MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2

Attached files

file	filename
EX-99.1 - EX-99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	maa-ex991_7.htm
8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC.	maa-8k_20201028.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2020 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		10,996		438		—		11,434		—		11,434
Dallas, TX		9,405		362		—		9,767		240		10,007
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		6,149		—		—		6,149		—		6,149
Raleigh/Durham, NC		4,397		953		—		5,350		—		5,350
Orlando, FL		5,274		—		—		5,274		—		5,274
Tampa, FL		5,220		—		—		5,220		—		5,220
Houston, TX		4,867		—		—		4,867		—		4,867
Fort Worth, TX		4,249		—		168		4,417		—		4,417
Nashville, TN		4,375		—		—		4,375		—		4,375
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		2,726		442		—		3,168		—		3,168
Phoenix, AZ		2,623		—		—		2,623		—		2,623
Greenville, SC		2,084		—		271		2,355		—		2,355
Savannah, GA		2,219		—		—		2,219		—		2,219
Richmond, VA		2,004		—		—		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
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,717		2,149		—		8,866		—		8,866
Total Multifamily Units		95,113		4,344		439		99,896		240		100,136

⁽¹⁾	Schedule excludes a 269 unit 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 September 30, 2020								Average Effective		As of September 30, 2020
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2020		Completed Units		Total Units, Including Development
Atlanta, GA	$	1,993,602		14.4	%		95.5	%	$	1,465		11,434
Dallas, TX		1,400,619		10.1	%		95.1	%		1,298		9,767
Charlotte, NC		963,208		7.0	%		95.9	%		1,247		6,149
Washington, DC		959,434		6.9	%		96.3	%		1,806		4,080
Tampa, FL		879,023		6.3	%		96.6	%		1,505		5,220
Austin, TX		842,119		6.1	%		95.3	%		1,277		7,117
Orlando, FL		828,470		6.0	%		94.4	%		1,458		5,274
Raleigh/Durham, NC		697,545		5.0	%		96.0	%		1,176		5,350
Houston, TX		602,904		4.4	%		93.5	%		1,218		4,867
Nashville, TN		531,984		3.8	%		94.0	%		1,316		4,375
Charleston, SC		401,450		2.9	%		95.6	%		1,250		3,168
Fort Worth, TX		394,859		2.9	%		95.5	%		1,185		4,249
Phoenix, AZ		376,347		2.7	%		96.1	%		1,299		2,623
Jacksonville, FL		292,488		2.1	%		96.9	%		1,160		3,496
Richmond, VA		265,846		1.9	%		96.8	%		1,236		2,004
Savannah, GA		242,277		1.7	%		97.3	%		1,113		2,219
Denver, CO		210,736		1.5	%		91.5	%		1,652		812
Kansas City, MO-KS		184,782		1.3	%		95.0	%		1,298		1,110
San Antonio, TX		162,834		1.2	%		96.3	%		1,119		1,504
Birmingham, AL		158,756		1.1	%		96.5	%		1,083		1,462
Greenville, SC		155,805		1.1	%		96.3	%		948		2,084
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	184,385		1.3	%		97.4	%	$	1,007		2,754
Florida		176,226		1.3	%		96.5	%		1,376		1,806
Alabama		159,508		1.2	%		97.3	%		1,056		1,648
Virginia		152,802		1.1	%		97.3	%		1,359		1,039
Kentucky		94,146		0.7	%		95.9	%		911		1,308
Mississippi		74,368		0.5	%		97.8	%		930		1,241
Nevada		70,648		0.5	%		95.0	%		1,160		721
South Carolina		36,702		0.3	%		94.3	%		915		576
Stabilized Communities	$	13,493,873		97.3	%		95.6	%	$	1,293		99,457
Orlando, FL	$	83,017		0.6	%									633
Greenville, SC		72,326		0.5	%		93.4	%	$	1,614		271		271
Phoenix, AZ		63,739		0.5	%									345
Dallas, TX		62,827		0.5	%		32.5	%		1,375		240		348
Denver, CO		32,374		0.2	%									306
Fort Worth, TX		26,219		0.2	%		67.9	%		1,331		168		168
Houston, TX		22,024		0.2	%									308
Lease-up / Development Communities	$	362,526		2.7	%		61.0	%	$	1,460		679		2,379
Total Multifamily Communities	$	13,856,399		100.0	%		95.4	%	$	1,294		100,136		101,836

⁽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 September 30, 2020				Three Months Ended
	Apartment Units		Gross Real Assets		September 30, 2020		September 30, 2019			Percent Change
Operating Revenues
Same Store Communities		95,113	$	12,824,842	$	397,600	$	389,600			2.1	%
Non-Same Store Communities		4,344		669,031		18,273		20,219
Lease-up/Development Communities		679		362,526		2,097		54
Total Multifamily Portfolio		100,136	$	13,856,399	$	417,970	$	409,873
Commercial Property/Land		—		231,691		5,229		5,759
Total Operating Revenues		100,136	$	14,088,090	$	423,199	$	415,632

Property Operating Expenses
Same Store Communities					$	158,898	$	148,238			7.2	%
Non-Same Store Communities						7,069		8,837
Lease-up/Development Communities						1,284		65
Total Multifamily Portfolio					$	167,251	$	157,140
Commercial Property/Land						2,563		2,399
Total Property Operating Expenses					$	169,814	$	159,539

Net Operating Income
Same Store Communities					$	238,702	$	241,362			-1.1	%
Non-Same Store Communities						11,204		11,382
Lease-up/Development Communities						813		(11	)
Total Multifamily Portfolio					$	250,719	$	252,733
Commercial Property/Land						2,666		3,360
Total Net Operating Income					$	253,385	$	256,093			-1.1	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Nine Months Ended
	September 30, 2020		September 30, 2019		Percent Change			September 30, 2020		September 30, 2019		Percent Change
Personnel	$	36,788	$	35,854		2.6	%	$	105,431	$	104,343		1.0	%
Building Repair and Maintenance		17,712		17,067		3.8	%		48,461		47,788		1.4	%
Utilities		30,771		29,009		6.1	%		84,616		81,505		3.8	%
Marketing		6,539		4,835		35.2	%		16,826		13,847		21.5	%
Office Operations		6,018		5,501		9.4	%		16,279		15,784		3.1	%
Property Taxes		55,749		52,787		5.6	%		165,823		158,480		4.6	%
Insurance		5,321		3,185		67.1	%		11,718		8,930		31.2	%
Total Property Operating Expenses	$	158,898	$	148,238		7.2	%	$	449,154	$	430,677		4.3	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

						Average Physical Occupancy
			Percent of			Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI			September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
Atlanta, GA		10,996		13.1	%		95.0	%		95.6	%		94.9	%		95.7	%
Dallas, TX		9,405		8.7	%		95.1	%		95.5	%		95.3	%		95.3	%
Charlotte, NC		6,149		7.1	%		96.2	%		96.2	%		96.1	%		96.2	%
Washington, DC		4,080		6.6	%		96.3	%		96.8	%		96.3	%		96.9	%
Tampa, FL		5,220		6.6	%		96.1	%		96.1	%		95.7	%		96.1	%
Austin, TX		7,117		6.2	%		95.2	%		96.0	%		95.4	%		95.9	%
Orlando, FL		5,274		6.1	%		93.7	%		95.5	%		94.5	%		95.6	%
Raleigh/Durham, NC		4,397		4.8	%		96.2	%		96.6	%		96.2	%		96.5	%
Nashville, TN		4,375		4.7	%		94.5	%		96.6	%		95.1	%		96.0	%
Houston, TX		4,867		4.1	%		93.7	%		95.3	%		94.4	%		95.4	%
Fort Worth, TX		4,249		3.9	%		95.4	%		95.9	%		95.4	%		95.6	%
Jacksonville, FL		3,496		3.4	%		96.6	%		96.2	%		96.2	%		96.3	%
Phoenix, AZ		2,623		3.3	%		96.0	%		97.1	%		96.1	%		96.7	%
Charleston, SC		2,726		2.8	%		95.9	%		95.6	%		95.8	%		95.6	%
Richmond, VA		2,004		2.2	%		96.9	%		96.5	%		96.6	%		96.7	%
Savannah, GA		2,219		2.1	%		96.8	%		95.5	%		95.9	%		95.5	%
Greenville, SC		2,084		1.6	%		95.8	%		95.4	%		95.4	%		95.7	%
Memphis, TN		1,811		1.6	%		97.2	%		96.1	%		96.5	%		95.8	%
Birmingham, AL		1,462		1.4	%		97.1	%		97.6	%		96.5	%		96.7	%
San Antonio, TX		1,504		1.2	%		96.7	%		96.5	%		96.4	%		96.6	%
Huntsville, AL		1,228		1.2	%		97.3	%		97.8	%		97.2	%		97.4	%
Kansas City, MO-KS		1,110		1.2	%		96.0	%		95.7	%		95.6	%		95.8	%
Other		6,717		6.1	%		96.6	%		96.6	%		95.9	%		96.5	%
Total Same Store		95,113		100.0	%		95.6	%		96.1	%		95.6	%		96.0	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2020		Q3 2019		% Chg			Q3 2020		Q3 2019		% Chg			Q3 2020		Q3 2019		% Chg			Q3 2020		Q3 2019		% Chg
Atlanta, GA		10,996	$	51,356	$	50,787		1.1	%	$	20,063	$	19,287		4.0	%	$	31,293	$	31,500		(0.7	)%	$	1,463	$	1,453		0.7	%
Dallas, TX		9,405		39,024		38,543		1.2	%		18,281		16,243		12.5	%		20,743		22,300		(7.0	)%		1,312		1,295		1.3	%
Charlotte, NC		6,149		25,015		24,416		2.5	%		8,105		7,772		4.3	%		16,910		16,644		1.6	%		1,249		1,233		1.3	%
Washington, DC		4,080		23,275		23,442		(0.7	)%		7,496		7,202		4.1	%		15,779		16,240		(2.8	)%		1,812		1,804		0.5	%
Tampa, FL		5,220		25,176		24,534		2.6	%		9,387		8,793		6.8	%		15,789		15,741		0.3	%		1,502		1,466		2.4	%
Austin, TX		7,117		29,554		28,940		2.1	%		14,645		12,704		15.3	%		14,909		16,236		(8.2	)%		1,281		1,250		2.4	%
Orlando, FL		5,274		24,161		24,477		(1.3	)%		9,686		8,959		8.1	%		14,475		15,518		(6.7	)%		1,462		1,458		0.3	%
Raleigh/Durham, NC		4,397		17,123		16,254		5.3	%		5,773		5,841		(1.2	)%		11,350		10,413		9.0	%		1,147		1,113		3.1	%
Nashville, TN		4,375		18,430		18,345		0.5	%		7,118		6,304		12.9	%		11,312		12,041		(6.1	)%		1,310		1,280		2.3	%
Houston, TX		4,867		18,735		18,647		0.5	%		9,003		8,356		7.7	%		9,732		10,291		(5.4	)%		1,222		1,207		1.3	%
Fort Worth, TX		4,249		17,010		16,538		2.9	%		7,627		7,015		8.7	%		9,383		9,523		(1.5	)%		1,184		1,165		1.6	%
Jacksonville, FL		3,496		12,860		12,620		1.9	%		4,671		4,854		(3.8	)%		8,189		7,766		5.4	%		1,157		1,137		1.7	%
Phoenix, AZ		2,623		11,117		10,504		5.8	%		3,300		3,189		3.5	%		7,817		7,315		6.9	%		1,294		1,234		4.8	%
Charleston, SC		2,726		10,896		10,486		3.9	%		4,329		4,055		6.8	%		6,567		6,431		2.1	%		1,199		1,180		1.6	%
Richmond, VA		2,004		8,187		7,858		4.2	%		2,908		2,508		15.9	%		5,279		5,350		(1.3	)%		1,229		1,206		1.8	%
Savannah, GA		2,219		8,147		7,894		3.2	%		3,171		3,038		4.4	%		4,976		4,856		2.5	%		1,108		1,094		1.3	%
Greenville, SC		2,084		6,698		6,331		5.8	%		2,782		2,658		4.7	%		3,916		3,673		6.6	%		945		923		2.5	%
Memphis, TN		1,811		6,245		5,876		6.3	%		2,546		2,485		2.5	%		3,699		3,391		9.1	%		1,043		1,007		3.6	%
Birmingham, AL		1,462		5,466		5,178		5.6	%		2,154		2,275		(5.3	)%		3,312		2,903		14.1	%		1,081		1,043		3.7	%
San Antonio, TX		1,504		5,536		5,443		1.7	%		2,663		2,464		8.1	%		2,873		2,979		(3.6	)%		1,117		1,113		0.3	%
Huntsville, AL		1,228		4,293		3,893		10.3	%		1,492		1,361		9.6	%		2,801		2,532		10.6	%		1,004		934		7.4	%
Kansas City, MO-KS		1,110		4,600		4,479		2.7	%		1,848		1,759		5.1	%		2,752		2,720		1.2	%		1,295		1,257		3.0	%
Other		6,717		24,696		24,115		2.4	%		9,850		9,116		8.1	%		14,846		14,999		(1.0	)%		1,138		1,102		3.2	%
Total Same Store		95,113	$	397,600	$	389,600		2.1	%	$	158,898	$	148,238		7.2	%	$	238,702	$	241,362		(1.1	)%	$	1,293	$	1,270		1.8	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2020		Q2 2020		% Chg			Q3 2020		Q2 2020		% Chg			Q3 2020		Q2 2020		% Chg			Q3 2020		Q2 2020		% Chg
Atlanta, GA		10,996	$	51,356	$	50,277		2.1	%	$	20,063	$	18,813		6.6	%	$	31,293	$	31,464		(0.5	)%	$	1,463	$	1,462		0.1	%
Dallas, TX		9,405		39,024		38,662		0.9	%		18,281		16,985		7.6	%		20,743		21,677		(4.3	)%		1,312		1,310		0.1	%
Charlotte, NC		6,149		25,015		24,616		1.6	%		8,105		7,866		3.0	%		16,910		16,750		1.0	%		1,249		1,251		(0.1	)%
Washington, DC		4,080		23,275		23,171		0.4	%		7,496		6,862		9.2	%		15,779		16,309		(3.2	)%		1,812		1,809		0.2	%
Tampa, FL		5,220		25,176		24,504		2.7	%		9,387		8,606		9.1	%		15,789		15,898		(0.7	)%		1,502		1,493		0.6	%
Austin, TX		7,117		29,554		29,204		1.2	%		14,645		12,902		13.5	%		14,909		16,302		(8.5	)%		1,281		1,277		0.3	%
Orlando, FL		5,274		24,161		24,039		0.5	%		9,686		9,098		6.5	%		14,475		14,941		(3.1	)%		1,462		1,468		(0.4	)%
Raleigh/Durham, NC		4,397		17,123		16,713		2.5	%		5,773		5,936		(2.7	)%		11,350		10,777		5.3	%		1,147		1,140		0.6	%
Nashville, TN		4,375		18,430		18,090		1.9	%		7,118		6,826		4.3	%		11,312		11,264		0.4	%		1,310		1,311		(0.1	)%
Houston, TX		4,867		18,735		18,656		0.4	%		9,003		7,683		17.2	%		9,732		10,973		(11.3	)%		1,222		1,223		(0.1	)%
Fort Worth, TX		4,249		17,010		16,656		2.1	%		7,627		7,041		8.3	%		9,383		9,615		(2.4	)%		1,184		1,179		0.4	%
Jacksonville, FL		3,496		12,860		12,532		2.6	%		4,671		4,441		5.2	%		8,189		8,091		1.2	%		1,157		1,151		0.5	%
Phoenix, AZ		2,623		11,117		10,755		3.4	%		3,300		3,055		8.0	%		7,817		7,700		1.5	%		1,294		1,283		0.9	%
Charleston, SC		2,726		10,896		10,584		2.9	%		4,329		3,934		10.0	%		6,567		6,650		(1.2	)%		1,199		1,195		0.3	%
Richmond, VA		2,004		8,187		7,966		2.8	%		2,908		2,611		11.4	%		5,279		5,355		(1.4	)%		1,229		1,219		0.8	%
Savannah, GA		2,219		8,147		7,867		3.6	%		3,171		2,851		11.2	%		4,976		5,016		(0.8	)%		1,108		1,105		0.3	%
Greenville, SC		2,084		6,698		6,523		2.7	%		2,782		2,711		2.6	%		3,916		3,812		2.7	%		945		938		0.8	%
Memphis, TN		1,811		6,245		6,007		4.0	%		2,546		2,372		7.3	%		3,699		3,635		1.8	%		1,043		1,032		1.0	%
Birmingham, AL		1,462		5,466		5,273		3.7	%		2,154		2,137		0.8	%		3,312		3,136		5.6	%		1,081		1,071		0.9	%
San Antonio, TX		1,504		5,536		5,444		1.7	%		2,663		2,424		9.9	%		2,873		3,020		(4.9	)%		1,117		1,117		(0.0	)%
Huntsville, AL		1,228		4,293		4,043		6.2	%		1,492		1,379		8.2	%		2,801		2,664		5.1	%		1,004		984		2.0	%
Kansas City, MO-KS		1,110		4,600		4,493		2.4	%		1,848		1,594		15.9	%		2,752		2,899		(5.1	)%		1,295		1,286		0.7	%
Other		6,717		24,696		23,819		3.7	%		9,850		9,054		8.8	%		14,846		14,765		0.5	%		1,138		1,125		1.1	%
Total Same Store		95,113	$	397,600	$	389,894		2.0	%	$	158,898	$	147,181		8.0	%	$	238,702	$	242,713		(1.7	)%	$	1,293	$	1,289		0.3	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2020 AND 2019

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2020		Q3 2019		% Chg			Q3 2020		Q3 2019		% Chg			Q3 2020		Q3 2019		% Chg			Q3 2020		Q3 2019		% Chg
Atlanta, GA		10,996	$	152,417	$	150,119		1.5	%	$	57,298	$	55,484		3.3	%	$	95,119	$	94,635		0.5	%	$	1,464	$	1,432		2.2	%
Dallas, TX		9,405		116,590		114,181		2.1	%		51,644		49,343		4.7	%		64,946		64,838		0.2	%		1,308		1,282		2.0	%
Charlotte, NC		6,149		74,448		71,838		3.6	%		23,262		22,759		2.2	%		51,186		49,079		4.3	%		1,247		1,213		2.8	%
Austin, TX		7,117		88,212		84,865		3.9	%		40,226		37,928		6.1	%		47,986		46,937		2.2	%		1,273		1,226		3.8	%
Washington, DC		4,080		69,673		69,226		0.6	%		21,425		21,001		2.0	%		48,248		48,225		0.0	%		1,805		1,778		1.5	%
Tampa, FL		5,220		74,465		72,178		3.2	%		26,600		25,630		3.8	%		47,865		46,548		2.8	%		1,494		1,445		3.4	%
Orlando, FL		5,274		72,836		72,540		0.4	%		27,651		26,390		4.8	%		45,185		46,150		(2.1	)%		1,464		1,440		1.7	%
Nashville, TN		4,375		54,759		53,151		3.0	%		19,978		18,197		9.8	%		34,781		34,954		(0.5	)%		1,309		1,252		4.6	%
Raleigh/Durham, NC		4,397		50,435		47,593		6.0	%		17,024		16,156		5.4	%		33,411		31,437		6.3	%		1,140		1,087		4.8	%
Houston, TX		4,867		56,211		55,432		1.4	%		25,011		24,128		3.7	%		31,200		31,304		(0.3	)%		1,221		1,191		2.5	%
Fort Worth, TX		4,249		50,269		48,825		3.0	%		21,344		20,707		3.1	%		28,925		28,118		2.9	%		1,178		1,151		2.4	%
Jacksonville, FL		3,496		38,013		37,385		1.7	%		13,395		12,881		4.0	%		24,618		24,504		0.5	%		1,152		1,122		2.6	%
Phoenix, AZ		2,623		32,636		30,480		7.1	%		9,296		9,007		3.2	%		23,340		21,473		8.7	%		1,285		1,197		7.3	%
Charleston, SC		2,726		32,026		31,084		3.0	%		12,015		11,456		4.9	%		20,011		19,628		2.0	%		1,196		1,160		3.1	%
Richmond, VA		2,004		24,019		23,101		4.0	%		8,050		7,335		9.7	%		15,969		15,766		1.3	%		1,223		1,180		3.6	%
Savannah, GA		2,219		23,991		23,506		2.1	%		9,005		8,795		2.4	%		14,986		14,711		1.9	%		1,106		1,080		2.4	%
Greenville, SC		2,084		19,687		18,784		4.8	%		7,978		7,763		2.8	%		11,709		11,021		6.2	%		939		904		3.9	%
Memphis, TN		1,811		18,213		17,310		5.2	%		7,284		7,239		0.6	%		10,929		10,071		8.5	%		1,032		988		4.4	%
Birmingham, AL		1,462		16,028		14,952		7.2	%		6,322		6,358		(0.6	)%		9,706		8,594		12.9	%		1,075		1,017		5.8	%
San Antonio, TX		1,504		16,471		16,091		2.4	%		7,467		7,032		6.2	%		9,004		9,059		(0.6	)%		1,118		1,096		2.0	%
Kansas City, MO-KS		1,110		13,592		13,104		3.7	%		5,069		4,938		2.7	%		8,523		8,166		4.4	%		1,287		1,230		4.6	%
Huntsville, AL		1,228		12,316		11,288		9.1	%		4,183		3,988		4.9	%		8,133		7,300		11.4	%		987		904		9.2	%
Other		6,717		72,549		70,860		2.4	%		27,627		26,162		5.6	%		44,922		44,698		0.5	%		1,141		1,125		1.4	%
Total Same Store		95,113	$	1,179,856	$	1,147,893		2.8	%	$	449,154	$	430,677		4.3	%	$	730,702	$	717,216		1.9	%	$	1,289	$	1,250		3.1	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands		Units as of
		September 30, 2020							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date⁽¹⁾	Cost		Q3 2020		After
MAA Frisco Bridges II	Dallas, TX		348		240		127	2Q18	2Q20	4Q20	1Q22	$	69,000	$	62,827	$	6,173
Novel Midtown⁽²⁾	Phoenix, AZ		345	—		—		1Q19	1Q21	2Q21	4Q22		82,000		63,739		18,261
Westglenn	Denver, CO		306	—		—		3Q19	2Q21	4Q21	4Q22		84,500		32,374		52,126
The Robinson⁽³⁾	Orlando, FL		369	—		—		3Q19	2Q21	4Q21	1Q23		99,000		51,061		47,939
Long Point	Houston, TX		308	—		—		4Q19	3Q21	1Q22	1Q23		57,000		22,024		34,976
Sand Lake⁽⁴⁾	Orlando, FL		264	—		—		4Q19	2Q21	4Q21	1Q23		68,000		31,956		36,044
Total Active			1,940		240		127					$	459,500	$	263,981	$	195,519

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.

⁽²⁾MAA owns 80% of the joint venture that owns this property.

⁽³⁾Previously reported as 336 N. Orange.

⁽⁴⁾MAA owns 95% of the joint venture that owns this property.

MULTIFAMILY REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data
		Nine months ended September 30, 2020
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
	3,300	$	19,599	$	5,939	$	108	9.3%	9,000 - 11,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands		As of September 30, 2020
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization⁽¹⁾	Total Cost
The Greene	Greenville, SC	271	93.4%	(2)	4Q20	$	72,326
Copper Ridge II	Fort Worth, TX	168	67.9%	2Q20	2Q21		26,219
Total		439	83.6%			$	98,545

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.

⁽²⁾Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.

2020 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2020)

Land Acquisition		Market		Acreage		Closing Date
Georgetown		Austin, TX		22		January 2020

2020 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2020)

Land Disposition		Market		Acreage		Closing Date
Colonial Promenade		Huntsville, AL		27		September 2020

Supplemental Data S-8

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

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%

Dollars in thousands	As of September 30, 2020
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	79,641	⁽¹⁾	$	51,744	⁽²⁾	$	43,467

	Three months ended September 30, 2020				Nine months ended September 30, 2020
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,837	$	428	$	5,781	$	1,153

⁽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.

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2020

Dollars in thousands

DEBT SUMMARIES
Floating Versus Fixed Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,390,594		99.2	%		3.7	%		8.0
Floating (unhedged) debt		35,000		0.8	%		0.2	%		0.1
Total	$	4,425,594		100.0	%		3.7	%		7.9

Secured Versus Unsecured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	3,939,425		89.0	%		3.6	%		6.3
Secured debt		486,169		11.0	%		4.6	%		21.3
Total	$	4,425,594		100.0	%		3.7	%		7.9

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2020 NOI			Percent of Total
Unencumbered gross assets	$	13,186,477		91.3	%	$	236,235			93.2	%
Encumbered gross assets		1,258,937		8.7	%		17,150			6.8	%
Total	$	14,445,414		100.0	%	$	253,385			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2021	$	192,023		5.2	%
2022		366,031		3.6	%
2023		360,222		4.2	%
2024		416,968		4.0	%
2025		403,155		4.2	%
2026		—		—
2027		594,785		3.7	%
2028		395,326		4.2	%
2029		562,082		3.7	%
Thereafter		1,100,002		3.0	%
Total	$	4,390,594		3.7	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2020 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2020	$	35,000	$	—	$	—	$	—	$	35,000
2021		—		—		72,711		119,312		192,023
2022		—		249,182		116,849		—		366,031
2023		—		347,992		12,230		—		360,222
2024		—		397,010		19,958		—		416,968
2025		—		396,030		—		7,125		403,155
2026		—		—		—		—		—
2027		—		594,785		—		—		594,785
2028		—		395,326		—		—		395,326
2029		—		562,082		—		—		562,082
Thereafter		—		740,270		—		359,732		1,100,002
Total	$	35,000	$	3,682,677	$	221,748	$	486,169	$	4,425,594

⁽¹⁾

The $35.0 million maturing in 2020 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of September 30, 2020. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended September 30, 2020, average daily borrowings outstanding under the commercial paper program were $118.0 million.

⁽²⁾	There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of September 30, 2020. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

DEBT COVENANT ANALYSIS ⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	30.6%	Yes
Total secured debt to adjusted 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	5.4x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	334%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	27.3%	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	5.1x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.0%	Yes

⁽¹⁾The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP’s debt agreements.

Supplemental Data S-10

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings⁽¹⁾	F2	BBB+	Stable
Moody’s Investors Service⁽²⁾	P-2	Baa1	Stable
Standard & Poor’s Ratings Services⁽¹⁾	A-2	BBB+	Stable

⁽¹⁾	Corporate credit rating assigned to MAA and MAALP

⁽²⁾	Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Earnings release & conference call

Late

January

Late

April

Late

July

Late

October

Dividend Information - Common Shares:

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Declaration date

9/26/2019

12/10/2019

3/19/2020

5/19/2020

9/24/2020

Record date

10/15/2019

1/15/2020

4/15/2020

7/15/2020

10/15/2020

Payment date

10/31/2019

1/31/2020

4/30/2020

7/31/2020

10/30/2020

Distributions per share

0.9600

1.0000

Supplemental Data S-11

COVID-19 UPDATE

Third Quarter 2020 Operating Metrics

Dollars in thousands

Third Quarter 2020 Residential Rents (through October 26, 2020)	Dollars		% of Total Billed
Total billed	$	374,226
Cash collected to date		370,975		99.1	%
Deferred payments outstanding ⁽¹⁾		416		0.1	%
Total cash collected and deferred payments	$	371,391		99.2	%
Bad debt reserve (as of September 30, 2020)	$	3,411		0.9	%

Third Quarter 2020 Commercial Rents (through October 26, 2020)
Total billed	$	5,666
Cash collected to date		5,188		91.6	%
Rent abatements ⁽²⁾		440		7.8	%
Total cash collected and rent abatements	$	5,628		99.3	%
Bad debt reserve (as of September 30, 2020)	$	478		8.4	%

⁽¹⁾	Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic.

⁽²⁾	Pursuant to a lease amendment signed whereby the commercial lease is extended by the number of months abated.

October 2020 Operating Metrics

Dollars in thousands

October 2020 Residential Rents (through October 26, 2020)	Dollars		% of Total Billed			Third Quarter 2020 Average ⁽¹⁾
Total billed	$	124,932
Cash collected to date		123,220		98.6	%		98.4	%
Deferred payments outstanding ⁽²⁾		167		0.1	%		0.2	%
Total cash collected and deferred payments	$	123,387		98.8	%		98.6	%

⁽¹⁾	Represents the average cash collections and deferrals for July, August, and September 2020 through the 26^th of each such month.

⁽²⁾	Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic.

Same Store Pricing/Occupancy (through October 26, 2020)	October 2020			October 2019
Lease over lease pricing growth for new leases effective in October ^{(3) (4)}		(2.0	)%		0.6	%
Lease over lease pricing growth for renewals effective in October ^{(4) (5)}		4.8	%		7.4	%
Blended lease over lease pricing growth for new leases and renewals effective in October ⁽⁴⁾		1.3	%		4.0	%
Lease over lease pricing growth on new leases signed during October ⁽⁴⁾		(2.0	)%		(0.6	)%
Lease over lease pricing growth on renewal leases signed during October ⁽⁴⁾		5.8	%		7.0	%
Blended lease over lease pricing growth for new leases and renewals signed during October ⁽⁴⁾		1.2	%		2.7	%
Average Physical Occupancy		95.6	%		95.6	%

⁽³⁾	Represents leases for move-ins that occurred in October; lease price is typically set on average 28 days ahead of lease start date.

⁽⁴⁾	Lease over lease pricing growth includes the impact of concessions.

⁽⁵⁾	Represents leases for renewals that went into effect in October; lease price is typically set on average 60 days ahead of lease start date.

Supplemental Data S-12

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, Director of Finance
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-13

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - October 28, 2020

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports