,003

 
958

 
4.7
 %
Orlando, FL
3,190

 
12,659

 
11,941

 
6.0
 %
 
4,488

 
4,361

 
2.9
 %
 
8,171

 
7,580

 
7.8
 %
 
1,221

 
1,141

 
7.0
 %
Fort Worth, TX
4,093

 
14,270

 
13,394

 
6.5
 %
 
6,283

 
5,725

 
9.7
 %
 
7,987

 
7,669

 
4.1
 %
 
1,044

 
979

 
6.6
 %
Nashville, TN
3,207

 
11,840

 
11,490

 
3.0
 %
 
4,040

 
3,964

 
1.9
 %
 
7,800

 
7,526

 
3.6
 %
 
1,132

 
1,090

 
3.9
 %
Tampa, FL
2,878

 
10,875

 
10,359

 
5.0
 %
 
4,140

 
4,030

 
2.7
 %
 
6,735

 
6,329

 
6.4
 %
 
1,146

 
1,078

 
6.3
 %
Houston, TX
3,232

 
10,903

 
11,118

 
(1.9
)%
 
4,687

 
4,577

 
2.4
 %
 
6,216

 
6,541

 
(5.0
)%
 
1,043

 
1,061

 
(1.7
)%
Phoenix, AZ
1,976

 
6,506

 
6,177

 
5.3
 %
 
2,291

 
2,142

 
7.0
 %
 
4,215

 
4,035

 
4.5
 %
 
987

 
935

 
5.6
 %
South Florida
480

 
2,368

 
2,272

 
4.2
 %
 
878

 
809

 
8.5
 %
 
1,490

 
1,463

 
1.8
 %
 
1,581

 
1,504

 
5.1
 %
Las Vegas, NV
721

 
2,204

 
2,041

 
8.0
 %
 
789

 
782

 
0.9
 %
 
1,415

 
1,259

 
12.4
 %
 
875

 
818

 
7.0
 %
Large Markets
45,230

 
$
163,688

 
$
156,947

 
4.3
 %
 
$
63,443

 
$
61,060

 
3.9
 %
 
$
100,245

 
$
95,887

 
4.5
 %
 
$
1,099

 
$
1,048

 
4.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202

 
$
10,019

 
$
9,668

 
3.6
 %
 
$
3,596

 
$
3,500

 
2.7
 %
 
$
6,423

 
$
6,168

 
4.1
 %
 
$
979

 
$
944

 
3.7
 %
Charleston, SC
2,648

 
9,525

 
9,232

 
3.2
 %
 
3,362

 
3,214

 
4.6
 %
 
6,163

 
6,018

 
2.4
 %
 
1,085

 
1,041

 
4.2
 %
Savannah, GA
2,219

 
7,400

 
7,302

 
1.3
 %
 
2,802

 
2,704

 
3.6
 %
 
4,598

 
4,598

 
0.0
 %
 
995

 
982

 
1.3
 %
Richmond, VA
1,668

 
5,421

 
5,312

 
2.1
 %
 
1,851

 
1,899

 
(2.5
)%
 
3,570

 
3,413

 
4.6
 %
 
989

 
951

 
4.0
 %
San Antonio, TX
1,504

 
5,172

 
5,162

 
0.2
 %
 
2,223

 
2,216

 
0.3
 %
 
2,949

 
2,946

 
0.1
 %
 
1,060

 
1,053

 
0.7
 %
Memphis, TN
1,811

 
5,258

 
5,079

 
3.5
 %
 
2,341

 
2,256

 
3.8
 %
 
2,917

 
2,823

 
3.3
 %
 
889

 
857

 
3.7
 %
Greenville, SC
1,748

 
4,639

 
4,525

 
2.5
 %
 
1,785

 
1,791

 
(0.3
)%
 
2,854

 
2,734

 
4.4
 %
 
790

 
766

 
3.1
 %
Birmingham, AL
1,462

 
4,653

 
4,664

 
(0.2
)%
 
1,891

 
1,857

 
1.8
 %
 
2,762

 
2,807

 
(1.6
)%
 
947

 
939

 
0.9
 %
Little Rock, AR
1,368

 
3,890

 
3,855

 
0.9
 %
 
1,493

 
1,409

 
6.0
 %
 
2,397

 
2,446

 
(2.0
)%
 
884

 
874

 
1.1
 %
Jackson, MS
1,241

 
3,584

 
3,573

 
0.3
 %
 
1,360

 
1,377

 
(1.2
)%
 
2,224

 
2,196

 
1.3
 %
 
865

 
853

 
1.4
 %
Fredericksburg, VA
741

 
2,975

 
2,911

 
2.2
 %
 
913

 
866

 
5.4
 %
 
2,062

 
2,045

 
0.8
 %
 
1,235

 
1,192

 
3.6
 %
Huntsville, AL
1,228

 
3,315

 
3,200

 
3.6
 %
 
1,319

 
1,372

 
(3.9
)%
 
1,996

 
1,828

 
9.2
 %
 
785

 
767

 
2.3
 %
Lexington, KY
924

 
2,579

 
2,521

 
2.3
 %
 
922

 
907

 
1.7
 %
 
1,657

 
1,614

 
2.7
 %
 
864

 
837

 
3.2
 %
Other
5,335

 
16,758

 
16,291

 
2.9
 %
 
6,413

 
6,108

 
5.0
 %
 
10,345

 
10,183

 
1.6
 %
 
965

 
930

 
3.8
 %
Secondary Markets
27,099

 
$
85,188

 
$
83,295

 
2.3
 %
 
$
32,271

 
$
31,476

 
2.5
 %
 
$
52,917

 
$
51,819

 
2.1
 %
 
$
957

 
$
930

 
2.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
72,329

 
$
248,876

 
$
240,242

 
3.6
 %
 
$
95,714

 
$
92,536

 
3.4
 %
 
$
153,162

 
$
147,706

 
3.7
 %
 
$
1,046

 
$
1,004

 
4.2
 %







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
 
 
 
Q3 2016
 
Q2 2016
 
% Chg
 
Q3 2016
 
Q2 2016
 
% Chg
 
Q3 2016
 
Q2 2016
 
% Chg
 
Q3 2016
 
Q2 2016
 
% Chg
Atlanta, GA
6,074

 
$
23,148

 
$
22,621

 
2.3
 %
 
$
8,547

 
$
8,375

 
2.1
 %
 
$
14,601

 
$
14,246

 
2.5
 %
 
$
1,144

 
$
1,123

 
1.9
 %
Austin, TX
5,838

 
21,186

 
20,810

 
1.8
 %
 
9,377

 
9,001

 
4.2
 %
 
11,809

 
11,809

 
0.0
 %
 
1,095

 
1,085

 
0.9
 %
Charlotte, NC
4,401

 
15,363

 
15,248

 
0.8
 %
 
5,047

 
5,011

 
0.7
 %
 
10,316

 
10,237

 
0.8
 %
 
1,064

 
1,047

 
1.6
 %
Dallas, TX
4,743

 
17,879

 
17,458

 
2.4
 %
 
7,718

 
7,156

 
7.9
 %
 
10,161

 
10,302

 
(1.4
)%
 
1,154

 
1,134

 
1.8
 %
Raleigh/Durham, NC
4,397

 
14,487

 
14,214

 
1.9
 %
 
5,158

 
4,912

 
5.0
 %
 
9,329

 
9,302

 
0.3
 %
 
1,003

 
983

 
2.0
 %
Orlando, FL
3,190

 
12,659

 
12,411

 
2.0
 %
 
4,488

 
4,497

 
(0.2
)%
 
8,171

 
7,914

 
3.2
 %
 
1,221

 
1,194

 
2.3
 %
Fort Worth, TX
4,093

 
14,270

 
13,997

 
2.0
 %
 
6,283

 
5,839

 
7.6
 %
 
7,987

 
8,158

 
(2.1
)%
 
1,044

 
1,022

 
2.2
 %
Nashville, TN
3,207

 
11,840

 
11,677

 
1.4
 %
 
4,040

 
3,877

 
4.2
 %
 
7,800

 
7,800

 
0.0
 %
 
1,132

 
1,111

 
1.9
 %
Tampa, FL
2,878

 
10,875

 
10,624

 
2.4
 %
 
4,140

 
4,033

 
2.7
 %
 
6,735

 
6,591

 
2.2
 %
 
1,146

 
1,124

 
2.0
 %
Houston, TX
3,232

 
10,903

 
11,041

 
(1.2
)%
 
4,687

 
4,919

 
(4.7
)%
 
6,216

 
6,122

 
1.5
 %
 
1,043

 
1,050

 
(0.7
)%
Phoenix, AZ
1,976

 
6,506

 
6,421

 
1.3
 %
 
2,291

 
2,137

 
7.2
 %
 
4,215

 
4,284

 
(1.6
)%
 
987

 
972

 
1.5
 %
South Florida
480

 
2,368

 
2,348

 
0.9
 %
 
878

 
869

 
1.0
 %
 
1,490

 
1,479

 
0.7
 %
 
1,581

 
1,555

 
1.7
 %
Las Vegas, NV
721

 
2,204

 
2,113

 
4.3
 %
 
789

 
738

 
6.9
 %
 
1,415

 
1,375

 
2.9
 %
 
875

 
855

 
2.3
 %
Large Markets
45,230

 
$
163,688

 
$
160,983

 
1.7
 %
 
$
63,443

 
$
61,364

 
3.4
 %
 
$
100,245

 
$
99,619

 
0.6
 %
 
$
1,099

 
$
1,082

 
1.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202

 
$
10,019

 
$
9,925

 
0.9
 %
 
$
3,596

 
$
3,545

 
1.4
 %
 
$
6,423

 
$
6,380

 
0.7
 %
 
$
979

 
$
968

 
1.1
 %
Charleston, SC
2,648

 
9,525

 
9,360

 
1.8
 %
 
3,362

 
3,215

 
4.6
 %
 
6,163

 
6,145

 
0.3
 %
 
1,085

 
1,070

 
1.4
 %
Savannah, GA
2,219

 
7,400

 
7,302

 
1.3
 %
 
2,802

 
2,759

 
1.6
 %
 
4,598

 
4,543

 
1.2
 %
 
995

 
987

 
0.8
 %
Richmond, VA
1,668

 
5,421

 
5,362

 
1.1
 %
 
1,851

 
1,786

 
3.6
 %
 
3,570

 
3,576

 
(0.2
)%
 
989

 
972

 
1.7
 %
San Antonio, TX
1,504

 
5,172

 
5,161

 
0.2
 %
 
2,223

 
2,255

 
(1.4
)%
 
2,949

 
2,906

 
1.5
 %
 
1,060

 
1,056

 
0.4
 %
Memphis, TN
1,811

 
5,258

 
5,193

 
1.3
 %
 
2,341

 
2,260

 
3.6
 %
 
2,917

 
2,933

 
(0.5
)%
 
889

 
877

 
1.4
 %
Greenville, SC
1,748

 
4,639

 
4,575

 
1.4
 %
 
1,785

 
1,827

 
(2.3
)%
 
2,854

 
2,748

 
3.9
 %
 
790

 
779

 
1.4
 %
Birmingham, AL
1,462

 
4,653

 
4,637

 
0.3
 %
 
1,891

 
1,985

 
(4.7
)%
 
2,762

 
2,652

 
4.1
 %
 
947

 
945

 
0.2
 %
Little Rock, AR
1,368

 
3,890

 
3,867

 
0.6
 %
 
1,493

 
1,472

 
1.4
 %
 
2,397

 
2,395

 
0.1
 %
 
884

 
878

 
0.7
 %
Jackson, MS
1,241

 
3,584

 
3,559

 
0.7
 %
 
1,360

 
1,345

 
1.1
 %
 
2,224

 
2,214

 
0.5
 %
 
865

 
861

 
0.5
 %
Fredericksburg, VA
741

 
2,975

 
2,961

 
0.5
 %
 
913

 
851

 
7.3
 %
 
2,062

 
2,110

 
(2.3
)%
 
1,235

 
1,226

 
0.7
 %
Huntsville, AL
1,228

 
3,315

 
3,248

 
2.1
 %
 
1,319

 
1,290

 
2.2
 %
 
1,996

 
1,958

 
1.9
 %
 
785

 
772

 
1.7
 %
Lexington, KY
924

 
2,579

 
2,522

 
2.3
 %
 
922

 
927

 
(0.5
)%
 
1,657

 
1,595

 
3.9
 %
 
864

 
845

 
2.2
 %
Other
5,335

 
16,758

 
16,560

 
1.2
 %
 
6,413

 
6,192

 
3.6
 %
 
10,345

 
10,368

 
(0.2
)%
 
965

 
954

 
1.2
 %
Secondary Markets
27,099

 
$
85,188

 
$
84,232

 
1.1
 %
 
$
32,271

 
$
31,709

 
1.8
 %
 
$
52,917

 
$
52,523

 
0.8
 %
 
$
957

 
$
947

 
1.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
72,329

 
$
248,876

 
$
245,215

 
1.5
 %
 
$
95,714

 
$
93,073

 
2.8
 %
 
$
153,162

 
$
152,142

 
0.7
 %
 
$
1,046

 
$
1,031

 
1.5
 %
MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS



Supplemental Data S-6



MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2016
Dollars in thousands, except unit and per unit data

 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
YTD 2016
 
YTD 2015
 
% Chg
 
YTD 2016
 
YTD 2015
 
% Chg
 
YTD 2016
 
YTD 2015
 
% Chg
 
YTD 2016
 
YTD 2015
 
% Chg
Atlanta, GA
6,074

 
$
68,082

 
$
64,225

 
6.0
 %
 
$
25,289

 
$
25,149

 
0.6
 %
 
$
42,793

 
$
39,076

 
9.5
 %
 
$
1,123

 
$
1,058

 
6.1
 %
Austin, TX
5,838

 
62,535

 
59,316

 
5.4
 %
 
27,755

 
26,463

 
4.9
 %
 
34,780

 
32,853

 
5.9
 %
 
1,083

 
1,030

 
5.1
 %
Charlotte, NC
4,401

 
45,596

 
43,276

 
5.4
 %
 
14,742

 
14,533

 
1.4
 %
 
30,854

 
28,743

 
7.3
 %
 
1,046

 
988

 
5.9
 %
Dallas, TX
4,743

 
52,485

 
50,016

 
4.9
 %
 
22,140

 
20,935

 
5.8
 %
 
30,345

 
29,081

 
4.3
 %
 
1,134

 
1,085

 
4.5
 %
Raleigh/Durham, NC
4,397

 
42,799

 
41,344

 
3.5
 %
 
14,681

 
14,069

 
4.3
 %
 
28,118

 
27,275

 
3.1
 %
 
985

 
946

 
4.1
 %
Orlando, FL
3,190

 
37,366

 
34,808

 
7.3
 %
 
13,332

 
12,977

 
2.7
 %
 
24,034

 
21,831

 
10.1
 %
 
1,197

 
1,111

 
7.7
 %
Fort Worth, TX
4,093

 
42,001

 
39,220

 
7.1
 %
 
17,889

 
16,748

 
6.8
 %
 
24,112

 
22,472

 
7.3
 %
 
1,023

 
959

 
6.7
 %
Nashville, TN
3,207

 
34,872

 
33,383

 
4.5
 %
 
11,481

 
11,270

 
1.9
 %
 
23,391

 
22,113

 
5.8
 %
 
1,113

 
1,073

 
3.7
 %
Tampa, FL
2,878

 
31,962

 
30,406

 
5.1
 %
 
12,211

 
11,802

 
3.5
 %
 
19,751

 
18,604

 
6.2
 %
 
1,125

 
1,060

 
6.1
 %
Houston, TX
3,232

 
33,012

 
33,056

 
(0.1
)%
 
14,645

 
14,212

 
3.0
 %
 
18,367

 
18,844

 
(2.5
)%
 
1,048

 
1,051

 
(0.3
)%
Phoenix, AZ
1,976

 
19,230

 
18,102

 
6.2
 %
 
6,484

 
6,452

 
0.5
 %
 
12,746

 
11,650

 
9.4
 %
 
972

 
920

 
5.7
 %
South Florida
480

 
7,050

 
6,761

 
4.3
 %
 
2,565

 
2,459

 
4.3
 %
 
4,485

 
4,302

 
4.3
 %
 
1,560

 
1,484

 
5.1
 %
Las Vegas, NV
721

 
6,402

 
5,928

 
8.0
 %
 
2,235

 
2,190

 
2.1
 %
 
4,167

 
3,738

 
11.5
 %
 
858

 
806

 
6.5
 %
Large Markets
45,230

 
$
483,392

 
$
459,841

 
5.1
 %
 
$
185,449

 
$
179,259

 
3.5
 %
 
$
297,943

 
$
280,582

 
6.2
 %
 
$
1,082

 
$
1,030

 
5.0
 %
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

Jacksonville, FL
3,202

 
$
29,736

 
$
28,485

 
4.4
 %
 
$
10,528

 
$
10,430

 
0.9
 %
 
$
19,208

 
$
18,055

 
6.4
 %
 
$
968

 
$
932

 
3.9
 %
Charleston, SC
2,648

 
28,105

 
26,952

 
4.3
 %
 
9,667

 
9,411

 
2.7
 %
 
18,438

 
17,541

 
5.1
 %
 
1,070

 
1,019

 
5.0
 %
Savannah, GA
2,219

 
21,991

 
21,380

 
2.9
 %
 
8,067

 
7,863

 
2.6
 %
 
13,924

 
13,517

 
3.0
 %
 
988

 
970

 
1.9
 %
Richmond, VA
1,668

 
16,104

 
15,648

 
2.9
 %
 
5,490

 
5,489

 
0.0
 %
 
10,614

 
10,159

 
4.5
 %
 
974

 
942

 
3.4
 %
San Antonio, TX
1,504

 
15,441

 
15,266

 
1.1
 %
 
6,678

 
6,607

 
1.1
 %
 
8,763

 
8,659

 
1.2
 %
 
1,056

 
1,044

 
1.1
 %
Memphis, TN
1,811

 
15,597

 
14,930

 
4.5
 %
 
6,825

 
6,718

 
1.6
 %
 
8,772

 
8,212

 
6.8
 %
 
876

 
851

 
2.9
 %
Greenville, SC
1,748

 
13,745

 
13,216

 
4.0
 %
 
5,293

 
5,249

 
0.8
 %
 
8,452

 
7,967

 
6.1
 %
 
780

 
754

 
3.4
 %
Birmingham, AL
1,462

 
13,936

 
13,766

 
1.2
 %
 
5,720

 
5,609

 
2.0
 %
 
8,216

 
8,157

 
0.7
 %
 
943

 
936

 
0.7
 %
Little Rock, AR
1,368

 
11,605

 
11,419

 
1.6
 %
 
4,319

 
4,203

 
2.8
 %
 
7,286

 
7,216

 
1.0
 %
 
879

 
875

 
0.5
 %
Jackson, MS
1,241

 
10,701

 
10,576

 
1.2
 %
 
4,008

 
3,990

 
0.5
 %
 
6,693

 
6,586

 
1.6
 %
 
861

 
845

 
1.9
 %
Fredericksburg, VA
741

 
8,887

 
8,582

 
3.6
 %
 
2,687

 
2,652

 
1.3
 %
 
6,200

 
5,930

 
4.6
 %
 
1,222

 
1,170

 
4.4
 %
Huntsville, AL
1,228

 
9,809

 
9,519

 
3.0
 %
 
3,836

 
3,792

 
1.2
 %
 
5,973

 
5,727

 
4.3
 %
 
774

 
762

 
1.6
 %
Lexington, KY
924

 
7,610

 
7,428

 
2.5
 %
 
2,714

 
2,731

 
(0.6
)%
 
4,896

 
4,697

 
4.2
 %
 
848

 
827

 
2.5
 %
Other
5,335

 
49,746

 
47,867

 
3.9
 %
 
18,568

 
17,983

 
3.3
 %
 
31,178

 
29,884

 
4.3
 %
 
953

 
916

 
4.0
 %
Secondary Markets
27,099

 
$
253,013

 
$
245,034

 
3.3
 %
 
$
94,400

 
$
92,727

 
1.8
 %
 
$
158,613

 
$
152,307

 
4.1
 %
 
$
947

 
$
919

 
3.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
72,329

 
$
736,405

 
$
704,875

 
4.5
 %
 
$
279,849

 
$
271,986

 
2.9
 %
 
$
456,556

 
$
432,889

 
5.5
 %
 
$
1,032

 
$
988

 
4.5
 %

Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of September 30, 2016
 
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q3 2016
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retreat at West Creek II
Richmond, Virginia
 
82

 
—

 
11

 
4Q15
 
1Q17
 
2Q17
 
4Q17
 
$
15,100

 
$
9,965

 
$
5,135

CG at Randal Lakes Phase II
Orlando, Florida
 
314

 
110

 
94

 
2Q15
 
2Q16
 
2Q17
 
4Q17
 
41,300

 
29,717

 
11,583

The Denton II
Kansas City, Missouri-Kansas MSA
 
154

 
—

 
—

 
4Q15
 
3Q17
 
4Q17
 
3Q18
 
25,400

 
8,943

 
16,457

Total Active
 
 
550

 
110

 
105

 
 
 
 
 
 
 
 
 
$
81,800

 
$
48,625

 
$
33,175


(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
MULTIFAMILY LEASE-UP COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Location
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
Residences at Fountainhead
Tempe, Arizona
 
322

 
68.6
%
 
(2) 
 
1Q17
River's Walk Phase II
Charleston, South Carolina
 
78

 
94.9
%
 
3Q16
 
4Q16
Innovation Apartment Homes
Greenville, South Carolina
 
336

 
79.8
%
 
(2) 
 
3Q17
Total
 
 
736

 
76.5
%
 
 
 
 

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

2016 ACQUISITION ACTIVITY
Dollars in thousands
 
Multifamily Acquisitions
 
Location
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
The Apartments at Cobblestone Square
 
Fredericksburg, Virginia
 
314
 
2012
 
March 1, 2016
 
$
2,287

Residences at Fountainhead 
 
Tempe, Arizona
 
322
 
2015
 
June 30, 2016
 
621

Yale at 6th
 
Houston, Texas
 
352
 
2015
 
September 8, 2016
 
281

Innovation Apartment Homes
 
Greenville, South Carolina
 
336
 
2015
 
September 22, 2016
 
84



Supplemental Data S-8



2016 DISPOSITION ACTIVITY
Dollars in thousands
 

Multifamily Dispositions
 
Location
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
Colonial Village at Mill Creek
 
Winston-Salem, North Carolina
 
220
 
1984
 
August 18, 2016
 
$
624

Corners at Crystal Lake
 
Winston-Salem, North Carolina
 
240
 
1982
 
August 18, 2016
 
747

Colonial Village at Glen Eagles
 
Winston-Salem, North Carolina
 
310
 
1990/2000
 
August 18, 2016
 
1,063

Colonial Grand at Autumn Park
 
Greensboro, North Carolina
 
402
 
2001/04
 
August 18, 2016
 
1,826

Abbington Place
 
Huntsville, Alabama
 
152
 
1987
 
September 13, 2016
 
518

Colonial Village at Greystone
 
Charlotte, North Carolina
 
408
 
1998/2000
 
September 13, 2016
 
1,985

Colonial Village at Stone Point
 
Charlotte, North Carolina
 
192
 
1986
 
September 13, 2016
 
991


Commercial Dispositions
 
Location
 
Square Feet
 
Year Built
 
Closing Date
 
YTD NOI
Colonial Promenade Nord du Lac
 
Covington, Louisiana
 
295,447
 
2011
 
March 28, 2016
 
$
460

Land Title Building(1)
 
Birmingham, Alabama
 
29,971
 
 
 
May 23, 2016
 
—
Land Dispositions
 
Location
 
Acres
 
 
 
Closing Date
McKinney(2)
 
McKinney, Texas
 
30
 
 
 
February 4, 2016
Colonial Promenade Nord du Lac - Outparcels
 
Covington, Louisiana
 
25
 
 
 
March 28, 2016
Colonial Grand at Heathrow - Adjacent Land Parcels
 
Heathrow, Florida
 
11
 
 
 
April 7, 2016 and April 13, 2016
CP Huntsville - Outparcel
 
Huntsville, Alabama
 
1
 
 
 
June 29, 2016
(1) This property was sold by Six Hundred Building Partners, a joint venture, in which MAA owned a 33.3% interest.
(2) This property consisting of undeveloped land was sold by McDowell CRLP McKinney JV, LLC, a joint venture, in which MAA owned a 25% interest.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2016
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
 
$
3,039,157

 
88.5
%
 
3.9
%
 
4.4
%
 
4.6

Capped debt
 
75,000

 
2.2
%
 
1.2
%
 
1.2
%
 
1.1

Floating (unhedged) debt
 
320,000

 
9.3
%
 
1.4
%
 
1.4
%
 
0.1

Total
 
$
3,434,157

 
100.0
%
 
3.6
%
 
4.0
%
 
4.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
$
2,195,989

 
63.9
%
 
3.6
%
 
3.6
%
 
5.4

Secured debt
 
1,238,168

 
36.1
%
 
3.5
%
 
4.7
%
 
2.5

Total
 
$
3,434,157

 
100.0
%
 
3.6
%
 
4.0
%
 
4.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
 
 
Q3 2016
 
Percent of
 
 
Cost
 
Total
 
 
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
6,334,326

 
73.8
%
 
 
 
$
124,916

 
73.4
%
Encumbered gross assets
 
2,245,616

 
26.2
%
 

 
45,336

 
26.6
%
Total
 
$
8,579,942

 
100.0
%
 
 
 
$
170,252

 
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
2016
 
$
—

 
$
—

 
$
—

 
—
%
 
$
25,000

 
$
25,000

 
 
2017
 
127,473

 
299,065

 
426,538

 
3.0
%
 
25,000

 
451,538

 
 
2018
 
139,607

 
250,753

 
390,360

 
4.1
%
 
25,000

 
415,360

 
 
2019
 
562,365

 
—

 
562,365

 
5.7
%
 
—

 
562,365

 
 
2020
 
167,773

 
—

 
167,773

 
4.8
%
 
—

 
167,773

 
 
Thereafter
 
1,492,121

 
—

 
1,492,121

 
4.3
%
 
—

 
1,492,121

 
 
Total
 
$
2,489,339

 
$
549,818

 
$
3,039,157

 
4.4
%
 
$
75,000

 
$
3,114,157

 
4.5











Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2016 (CONTINUED)
Dollars in thousands
 
 
 
 

DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Facilities
 
 
 
 
 
 
 
 
Fannie Mae Secured
 
Key Bank Unsecured
 
Other Secured
 
Other Unsecured
 
Total
2016
 
$
80,000

 
$
—

 
$
—

 
$
—

 
$
80,000

2017
 
80,000

 
—

 
59,498

 
17,975

 
157,473

2018
 
80,000

 
—

 
89,696

 
300,665

 
470,361

2019
 
—

 
—

 
542,420

 
19,945

 
562,365

2020
 
—

 
205,000

 
167,773

 
149,733

 
522,506

Thereafter
 
—

 
—

 
138,781

 
1,502,671

 
1,641,452

Total
 
$
240,000

 
$
205,000

 
$
998,168

 
$
1,990,989

 
$
3,434,157


DEBT COVENANT ANALYSIS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Public Bond Covenants
 
Required
 
Actual
 
Compliance
Limit on Incurrence of Total Debt
 
60% or less
 
40.0%
 
Yes
Limit on Incurrence of Secured Debt
 
40% or less
 
14.4%
 
Yes
Ratio of Income Available for Debt Service/Annual Debt Service Charge
 
1.5:1 or greater for trailing 4 quarters
 
4.82x
 
Yes
Maintenance of Unencumbered Total Asset Value
 
Greater than 150%
 
288%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total Leverage Ratio
 
60% or less
 
33.5%
 
Yes
Total Secured Leverage Ratio
 
40% or Less
 
11.9%
 
Yes
Adjusted EBITDA to Fixed Charges
 
1.5:1 or greater for trailing 4 quarters
 
4.08x
 
Yes
Unencumbered Leverage Ratio
 
60% or less
 
29.2%
 
Yes
(1) The calculations of the Public Bond Covenants and Bank Covenants above are specifically defined in Mid-America Apartments, L.P.'s debt agreements, and as such, these calculations may not be consistent with those found earlier in this document.

Supplemental Data S-11



BALANCE SHEET RATIOS
 
 
 
 
Three Months Ended
 
September 30,
 
2016
 
2015
Recurring EBITDA/Debt Service(1)
4.09x
 
3.92x
Fixed Charge Coverage (1) (2)
4.35x
 
4.13x
Total Debt/Total Market Capitalization
31.4%
 
34.5%
Total Debt/Gross Assets
40.0%
 
41.2%
Net Debt/Gross Assets
39.7%
 
40.7%
Unencumbered Assets/Gross Real Estate Assets
74.6%
 
70.0%

(1) 
As of September 30, 2016 and 2015, interest expense includes debt issuance costs of $894,000 and $887,000, respectively.
(2) 
Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends.

 
Twelve Months Ended
 
September 30,
 
2016
 
2015
Fixed Charge Coverage (1) (2)
4.31x
 
3.99x
Net Debt/Recurring EBITDA (2)
5.55x
 
5.86x
(1) 
Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends.
(2)
For the twelve months ended September 30, 2016 and 2015, interest expense includes debt issuance costs of $3.6 million and $3.7 million, respectively.































Supplemental Data S-12




2016 GUIDANCE
 
 
 
MAA provides guidance on Core FFO per Share and Core AFFO per Share, which are non-GAAP measures, but does not forecast net income available for common shareholders per diluted common share. It is not reasonable to accurately predict the timing and certainty of acquisitions and dispositions that would materially affect depreciation, capital gains or losses, merger and acquisition expenses and net income attributable to noncontrolling interests or to forecast extraordinary items, which, combined, generally represent the difference between net income available for common shareholders and Core FFO. Based on historical experience, the dollar amount of that unavailable information could be significant. The guidance provided below does not include the impact of closing the pending merger with Post Properties.
 
 
 
Full Year 2016
Earnings
 
Core FFO per Share - diluted
$5.86 to $5.96
Midpoint
$5.91
Core AFFO per Share - diluted
$5.16 to $5.26
Midpoint
$5.21
 
 
Same Store Communities:
 
Number of units
72,329
Property revenue growth
4.0% to 4.5%
Property operating expense growth
2.5% to 3.5%
NOI growth
4.75% to 5.25%
Real estate tax expense growth
5.5% to 6.5%
 
 
Corporate Expenses:
 
General and administrative and property management expenses
$60.0 to $61.0 million
Income tax expense
$1.5 to $2.0 million
 
 
Transaction/Investment Volume:
 
Acquisition volume (multifamily)
$265 to $350 million
Disposition volume (multifamily)
$200 to $300 million
Commercial / land disposition volume
$40 to $50 million
Development investment
$50 to $60 million
 
 
Debt:
 
Average Interest Rate (excluding mark-to-market debt adjustment)
4.0% to 4.2%
Average Effective Interest Rate
3.6% to 3.8%
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
$2.5 to $3.0 million
Projected amortization of debt mark-to-market
$15 to $16 million




Supplemental Data S-13



CREDIT RATINGS
 
 
 
 
 
 
 
 
Rating
 
Outlook
Fitch Ratings (1)
BBB+
 
Stable
Moody's Investors Service (2)
Baa2
 
Positive
Standard & Poor's Ratings Services (1) (3)
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.
(3) 
Placed on CreditWatch with positive implications to reflect the anticipated additional scale and improvement in financial leverage from the pending merger transaction with Post Properties.

COMMON STOCK
 
 
 
 
 
 
 
 
 
 
Stock Symbol:
MAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
NYSE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
Q4 2016
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
 
Earnings release & conference call
Early February
 
Late April
 
Late July
 
Late October
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q3 2015
 
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
Declaration Date
9/24/2015

 
12/8/2015

 
3/22/2016

 
5/17/2016

 
9/27/2016

Record Date
10/15/2015

 
1/15/2016

 
4/15/2016

 
7/15/2016

 
10/14/2016

Payment Date
10/30/2015

 
1/29/2016

 
4/29/2016

 
7/29/2016

 
10/31/2016

Distributions Per Share
$
0.77

 
$
0.82

 
$
0.82

 
$
0.82

 
$
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-Qs, 10-Ks 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


Supplemental Data S-14

MID AMERICA APARTMENT COMMUNITIES INC. Reports