Attached files
file | filename |
---|---|
EX-99.1 - EX-99.1 - MID AMERICA APARTMENT COMMUNITIES INC. | maa-ex991_6.htm |
8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC. | maa-8k_20210203.htm |
Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 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 |
|
|
|
325 |
|
|
|
10,092 |
|
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 |
|
|
|
4,615 |
|
|
|
168 |
|
|
|
99,896 |
|
|
|
325 |
|
|
|
100,221 |
|
(1) |
Schedule excludes a 269 unit joint venture property in Washington, D.C. |
Supplemental Data S-1
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
|
As of December 31, 2020 |
|
|
Average Effective |
|
|
As of December 31, 2020 |
|
|||||||||||||||
|
|
Gross Real Assets |
|
|
Percent to Total of Gross Real Assets |
|
|
Physical Occupancy |
|
|
Rent per Unit for the Three Months Ended December 31, 2020 |
|
|
Completed Units |
|
|
Total Units, Including Development |
|
||||||
Atlanta, GA |
|
$ |
2,006,946 |
|
|
|
14.4 |
% |
|
|
95.4 |
% |
|
$ |
1,466 |
|
|
|
11,434 |
|
|
|
|
|
Dallas, TX |
|
|
1,412,258 |
|
|
|
10.1 |
% |
|
|
95.0 |
% |
|
|
1,290 |
|
|
|
9,767 |
|
|
|
|
|
Charlotte, NC |
|
|
968,540 |
|
|
|
6.9 |
% |
|
|
96.3 |
% |
|
|
1,239 |
|
|
|
6,149 |
|
|
|
|
|
Washington, DC |
|
|
965,608 |
|
|
|
6.9 |
% |
|
|
95.8 |
% |
|
|
1,792 |
|
|
|
4,080 |
|
|
|
|
|
Tampa, FL |
|
|
880,767 |
|
|
|
6.3 |
% |
|
|
96.8 |
% |
|
|
1,517 |
|
|
|
5,220 |
|
|
|
|
|
Austin, TX |
|
|
843,598 |
|
|
|
6.0 |
% |
|
|
95.1 |
% |
|
|
1,268 |
|
|
|
7,117 |
|
|
|
|
|
Orlando, FL |
|
|
830,391 |
|
|
|
6.0 |
% |
|
|
95.7 |
% |
|
|
1,452 |
|
|
|
5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
|
700,126 |
|
|
|
5.0 |
% |
|
|
96.0 |
% |
|
|
1,177 |
|
|
|
5,350 |
|
|
|
|
|
Houston, TX |
|
|
605,508 |
|
|
|
4.3 |
% |
|
|
94.1 |
% |
|
|
1,208 |
|
|
|
4,867 |
|
|
|
|
|
Nashville, TN |
|
|
534,190 |
|
|
|
3.8 |
% |
|
|
94.9 |
% |
|
|
1,309 |
|
|
|
4,375 |
|
|
|
|
|
Charleston, SC |
|
|
402,663 |
|
|
|
2.9 |
% |
|
|
96.5 |
% |
|
|
1,261 |
|
|
|
3,168 |
|
|
|
|
|
Fort Worth, TX |
|
|
395,747 |
|
|
|
2.8 |
% |
|
|
95.4 |
% |
|
|
1,189 |
|
|
|
4,249 |
|
|
|
|
|
Phoenix, AZ |
|
|
379,160 |
|
|
|
2.7 |
% |
|
|
97.3 |
% |
|
|
1,311 |
|
|
|
2,623 |
|
|
|
|
|
Jacksonville, FL |
|
|
289,634 |
|
|
|
2.1 |
% |
|
|
97.6 |
% |
|
|
1,168 |
|
|
|
3,496 |
|
|
|
|
|
Richmond, VA |
|
|
266,770 |
|
|
|
1.9 |
% |
|
|
96.8 |
% |
|
|
1,245 |
|
|
|
2,004 |
|
|
|
|
|
Savannah, GA |
|
|
242,516 |
|
|
|
1.7 |
% |
|
|
97.0 |
% |
|
|
1,121 |
|
|
|
2,219 |
|
|
|
|
|
Greenville, SC |
|
|
227,759 |
|
|
|
1.6 |
% |
|
|
96.6 |
% |
|
|
1,018 |
|
|
|
2,355 |
|
|
|
|
|
Denver, CO |
|
|
211,546 |
|
|
|
1.5 |
% |
|
|
92.9 |
% |
|
|
1,628 |
|
|
|
812 |
|
|
|
|
|
Kansas City, MO-KS |
|
|
186,617 |
|
|
|
1.3 |
% |
|
|
94.2 |
% |
|
|
1,295 |
|
|
|
1,110 |
|
|
|
|
|
San Antonio, TX |
|
|
163,056 |
|
|
|
1.2 |
% |
|
|
94.2 |
% |
|
|
1,123 |
|
|
|
1,504 |
|
|
|
|
|
Birmingham, AL |
|
|
159,507 |
|
|
|
1.1 |
% |
|
|
97.0 |
% |
|
|
1,096 |
|
|
|
1,462 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
|||||||||||||||||||||||
Tennessee |
|
$ |
182,999 |
|
|
|
1.3 |
% |
|
|
97.1 |
% |
|
$ |
1,019 |
|
|
|
2,754 |
|
|
|
|
|
Florida |
|
|
176,985 |
|
|
|
1.3 |
% |
|
|
96.2 |
% |
|
|
1,382 |
|
|
|
1,806 |
|
|
|
|
|
Alabama |
|
|
160,254 |
|
|
|
1.2 |
% |
|
|
97.4 |
% |
|
|
1,072 |
|
|
|
1,648 |
|
|
|
|
|
Virginia |
|
|
153,247 |
|
|
|
1.1 |
% |
|
|
96.5 |
% |
|
|
1,369 |
|
|
|
1,039 |
|
|
|
|
|
Kentucky |
|
|
93,618 |
|
|
|
0.7 |
% |
|
|
96.4 |
% |
|
|
916 |
|
|
|
1,308 |
|
|
|
|
|
Mississippi |
|
|
72,887 |
|
|
|
0.5 |
% |
|
|
96.2 |
% |
|
|
946 |
|
|
|
1,241 |
|
|
|
|
|
Nevada |
|
|
71,078 |
|
|
|
0.5 |
% |
|
|
97.1 |
% |
|
|
1,182 |
|
|
|
721 |
|
|
|
|
|
South Carolina |
|
|
36,093 |
|
|
|
0.3 |
% |
|
|
95.1 |
% |
|
|
930 |
|
|
|
576 |
|
|
|
|
|
Stabilized Communities |
|
$ |
13,620,068 |
|
|
|
97.4 |
% |
|
|
95.8 |
% |
|
$ |
1,294 |
|
|
|
99,728 |
|
|
|
|
|
Orlando, FL |
|
$ |
103,509 |
|
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
633 |
|
Phoenix, AZ |
|
|
85,257 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
662 |
|
Dallas, TX |
|
|
64,355 |
|
|
|
0.5 |
% |
|
|
45.7 |
% |
|
|
1,547 |
|
|
|
325 |
|
|
|
348 |
|
Denver, CO |
|
|
44,241 |
|
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
306 |
|
Houston, TX |
|
|
28,933 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
308 |
|
Fort Worth, TX |
|
|
26,255 |
|
|
|
0.2 |
% |
|
|
79.8 |
% |
|
|
1,319 |
|
|
|
168 |
|
|
|
168 |
|
Austin, TX |
|
|
9,279 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
350 |
|
Lease-up / Development Communities |
|
$ |
361,829 |
|
|
|
2.6 |
% |
|
|
56.8 |
% |
|
$ |
1,469 |
|
|
|
493 |
|
|
|
2,775 |
|
Total Multifamily Communities |
|
$ |
13,981,897 |
|
|
|
100.0 |
% |
|
|
95.6 |
% |
|
$ |
1,295 |
|
|
|
100,221 |
|
|
|
102,503 |
|
(1) |
Schedule excludes one joint venture property in Washington, D.C. |
Supplemental Data S-2
Dollars in thousands
|
|
As of December 31, 2020 |
|
|
Three Months Ended |
|
||||||||||||||
|
|
Apartment Units |
|
|
Gross Real Assets |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
95,113 |
|
|
$ |
12,877,048 |
|
|
$ |
397,595 |
|
|
$ |
390,382 |
|
|
|
1.8 |
% |
Non-Same Store Communities |
|
|
4,615 |
|
|
|
743,020 |
|
|
|
19,468 |
|
|
|
20,516 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
493 |
|
|
|
361,829 |
|
|
|
1,292 |
|
|
|
(29 |
) |
|
|
|
|
Total Multifamily Portfolio |
|
|
100,221 |
|
|
$ |
13,981,897 |
|
|
$ |
418,355 |
|
|
$ |
410,869 |
|
|
|
|
|
Commercial Property/Land |
|
|
— |
|
|
|
245,583 |
|
|
|
5,306 |
|
|
|
5,948 |
|
|
|
|
|
Total Operating Revenues |
|
|
100,221 |
|
|
$ |
14,227,480 |
|
|
$ |
423,661 |
|
|
$ |
416,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
|
$ |
148,967 |
|
|
$ |
139,408 |
|
|
|
6.9 |
% |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
|
7,761 |
|
|
|
7,845 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
|
821 |
|
|
|
72 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
$ |
157,549 |
|
|
$ |
147,325 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
|
2,465 |
|
|
|
2,462 |
|
|
|
|
|
Total Property Operating Expenses |
|
|
|
|
|
|
|
|
|
$ |
160,014 |
|
|
$ |
149,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
|
$ |
248,628 |
|
|
$ |
250,974 |
|
|
|
-0.9 |
% |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
|
11,707 |
|
|
|
12,671 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
|
471 |
|
|
|
(101 |
) |
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
$ |
260,806 |
|
|
$ |
263,544 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
|
2,841 |
|
|
|
3,486 |
|
|
|
|
|
Total Net Operating Income |
|
|
|
|
|
|
|
|
|
$ |
263,647 |
|
|
$ |
267,030 |
|
|
|
-1.3 |
% |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
||||||
Personnel |
|
$ |
34,912 |
|
|
$ |
33,482 |
|
|
|
4.3 |
% |
|
$ |
140,343 |
|
|
$ |
137,825 |
|
|
|
1.8 |
% |
Building Repair and Maintenance |
|
|
14,475 |
|
|
|
14,065 |
|
|
|
2.9 |
% |
|
|
62,936 |
|
|
|
61,853 |
|
|
|
1.8 |
% |
Utilities |
|
|
28,841 |
|
|
|
26,521 |
|
|
|
8.7 |
% |
|
|
113,457 |
|
|
|
108,026 |
|
|
|
5.0 |
% |
Marketing |
|
|
4,736 |
|
|
|
4,234 |
|
|
|
11.9 |
% |
|
|
21,562 |
|
|
|
18,081 |
|
|
|
19.3 |
% |
Office Operations |
|
|
5,806 |
|
|
|
5,454 |
|
|
|
6.5 |
% |
|
|
22,085 |
|
|
|
21,238 |
|
|
|
4.0 |
% |
Property Taxes |
|
|
54,921 |
|
|
|
52,506 |
|
|
|
4.6 |
% |
|
|
220,744 |
|
|
|
210,986 |
|
|
|
4.6 |
% |
Insurance |
|
|
5,276 |
|
|
|
3,146 |
|
|
|
67.7 |
% |
|
|
16,994 |
|
|
|
12,076 |
|
|
|
40.7 |
% |
Total Property Operating Expenses |
|
$ |
148,967 |
|
|
$ |
139,408 |
|
|
|
6.9 |
% |
|
$ |
598,121 |
|
|
$ |
570,085 |
|
|
|
4.9 |
% |
Supplemental Data S-3
NOI CONTRIBUTION PERCENTAGE BY MARKET |
Same Store Portfolio
|
|
|
|
|
|
|
|
|
|
Average Physical Occupancy |
|
|||||||||||||
|
|
|
|
|
|
Percent of |
|
|
Three Months Ended |
|
|
Year Ended |
|
|||||||||||
|
|
Apartment Units |
|
|
Same Store NOI |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
||||||
Atlanta, GA |
|
|
10,996 |
|
|
12.8% |
|
|
|
95.3 |
% |
|
|
94.9 |
% |
|
|
95.0 |
% |
|
|
95.5 |
% |
|
Dallas, TX |
|
|
9,405 |
|
|
8.6% |
|
|
|
95.0 |
% |
|
|
95.4 |
% |
|
|
95.2 |
% |
|
|
95.3 |
% |
|
Tampa, FL |
|
|
5,220 |
|
|
6.8% |
|
|
|
96.7 |
% |
|
|
96.0 |
% |
|
|
96.0 |
% |
|
|
96.0 |
% |
|
Charlotte, NC |
|
|
6,149 |
|
|
6.7% |
|
|
|
96.2 |
% |
|
|
96.2 |
% |
|
|
96.1 |
% |
|
|
96.2 |
% |
|
Washington, DC |
|
|
4,080 |
|
|
6.5% |
|
|
|
96.2 |
% |
|
|
96.3 |
% |
|
|
96.3 |
% |
|
|
96.7 |
% |
|
Austin, TX |
|
|
7,117 |
|
|
6.2% |
|
|
|
95.3 |
% |
|
|
95.6 |
% |
|
|
95.4 |
% |
|
|
95.8 |
% |
|
Orlando, FL |
|
|
5,274 |
|
|
6.2% |
|
|
|
94.8 |
% |
|
|
95.3 |
% |
|
|
94.6 |
% |
|
|
95.5 |
% |
|
Nashville, TN |
|
|
4,375 |
|
|
4.7% |
|
|
|
94.5 |
% |
|
|
95.7 |
% |
|
|
95.0 |
% |
|
|
95.9 |
% |
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
4.6% |
|
|
|
96.1 |
% |
|
|
96.2 |
% |
|
|
96.2 |
% |
|
|
96.5 |
% |
|
Houston, TX |
|
|
4,867 |
|
|
4.0% |
|
|
|
93.7 |
% |
|
|
94.9 |
% |
|
|
94.3 |
% |
|
|
95.3 |
% |
|
Fort Worth, TX |
|
|
4,249 |
|
|
4.0% |
|
|
|
95.1 |
% |
|
|
95.4 |
% |
|
|
95.3 |
% |
|
|
95.5 |
% |
|
Jacksonville, FL |
|
|
3,496 |
|
|
3.5% |
|
|
|
96.8 |
% |
|
|
95.9 |
% |
|
|
96.4 |
% |
|
|
96.2 |
% |
|
Phoenix, AZ |
|
|
2,623 |
|
|
3.3% |
|
|
|
96.7 |
% |
|
|
96.9 |
% |
|
|
96.3 |
% |
|
|
96.7 |
% |
|
Charleston, SC |
|
|
2,726 |
|
|
2.9% |
|
|
|
96.3 |
% |
|
|
94.9 |
% |
|
|
95.9 |
% |
|
|
95.4 |
% |
|
Richmond, VA |
|
|
2,004 |
|
|
2.3% |
|
|
|
97.0 |
% |
|
|
96.3 |
% |
|
|
96.7 |
% |
|
|
96.6 |
% |
|
Savannah, GA |
|
|
2,219 |
|
|
2.0% |
|
|
|
97.1 |
% |
|
|
95.1 |
% |
|
|
96.2 |
% |
|
|
95.4 |
% |
|
Greenville, SC |
|
|
2,084 |
|
|
1.8% |
|
|
|
96.2 |
% |
|
|
95.5 |
% |
|
|
95.6 |
% |
|
|
95.7 |
% |
|
Memphis, TN |
|
|
1,811 |
|
|
1.6% |
|
|
|
97.6 |
% |
|
|
95.3 |
% |
|
|
96.8 |
% |
|
|
95.7 |
% |
|
Birmingham, AL |
|
|
1,462 |
|
|
1.4% |
|
|
|
96.7 |
% |
|
|
96.5 |
% |
|
|
96.6 |
% |
|
|
96.6 |
% |
|
San Antonio, TX |
|
|
1,504 |
|
|
1.2% |
|
|
|
95.6 |
% |
|
|
95.7 |
% |
|
|
96.2 |
% |
|
|
96.3 |
% |
|
Huntsville, AL |
|
|
1,228 |
|
|
1.2% |
|
|
|
96.9 |
% |
|
|
97.9 |
% |
|
|
97.1 |
% |
|
|
97.6 |
% |
|
Kansas City, MO-KS |
|
|
1,110 |
|
|
1.2% |
|
|
|
94.5 |
% |
|
|
95.1 |
% |
|
|
95.3 |
% |
|
|
95.6 |
% |
|
Other |
|
|
6,717 |
|
|
6.5% |
|
|
|
96.4 |
% |
|
|
95.6 |
% |
|
|
96.0 |
% |
|
|
96.3 |
% |
|
Total Same Store |
|
|
95,113 |
|
|
100.0% |
|
|
|
95.7 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
95.9 |
% |
Supplemental Data S-4
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2020 |
|
|
Q4 2019 |
|
|
% Chg |
|
|
Q4 2020 |
|
|
Q4 2019 |
|
|
% Chg |
|
|
Q4 2020 |
|
|
Q4 2019 |
|
|
% Chg |
|
|
Q4 2020 |
|
|
Q4 2019 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
10,996 |
|
|
$ |
51,220 |
|
|
$ |
50,651 |
|
|
|
1.1 |
% |
|
$ |
18,728 |
|
|
$ |
18,147 |
|
|
|
3.2 |
% |
|
$ |
32,492 |
|
|
$ |
32,504 |
|
|
|
(0.0 |
)% |
|
$ |
1,465 |
|
|
$ |
1,462 |
|
|
|
0.1 |
% |
Dallas, TX |
|
|
9,405 |
|
|
|
38,644 |
|
|
|
38,763 |
|
|
|
(0.3 |
)% |
|
|
17,360 |
|
|
|
16,176 |
|
|
|
7.3 |
% |
|
|
21,284 |
|
|
|
22,587 |
|
|
|
(5.8 |
)% |
|
|
1,297 |
|
|
|
1,301 |
|
|
|
(0.3 |
)% |
Tampa, FL |
|
|
5,220 |
|
|
|
25,517 |
|
|
|
24,707 |
|
|
|
3.3 |
% |
|
|
8,707 |
|
|
|
8,190 |
|
|
|
6.3 |
% |
|
|
16,810 |
|
|
|
16,517 |
|
|
|
1.8 |
% |
|
|
1,517 |
|
|
|
1,476 |
|
|
|
2.8 |
% |
Charlotte, NC |
|
|
6,149 |
|
|
|
24,771 |
|
|
|
24,609 |
|
|
|
0.7 |
% |
|
|
7,994 |
|
|
|
7,359 |
|
|
|
8.6 |
% |
|
|
16,777 |
|
|
|
17,250 |
|
|
|
(2.7 |
)% |
|
|
1,239 |
|
|
|
1,238 |
|
|
|
0.1 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
23,214 |
|
|
|
23,213 |
|
|
|
0.0 |
% |
|
|
7,008 |
|
|
|
6,902 |
|
|
|
1.5 |
% |
|
|
16,206 |
|
|
|
16,311 |
|
|
|
(0.6 |
)% |
|
|
1,792 |
|
|
|
1,800 |
|
|
|
(0.5 |
)% |
Austin, TX |
|
|
7,117 |
|
|
|
29,393 |
|
|
|
29,091 |
|
|
|
1.0 |
% |
|
|
13,893 |
|
|
|
12,077 |
|
|
|
15.0 |
% |
|
|
15,500 |
|
|
|
17,014 |
|
|
|
(8.9 |
)% |
|
|
1,268 |
|
|
|
1,260 |
|
|
|
0.6 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
24,383 |
|
|
|
24,610 |
|
|
|
(0.9 |
)% |
|
|
9,000 |
|
|
|
8,731 |
|
|
|
3.1 |
% |
|
|
15,383 |
|
|
|
15,879 |
|
|
|
(3.1 |
)% |
|
|
1,452 |
|
|
|
1,462 |
|
|
|
(0.7 |
)% |
Nashville, TN |
|
|
4,375 |
|
|
|
18,374 |
|
|
|
18,184 |
|
|
|
1.0 |
% |
|
|
6,704 |
|
|
|
5,917 |
|
|
|
13.3 |
% |
|
|
11,670 |
|
|
|
12,267 |
|
|
|
(4.9 |
)% |
|
|
1,309 |
|
|
|
1,293 |
|
|
|
1.2 |
% |
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
16,979 |
|
|
|
16,507 |
|
|
|
2.9 |
% |
|
|
5,653 |
|
|
|
5,202 |
|
|
|
8.7 |
% |
|
|
11,326 |
|
|
|
11,305 |
|
|
|
0.2 |
% |
|
|
1,151 |
|
|
|
1,121 |
|
|
|
2.6 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
18,619 |
|
|
|
18,647 |
|
|
|
(0.2 |
)% |
|
|
8,640 |
|
|
|
7,904 |
|
|
|
9.3 |
% |
|
|
9,979 |
|
|
|
10,743 |
|
|
|
(7.1 |
)% |
|
|
1,208 |
|
|
|
1,214 |
|
|
|
(0.5 |
)% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
16,954 |
|
|
|
16,617 |
|
|
|
2.0 |
% |
|
|
7,082 |
|
|
|
6,372 |
|
|
|
11.1 |
% |
|
|
9,872 |
|
|
|
10,245 |
|
|
|
(3.6 |
)% |
|
|
1,189 |
|
|
|
1,169 |
|
|
|
1.7 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
12,919 |
|
|
|
12,494 |
|
|
|
3.4 |
% |
|
|
4,335 |
|
|
|
4,159 |
|
|
|
4.2 |
% |
|
|
8,584 |
|
|
|
8,335 |
|
|
|
3.0 |
% |
|
|
1,168 |
|
|
|
1,136 |
|
|
|
2.8 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
11,185 |
|
|
|
10,700 |
|
|
|
4.5 |
% |
|
|
3,063 |
|
|
|
2,878 |
|
|
|
6.4 |
% |
|
|
8,122 |
|
|
|
7,822 |
|
|
|
3.8 |
% |
|
|
1,311 |
|
|
|
1,257 |
|
|
|
4.3 |
% |
Charleston, SC |
|
|
2,726 |
|
|
|
10,900 |
|
|
|
10,427 |
|
|
|
4.5 |
% |
|
|
3,746 |
|
|
|
3,854 |
|
|
|
(2.8 |
)% |
|
|
7,154 |
|
|
|
6,573 |
|
|
|
8.8 |
% |
|
|
1,219 |
|
|
|
1,181 |
|
|
|
3.3 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
8,293 |
|
|
|
7,884 |
|
|
|
5.2 |
% |
|
|
2,667 |
|
|
|
2,435 |
|
|
|
9.5 |
% |
|
|
5,626 |
|
|
|
5,449 |
|
|
|
3.2 |
% |
|
|
1,245 |
|
|
|
1,207 |
|
|
|
3.1 |
% |
Savannah, GA |
|
|
2,219 |
|
|
|
8,150 |
|
|
|
7,884 |
|
|
|
3.4 |
% |
|
|
3,066 |
|
|
|
2,833 |
|
|
|
8.2 |
% |
|
|
5,084 |
|
|
|
5,051 |
|
|
|
0.7 |
% |
|
|
1,121 |
|
|
|
1,095 |
|
|
|
2.3 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
6,774 |
|
|
|
6,487 |
|
|
|
4.4 |
% |
|
|
2,380 |
|
|
|
2,317 |
|
|
|
2.7 |
% |
|
|
4,394 |
|
|
|
4,170 |
|
|
|
5.4 |
% |
|
|
952 |
|
|
|
927 |
|
|
|
2.7 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
6,343 |
|
|
|
5,868 |
|
|
|
8.1 |
% |
|
|
2,438 |
|
|
|
2,391 |
|
|
|
2.0 |
% |
|
|
3,905 |
|
|
|
3,477 |
|
|
|
12.3 |
% |
|
|
1,059 |
|
|
|
1,013 |
|
|
|
4.6 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,501 |
|
|
|
5,257 |
|
|
|
4.6 |
% |
|
|
2,072 |
|
|
|
1,840 |
|
|
|
12.6 |
% |
|
|
3,429 |
|
|
|
3,417 |
|
|
|
0.4 |
% |
|
|
1,096 |
|
|
|
1,060 |
|
|
|
3.3 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,460 |
|
|
|
5,422 |
|
|
|
0.7 |
% |
|
|
2,513 |
|
|
|
2,304 |
|
|
|
9.1 |
% |
|
|
2,947 |
|
|
|
3,118 |
|
|
|
(5.5 |
)% |
|
|
1,123 |
|
|
|
1,118 |
|
|
|
0.5 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
4,383 |
|
|
|
3,943 |
|
|
|
11.2 |
% |
|
|
1,494 |
|
|
|
1,302 |
|
|
|
14.7 |
% |
|
|
2,889 |
|
|
|
2,641 |
|
|
|
9.4 |
% |
|
|
1,035 |
|
|
|
949 |
|
|
|
9.1 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
4,559 |
|
|
|
4,477 |
|
|
|
1.8 |
% |
|
|
1,677 |
|
|
|
1,583 |
|
|
|
5.9 |
% |
|
|
2,882 |
|
|
|
2,894 |
|
|
|
(0.4 |
)% |
|
|
1,295 |
|
|
|
1,267 |
|
|
|
2.2 |
% |
Other |
|
|
6,717 |
|
|
|
25,060 |
|
|
|
23,940 |
|
|
|
4.7 |
% |
|
|
8,747 |
|
|
|
8,535 |
|
|
|
2.5 |
% |
|
|
16,313 |
|
|
|
15,405 |
|
|
|
5.9 |
% |
|
|
1,150 |
|
|
|
1,110 |
|
|
|
3.6 |
% |
Total Same Store |
|
|
95,113 |
|
|
$ |
397,595 |
|
|
$ |
390,382 |
|
|
|
1.8 |
% |
|
$ |
148,967 |
|
|
$ |
139,408 |
|
|
|
6.9 |
% |
|
$ |
248,628 |
|
|
$ |
250,974 |
|
|
|
(0.9 |
)% |
|
$ |
1,293 |
|
|
$ |
1,277 |
|
|
|
1.3 |
% |
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 |
|
|
Q4 2020 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q4 2020 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q4 2020 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q4 2020 |
|
|
Q3 2020 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
10,996 |
|
|
$ |
51,220 |
|
|
$ |
51,356 |
|
|
|
(0.3 |
)% |
|
$ |
18,728 |
|
|
$ |
20,063 |
|
|
|
(6.7 |
)% |
|
$ |
32,492 |
|
|
$ |
31,293 |
|
|
|
3.8 |
% |
|
$ |
1,465 |
|
|
$ |
1,463 |
|
|
|
0.1 |
% |
Dallas, TX |
|
|
9,405 |
|
|
|
38,644 |
|
|
|
39,024 |
|
|
|
(1.0 |
)% |
|
|
17,360 |
|
|
|
18,281 |
|
|
|
(5.0 |
)% |
|
|
21,284 |
|
|
|
20,743 |
|
|
|
2.6 |
% |
|
|
1,297 |
|
|
|
1,312 |
|
|
|
(1.1 |
)% |
Tampa, FL |
|
|
5,220 |
|
|
|
25,517 |
|
|
|
25,176 |
|
|
|
1.4 |
% |
|
|
8,707 |
|
|
|
9,387 |
|
|
|
(7.2 |
)% |
|
|
16,810 |
|
|
|
15,789 |
|
|
|
6.5 |
% |
|
|
1,517 |
|
|
|
1,502 |
|
|
|
1.0 |
% |
Charlotte, NC |
|
|
6,149 |
|
|
|
24,771 |
|
|
|
25,015 |
|
|
|
(1.0 |
)% |
|
|
7,994 |
|
|
|
8,105 |
|
|
|
(1.4 |
)% |
|
|
16,777 |
|
|
|
16,910 |
|
|
|
(0.8 |
)% |
|
|
1,239 |
|
|
|
1,249 |
|
|
|
(0.8 |
)% |
Washington, DC |
|
|
4,080 |
|
|
|
23,214 |
|
|
|
23,275 |
|
|
|
(0.3 |
)% |
|
|
7,008 |
|
|
|
7,496 |
|
|
|
(6.5 |
)% |
|
|
16,206 |
|
|
|
15,779 |
|
|
|
2.7 |
% |
|
|
1,792 |
|
|
|
1,812 |
|
|
|
(1.1 |
)% |
Austin, TX |
|
|
7,117 |
|
|
|
29,393 |
|
|
|
29,554 |
|
|
|
(0.5 |
)% |
|
|
13,893 |
|
|
|
14,645 |
|
|
|
(5.1 |
)% |
|
|
15,500 |
|
|
|
14,909 |
|
|
|
4.0 |
% |
|
|
1,268 |
|
|
|
1,281 |
|
|
|
(1.0 |
)% |
Orlando, FL |
|
|
5,274 |
|
|
|
24,383 |
|
|
|
24,161 |
|
|
|
0.9 |
% |
|
|
9,000 |
|
|
|
9,686 |
|
|
|
(7.1 |
)% |
|
|
15,383 |
|
|
|
14,475 |
|
|
|
6.3 |
% |
|
|
1,452 |
|
|
|
1,462 |
|
|
|
(0.7 |
)% |
Nashville, TN |
|
|
4,375 |
|
|
|
18,374 |
|
|
|
18,430 |
|
|
|
(0.3 |
)% |
|
|
6,704 |
|
|
|
7,118 |
|
|
|
(5.8 |
)% |
|
|
11,670 |
|
|
|
11,312 |
|
|
|
3.2 |
% |
|
|
1,309 |
|
|
|
1,310 |
|
|
|
(0.1 |
)% |
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
16,979 |
|
|
|
17,123 |
|
|
|
(0.8 |
)% |
|
|
5,653 |
|
|
|
5,773 |
|
|
|
(2.1 |
)% |
|
|
11,326 |
|
|
|
11,350 |
|
|
|
(0.2 |
)% |
|
|
1,151 |
|
|
|
1,147 |
|
|
|
0.3 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
18,619 |
|
|
|
18,735 |
|
|
|
(0.6 |
)% |
|
|
8,640 |
|
|
|
9,003 |
|
|
|
(4.0 |
)% |
|
|
9,979 |
|
|
|
9,732 |
|
|
|
2.5 |
% |
|
|
1,208 |
|
|
|
1,222 |
|
|
|
(1.1 |
)% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
16,954 |
|
|
|
17,010 |
|
|
|
(0.3 |
)% |
|
|
7,082 |
|
|
|
7,627 |
|
|
|
(7.1 |
)% |
|
|
9,872 |
|
|
|
9,383 |
|
|
|
5.2 |
% |
|
|
1,189 |
|
|
|
1,184 |
|
|
|
0.4 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
12,919 |
|
|
|
12,860 |
|
|
|
0.5 |
% |
|
|
4,335 |
|
|
|
4,671 |
|
|
|
(7.2 |
)% |
|
|
8,584 |
|
|
|
8,189 |
|
|
|
4.8 |
% |
|
|
1,168 |
|
|
|
1,157 |
|
|
|
0.9 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
11,185 |
|
|
|
11,117 |
|
|
|
0.6 |
% |
|
|
3,063 |
|
|
|
3,300 |
|
|
|
(7.2 |
)% |
|
|
8,122 |
|
|
|
7,817 |
|
|
|
3.9 |
% |
|
|
1,311 |
|
|
|
1,294 |
|
|
|
1.3 |
% |
Charleston, SC |
|
|
2,726 |
|
|
|
10,900 |
|
|
|
10,896 |
|
|
|
0.0 |
% |
|
|
3,746 |
|
|
|
4,329 |
|
|
|
(13.5 |
)% |
|
|
7,154 |
|
|
|
6,567 |
|
|
|
8.9 |
% |
|
|
1,219 |
|
|
|
1,199 |
|
|
|
1.7 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
8,293 |
|
|
|
8,187 |
|
|
|
1.3 |
% |
|
|
2,667 |
|
|
|
2,908 |
|
|
|
(8.3 |
)% |
|
|
5,626 |
|
|
|
5,279 |
|
|
|
6.6 |
% |
|
|
1,245 |
|
|
|
1,229 |
|
|
|
1.3 |
% |
Savannah, GA |
|
|
2,219 |
|
|
|
8,150 |
|
|
|
8,147 |
|
|
|
0.0 |
% |
|
|
3,066 |
|
|
|
3,171 |
|
|
|
(3.3 |
)% |
|
|
5,084 |
|
|
|
4,976 |
|
|
|
2.2 |
% |
|
|
1,121 |
|
|
|
1,108 |
|
|
|
1.1 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
6,774 |
|
|
|
6,698 |
|
|
|
1.1 |
% |
|
|
2,380 |
|
|
|
2,782 |
|
|
|
(14.5 |
)% |
|
|
4,394 |
|
|
|
3,916 |
|
|
|
12.2 |
% |
|
|
952 |
|
|
|
945 |
|
|
|
0.7 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
6,343 |
|
|
|
6,245 |
|
|
|
1.6 |
% |
|
|
2,438 |
|
|
|
2,546 |
|
|
|
(4.2 |
)% |
|
|
3,905 |
|
|
|
3,699 |
|
|
|
5.6 |
% |
|
|
1,059 |
|
|
|
1,043 |
|
|
|
1.6 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,501 |
|
|
|
5,466 |
|
|
|
0.6 |
% |
|
|
2,072 |
|
|
|
2,154 |
|
|
|
(3.8 |
)% |
|
|
3,429 |
|
|
|
3,312 |
|
|
|
3.5 |
% |
|
|
1,096 |
|
|
|
1,081 |
|
|
|
1.4 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,460 |
|
|
|
5,536 |
|
|
|
(1.4 |
)% |
|
|
2,513 |
|
|
|
2,663 |
|
|
|
(5.6 |
)% |
|
|
2,947 |
|
|
|
2,873 |
|
|
|
2.6 |
% |
|
|
1,123 |
|
|
|
1,117 |
|
|
|
0.5 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
4,383 |
|
|
|
4,293 |
|
|
|
2.1 |
% |
|
|
1,494 |
|
|
|
1,492 |
|
|
|
0.1 |
% |
|
|
2,889 |
|
|
|
2,801 |
|
|
|
3.1 |
% |
|
|
1,035 |
|
|
|
1,004 |
|
|
|
3.1 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
4,559 |
|
|
|
4,600 |
|
|
|
(0.9 |
)% |
|
|
1,677 |
|
|
|
1,848 |
|
|
|
(9.3 |
)% |
|
|
2,882 |
|
|
|
2,752 |
|
|
|
4.7 |
% |
|
|
1,295 |
|
|
|
1,295 |
|
|
|
(0.0 |
)% |
Other |
|
|
6,717 |
|
|
|
25,060 |
|
|
|
24,696 |
|
|
|
1.5 |
% |
|
|
8,747 |
|
|
|
9,850 |
|
|
|
(11.2 |
)% |
|
|
16,313 |
|
|
|
14,846 |
|
|
|
9.9 |
% |
|
|
1,150 |
|
|
|
1,138 |
|
|
|
1.1 |
% |
Total Same Store |
|
|
95,113 |
|
|
$ |
397,595 |
|
|
$ |
397,600 |
|
|
|
(0.0 |
)% |
|
$ |
148,967 |
|
|
$ |
158,898 |
|
|
|
(6.2 |
)% |
|
$ |
248,628 |
|
|
$ |
238,702 |
|
|
|
4.2 |
% |
|
$ |
1,293 |
|
|
$ |
1,293 |
|
|
|
(0.0 |
)% |
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2020 AND 2019 |
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
2020 |
|
|
2019 |
|
|
% Chg |
|
|
2020 |
|
|
2019 |
|
|
% Chg |
|
|
2020 |
|
|
2019 |
|
|
% Chg |
|
|
2020 |
|
|
2019 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
10,996 |
|
|
$ |
203,637 |
|
|
$ |
200,770 |
|
|
|
1.4 |
% |
|
$ |
76,026 |
|
|
$ |
73,631 |
|
|
|
3.3 |
% |
|
$ |
127,611 |
|
|
$ |
127,139 |
|
|
|
0.4 |
% |
|
$ |
1,464 |
|
|
$ |
1,440 |
|
|
|
1.7 |
% |
Dallas, TX |
|
|
9,405 |
|
|
|
155,234 |
|
|
|
152,944 |
|
|
|
1.5 |
% |
|
|
69,004 |
|
|
|
65,519 |
|
|
|
5.3 |
% |
|
|
86,230 |
|
|
|
87,425 |
|
|
|
(1.4 |
)% |
|
|
1,305 |
|
|
|
1,287 |
|
|
|
1.4 |
% |
Charlotte, NC |
|
|
6,149 |
|
|
|
99,219 |
|
|
|
96,447 |
|
|
|
2.9 |
% |
|
|
31,256 |
|
|
|
30,118 |
|
|
|
3.8 |
% |
|
|
67,963 |
|
|
|
66,329 |
|
|
|
2.5 |
% |
|
|
1,245 |
|
|
|
1,220 |
|
|
|
2.1 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
99,982 |
|
|
|
96,885 |
|
|
|
3.2 |
% |
|
|
35,307 |
|
|
|
33,820 |
|
|
|
4.4 |
% |
|
|
64,675 |
|
|
|
63,065 |
|
|
|
2.6 |
% |
|
|
1,500 |
|
|
|
1,453 |
|
|
|
3.3 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
92,887 |
|
|
|
92,439 |
|
|
|
0.5 |
% |
|
|
28,433 |
|
|
|
27,903 |
|
|
|
1.9 |
% |
|
|
64,454 |
|
|
|
64,536 |
|
|
|
(0.1 |
)% |
|
|
1,802 |
|
|
|
1,783 |
|
|
|
1.0 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
117,605 |
|
|
|
113,956 |
|
|
|
3.2 |
% |
|
|
54,119 |
|
|
|
50,005 |
|
|
|
8.2 |
% |
|
|
63,486 |
|
|
|
63,951 |
|
|
|
(0.7 |
)% |
|
|
1,272 |
|
|
|
1,235 |
|
|
|
3.0 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
97,219 |
|
|
|
97,150 |
|
|
|
0.1 |
% |
|
|
36,651 |
|
|
|
35,121 |
|
|
|
4.4 |
% |
|
|
60,568 |
|
|
|
62,029 |
|
|
|
(2.4 |
)% |
|
|
1,461 |
|
|
|
1,445 |
|
|
|
1.1 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
73,133 |
|
|
|
71,335 |
|
|
|
2.5 |
% |
|
|
26,682 |
|
|
|
24,114 |
|
|
|
10.6 |
% |
|
|
46,451 |
|
|
|
47,221 |
|
|
|
(1.6 |
)% |
|
|
1,309 |
|
|
|
1,262 |
|
|
|
3.7 |
% |
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
67,414 |
|
|
|
64,100 |
|
|
|
5.2 |
% |
|
|
22,677 |
|
|
|
21,358 |
|
|
|
6.2 |
% |
|
|
44,737 |
|
|
|
42,742 |
|
|
|
4.7 |
% |
|
|
1,142 |
|
|
|
1,096 |
|
|
|
4.3 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
74,830 |
|
|
|
74,079 |
|
|
|
1.0 |
% |
|
|
33,651 |
|
|
|
32,032 |
|
|
|
5.1 |
% |
|
|
41,179 |
|
|
|
42,047 |
|
|
|
(2.1 |
)% |
|
|
1,217 |
|
|
|
1,197 |
|
|
|
1.7 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
67,223 |
|
|
|
65,442 |
|
|
|
2.7 |
% |
|
|
28,426 |
|
|
|
27,079 |
|
|
|
5.0 |
% |
|
|
38,797 |
|
|
|
38,363 |
|
|
|
1.1 |
% |
|
|
1,181 |
|
|
|
1,156 |
|
|
|
2.2 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
50,932 |
|
|
|
49,879 |
|
|
|
2.1 |
% |
|
|
17,730 |
|
|
|
17,040 |
|
|
|
4.0 |
% |
|
|
33,202 |
|
|
|
32,839 |
|
|
|
1.1 |
% |
|
|
1,156 |
|
|
|
1,126 |
|
|
|
2.7 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
43,821 |
|
|
|
41,180 |
|
|
|
6.4 |
% |
|
|
12,359 |
|
|
|
11,885 |
|
|
|
4.0 |
% |
|
|
31,462 |
|
|
|
29,295 |
|
|
|
7.4 |
% |
|
|
1,292 |
|
|
|
1,212 |
|
|
|
6.6 |
% |
Charleston, SC |
|
|
2,726 |
|
|
|
42,926 |
|
|
|
41,511 |
|
|
|
3.4 |
% |
|
|
15,761 |
|
|
|
15,310 |
|
|
|
2.9 |
% |
|
|
27,165 |
|
|
|
26,201 |
|
|
|
3.7 |
% |
|
|
1,202 |
|
|
|
1,165 |
|
|
|
3.1 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
32,312 |
|
|
|
30,985 |
|
|
|
4.3 |
% |
|
|
10,717 |
|
|
|
9,770 |
|
|
|
9.7 |
% |
|
|
21,595 |
|
|
|
21,215 |
|
|
|
1.8 |
% |
|
|
1,228 |
|
|
|
1,187 |
|
|
|
3.5 |
% |
Savannah, GA |
|
|
2,219 |
|
|
|
32,141 |
|
|
|
31,390 |
|
|
|
2.4 |
% |
|
|
12,071 |
|
|
|
11,628 |
|
|
|
3.8 |
% |
|
|
20,070 |
|
|
|
19,762 |
|
|
|
1.6 |
% |
|
|
1,110 |
|
|
|
1,084 |
|
|
|
2.4 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
26,461 |
|
|
|
25,271 |
|
|
|
4.7 |
% |
|
|
10,358 |
|
|
|
10,080 |
|
|
|
2.8 |
% |
|
|
16,103 |
|
|
|
15,191 |
|
|
|
6.0 |
% |
|
|
942 |
|
|
|
910 |
|
|
|
3.6 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
24,556 |
|
|
|
23,178 |
|
|
|
5.9 |
% |
|
|
9,722 |
|
|
|
9,630 |
|
|
|
1.0 |
% |
|
|
14,834 |
|
|
|
13,548 |
|
|
|
9.5 |
% |
|
|
1,039 |
|
|
|
994 |
|
|
|
4.5 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
21,529 |
|
|
|
20,209 |
|
|
|
6.5 |
% |
|
|
8,394 |
|
|
|
8,198 |
|
|
|
2.4 |
% |
|
|
13,135 |
|
|
|
12,011 |
|
|
|
9.4 |
% |
|
|
1,080 |
|
|
|
1,028 |
|
|
|
5.1 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
21,931 |
|
|
|
21,513 |
|
|
|
1.9 |
% |
|
|
9,980 |
|
|
|
9,336 |
|
|
|
6.9 |
% |
|
|
11,951 |
|
|
|
12,177 |
|
|
|
(1.9 |
)% |
|
|
1,119 |
|
|
|
1,101 |
|
|
|
1.6 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
18,151 |
|
|
|
17,581 |
|
|
|
3.2 |
% |
|
|
6,746 |
|
|
|
6,521 |
|
|
|
3.5 |
% |
|
|
11,405 |
|
|
|
11,060 |
|
|
|
3.1 |
% |
|
|
1,289 |
|
|
|
1,239 |
|
|
|
4.0 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
16,699 |
|
|
|
15,231 |
|
|
|
9.6 |
% |
|
|
5,677 |
|
|
|
5,290 |
|
|
|
7.3 |
% |
|
|
11,022 |
|
|
|
9,941 |
|
|
|
10.9 |
% |
|
|
999 |
|
|
|
915 |
|
|
|
9.2 |
% |
Other |
|
|
6,717 |
|
|
|
97,609 |
|
|
|
94,800 |
|
|
|
3.0 |
% |
|
|
36,374 |
|
|
|
34,697 |
|
|
|
4.8 |
% |
|
|
61,235 |
|
|
|
60,103 |
|
|
|
1.9 |
% |
|
|
1,133 |
|
|
|
1,087 |
|
|
|
4.3 |
% |
Total Same Store |
|
|
95,113 |
|
|
$ |
1,577,451 |
|
|
$ |
1,538,275 |
|
|
|
2.5 |
% |
|
$ |
598,121 |
|
|
$ |
570,085 |
|
|
|
4.9 |
% |
|
$ |
979,330 |
|
|
$ |
968,190 |
|
|
|
1.2 |
% |
|
$ |
1,290 |
|
|
$ |
1,256 |
|
|
|
2.6 |
% |
Supplemental Data S-7
Dollars in thousands
|
|
|
|
Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
December 31, 2020 |
|
|
|
|
Projected |
|
Development Costs |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start |
|
Occupancy |
|
Completion |
|
Stabilization |
|
Total |
|
|
Thru |
|
|
|
|
|
||
|
|
Location |
|
Total |
|
|
Delivered |
|
|
Leased |
|
|
Date |
|
Date |
|
Date |
|
Date(1) |
|
Cost |
|
|
Q4 2020 |
|
|
After |
|
||||||
MAA Frisco Bridges II |
|
Dallas, TX |
|
|
348 |
|
|
|
325 |
|
|
|
164 |
|
|
2Q18 |
|
2Q20 |
|
1Q21 |
|
1Q22 |
|
$ |
69,000 |
|
|
$ |
64,355 |
|
|
$ |
4,645 |
|
Novel Midtown (2) |
|
Phoenix, AZ |
|
|
345 |
|
|
— |
|
|
— |
|
|
1Q19 |
|
1Q21 |
|
2Q21 |
|
4Q22 |
|
|
82,000 |
|
|
|
72,303 |
|
|
|
9,697 |
|
||
Westglenn |
|
Denver, CO |
|
|
306 |
|
|
— |
|
|
— |
|
|
3Q19 |
|
2Q21 |
|
4Q21 |
|
4Q22 |
|
|
84,500 |
|
|
|
44,241 |
|
|
|
40,259 |
|
||
The Robinson |
|
Orlando, FL |
|
|
369 |
|
|
— |
|
|
— |
|
|
3Q19 |
|
2Q21 |
|
4Q21 |
|
1Q23 |
|
|
99,000 |
|
|
|
64,650 |
|
|
|
34,350 |
|
||
Sand Lake (3) |
|
Orlando, FL |
|
|
264 |
|
|
— |
|
|
— |
|
|
4Q19 |
|
2Q21 |
|
4Q21 |
|
1Q23 |
|
|
68,000 |
|
|
|
38,859 |
|
|
|
29,141 |
|
||
Long Point |
|
Houston, TX |
|
|
308 |
|
|
— |
|
|
— |
|
|
4Q19 |
|
3Q21 |
|
1Q22 |
|
1Q23 |
|
|
57,000 |
|
|
|
28,933 |
|
|
|
28,067 |
|
||
MAA Windmill Hill |
|
Austin, TX |
|
|
350 |
|
|
— |
|
|
— |
|
|
4Q20 |
|
1Q22 |
|
3Q22 |
|
4Q23 |
|
|
63,000 |
|
|
|
9,279 |
|
|
|
53,721 |
|
||
Novel Val Vista (2) |
|
Phoenix, AZ |
|
|
317 |
|
|
— |
|
|
— |
|
|
4Q20 |
|
3Q22 |
|
1Q23 |
|
2Q24 |
|
|
72,500 |
|
|
|
12,954 |
|
|
|
59,546 |
|
||
Total Active |
|
|
|
|
2,607 |
|
|
|
325 |
|
|
|
164 |
|
|
|
|
|
|
|
|
|
|
$ |
595,000 |
|
|
$ |
335,574 |
|
|
$ |
259,426 |
|
(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) MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
|
|
|
|
Year ended December 31, 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 |
||||
|
4,211 |
|
|
$ |
26,113 |
|
|
$ |
6,201 |
|
|
$ |
110 |
|
|
9.5% |
|
|
10,000 - 13,000 |
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands
|
|
As of December 31, 2020 |
|
|
|
|
|
|
|
|
|
||||
|
|
Location |
|
Total Units |
|
Percent Occupied |
|
|
Construction Finished |
|
Expected Stabilization(1) |
|
Total Cost |
|
|
Copper Ridge II |
|
Fort Worth, TX |
|
168 |
|
79.8% |
|
|
2Q20 |
|
2Q21 |
|
$ |
26,255 |
|
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
2020 ACQUISITION ACTIVITY (THROUGH DECEMBER 31, 2020) |
Land Acquisition |
|
Market |
|
Acreage |
|
Closing Date |
MAA Windmill Hill |
|
Austin, TX |
|
22 |
|
January 2020 |
MAA Central Park |
|
Denver, CO |
|
27 |
|
November 2020 |
Novel Val Vista (1) |
|
Phoenix, AZ |
|
13 |
|
December 2020 |
(1) MAA owns 80% of the joint venture that owns this property.
2020 DISPOSITION ACTIVITY (THROUGH DECEMBER 31, 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 December 31, 2020 |
|
|||||||||
Joint Venture Property |
|
Gross Investment in Real Estate |
|
|
Mortgage Notes Payable |
|
|
Company’s Equity Investment |
|
|||
Post Massachusetts Avenue |
|
$ |
79,758 |
|
(1) |
$ |
51,757 |
|
(2) |
$ |
43,325 |
|
|
|
Three months ended December 31, 2020 |
|
|
Year ended December 31, 2020 |
|
||||||||||
Joint Venture Property |
|
Entity NOI |
|
|
Company’s Equity in Income |
|
|
Entity NOI |
|
|
Company’s Equity in Income |
|
||||
Post Massachusetts Avenue |
|
$ |
1,732 |
|
|
$ |
348 |
|
|
$ |
7,513 |
|
|
$ |
1,501 |
|
(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. |
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 |
|
$ |
4,390,712 |
|
|
|
96.2 |
% |
|
|
3.7 |
% |
|
|
7.7 |
|
Floating (unhedged) debt |
|
|
172,000 |
|
|
|
3.8 |
% |
|
|
0.3 |
% |
|
|
0.1 |
|
Total |
|
$ |
4,562,712 |
|
|
|
100.0 |
% |
|
|
3.6 |
% |
|
|
7.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Versus Unsecured Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Contract Maturity |
|
||||
Unsecured debt |
|
$ |
4,077,373 |
|
|
|
89.4 |
% |
|
|
3.5 |
% |
|
|
5.8 |
|
Secured debt |
|
|
485,339 |
|
|
|
10.6 |
% |
|
|
4.6 |
% |
|
|
21.0 |
|
Total |
|
$ |
4,562,712 |
|
|
|
100.0 |
% |
|
|
3.6 |
% |
|
|
7.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unencumbered Versus Encumbered Assets |
|
Total Cost |
|
|
Percent of Total |
|
|
Q4 2020 NOI |
|
|
Percent of Total |
|
||||
Unencumbered gross assets |
|
$ |
13,354,045 |
|
|
|
91.4 |
% |
|
$ |
246,374 |
|
|
|
93.4 |
% |
Encumbered gross assets |
|
|
1,255,851 |
|
|
|
8.6 |
% |
|
|
17,273 |
|
|
|
6.6 |
% |
Total |
|
$ |
14,609,896 |
|
|
|
100.0 |
% |
|
$ |
263,647 |
|
|
|
100.0 |
% |
FIXED INTEREST RATE MATURITIES
Maturity |
|
Fixed Rate Debt |
|
|
Effective Rate |
|
||
2021 |
|
$ |
191,505 |
|
|
|
5.2 |
% |
2022 |
|
|
366,144 |
|
|
|
3.6 |
% |
2023 |
|
|
360,392 |
|
|
|
4.2 |
% |
2024 |
|
|
417,172 |
|
|
|
4.0 |
% |
2025 |
|
|
403,018 |
|
|
|
4.2 |
% |
2026 |
|
|
— |
|
|
|
— |
|
2027 |
|
|
594,980 |
|
|
|
3.7 |
% |
2028 |
|
|
395,478 |
|
|
|
4.2 |
% |
2029 |
|
|
561,748 |
|
|
|
3.7 |
% |
2030 |
|
|
296,850 |
|
|
|
3.1 |
% |
Thereafter |
|
|
803,425 |
|
|
|
3.0 |
% |
Total |
|
$ |
4,390,712 |
|
|
|
3.7 |
% |
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2020 (CONTINUED) |
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
|
|
Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾ |
|
|
Public Bonds |
|
|
Other Unsecured |
|
|
Secured |
|
|
Total |
|
|||||
2021 |
|
$ |
172,000 |
|
|
$ |
— |
|
|
$ |
72,724 |
|
|
$ |
118,781 |
|
|
$ |
363,505 |
|
2022 |
|
|
— |
|
|
|
249,276 |
|
|
|
116,868 |
|
|
|
— |
|
|
|
366,144 |
|
2023 |
|
|
— |
|
|
|
348,160 |
|
|
|
12,232 |
|
|
|
— |
|
|
|
360,392 |
|
2024 |
|
|
— |
|
|
|
397,212 |
|
|
|
19,960 |
|
|
|
— |
|
|
|
417,172 |
|
2025 |
|
|
— |
|
|
|
396,223 |
|
|
|
— |
|
|
|
6,795 |
|
|
|
403,018 |
|
2026 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2027 |
|
|
— |
|
|
|
594,980 |
|
|
|
— |
|
|
|
— |
|
|
|
594,980 |
|
2028 |
|
|
— |
|
|
|
395,478 |
|
|
|
— |
|
|
|
— |
|
|
|
395,478 |
|
2029 |
|
|
— |
|
|
|
561,748 |
|
|
|
— |
|
|
|
— |
|
|
|
561,748 |
|
2030 |
|
|
— |
|
|
|
296,850 |
|
|
|
— |
|
|
|
— |
|
|
|
296,850 |
|
Thereafter |
|
|
— |
|
|
|
443,662 |
|
|
|
— |
|
|
|
359,763 |
|
|
|
803,425 |
|
Total |
|
$ |
172,000 |
|
|
$ |
3,683,589 |
|
|
$ |
221,784 |
|
|
$ |
485,339 |
|
|
$ |
4,562,712 |
|
(1) |
The $172.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of December 31, 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 December 31, 2020, average daily borrowings outstanding under the commercial paper program were $96.5 million. |
(2) |
There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of December 31, 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 |
|
31.2% |
|
|
Yes |
|
Total secured debt to adjusted total assets |
|
40% or less |
|
3.3% |
|
|
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% |
|
327% |
|
|
Yes |
|
|
|
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
|
Compliance |
|
Total debt to total capitalized asset value |
|
60% or less |
|
27.7% |
|
|
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 |
|
5.2x |
|
|
Yes |
|
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
26.4% |
|
|
Yes |
(1)The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP’s debt agreements.
Supplemental Data S-10
2021 GUIDANCE |
MAA provides guidance on expected Core FFO per Share and Core 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 Core FFO per Share and Core AFFO per Share is provided below.
Earnings: |
|
Full Year 2021 |
|
|
Earnings per common share - diluted |
|
$3.26 to $3.56 |
|
|
Midpoint |
|
$3.41 |
|
|
Core FFO per Share - diluted |
|
$6.30 to $6.60 |
|
|
Midpoint |
|
$6.45 |
|
|
Core AFFO per Share - diluted |
|
$5.62 to $5.92 |
|
|
Midpoint |
|
$5.77 |
|
|
|
|
|
|
|
MAA Same Store Communities: |
|
|
|
|
Number of units |
|
|
97,003 |
|
Average physical occupancy |
|
95.25% to 95.75% |
|
|
Property revenue growth (1) |
|
1.00% to 3.00% |
|
|
Property operating expense growth (1) |
|
3.00% to 5.00% |
|
|
NOI growth (1) |
|
0.00% to 2.00% |
|
|
Real estate tax expense growth |
|
3.25% to 4.25% |
|
|
|
|
|
|
|
Corporate Expenses: |
|
|
|
|
General and administrative expenses |
|
$47.5 to $49.5 million |
|
|
Property management expenses |
|
$57.5 to $59.5 million |
|
|
Total overhead |
|
$105.0 to $109.0 million |
|
|
|
|
|
|
|
Transaction/Investment Volume: |
|
|
|
|
Multifamily acquisition volume |
|
|
— |
|
Multifamily disposition volume |
|
$200.0 to $250.0 million |
|
|
Development investment |
|
$250.0 to $350.0 million |
|
|
|
|
|
|
|
Debt: |
|
|
|
|
Average effective interest rate |
|
3.5% to 3.7% |
|
|
Capitalized interest |
|
$7.0 to $8.0 million |
|
|
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
Diluted common shares and units |
|
118.5 million to 119.0 million |
|
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE
|
|
|
2021 Full Year Guidance Range |
|
|||||
|
|
Low |
|
|
High |
|
||
Earnings per common share - diluted |
|
$ |
3.26 |
|
|
$ |
3.56 |
|
Real estate depreciation and amortization |
|
|
4.35 |
|
|
|
4.35 |
|
Gains on sale of depreciable assets |
|
|
(1.34 |
) |
|
|
(1.34 |
) |
FFO per Share - diluted |
|
|
6.27 |
|
|
|
6.57 |
|
Non-Core items (1) |
|
|
0.03 |
|
|
|
0.03 |
|
Core FFO per Share - diluted |
|
|
6.30 |
|
|
|
6.60 |
|
Recurring capital expenditures |
|
|
(0.68 |
) |
|
|
(0.68 |
) |
Core AFFO per Share - diluted |
|
$ |
5.62 |
|
|
$ |
5.92 |
|
|
(1) |
Non-Core items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs, and mark-to-market debt adjustments. |
Supplemental Data S-11
|
|
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: |
|
Q1 2021 |
|
|
Q2 2021 |
|
|
Q3 2021 |
|
|
Q4 2021 |
|
|
|
|
|
||||
Earnings release & conference call |
|
Late April |
|
|
Late July |
|
|
Late October |
|
|
Late January |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Information - Common Shares: |
|
Q4 2019 |
|
|
Q1 2020 |
|
|
Q2 2020 |
|
|
Q3 2020 |
|
|
Q4 2020 |
|
|||||
Declaration date |
|
12/10/2019 |
|
|
3/19/2020 |
|
|
5/19/2020 |
|
|
9/24/2020 |
|
|
12/8/2020 |
|
|||||
Record date |
|
1/15/2020 |
|
|
4/15/2020 |
|
|
7/15/2020 |
|
|
10/15/2020 |
|
|
1/15/2021 |
|
|||||
Payment date |
|
1/31/2020 |
|
|
4/30/2020 |
|
|
7/31/2020 |
|
|
10/30/2020 |
|
|
1/29/2021 |
|
|||||
Distributions per share |
|
$ |
1.0000 |
|
|
$ |
1.0000 |
|
|
$ |
1.0000 |
|
|
$ |
1.0000 |
|
|
$ |
1.0250 |
|
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-12