MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 31, 2018

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PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 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

 
340

 
332

 
10,996

 
—

 
10,996

Dallas, TX
 
9,085

 
680

 
—

 
9,765

 
—

 
9,765

Austin, TX
 
6,475

 
298

 
344

 
7,117

 
—

 
7,117

Charlotte, NC
 
6,149

 
—

 
—

 
6,149

 
—

 
6,149

Orlando, FL
 
4,498

 
776

 
—

 
5,274

 
—

 
5,274

Tampa, FL
 
5,220

 
—

 
—

 
5,220

 
—

 
5,220

Raleigh/Durham, NC
 
4,397

 
803

 
—

 
5,200

 
—

 
5,200

Houston, TX
 
4,127

 
352

 
388

 
4,867

 
—

 
4,867

Nashville, TN
 
3,776

 
279

 
320

 
4,375

 
—

 
4,375

Fort Worth, TX
 
4,249

 
—

 
—

 
4,249

 
—

 
4,249

Washington, DC
 
3,386

 
694

 
—

 
4,080

 
—

 
4,080

Phoenix, AZ
 
2,301

 
322

 
—

 
2,623

 
—

 
2,623

South Florida
 
480

 
—

 
—

 
480

 
—

 
480

Denver, CO
 
—

 
—

 
—

 
—

 
240

 
240

Large Markets
 
64,467

 
4,544

 
1,384

 
70,395

 
240

 
70,635

 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
154

 
7,443

 
—

 
7,443

Secondary Markets
 
27,233

 
1,501

 
154

 
28,888

 
—

 
28,888

Total Multifamily Units
 
91,700

 
6,045

 
1,538

 
99,283

 
240

 
99,523


(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 December 31, 2017
 
Average Effective Rent for the Three Months Ended December 31, 2017
 
As of December 31, 2017
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
1,748,079

 
13.4
%
 
96.8
%
 
$
1,356

 
10,664

 
 
Dallas, TX
 
1,346,858

 
10.4
%
 
96.2
%
 
1,260

 
9,765

 
 
Washington, DC
 
935,900

 
7.2
%
 
96.6
%
 
1,716

 
4,080

 
 
Charlotte, NC
 
928,597

 
7.2
%
 
96.9
%
 
1,163

 
6,149

 
 
Tampa, FL
 
843,734

 
6.5
%
 
97.1
%
 
1,364

 
5,220

 
 
Orlando, FL
 
806,114

 
6.2
%
 
97.1
%
 
1,360

 
5,274

 
 
Austin, TX
 
755,031

 
5.8
%
 
96.7
%
 
1,159

 
6,773

 
 
Raleigh/Durham, NC
 
653,366

 
5.0
%
 
97.5
%
 
1,054

 
5,200

 
 
Houston, TX
 
509,087

 
3.9
%
 
97.8
%
 
1,097

 
4,479

 
 
Nashville, TN
 
444,564

 
3.4
%
 
96.1
%
 
1,190

 
4,055

 
 
Fort Worth, TX
 
381,506

 
2.9
%
 
96.2
%
 
1,109

 
4,249

 
 
Phoenix, AZ
 
368,153

 
2.8
%
 
97.7
%
 
1,088

 
2,623

 
 
South Florida
 
58,763

 
0.5
%
 
97.7
%
 
1,594

 
480

 
 
Large Markets
 
$
9,779,752

 
75.2
%
 
96.8
%
 
$
1,255

 
69,011

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charleston, SC
 
$
359,595

 
2.8
%
 
96.8
%
 
$
1,162

 
3,028

 
 
Jacksonville, FL
 
285,390

 
2.2
%
 
97.7
%
 
1,049

 
3,496

 
 
Richmond, VA
 
255,179

 
2.0
%
 
96.9
%
 
1,091

 
2,004

 
 
Savannah, GA
 
233,103

 
1.8
%
 
97.3
%
 
1,025

 
2,219

 
 
San Antonio, TX
 
159,424

 
1.2
%
 
96.3
%
 
1,065

 
1,504

 
 
Kansas City, MO-KS
 
155,880

 
1.2
%
 
94.8
%
 
1,222

 
956

 
 
Greenville, SC
 
151,334

 
1.2
%
 
96.7
%
 
856

 
2,084

 
 
Birmingham, AL
 
151,162

 
1.2
%
 
95.6
%
 
960

 
1,462

 
 
Memphis, TN
 
124,986

 
1.0
%
 
95.1
%
 
926

 
1,811

 
 
All Other Secondary Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Alabama
 
$
153,109

 
1.2
%
 
97.1
%
 
$
877

 
1,648

 
 
Virginia
 
148,671

 
1.1
%
 
97.5
%
 
1,224

 
1,039

 
 
Florida
 
111,559

 
0.9
%
 
97.3
%
 
1,090

 
1,326

 
 
Arkansas
 
115,304

 
0.9
%
 
96.8
%
 
875

 
1,368

 
 
Kentucky
 
90,587

 
0.7
%
 
96.6
%
 
849

 
1,308

 
 
Mississippi
 
70,854

 
0.5
%
 
96.9
%
 
868

 
1,241

 
 
Nevada
 
68,031

 
0.5
%
 
97.1
%
 
931

 
721

 
 
Tennessee
 
49,490

 
0.4
%
 
96.1
%
 
829

 
943

 
 
South Carolina
 
35,522

 
0.3
%
 
96.4
%
 
808

 
576

 
 
Secondary Markets
 
$
2,719,180

 
21.1
%
 
96.7
%
 
$
1,001

 
28,734

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
$
12,498,932

 
96.3
%
 
96.8
%
 
$
1,180

 
97,745

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
Large
$
154,870

 
1.2
%
 
30.1
%
 
$
2,324

 
332

 
770

Denver, CO
Large
81,195

 
0.6
%
 
12.0
%
 
1,780

 
240

 
359

Houston, TX
Large
80,322

 
0.6
%
 
93.6
%
 
1,377

 
388

 
388

Nashville, TN
Large
71,667

 
0.5
%
 
82.5
%
 
1,525

 
320

 
320

Austin, TX
Large
61,134

 
0.5
%
 
56.7
%
 
1,524

 
344

 
344

Kansas City, MO-KS
Secondary
24,692

 
0.2
%
 
25.3
%
 
1,288

 
154

 
154

Charleston, SC
Secondary
12,624

 
0.1
%
 
—
%
 
—

 
—

 
140

Lease-up and Development
$
486,504

 
3.7
%
 
55.7
%
 
$
1,656

 
1,778

 
2,475

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
12,985,436

 
100.0
%
 
96.6
%
 
$
1,195

 
99,523

 
100,220

(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 December 31, 2017
 
Three Months Ended
 
Apartment Units
 
Gross Real Assets
 
December 31, 2017
 
December 31, 2016
 
Percent Change
Operating Revenue
 
 
 
 
 
 
 
 
 
Combined Adjusted Same Store Communities
91,700

 
$
11,412,782

 
$
346,522

 
$
340,256

 
1.8
%
Combined Adjusted Non-Same Store Communities
6,045

 
1,086,150

 
27,927

 
29,445

 

Lease up/Development Communities
1,778

 
486,504

 
2,814

 
50

 

Total Multifamily Portfolio
99,523

 
$
12,985,436

 
$
377,263

 
$
369,751

 
 
Commercial Property/Land
—

 
$
210,001

 
$
5,475

 
$
5,533

 
 
Total Combined Adjusted Operating Revenue
99,523

 
$
13,195,437

 
$
382,738

 
$
375,284

 

 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
 
 
 
 
 
 
 
 
Combined Adjusted Same Store Communities

 

 
$
124,601

 
$
123,050

 
1.3
%
Combined Adjusted Non-Same Store Communities

 

 
11,724

 
12,344

 

Lease up/Development Communities

 

 
1,888

 
300

 

Total Multifamily Portfolio

 

 
$
138,213

 
$
135,694

 
 
Commercial Property/Land
 
 

 
$
2,097

 
$
2,169

 
 
Total Combined Adjusted Property Operating Expenses
 

 
$
140,310

 
$
137,863

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Combined Adjusted Same Store Communities

 

 
$
221,921

 
$
217,206

 
2.2
%
Combined Adjusted Non-Same Store Communities

 

 
16,203

 
17,101

 

Lease up/Development Communities

 

 
926

 
(250
)
 

Total Multifamily Portfolio

 

 
$
239,050

 
$
234,057

 
 
Commercial Property/Land
 
 

 
$
3,378

 
$
3,364

 
 
Total Combined Adjusted Net Operating Income

 

 
$
242,428

 
$
237,421

 
2.1
%

(1) The amounts presented in the schedule for the three-months ended December 31, 2016, include the results on a combined adjusted basis.
COMPONENTS OF COMBINED ADJUSTED SAME STORE PROPERTY OPERATING EXPENSES
Dollars in thousands
 
Three Months Ended
 
Year Ended
 
December 31, 2017
 
December 31, 2016
 
Percent Increase/(Decrease)
 
December 31, 2017
 
December 31, 2016
 
Percent Increase/(Decrease)
Personnel
$
30,037

 
$
30,115

 
(0.3
)%
 
$
123,029

 
$
122,650

 
0.3
 %
Building Repair and Maintenance
14,078

 
14,522

 
(3.1
)%
 
60,866

 
62,018

 
(1.9
)%
Utilities
25,407

 
24,499

 
3.7
 %
 
101,376

 
99,373

 
2.0
 %
Marketing
4,106

 
3,619

 
13.5
 %
 
15,700

 
14,640

 
7.2
 %
Office Operations
4,859

 
5,922

 
(18.0
)%
 
21,955

 
22,285

 
(1.5
)%
Property Taxes
43,493

 
41,130

 
5.7
 %
 
178,193

 
168,513

 
5.7
 %
Insurance
2,621

 
3,243

 
(19.2
)%
 
11,916

 
14,243

 
(16.3
)%
Total Combined Adjusted Property Operating Expenses
$
124,601

 
$
123,050

 
1.3
 %
 
$
513,035

 
$
503,722

 
1.8
 %



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 December 31, 2017
 
Three months ended December 31, 2016
Atlanta, GA
10,324
 
13.2
%
 
96.2
%
 
96.3
%
Dallas, TX
9,085
 
9.4
%
 
95.7
%
 
95.6
%
Charlotte, NC
6,149
 
7.2
%
 
96.1
%
 
95.9
%
Tampa, FL
5,220
 
6.7
%
 
96.2
%
 
96.4
%
Austin, TX
6,475
 
6.1
%
 
95.9
%
 
96.0
%
Washington, DC
3,386
 
5.9
%
 
96.1
%
 
97.1
%
Orlando, FL
4,498
 
5.8
%
 
96.6
%
 
95.8
%
Raleigh/Durham, NC
4,397
 
4.6
%
 
96.4
%
 
96.0
%
Nashville, TN
3,776
 
4.4
%
 
95.7
%
 
95.7
%
Fort Worth, TX
4,249
 
4.3
%
 
95.8
%
 
95.8
%
Houston, TX
4,127
 
3.8
%
 
97.6
%
 
94.5
%
Phoenix, AZ
2,301
 
2.6
%
 
97.1
%
 
96.6
%
South Florida
480
 
0.7
%
 
96.4
%
 
96.7
%
Large Markets
64,467
 
74.7
%
 
96.2
%
 
96.0
%
 
 
 
 
 
 
 
 
Jacksonville, FL
3,496
 
3.6
%
 
97.0
%
 
96.3
%
Charleston, SC
2,648
 
2.8
%
 
96.0
%
 
95.7
%
Savannah, GA
2,219
 
2.2
%
 
96.3
%
 
96.4
%
Richmond, VA
1,668
 
1.8
%
 
97.2
%
 
96.3
%
Memphis, TN
1,811
 
1.4
%
 
95.8
%
 
95.9
%
San Antonio, TX
1,504
 
1.4
%
 
95.9
%
 
96.6
%
Greenville, SC
1,748
 
1.4
%
 
95.8
%
 
96.6
%
Birmingham, AL
1,462
 
1.2
%
 
95.1
%
 
96.1
%
Little Rock, AR
1,368
 
1.1
%
 
95.9
%
 
96.1
%
Jackson, MS
1,241
 
1.0
%
 
95.7
%
 
96.2
%
Huntsville, AL
1,228
 
1.0
%
 
96.4
%
 
96.1
%
Other
6,840
 
6.4
%
 
95.9
%
 
96.2
%
Secondary Markets
27,233
 
25.3
%
 
96.1
%
 
96.2
%
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,700
 
100.0
%
 
96.2
%
 
96.0
%
 
 
 
 
 
 
 
 


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
 
 
 
Q4 2017
 
Q4 2016
 
% Chg
 
Q4 2017
 
Q4 2016
 
% Chg
 
Q4 2017
 
Q4 2016
 
% Chg
 
Q4 2017
 
Q4 2016
 
% Chg
Atlanta, GA
10,324

 
$
44,431

 
$
43,811

 
1.4
 %
 
$
15,368

 
$
15,236

 
0.9
 %
 
$
29,063

 
$
28,575

 
1.7
 %
 
$
1,339

 
$
1,317

 
1.7
 %
Dallas, TX
9,085

 
36,324

 
36,036

 
0.8
 %
 
15,361

 
14,486

 
6.0
 %
 
20,963

 
21,550

 
(2.7
)%
 
1,265

 
1,258

 
0.6
 %
Charlotte, NC
6,149

 
22,881

 
22,548

 
1.5
 %
 
6,886

 
6,936

 
(0.7
)%
 
15,995

 
15,612

 
2.5
 %
 
1,163

 
1,145

 
1.6
 %
Tampa, FL
5,220

 
22,667

 
22,336

 
1.5
 %
 
7,745

 
7,646

 
1.3
 %
 
14,922

 
14,690

 
1.6
 %
 
1,364

 
1,341

 
1.7
 %
Austin, TX
6,475

 
24,189

 
24,162

 
0.1
 %
 
10,614

 
10,205

 
4.0
 %
 
13,575

 
13,957

 
(2.7
)%
 
1,142

 
1,146

 
(0.3
)%
Washington, DC
3,386

 
18,910

 
18,691

 
1.2
 %
 
5,838

 
6,048

 
(3.5
)%
 
13,072

 
12,643

 
3.4
 %
 
1,783

 
1,748

 
2.0
 %
Orlando, FL
4,498

 
19,616

 
18,992

 
3.3
 %
 
6,722

 
6,676

 
0.7
 %
 
12,894

 
12,316

 
4.7
 %
 
1,375

 
1,323

 
3.9
 %
Raleigh/Durham, NC
4,397

 
15,117

 
14,458

 
4.6
 %
 
4,853

 
4,856

 
(0.1
)%
 
10,264

 
9,602

 
6.9
 %
 
1,039

 
1,005

 
3.4
 %
Nashville, TN
3,776

 
14,271

 
14,147

 
0.9
 %
 
4,557

 
4,592

 
(0.8
)%
 
9,714

 
9,555

 
1.7
 %
 
1,168

 
1,152

 
1.4
 %
Fort Worth, TX
4,249

 
15,637

 
15,040

 
4.0
 %
 
6,087

 
5,861

 
3.9
 %
 
9,550

 
9,179

 
4.0
 %
 
1,109

 
1,059

 
4.7
 %
Houston, TX
4,127

 
14,215

 
14,425

 
(1.5
)%
 
5,766

 
5,924

 
(2.7
)%
 
8,449

 
8,501

 
(0.6
)%
 
1,059

 
1,115

 
(5.0
)%
Phoenix, AZ
2,301

 
8,141

 
7,738

 
5.2
 %
 
2,303

 
2,399

 
(4.0
)%
 
5,838

 
5,339

 
9.3
 %
 
1,075

 
1,027

 
4.7
 %
South Florida
480

 
2,387

 
2,398

 
(0.5
)%
 
823

 
839

 
(1.9
)%
 
1,564

 
1,559

 
0.3
 %
 
1,594

 
1,589

 
0.3
 %
Large Markets
64,467

 
$
258,786

 
$
254,782

 
1.6
 %
 
$
92,923

 
$
91,704

 
1.3
 %
 
$
165,863

 
$
163,078

 
1.7
 %
 
$
1,249

 
$
1,231

 
1.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,496

 
$
11,790

 
$
11,307

 
4.3
 %
 
$
3,701

 
$
3,579

 
3.4
 %
 
$
8,089

 
$
7,728

 
4.7
 %
 
$
1,049

 
$
1,014

 
3.5
 %
Charleston, SC
2,648

 
9,734

 
9,443

 
3.1
 %
 
3,465

 
3,419

 
1.3
 %
 
6,269

 
6,024

 
4.1
 %
 
1,117

 
1,092

 
2.3
 %
Savannah, GA
2,219

 
7,527

 
7,277

 
3.4
 %
 
2,733

 
2,931

 
(6.8
)%
 
4,794

 
4,346

 
10.3
 %
 
1,025

 
995

 
3.0
 %
Richmond, VA
1,668

 
5,773

 
5,416

 
6.6
 %
 
1,833

 
1,800

 
1.8
 %
 
3,940

 
3,616

 
9.0
 %
 
1,042

 
994

 
4.8
 %
Memphis, TN
1,811

 
5,381

 
5,259

 
2.3
 %
 
2,261

 
2,182

 
3.6
 %
 
3,120

 
3,077

 
1.4
 %
 
926

 
898

 
3.1
 %
San Antonio, TX
1,504

 
5,168

 
5,160

 
0.2
 %
 
2,112

 
2,174

 
(2.9
)%
 
3,056

 
2,986

 
2.3
 %
 
1,065

 
1,057

 
0.8
 %
Greenville, SC
1,748

 
4,717

 
4,659

 
1.2
 %
 
1,719

 
1,691

 
1.7
 %
 
2,998

 
2,968

 
1.0
 %
 
810

 
793

 
2.1
 %
Birmingham, AL
1,462

 
4,703

 
4,642

 
1.3
 %
 
1,965

 
1,908

 
3.0
 %
 
2,738

 
2,734

 
0.1
 %
 
960

 
945

 
1.6
 %
Little Rock, AR
1,368

 
3,842

 
3,875

 
(0.9
)%
 
1,428

 
1,373

 
4.0
 %
 
2,414

 
2,502

 
(3.5
)%
 
875

 
882

 
(0.8
)%
Jackson, MS
1,241

 
3,570

 
3,572

 
(0.1
)%
 
1,291

 
1,275

 
1.3
 %
 
2,279

 
2,297

 
(0.8
)%
 
868

 
865

 
0.3
 %
Huntsville, AL
1,228

 
3,409

 
3,308

 
3.1
 %
 
1,162

 
1,235

 
(5.9
)%
 
2,247

 
2,073

 
8.4
 %
 
813

 
785

 
3.6
 %
Other
6,840

 
22,122

 
21,556

 
2.6
 %
 
8,008

 
7,779

 
2.9
 %
 
14,114

 
13,777

 
2.4
 %
 
993

 
970

 
2.4
 %
Secondary Markets
27,233

 
$
87,736

 
$
85,474

 
2.6
 %
 
$
31,678

 
$
31,346

 
1.1
 %
 
$
56,058

 
$
54,128

 
3.6
 %
 
$
984

 
$
961

 
2.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,700

 
$
346,522

 
$
340,256

 
1.8
 %
 
$
124,601

 
$
123,050

 
1.3
 %
 
$
221,921

 
$
217,206

 
2.2
 %
 
$
1,170

 
$
1,151

 
1.7
 %








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
 
 
 
Q4 2017
 
Q3 2017
 
% Chg
 
Q4 2017
 
Q3 2017
 
% Chg
 
Q4 2017
 
Q3 2017
 
% Chg
 
Q4 2017
 
Q3 2017
 
% Chg
Atlanta, GA
10,324

 
$
44,431

 
$
44,835

 
(0.9
)%
 
$
15,368

 
$
16,002

 
(4.0
)%
 
$
29,063

 
$
28,833

 
0.8
 %
 
$
1,339

 
$
1,341

 
(0.1
)%
Dallas, TX
9,085

 
36,324

 
36,371

 
(0.1
)%
 
15,361

 
15,828

 
(3.0
)%
 
20,963

 
20,543

 
2.0
 %
 
1,265

 
1,270

 
(0.4
)%
Charlotte, NC
6,149

 
22,881

 
23,045

 
(0.7
)%
 
6,886

 
7,018

 
(1.9
)%
 
15,995

 
16,027

 
(0.2
)%
 
1,163

 
1,167

 
(0.3
)%
Tampa, FL
5,220

 
22,667

 
22,564

 
0.5
 %
 
7,745

 
8,542

 
(9.3
)%
 
14,922

 
14,022

 
6.4
 %
 
1,364

 
1,361

 
0.2
 %
Austin, TX
6,475

 
24,189

 
24,303

 
(0.5
)%
 
10,614

 
11,256

 
(5.7
)%
 
13,575

 
13,047

 
4.0
 %
 
1,142

 
1,154

 
(1.0
)%
Washington, DC
3,386

 
18,910

 
18,925

 
(0.1
)%
 
5,838

 
6,261

 
(6.8
)%
 
13,072

 
12,664

 
3.2
 %
 
1,783

 
1,778

 
0.3
 %
Orlando, FL
4,498

 
19,616

 
19,526

 
0.5
 %
 
6,722

 
7,479

 
(10.1
)%
 
12,894

 
12,047

 
7.0
 %
 
1,375

 
1,363

 
0.9
 %
Raleigh/Durham, NC
4,397

 
15,117

 
15,107

 
0.1
 %
 
4,853

 
5,053

 
(4.0
)%
 
10,264

 
10,054

 
2.1
 %
 
1,039

 
1,040

 
(0.1
)%
Nashville, TN
3,776

 
14,271

 
14,457

 
(1.3
)%
 
4,557

 
4,411

 
3.3
 %
 
9,714

 
10,046

 
(3.3
)%
 
1,168

 
1,172

 
(0.3
)%
Fort Worth, TX
4,249

 
15,637

 
15,644

 
0.0
 %
 
6,087

 
6,524

 
(6.7
)%
 
9,550

 
9,120

 
4.7
 %
 
1,109

 
1,109

 
0.0
 %
Houston, TX
4,127

 
14,215

 
14,090

 
0.9
 %
 
5,766

 
6,324

 
(8.8
)%
 
8,449

 
7,766

 
8.8
 %
 
1,059

 
1,062

 
(0.3
)%
Phoenix, AZ
2,301

 
8,141

 
8,052

 
1.1
 %
 
2,303

 
2,607

 
(11.7
)%
 
5,838

 
5,445

 
7.2
 %
 
1,075

 
1,069

 
0.6
 %
South Florida
480

 
2,387

 
2,363

 
1.0
 %
 
823

 
1,116

 
(26.3
)%
 
1,564

 
1,247

 
25.4
 %
 
1,594

 
1,600

 
(0.4
)%
Large Markets
64,467

 
$
258,786

 
$
259,282

 
(0.2
)%
 
$
92,923

 
$
98,421

 
(5.6
)%
 
$
165,863

 
$
160,861

 
3.1
 %
 
$
1,249

 
$
1,250

 
(0.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,496

 
$
11,790

 
$
11,642

 
1.3
 %
 
$
3,701

 
$
4,405

 
(16.0
)%
 
$
8,089

 
$
7,237

 
11.8
 %
 
$
1,049

 
$
1,043

 
0.6
 %
Charleston, SC
2,648

 
9,734

 
9,847

 
(1.1
)%
 
3,465

 
3,723

 
(6.9
)%
 
6,269

 
6,124

 
2.4
 %
 
1,117

 
1,126

 
(0.8
)%
Savannah, GA
2,219

 
7,527

 
7,518

 
0.1
 %
 
2,733

 
2,942

 
(7.1
)%
 
4,794

 
4,576

 
4.8
 %
 
1,025

 
1,032

 
(0.7
)%
Richmond, VA
1,668

 
5,773

 
5,742

 
0.5
 %
 
1,833

 
1,883

 
(2.7
)%
 
3,940

 
3,859

 
2.1
 %
 
1,042

 
1,034

 
0.8
 %
Memphis, TN
1,811

 
5,381

 
5,415

 
(0.6
)%
 
2,261

 
2,393

 
(5.5
)%
 
3,120

 
3,022

 
3.2
 %
 
926

 
924

 
0.2
 %
San Antonio, TX
1,504

 
5,168

 
5,250

 
(1.6
)%
 
2,112

 
2,398

 
(11.9
)%
 
3,056

 
2,852

 
7.2
 %
 
1,065

 
1,069

 
(0.4
)%
Greenville, SC
1,748

 
4,717

 
4,716

 
0.0
 %
 
1,719

 
1,816

 
(5.3
)%
 
2,998

 
2,900

 
3.4
 %
 
810

 
809

 
0.1
 %
Birmingham, AL
1,462

 
4,703

 
4,725

 
(0.5
)%
 
1,965

 
2,006

 
(2.0
)%
 
2,738

 
2,719

 
0.7
 %
 
960

 
972

 
(1.2
)%
Little Rock, AR
1,368

 
3,842

 
3,868

 
(0.7
)%
 
1,428

 
1,508

 
(5.3
)%
 
2,414

 
2,360

 
2.3
 %
 
875

 
879

 
(0.5
)%
Jackson, MS
1,241

 
3,570

 
3,616

 
(1.3
)%
 
1,291

 
1,312

 
(1.6
)%
 
2,279

 
2,304

 
(1.1
)%
 
868

 
873

 
(0.6
)%
Huntsville, AL
1,228

 
3,409

 
3,427

 
(0.5
)%
 
1,162

 
1,355

 
(14.2
)%
 
2,247

 
2,072

 
8.4
 %
 
813

 
810

 
0.4
 %
Other
6,840

 
22,122

 
22,130

 
0.0
 %
 
8,008

 
8,318

 
(3.7
)%
 
14,114

 
13,812

 
2.2
 %
 
993

 
995

 
(0.2
)%
Secondary Markets
27,233

 
$
87,736

 
$
87,896

 
(0.2
)%
 
$
31,678

 
$
34,059

 
(7.0
)%
 
$
56,058

 
$
53,837

 
4.1
 %
 
$
984

 
$
986

 
(0.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,700

 
$
346,522

 
$
347,178

 
(0.2
)%
 
$
124,601

 
$
132,480

 
(5.9
)%
 
$
221,921

 
$
214,698

 
3.4
 %
 
$
1,170

 
$
1,172

 
(0.2
)%


MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS


Supplemental Data S-6



MULTIFAMILY COMBINED ADJUSTED SAME STORE FULL YEAR COMPARISONS AS OF DECEMBER 31, 2017 AND 2016
Dollars in thousands, except unit and per unit data

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

 
$
177,672

 
$
173,649

 
2.3
 %
 
$
62,664

 
$
62,014

 
1.0
 %
 
$
115,008

 
$
111,635

 
3.0
 %
 
$
1,332

 
$
1,300

 
2.5
 %
Dallas, TX
9,085

 
144,984

 
143,167

 
1.3
 %
 
62,053

 
60,786

 
2.1
 %
 
82,931

 
82,381

 
0.7
 %
 
1,264

 
1,244

 
1.6
 %
Charlotte, NC
6,149

 
91,594

 
89,431

 
2.4
 %
 
27,852

 
28,377

 
(1.9
)%
 
63,742

 
61,054

 
4.4
 %
 
1,158

 
1,130

 
2.5
 %
Tampa, FL
5,220

 
90,114

 
88,103

 
2.3
 %
 
31,984

 
31,116

 
2.8
 %
 
58,130

 
56,987

 
2.0
 %
 
1,356

 
1,319

 
2.8
 %
Austin, TX
6,475

 
96,886

 
96,018

 
0.9
 %
 
43,559

 
42,321

 
2.9
 %
 
53,327

 
53,697

 
(0.7
)%
 
1,148

 
1,136

 
1.1
 %
Washington, DC
3,386

 
75,309

 
74,491

 
1.1
 %
 
24,245

 
24,992

 
(3.0
)%
 
51,064

 
49,499

 
3.2
 %
 
1,768

 
1,744

 
1.4
 %
Orlando, FL
4,498

 
77,331

 
75,186

 
2.9
 %
 
27,729

 
26,760

 
3.6
 %
 
49,602

 
48,426

 
2.4
 %
 
1,352

 
1,304

 
3.7
 %
Raleigh/Durham, NC
4,397

 
59,749

 
57,257

 
4.4
 %
 
19,798

 
19,500

 
1.5
 %
 
39,951

 
37,757

 
5.8
 %
 
1,028

 
990

 
3.8
 %
Nashville, TN
3,776

 
57,248

 
55,931

 
2.4
 %
 
18,530

 
18,361

 
0.9
 %
 
38,718

 
37,570

 
3.1
 %
 
1,164

 
1,134

 
2.6
 %
Fort Worth, TX
4,249

 
61,902

 
58,934

 
5.0
 %
 
25,400

 
24,334

 
4.4
 %
 
36,502

 
34,600

 
5.5
 %
 
1,094

 
1,038

 
5.4
 %
Houston, TX
4,127

 
57,053

 
58,972

 
(3.3
)%
 
25,351

 
25,675

 
(1.3
)%
 
31,702

 
33,297

 
(4.8
)%
 
1,073

 
1,135

 
(5.5
)%
Phoenix, AZ
2,301

 
31,985

 
30,721

 
4.1
 %
 
9,792

 
9,784

 
0.1
 %
 
22,193

 
20,937

 
6.0
 %
 
1,058

 
1,015

 
4.2
 %
South Florida
480

 
9,646

 
9,448

 
2.1
 %
 
3,744

 
3,399

 
10.2
 %
 
5,902

 
6,049

 
(2.4
)%
 
1,604

 
1,567

 
2.4
 %
Large Markets
64,467

 
$
1,031,473

 
$
1,011,308

 
2.0
 %
 
$
382,701

 
$
377,419

 
1.4
 %
 
$
648,772

 
$
633,889

 
2.3
 %
 
$
1,243

 
$
1,218

 
2.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,496

 
$
46,545

 
$
44,973

 
3.5
 %
 
$
16,172

 
$
15,571

 
3.9
 %
 
$
30,373

 
$
29,402

 
3.3
 %
 
$
1,036

 
$
1,003

 
3.3
 %
Charleston, SC
2,648

 
38,839

 
37,548

 
3.4
 %
 
13,776

 
13,050

 
5.6
 %
 
25,063

 
24,498

 
2.3
 %
 
1,114

 
1,076

 
3.5
 %
Savannah, GA
2,219

 
29,888

 
29,268

 
2.1
 %
 
11,011

 
10,939

 
0.7
 %
 
18,877

 
18,329

 
3.0
 %
 
1,019

 
990

 
2.9
 %
Richmond, VA
1,668

 
22,586

 
21,520

 
5.0
 %
 
7,397

 
7,254

 
2.0
 %
 
15,189

 
14,266

 
6.5
 %
 
1,022

 
979

 
4.4
 %
Memphis, TN
1,811

 
21,460

 
20,856

 
2.9
 %
 
9,197

 
8,950

 
2.8
 %
 
12,263

 
11,906

 
3.0
 %
 
916

 
882

 
3.9
 %
San Antonio, TX
1,504

 
20,773

 
20,601

 
0.8
 %
 
9,121

 
8,851

 
3.1
 %
 
11,652

 
11,750

 
(0.8
)%
 
1,066

 
1,057

 
0.9
 %
Greenville, SC
1,748

 
18,847

 
18,404

 
2.4
 %
 
7,131

 
6,934

 
2.8
 %
 
11,716

 
11,470

 
2.1
 %
 
805

 
783

 
2.8
 %
Birmingham, AL
1,462

 
18,821

 
18,578

 
1.3
 %
 
7,907

 
7,610

 
3.9
 %
 
10,914

 
10,968

 
(0.5
)%
 
961

 
944

 
1.8
 %
Little Rock, AR
1,368

 
15,431

 
15,480

 
(0.3
)%
 
5,905

 
5,685

 
3.9
 %
 
9,526

 
9,795

 
(2.7
)%
 
879

 
880

 
(0.1
)%
Jackson, MS
1,241

 
14,406

 
14,273

 
0.9
 %
 
5,302

 
5,239

 
1.2
 %
 
9,104

 
9,034

 
0.8
 %
 
869

 
862

 
0.8
 %
Huntsville, AL
1,228

 
13,540

 
13,117

 
3.2
 %
 
5,154

 
5,030

 
2.5
 %
 
8,386

 
8,087

 
3.7
 %
 
801

 
776

 
3.2
 %
Other
6,840

 
87,872

 
85,543

 
2.7
 %
 
32,261

 
31,190

 
3.4
 %
 
55,611

 
54,353

 
2.3
 %
 
986

 
959

 
2.8
 %
Secondary Markets
27,233

 
$
349,008

 
$
340,161

 
2.6
 %
 
$
130,334

 
$
126,303

 
3.2
 %
 
$
218,674

 
$
213,858

 
2.3
 %
 
$
977

 
$
951

 
2.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,700

 
$
1,380,481

 
$
1,351,469

 
2.1
 %
 
$
513,035

 
$
503,722

 
1.8
 %
 
$
867,446

 
$
847,747

 
2.3
 %
 
$
1,164

 
$
1,138

 
2.3
 %


Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of December 31, 2017
 
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q4 2017
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Post River North
Denver, CO
 
359

 
240

 
73

 
4Q15
 
4Q17
 
1Q18
 
2Q19
 
$
88,200

 
$
81,195

 
$
7,005

1201 Midtown II
Charleston, SC
 
140

 
—

 
—

 
2Q17
 
3Q18
 
4Q18
 
3Q19
 
29,500

 
12,624

 
16,876

Post Centennial Park
Atlanta, GA
 
438

 
—

 
—

 
1Q16
 
1Q18
 
3Q18
 
4Q19
 
96,300

 
73,837

 
22,463

Total Active
 
 
937

 
240

 
73

 
 
 
 
 
 
 
 
 
$
214,000

 
$
167,656

 
$
46,344


(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
MULTIFAMILY LEASE-UP COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Location
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
Post Afton Oaks
Houston, TX
 
388

 
93.6
%
 
2Q17
 
1Q18
The Denton II
Kansas City, MO
 
154

 
25.3
%
 
4Q17
 
3Q18
Post South Lamar II
Austin, TX
 
344

 
56.7
%
 
4Q17
 
4Q18
Post Midtown(2)
Atlanta, GA
 
332

 
30.1
%
 
3Q17
 
4Q18
Acklen West End
Nashville, TN
 
320

 
82.5
%
 
(3) 
 
1Q19
Total
 
 
1,538

 
62.5
%
 
 
 
 

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

2017 ACQUISITION ACTIVITY
Dollars in thousands
 
Multifamily Acquisitions
 
Market
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
Charlotte at Midtown
 
Nashville, TN
 
279
 
2016
 
March 16, 2017
 
$
2,117

Acklen West End
 
Nashville, TN
 
320
 
2015
 
December 28, 2017
 
$
29


2017 DISPOSITION ACTIVITY
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

Terraces at Fieldstone
 
Atlanta, GA
 
316
 
1998
 
November 30, 2017
 
$
2,520

Terraces at Towne Lake
 
Atlanta, GA
 
502
 
1999
 
November 30, 2017
 
$
4,010

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 December 31, 2017
Joint Venture Property
 
Gross Investment in Real Estate
 
Mortgage Notes Payable
 
Company's Equity Investment
Post Massachusetts Avenue
 
$
78,025

(1) 
$
50,961

(2) 
$
44,956


 
 
 
 
 
 
 
 
 
 
 
Three months ended December 31, 2017
 
Year ended December 31, 2017
Joint Venture Property
 
Entity NOI
 
Company's Equity in Income
 
Entity NOI
 
Company's Equity in Income
Post Massachusetts Avenue
 
$
1,845

 
$
349

 
$
7,585

 
$
1,370



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

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

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 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
 
$
3,712,763

 
82.5
%
 
3.8
%
 
4.0
%
 
4.7

Capped debt
 
25,000

 
0.5
%
 
1.8
%
 
1.8
%
 
0.8

Floating (unhedged) debt
 
764,294

 
17.0
%
 
2.4
%
 
2.4
%
 
0.1

Total
 
$
4,502,057

 
100.0
%
 
3.6
%
 
3.7
%
 
3.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
$
3,525,765

 
78.3
%
 
3.5
%
 
3.3
%
 
5.0

Secured debt
 
976,292

 
21.7
%
 
3.8
%
 
5.3
%
 
1.7

Total
 
$
4,502,057

 
100.0
%
 
3.6
%
 
3.7
%
 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
 
 
Q4 2017
 
Percent of
 
 
Cost
 
Total
 
 
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
11,395,228

 
84.0
%
 
 
 
$
205,562

 
84.8
%
Encumbered gross assets
 
2,171,762

 
16.0
%
 

 
36,866

 
15.2
%
Total
 
$
13,566,990

 
100.0
%
 
 
 
$
242,428

 
100.0
%

FIXED OR HEDGED INTEREST RATE MATURITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
Fixed
 
Interest
 
Total
 
 
 
Interest
 
Total
 
Years to
 
 
Rate
 
Rate
 
Fixed Rate
 
Contract
 
Rate
 
Fixed or
 
Rate
Maturity
 
Debt
 
Swaps
 
Balances
 
Rate
 
Caps
 
Hedged
 
Maturity
2018
 
$
88,633

 
$
250,286

 
$
338,919

 
3.1
%
 
$
25,000

 
$
363,919

 
 
2019
 
579,345

 
—

 
579,345

 
5.9
%
 
—

 
579,345

 
 
2020
 
163,054

 
299,148

 
462,202

 
3.7
%
 
—

 
462,202

 
 
2021
 
197,281

 
—

 
197,281

 
5.2
%
 
—

 
197,281

 
 
2022
 
364,794

 
—

 
364,794

 
3.6
%
 
—

 
364,794

 
 
Thereafter
 
1,770,222

 
—

 
1,770,222

 
3.7
%
 
—

 
1,770,222

 
 
Total
 
$
3,163,329

 
$
549,434

 
$
3,712,763

 
4.0
%
 
$
25,000

 
$
3,737,763

 
4.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 










Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2017 (CONTINUED)
Dollars in thousands
 
 
 
 

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

 
$
—

 
$
300,261

 
$
118,658

 
$
418,919

2019
 
—

 
—

 
19,967

 
559,378

 
579,345

2020
 
410,000

 
—

 
149,773

 
163,054

 
722,827

2021
 
—

 
—

 
222,091

 
124,711

 
346,802

2022
 
—

 
248,144

 
415,798

 
—

 
663,942

Thereafter
 
—

 
1,727,590

 
32,141

 
10,491

 
1,770,222

Total
 
$
410,000

 
$
1,975,734

 
$
1,140,031

 
$
976,292

 
$
4,502,057


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
 
7.2%
 
Yes
Consolidated income available for debt service to total annual debt service charge
 
1.5x or greater for trailing 4 quarters
 
5.34x
 
Yes
Total unencumbered assets to total unsecured debt
 
Greater than 150%
 
323%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total debt to total capitalized asset value
 
60% or less
 
29.5%
 
Yes
Total secured debt to total capitalized asset value
 
40% or Less
 
6.4%
 
Yes
Total adjusted EBITDA to fixed charges
 
1.5x or greater for trailing 4 quarters
 
4.73x
 
Yes
Total unsecured debt to total unsecured capitalized asset value
 
60% or less
 
27.3%
 
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



2018 GUIDANCE
 
 
 
MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
 
Full Year 2018
Earnings
 
Net income per diluted common share
$1.78 to $2.08
Midpoint
$1.93
FFO per Share - diluted
$5.85 to $6.15
Midpoint
$6.00
AFFO per Share - diluted
$5.24 to $5.54
Midpoint
$5.39
 
 
MAA Same Store Communities:
 
Number of units
93,482
Lease over lease pricing growth for new leases and renewals
2.25% to 2.75%
Average physical occupancy
95.75% to 96.25%
Property revenue growth
1.75% to 2.25%
Property operating expense growth
1.50% to 2.50%
NOI growth
2.00% to 2.50%
Real estate tax expense growth
3.50% to 4.50%
 
 
Corporate Expenses:
 
General and administrative expenses
$39.0 to $40.0 million
Property management expenses
$50.5 to $52.5 million
Total Overhead (Gross of capitalized development overhead)
$89.5 to $92.5 million
Capitalized development overhead
$1.75 million
Total Overhead (Net of capitalized development overhead)
$87.75 to $90.75 million
 
 
Income tax expense
$2.5 to $3.0 million
 
 
Transaction/Investment Volume:
 
Acquisition volume
$300.0 to $350.0 million
Disposition volume
$0.00 million
Development investment
$75.0 to $125.0 million
 
 
Debt:
 
Average effective interest rate
3.80% to 4.00%
Average cash interest rate
4.00% to 4.20%
Capitalized interest
$1.5 to $2.5 million
Mark to market adjustment
$9.5 to $10.5 million
 
 
Other Items:
 
Merger and integration expenses
$8.0 to $10.0 million

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

 
$
2.08

Real estate depreciation
4.03

 
4.03

Amortization other
0.04

 
0.04

FFO per Share
5.85

 
6.15

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

 
$
5.54


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:
Q1 2018
 
Q2 2018
 
Q3 2018
 
Q4 2018
 
 
Earnings release & conference call
Late April
 
Late July
 
Late October
 
Early February
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q4 2016
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 2017
Declaration Date
12/8/2016

 
3/23/2017

 
5/23/2017

 
9/26/2017

 
12/5/2017

Record Date
1/13/2017

 
4/13/2017

 
7/14/2017

 
10/13/2017

 
1/12/2018

Payment Date
1/31/2017

 
4/28/2017

 
7/31/2017

 
10/31/2017

 
1/31/2018

Distributions Per Share
$
0.87

 
$
0.87

 
$
0.87

 
$
0.87

 
$
0.92


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


Supplemental Data S-13

MID AMERICA APARTMENT COMMUNITIES INC. Reports