MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 25, 2017

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PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2017 (In apartment units)
 
 
Combined Adjusted Same Store
 
Non-Same Store(1)
 
Lease-up
 
Total Completed Communities
 
Development Units Delivered
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
10,324

 
1,158

 
332

 
11,814

 
—

 
11,814

Dallas, TX
 
9,085

 
680

 
—

 
9,765

 
—

 
9,765

Austin, TX
 
6,475

 
298

 
—

 
6,773

 
275

 
7,048

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
 
4,127

 
352

 
388

 
4,867

 
—

 
4,867

Fort Worth, TX
 
4,249

 
—

 
—

 
4,249

 
—

 
4,249

Washington, DC
 
3,386

 
694

 
—

 
4,080

 
—

 
4,080

Nashville, TN
 
3,776

 
—

 
279

 
4,055

 
—

 
4,055

Phoenix, AZ
 
2,301

 
322

 
—

 
2,623

 
—

 
2,623

South Florida
 
480

 
—

 
—

 
480

 
—

 
480

Denver, CO
 
—

 
—

 
—

 
—

 
10

 
10

Large Markets
 
64,467

 
5,083

 
999

 
70,549

 
285

 
70,834

 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
 
3,496

 
—

 
—

 
3,496

 
—

 
3,496

Charleston, SC
 
2,648

 
380

 
—

 
3,028

 
—

 
3,028

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
 
6,840

 
449

 
—

 
7,289

 
44

 
7,333

Secondary Markets
 
27,233

 
1,501

 
—

 
28,734

 
44

 
28,778

Total Multifamily Units
 
91,700

 
6,584

 
999

 
99,283

 
329

 
99,612


(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 September 30, 2017
 
Average Effective Rent for the Three Months Ended September 30, 2017
 
As of September 30, 2017
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
1,799,588

 
13.9
%
 
96.7
%
 
$
1,334

 
11,482

 
 
Dallas, TX
 
1,341,336

 
10.4
%
 
95.8
%
 
1,264

 
9,765

 
 
Washington, DC
 
934,975

 
7.2
%
 
96.5
%
 
1,711

 
4,080

 
 
Charlotte, NC
 
924,470

 
7.2
%
 
96.5
%
 
1,167

 
6,149

 
 
Tampa, FL
 
840,556

 
6.5
%
 
96.5
%
 
1,361

 
5,220

 
 
Orlando, FL
 
803,845

 
6.2
%
 
96.6
%
 
1,348

 
5,274

 
 
Austin, TX
 
752,803

 
5.8
%
 
95.5
%
 
1,171

 
6,773

 
 
Raleigh/Durham, NC
 
652,050

 
5.1
%
 
97.0
%
 
1,054

 
5,200

 
 
Houston, TX
 
507,848

 
3.9
%
 
97.1
%
 
1,107

 
4,479

 
 
Fort Worth, TX
 
380,351

 
2.9
%
 
96.0
%
 
1,109

 
4,249

 
 
Nashville, TN
 
380,636

 
2.9
%
 
96.0
%
 
1,172

 
3,776

 
 
Phoenix, AZ
 
367,587

 
2.8
%
 
96.6
%
 
1,081

 
2,623

 
 
South Florida
 
58,714

 
0.5
%
 
95.2
%
 
1,600

 
480

 
 
Large Markets
 
$
9,744,759

 
75.3
%
 
96.4
%
 
$
1,253

 
69,550

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charleston, SC
 
$
357,629

 
2.8
%
 
96.6
%
 
$
1,172

 
3,028

 
 
Jacksonville, FL
 
284,189

 
2.2
%
 
97.4
%
 
1,043

 
3,496

 
 
Richmond, VA
 
254,345

 
2.0
%
 
96.5
%
 
1,084

 
2,004

 
 
Savannah, GA
 
232,106

 
1.8
%
 
95.9
%
 
1,032

 
2,219

 
 
San Antonio, TX
 
159,250

 
1.2
%
 
96.8
%
 
1,069

 
1,504

 
 
Kansas City, MO-KS
 
155,647

 
1.2
%
 
96.1
%
 
1,232

 
956

 
 
Greenville, SC
 
150,595

 
1.2
%
 
95.5
%
 
858

 
2,084

 
 
Birmingham, AL
 
150,627

 
1.2
%
 
95.9
%
 
972

 
1,462

 
 
Memphis, TN
 
124,371

 
1.0
%
 
95.8
%
 
924

 
1,811

 
 
All Other Secondary Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Alabama
 
$
152,378

 
1.2
%
 
96.8
%
 
$
877

 
1,648

 
 
Virginia
 
148,227

 
1.1
%
 
97.7
%
 
1,224

 
1,039

 
 
Florida
 
111,142

 
0.9
%
 
97.0
%
 
1,091

 
1,326

 
 
Arkansas
 
114,658

 
0.9
%
 
96.9
%
 
879

 
1,368

 
 
Kentucky
 
90,078

 
0.7
%
 
95.9
%
 
858

 
1,308

 
 
Mississippi
 
70,522

 
0.5
%
 
96.7
%
 
873

 
1,241

 
 
Nevada
 
67,578

 
0.5
%
 
96.5
%
 
928

 
721

 
 
Tennessee
 
49,324

 
0.4
%
 
96.3
%
 
825

 
943

 
 
South Carolina
 
35,327

 
0.3
%
 
91.7
%
 
812

 
576

 
 
Secondary Markets
 
$
2,707,993

 
21.1
%
 
96.4
%
 
$
1,003

 
28,734

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
$
12,452,752

 
96.4
%
 
96.4
%
 
$
1,180

 
98,284

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
Large
$
141,402

 
1.1
%
 
16.3
%
 
$
1,829

 
332

 
770

Houston, TX
Large
80,304

 
0.6
%
 
76.5
%
 
1,435

 
388

 
388

Denver, CO
Large
74,748

 
0.6
%
 
—

 
—

 
10

 
358

Nashville, TN
Large
62,725

 
0.5
%
 
94.3
%
 
1,559

 
279

 
279

Austin, TX
Large
59,032

 
0.5
%
 
27.9
%
 
1,533

 
275

 
344

Kansas City, MO-KS
Secondary
23,491

 
0.2
%
 
12.3
%
 
1,104

 
44

 
154

Charleston, SC
Secondary
9,135

 
0.1
%
 
—

 
—

 
—

 
140

Lease-up and Development
$
450,837

 
3.6
%
 
52.8
%
 
$
1,570

 
1,328

 
2,433

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
12,903,589

 
100.0
%
 
95.8
%
 
$
1,184

 
99,612

 
100,717

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

Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME (1)
Dollars in thousands
 
As of September 30, 2017
 
Three Months Ended
 
Apartment Units
 
Gross Real Assets
 
September 30, 2017
 
September 30, 2016
 
Percent Change
Operating Revenue
 
 
 
 
 
 
 
 
 
Combined Adjusted Same Store Communities
91,700

 
$
11,375,817

 
$
347,178

 
$
341,482

 
1.7
%
Combined Adjusted Non-Same Store Communities
6,584

 
1,076,935

 
29,040

 
32,021

 

Lease up/Development Communities
1,328

 
450,837

 
2,819

 
67

 

Total Multifamily Portfolio
99,612

 
$
12,903,589

 
$
379,037

 
$
373,570

 
 
Commercial Property/Land
—

 
$
207,710

 
$
5,513

 
$
5,326

 
 
Total Combined Adjusted Operating Revenue
99,612

 
$
13,111,299

 
$
384,550

 
$
378,896

 

 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
 
 
 
 
 
 
 
 
Combined Adjusted Same Store Communities

 

 
$
132,480

 
$
128,423

 
3.2
%
Combined Adjusted Non-Same Store Communities

 

 
12,445

 
13,938

 

Lease up/Development Communities

 

 
2,052

 
64

 

Total Multifamily Portfolio

 

 
$
146,977

 
$
142,425

 
 
Commercial Property/Land
 
 

 
$
2,202

 
$
2,196

 
 
Total Combined Adjusted Property Operating Expenses
 

 
$
149,179

 
$
144,621

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Combined Adjusted Same Store Communities

 

 
$
214,698

 
$
213,059

 
0.8
%
Combined Adjusted Non-Same Store Communities

 

 
16,595

 
18,083

 

Lease up/Development Communities

 

 
767

 
3

 

Total Multifamily Portfolio

 

 
$
232,060

 
$
231,145

 
 
Commercial Property/Land
 
 

 
$
3,311

 
$
3,130

 
 
Total Combined Adjusted Net Operating Income

 

 
$
235,371

 
$
234,275

 
0.5
%

(1) The amounts presented in the schedule for the three-months ended September 30, 2016, include the results on a combined adjusted basis.
COMPONENTS OF COMBINED ADJUSTED SAME STORE PROPERTY OPERATING EXPENSES
Dollars in thousands
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2017
 
September 30, 2016
 
Percent Increase/(Decrease)
 
September 30, 2017
 
September 30, 2016
 
Percent Increase/(Decrease)
Personnel
$
31,908

 
$
31,705

 
0.6
 %
 
$
92,992

 
$
92,535

 
0.5
 %
Building Repair and Maintenance
15,582

 
16,277

 
(4.3
)%
 
46,788

 
47,496

 
(1.5
)%
Utilities
27,103

 
26,906

 
0.7
 %
 
75,969

 
74,874

 
1.5
 %
Marketing
3,979

 
3,629

 
9.6
 %
 
11,594

 
11,021

 
5.2
 %
Office Operations(1)
7,164

 
5,553

 
29.0
 %
 
17,096

 
16,363

 
4.5
 %
Property Taxes
44,120

 
40,944

 
7.8
 %
 
134,700

 
127,383

 
5.7
 %
Insurance
2,624

 
3,409

 
(23.0
)%
 
9,295

 
11,000

 
(15.5
)%
Total Combined Adjusted Property Operating Expenses
$
132,480

 
$
128,423

 
3.2
 %
 
$
388,434

 
$
380,672

 
2.0
 %

(1) Includes $2.2 million in operating expenses as a result of Hurricanes Harvey and Irma, primarily for tree clean-up and other landscaping work as well as remediating some minor and isolated water intrusion.

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION

Combined Adjusted Same Store Portfolio
 
 
Average Physical Occupancy
 
Apartment Units
 
Percent of Combined Adjusted Same Store NOI
 
Three months ended September 30, 2017
 
Three months ended September 30, 2016
Atlanta, GA
10,324
 
13.3
%
 
96.4
%
 
96.6
%
Dallas, TX
9,085
 
9.6
%
 
95.4
%
 
96.4
%
Charlotte, NC
6,149
 
7.5
%
 
96.4
%
 
96.3
%
Tampa, FL
5,220
 
6.5
%
 
96.0
%
 
96.5
%
Austin, TX
6,475
 
6.1
%
 
95.6
%
 
96.2
%
Washington, DC
3,386
 
5.9
%
 
95.9
%
 
96.7
%
Orlando, FL
4,498
 
5.6
%
 
96.4
%
 
96.3
%
Raleigh/Durham, NC
4,397
 
4.7
%
 
96.5
%
 
96.3
%
Nashville, TN
3,776
 
4.7
%
 
96.1
%
 
96.2
%
Fort Worth, TX
4,249
 
4.2
%
 
95.8
%
 
96.1
%
Houston, TX
4,127
 
3.6
%
 
96.0
%
 
94.5
%
Phoenix, AZ
2,301
 
2.5
%
 
96.5
%
 
96.6
%
South Florida
480
 
0.6
%
 
95.1
%
 
95.8
%
Large Markets
64,467
 
74.8
%
 
96.0
%
 
96.3
%
 
 
 
 
 
 
 
 
Jacksonville, FL
3,496
 
3.4
%
 
96.3
%
 
96.9
%
Charleston, SC
2,648
 
2.9
%
 
96.2
%
 
96.2
%
Savannah, GA
2,219
 
2.1
%
 
96.4
%
 
96.8
%
Richmond, VA
1,668
 
1.8
%
 
96.8
%
 
96.7
%
Memphis, TN
1,811
 
1.4
%
 
95.9
%
 
96.5
%
Greenville, SC
1,748
 
1.4
%
 
95.8
%
 
96.4
%
San Antonio, TX
1,504
 
1.3
%
 
96.3
%
 
96.3
%
Birmingham, AL
1,462
 
1.3
%
 
95.5
%
 
96.2
%
Little Rock, AR
1,368
 
1.1
%
 
95.5
%
 
96.1
%
Jackson, MS
1,241
 
1.1
%
 
96.7
%
 
96.5
%
Huntsville, AL
1,228
 
1.0
%
 
97.0
%
 
96.8
%
Other
6,840
 
6.4
%
 
96.1
%
 
96.6
%
Secondary Markets
27,233
 
25.2
%
 
96.2
%
 
96.5
%
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,700
 
100.0
%
 
96.1
%
 
96.3
%
 
 
 
 
 
 
 
 


Supplemental Data S-4



MULTIFAMILY COMBINED ADJUSTED SAME STORE QUARTER OVER QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q3 2017
 
Q3 2016
 
% Chg
 
Q3 2017
 
Q3 2016
 
% Chg
 
Q3 2017
 
Q3 2016
 
% Chg
 
Q3 2017
 
Q3 2016
 
% Chg
Atlanta, GA
10,324

 
$
44,835

 
$
44,061

 
1.8
 %
 
$
16,002

 
$
14,730

 
8.6
 %
 
$
28,833

 
$
29,331

 
(1.7
)%
 
$
1,341

 
$
1,311

 
2.3
 %
Dallas, TX
9,085

 
36,371

 
36,377

 
0.0
 %
 
15,828

 
15,863

 
(0.2
)%
 
20,543

 
20,514

 
0.1
 %
 
1,270

 
1,254

 
1.3
 %
Charlotte, NC
6,149

 
23,045

 
22,538

 
2.2
 %
 
7,018

 
7,286

 
(3.7
)%
 
16,027

 
15,252

 
5.1
 %
 
1,167

 
1,141

 
2.3
 %
Tampa, FL
5,220

 
22,564

 
22,242

 
1.4
 %
 
8,542

 
7,807

 
9.4
 %
 
14,022

 
14,435

 
(2.9
)%
 
1,361

 
1,332

 
2.2
 %
Austin, TX
6,475

 
24,303

 
24,321

 
(0.1
)%
 
11,256

 
10,849

 
3.8
 %
 
13,047

 
13,472

 
(3.2
)%
 
1,154

 
1,145

 
0.8
 %
Washington, DC
3,386

 
18,925

 
18,736

 
1.0
 %
 
6,261

 
6,352

 
(1.4
)%
 
12,664

 
12,384

 
2.3
 %
 
1,778

 
1,750

 
1.6
 %
Orlando, FL
4,498

 
19,526

 
18,991

 
2.8
 %
 
7,479

 
6,650

 
12.5
 %
 
12,047

 
12,341

 
(2.4
)%
 
1,363

 
1,319

 
3.3
 %
Raleigh/Durham, NC
4,397

 
15,107

 
14,487

 
4.3
 %
 
5,053

 
5,143

 
(1.7
)%
 
10,054

 
9,344

 
7.6
 %
 
1,040

 
1,003

 
3.7
 %
Nashville, TN
3,776

 
14,457

 
14,221

 
1.7
 %
 
4,411

 
4,824

 
(8.6
)%
 
10,046

 
9,397

 
6.9
 %
 
1,172

 
1,150

 
1.9
 %
Fort Worth, TX
4,249

 
15,644

 
14,906

 
5.0
 %
 
6,524

 
6,477

 
0.7
 %
 
9,120

 
8,429

 
8.2
 %
 
1,109

 
1,052

 
5.4
 %
Houston, TX
4,127

 
14,090

 
14,666

 
(3.9
)%
 
6,324

 
6,426

 
(1.6
)%
 
7,766

 
8,240

 
(5.8
)%
 
1,062

 
1,131

 
(6.1
)%
Phoenix, AZ
2,301

 
8,052

 
7,744

 
4.0
 %
 
2,607

 
2,626

 
(0.7
)%
 
5,445

 
5,118

 
6.4
 %
 
1,069

 
1,021

 
4.7
 %
South Florida
480

 
2,363

 
2,368

 
(0.2
)%
 
1,116

 
876

 
27.4
 %
 
1,247

 
1,492

 
(16.4
)%
 
1,600

 
1,581

 
1.2
 %
Large Markets
64,467

 
$
259,282

 
$
255,658

 
1.4
 %
 
$
98,421

 
$
95,909

 
2.6
 %
 
$
160,861

 
$
159,749

 
0.7
 %
 
$
1,250

 
$
1,228

 
1.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,496

 
$
11,642

 
$
11,347

 
2.6
 %
 
$
4,405

 
$
4,123

 
6.8
 %
 
$
7,237

 
$
7,224

 
0.2
 %
 
$
1,043

 
$
1,011

 
3.2
 %
Charleston, SC
2,648

 
9,847

 
9,525

 
3.4
 %
 
3,723

 
3,348

 
11.2
 %
 
6,124

 
6,177

 
(0.9
)%
 
1,126

 
1,085

 
3.8
 %
Savannah, GA
2,219

 
7,518

 
7,400

 
1.6
 %
 
2,942

 
2,774

 
6.1
 %
 
4,576

 
4,626

 
(1.1
)%
 
1,032

 
995

 
3.7
 %
Richmond, VA
1,668

 
5,742

 
5,421

 
5.9
 %
 
1,883

 
1,833

 
2.7
 %
 
3,859

 
3,588

 
7.6
 %
 
1,034

 
989

 
4.6
 %
Memphis, TN
1,811

 
5,415

 
5,258

 
3.0
 %
 
2,393

 
2,315

 
3.4
 %
 
3,022

 
2,943

 
2.7
 %
 
924

 
889

 
3.9
 %
Greenville, SC
1,748

 
4,716

 
4,639

 
1.7
 %
 
1,816

 
1,767

 
2.8
 %
 
2,900

 
2,872

 
1.0
 %
 
809

 
790

 
2.4
 %
San Antonio, TX
1,504

 
5,250

 
5,172

 
1.5
 %
 
2,398

 
2,223

 
7.9
 %
 
2,852

 
2,949

 
(3.3
)%
 
1,069

 
1,060

 
0.8
 %
Birmingham, AL
1,462

 
4,725

 
4,653

 
1.5
 %
 
2,006

 
1,884

 
6.5
 %
 
2,719

 
2,769

 
(1.8
)%
 
972

 
947

 
2.6
 %
Little Rock, AR
1,368

 
3,868

 
3,890

 
(0.6
)%
 
1,508

 
1,492

 
1.1
 %
 
2,360

 
2,398

 
(1.6
)%
 
879

 
884

 
(0.6
)%
Jackson, MS
1,241

 
3,616

 
3,584

 
0.9
 %
 
1,312

 
1,346

 
(2.5
)%
 
2,304

 
2,238

 
2.9
 %
 
873

 
865

 
0.9
 %
Huntsville, AL
1,228

 
3,427

 
3,315

 
3.4
 %
 
1,355

 
1,305

 
3.8
 %
 
2,072

 
2,010

 
3.1
 %
 
810

 
785

 
3.2
 %
Other
6,840

 
22,130

 
21,620

 
2.4
 %
 
8,318

 
8,104

 
2.6
 %
 
13,812

 
13,516

 
2.2
 %
 
995

 
968

 
2.8
 %
Secondary Markets
27,233

 
$
87,896

 
$
85,824

 
2.4
 %
 
$
34,059

 
$
32,514

 
4.8
 %
 
$
53,837

 
$
53,310

 
1.0
 %
 
$
986

 
$
959

 
2.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,700

 
$
347,178

 
$
341,482

 
1.7
 %
 
$
132,480

 
$
128,423

 
3.2
 %
 
$
214,698

 
$
213,059

 
0.8
 %
 
$
1,172

 
$
1,148

 
2.1
 %








Supplemental Data S-5



MULTIFAMILY COMBINED ADJUSTED SAME STORE SEQUENTIAL QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q3 2017
 
Q2 2017
 
% Chg
 
Q3 2017
 
Q2 2017
 
% Chg
 
Q3 2017
 
Q2 2017
 
% Chg
 
Q3 2017
 
Q2 2017
 
% Chg
Atlanta, GA
10,324

 
$
44,835

 
$
44,317

 
1.2
 %
 
$
16,002

 
$
15,536

 
3.0
 %
 
$
28,833

 
$
28,781

 
0.2
 %
 
$
1,341

 
$
1,328

 
1.0
 %
Dallas, TX
9,085

 
36,371

 
36,228

 
0.4
 %
 
15,828

 
15,719

 
0.7
 %
 
20,543

 
20,509

 
0.2
 %
 
1,270

 
1,263

 
0.6
 %
Charlotte, NC
6,149

 
23,045

 
22,928

 
0.5
 %
 
7,018

 
7,183

 
(2.3
)%
 
16,027

 
15,745

 
1.8
 %
 
1,167

 
1,156

 
1.0
 %
Tampa, FL
5,220

 
22,564

 
22,499

 
0.3
 %
 
8,542

 
7,859

 
8.7
 %
 
14,022

 
14,640

 
(4.2
)%
 
1,361

 
1,351

 
0.7
 %
Austin, TX
6,475

 
24,303

 
24,214

 
0.4
 %
 
11,256

 
10,880

 
3.5
 %
 
13,047

 
13,334

 
(2.2
)%
 
1,154

 
1,149

 
0.4
 %
Washington, DC
3,386

 
18,925

 
18,750

 
0.9
 %
 
6,261

 
6,202

 
1.0
 %
 
12,664

 
12,548

 
0.9
 %
 
1,778

 
1,763

 
0.9
 %
Orlando, FL
4,498

 
19,526

 
19,189

 
1.8
 %
 
7,479

 
6,834

 
9.4
 %
 
12,047

 
12,355

 
(2.5
)%
 
1,363

 
1,342

 
1.6
 %
Raleigh/Durham, NC
4,397

 
15,107

 
14,829

 
1.9
 %
 
5,053

 
5,107

 
(1.1
)%
 
10,054

 
9,722

 
3.4
 %
 
1,040

 
1,024

 
1.6
 %
Nashville, TN
3,776

 
14,457

 
14,373

 
0.6
 %
 
4,411

 
5,005

 
(11.9
)%
 
10,046

 
9,368

 
7.2
 %
 
1,172

 
1,163

 
0.8
 %
Fort Worth, TX
4,249

 
15,644

 
15,453

 
1.2
 %
 
6,524

 
6,719

 
(2.9
)%
 
9,120

 
8,734

 
4.4
 %
 
1,109

 
1,088

 
1.9
 %
Houston, TX
4,127

 
14,090

 
14,328

 
(1.7
)%
 
6,324

 
6,447

 
(1.9
)%
 
7,766

 
7,881

 
(1.5
)%
 
1,062

 
1,075

 
(1.2
)%
Phoenix, AZ
2,301

 
8,052

 
7,925

 
1.6
 %
 
2,607

 
2,511

 
3.8
 %
 
5,445

 
5,414

 
0.6
 %
 
1,069

 
1,052

 
1.6
 %
South Florida
480

 
2,363

 
2,448

 
(3.5
)%
 
1,116

 
901

 
23.9
 %
 
1,247

 
1,547

 
(19.4
)%
 
1,600

 
1,613

 
(0.8
)%
Large Markets
64,467

 
$
259,282

 
$
257,481

 
0.7
 %
 
$
98,421

 
$
96,903

 
1.6
 %
 
$
160,861

 
$
160,578

 
0.2
 %
 
$
1,250

 
$
1,240

 
0.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,496

 
$
11,642

 
$
11,625

 
0.1
 %
 
$
4,405

 
$
4,050

 
8.8
 %
 
$
7,237

 
$
7,575

 
(4.5
)%
 
$
1,043

 
$
1,031

 
1.2
 %
Charleston, SC
2,648

 
9,847

 
9,720

 
1.3
 %
 
3,723

 
3,410

 
9.2
 %
 
6,124

 
6,310

 
(2.9
)%
 
1,126

 
1,113

 
1.2
 %
Savannah, GA
2,219

 
7,518

 
7,482

 
0.5
 %
 
2,942

 
2,749

 
7.0
 %
 
4,576

 
4,733

 
(3.3
)%
 
1,032

 
1,015

 
1.7
 %
Richmond, VA
1,668

 
5,742

 
5,596

 
2.6
 %
 
1,883

 
1,816

 
3.7
 %
 
3,859

 
3,780

 
2.1
 %
 
1,034

 
1,014

 
2.0
 %
Memphis, TN
1,811

 
5,415

 
5,373

 
0.8
 %
 
2,393

 
2,177

 
9.9
 %
 
3,022

 
3,196

 
(5.4
)%
 
924

 
913

 
1.2
 %
Greenville, SC
1,748

 
4,716

 
4,710

 
0.1
 %
 
1,816

 
1,874

 
(3.1
)%
 
2,900

 
2,836

 
2.3
 %
 
809

 
802

 
0.9
 %
San Antonio, TX
1,504

 
5,250

 
5,199

 
1.0
 %
 
2,398

 
2,342

 
2.4
 %
 
2,852

 
2,857

 
(0.2
)%
 
1,069

 
1,066

 
0.3
 %
Birmingham, AL
1,462

 
4,725

 
4,719

 
0.1
 %
 
2,006

 
1,970

 
1.8
 %
 
2,719

 
2,749

 
(1.1
)%
 
972

 
962

 
1.0
 %
Little Rock, AR
1,368

 
3,868

 
3,856

 
0.3
 %
 
1,508

 
1,531

 
(1.5
)%
 
2,360

 
2,325

 
1.5
 %
 
879

 
880

 
(0.1
)%
Jackson, MS
1,241

 
3,616

 
3,628

 
(0.3
)%
 
1,312

 
1,356

 
(3.2
)%
 
2,304

 
2,272

 
1.4
 %
 
873

 
869

 
0.5
 %
Huntsville, AL
1,228

 
3,427

 
3,368

 
1.8
 %
 
1,355

 
1,361

 
(0.4
)%
 
2,072

 
2,007

 
3.2
 %
 
810

 
795

 
1.9
 %
Other
6,840

 
22,130

 
21,954

 
0.8
 %
 
8,318

 
8,055

 
3.3
 %
 
13,812

 
13,899

 
(0.6
)%
 
995

 
983

 
1.2
 %
Secondary Markets
27,233

 
$
87,896

 
$
87,230

 
0.8
 %
 
$
34,059

 
$
32,691

 
4.2
 %
 
$
53,837

 
$
54,539

 
(1.3
)%
 
$
986

 
$
975

 
1.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,700

 
$
347,178

 
$
344,711

 
0.7
 %
 
$
132,480

 
$
129,594

 
2.2
 %
 
$
214,698

 
$
215,117

 
(0.2
)%
 
$
1,172

 
$
1,161

 
0.9
 %


MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS


Supplemental Data S-6



MULTIFAMILY COMBINED ADJUSTED SAME STORE YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2017
Dollars in thousands, except unit and per unit data

 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
YTD 2017
 
YTD 2016
 
% Chg
 
YTD 2017
 
YTD 2016
 
% Chg
 
YTD 2017
 
YTD 2016
 
% Chg
 
YTD 2017
 
YTD 2016
 
% Chg
Atlanta, GA
10,324

 
$
133,241

 
$
129,838

 
2.6
 %
 
$
47,296

 
$
46,778

 
1.1
 %
 
$
85,945

 
$
83,060

 
3.5
 %
 
$
1,330

 
$
1,294

 
2.8
 %
Dallas, TX
9,085

 
108,660

 
107,131

 
1.4
 %
 
46,692

 
46,300

 
0.8
 %
 
61,968

 
60,831

 
1.9
 %
 
1,264

 
1,239

 
2.0
 %
Charlotte, NC
6,149

 
68,713

 
66,883

 
2.7
 %
 
20,966

 
21,441

 
(2.2
)%
 
47,747

 
45,442

 
5.1
 %
 
1,157

 
1,125

 
2.8
 %
Tampa, FL
5,220

 
67,447

 
65,767

 
2.6
 %
 
24,239

 
23,470

 
3.3
 %
 
43,208

 
42,297

 
2.2
 %
 
1,353

 
1,312

 
3.1
 %
Austin, TX
6,475

 
72,697

 
71,856

 
1.2
 %
 
32,945

 
32,116

 
2.6
 %
 
39,752

 
39,740

 
0.0
 %
 
1,150

 
1,133

 
1.5
 %
Washington, DC
3,386

 
56,399

 
55,800

 
1.1
 %
 
18,407

 
18,944

 
(2.8
)%
 
37,992

 
36,856

 
3.1
 %
 
1,762

 
1,743

 
1.1
 %
Orlando, FL
4,498

 
57,715

 
56,194

 
2.7
 %
 
21,007

 
20,084

 
4.6
 %
 
36,708

 
36,110

 
1.7
 %
 
1,344

 
1,298

 
3.5
 %
Raleigh/Durham, NC
4,397

 
44,632

 
42,799

 
4.3
 %
 
14,945

 
14,644

 
2.1
 %
 
29,687

 
28,155

 
5.4
 %
 
1,025

 
985

 
4.1
 %
Nashville, TN
3,776

 
42,977

 
41,784

 
2.9
 %
 
13,973

 
13,769

 
1.5
 %
 
29,004

 
28,015

 
3.5
 %
 
1,163

 
1,128

 
3.1
 %
Fort Worth, TX
4,249

 
46,265

 
43,894

 
5.4
 %
 
19,313

 
18,473

 
4.5
 %
 
26,952

 
25,421

 
6.0
 %
 
1,089

 
1,030

 
5.7
 %
Houston, TX
4,127

 
42,838

 
44,547

 
(3.8
)%
 
19,585

 
19,751

 
(0.8
)%
 
23,253

 
24,796

 
(6.2
)%
 
1,077

 
1,141

 
(5.6
)%
Phoenix, AZ
2,301

 
23,844

 
22,983

 
3.7
 %
 
7,489

 
7,385

 
1.4
 %
 
16,355

 
15,598

 
4.9
 %
 
1,052

 
1,011

 
4.1
 %
South Florida
480

 
7,259

 
7,050

 
3.0
 %
 
2,921

 
2,560

 
14.1
 %
 
4,338

 
4,490

 
(3.4
)%
 
1,607

 
1,560

 
3.0
 %
Large Markets
64,467

 
$
772,687

 
$
756,526

 
2.1
 %
 
$
289,778

 
$
285,715

 
1.4
 %
 
$
482,909

 
$
470,811

 
2.6
 %
 
$
1,241

 
$
1,213

 
2.3
 %
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

Jacksonville, FL
3,496

 
$
34,755

 
$
33,666

 
3.2
 %
 
$
12,471

 
$
11,992

 
4.0
 %
 
$
22,284

 
$
21,674

 
2.8
 %
 
$
1,031

 
$
999

 
3.2
 %
Charleston, SC
2,648

 
29,105

 
28,105

 
3.6
 %
 
10,311

 
9,631

 
7.1
 %
 
18,794

 
18,474

 
1.7
 %
 
1,113

 
1,070

 
4.0
 %
Savannah, GA
2,219

 
22,361

 
21,991

 
1.7
 %
 
8,278

 
8,008

 
3.4
 %
 
14,083

 
13,983

 
0.7
 %
 
1,016

 
988

 
2.8
 %
Richmond, VA
1,668

 
16,813

 
16,104

 
4.4
 %
 
5,564

 
5,454

 
2.0
 %
 
11,249

 
10,650

 
5.6
 %
 
1,015

 
974

 
4.2
 %
Memphis, TN
1,811

 
16,079

 
15,597

 
3.1
 %
 
6,936

 
6,768

 
2.5
 %
 
9,143

 
8,829

 
3.6
 %
 
912

 
876

 
4.1
 %
Greenville, SC
1,748

 
14,130

 
13,745

 
2.8
 %
 
5,412

 
5,243

 
3.2
 %
 
8,718

 
8,502

 
2.5
 %
 
803

 
780

 
2.9
 %
San Antonio, TX
1,504

 
15,605

 
15,441

 
1.1
 %
 
7,009

 
6,677

 
5.0
 %
 
8,596

 
8,764

 
(1.9
)%
 
1,066

 
1,056

 
0.9
 %
Birmingham, AL
1,462

 
14,118

 
13,936

 
1.3
 %
 
5,942

 
5,702

 
4.2
 %
 
8,176

 
8,234

 
(0.7
)%
 
961

 
943

 
1.9
 %
Little Rock, AR
1,368

 
11,589

 
11,605

 
(0.1
)%
 
4,477

 
4,312

 
3.8
 %
 
7,112

 
7,293

 
(2.5
)%
 
881

 
879

 
0.2
 %
Jackson, MS
1,241

 
10,836

 
10,701

 
1.3
 %
 
4,011

 
3,964

 
1.2
 %
 
6,825

 
6,737

 
1.3
 %
 
870

 
861

 
1.0
 %
Huntsville, AL
1,228

 
10,131

 
9,809

 
3.3
 %
 
3,992

 
3,795

 
5.2
 %
 
6,139

 
6,014

 
2.1
 %
 
796

 
774

 
2.8
 %
Other
6,840

 
65,750

 
63,987

 
2.8
 %
 
24,253

 
23,411

 
3.6
 %
 
41,497

 
40,576

 
2.3
 %
 
983

 
956

 
2.8
 %
Secondary Markets
27,233

 
$
261,272

 
$
254,687

 
2.6
 %
 
$
98,656

 
$
94,957

 
3.9
 %
 
$
162,616

 
$
159,730

 
1.8
 %
 
$
975

 
$
948

 
2.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
91,700

 
$
1,033,959

 
$
1,011,213

 
2.2
 %
 
$
388,434

 
$
380,672

 
2.0
 %
 
$
645,525

 
$
630,541

 
2.4
 %
 
$
1,162

 
$
1,134

 
2.5
 %


Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of September 30, 2017
 
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q3 2017
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Denton II
Kansas City, MO
 
154

 
44

 
23

 
4Q15
 
3Q17
 
4Q17
 
3Q18
 
$
25,400

 
$
23,491

 
$
1,909

Post South Lamar II
Austin, TX
 
344

 
275

 
96

 
1Q15
 
2Q17
 
4Q17
 
4Q18
 
65,600

 
61,058

 
4,542

Post River North
Denver, CO
 
358

 
10

 
2

 
4Q15
 
4Q17
 
1Q18
 
2Q19
 
88,200

 
79,361

 
8,839

1201 Midtown II
Charleston, SC
 
140

 
—

 
—

 
2Q17
 
3Q18
 
4Q18
 
3Q19
 
29,500

 
9,135

 
20,365

Post Centennial Park
Atlanta, GA
 
438

 
—

 
—

 
1Q16
 
1Q18
 
3Q18
 
4Q19
 
96,300

 
62,211

 
34,089

Total Active
 
 
1,434

 
329

 
121

 
 
 
 
 
 
 
 
 
$
305,000

 
$
235,256

 
$
69,744


(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
MULTIFAMILY LEASE-UP COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2017
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Location
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
Charlotte at Midtown
Nashville, TN
 
279

 
94.3
%
 
(2) 
 
4Q17
Post Afton Oaks
Houston, TX
 
388

 
76.5
%
 
2Q17
 
2Q18
Post Midtown(3)
Atlanta, GA
 
332

 
16.3
%
 
3Q17
 
4Q18
Total
 
 
999

 
61.5
%
 
 
 
 

(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.
(3) Formerly named Post Millennium Midtown

2017 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2017)
Dollars in thousands
 
Multifamily Acquisitions
 
Market
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
Charlotte at Midtown
 
Nashville, TN
 
279
 
2016
 
March 16, 2017
 
$
1,334


2017 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2017)
Dollars in thousands
 
Multifamily Dispositions
 
Market
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
Paddock Club Lakeland
 
Lakeland, FL
 
464
 
1988/1990
 
July 13, 2017
 
$
1,722

Paddock Club Montgomery
 
Montgomery, AL
 
208
 
1999
 
July 20, 2017
 
$
727

Northwood Place
 
Fort Worth, TX
 
270
 
1980
 
July 20, 2017
 
$
903

Land Dispositions
 
Market
 
Acres
 
 
 
Closing Date
Lakewood Ranch - Outparcel
 
Tampa, FL
 
12
 
 
 
April 7, 2017
Post Alexander - Outparcel
 
Atlanta, GA
 
1
 
 
 
June 12, 2017
Paddock Club Lakeland - Outparcel
 
Lakeland, FL
 
9
 
 
 
July 13, 2017
Town Park Lot 12
 
Orlando, FL
 
1
 
 
 
August 7, 2017

Supplemental Data S-8



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 September 30, 2017
Joint Venture Property
 
Gross Investment in Real Estate
 
Mortgage Notes Payable
 
Company's Equity Investment
Post Massachusetts Avenue
 
$
77,374

(1) 
$
50,951

(2) 
$
45,096


 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2017
 
Nine months ended September 30, 2017
Joint Venture Property
 
Entity NOI
 
Company's Equity in Income
 
Entity NOI
 
Company's Equity in Income
Post Massachusetts Avenue
 
$
1,903

 
$
335

 
$
5,740

 
$
1,021



(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. As of February 2017, this note is prepayable without penalty.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2017
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
 
$
3,783,603

 
84.2
%
 
3.8
%
 
4.0
%
 
4.8

Capped debt
 
50,000

 
1.1
%
 
1.7
%
 
1.7
%
 
0.5

Floating (unhedged) debt
 
659,231

 
14.7
%
 
2.1
%
 
2.1
%
 
0.1

Total
 
$
4,492,834

 
100.0
%
 
3.5
%
 
3.7
%
 
4.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
$
3,382,861

 
75.3
%
 
3.5
%
 
3.3
%
 
5.3

Secured debt
 
1,109,973

 
24.7
%
 
3.6
%
 
5.0
%
 
1.8

Total
 
$
4,492,834

 
100.0
%
 
3.5
%
 
3.7
%
 
4.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
 
 
Q3 2017
 
Percent of
 
 
Cost
 
Total
 
 
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
11,234,480

 
83.1
%
 
 
 
$
195,107

 
82.9
%
Encumbered gross assets
 
2,286,440

 
16.9
%
 

 
40,264

 
17.1
%
Total
 
$
13,520,920

 
100.0
%
 
 
 
$
235,371

 
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
2017
 
$
17,996

 
$
—

 
$
17,996

 
3.2
%
 
$
25,000

 
$
42,996

 
 
2018
 
136,942

 
250,402

 
387,344

 
3.7
%
 
25,000

 
412,344

 
 
2019
 
582,996

 
—

 
582,996

 
5.9
%
 
—

 
582,996

 
 
2020
 
164,022

 
299,097

 
463,119

 
3.7
%
 
—

 
463,119

 
 
2021
 
197,721

 
—

 
197,721

 
5.2
%
 
—

 
197,721

 
 
Thereafter
 
2,134,427

 
—

 
2,134,427

 
3.9
%
 
—

 
2,134,427

 
 
Total
 
$
3,234,104

 
$
549,499

 
$
3,783,603

 
4.2
%
 
$
50,000

 
$
3,833,603

 
4.8











Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2017 (CONTINUED)
Dollars in thousands
 
 
 
 

DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key Bank Unsecured
 
Public Bonds
 
Other Unsecured
 
Secured
 
Total
2017
 
$
—

 
$
—

 
$
17,996

 
$
80,000

 
$
97,996

2018
 
—

 
—

 
300,364

 
166,980

 
467,344

2019
 
—

 
—

 
19,963

 
563,034

 
582,997

2020
 
250,000

 
—

 
149,747

 
164,022

 
563,769

2021
 
—

 
—

 
222,040

 
125,164

 
347,204

Thereafter
 
—

 
1,974,886

 
447,866

 
10,772

 
2,433,524

Total
 
$
250,000

 
$
1,974,886

 
$
1,157,976

 
$
1,109,972

 
$
4,492,834


DEBT COVENANT ANALYSIS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenants
 
Required
 
Actual
 
Compliance
Total debt to total assets
 
60% or less
 
33.2%
 
Yes
Total secured debt to total assets
 
40% or less
 
8.2%
 
Yes
Consolidated income available for debt service to total annual debt service charge
 
1.5x or greater for trailing 4 quarters
 
5.28x
 
Yes
Total unencumbered assets to total unsecured debt
 
Greater than 150%
 
331%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total debt to total capitalized asset value
 
60% or less
 
28.9%
 
Yes
Total secured debt to total capitalized asset value
 
40% or Less
 
7.1%
 
Yes
Total adjusted EBITDA to fixed charges
 
1.5x or greater for trailing 4 quarters
 
4.93x
 
Yes
Total unsecured debt to total unsecured capitalized asset value
 
60% or less
 
26.2%
 
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-11



2017 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 2017
Earnings
 
Net income per diluted common share
$2.76 to $2.86
Midpoint
$2.81
FFO per Share - diluted
$5.84 to $5.94
Midpoint
$5.89
AFFO per Share - diluted
$5.25 to $5.35
Midpoint
$5.30
 
 
Combined Adjusted Same Store Communities:
 
Number of units
91,700
Property revenue growth
2.00% to 2.50%
Property operating expense growth
1.75% to 2.25%
NOI growth
2.00% to 2.50%
Real estate tax expense growth
5.50% to 6.00%
 
 
Corporate Expenses:
 
General and administrative and Property management expenses
$83.0 to $84.0 million
Income tax expense
$2.0 to $3.0 million
 
 
Transaction/Investment Volume:
 
Acquisition volume
$62.5 to $150 million
Disposition volume
$150 to $200 million
Development investment
$175 to $200 million
 
 
Debt:
 
Average effective interest rate
3.4% to 3.5%
Capitalized interest
$6.5 to $7.5 million
Mark to market adjustment
$16.0 to $17.0 million
 
 
Other Items:
 
Merger and integration expenses
$16.0 to $20.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
 
2017 Full Year Guidance Range
 
Low
 
High
Earnings per common share - diluted
$
2.76

 
$
2.86

Real estate depreciation
3.89

 
3.89

Amortization other
0.26

 
0.26

Gains on sale of depreciable assets
(1.07
)
 
(1.07
)
FFO per Share
5.84

 
5.94

Recurring capital expenditures
(0.59
)
 
(0.59
)
AFFO per Share
$
5.25

 
$
5.35




Supplemental Data S-12



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:
Q4 2017
 
Q1 2018
 
Q2 2018
 
Q3 2018
 
 
Earnings release & conference call
Early February
 
Late April
 
Late July
 
Late October
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q3 2016
 
Q4 2016
 
Q1 2017
 
Q2 2017
 
Q3 2017
Declaration Date
9/27/2016

 
12/8/2016

 
3/23/2017

 
5/23/2017

 
9/26/2017

Record Date
10/14/2016

 
1/13/2017

 
4/13/2017

 
7/14/2017

 
10/13/2017

Payment Date
10/31/2016

 
1/31/2017

 
4/28/2017

 
7/31/2017

 
10/31/2017

Distributions Per Share
$
0.82

 
$
0.87

 
$
0.87

 
$
0.87

 
$
0.87


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, 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 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-13

MID AMERICA APARTMENT COMMUNITIES INC. Reports