MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 1, 2017

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PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2016 (In apartment units)
 
 
MAA Same Store
 
Legacy Post Same Store
 
MAA Non Same Store
 
Legacy Post Non Same Store(1)
 
MAA Lease-up
 
Total for Completed Communities
 
MAA Development Units Delivered
 
Legacy Post Development Units Delivered
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
6,074

 
5,065

 
3

 
340

 
—

 
11,482

 
—

 
—

 
11,482

Dallas, TX
 
4,359

 
4,726

 
680

 
—

 
—

 
9,765

 
—

 
—

 
9,765

Austin, TX
 
5,838

 
935

 
—

 
—

 
—

 
6,773

 
—

 
—

 
6,773

Charlotte, NC
 
4,401

 
1,748

 
—

 
—

 
—

 
6,149

 
—

 
—

 
6,149

Tampa, FL
 
2,878

 
2,342

 
—

 
—

 
—

 
5,220

 
—

 
—

 
5,220

Orlando, FL
 
3,190

 
1,308

 
462

 
—

 
—

 
4,960

 
212

 
—

 
5,172

Raleigh/Durham, NC
 
4,397

 
397

 
—

 
—

 
—

 
4,794

 
—

 
263

 
5,057

Houston, TX
 
3,232

 
653

 
352

 
242

 
—

 
4,479

 
—

 
225

 
4,704

Fort Worth, TX
 
4,093

 
—

 
426

 
—

 
—

 
4,519

 
—

 
—

 
4,519

Washington, DC
 
741

 
2,645

 
694

 
—

 
—

 
4,080

 
—

 
—

 
4,080

Nashville, TN
 
3,207

 
—

 
569

 
—

 
—

 
3,776

 
—

 
—

 
3,776

Phoenix, AZ
 
1,976

 
—

 
325

 
—

 
322

 
2,623

 
—

 
—

 
2,623

Las Vegas, NV
 
721

 
—

 
—

 
—

 
—

 
721

 
—

 
—

 
721

South Florida
 
480

 
—

 
—

 
—

 
—

 
480

 
—

 
—

 
480

Large Markets
 
45,587

 
19,819

 
3,511

 
582

 
322

 
69,821

 
212

 
488

 
70,521

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
 
3,202

 
—

 
294

 
—

 
—

 
3,496

 
—

 
—

 
3,496

Charleston, SC
 
2,648

 
—

 
78

 
—

 
302

 
3,028

 
—

 
—

 
3,028

Savannah, GA
 
2,219

 
—

 
—

 
—

 
—

 
2,219

 
—

 
—

 
2,219

Greenville, SC
 
1,748

 
—

 
—

 
—

 
336

 
2,084

 
—

 
—

 
2,084

Richmond, VA
 
1,668

 
—

 
254

 
—

 
—

 
1,922

 
—

 
—

 
1,922

Memphis, TN
 
1,811

 
—

 
—

 
—

 
—

 
1,811

 
—

 
—

 
1,811

San Antonio, TX
 
1,504

 
—

 
—

 
—

 
—

 
1,504

 
—

 
—

 
1,504

Birmingham, AL
 
1,462

 
—

 
—

 
—

 
—

 
1,462

 
—

 
—

 
1,462

Little Rock, AR
 
1,368

 
—

 
—

 
—

 
—

 
1,368

 
—

 
—

 
1,368

Jackson, MS
 
1,241

 
—

 
—

 
—

 
—

 
1,241

 
—

 
—

 
1,241

Huntsville, AL
 
1,228

 
—

 
—

 
—

 
—

 
1,228

 
—

 
—

 
1,228

Lexington, KY
 
924

 
—

 
—

 
—

 
—

 
924

 
—

 
—

 
924

Other
 
5,335

 
—

 
981

 
—

 
—

 
6,316

 
—

 
—

 
6,316

Secondary Markets
 
26,358

 
—

 
1,607

 
—

 
638

 
28,603

 
—

 
—

 
28,603

Total Multifamily Units
 
71,945

 
19,819

 
5,118

 
582

 
960

 
98,424

 
212

 
488

 
99,124


(1)Excludes 269 units in joint venture property in Washington, D.C.

Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS
Dollars in thousands, except Average Effective Rent
 
 
As of December 31, 2016
 
Average Effective Rent for the Three Months Ended December 31, 2016
 
As of December 31, 2016
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
1,788,918

 
14.2
%
 
96.5
%
 
$
1,309

 
11,482

 
 
Dallas, TX
 
1,328,925

 
10.5
%
 
95.6
%
 
1,252

 
9,765

 
 
Washington, DC
 
932,576

 
7.4
%
 
97.5
%
 
1,679

 
4,080

 
 
Charlotte, NC
 
913,208

 
7.2
%
 
96.5
%
 
1,145

 
6,149

 
 
Tampa, FL
 
834,141

 
6.6
%
 
96.8
%
 
1,341

 
5,220

 
 
Orlando, FL
 
760,164

 
6.0
%
 
95.9
%
 
1,312

 
4,960

 
 
Austin, TX
 
745,131

 
5.9
%
 
96.2
%
 
1,164

 
6,773

 
 
Raleigh/Durham, NC
 
590,189

 
4.7
%
 
96.4
%
 
1,013

 
4,794

 
 
Houston, TX
 
504,870

 
4.0
%
 
94.3
%
 
1,171

 
4,479

 
 
Fort Worth, TX
 
387,614

 
3.1
%
 
96.3
%
 
1,045

 
4,519

 
 
Nashville, TN
 
376,601

 
3.0
%
 
95.6
%
 
1,152

 
3,776

 
 
Phoenix, AZ
 
295,127

 
2.3
%
 
97.4
%
 
1,027

 
2,301

 
 
Las Vegas, NV
 
66,921

 
0.5
%
 
97.8
%
 
889

 
721

 
 
South Florida
 
58,155

 
0.5
%
 
96.9
%
 
1,589

 
480

 
 
Large Markets
 
$
9,582,540

 
75.9
%
 
96.2
%
 
$
1,230

 
69,499

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charleston, SC
 
$
283,056

 
2.2
%
 
96.6
%
 
$
1,107

 
2,726

 
 
Jacksonville, FL
 
281,587

 
2.2
%
 
97.5
%
 
1,014

 
3,496

 
 
Richmond, VA
 
235,113

 
1.9
%
 
96.7
%
 
1,036

 
1,922

 
 
Savannah, GA
 
228,269

 
1.8
%
 
97.6
%
 
995

 
2,219

 
 
San Antonio, TX
 
158,145

 
1.3
%
 
96.2
%
 
1,057

 
1,504

 
 
Kansas City, MO-KS
 
154,446

 
1.2
%
 
96.1
%
 
1,190

 
956

 
 
Birmingham, AL
 
147,750

 
1.2
%
 
96.6
%
 
945

 
1,462

 
 
Memphis, TN
 
122,382

 
1.0
%
 
96.2
%
 
898

 
1,811

 
 
All Other Secondary Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Alabama
 
$
166,227

 
1.3
%
 
96.1
%
 
$
842

 
1,856

 
 
Virginia
 
146,622

 
1.2
%
 
97.9
%
 
1,196

 
1,039

 
 
Florida
 
138,924

 
1.1
%
 
96.3
%
 
1,014

 
1,790

 
 
South Carolina
 
126,831

 
1.0
%
 
96.9
%
 
794

 
2,324

 
 
Arkansas
 
112,976

 
0.9
%
 
96.4
%
 
882

 
1,368

 
 
Kentucky
 
88,393

 
0.7
%
 
96.1
%
 
849

 
1,308

 
 
Mississippi
 
69,134

 
0.5
%
 
96.4
%
 
865

 
1,241

 
 
Tennessee
 
47,830

 
0.4
%
 
96.7
%
 
812

 
943

 
 
Secondary Markets
 
$
2,507,685

 
19.9
%
 
96.7
%
 
$
970

 
27,965

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
$
12,090,225

 
95.8
%
 
96.4
%
 
$
1,155

 
97,464

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Houston, TX
Large
$
81,231

 
0.6
%
 
12.9
%
 
$
1,375

 
225

 
388

Atlanta, GA
Large
69,853

 
0.6
%
 
0.0
%
 
—

 
—

 
770

Phoenix, AZ
Large
69,443

 
0.5
%
 
85.1
%
 
1,246

 
322

 
322

Raleigh/Durham, NC
Large
55,238

 
0.4
%
 
74.1
%
 
1,089

 
263

 
406

Denver, CO
Large
43,522

 
0.3
%
 
0.0
%
 
—

 
—

 
358

Austin, TX
Large
42,307

 
0.3
%
 
0.0
%
 
—

 
—

 
344

Orlando, FL
Large
35,060

 
0.3
%
 
77.8
%
 
1,318

 
212

 
314

Charleston, SC
Secondary
69,825

 
0.6
%
 
82.1
%
 
1,555

 
302

 
302

Greenville, SC
Secondary
56,602

 
0.4
%
 
81.8
%
 
1,216

 
336

 
336

Richmond, VA
Secondary
12,530

 
0.1
%
 
0.0
%
 
—

 
—

 
82

Kansas City, MO-KS
Secondary
12,526

 
0.1
%
 
0.0
%
 
—

 
—

 
154

Lease-up and Development
$
548,137

 
4.2
%
 
71.4
%
 
$
1,298

 
1,660

 
3,776

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
12,638,362

 
100.0
%
 
95.9
%
 
$
1,158

 
99,124

 
101,240


Schedule excludes joint venture property in Washington, D.C.

Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
 
Apartment
 
Gross Real
 
Three Months Ended
 
Units
 
Assets
 
December 31, 2016
 
December 31, 2015
 
Percent Change
Property Revenue
 
 
 
 
 
 
 
 
 
Same Store Communities
71,945

 
$
7,211,211

 
$
247,250

 
$
238,615

 
3.6
%
Non-Same Store Communities
25,519

 
4,879,015

 
54,344

 
23,138

 

Lease up/Development Communities
1,660

 
548,136

 
3,118

 
—

 

Total Multifamily Portfolio
99,124

 
$
12,638,362

 
$
304,712

 
$
261,753

 
 
Commercial Property/Land
—

 
$
203,016

 
$
2,486

 
$
1,584

 
 
Total Property Revenue
99,124

 
$
12,841,378

 
$
307,198

 
$
263,337

 

 
 
 
 
 
 
 
 
 
 
Property Expenses
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
90,686

 
$
88,403

 
2.6
%
Non-Same Store Communities

 

 
19,731

 
8,551

 

Lease up/Development Communities

 

 
1,490

 
26

 

Total Multifamily Portfolio

 

 
$
111,907

 
$
96,980

 
 
Commercial Property/Land
 
 

 
$
967

 
$
561

 
 
Total Property Expenses

 

 
$
112,874

 
$
97,541

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
156,564

 
$
150,212

 
4.2
%
Non-Same Store Communities

 

 
34,613

 
14,587

 

Lease up/Development Communities

 

 
1,628

 
(26
)
 

Total Multifamily Portfolio

 

 
$
192,805

 
$
164,773

 
 
Commercial Property/Land
 
 

 
$
1,519

 
$
1,023

 
 
Total Net Operating Income

 

 
$
194,324

 
$
165,796

 
17.2
%


COMPONENTS OF SAME STORE PROPERTY EXPENSES
Dollars in thousands

 
Three Months Ended
 
Year Ended
 
December 31, 2016
 
December 31, 2015
 
Percent Increase/(Decrease)
 
December 31, 2016
 
December 31, 2015
 
Percent Increase/(Decrease)
Personnel
$
23,139

 
$
22,542

 
2.6
 %
 
$
93,439

 
$
91,561

 
2.1
 %
Building Repair and Maintenance
10,262

 
10,532

 
(2.6
)%
 
44,354

 
44,025

 
0.7
 %
Utilities
20,173

 
19,953

 
1.1
 %
 
81,726

 
79,935

 
2.2
 %
Marketing
2,641

 
2,915

 
(9.4
)%
 
10,454

 
11,759

 
(11.1
)%
Office Operations
4,146

 
3,122

 
32.8
 %
 
14,507

 
13,225

 
9.7
 %
Property Taxes
27,719

 
26,373

 
5.1
 %
 
113,555

 
106,914

 
6.2
 %
Insurance
2,606

 
2,966

 
(12.1
)%
 
11,187

 
11,808

 
(5.3
)%
Total Property Expenses
$
90,686

 
$
88,403

 
2.6
 %
 
$
369,222

 
$
359,227

 
2.8
 %


Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY REGION

Combined Adjusted Same Store Portfolio
 
 
Average Physical Occupancy
 
Apartment Units
 
Percent of Combined Adjusted Same Store NOI
 
Three months ended December 31, 2016
 
Three months ended December 31, 2015
Atlanta, GA
11,139
 
14.1
%
 
96.2
%
 
96.1
%
Dallas, TX
9,085
 
10.0
%
 
95.8
%
 
96.0
%
Charlotte, NC
6,149
 
7.2
%
 
96.0
%
 
96.0
%
Austin, TX
6,773
 
6.9
%
 
96.0
%
 
95.8
%
Tampa, FL
5,220
 
6.8
%
 
96.4
%
 
96.3
%
Washington, DC
3,386
 
5.8
%
 
96.9
%
 
96.4
%
Orlando, FL
4,498
 
5.7
%
 
95.8
%
 
96.6
%
Raleigh/Durham, NC
4,794
 
4.9
%
 
96.1
%
 
95.6
%
Fort Worth, TX
4,093
 
4.0
%
 
96.1
%
 
96.6
%
Nashville, TN
3,207
 
3.7
%
 
95.7
%
 
95.5
%
Houston, TX
3,885
 
3.6
%
 
94.5
%
 
95.6
%
Phoenix, AZ
1,976
 
2.0
%
 
97.0
%
 
96.6
%
South Florida
480
 
0.7
%
 
96.7
%
 
95.9
%
Las Vegas, NV
721
 
0.7
%
 
97.8
%
 
97.9
%
Large Markets
65,406
 
76.1
%
 
96.0
%
 
96.1
%
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202
 
3.0
%
 
96.3
%
 
96.4
%
Charleston, SC
2,648
 
2.8
%
 
95.7
%
 
95.8
%
Savannah, GA
2,219
 
2.0
%
 
96.4
%
 
96.0
%
Richmond, VA
1,668
 
1.7
%
 
96.3
%
 
96.1
%
Memphis, TN
1,811
 
1.4
%
 
95.9
%
 
95.2
%
San Antonio, TX
1,504
 
1.4
%
 
96.6
%
 
96.2
%
Greenville, SC
1,748
 
1.4
%
 
96.6
%
 
95.6
%
Birmingham, AL
1,462
 
1.3
%
 
96.1
%
 
96.4
%
Little Rock, AR
1,368
 
1.2
%
 
96.1
%
 
95.4
%
Jackson, MS
1,241
 
1.0
%
 
96.2
%
 
96.5
%
Huntsville, AL
1,228
 
1.0
%
 
96.1
%
 
95.5
%
Lexington, KY
924
 
0.8
%
 
96.0
%
 
96.5
%
Other
5,335
 
4.9
%
 
96.0
%
 
96.1
%
Secondary Markets
26,358
 
23.9
%
 
96.1
%
 
96.0
%
 
 
 
 
 
 
 
 
Total Combined Adjusted Same Store
91,764
 
100.0
%
 
96.1
%
 
96.1
%
 
 
 
 
 
 
 
 


Supplemental Data S-4



MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q4 2016
 
Q4 2015
 
% Chg
 
Q4 2016
 
Q4 2015
 
% Chg
 
Q4 2016
 
Q4 2015
 
% Chg
 
Q4 2016
 
Q4 2015
 
% Chg
Atlanta, GA
6,074

 
$
23,062

 
$
21,965

 
5.0
 %
 
$
8,144

 
$
7,713

 
5.6
 %
 
$
14,918

 
$
14,252

 
4.7
 %
 
$
1,153

 
$
1,093

 
5.5
 %
Austin, TX
5,838

 
21,008

 
20,351

 
3.2
 %
 
8,963

 
8,531

 
5.1
 %
 
12,045

 
11,820

 
1.9
 %
 
1,095

 
1,058

 
3.5
 %
Charlotte, NC
4,401

 
15,435

 
14,692

 
5.1
 %
 
4,817

 
4,822

 
(0.1
)%
 
10,618

 
9,870

 
7.6
 %
 
1,070

 
1,018

 
5.1
 %
Dallas, TX
4,359

 
16,751

 
16,032

 
4.5
 %
 
6,550

 
6,653

 
(1.5
)%
 
10,201

 
9,379

 
8.8
 %
 
1,189

 
1,140

 
4.3
 %
Raleigh/Durham, NC
4,397

 
14,458

 
13,928

 
3.8
 %
 
4,873

 
4,478

 
8.8
 %
 
9,585

 
9,450

 
1.4
 %
 
1,005

 
961

 
4.6
 %
Fort Worth, TX
4,093

 
14,388

 
13,597

 
5.8
 %
 
5,672

 
5,488

 
3.4
 %
 
8,716

 
8,109

 
7.5
 %
 
1,051

 
992

 
5.9
 %
Orlando, FL
3,190

 
12,706

 
12,124

 
4.8
 %
 
4,474

 
4,395

 
1.8
 %
 
8,232

 
7,729

 
6.5
 %
 
1,229

 
1,159

 
6.0
 %
Nashville, TN
3,207

 
11,770

 
11,307

 
4.1
 %
 
3,824

 
3,739

 
2.3
 %
 
7,946

 
7,568

 
5.0
 %
 
1,133

 
1,093

 
3.7
 %
Tampa, FL
2,878

 
10,916

 
10,370

 
5.3
 %
 
3,919

 
3,858

 
1.6
 %
 
6,997

 
6,512

 
7.4
 %
 
1,152

 
1,093

 
5.4
 %
Houston, TX
3,232

 
10,797

 
11,030

 
(2.1
)%
 
4,345

 
4,467

 
(2.7
)%
 
6,452

 
6,563

 
(1.7
)%
 
1,033

 
1,057

 
(2.3
)%
Phoenix, AZ
1,976

 
6,496

 
6,204

 
4.7
 %
 
2,108

 
2,098

 
0.5
 %
 
4,388

 
4,106

 
6.9
 %
 
993

 
948

 
4.7
 %
South Florida
480

 
2,398

 
2,259

 
6.2
 %
 
841

 
830

 
1.3
 %
 
1,557

 
1,429

 
9.0
 %
 
1,589

 
1,522

 
4.4
 %
Las Vegas, NV
721

 
2,195

 
2,092

 
4.9
 %
 
725

 
741

 
(2.2
)%
 
1,470

 
1,351

 
8.8
 %
 
889

 
831

 
7.0
 %
Large Markets
44,846

 
$
162,380

 
$
155,951

 
4.1
 %
 
$
59,255

 
$
57,813

 
2.5
 %
 
$
103,125

 
$
98,138

 
5.1
 %
 
$
1,106

 
$
1,060

 
4.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202

 
$
9,985

 
$
9,709

 
2.8
 %
 
$
3,406

 
$
3,417

 
(0.3
)%
 
$
6,579

 
$
6,292

 
4.6
 %
 
$
983

 
$
951

 
3.4
 %
Charleston, SC
2,648

 
9,443

 
9,158

 
3.1
 %
 
3,427

 
3,546

 
(3.4
)%
 
6,016

 
5,612

 
7.2
 %
 
1,092

 
1,050

 
4.0
 %
Savannah, GA
2,219

 
7,277

 
7,237

 
0.6
 %
 
2,942

 
2,589

 
13.6
 %
 
4,335

 
4,648

 
(6.7
)%
 
995

 
985

 
1.0
 %
Richmond, VA
1,668

 
5,416

 
5,253

 
3.1
 %
 
1,809

 
1,708

 
5.9
 %
 
3,607

 
3,545

 
1.7
 %
 
994

 
954

 
4.2
 %
Memphis, TN
1,811

 
5,259

 
5,019

 
4.8
 %
 
2,188

 
2,179

 
0.4
 %
 
3,071

 
2,840

 
8.1
 %
 
898

 
857

 
4.8
 %
San Antonio, TX
1,504

 
5,159

 
5,068

 
1.8
 %
 
2,175

 
2,018

 
7.8
 %
 
2,984

 
3,050

 
(2.2
)%
 
1,057

 
1,050

 
0.7
 %
Greenville, SC
1,748

 
4,659

 
4,492

 
3.7
 %
 
1,701

 
1,755

 
(3.1
)%
 
2,958

 
2,737

 
8.1
 %
 
793

 
768

 
3.3
 %
Birmingham, AL
1,462

 
4,642

 
4,591

 
1.1
 %
 
1,914

 
1,713

 
11.7
 %
 
2,728

 
2,878

 
(5.2
)%
 
945

 
937

 
0.9
 %
Little Rock, AR
1,368

 
3,876

 
3,804

 
1.9
 %
 
1,381

 
1,380

 
0.1
 %
 
2,495

 
2,424

 
2.9
 %
 
882

 
871

 
1.3
 %
Jackson, MS
1,241

 
3,572

 
3,512

 
1.7
 %
 
1,287

 
1,318

 
(2.4
)%
 
2,285

 
2,194

 
4.1
 %
 
865

 
854

 
1.3
 %
Fredericksburg, VA
741

 
2,964

 
2,929

 
1.2
 %
 
889

 
877

 
1.4
 %
 
2,075

 
2,052

 
1.1
 %
 
1,229

 
1,200

 
2.4
 %
Huntsville, AL
1,228

 
3,308

 
3,197

 
3.5
 %
 
1,243

 
1,273

 
(2.4
)%
 
2,065

 
1,924

 
7.3
 %
 
785

 
765

 
2.6
 %
Lexington, KY
924

 
2,613

 
2,494

 
4.8
 %
 
924

 
895

 
3.2
 %
 
1,689

 
1,599

 
5.6
 %
 
861

 
833

 
3.4
 %
Other
5,335

 
16,697

 
16,201

 
3.1
 %
 
6,145

 
5,922

 
3.8
 %
 
10,552

 
10,279

 
2.7
 %
 
967

 
935

 
3.4
 %
Secondary Markets
27,099

 
$
84,870

 
$
82,664

 
2.7
 %
 
$
31,431

 
$
30,590

 
2.7
 %
 
$
53,439

 
$
52,074

 
2.6
 %
 
$
959

 
$
933

 
2.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
71,945

 
$
247,250

 
$
238,615

 
3.6
 %
 
$
90,686

 
$
88,403

 
2.6
 %
 
$
156,564

 
$
150,212

 
4.2
 %
 
$
1,051

 
$
1,012

 
3.9
 %







Supplemental Data S-5



MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q4 2016
 
Q3 2016
 
% Chg
 
Q4 2016
 
Q3 2016
 
% Chg
 
Q4 2016
 
Q3 2016
 
% Chg
 
Q4 2016
 
Q3 2016
 
% Chg
Atlanta, GA
6,074

 
$
23,062

 
$
23,148

 
(0.4
)%
 
$
8,144

 
$
8,548

 
(4.7
)%
 
$
14,918

 
$
14,600

 
2.2
 %
 
$
1,153

 
$
1,144

 
0.8
 %
Austin, TX
5,838

 
21,008

 
21,185

 
(0.8
)%
 
8,963

 
9,376

 
(4.4
)%
 
12,045

 
11,809

 
2.0
 %
 
1,095

 
1,095

 
0.0
 %
Charlotte, NC
4,401

 
15,435

 
15,363

 
0.5
 %
 
4,817

 
5,047

 
(4.6
)%
 
10,618

 
10,316

 
2.9
 %
 
1,070

 
1,064

 
0.6
 %
Dallas, TX
4,359

 
16,751

 
16,818

 
(0.4
)%
 
6,550

 
7,256

 
(9.7
)%
 
10,201

 
9,562

 
6.7
 %
 
1,189

 
1,184

 
0.4
 %
Raleigh/Durham, NC
4,397

 
14,458

 
14,487

 
(0.2
)%
 
4,873

 
5,158

 
(5.5
)%
 
9,585

 
9,329

 
2.7
 %
 
1,005

 
1,003

 
0.2
 %
Fort Worth, TX
4,093

 
14,388

 
14,270

 
0.8
 %
 
5,672

 
6,283

 
(9.7
)%
 
8,716

 
7,987

 
9.1
 %
 
1,051

 
1,044

 
0.7
 %
Orlando, FL
3,190

 
12,706

 
12,659

 
0.4
 %
 
4,474

 
4,488

 
(0.3
)%
 
8,232

 
8,171

 
0.7
 %
 
1,229

 
1,221

 
0.7
 %
Nashville, TN
3,207

 
11,770

 
11,840

 
(0.6
)%
 
3,824

 
4,040

 
(5.3
)%
 
7,946

 
7,800

 
1.9
 %
 
1,133

 
1,132

 
0.1
 %
Tampa, FL
2,878

 
10,916

 
10,875

 
0.4
 %
 
3,919

 
4,140

 
(5.3
)%
 
6,997

 
6,735

 
3.9
 %
 
1,152

 
1,146

 
0.5
 %
Houston, TX
3,232

 
10,797

 
10,902

 
(1.0
)%
 
4,345

 
4,686

 
(7.3
)%
 
6,452

 
6,216

 
3.8
 %
 
1,033

 
1,043

 
(1.0
)%
Phoenix, AZ
1,976

 
6,496

 
6,506

 
(0.2
)%
 
2,108

 
2,291

 
(8.0
)%
 
4,388

 
4,215

 
4.1
 %
 
993

 
987

 
0.6
 %
South Florida
480

 
2,398

 
2,368

 
1.3
 %
 
841

 
878

 
(4.2
)%
 
1,557

 
1,490

 
4.5
 %
 
1,589

 
1,581

 
0.5
 %
Las Vegas, NV
721

 
2,195

 
2,204

 
(0.4
)%
 
725

 
789

 
(8.1
)%
 
1,470

 
1,415

 
3.9
 %
 
889

 
875

 
1.6
 %
Large Markets
44,846

 
$
162,380

 
$
162,625

 
(0.2
)%
 
$
59,255

 
$
62,980

 
(5.9
)%
 
$
103,125

 
$
99,645

 
3.5
 %
 
$
1,106

 
$
1,102

 
0.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
3,202

 
$
9,985

 
$
10,019

 
(0.3
)%
 
$
3,406

 
$
3,596

 
(5.3
)%
 
$
6,579

 
$
6,423

 
2.4
 %
 
$
983

 
$
979

 
0.4
 %
Charleston, SC
2,648

 
9,443

 
9,525

 
(0.9
)%
 
3,427

 
3,363

 
1.9
 %
 
6,016

 
6,162

 
(2.4
)%
 
1,092

 
1,085

 
0.6
 %
Savannah, GA
2,219

 
7,277

 
7,400

 
(1.7
)%
 
2,942

 
2,801

 
5.0
 %
 
4,335

 
4,599

 
(5.7
)%
 
995

 
995

 
0.0
 %
Richmond, VA
1,668

 
5,416

 
5,420

 
(0.1
)%
 
1,809

 
1,850

 
(2.2
)%
 
3,607

 
3,570

 
1.0
 %
 
994

 
989

 
0.5
 %
Memphis, TN
1,811

 
5,259

 
5,258

 
0.0
 %
 
2,188

 
2,341

 
(6.5
)%
 
3,071

 
2,917

 
5.3
 %
 
898

 
889

 
1.0
 %
San Antonio, TX
1,504

 
5,159

 
5,172

 
(0.3
)%
 
2,175

 
2,223

 
(2.2
)%
 
2,984

 
2,949

 
1.2
 %
 
1,057

 
1,060

 
(0.3
)%
Greenville, SC
1,748

 
4,659

 
4,639

 
0.4
 %
 
1,701

 
1,785

 
(4.7
)%
 
2,958

 
2,854

 
3.6
 %
 
793

 
790

 
0.4
 %
Birmingham, AL
1,462

 
4,642

 
4,653

 
(0.2
)%
 
1,914

 
1,890

 
1.3
 %
 
2,728

 
2,763

 
(1.3
)%
 
945

 
947

 
(0.2
)%
Little Rock, AR
1,368

 
3,876

 
3,890

 
(0.4
)%
 
1,381

 
1,494

 
(7.6
)%
 
2,495

 
2,396

 
4.1
 %
 
882

 
884

 
(0.2
)%
Jackson, MS
1,241

 
3,572

 
3,584

 
(0.3
)%
 
1,287

 
1,360

 
(5.4
)%
 
2,285

 
2,224

 
2.7
 %
 
865

 
865

 
0.0
 %
Fredericksburg, VA
741

 
2,964

 
2,975

 
(0.4
)%
 
889

 
914

 
(2.7
)%
 
2,075

 
2,061

 
0.7
 %
 
1,229

 
1,235

 
(0.5
)%
Huntsville, AL
1,228

 
3,308

 
3,315

 
(0.2
)%
 
1,243

 
1,319

 
(5.8
)%
 
2,065

 
1,996

 
3.5
 %
 
785

 
785

 
0.0
 %
Lexington, KY
924

 
2,613

 
2,579

 
1.3
 %
 
924

 
923

 
0.1
 %
 
1,689

 
1,656

 
2.0
 %
 
861

 
864

 
(0.3
)%
Other
5,335

 
16,697

 
16,758

 
(0.4
)%
 
6,145

 
6,413

 
(4.2
)%
 
10,552

 
10,345

 
2.0
 %
 
967

 
965

 
0.2
 %
Secondary Markets
27,099

 
$
84,870

 
$
85,187

 
(0.4
)%
 
$
31,431

 
$
32,272

 
(2.6
)%
 
$
53,439

 
$
52,915

 
1.0
 %
 
$
959

 
$
957

 
0.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
71,945

 
$
247,250

 
$
247,812

 
(0.2
)%
 
$
90,686

 
$
95,252

 
(4.8
)%
 
$
156,564

 
$
152,560

 
2.6
 %
 
$
1,051

 
$
1,047

 
0.4
 %
MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS



Supplemental Data S-6



MULTIFAMILY SAME STORE FULL YEAR COMPARISONS AS OF DECEMBER 31, 2016 AND 2015
Dollars in thousands, except unit and per unit data

 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
2016
 
2015
 
% Chg
 
2016
 
2015
 
% Chg
 
2016
 
2015
 
% Chg
 
2016
 
2015
 
% Chg
Atlanta, GA
6,074

 
$
91,144

 
$
86,190

 
5.7
 %
 
$
33,433

 
$
32,862

 
1.7
 %
 
$
57,711

 
$
53,328

 
8.2
 %
 
$
1,131

 
$
1,067

 
6.0
 %
Austin, TX
5,838

 
83,543

 
79,667

 
4.9
 %
 
36,718

 
34,994

 
4.9
 %
 
46,825

 
44,673

 
4.8
 %
 
1,086

 
1,037

 
4.7
 %
Charlotte, NC
4,401

 
61,031

 
57,968

 
5.3
 %
 
19,559

 
19,355

 
1.1
 %
 
41,472

 
38,613

 
7.4
 %
 
1,052

 
996

 
5.6
 %
Dallas, TX
4,359

 
66,144

 
63,189

 
4.7
 %
 
27,379

 
26,423

 
3.6
 %
 
38,765

 
36,766

 
5.4
 %
 
1,171

 
1,123

 
4.3
 %
Raleigh/Durham, NC
4,397

 
57,257

 
55,272

 
3.6
 %
 
19,555

 
18,547

 
5.4
 %
 
37,702

 
36,725

 
2.7
 %
 
990

 
950

 
4.2
 %
Fort Worth, TX
4,093

 
56,389

 
52,817

 
6.8
 %
 
23,560

 
22,237

 
5.9
 %
 
32,829

 
30,580

 
7.4
 %
 
1,030

 
968

 
6.4
 %
Orlando, FL
3,190

 
50,072

 
46,933

 
6.7
 %
 
17,806

 
17,372

 
2.5
 %
 
32,266

 
29,561

 
9.2
 %
 
1,205

 
1,123

 
7.3
 %
Nashville, TN
3,207

 
46,642

 
44,690

 
4.4
 %
 
15,305

 
15,010

 
2.0
 %
 
31,337

 
29,680

 
5.6
 %
 
1,118

 
1,078

 
3.7
 %
Tampa, FL
2,878

 
42,878

 
40,776

 
5.2
 %
 
16,131

 
15,660

 
3.0
 %
 
26,747

 
25,116

 
6.5
 %
 
1,132

 
1,068

 
6.0
 %
Houston, TX
3,232

 
43,808

 
44,086

 
(0.6
)%
 
18,989

 
18,679

 
1.7
 %
 
24,819

 
25,407

 
(2.3
)%
 
1,044

 
1,052

 
(0.8
)%
Phoenix, AZ
1,976

 
25,726

 
24,306

 
5.8
 %
 
8,592

 
8,550

 
0.5
 %
 
17,134

 
15,756

 
8.7
 %
 
978

 
927

 
5.5
 %
South Florida
480

 
9,448

 
9,020

 
4.7
 %
 
3,406

 
3,289

 
3.6
 %
 
6,042

 
5,731

 
5.4
 %
 
1,567

 
1,494

 
4.9
 %
Las Vegas, NV
721

 
8,597

 
8,020

 
7.2
 %
 
2,959

 
2,931

 
1.0
 %
 
5,638

 
5,089

 
10.8
 %
 
866

 
812

 
6.7
 %
Large Markets
44,846

 
$
642,679

 
$
612,934

 
4.9
 %
 
$
243,392

 
$
235,909

 
3.2
 %
 
$
399,287

 
$
377,025

 
5.9
 %
 
$
1,090

 
$
1,039

 
4.9
 %
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

Jacksonville, FL
3,202

 
$
39,721

 
$
38,194

 
4.0
 %
 
$
13,934

 
$
13,847

 
0.6
 %
 
$
25,787

 
$
24,347

 
5.9
 %
 
$
972

 
$
937

 
3.7
 %
Charleston, SC
2,648

 
37,548

 
36,110

 
4.0
 %
 
13,094

 
12,957

 
1.1
 %
 
24,454

 
23,153

 
5.6
 %
 
1,076

 
1,027

 
4.8
 %
Savannah, GA
2,219

 
29,268

 
28,617

 
2.3
 %
 
11,008

 
10,452

 
5.3
 %
 
18,260

 
18,165

 
0.5
 %
 
990

 
974

 
1.6
 %
Richmond, VA
1,668

 
21,520

 
20,901

 
3.0
 %
 
7,299

 
7,197

 
1.4
 %
 
14,221

 
13,704

 
3.8
 %
 
979

 
945

 
3.6
 %
Memphis, TN
1,811

 
20,856

 
19,950

 
4.5
 %
 
9,013

 
8,897

 
1.3
 %
 
11,843

 
11,053

 
7.1
 %
 
882

 
852

 
3.5
 %
San Antonio, TX
1,504

 
20,601

 
20,334

 
1.3
 %
 
8,852

 
8,625

 
2.6
 %
 
11,749

 
11,709

 
0.3
 %
 
1,057

 
1,046

 
1.1
 %
Greenville, SC
1,748

 
18,404

 
17,708

 
3.9
 %
 
6,994

 
7,004

 
(0.1
)%
 
11,410

 
10,704

 
6.6
 %
 
783

 
758

 
3.3
 %
Birmingham, AL
1,462

 
18,578

 
18,357

 
1.2
 %
 
7,633

 
7,322

 
4.2
 %
 
10,945

 
11,035

 
(0.8
)%
 
944

 
936

 
0.9
 %
Little Rock, AR
1,368

 
15,480

 
15,223

 
1.7
 %
 
5,700

 
5,583

 
2.1
 %
 
9,780

 
9,640

 
1.5
 %
 
880

 
874

 
0.7
 %
Jackson, MS
1,241

 
14,273

 
14,088

 
1.3
 %
 
5,296

 
5,308

 
(0.2
)%
 
8,977

 
8,780

 
2.2
 %
 
862

 
847

 
1.8
 %
Fredericksburg, VA
741

 
11,851

 
11,512

 
2.9
 %
 
3,576

 
3,529

 
1.3
 %
 
8,275

 
7,983

 
3.7
 %
 
1,224

 
1,177

 
4.0
 %
Huntsville, AL
1,228

 
13,117

 
12,716

 
3.2
 %
 
5,079

 
5,065

 
0.3
 %
 
8,038

 
7,651

 
5.1
 %
 
776

 
763

 
1.7
 %
Lexington, KY
924

 
10,223

 
9,922

 
3.0
 %
 
3,638

 
3,626

 
0.3
 %
 
6,585

 
6,296

 
4.6
 %
 
851

 
829

 
2.7
 %
Other
5,335

 
66,443

 
64,068

 
3.7
 %
 
24,714

 
23,906

 
3.4
 %
 
41,729

 
40,162

 
3.9
 %
 
957

 
921

 
3.9
 %
Secondary Markets
27,099

 
$
337,883

 
$
327,700

 
3.1
 %
 
$
125,830

 
$
123,318

 
2.0
 %
 
$
212,053

 
$
204,382

 
3.8
 %
 
$
950

 
$
923

 
2.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Store
71,945

 
$
980,562

 
$
940,634

 
4.2
 %
 
$
369,222

 
$
359,227

 
2.8
 %
 
$
611,340

 
$
581,407

 
5.1
 %
 
$
1,037

 
$
995

 
4.2
 %

Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of December 31, 2016
 
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Market
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q4 2016
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Post Parkside at Wade II
Raleigh/Durham, North Carolina
 
406

 
263

 
213

 
4Q14
 
2Q16
 
2Q17
 
3Q17
 
$
58,900

 
$
55,528

 
$
3,372

Retreat at West Creek II
Richmond, Virginia
 
82

 
—

 
53

 
4Q15
 
1Q17
 
2Q17
 
3Q17
 
15,100

 
12,530

 
$
2,570

CG at Randal Lakes II
Orlando, Florida
 
314

 
212

 
192

 
2Q15
 
2Q16
 
2Q17
 
4Q17
 
41,300

 
35,060

 
$
6,240

Post Afton Oaks
Houston, Texas
 
388

 
225

 
29

 
3Q14
 
4Q16
 
2Q17
 
2Q18
 
79,900

 
76,363

 
$
3,537

The Denton II
Kansas City, Missouri-Kansas
 
154

 
—

 
—

 
4Q15
 
3Q17
 
4Q17
 
3Q18
 
25,400

 
12,526

 
$
12,874

Post South Lamar II
Austin, Texas
 
344

 
—

 
—

 
1Q15
 
2Q17
 
4Q17
 
4Q18
 
65,600

 
44,351

 
$
21,249

Post Millennium Midtown
Atlanta, Georgia
 
332

 
—

 
—

 
2Q15
 
3Q17
 
1Q18
 
4Q18
 
91,100

 
44,648

 
$
46,452

Post River North
Denver, Colorado
 
358

 
—

 
—

 
4Q15
 
4Q17
 
1Q18
 
2Q19
 
88,200

 
46,604

 
$
41,596

Post Centennial Park
Atlanta, Georgia
 
438

 
—

 
—

 
1Q16
 
1Q18
 
3Q18
 
4Q19
 
96,300

 
34,150

 
$
62,150

Total Active
 
 
2,816

 
700

 
487

 
 
 
 
 
 
 
 
 
$
561,800

 
$
361,760

 
$
200,040


(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
MULTIFAMILY LEASE-UP COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Market
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
Residences at Fountainhead
Phoenix, Arizona
 
322

 
85.1
%
 
(2) 
 
2Q17
Innovation Apartment Homes
Greenville, South Carolina
 
336

 
81.8
%
 
(2) 
 
3Q17
1201 Midtown
Charleston, South Carolina
 
302

 
82.1
%
 
(2) 
 
4Q17
Total
 
 
960

 
83.0
%
 
 
 
 

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

2016 ACQUISITION ACTIVITY
Dollars in thousands
 
Multifamily Acquisitions
 
Market
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
The Apartments at Cobblestone Square
 
Fredericksburg, Virginia
 
314
 
2012
 
March 1, 2016
 
$
3,273

Residences at Fountainhead 
 
Phoenix, Arizona
 
322
 
2015
 
June 30, 2016
 
1,196

Yale at 6th
 
Houston, Texas
 
352
 
2015
 
September 8, 2016
 
1,591

Innovation Apartment Homes
 
Greenville, South Carolina
 
336
 
2015
 
September 22, 2016
 
612

1201 Midtown
 
Charleston, South Carolina
 
302
 
2015
 
December 15, 2016
 
151


Land Acquisitions
 
Market
 
Acres
 
 
 
Closing Date
 
 
1201 Midtown
 
Charleston, South Carolina
 
4
 
 
 
December 29, 2016
 
 


Supplemental Data S-8



2016 DISPOSITION ACTIVITY
Dollars in thousands
 

Multifamily Dispositions
 
Market
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
Colonial Village at Mill Creek
 
Winston-Salem, North Carolina
 
220
 
1984
 
August 18, 2016
 
$
595

Corners at Crystal Lake
 
Winston-Salem, North Carolina
 
240
 
1982
 
August 18, 2016
 
717

Colonial Village at Glen Eagles
 
Winston-Salem, North Carolina
 
310
 
1990/2000
 
August 18, 2016
 
1,056

Colonial Grand at Autumn Park
 
Greensboro, North Carolina
 
402
 
2001/04
 
August 18, 2016
 
1,829

Abbington Place
 
Huntsville, Alabama
 
152
 
1987
 
September 13, 2016
 
492

Colonial Village at Greystone
 
Charlotte, North Carolina
 
408
 
1998/2000
 
September 13, 2016
 
1,892

Colonial Village at Stone Point
 
Charlotte, North Carolina
 
192
 
1986
 
September 13, 2016
 
941

Colonial Village at Woodlake
 
Raleigh/Durham, North Carolina
 
266
 
1996
 
November 17, 2016
 
1,624

Colonial Village at Tradewinds
 
Norfolk/Hampton/Virginia Beach, Virginia
 
284
 
1988
 
November 17, 2016
 
1,672

Colonial Village at Harbour Club
 
Norfolk/Hampton/Virginia Beach, Virginia
 
213
 
1988
 
November 17, 2016
 
1,247

Colonial Village at Main Park
 
Dallas, Texas
 
192
 
1994
 
November 17, 2016
 
1,137

Lane at Towne Crossing
 
Dallas, Texas
 
384
 
1983
 
November 17, 2016
 
2,090


Commercial Dispositions
 
Market
 
Square Feet
 
Year Built
 
Closing Date
 
YTD NOI
Colonial Promenade Nord du Lac
 
Covington, Louisiana
 
295,447
 
2011
 
March 28, 2016
 
$
460

Land Title Building(1)
 
Birmingham, Alabama
 
29,971
 
 
 
May 23, 2016
 
—
Land Dispositions
 
Market
 
Acres
 
 
 
Closing Date
McKinney(2)
 
Dallas, Texas
 
30
 
 
 
February 4, 2016
Colonial Promenade Nord du Lac - Outparcels
 
Covington, Louisiana
 
25
 
 
 
March 28, 2016
Colonial Grand at Heathrow - Adjacent Land Parcels
 
Orlando, Florida
 
11
 
 
 
April 7, 2016 and April 13, 2016
CP Huntsville - Outparcel
 
Huntsville, Alabama
 
1
 
 
 
June 29, 2016
(1) This property was sold by Six Hundred Building Partners, a joint venture, in which MAA owned a 33.3% interest.
(2) This property consisting of undeveloped land was sold by McDowell CRLP McKinney JV, LLC, a joint venture, in which MAA owned a 25% interest.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2016
Dollars in thousands
 
 
 
 
DEBT SUMMARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Rate
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Floating Versus Fixed Rate or Hedged Debt
 
 
 
 
 
 
 
 
 
 
Fixed rate or swapped debt
 
$
3,849,712

 
85.6
%
 
3.9
%
 
4.3
%
 
4.2

Capped debt
 
50,000

 
1.1
%
 
1.1
%
 
1.1
%
 
1.3

Floating (unhedged) debt
 
600,000

 
13.3
%
 
1.5
%
 
1.5
%
 
0.1

Total
 
$
4,499,712

 
100.0
%
 
3.5
%
 
3.9
%
 
3.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
$
3,180,624

 
70.7
%
 
3.4
%
 
3.4
%
 
4.4

Secured debt
 
1,319,088

 
29.3
%
 
3.6
%
 
5.0
%
 
2.5

Total
 
$
4,499,712

 
100.0
%
 
3.5
%
 
3.9
%
 
3.9

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
 
 
Q4 2016
 
Percent of
 
 
Cost
 
Total
 
 
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
10,664,284

 
80.3
%
 
 
 
$
152,402

 
78.4
%
Encumbered gross assets
 
2,615,008

 
19.7
%
 

 
41,922

 
21.6
%
Total
 
$
13,279,292

 
100.0
%
 
 
 
$
194,324

 
100.0
%

FIXED OR HEDGED INTEREST RATE MATURITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
Fixed
 
Interest
 
Total
 
 
 
Interest
 
Total
 
Years to
 
 
Rate
 
Rate
 
Fixed Rate
 
Contract
 
Rate
 
Fixed or
 
Rate
Maturity
 
Debt
 
Swaps
 
Balances
 
Rate
 
Caps
 
Hedged
 
Maturity
2017
 
$
200,623

 
$
299,098

 
$
499,721

 
3.1
%
 
$
25,000

 
$
524,721

 
 
2018
 
138,945

 
250,692

 
389,637

 
4.0
%
 
25,000

 
414,637

 
 
2019
 
754,785

 
—

 
754,785

 
5.8
%
 
—

 
754,785

 
 
2020
 
166,843

 
298,944

 
465,787

 
3.3
%
 
—

 
465,787

 
 
2021
 
199,004

 
—

 
199,004

 
5.2
%
 
—

 
199,004

 
 
Thereafter
 
1,540,778

 
—

 
1,540,778

 
4.0
%
 
—

 
1,540,778

 
 
Total
 
$
3,000,978

 
$
848,734

 
$
3,849,712

 
4.2
%
 
$
50,000

 
$
3,899,712

 
4.2











Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2016 (CONTINUED)
Dollars in thousands
 
 
 
 

DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key Bank Unsecured
 
Public Bonds
 
Other Unsecured
 
Secured
 
Total
2017
 
$
—

 
$
152,338

 
$
17,980

 
$
110,305

 
$
280,623

2018
 
—

 
—

 
300,616

 
169,021

 
469,637

2019
 

 
—

 
19,950

 
734,835

 
754,785

2020
 
490,000

 
—

 
149,729

 
166,843

 
806,572

2021
 
—

 
—

 
221,888

 
126,486

 
348,374

Thereafter
 
—

 
1,380,479

 
447,644

 
11,598

 
1,839,721

Total
 
$
490,000

 
$
1,532,817

 
$
1,157,807

 
$
1,319,088

 
$
4,499,712


DEBT COVENANT ANALYSIS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenants
 
Required
 
Actual
 
Compliance
Total debt to total assets
 
60% or less
 
33.9%
 
Yes
Total secured debt to total assets
 
40% or less
 
9.9%
 
Yes
Consolidated income available for debt service to total annual debt service charge
 
1.5x or greater for trailing 4 quarters
 
4.91x
 
Yes
Total unencumbered assets to total unsecured debt
 
Greater than 150%
 
335%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total debt to total capitalized asset value
 
60% or less
 
29.2%
 
Yes
Total secured debt to total capitalized asset value
 
40% or Less
 
8.5%
 
Yes
Total adjusted EBITDA to fixed charges
 
1.5x or greater for trailing 4 quarters
 
4.14x
 
Yes
Total unsecured debt to total unsecured capitalized asset value
 
60% or less
 
25.4%
 
Yes
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in Mid-America Apartments, L.P.'s debt agreements, and as such, these calculations may not be consistent with those found earlier in this document.

Supplemental Data S-11



2017 GUIDANCE
 
 
 
MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
 
Full Year 2017
Earnings
 
Net income per diluted common share
$1.82 to $2.02
Midpoint
$1.92
FFO per Share - diluted
$5.72 to $5.92
Midpoint
$5.82
AFFO per Share - diluted
$5.12 to $5.32
Midpoint
$5.22
 
 
Same Store Communities:
 
Number of units
93,034
Property revenue growth
3.0% to 3.5%
Property operating expense growth
3.0% to 4.0%
NOI growth
3.0% to 3.5%
Real estate tax expense growth
5.0% to 6.0%
 
 
Corporate Expenses:
 
General and administrative and Property management expenses
$85.0 to $87.0 million
Income tax expense
$2.0 to $3.0 million
 
 
Transaction/Investment Volume:
 
Acquisition volume
$300 to $400 million
Disposition volume
$125 to $175 million
Development investment
$150 to $250 million
 
 
Debt:
 
Average effective interest rate
3.4% to 3.6%
Capitalized interest
$7.0 to $8.0 million
Mark to market adjustment
$16.0 to $18.0 million
 
 
Other Items:
 
Merger and integration expenses
$16.0 to $20.0 million

RECONCILIATION OF NET INCOME GUIDANCE TO FFO AND AFFO GUIDANCE
 
2017 Full Year Guidance Range
 
Low
 
High
Earnings per common share - diluted
$
1.82

 
$
2.02

Real estate depreciation
3.95

 
3.95

Amortization other
0.27

 
0.27

Gains on sale of depreciable assets
(0.32
)
 
(0.32
)
FFO per Share
5.72

 
5.92

Recurring capital expenditures
(0.60
)
 
(0.60
)
AFFO per Share
$
5.12

 
$
5.32





Supplemental Data S-12



CREDIT RATINGS
 
 
 
 
 
 
 
 
Rating
 
Outlook
Fitch Ratings (1)
BBB+
 
Stable
Moody's Investors Service (2)
Baa2
 
Positive
Standard & Poor's Ratings Services (1)
BBB+
 
Stable

(1) 
Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, L.P.
(2) 
Corporate credit rating assigned to Mid-America Apartments, L.P., the primary operating partnership of Mid-America Apartment Communities, Inc.

COMMON STOCK
 
 
 
 
 
 
 
 
 
 
Stock Symbol:
MAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
NYSE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 2017
 
 
Earnings release & conference call
Late April
 
Late July
 
Late October
 
Early February
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q4 2015
 
Q1 2016
 
Q2 2016
 
Q3 2016
 
Q4 2016
Declaration Date
12/8/2015

 
3/22/2016

 
5/17/2016

 
9/27/2016

 
12/8/2016

Record Date
1/15/2016

 
4/15/2016

 
7/15/2016

 
10/14/2016

 
1/13/2017

Payment Date
1/29/2016

 
4/29/2016

 
7/29/2016

 
10/31/2016

 
1/31/2017

Distributions Per Share
$
0.82

 
$
0.82

 
$
0.82

 
$
0.82

 
$
0.87


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, 10-Qs, 10-Ks and other information call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of MAA's website at www.maac.com.
 
 
 
 
 
 
 
 
 
 
 
For Questions Contact:
 
 
 
 
 
 
 
 
 
 
Name
 
Title
 
Tim Argo
 
Senior Vice President, Finance
 
Jennifer Patrick
 
Investor Relations


Supplemental Data S-13

MID AMERICA APARTMENT COMMUNITIES INC. Reports