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EX-99.1 - EXHIBIT 99.1 - MID AMERICA APARTMENT COMMUNITIES INC. | a4q18exh991.htm |
8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC. | maa123118-er.htm |
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2018 (In apartment units)
Same Store | Non-Same Store(1) | Lease-up | Total Completed Communities | Development Units Delivered | Total | |||||||||||||
Atlanta, GA | 10,664 | 332 | 438 | 11,434 | — | 11,434 | ||||||||||||
Dallas, TX | 9,404 | 362 | — | 9,766 | — | 9,766 | ||||||||||||
Austin, TX | 6,475 | 642 | — | 7,117 | — | 7,117 | ||||||||||||
Charlotte, NC | 6,149 | — | — | 6,149 | — | 6,149 | ||||||||||||
Orlando, FL | 4,498 | 776 | — | 5,274 | — | 5,274 | ||||||||||||
Tampa, FL | 5,220 | — | — | 5,220 | — | 5,220 | ||||||||||||
Raleigh/Durham, NC | 4,397 | 803 | — | 5,200 | — | 5,200 | ||||||||||||
Houston, TX | 4,479 | 388 | — | 4,867 | — | 4,867 | ||||||||||||
Nashville, TN | 3,776 | 599 | — | 4,375 | — | 4,375 | ||||||||||||
Fort Worth, TX | 4,249 | — | — | 4,249 | — | 4,249 | ||||||||||||
Washington, DC | 4,080 | — | — | 4,080 | — | 4,080 | ||||||||||||
Jacksonville, FL | 3,496 | — | — | 3,496 | — | 3,496 | ||||||||||||
Charleston, SC | 2,726 | 302 | 140 | 3,168 | — | 3,168 | ||||||||||||
Phoenix, AZ | 2,301 | 322 | — | 2,623 | — | 2,623 | ||||||||||||
Savannah, GA | 2,219 | — | — | 2,219 | — | 2,219 | ||||||||||||
Greenville, SC | 1,748 | 336 | — | 2,084 | — | 2,084 | ||||||||||||
Richmond, VA | 1,668 | 336 | — | 2,004 | — | 2,004 | ||||||||||||
Memphis, TN | 1,811 | — | — | 1,811 | — | 1,811 | ||||||||||||
San Antonio, TX | 1,504 | — | — | 1,504 | — | 1,504 | ||||||||||||
Birmingham, AL | 1,462 | — | — | 1,462 | — | 1,462 | ||||||||||||
Little Rock, AR | 1,368 | — | — | 1,368 | — | 1,368 | ||||||||||||
Jackson, MS | 1,241 | — | — | 1,241 | — | 1,241 | ||||||||||||
Huntsville, AL | 1,228 | — | — | 1,228 | — | 1,228 | ||||||||||||
Other | 7,320 | 603 | 733 | 8,656 | — | 8,656 | ||||||||||||
Total Multifamily Units | 93,483 | 5,801 | 1,311 | 100,595 | — | 100,595 |
(1)Non-Same Store total excludes 269 units in a 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 per Unit
As of December 31, 2018 | Average Effective Rent per Unit for the Three Months Ended December 31, 2018 | As of December 31, 2018 | ||||||||||||||||||
Gross Real Assets | Percent to Total of Gross Real Assets | Physical Occupancy | Completed Units | Total Units, Including Development | ||||||||||||||||
Atlanta, GA | $ | 1,865,656 | 14.0 | % | 96.4 | % | $ | 1,405 | 10,996 | |||||||||||
Dallas, TX | 1,365,752 | 10.2 | % | 95.5 | % | 1,259 | 9,766 | |||||||||||||
Washington, DC | 944,133 | 7.1 | % | 97.0 | % | 1,744 | 4,080 | |||||||||||||
Charlotte, NC | 940,511 | 7.1 | % | 96.4 | % | 1,187 | 6,149 | |||||||||||||
Tampa, FL | 857,972 | 6.4 | % | 97.1 | % | 1,416 | 5,220 | |||||||||||||
Austin, TX | 826,078 | 6.1 | % | 96.1 | % | 1,196 | 7,117 | |||||||||||||
Orlando, FL | 814,327 | 6.1 | % | 96.7 | % | 1,416 | 5,274 | |||||||||||||
Raleigh/Durham, NC | 660,817 | 5.0 | % | 97.3 | % | 1,083 | 5,200 | |||||||||||||
Houston, TX | 595,951 | 4.5 | % | 96.6 | % | 1,168 | 4,867 | |||||||||||||
Nashville, TN | 524,159 | 3.9 | % | 95.7 | % | 1,221 | 4,375 | |||||||||||||
Fort Worth, TX | 386,871 | 2.9 | % | 96.3 | % | 1,132 | 4,249 | |||||||||||||
Phoenix, AZ | 371,580 | 2.8 | % | 97.3 | % | 1,151 | 2,623 | |||||||||||||
Charleston, SC | 364,153 | 2.7 | % | 96.4 | % | 1,163 | 3,028 | |||||||||||||
Jacksonville, FL | 289,418 | 2.2 | % | 97.0 | % | 1,102 | 3,496 | |||||||||||||
Richmond, VA | 259,373 | 1.9 | % | 95.9 | % | 1,146 | 2,004 | |||||||||||||
Savannah, GA | 237,159 | 1.8 | % | 96.2 | % | 1,064 | 2,219 | |||||||||||||
Kansas City, MO-KS | 182,503 | 1.4 | % | 96.5 | % | 1,195 | 1,110 | |||||||||||||
San Antonio, TX | 160,494 | 1.2 | % | 96.6 | % | 1,071 | 1,504 | |||||||||||||
Birmingham, AL | 154,082 | 1.2 | % | 96.9 | % | 986 | 1,462 | |||||||||||||
Greenville, SC | 152,774 | 1.1 | % | 96.8 | % | 880 | 2,084 | |||||||||||||
Memphis, TN | 128,178 | 1.0 | % | 95.5 | % | 968 | 1,811 | |||||||||||||
All Other Markets by State (individual markets <1% gross real assets) | ||||||||||||||||||||
Florida | $ | 173,508 | 1.3 | % | 97.5 | % | $ | 1,273 | 1,806 | |||||||||||
Alabama | 154,571 | 1.2 | % | 97.8 | % | 929 | 1,648 | |||||||||||||
Virginia | 150,404 | 1.1 | % | 97.4 | % | 1,255 | 1,039 | |||||||||||||
Arkansas | 117,046 | 0.9 | % | 95.8 | % | 872 | 1,368 | |||||||||||||
Kentucky | 92,215 | 0.7 | % | 96.4 | % | 862 | 1,308 | |||||||||||||
Mississippi | 72,344 | 0.5 | % | 97.3 | % | 871 | 1,241 | |||||||||||||
Nevada | 68,795 | 0.5 | % | 97.5 | % | 995 | 721 | |||||||||||||
Tennessee | 50,794 | 0.4 | % | 96.1 | % | 857 | 943 | |||||||||||||
South Carolina | 36,076 | 0.3 | % | 97.0 | % | 837 | 576 | |||||||||||||
Stabilized Communities | $ | 12,997,694 | 97.5 | % | 96.5 | % | $ | 1,214 | 99,284 | |||||||||||
Denver, CO | $ | 199,651 | 1.5 | % | 84.2 | % | $ | 1,637 | 733 | 812 | ||||||||||
Atlanta, GA | 85,705 | 0.6 | % | 36.8 | % | 1,784 | 438 | 438 | ||||||||||||
Charleston, SC | 27,858 | 0.2 | % | 28.6 | % | 1,632 | 140 | 140 | ||||||||||||
Dallas, TX | 12,013 | 0.1 | % | — | — | 348 | ||||||||||||||
Raleigh/Durham, NC | 7,235 | 0.1 | % | — | — | 150 | ||||||||||||||
Lease-up and Development Communities | $ | 332,462 | 2.5 | % | 62.4 | % | $ | 1,686 | 1,311 | 1,888 | ||||||||||
Total Multifamily Communities | $ | 13,330,156 | 100.0 | % | 96.0 | % | $ | 1,220 | 100,595 | 101,172 |
(1) Schedule excludes one joint venture property in Washington, D.C.
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
As of December 31, 2018 | Three Months Ended | ||||||||||||||||
Apartment Units | Gross Real Assets | December 31, 2018 | December 31, 2017 | Percent Change | |||||||||||||
Operating Revenue | |||||||||||||||||
Same Store Communities | 93,483 | $ | 11,954,401 | $ | 363,410 | $ | 355,077 | 2.3 | % | ||||||||
Non-Same Store Communities | 5,801 | 1,043,293 | 25,116 | 22,137 | |||||||||||||
Lease up/Development Communities | 1,311 | 332,462 | 3,850 | 53 | |||||||||||||
Total Multifamily Portfolio | 100,595 | $ | 13,330,156 | $ | 392,376 | $ | 377,267 | ||||||||||
Commercial Property/Land | — | 221,423 | 5,772 | 5,471 | |||||||||||||
Total Operating Revenue | 100,595 | $ | 13,551,579 | $ | 398,148 | $ | 382,738 | ||||||||||
Property Operating Expenses | |||||||||||||||||
Same Store Communities | $ | 131,494 | $ | 127,710 | 3.0 | % | |||||||||||
Non-Same Store Communities | 11,123 | 10,214 | |||||||||||||||
Lease up/Development Communities | 1,612 | 302 | |||||||||||||||
Total Multifamily Portfolio | $ | 144,229 | $ | 138,226 | |||||||||||||
Commercial Property/Land | 2,485 | 2,084 | |||||||||||||||
Total Property Operating Expenses | $ | 146,714 | $ | 140,310 | |||||||||||||
Net Operating Income | |||||||||||||||||
Same Store Communities | $ | 231,916 | $ | 227,367 | 2.0 | % | |||||||||||
Non-Same Store Communities | 13,993 | 11,923 | |||||||||||||||
Lease up/Development Communities | 2,238 | (249 | ) | ||||||||||||||
Total Multifamily Portfolio | $ | 248,147 | $ | 239,041 | |||||||||||||
Commercial Property/Land | 3,287 | 3,387 | |||||||||||||||
Total Net Operating Income | $ | 251,434 | $ | 242,428 | 3.7 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Three Months Ended | Year Ended | ||||||||||||||||||||
December 31, 2018 | December 31, 2017 | Percent Increase/(Decrease) | December 31, 2018 | December 31, 2017 | Percent Increase/(Decrease) | ||||||||||||||||
Personnel | $ | 31,720 | $ | 30,673 | 3.4 | % | $ | 130,104 | $ | 125,707 | 3.5 | % | |||||||||
Building Repair and Maintenance | 13,952 | 14,421 | (3.3 | )% | 59,651 | 62,172 | (4.1 | )% | |||||||||||||
Utilities | 26,324 | 25,852 | 1.8 | % | 106,230 | 103,120 | 3.0 | % | |||||||||||||
Marketing | 3,892 | 4,306 | (9.6 | )% | 16,543 | 16,461 | 0.5 | % | |||||||||||||
Office Operations | 5,563 | 5,050 | 10.2 | % | 21,702 | 22,887 | (5.2 | )% | |||||||||||||
Property Taxes | 47,319 | 44,746 | 5.8 | % | 190,942 | 183,222 | 4.2 | % | |||||||||||||
Insurance | 2,724 | 2,662 | 2.3 | % | 10,883 | 12,094 | (10.0 | )% | |||||||||||||
Total Property Operating Expenses | $ | 131,494 | $ | 127,710 | 3.0 | % | $ | 536,055 | $ | 525,663 | 2.0 | % |
Supplemental Data S-3
NOI CONTRIBUTION PERCENTAGE BY MARKET |
Same Store Portfolio
Average Physical Occupancy | ||||||||||||||||
Apartment Units | Percent of Same Store NOI | Three Months Ended | Year Ended | |||||||||||||
December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |||||||||||||
Atlanta, GA | 10,664 | 13.1 | % | 95.9 | % | 96.2 | % | 95.9 | % | 96.1 | % | |||||
Dallas, TX | 9,404 | 9.0 | % | 95.4 | % | 95.8 | % | 95.3 | % | 95.4 | % | |||||
Charlotte, NC | 6,149 | 7.1 | % | 96.4 | % | 96.1 | % | 96.2 | % | 96.3 | % | |||||
Washington, DC | 4,080 | 6.9 | % | 97.0 | % | 96.3 | % | 96.7 | % | 96.5 | % | |||||
Tampa, FL | 5,220 | 6.8 | % | 96.6 | % | 96.2 | % | 96.3 | % | 95.9 | % | |||||
Austin, TX | 6,475 | 6.0 | % | 95.9 | % | 95.9 | % | 95.8 | % | 95.7 | % | |||||
Orlando, FL | 4,498 | 5.8 | % | 96.1 | % | 96.6 | % | 96.2 | % | 96.2 | % | |||||
Raleigh/Durham, NC | 4,397 | 4.5 | % | 96.5 | % | 96.4 | % | 96.3 | % | 96.5 | % | |||||
Nashville, TN | 3,776 | 4.2 | % | 95.5 | % | 95.7 | % | 95.6 | % | 95.8 | % | |||||
Fort Worth, TX | 4,249 | 4.3 | % | 95.7 | % | 95.8 | % | 95.8 | % | 95.8 | % | |||||
Houston, TX | 4,479 | 4.1 | % | 96.3 | % | 97.5 | % | 96.2 | % | 96.0 | % | |||||
Jacksonville, FL | 3,496 | 3.7 | % | 96.5 | % | 97.0 | % | 96.6 | % | 96.7 | % | |||||
Charleston, SC | 2,726 | 2.8 | % | 95.5 | % | 96.0 | % | 95.8 | % | 96.1 | % | |||||
Phoenix, AZ | 2,301 | 2.6 | % | 97.4 | % | 97.1 | % | 96.7 | % | 97.0 | % | |||||
Savannah, GA | 2,219 | 2.1 | % | 96.4 | % | 96.3 | % | 96.6 | % | 96.5 | % | |||||
Richmond, VA | 1,668 | 1.8 | % | 96.6 | % | 97.2 | % | 96.7 | % | 96.6 | % | |||||
Memphis, TN | 1,811 | 1.4 | % | 95.0 | % | 95.8 | % | 95.7 | % | 96.0 | % | |||||
Greenville, SC | 1,748 | 1.3 | % | 96.6 | % | 95.8 | % | 96.4 | % | 96.1 | % | |||||
San Antonio, TX | 1,504 | 1.3 | % | 96.4 | % | 95.9 | % | 96.0 | % | 96.0 | % | |||||
Birmingham, AL | 1,462 | 1.2 | % | 96.3 | % | 95.1 | % | 96.2 | % | 95.8 | % | |||||
Huntsville, AL | 1,228 | 1.0 | % | 97.0 | % | 96.4 | % | 97.3 | % | 96.5 | % | |||||
Little Rock, AR | 1,368 | 1.0 | % | 94.8 | % | 95.9 | % | 95.4 | % | 95.6 | % | |||||
Jackson, MS | 1,241 | 1.0 | % | 96.8 | % | 95.7 | % | 96.2 | % | 96.4 | % | |||||
Other | 7,320 | 7.0 | % | 96.4 | % | 96.0 | % | 96.5 | % | 96.1 | % | |||||
Total Same Store | 93,483 | 100.0 | % | 96.1 | % | 96.2 | % | 96.1 | % | 96.1 | % |
Supplemental Data S-4
MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS |
Dollars in thousands, except unit and per unit data
Revenues | Expenses | NOI | Average Effective Rent per Unit | |||||||||||||||||||||||||||||||||||||||||||
Units | Q4 2018 | Q4 2017 | % Chg | Q4 2018 | Q4 2017 | % Chg | Q4 2018 | Q4 2017 | % Chg | Q4 2018 | Q4 2017 | % Chg | ||||||||||||||||||||||||||||||||||
Atlanta, GA | 10,664 | $ | 47,026 | $ | 46,438 | 1.3 | % | $ | 16,213 | $ | 16,058 | 1.0 | % | $ | 30,813 | $ | 30,380 | 1.4 | % | $ | 1,380 | $ | 1,356 | 1.8 | % | |||||||||||||||||||||
Dallas, TX | 9,404 | 37,548 | 37,683 | (0.4 | )% | 16,494 | 15,856 | 4.0 | % | 21,054 | 21,827 | (3.5 | )% | 1,267 | 1,268 | (0.1 | )% | |||||||||||||||||||||||||||||
Charlotte, NC | 6,149 | 23,459 | 22,881 | 2.5 | % | 6,938 | 6,894 | 0.6 | % | 16,521 | 15,987 | 3.3 | % | 1,187 | 1,163 | 2.1 | % | |||||||||||||||||||||||||||||
Washington, DC | 4,080 | 22,655 | 22,002 | 3.0 | % | 6,709 | 6,808 | (1.5 | )% | 15,946 | 15,194 | 4.9 | % | 1,744 | 1,716 | 1.6 | % | |||||||||||||||||||||||||||||
Tampa, FL | 5,220 | 23,632 | 22,666 | 4.3 | % | 7,917 | 7,753 | 2.1 | % | 15,715 | 14,913 | 5.4 | % | 1,416 | 1,364 | 3.8 | % | |||||||||||||||||||||||||||||
Austin, TX | 6,475 | 24,526 | 24,188 | 1.4 | % | 10,694 | 10,619 | 0.7 | % | 13,832 | 13,569 | 1.9 | % | 1,160 | 1,142 | 1.6 | % | |||||||||||||||||||||||||||||
Orlando, FL | 4,498 | 20,431 | 19,617 | 4.1 | % | 7,046 | 6,727 | 4.7 | % | 13,385 | 12,890 | 3.8 | % | 1,426 | 1,375 | 3.7 | % | |||||||||||||||||||||||||||||
Raleigh/Durham, NC | 4,397 | 15,513 | 15,117 | 2.6 | % | 5,054 | 4,853 | 4.1 | % | 10,459 | 10,264 | 1.9 | % | 1,061 | 1,039 | 2.1 | % | |||||||||||||||||||||||||||||
Nashville, TN | 3,776 | 14,508 | 14,271 | 1.7 | % | 4,844 | 4,557 | 6.3 | % | 9,664 | 9,714 | (0.5 | )% | 1,184 | 1,168 | 1.4 | % | |||||||||||||||||||||||||||||
Fort Worth, TX | 4,249 | 15,951 | 15,636 | 2.0 | % | 6,087 | 6,087 | 0.0 | % | 9,864 | 9,549 | 3.3 | % | 1,132 | 1,109 | 2.1 | % | |||||||||||||||||||||||||||||
Houston, TX | 4,479 | 16,516 | 15,913 | 3.8 | % | 7,072 | 6,590 | 7.3 | % | 9,444 | 9,323 | 1.3 | % | 1,147 | 1,097 | 4.6 | % | |||||||||||||||||||||||||||||
Jacksonville, FL | 3,496 | 12,250 | 11,791 | 3.9 | % | 3,612 | 3,701 | (2.4 | )% | 8,638 | 8,090 | 6.8 | % | 1,102 | 1,049 | 5.1 | % | |||||||||||||||||||||||||||||
Charleston, SC | 2,726 | 10,140 | 10,134 | 0.1 | % | 3,692 | 3,567 | 3.5 | % | 6,448 | 6,567 | (1.8 | )% | 1,136 | 1,131 | 0.4 | % | |||||||||||||||||||||||||||||
Phoenix, AZ | 2,301 | 8,514 | 8,140 | 4.6 | % | 2,444 | 2,302 | 6.2 | % | 6,070 | 5,838 | 4.0 | % | 1,137 | 1,075 | 5.8 | % | |||||||||||||||||||||||||||||
Savannah, GA | 2,219 | 7,759 | 7,526 | 3.1 | % | 2,987 | 2,733 | 9.3 | % | 4,772 | 4,793 | (0.4 | )% | 1,064 | 1,025 | 3.8 | % | |||||||||||||||||||||||||||||
Richmond, VA | 1,668 | 6,017 | 5,773 | 4.2 | % | 1,945 | 1,833 | 6.1 | % | 4,072 | 3,940 | 3.4 | % | 1,092 | 1,042 | 4.8 | % | |||||||||||||||||||||||||||||
Memphis, TN | 1,811 | 5,620 | 5,380 | 4.5 | % | 2,374 | 2,261 | 5.0 | % | 3,246 | 3,119 | 4.1 | % | 968 | 926 | 4.5 | % | |||||||||||||||||||||||||||||
Greenville, SC | 1,748 | 4,893 | 4,716 | 3.8 | % | 1,886 | 1,719 | 9.7 | % | 3,007 | 2,997 | 0.3 | % | 839 | 810 | 3.6 | % | |||||||||||||||||||||||||||||
San Antonio, TX | 1,504 | 5,214 | 5,169 | 0.9 | % | 2,218 | 2,112 | 5.0 | % | 2,996 | 3,057 | (2.0 | )% | 1,071 | 1,065 | 0.6 | % | |||||||||||||||||||||||||||||
Birmingham, AL | 1,462 | 4,840 | 4,703 | 2.9 | % | 1,992 | 1,965 | 1.4 | % | 2,848 | 2,738 | 4.0 | % | 986 | 960 | 2.7 | % | |||||||||||||||||||||||||||||
Huntsville, AL | 1,228 | 3,640 | 3,409 | 6.8 | % | 1,281 | 1,162 | 10.2 | % | 2,359 | 2,247 | 5.0 | % | 873 | 813 | 7.4 | % | |||||||||||||||||||||||||||||
Little Rock, AR | 1,368 | 3,815 | 3,842 | (0.7 | )% | 1,522 | 1,428 | 6.6 | % | 2,293 | 2,414 | (5.0 | )% | 872 | 875 | (0.3 | )% | |||||||||||||||||||||||||||||
Jackson, MS | 1,241 | 3,584 | 3,570 | 0.4 | % | 1,304 | 1,291 | 1.0 | % | 2,280 | 2,279 | 0.0 | % | 871 | 868 | 0.3 | % | |||||||||||||||||||||||||||||
Other | 7,320 | 25,359 | 24,512 | 3.5 | % | 9,169 | 8,834 | 3.8 | % | 16,190 | 15,678 | 3.3 | % | 1,064 | 1,032 | 3.1 | % | |||||||||||||||||||||||||||||
Total Same Store | 93,483 | $ | 363,410 | $ | 355,077 | 2.3 | % | $ | 131,494 | $ | 127,710 | 3.0 | % | $ | 231,916 | $ | 227,367 | 2.0 | % | $ | 1,204 | $ | 1,177 | 2.3 | % |
Supplemental Data S-5
MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except unit and per unit data
Revenues | Expenses | NOI | Average Effective Rent per Unit | |||||||||||||||||||||||||||||||||||||||||||
Units | Q4 2018 | Q3 2018 | % Chg | Q4 2018 | Q3 2018 | % Chg | Q4 2018 | Q3 2018 | % Chg | Q4 2018 | Q3 2018 | % Chg | ||||||||||||||||||||||||||||||||||
Atlanta, GA | 10,664 | $ | 47,026 | $ | 47,163 | (0.3 | )% | $ | 16,213 | $ | 17,182 | (5.6 | )% | $ | 30,813 | $ | 29,981 | 2.8 | % | $ | 1,380 | $ | 1,377 | 0.2 | % | |||||||||||||||||||||
Dallas, TX | 9,404 | 37,548 | 37,985 | (1.2 | )% | 16,494 | 17,097 | (3.5 | )% | 21,054 | 20,888 | 0.8 | % | 1,267 | 1,272 | (0.4 | )% | |||||||||||||||||||||||||||||
Charlotte, NC | 6,149 | 23,459 | 23,344 | 0.5 | % | 6,938 | 7,359 | (5.7 | )% | 16,521 | 15,985 | 3.4 | % | 1,187 | 1,190 | (0.3 | )% | |||||||||||||||||||||||||||||
Washington, DC | 4,080 | 22,655 | 22,452 | 0.9 | % | 6,709 | 7,171 | (6.4 | )% | 15,946 | 15,281 | 4.4 | % | 1,744 | 1,743 | 0.1 | % | |||||||||||||||||||||||||||||
Tampa, FL | 5,220 | 23,632 | 23,431 | 0.9 | % | 7,917 | 8,614 | (8.1 | )% | 15,715 | 14,817 | 6.1 | % | 1,416 | 1,407 | 0.6 | % | |||||||||||||||||||||||||||||
Austin, TX | 6,475 | 24,526 | 24,527 | 0.0 | % | 10,694 | 11,436 | (6.5 | )% | 13,832 | 13,091 | 5.7 | % | 1,160 | 1,160 | 0.0 | % | |||||||||||||||||||||||||||||
Orlando, FL | 4,498 | 20,431 | 20,445 | (0.1 | )% | 7,046 | 7,594 | (7.2 | )% | 13,385 | 12,851 | 4.2 | % | 1,426 | 1,426 | 0.0 | % | |||||||||||||||||||||||||||||
Raleigh/Durham, NC | 4,397 | 15,513 | 15,414 | 0.6 | % | 5,054 | 5,356 | (5.6 | )% | 10,459 | 10,058 | 4.0 | % | 1,061 | 1,065 | (0.4 | )% | |||||||||||||||||||||||||||||
Nashville, TN | 3,776 | 14,508 | 14,444 | 0.4 | % | 4,844 | 4,947 | (2.1 | )% | 9,664 | 9,497 | 1.8 | % | 1,184 | 1,187 | (0.3 | )% | |||||||||||||||||||||||||||||
Fort Worth, TX | 4,249 | 15,951 | 15,891 | 0.4 | % | 6,087 | 6,911 | (11.9 | )% | 9,864 | 8,980 | 9.8 | % | 1,132 | 1,127 | 0.4 | % | |||||||||||||||||||||||||||||
Houston, TX | 4,479 | 16,516 | 16,425 | 0.6 | % | 7,072 | 7,296 | (3.1 | )% | 9,444 | 9,129 | 3.5 | % | 1,147 | 1,146 | 0.1 | % | |||||||||||||||||||||||||||||
Jacksonville, FL | 3,496 | 12,250 | 12,215 | 0.3 | % | 3,612 | 4,180 | (13.6 | )% | 8,638 | 8,035 | 7.5 | % | 1,102 | 1,096 | 0.5 | % | |||||||||||||||||||||||||||||
Charleston, SC | 2,726 | 10,140 | 10,188 | (0.5 | )% | 3,692 | 3,679 | 0.4 | % | 6,448 | 6,509 | (0.9 | )% | 1,136 | 1,140 | (0.4 | )% | |||||||||||||||||||||||||||||
Phoenix, AZ | 2,301 | 8,514 | 8,478 | 0.4 | % | 2,444 | 2,620 | (6.7 | )% | 6,070 | 5,858 | 3.6 | % | 1,137 | 1,126 | 1.0 | % | |||||||||||||||||||||||||||||
Savannah, GA | 2,219 | 7,759 | 7,777 | (0.2 | )% | 2,987 | 2,872 | 4.0 | % | 4,772 | 4,905 | (2.7 | )% | 1,064 | 1,063 | 0.1 | % | |||||||||||||||||||||||||||||
Richmond, VA | 1,668 | 6,017 | 6,104 | (1.4 | )% | 1,945 | 1,980 | (1.8 | )% | 4,072 | 4,124 | (1.3 | )% | 1,092 | 1,087 | 0.5 | % | |||||||||||||||||||||||||||||
Memphis, TN | 1,811 | 5,620 | 5,567 | 1.0 | % | 2,374 | 2,402 | (1.2 | )% | 3,246 | 3,165 | 2.6 | % | 968 | 969 | (0.1 | )% | |||||||||||||||||||||||||||||
Greenville, SC | 1,748 | 4,893 | 4,847 | 0.9 | % | 1,886 | 1,847 | 2.1 | % | 3,007 | 3,000 | 0.2 | % | 839 | 836 | 0.4 | % | |||||||||||||||||||||||||||||
San Antonio, TX | 1,504 | 5,214 | 5,218 | (0.1 | )% | 2,218 | 2,465 | (10.0 | )% | 2,996 | 2,753 | 8.8 | % | 1,071 | 1,070 | 0.1 | % | |||||||||||||||||||||||||||||
Birmingham, AL | 1,462 | 4,840 | 4,824 | 0.3 | % | 1,992 | 1,952 | 2.0 | % | 2,848 | 2,872 | (0.8 | )% | 986 | 986 | 0.0 | % | |||||||||||||||||||||||||||||
Huntsville, AL | 1,228 | 3,640 | 3,639 | 0.0 | % | 1,281 | 1,336 | (4.1 | )% | 2,359 | 2,303 | 2.4 | % | 873 | 864 | 1.0 | % | |||||||||||||||||||||||||||||
Little Rock, AR | 1,368 | 3,815 | 3,871 | (1.4 | )% | 1,522 | 1,557 | (2.2 | )% | 2,293 | 2,314 | (0.9 | )% | 872 | 881 | (1.0 | )% | |||||||||||||||||||||||||||||
Jackson, MS | 1,241 | 3,584 | 3,572 | 0.3 | % | 1,304 | 1,363 | (4.3 | )% | 2,280 | 2,209 | 3.2 | % | 871 | 870 | 0.1 | % | |||||||||||||||||||||||||||||
Other | 7,320 | 25,359 | 25,230 | 0.5 | % | 9,169 | 9,545 | (3.9 | )% | 16,190 | 15,685 | 3.2 | % | 1,064 | 1,060 | 0.4 | % | |||||||||||||||||||||||||||||
Total Same Store | 93,483 | $ | 363,410 | $ | 363,051 | 0.1 | % | $ | 131,494 | $ | 138,761 | (5.2 | )% | $ | 231,916 | $ | 224,290 | 3.4 | % | $ | 1,204 | $ | 1,204 | 0.0 | % |
Supplemental Data S-6
MULTIFAMILY SAME STORE FULL YEAR COMPARISONS AS OF DECEMBER 31, 2018 AND 2017 |
Dollars in thousands, except unit and per unit data
Revenues | Expenses | NOI | Average Effective Rent per Unit | |||||||||||||||||||||||||||||||||||||||||||
Units | 2018 | 2017 | % Chg | 2018 | 2017 | % Chg | 2018 | 2017 | % Chg | 2018 | 2017 | % Chg | ||||||||||||||||||||||||||||||||||
Atlanta, GA | 10,664 | $ | 187,204 | $ | 185,733 | 0.8 | % | $ | 65,727 | $ | 65,511 | 0.3 | % | $ | 121,477 | $ | 120,222 | 1.0 | % | $ | 1,369 | $ | 1,350 | 1.4 | % | |||||||||||||||||||||
Dallas, TX | 9,404 | 150,896 | 150,344 | 0.4 | % | 66,323 | 64,302 | 3.1 | % | 84,573 | 86,042 | (1.7 | )% | 1,268 | 1,267 | 0.1 | % | |||||||||||||||||||||||||||||
Charlotte, NC | 6,149 | 93,088 | 91,594 | 1.6 | % | 28,034 | 27,898 | 0.5 | % | 65,054 | 63,696 | 2.1 | % | 1,178 | 1,158 | 1.7 | % | |||||||||||||||||||||||||||||
Washington, DC | 4,080 | 89,460 | 87,557 | 2.2 | % | 27,642 | 27,944 | (1.1 | )% | 61,818 | 59,613 | 3.7 | % | 1,731 | 1,701 | 1.8 | % | |||||||||||||||||||||||||||||
Tampa, FL | 5,220 | 92,836 | 90,114 | 3.0 | % | 32,595 | 32,031 | 1.8 | % | 60,241 | 58,083 | 3.7 | % | 1,393 | 1,356 | 2.7 | % | |||||||||||||||||||||||||||||
Austin, TX | 6,475 | 97,435 | 96,886 | 0.6 | % | 43,894 | 43,583 | 0.7 | % | 53,541 | 53,303 | 0.4 | % | 1,152 | 1,148 | 0.3 | % | |||||||||||||||||||||||||||||
Orlando, FL | 4,498 | 80,873 | 77,331 | 4.6 | % | 28,754 | 27,756 | 3.6 | % | 52,119 | 49,575 | 5.1 | % | 1,409 | 1,352 | 4.2 | % | |||||||||||||||||||||||||||||
Raleigh/Durham, NC | 4,397 | 61,214 | 59,749 | 2.5 | % | 20,480 | 19,798 | 3.4 | % | 40,734 | 39,951 | 2.0 | % | 1,053 | 1,028 | 2.4 | % | |||||||||||||||||||||||||||||
Nashville, TN | 3,776 | 57,732 | 57,248 | 0.8 | % | 19,222 | 18,530 | 3.7 | % | 38,510 | 38,718 | (0.5 | )% | 1,179 | 1,164 | 1.3 | % | |||||||||||||||||||||||||||||
Fort Worth, TX | 4,249 | 63,329 | 61,902 | 2.3 | % | 26,171 | 25,400 | 3.0 | % | 37,158 | 36,502 | 1.8 | % | 1,122 | 1,094 | 2.6 | % | |||||||||||||||||||||||||||||
Houston, TX | 4,479 | 65,056 | 64,146 | 1.4 | % | 29,085 | 28,649 | 1.5 | % | 35,971 | 35,497 | 1.3 | % | 1,132 | 1,120 | 1.1 | % | |||||||||||||||||||||||||||||
Jacksonville, FL | 3,496 | 48,439 | 46,545 | 4.1 | % | 16,065 | 16,172 | (0.7 | )% | 32,374 | 30,373 | 6.6 | % | 1,082 | 1,036 | 4.4 | % | |||||||||||||||||||||||||||||
Charleston, SC | 2,726 | 40,600 | 40,435 | 0.4 | % | 14,574 | 14,167 | 2.9 | % | 26,026 | 26,268 | (0.9 | )% | 1,132 | 1,128 | 0.4 | % | |||||||||||||||||||||||||||||
Phoenix, AZ | 2,301 | 33,416 | 31,985 | 4.5 | % | 9,953 | 9,792 | 1.6 | % | 23,463 | 22,193 | 5.7 | % | 1,114 | 1,058 | 5.3 | % | |||||||||||||||||||||||||||||
Savannah, GA | 2,219 | 30,666 | 29,888 | 2.6 | % | 11,414 | 11,011 | 3.7 | % | 19,252 | 18,877 | 2.0 | % | 1,048 | 1,019 | 2.8 | % | |||||||||||||||||||||||||||||
Richmond, VA | 1,668 | 23,807 | 22,586 | 5.4 | % | 7,807 | 7,397 | 5.5 | % | 16,000 | 15,189 | 5.3 | % | 1,073 | 1,022 | 5.0 | % | |||||||||||||||||||||||||||||
Memphis, TN | 1,811 | 22,164 | 21,460 | 3.3 | % | 9,434 | 9,197 | 2.6 | % | 12,730 | 12,263 | 3.8 | % | 951 | 916 | 3.8 | % | |||||||||||||||||||||||||||||
Greenville, SC | 1,748 | 19,290 | 18,847 | 2.4 | % | 7,407 | 7,131 | 3.9 | % | 11,883 | 11,716 | 1.4 | % | 826 | 805 | 2.6 | % | |||||||||||||||||||||||||||||
San Antonio, TX | 1,504 | 20,762 | 20,773 | (0.1 | )% | 9,434 | 9,121 | 3.4 | % | 11,328 | 11,652 | (2.8 | )% | 1,065 | 1,066 | (0.1 | )% | |||||||||||||||||||||||||||||
Birmingham, AL | 1,462 | 19,159 | 18,821 | 1.8 | % | 7,931 | 7,907 | 0.3 | % | 11,228 | 10,914 | 2.9 | % | 973 | 961 | 1.2 | % | |||||||||||||||||||||||||||||
Huntsville, AL | 1,228 | 14,345 | 13,540 | 5.9 | % | 5,243 | 5,154 | 1.7 | % | 9,102 | 8,386 | 8.5 | % | 847 | 801 | 5.7 | % | |||||||||||||||||||||||||||||
Little Rock, AR | 1,368 | 15,435 | 15,431 | 0.0 | % | 6,174 | 5,905 | 4.6 | % | 9,261 | 9,526 | (2.8 | )% | 875 | 879 | (0.5 | )% | |||||||||||||||||||||||||||||
Jackson, MS | 1,241 | 14,316 | 14,406 | (0.6 | )% | 5,438 | 5,302 | 2.6 | % | 8,878 | 9,104 | (2.5 | )% | 866 | 869 | (0.3 | )% | |||||||||||||||||||||||||||||
Other | 7,320 | 100,289 | 97,518 | 2.8 | % | 37,254 | 36,005 | 3.5 | % | 63,035 | 61,513 | 2.5 | % | 1,050 | 1,026 | 2.3 | % | |||||||||||||||||||||||||||||
Total Same Store | 93,483 | $ | 1,441,811 | $ | 1,414,839 | 1.9 | % | $ | 536,055 | $ | 525,663 | 2.0 | % | $ | 905,756 | $ | 889,176 | 1.9 | % | $ | 1,193 | $ | 1,171 | 1.9 | % |
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||||||||
Units as of December 31, 2018 | Projected | Development Costs | ||||||||||||||||||||||||||||
Initial | ||||||||||||||||||||||||||||||
Start | Occupancy | Completion | Stabilization | Total | Thru | |||||||||||||||||||||||||
Location | Total | Delivered | Leased | Date | Date | Date | Date(1) | Cost | Q4 2018 | After | ||||||||||||||||||||
Post Parkside at Wade III | Raleigh, NC | 150 | — | — | 2Q18 | 3Q19 | 4Q19 | 1Q20 | $ | 25,000 | $ | 7,235 | $ | 17,765 | ||||||||||||||||
Post Sierra at Frisco Bridges II | Dallas, TX | 348 | — | — | 2Q18 | 2Q20 | 3Q20 | 3Q21 | 69,000 | 12,013 | 56,987 | |||||||||||||||||||
Sync 36 II | Denver, CO | 79 | — | — | 3Q18 | 4Q19 | 4Q19 | 1Q20 | 24,500 | 11,685 | 12,815 | |||||||||||||||||||
Total Active | 577 | — | — | $ | 118,500 | $ | 30,933 | $ | 87,567 |
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
MULTIFAMILY REDEVELOPMENT PIPELINE | ||||||||||
Dollars in thousands, except per unit data | ||||||||||
Year ended December 31, 2018 | ||||||||||
Units Redeveloped | Redevelopment Spend | Spend per Unit | Increase in Average Effective Rent per Unit | Increase in Average Effective Rent per Unit | Estimated Units Remaining in Pipeline | |||||
8,155 | $50,057 | $6,138 | $118 | 10.5% | 17,500 - 20,500 |
MULTIFAMILY LEASE-UP COMMUNITIES | |||||||||
As of December 31, 2018 | |||||||||
Total | Percent | Construction | Expected | ||||||
Location | Units | Occupied | Finished | Stabilization(1) | |||||
Sync 36 I | Denver, CO | 374 | 81.6% | (2) | 2Q19 | ||||
Post River North | Denver, CO | 359 | 86.9% | 1Q18 | 2Q19 | ||||
1201 Midtown II | Charleston, SC | 140 | 28.6% | 4Q18 | 3Q19 | ||||
Post Centennial Park | Atlanta, GA | 438 | 36.8% | 3Q18 | 4Q19 | ||||
Total | 1,311 | 62.4% |
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Property was acquired while still in lease-up; construction was complete prior to acquisition by MAA.
2018 ACQUISITION ACTIVITY | ||||
Dollars in thousands |
Multifamily Acquisition | Market | Apartment Units | Year Built | Closing Date | YTD NOI | |||||||
Sync 36 | Denver, CO | 374 | 2018 | April 26, 2018 | $ | 2,825 |
Commercial Acquisition | Market | Square Feet | Year Built | Closing Date | YTD NOI | |||||||
Hue Retail | Raleigh, NC | 7,500 | 2009 | August 1, 2018 | $ | 103 |
Land Acquisitions | Market | Acres | Closing Date | |||
Westminster - Outparcel | Denver, CO | 10 | October 1, 2018 | |||
Long Point Road - Outparcel | Houston, TX | 9 | November 1, 2018 |
2018 DISPOSITION ACTIVITY |
Land Dispositions | Market | Acres | Closing Date | |||
Craft Farms Residential - Outparcel | Gulf Shores, AL | 3 | January 24, 2018 | |||
Randal Park - Outparcel | Orlando, FL | 34 | February 27, 2018 | |||
Colonial Grand at Azure - Outparcel | Las Vegas, NV | 29 | April 19, 2018 | |||
Spring Hill - Outparcels | Atlanta, GA | 10 | July 2, 2018 and December 21, 2018 |
Supplemental Data S-8
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES | ||||
Dollars in thousands |
MAA holds an investment in a real estate joint venture with an institutional investor 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, 2018 | ||||||||||||
Joint Venture Property | Gross Investment in Real Estate | Mortgage Notes Payable | Company's Equity Investment | |||||||||
Post Massachusetts Avenue | $ | 78,870 | (1) | $ | 51,658 | (2) | $ | 44,181 |
Three months ended December 31, 2018 | Year ended December 31, 2018 | |||||||||||||||
Joint Venture Property | Entity NOI | Company's Equity in Income | Entity NOI | Company's Equity in Income | ||||||||||||
Post Massachusetts Avenue | $ | 1,792 | $ | 576 | $ | 7,120 | $ | 1,832 |
(1) Represents GAAP basis net book value plus accumulated depreciation.
(2) This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2018 | |||||
Dollars in thousands |
DEBT SUMMARIES | |||||||||||||||||
Effective | Contract | Average Years | |||||||||||||||
Percent of | Interest | Interest | to Rate | ||||||||||||||
Balance | Total | Rate | Rate | Maturity | |||||||||||||
Floating Versus Fixed Rate or Hedged Debt | |||||||||||||||||
Fixed rate or swapped debt | $ | 3,389,249 | 74.8 | % | 3.9 | % | 3.9 | % | 6.8 | ||||||||
Floating (unhedged) debt | 1,139,079 | 25.2 | % | 3.4 | % | 3.4 | % | 0.1 | |||||||||
Total | $ | 4,528,328 | 100.0 | % | 3.8 | % | 3.8 | % | 5.1 | ||||||||
Effective | Contract | Average Years | |||||||||||||||
Percent of | Interest | Interest | to Contract | ||||||||||||||
Balance | Total | Rate | Rate | Maturity | |||||||||||||
Secured Versus Unsecured Debt | |||||||||||||||||
Unsecured debt | $ | 4,053,302 | 89.5 | % | 3.7 | % | 3.7 | % | 4.8 | ||||||||
Secured debt | 475,026 | 10.5 | % | 4.6 | % | 4.8 | % | 12.2 | |||||||||
Total | $ | 4,528,328 | 100.0 | % | 3.8 | % | 3.8 | % | 5.6 | ||||||||
Total | Percent of | Q4 2018 | Percent of | ||||||||||||||
Cost | Total | NOI | Total | ||||||||||||||
Unencumbered Versus Encumbered Assets | |||||||||||||||||
Unencumbered gross assets | $ | 12,732,515 | 91.8 | % | $ | 232,858 | 92.6 | % | |||||||||
Encumbered gross assets | 1,140,553 | 8.2 | % | 18,576 | 7.4 | % | |||||||||||
Total | $ | 13,873,068 | 100.0 | % | $ | 251,434 | 100.0 | % |
FIXED OR HEDGED INTEREST RATE MATURITIES | ||||||||||||||||||
Average | ||||||||||||||||||
Fixed | Interest | Total | Years to | |||||||||||||||
Rate | Rate | Fixed or | Contract | Rate | ||||||||||||||
Maturity | Debt | Swaps | Hedged | Rate | Maturity | |||||||||||||
2019 | $ | 33,508 | $ | — | $ | 33,508 | 4.4 | % | ||||||||||
2020 | 159,097 | 299,353 | 458,450 | 3.2 | % | |||||||||||||
2021 | 195,459 | — | 195,459 | 5.2 | % | |||||||||||||
2022 | 365,244 | — | 365,244 | 3.6 | % | |||||||||||||
2023 | 359,043 | — | 359,043 | 4.3 | % | |||||||||||||
Thereafter | 1,977,545 | — | 1,977,545 | 3.9 | % | |||||||||||||
Total | $ | 3,089,896 | $ | 299,353 | $ | 3,389,249 | 3.9 | % | 6.8 | |||||||||
Supplemental Data S-10
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2018 (CONTINUED) | |||||
Dollars in thousands |
DEBT MATURITIES OF OUTSTANDING BALANCES | ||||||||||||||||||||
Unsecured Revolving Credit Facility | Public Bonds | Other Unsecured | Secured | Total | ||||||||||||||||
2019 | $ | — | $ | — | $ | 319,508 | $ | 13,524 | $ | 333,032 | ||||||||||
2020 | 540,000 | — | 149,883 | 159,097 | 848,980 | |||||||||||||||
2021 | — | — | 222,294 | 122,837 | 345,131 | |||||||||||||||
2022 | — | 248,522 | 416,075 | — | 664,597 | |||||||||||||||
2023 | — | 346,826 | 12,217 | — | 359,043 | |||||||||||||||
Thereafter | — | 1,778,037 | 19,940 | 179,568 | 1,977,545 | |||||||||||||||
Total | $ | 540,000 | $ | 2,373,385 | $ | 1,139,917 | $ | 475,026 | $ | 4,528,328 |
DEBT COVENANT ANALYSIS(1) | ||||||
Bond Covenants | Required | Actual | Compliance | |||
Total debt to total assets | 60% or less | 32.6% | Yes | |||
Total secured debt to total assets | 40% or less | 3.4% | Yes | |||
Consolidated income available for debt service to total annual debt service charge | 1.5x or greater for trailing 4 quarters | 5.07x | Yes | |||
Total unencumbered assets to total unsecured debt | Greater than 150% | 314% | 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 | 3.1% | Yes | |||
Total adjusted EBITDA to fixed charges | 1.5x or greater for trailing 4 quarters | 4.50x | Yes | |||
Total unsecured debt to total unsecured capitalized asset value | 60% or less | 28.1% | Yes |
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP's debt agreements.
Supplemental Data S-11
2019 GUIDANCE | |
MAA provides guidance on expected 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 2019 | |
Earnings | |
Earnings per common share - diluted | $2.11 to $2.35 |
Midpoint | $2.23 |
FFO per Share - diluted | $6.03 to $6.27 |
Midpoint | $6.15 |
AFFO per Share - diluted | $5.39 to $5.63 |
Midpoint | $5.51 |
MAA Same Store Communities: | |
Number of units | 95,920 |
Lease over lease pricing growth for new leases and renewals | 2.20% to 3.20% |
Average physical occupancy | 95.70% to 96.10% |
Property revenue growth | 1.80% to 2.80% |
Property operating expense growth | 2.60% to 3.60% |
NOI growth | 1.30% to 2.30% |
Real estate tax expense growth | 3.75% to 4.75% |
Corporate Expenses: | |
General and administrative expenses | $42.5 to $43.5 million |
Property management expenses | $54.0 to $55.0 million |
Total overhead | $96.5 to $98.5 million |
Income tax expense | $2.5 to $3.0 million |
Transaction/Investment Volume: | |
Multifamily acquisition volume | $125.0 to $175.0 million |
Multifamily disposition volume | $75.0 to $125.0 million |
Development investment | $100.0 to $150.0 million |
Debt: | |
Average effective interest rate | 3.9% to 4.1% |
Capitalized interest | $2.5 to $3.5 million |
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE | |||||||
2019 Full Year Guidance Range | |||||||
Low | High | ||||||
Earnings per common share - diluted | $ | 2.11 | $ | 2.35 | |||
Real estate depreciation | 4.09 | 4.09 | |||||
Amortization other | 0.04 | 0.04 | |||||
Gains on sale of depreciable assets | (0.21 | ) | (0.21 | ) | |||
FFO per Share - diluted | 6.03 | 6.27 | |||||
Recurring capital expenditures | (0.64 | ) | (0.64 | ) | |||
AFFO per Share - diluted | $ | 5.39 | $ | 5.63 |
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 MAA and MAALP |
(2) | Corporate credit rating assigned to MAALP, the primary operating partnership of MAA |
COMMON STOCK | |||||||||||||||||||
Stock Symbol: | MAA | ||||||||||||||||||
Exchange Traded: | NYSE | ||||||||||||||||||
Estimated Future Dates: | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | |||||||||||||||
Earnings release & conference call | Early May | Late July | Late October | Late January | |||||||||||||||
Dividend Information - Common Shares: | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | ||||||||||||||
Declaration date | 12/5/2017 | 3/13/2018 | 5/22/2018 | 9/25/2018 | 12/4/2018 | ||||||||||||||
Record date | 1/12/2018 | 4/13/2018 | 7/13/2018 | 10/15/2018 | 1/15/2019 | ||||||||||||||
Payment date | 1/31/2018 | 4/30/2018 | 7/31/2018 | 10/31/2018 | 1/31/2019 | ||||||||||||||
Distributions per share | $ | 0.9225 | $ | 0.9225 | $ | 0.9225 | $ | 0.9225 | $ | 0.9600 |
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