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_6.htm
8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC.	maa-8k_20210728.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2021 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		—		348		10,115		—		10,115
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		5,867		282		—		6,149		—		6,149
Orlando, FL		5,274		—		—		5,274		299		5,573
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Tampa, FL		5,220		—		—		5,220		—		5,220
Houston, TX		4,867		—		—		4,867		21		4,888
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		3,168		—		—		3,168		—		3,168
Phoenix, AZ		2,623		—		345		2,968		—		2,968
Greenville, SC		2,084		271		—		2,355		—		2,355
Savannah, GA		1,837		382		—		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		7,076		549		—		7,625		46		7,671
Total Multifamily Units		97,003		1,652		693		99,348		366		99,714

⁽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 June 30, 2021								Average Effective		As of June 30, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,017,324		14.2	%		95.2	%	$	1,505		11,434
Dallas, TX		1,429,262		10.1	%		95.6	%		1,314		9,767
Charlotte, NC		977,038		6.9	%		96.4	%		1,271		6,149
Washington, DC		972,514		6.9	%		95.4	%		1,808		4,080
Tampa, FL		887,261		6.3	%		97.0	%		1,583		5,220
Austin, TX		854,206		6.0	%		95.4	%		1,305		7,117
Orlando, FL		835,465		5.9	%		96.0	%		1,484		5,274
Raleigh/Durham, NC		704,914		5.0	%		95.6	%		1,206		5,350
Houston, TX		611,631		4.3	%		95.7	%		1,217		4,867
Nashville, TN		537,741		3.8	%		95.5	%		1,345		4,375
Fort Worth, TX		427,190		3.0	%		96.5	%		1,231		4,417
Charleston, SC		406,918		2.9	%		96.7	%		1,308		3,168
Phoenix, AZ		381,168		2.7	%		96.6	%		1,370		2,623
Jacksonville, FL		293,967		2.1	%		97.3	%		1,211		3,496
Richmond, VA		268,346		1.9	%		96.6	%		1,288		2,004
Savannah, GA		245,982		1.7	%		96.8	%		1,180		2,219
Greenville, SC		229,345		1.6	%		97.0	%		1,045		2,355
Denver, CO		211,666		1.5	%		95.2	%		1,658		812
Kansas City, MO-KS		187,125		1.3	%		96.0	%		1,313		1,110
San Antonio, TX		164,091		1.2	%		96.7	%		1,148		1,504
Birmingham, AL		160,903		1.1	%		96.4	%		1,143		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	186,700		1.3	%		97.3	%	$	1,071		2,754
Florida		178,803		1.3	%		97.1	%		1,422		1,806
Alabama		162,649		1.1	%		97.1	%		1,133		1,648
Virginia		153,990		1.1	%		97.9	%		1,420		1,039
Kentucky		94,499		0.7	%		97.0	%		950		1,308
Nevada		71,551		0.5	%		96.1	%		1,247		721
South Carolina		36,513		0.3	%		93.2	%		972		576
Stabilized Communities	$	13,688,762		96.7	%		96.1	%	$	1,335		98,655
Orlando, FL	$	148,845		1.1	%		12.5	%		2,005		299		633
Phoenix, AZ		102,399		0.7	%		46.7	%		1,715		345		662
Denver, CO		67,748		0.5	%		10.8	%		1,750		46		306
Dallas, TX		65,483		0.5	%		92.5	%		1,566		348		348
Houston, TX		43,711		0.3	%		3.6	%		1,621		21		308
Austin, TX		17,930		0.1	%									350
Atlanta, GA		14,233		0.1	%									340
Salt Lake City, UT		13,015		0.1	%									400
Lease-up / Development Communities	$	473,364		3.3	%		31.3	%	$	1,748		1,059		3,347
Total Multifamily Communities	$	14,162,126		100.0	%		94.7	%	$	1,339		99,714		102,002

⁽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 June 30, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		June 30, 2021		June 30, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,391,101	$	417,322	$	398,722			4.7	%
Non-Same Store Communities		1,652		297,661		11,662		10,106
Lease-up/Development Communities		1,059		473,364		2,039		48
Total Multifamily Portfolio		99,714	$	14,162,126	$	431,023	$	408,876
Commercial Property/Land		—		274,747		5,904		4,150
Total Operating Revenues		99,714	$	14,436,873	$	436,927	$	413,026

Property Operating Expenses
Same Store Communities					$	160,251	$	150,688			6.3	%
Non-Same Store Communities						4,607		4,416
Lease-up/Development Communities						1,481		144
Total Multifamily Portfolio					$	166,339	$	155,248
Commercial Property/Land						2,422		2,223
Total Property Operating Expenses					$	168,761	$	157,471

Net Operating Income
Same Store Communities					$	257,071	$	248,034			3.6	%
Non-Same Store Communities						7,055		5,690
Lease-up/Development Communities						558		(96	)
Total Multifamily Portfolio					$	264,684	$	253,628
Commercial Property/Land						3,482		1,927
Total Net Operating Income					$	268,166	$	255,555			4.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Six Months Ended
	June 30, 2021		June 30, 2020		Percent Change			June 30, 2021		June 30, 2020		Percent Change
Personnel	$	34,834	$	33,427		4.2	%	$	68,643	$	66,555		3.1	%
Building Repair and Maintenance		20,735		18,634		11.3	%		37,869		35,299		7.3	%
Utilities		28,619		28,034		2.1	%		57,380		54,725		4.9	%
Marketing		6,068		5,959		1.8	%		11,366		10,632		6.9	%
Office Operations		5,701		4,790		19.0	%		11,290		10,203		10.7	%
Property Taxes		58,751		56,531		3.9	%		116,965		113,051		3.5	%
Insurance		5,543		3,313		67.3	%		11,045		6,559		68.4	%
Total Property Operating Expenses	$	160,251	$	150,688		6.3	%	$	314,558	$	297,024		5.9	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

						Average Physical Occupancy
			Percent of			Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI			June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Atlanta, GA		11,434		13.1	%		95.8	%		94.8	%		95.3	%		94.8	%
Dallas, TX		9,767		8.7	%		95.9	%		95.0	%		95.5	%		95.3	%
Tampa, FL		5,220		6.8	%		97.5	%		95.5	%		97.3	%		95.5	%
Charlotte, NC		5,867		6.4	%		96.6	%		95.7	%		96.3	%		96.0	%
Washington, DC		4,080		6.2	%		96.5	%		96.3	%		96.3	%		96.3	%
Orlando, FL		5,274		6.0	%		96.0	%		94.6	%		95.7	%		94.9	%
Austin, TX		7,117		6.0	%		95.9	%		95.3	%		95.6	%		95.6	%
Raleigh/Durham, NC		5,350		5.4	%		96.1	%		96.0	%		95.9	%		96.2	%
Nashville, TN		4,375		4.6	%		95.9	%		95.1	%		95.2	%		95.4	%
Houston, TX		4,867		3.9	%		95.1	%		94.5	%		94.5	%		94.8	%
Fort Worth, TX		4,249		3.9	%		96.6	%		95.6	%		96.1	%		95.3	%
Jacksonville, FL		3,496		3.4	%		97.8	%		96.2	%		97.7	%		96.1	%
Charleston, SC		3,168		3.3	%		96.7	%		95.7	%		96.2	%		95.6	%
Phoenix, AZ		2,623		3.3	%		97.2	%		95.4	%		97.1	%		96.2	%
Richmond, VA		2,004		2.2	%		97.0	%		96.6	%		96.9	%		96.4	%
Savannah, GA		1,837		1.8	%		97.4	%		95.0	%		97.3	%		95.4	%
Greenville, SC		2,084		1.6	%		96.9	%		95.9	%		96.5	%		95.2	%
Memphis, TN		1,811		1.6	%		97.7	%		96.7	%		97.7	%		96.2	%
Birmingham, AL		1,462		1.3	%		96.8	%		96.4	%		96.7	%		96.2	%
Huntsville, AL		1,228		1.2	%		97.6	%		97.2	%		97.2	%		97.2	%
San Antonio, TX		1,504		1.2	%		97.0	%		96.3	%		95.9	%		96.3	%
Kansas City, MO-KS		1,110		1.1	%		95.3	%		95.1	%		94.6	%		95.4	%
Other		7,076		7.0	%		97.1	%		95.2	%		96.7	%		95.3	%
Total Same Store		97,003		100.0	%		96.4	%		95.4	%		96.0	%		95.5	%

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		Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg
Atlanta, GA		11,434	$	54,281	$	52,261		3.9	%	$	20,642	$	19,782		4.3	%	$	33,639	$	32,479		3.6	%	$	1,505	$	1,462		2.9	%
Dallas, TX		9,767		40,743		39,941		2.0	%		18,432		17,592		4.8	%		22,311		22,349		(0.2	)%		1,314		1,302		0.9	%
Tampa, FL		5,220		26,600		24,504		8.6	%		9,191		8,607		6.8	%		17,409		15,897		9.5	%		1,583		1,493		6.0	%
Charlotte, NC		5,867		24,333		23,715		2.6	%		7,887		7,542		4.6	%		16,446		16,173		1.7	%		1,281		1,261		1.6	%
Washington, DC		4,080		23,260		23,170		0.4	%		7,202		6,861		5.0	%		16,058		16,309		(1.5	)%		1,808		1,809		(0.0	)%
Orlando, FL		5,274		25,084		24,040		4.3	%		9,584		9,099		5.3	%		15,500		14,941		3.7	%		1,484		1,468		1.1	%
Austin, TX		7,117		29,701		29,204		1.7	%		14,390		12,901		11.5	%		15,311		16,303		(6.1	)%		1,305		1,277		2.2	%
Raleigh/Durham, NC		5,350		21,056		20,457		2.9	%		7,279		7,257		0.3	%		13,777		13,200		4.4	%		1,206		1,166		3.5	%
Nashville, TN		4,375		18,931		18,089		4.7	%		7,007		6,825		2.7	%		11,924		11,264		5.9	%		1,345		1,311		2.6	%
Houston, TX		4,867		18,984		18,656		1.8	%		8,941		7,682		16.4	%		10,043		10,974		(8.5	)%		1,217		1,223		(0.5	)%
Fort Worth, TX		4,249		17,545		16,656		5.3	%		7,520		7,041		6.8	%		10,025		9,615		4.3	%		1,227		1,179		4.0	%
Jacksonville, FL		3,496		13,480		12,532		7.6	%		4,743		4,443		6.8	%		8,737		8,089		8.0	%		1,211		1,151		5.2	%
Charleston, SC		3,168		13,469		12,587		7.0	%		4,941		4,768		3.6	%		8,528		7,819		9.1	%		1,308		1,238		5.7	%
Phoenix, AZ		2,623		11,627		10,755		8.1	%		3,222		3,055		5.5	%		8,405		7,700		9.2	%		1,370		1,283		6.7	%
Richmond, VA		2,004		8,486		7,966		6.5	%		2,755		2,611		5.5	%		5,731		5,355		7.0	%		1,288		1,219		5.7	%
Savannah, GA		1,837		7,472		6,732		11.0	%		2,905		2,368		22.7	%		4,567		4,364		4.7	%		1,217		1,142		6.6	%
Greenville, SC		2,084		7,013		6,523		7.5	%		2,784		2,712		2.7	%		4,229		3,811		11.0	%		979		938		4.4	%
Memphis, TN		1,811		6,688		6,007		11.3	%		2,510		2,373		5.8	%		4,178		3,634		15.0	%		1,116		1,032		8.2	%
Birmingham, AL		1,462		5,610		5,273		6.4	%		2,229		2,137		4.3	%		3,381		3,136		7.8	%		1,143		1,071		6.7	%
Huntsville, AL		1,228		4,581		4,043		13.3	%		1,395		1,379		1.2	%		3,186		2,664		19.6	%		1,089		984		10.7	%
San Antonio, TX		1,504		5,647		5,444		3.7	%		2,663		2,423		9.9	%		2,984		3,021		(1.2	)%		1,148		1,117		2.8	%
Kansas City, MO-KS		1,110		4,609		4,493		2.6	%		1,736		1,594		8.9	%		2,873		2,899		(0.9	)%		1,313		1,286		2.1	%
Other		7,076		28,122		25,674		9.5	%		10,293		9,636		6.8	%		17,829		16,038		11.2	%		1,222		1,160		5.4	%
Total Same Store		97,003	$	417,322	$	398,722		4.7	%	$	160,251	$	150,688		6.3	%	$	257,071	$	248,034		3.6	%	$	1,335	$	1,294		3.1	%

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		Q2 2021		Q1 2021		% Chg			Q2 2021		Q1 2021		% Chg			Q2 2021		Q1 2021		% Chg			Q2 2021		Q1 2021		% Chg
Atlanta, GA		11,434	$	54,281	$	53,106		2.2	%	$	20,642	$	19,807		4.2	%	$	33,639	$	33,299		1.0	%	$	1,505	$	1,473		2.1	%
Dallas, TX		9,767		40,743		39,920		2.1	%		18,432		18,140		1.6	%		22,311		21,780		2.4	%		1,314		1,292		1.7	%
Tampa, FL		5,220		26,600		25,872		2.8	%		9,191		9,115		0.8	%		17,409		16,757		3.9	%		1,583		1,534		3.2	%
Charlotte, NC		5,867		24,333		23,770		2.4	%		7,887		7,304		8.0	%		16,446		16,466		(0.1	)%		1,281		1,254		2.1	%
Washington, DC		4,080		23,260		22,977		1.2	%		7,202		7,300		(1.3	)%		16,058		15,677		2.4	%		1,808		1,789		1.1	%
Orlando, FL		5,274		25,084		24,598		2.0	%		9,584		9,193		4.3	%		15,500		15,405		0.6	%		1,484		1,454		2.1	%
Austin, TX		7,117		29,701		28,955		2.6	%		14,390		13,530		6.4	%		15,311		15,425		(0.7	)%		1,305		1,272		2.6	%
Raleigh/Durham, NC		5,350		21,056		20,845		1.0	%		7,279		6,770		7.5	%		13,777		14,075		(2.1	)%		1,206		1,183		2.0	%
Nashville, TN		4,375		18,931		18,302		3.4	%		7,007		6,697		4.6	%		11,924		11,605		2.7	%		1,345		1,313		2.5	%
Houston, TX		4,867		18,984		18,523		2.5	%		8,941		8,359		7.0	%		10,043		10,164		(1.2	)%		1,217		1,206		0.9	%
Fort Worth, TX		4,249		17,545		17,016		3.1	%		7,520		7,307		2.9	%		10,025		9,709		3.3	%		1,227		1,198		2.4	%
Jacksonville, FL		3,496		13,480		13,134		2.6	%		4,743		4,574		3.7	%		8,737		8,560		2.1	%		1,211		1,180		2.6	%
Charleston, SC		3,168		13,469		13,057		3.2	%		4,941		4,708		4.9	%		8,528		8,349		2.1	%		1,308		1,271		2.9	%
Phoenix, AZ		2,623		11,627		11,262		3.2	%		3,222		3,126		3.1	%		8,405		8,136		3.3	%		1,370		1,328		3.1	%
Richmond, VA		2,004		8,486		8,282		2.5	%		2,755		2,770		(0.5	)%		5,731		5,512		4.0	%		1,288		1,256		2.5	%
Savannah, GA		1,837		7,472		7,155		4.4	%		2,905		2,715		7.0	%		4,567		4,440		2.9	%		1,217		1,172		3.9	%
Greenville, SC		2,084		7,013		6,846		2.4	%		2,784		2,615		6.5	%		4,229		4,231		(0.0	)%		979		961		1.9	%
Memphis, TN		1,811		6,688		6,442		3.8	%		2,510		2,575		(2.5	)%		4,178		3,867		8.0	%		1,116		1,077		3.6	%
Birmingham, AL		1,462		5,610		5,529		1.5	%		2,229		2,164		3.0	%		3,381		3,365		0.5	%		1,143		1,109		3.1	%
Huntsville, AL		1,228		4,581		4,435		3.3	%		1,395		1,499		(6.9	)%		3,186		2,936		8.5	%		1,089		1,054		3.3	%
San Antonio, TX		1,504		5,647		5,377		5.0	%		2,663		2,371		12.3	%		2,984		3,006		(0.7	)%		1,148		1,128		1.8	%
Kansas City, MO-KS		1,110		4,609		4,501		2.4	%		1,736		1,688		2.8	%		2,873		2,813		2.1	%		1,313		1,291		1.7	%
Other		7,076		28,122		27,133		3.6	%		10,293		9,980		3.1	%		17,829		17,153		3.9	%		1,222		1,187		2.9	%
Total Same Store		97,003	$	417,322	$	407,037		2.5	%	$	160,251	$	154,307		3.9	%	$	257,071	$	252,730		1.7	%	$	1,335	$	1,305		2.3	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF JUNE 30, 2021 AND 2020

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg			Q2 2021		Q2 2020		% Chg
Atlanta, GA		11,434	$	107,387	$	105,005		2.3	%	$	40,449	$	39,114		3.4	%	$	66,938	$	65,891		1.6	%	$	1,489	$	1,463		1.7	%
Dallas, TX		9,767		80,663		80,144		0.6	%		36,572		34,541		5.9	%		44,091		45,603		(3.3	)%		1,303		1,301		0.2	%
Tampa, FL		5,220		52,472		49,289		6.5	%		18,306		17,213		6.3	%		34,166		32,076		6.5	%		1,558		1,489		4.6	%
Charlotte, NC		5,867		48,103		47,605		1.0	%		15,191		14,537		4.5	%		32,912		33,068		(0.5	)%		1,268		1,258		0.7	%
Washington, DC		7,117		46,237		46,398		(0.3	)%		14,502		13,929		4.1	%		31,735		32,469		(2.3	)%		1,799		1,805		(0.3	)%
Orlando, FL		5,274		49,682		48,675		2.1	%		18,777		17,965		4.5	%		30,905		30,710		0.6	%		1,469		1,467		0.1	%
Austin, TX		4,080		58,656		58,658		(0.0	)%		27,920		25,580		9.1	%		30,736		33,078		(7.1	)%		1,288		1,271		1.3	%
Raleigh/Durham, NC		4,375		41,901		40,858		2.6	%		14,049		13,771		2.0	%		27,852		27,087		2.8	%		1,195		1,160		3.0	%
Nashville, TN		5,350		37,233		36,329		2.5	%		13,704		12,860		6.6	%		23,529		23,469		0.3	%		1,329		1,306		1.8	%
Houston, TX		4,867		37,507		37,476		0.1	%		17,300		16,007		8.1	%		20,207		21,469		(5.9	)%		1,211		1,222		(0.8	)%
Fort Worth, TX		4,249		34,561		33,259		3.9	%		14,827		13,717		8.1	%		19,734		19,542		1.0	%		1,212		1,175		3.2	%
Jacksonville, FL		3,496		26,614		25,153		5.8	%		9,317		8,725		6.8	%		17,297		16,428		5.3	%		1,196		1,147		4.2	%
Charleston, SC		2,623		26,526		25,123		5.6	%		9,649		9,342		3.3	%		16,877		15,781		6.9	%		1,289		1,232		4.6	%
Phoenix, AZ		3,168		22,889		21,519		6.4	%		6,348		5,996		5.9	%		16,541		15,523		6.6	%		1,349		1,278		5.5	%
Richmond, VA		2,004		16,768		15,832		5.9	%		5,525		5,142		7.4	%		11,243		10,690		5.2	%		1,272		1,216		4.6	%
Savannah, GA		1,837		14,627		13,578		7.7	%		5,620		4,888		15.0	%		9,007		8,690		3.6	%		1,195		1,140		4.8	%
Greenville, SC		2,084		13,859		12,989		6.7	%		5,399		5,196		3.9	%		8,460		7,793		8.6	%		970		934		3.8	%
Memphis, TN		1,811		13,130		11,968		9.7	%		5,085		4,739		7.3	%		8,045		7,229		11.3	%		1,096		1,025		7.0	%
Birmingham, AL		1,462		11,139		10,562		5.5	%		4,393		4,168		5.4	%		6,746		6,394		5.5	%		1,126		1,071		5.1	%
Huntsville, AL		1,110		9,016		8,023		12.4	%		2,894		2,691		7.5	%		6,122		5,332		14.8	%		1,072		974		10.1	%
San Antonio, TX		1,504		11,024		10,935		0.8	%		5,034		4,804		4.8	%		5,990		6,131		(2.3	)%		1,138		1,118		1.8	%
Kansas City, MO-KS		1,228		9,110		8,992		1.3	%		3,424		3,221		6.3	%		5,686		5,771		(1.5	)%		1,302		1,282		1.6	%
Other		7,076		55,255		51,722		6.8	%		20,273		18,878		7.4	%		34,982		32,844		6.5	%		1,205		1,155		4.3	%
Total Same Store		97,003	$	824,359	$	800,092		3.0	%	$	314,558	$	297,024		5.9	%	$	509,801	$	503,068		1.3	%	$	1,320	$	1,291		2.2	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of
		June 30, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date ⁽¹⁾	Cost		Q2 2021		After
MAA Westglenn	Denver, CO		306		46		73	3Q19	2Q21	4Q21	4Q22		84,500		67,748		16,752
MAA Robinson	Orlando, FL		369		158		84	3Q19	2Q21	4Q21	1Q23		99,000		88,713		10,287
Sand Lake ⁽²⁾	Orlando, FL		264		141		99	4Q19	2Q21	4Q21	1Q23		68,000		60,132		7,868
MAA Park Point	Houston, TX		308		21		27	4Q19	2Q21	1Q22	1Q23		57,000		43,711		13,289
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		17,930		45,070
Novel Val Vista ⁽³⁾	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		20,700		51,800
Novel West Midtown ⁽³⁾	Atlanta, GA		340	—		—		2Q21	4Q22	3Q23	3Q24		89,500		14,233		75,267
Novel Daybreak ⁽³⁾	Salt Lake City, UT		400	—		—		2Q21	4Q22	3Q23	4Q24		94,000		13,015		80,985
Total Active			2,654		366		283					$	627,500	$	326,182	$	301,318

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

⁽²⁾MAA owns 95% of the joint venture that owns this property.

⁽³⁾MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

		Six months ended June 30, 2021
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
	2,800	$	15,775	$	5,634	$	132	11.3%	8,000 - 11,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of June 30, 2021
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization ⁽¹⁾	Total Cost
MAA Frisco Bridges II	Dallas, TX	348	92.5%	1Q21	3Q21	$	65,483
Novel Midtown ⁽²⁾	Phoenix, AZ	345	46.7%	2Q21	2Q22	$	81,699
Total		693	69.7%			$	147,182

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

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

2021 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2021)

Multifamily Development Acquisition ⁽¹⁾	Market	Apartment Units		Projected Completion Date	Closing Date
Novel Daybreak	Salt Lake City, UT		400	3Q23	April 2021
Novel West Midtown	Atlanta, GA		340	3Q23	April 2021

⁽¹⁾MAA owns 80% of the joint ventures that own these properties.

Land Acquisition		Market		Acreage		Closing Date
MAA Westshore		Tampa, FL		19		June 2021

2021 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2021)

Multifamily Disposition	Market	Apartment Units		Closing Date
Crosswinds	Jackson, MS		360	June 2021
Pear Orchard	Jackson, MS		389	June 2021
Reflection Pointe	Jackson, MS		296	June 2021
Lakeshore Landing	Jackson, MS		196	June 2021

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2021

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,273,237		93.9	%		3.7	%		7.4
Floating rate debt		280,000		6.1	%		0.2	%		0.1
Total	$	4,553,237		100.0	%		3.5	%		7.0

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,187,292		92.0	%		3.4	%		5.2
Secured debt		365,945		8.0	%		4.4	%		27.2
Total	$	4,553,237		100.0	%		3.5	%		7.0

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q2 2021 NOI			Percent of Total
Unencumbered gross assets	$	13,713,470		92.2	%	$	253,672			94.6	%
Encumbered gross assets		1,154,277		7.8	%		14,494			5.4	%
Total	$	14,867,747		100.0	%	$	268,166			100.0	%

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2021	$	72,750		5.4	%
2022		366,368		3.6	%
2023		360,733		4.2	%
2024		417,581		4.0	%
2025		402,730		4.2	%
2026		—		—
2027		595,369		3.7	%
2028		395,782		4.2	%
2029		561,082		3.7	%
2030		297,023		3.1	%
Thereafter		803,819		3.0	%
Total	$	4,273,237		3.7	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2021 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2021	$	280,000	$	—	$	72,750	$	—	$	352,750
2022		—		249,465		116,903		—		366,368
2023		—		348,497		12,236		—		360,733
2024		—		397,615		19,966		—		417,581
2025		—		396,611		—		6,119		402,730
2026		—		—		—		—		—
2027		—		595,369		—		—		595,369
2028		—		395,782		—		—		395,782
2029		—		561,082		—		—		561,082
2030		—		297,023		—		—		297,023
Thereafter		—		443,993		—		359,826		803,819
Total	$	280,000	$	3,685,437	$	221,855	$	365,945	$	4,553,237

⁽¹⁾

The $280.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 2021. 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 June 30, 2021, average daily borrowings outstanding under the commercial paper program were $401.8 million.

⁽²⁾	There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2021. 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	2.5%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.6x	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	27.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.3%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.6x	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 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.

	Full Year 2021
Earnings:
Earnings per common share - diluted	$3.79 to $3.99
Midpoint	$3.89
Core FFO per Share - diluted	$6.65 to $6.85
Midpoint	$6.75
Core AFFO per Share - diluted	$5.97 to $6.17
Midpoint	$6.07

MAA Same Store Portfolio:
Number of units		97,003
Average physical occupancy	95.70% to 96.10%
Property revenue growth	3.75% to 4.25%
Full year effective blended lease-over-lease pricing	6.50% to 7.50%
Property operating expense growth	4.25% to 4.75%
NOI growth	3.25% to 4.25%
Real estate tax expense growth	3.25% to 4.25%

Corporate Expenses:
General and administrative expenses	$51.0 to $53.0 million
Property management expenses	$55.0 to $57.0 million
Total overhead	$106.0 to $110.0 million

Transaction/Investment Volume:
Multifamily acquisition volume		—
Multifamily disposition volume	$225.0 to $275.0 million
Development investment	$250.0 to $350.0 million

Debt:
Average effective interest rate	3.4% to 3.6%
Capitalized interest	$8.5 to $9.5 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

	Full Year 2021 Guidance Range
	Low			High
Earnings per common share - diluted	$	3.79		$	3.99
Real estate depreciation and amortization		4.39			4.39
Gains on sale of depreciable assets		(1.66	)		(1.66	)
FFO per Share - diluted		6.52			6.72
Non-Core FFO items ⁽¹⁾		0.13			0.13
Core FFO per Share - diluted		6.65			6.85
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	5.97		$	6.17

⁽¹⁾

Non-Core FFO 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.

CREDIT RATINGS

	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings ⁽¹⁾	F2	BBB+	Positive
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:

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Earnings release & conference call

Late

October

Late

January

Late

April

Late

July

Dividend Information - Common Shares:

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Declaration date

5/19/2020

9/24/2020

12/8/2020

3/23/2021

5/18/2021

Record date

7/15/2020

10/15/2020

1/15/2021

4/15/2021

7/15/2021

Payment date

7/31/2020

10/30/2020

1/29/2021

4/30/2021

7/30/2021

Distributions per share

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-11

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - July 28, 2021

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports