EX-99.2 3 a1q19exh992.htm EXHIBIT 99.2 Exhibit


PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2019 (In apartment units)(1) 
 
 
Same Store
 
Non-Same Store
 
Lease-up
 
Total Completed Communities
 
Development Units Delivered
 
Total
Atlanta, GA
 
10,664

 
332

 
438

 
11,434

 
—

 
11,434

Dallas, TX
 
9,404

 
362

 
—

 
9,766

 
—

 
9,766

Austin, TX
 
6,475

 
642

 
—

 
7,117

 
—

 
7,117

Charlotte, NC
 
6,149

 
—

 
—

 
6,149

 
—

 
6,149

Orlando, FL
 
5,274

 
—

 
—

 
5,274

 
—

 
5,274

Tampa, FL
 
5,220

 
—

 
—

 
5,220

 
—

 
5,220

Raleigh/Durham, NC
 
4,397

 
803

 
—

 
5,200

 
—

 
5,200

Houston, TX
 
4,867

 
—

 
—

 
4,867

 
—

 
4,867

Nashville, TN
 
4,055

 
320

 
—

 
4,375

 
—

 
4,375

Fort Worth, TX
 
4,249

 
—

 
—

 
4,249

 
—

 
4,249

Washington, DC
 
4,080

 
—

 
—

 
4,080

 
—

 
4,080

Jacksonville, FL
 
3,496

 
—

 
—

 
3,496

 
—

 
3,496

Charleston, SC
 
2,726

 
302

 
140

 
3,168

 
—

 
3,168

Phoenix, AZ
 
2,623

 
—

 
—

 
2,623

 
—

 
2,623

Savannah, GA
 
2,219

 
—

 
—

 
2,219

 
—

 
2,219

Greenville, SC
 
2,084

 
—

 
—

 
2,084

 
—

 
2,084

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

Little Rock, AR
 
1,368

 
—

 
—

 
1,368

 
—

 
1,368

Jackson, MS
 
1,241

 
—

 
—

 
1,241

 
—

 
1,241

Huntsville, AL
 
1,228

 
—

 
—

 
1,228

 
—

 
1,228

Other
 
7,320

 
603

 
733

 
8,656

 
—

 
8,656

Total Multifamily Units
 
95,920

 
3,364

 
1,311

 
100,595

 
—

 
100,595


(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 March 31, 2019
 
Average Effective Rent per Unit for the Three Months Ended March 31, 2019
 
As of March 31, 2019
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
1,871,195

 
14.0
%
 
95.9
%
 
$
1,415

 
10,996

 
 
Dallas, TX
 
1,369,588

 
10.2
%
 
95.1
%
 
1,263

 
9,766

 
 
Washington, DC
 
945,772

 
7.1
%
 
96.6
%
 
1,753

 
4,080

 
 
Charlotte, NC
 
942,590

 
7.0
%
 
96.3
%
 
1,195

 
6,149

 
 
Tampa, FL
 
862,188

 
6.4
%
 
96.5
%
 
1,427

 
5,220

 
 
Austin, TX
 
827,797

 
6.2
%
 
95.7
%
 
1,206

 
7,117

 
 
Orlando, FL
 
816,197

 
6.1
%
 
95.8
%
 
1,426

 
5,274

 
 
Raleigh/Durham, NC
 
662,374

 
4.9
%
 
96.4
%
 
1,090

 
5,200

 
 
Houston, TX
 
597,234

 
4.5
%
 
95.6
%
 
1,177

 
4,867

 
 
Nashville, TN
 
525,591

 
3.9
%
 
95.4
%
 
1,229

 
4,375

 
 
Fort Worth, TX
 
388,395

 
2.9
%
 
95.7
%
 
1,138

 
4,249

 
 
Phoenix, AZ
 
372,197

 
2.8
%
 
96.2
%
 
1,166

 
2,623

 
 
Charleston, SC
 
365,336

 
2.7
%
 
95.4
%
 
1,172

 
3,028

 
 
Jacksonville, FL
 
290,505

 
2.2
%
 
96.8
%
 
1,110

 
3,496

 
 
Richmond, VA
 
259,996

 
1.9
%
 
96.9
%
 
1,156

 
2,004

 
 
Savannah, GA
 
237,803

 
1.8
%
 
95.6
%
 
1,068

 
2,219

 
 
Kansas City, MO-KS
 
182,919

 
1.4
%
 
95.7
%
 
1,207

 
1,110

 
 
San Antonio, TX
 
160,745

 
1.2
%
 
96.9
%
 
1,081

 
1,504

 
 
Birmingham, AL
 
154,705

 
1.2
%
 
95.8
%
 
997

 
1,462

 
 
Greenville, SC
 
153,205

 
1.1
%
 
96.7
%
 
889

 
2,084

 
 
Memphis, TN
 
128,922

 
1.0
%
 
96.0
%
 
973

 
1,811

 
 
All Other Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Florida
 
$
174,696

 
1.3
%
 
97.0
%
 
$
1,290

 
1,806

 
 
Alabama
 
155,106

 
1.2
%
 
97.2
%
 
934

 
1,648

 
 
Virginia
 
150,691

 
1.1
%
 
97.0
%
 
1,263

 
1,039

 
 
Arkansas
 
117,407

 
0.9
%
 
95.7
%
 
875

 
1,368

 
 
Kentucky
 
92,634

 
0.7
%
 
96.0
%
 
862

 
1,308

 
 
Mississippi
 
72,883

 
0.5
%
 
96.7
%
 
874

 
1,241

 
 
Nevada
 
68,995

 
0.5
%
 
96.7
%
 
1,013

 
721

 
 
Tennessee
 
51,110

 
0.4
%
 
96.4
%
 
862

 
943

 
 
South Carolina
 
36,220

 
0.3
%
 
96.7
%
 
847

 
576

 
 
Stabilized Communities
$
13,034,996

 
97.4
%
 
96.0
%
 
$
1,223

 
99,284

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denver, CO
 
$
202,388

 
1.5
%
 
94.0
%
 
$
1,602

 
733

 
812

Atlanta, GA
 
85,737

 
0.6
%
 
39.5
%
 
1,706

 
438

 
438

Charleston, SC
 
28,528

 
0.2
%
 
42.1
%
 
1,616

 
140

 
140

Dallas, TX
 
17,151

 
0.1
%
 
 
 
 
 
 
 
348

Phoenix, AZ
 
14,068

 
0.1
%
 
 
 
 
 
 
 
345

Raleigh/Durham, NC
 
11,407

 
0.1
%
 
 
 
 
 
 
 
150

Fort Worth, TX
 
2,417

 
0.0
%
 
 
 
 
 
 
 
168

Lease-up and Development Communities
$
361,696

 
2.6
%
 
70.3
%
 
$
1,639

 
1,311

 
2,401

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Multifamily Communities
$
13,396,692

 
100.0
%
 
95.7
%
 
$
1,228

 
100,595

 
101,685


(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 March 31, 2019
 
Three Months Ended
 
Apartment Units
 
Gross Real Assets
 
March 31, 2019
 
March 31, 2018
 
Percent Change
Operating Revenue
 
 
 
 
 
 
 
 
 
Same Store Communities
95,920

 
$
12,428,484

 
$
375,540

 
$
366,971

 
2.3
%
Non-Same Store Communities
3,364

 
606,512

 
15,188

 
12,985

 

Lease up/Development Communities
1,311

 
361,696

 
4,486

 
495

 

Total Multifamily Portfolio
100,595

 
$
13,396,692

 
$
395,214

 
$
380,451

 
 
Commercial Property/Land
—

 
221,812

 
5,964

 
5,566

 
 
Total Operating Revenue
100,595

 
$
13,618,504

 
$
401,178

 
$
386,017

 

 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
138,101

 
$
135,316

 
2.1
%
Non-Same Store Communities

 

 
7,036

 
6,379

 

Lease up/Development Communities

 

 
2,004

 
612

 

Total Multifamily Portfolio

 

 
$
147,141

 
$
142,307

 
 
Commercial Property/Land
 
 

 
2,236

 
2,097

 
 
Total Property Operating Expenses
 
 

 
$
149,377

 
$
144,404

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
237,439

 
$
231,655

 
2.5
%
Non-Same Store Communities

 

 
8,152

 
6,606

 

Lease up/Development Communities

 

 
2,482

 
(117
)
 

Total Multifamily Portfolio

 

 
$
248,073

 
$
238,144

 
 
Commercial Property/Land
 
 

 
3,728

 
3,469

 
 
Total Net Operating Income

 

 
$
251,801

 
$
241,613

 
4.2
%


COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES
Dollars in thousands

Three Months Ended

March 31, 2019

March 31, 2018

Percent Increase/(Decrease)
Personnel
$
33,398


$
32,357


3.2
 %
Building Repair and Maintenance
14,089


14,273


(1.3
)%
Utilities
26,280


26,683


(1.5
)%
Marketing
4,030


3,694


9.1
 %
Office Operations
5,064


6,199


(18.3
)%
Property Taxes
52,318


49,366


6.0
 %
Insurance
2,922


2,744


6.5
 %
Total Property Operating Expenses
$
138,101


$
135,316


2.1
 %





Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio
 
 
Average Physical Occupancy
 
Apartment Units
 
Percent of Same Store NOI
 
Three Months Ended
 
 
 
March 31, 2019
 
March 31, 2018
Atlanta, GA
10,664
 
12.9
%
 
95.9
%
 
96.1
%
Dallas, TX
9,404
 
8.9
%
 
95.0
%
 
95.6
%
Charlotte, NC
6,149
 
7.0
%
 
96.1
%
 
96.4
%
Washington, DC
4,080
 
6.6
%
 
96.7
%
 
96.6
%
Orlando, FL
5,274
 
6.5
%
 
95.8
%
 
96.3
%
Tampa, FL
5,220
 
6.5
%
 
96.2
%
 
96.5
%
Austin, TX
6,475
 
5.7
%
 
95.9
%
 
96.0
%
Raleigh/Durham, NC
4,397
 
4.5
%
 
96.4
%
 
96.7
%
Nashville, TN
4,055
 
4.4
%
 
95.4
%
 
95.9
%
Houston, TX
4,867
 
4.3
%
 
95.5
%
 
96.9
%
Fort Worth, TX
4,249
 
3.9
%
 
95.4
%
 
95.8
%
Jacksonville, FL
3,496
 
3.5
%
 
96.2
%
 
96.6
%
Phoenix, AZ
2,623
 
2.9
%
 
96.3
%
 
96.7
%
Charleston, SC
2,726
 
2.8
%
 
95.4
%
 
96.1
%
Richmond, VA
2,004
 
2.2
%
 
96.5
%
 
96.9
%
Savannah, GA
2,219
 
2.1
%
 
95.7
%
 
97.0
%
Greenville, SC
2,084
 
1.6
%
 
96.1
%
 
96.2
%
Memphis, TN
1,811
 
1.4
%
 
95.2
%
 
95.7
%
San Antonio, TX
1,504
 
1.2
%
 
96.5
%
 
95.5
%
Birmingham, AL
1,462
 
1.2
%
 
96.0
%
 
95.7
%
Huntsville, AL
1,228
 
1.0
%
 
97.0
%
 
97.2
%
Little Rock, AR
1,368
 
1.0
%
 
95.1
%
 
95.9
%
Jackson, MS
1,241
 
1.0
%
 
96.1
%
 
95.6
%
Other
7,320
 
6.9
%
 
96.4
%
 
96.5
%
Total Same Store
95,920
 
100.0
%
 
95.9
%
 
96.2
%


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
 
Q1 2019
 
Q1 2018
 
% Chg
 
Q1 2019
 
Q1 2018
 
% Chg
 
Q1 2019
 
Q1 2018
 
% Chg
 
Q1 2019
 
Q1 2018
 
% Chg
Atlanta, GA
10,664

 
$
47,304

 
$
46,504

 
1.7
 %
 
$
16,559

 
$
16,004

 
3.5
 %
 
$
30,745

 
$
30,500

 
0.8
 %
 
$
1,390

 
$
1,355

 
2.6
%
Dallas, TX
9,404

 
37,678

 
37,735

 
(0.2
)%
 
16,637

 
16,292

 
2.1
 %
 
21,041

 
21,443

 
(1.9
)%
 
1,271

 
1,265

 
0.5
%
Charlotte, NC
6,149

 
23,581

 
23,097

 
2.1
 %
 
7,032

 
6,601

 
6.5
 %
 
16,549

 
16,496

 
0.3
 %
 
1,195

 
1,160

 
3.0
%
Washington, DC
4,080

 
22,636

 
22,080

 
2.5
 %
 
6,935

 
7,027

 
(1.3
)%
 
15,701

 
15,053

 
4.3
 %
 
1,753

 
1,712

 
2.4
%
Orlando, FL
5,274

 
23,942

 
23,276

 
2.9
 %
 
8,518

 
8,239

 
3.4
 %
 
15,424

 
15,037

 
2.6
 %
 
1,426

 
1,369

 
4.2
%
Tampa, FL
5,220

 
23,685

 
22,868

 
3.6
 %
 
8,330

 
7,903

 
5.4
 %
 
15,355

 
14,965

 
2.6
 %
 
1,427

 
1,366

 
4.5
%
Austin, TX
6,475

 
24,728

 
24,166

 
2.3
 %
 
11,162

 
10,849

 
2.9
 %
 
13,566

 
13,317

 
1.9
 %
 
1,168

 
1,141

 
2.4
%
Raleigh/Durham, NC
4,397

 
15,568

 
15,138

 
2.8
 %
 
4,890

 
4,969

 
(1.6
)%
 
10,678

 
10,169

 
5.0
 %
 
1,068

 
1,039

 
2.8
%
Nashville, TN
4,055

 
15,776

 
15,590

 
1.2
 %
 
5,220

 
5,081

 
2.7
 %
 
10,556

 
10,509

 
0.4
 %
 
1,206

 
1,186

 
1.7
%
Houston, TX
4,867

 
18,382

 
17,601

 
4.4
 %
 
8,119

 
8,031

 
1.1
 %
 
10,263

 
9,570

 
7.2
 %
 
1,177

 
1,126

 
4.5
%
Fort Worth, TX
4,249

 
16,059

 
15,737

 
2.0
 %
 
6,686

 
6,664

 
0.3
 %
 
9,373

 
9,073

 
3.3
 %
 
1,138

 
1,110

 
2.5
%
Jacksonville, FL
3,496

 
12,291

 
11,928

 
3.0
 %
 
4,002

 
4,008

 
(0.1
)%
 
8,289

 
7,920

 
4.7
 %
 
1,110

 
1,059

 
4.8
%
Phoenix, AZ
2,623

 
9,804

 
9,361

 
4.7
 %
 
2,823

 
2,799

 
0.9
 %
 
6,981

 
6,562

 
6.4
 %
 
1,166

 
1,098

 
6.2
%
Charleston, SC
2,726

 
10,213

 
10,123

 
0.9
 %
 
3,589

 
3,513

 
2.2
 %
 
6,624

 
6,610

 
0.2
 %
 
1,145

 
1,121

 
2.1
%
Richmond, VA
2,004

 
7,517

 
7,240

 
3.8
 %
 
2,369

 
2,356

 
0.6
 %
 
5,148

 
4,884

 
5.4
 %
 
1,156

 
1,096

 
5.5
%
Savannah, GA
2,219

 
7,806

 
7,533

 
3.6
 %
 
2,805

 
2,774

 
1.1
 %
 
5,001

 
4,759

 
5.1
 %
 
1,068

 
1,024

 
4.3
%
Greenville, SC
2,084

 
6,205

 
5,990

 
3.6
 %
 
2,448

 
2,354

 
4.0
 %
 
3,757

 
3,636

 
3.3
 %
 
889

 
851

 
4.5
%
Memphis, TN
1,811

 
5,650

 
5,438

 
3.9
 %
 
2,356

 
2,320

 
1.6
 %
 
3,294

 
3,118

 
5.6
 %
 
973

 
924

 
5.3
%
San Antonio, TX
1,504

 
5,288

 
5,158

 
2.5
 %
 
2,351

 
2,389

 
(1.6
)%
 
2,937

 
2,769

 
6.1
 %
 
1,081

 
1,059

 
2.1
%
Birmingham, AL
1,462

 
4,817

 
4,722

 
2.0
 %
 
2,022

 
1,943

 
4.1
 %
 
2,795

 
2,779

 
0.6
 %
 
997

 
956

 
4.3
%
Huntsville, AL
1,228

 
3,642

 
3,490

 
4.4
 %
 
1,277

 
1,290

 
(1.0
)%
 
2,365

 
2,200

 
7.5
 %
 
877

 
818

 
7.2
%
Little Rock, AR
1,368

 
3,817

 
3,879

 
(1.6
)%
 
1,512

 
1,521

 
(0.6
)%
 
2,305

 
2,358

 
(2.2
)%
 
875

 
873

 
0.2
%
Jackson, MS
1,241

 
3,615

 
3,580

 
1.0
 %
 
1,342

 
1,385

 
(3.1
)%
 
2,273

 
2,195

 
3.6
 %
 
874

 
861

 
1.5
%
Other
7,320

 
25,536

 
24,737

 
3.2
 %
 
9,117

 
9,004

 
1.3
 %
 
16,419

 
15,733

 
4.4
 %
 
1,075

 
1,030

 
4.4
%
Total Same Store
95,920

 
$
375,540

 
$
366,971

 
2.3
 %
 
$
138,101

 
$
135,316

 
2.1
 %
 
$
237,439

 
$
231,655

 
2.5
 %
 
$
1,216

 
$
1,180

 
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
 
Q1 2019
 
Q4 2018
 
% Chg
 
Q1 2019
 
Q4 2018
 
% Chg
 
Q1 2019
 
Q4 2018
 
% Chg
 
Q1 2019
 
Q4 2018
 
% Chg
Atlanta, GA
10,664

 
$
47,304

 
$
47,026

 
0.6
 %
 
$
16,559

 
$
16,213

 
2.1
 %
 
$
30,745

 
$
30,813

 
(0.2
)%
 
$
1,390

 
$
1,380

 
0.7
%
Dallas, TX
9,404

 
37,678

 
37,547

 
0.3
 %
 
16,637

 
16,495

 
0.9
 %
 
21,041

 
21,052

 
(0.1
)%
 
1,271

 
1,267

 
0.3
%
Charlotte, NC
6,149

 
23,581

 
23,458

 
0.5
 %
 
7,032

 
6,937

 
1.4
 %
 
16,549

 
16,521

 
0.2
 %
 
1,195

 
1,187

 
0.7
%
Washington, DC
4,080

 
22,636

 
22,655

 
(0.1
)%
 
6,935

 
6,708

 
3.4
 %
 
15,701

 
15,947

 
(1.5
)%
 
1,753

 
1,744

 
0.5
%
Orlando, FL
5,274

 
23,942

 
23,872

 
0.3
 %
 
8,518

 
8,426

 
1.1
 %
 
15,424

 
15,446

 
(0.1
)%
 
1,426

 
1,416

 
0.7
%
Tampa, FL
5,220

 
23,685

 
23,632

 
0.2
 %
 
8,330

 
7,916

 
5.2
 %
 
15,355

 
15,716

 
(2.3
)%
 
1,427

 
1,416

 
0.8
%
Austin, TX
6,475

 
24,728

 
24,526

 
0.8
 %
 
11,162

 
10,694

 
4.4
 %
 
13,566

 
13,832

 
(1.9
)%
 
1,168

 
1,160

 
0.7
%
Raleigh/Durham, NC
4,397

 
15,568

 
15,513

 
0.4
 %
 
4,890

 
5,053

 
(3.2
)%
 
10,678

 
10,460

 
2.1
 %
 
1,068

 
1,061

 
0.7
%
Nashville, TN
4,055

 
15,776

 
15,690

 
0.5
 %
 
5,220

 
5,344

 
(2.3
)%
 
10,556

 
10,346

 
2.0
 %
 
1,206

 
1,199

 
0.6
%
Houston, TX
4,867

 
18,382

 
18,227

 
0.9
 %
 
8,119

 
7,803

 
4.0
 %
 
10,263

 
10,424

 
(1.5
)%
 
1,177

 
1,168

 
0.8
%
Fort Worth, TX
4,249

 
16,059

 
15,952

 
0.7
 %
 
6,686

 
6,088

 
9.8
 %
 
9,373

 
9,864

 
(5.0
)%
 
1,138

 
1,132

 
0.5
%
Jacksonville, FL
3,496

 
12,291

 
12,250

 
0.3
 %
 
4,002

 
3,612

 
10.8
 %
 
8,289

 
8,638

 
(4.0
)%
 
1,110

 
1,102

 
0.7
%
Phoenix, AZ
2,623

 
9,804

 
9,785

 
0.2
 %
 
2,823

 
2,864

 
(1.4
)%
 
6,981

 
6,921

 
0.9
 %
 
1,166

 
1,151

 
1.3
%
Charleston, SC
2,726

 
10,213

 
10,140

 
0.7
 %
 
3,589

 
3,692

 
(2.8
)%
 
6,624

 
6,448

 
2.7
 %
 
1,145

 
1,136

 
0.8
%
Richmond, VA
2,004

 
7,517

 
7,528

 
(0.1
)%
 
2,369

 
2,364

 
0.2
 %
 
5,148

 
5,164

 
(0.3
)%
 
1,156

 
1,146

 
0.9
%
Savannah, GA
2,219

 
7,806

 
7,759

 
0.6
 %
 
2,805

 
2,987

 
(6.1
)%
 
5,001

 
4,772

 
4.8
 %
 
1,068

 
1,064

 
0.4
%
Greenville, SC
2,084

 
6,205

 
6,143

 
1.0
 %
 
2,448

 
2,461

 
(0.5
)%
 
3,757

 
3,682

 
2.0
 %
 
889

 
880

 
1.0
%
Memphis, TN
1,811

 
5,650

 
5,620

 
0.5
 %
 
2,356

 
2,374

 
(0.8
)%
 
3,294

 
3,246

 
1.5
 %
 
973

 
968

 
0.5
%
San Antonio, TX
1,504

 
5,288

 
5,215

 
1.4
 %
 
2,351

 
2,217

 
6.0
 %
 
2,937

 
2,998

 
(2.0
)%
 
1,081

 
1,071

 
0.9
%
Birmingham, AL
1,462

 
4,817

 
4,841

 
(0.5
)%
 
2,022

 
1,992

 
1.5
 %
 
2,795

 
2,849

 
(1.9
)%
 
997

 
986

 
1.1
%
Huntsville, AL
1,228

 
3,642

 
3,640

 
0.1
 %
 
1,277

 
1,281

 
(0.3
)%
 
2,365

 
2,359

 
0.3
 %
 
877

 
873

 
0.5
%
Little Rock, AR
1,368

 
3,817

 
3,814

 
0.1
 %
 
1,512

 
1,522

 
(0.7
)%
 
2,305

 
2,292

 
0.6
 %
 
875

 
872

 
0.3
%
Jackson, MS
1,241

 
3,615

 
3,584

 
0.9
 %
 
1,342

 
1,304

 
2.9
 %
 
2,273

 
2,280

 
(0.3
)%
 
874

 
871

 
0.3
%
Other
7,320

 
25,536

 
25,360

 
0.7
 %
 
9,117

 
9,172

 
(0.6
)%
 
16,419

 
16,188

 
1.4
 %
 
1,075

 
1,064

 
1.0
%
Total Same Store
95,920

 
$
375,540

 
$
373,777

 
0.5
 %
 
$
138,101

 
$
135,519

 
1.9
 %
 
$
237,439

 
$
238,258

 
(0.3
)%
 
$
1,216

 
$
1,208

 
0.7
%











Supplemental Data S-6



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of March 31, 2019
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q1 2019
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Post Parkside at Wade III
Raleigh, NC
 
150

 
—

 
—

 
2Q18
 
3Q19
 
4Q19
 
1Q20
 
$
25,000

 
$
11,407

 
$
13,593

Sync 36 II
Denver, CO
 
79

 
—

 
—

 
3Q18
 
4Q19
 
4Q19
 
1Q20
 
24,500

 
14,434

 
10,066

Copper Ridge II
Fort Worth, TX
 
168

 
—

 
—

 
1Q19
 
1Q20
 
2Q20
 
1Q21
 
30,000

 
2,417

 
27,583

Post Sierra at Frisco Bridges II
Dallas, TX
 
348

 
—

 
—

 
2Q18
 
2Q20
 
3Q20
 
3Q21
 
69,000

 
17,151

 
51,849

Novel Midtown (2)
Phoenix, AZ
 
345

 
—

 
—

 
1Q19
 
3Q20
 
1Q21
 
3Q22
 
82,000

 
14,068

 
67,932

Total Active
 
 
1,090

 
—

 
—

 
 
 
 
 
 
 
 
 
$
230,500

 
$
59,477

 
$
171,023

(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE
Dollars in thousands, except per unit data
 
 
 
 
Three months ended March 31, 2019
 
 
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
1,679
 
$10,294
 
$6,131
 
$123
 
10.9%
 
16,000 - 17,500

MULTIFAMILY LEASE-UP COMMUNITIES
 
 
Dollars in thousands
 
 
As of March 31, 2019
 
 
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Total
 
Location
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
 
Cost
Sync 36 I
Denver, CO
 
374
 
94.1%
 
(2) 
 
2Q19
 
$
104,500

Post River North
Denver, CO
 
359
 
93.9%
 
1Q18
 
2Q19
 
87,787

1201 Midtown II
Charleston, SC
 
140
 
42.1%
 
4Q18
 
3Q19
 
27,857

Post Centennial Park
Atlanta, GA
 
438
 
39.5%
 
3Q18
 
4Q19
 
95,160

Total
 
 
1,311
 
70.3%
 
 
 
 
 
$
315,304

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

2019 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2019)
Multifamily Development Acquisition
 
Market
 
Apartment Units
 
Projected Completion Date
 
Closing Date
Novel Midtown (1)
 
Phoenix, AZ
 
345
 
1Q21
 
February 2019
(1) MAA owns 80% of the joint venture that owns this property.

2019 DISPOSITION ACTIVITY (THROUGH MARCH 31, 2019)
Land Disposition
 
Market
 
Acreage
 
Closing Date
Peachtree Road - Outparcel
 
Atlanta, GA
 
1
 
February 2019

Commercial Disposition
 
Market
 
Square Feet
 
Closing Date
Poplar Avenue Office
 
Memphis, TN
 
42,000
 
March 2019




Supplemental Data S-7



INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
Dollars in thousands
 

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property
 
Market
 
# of units
 
Ownership Interest
Post Massachusetts Avenue
 
Washington, D.C.
 
269
 
35%

 
 
As of March 31, 2019
Joint Venture Property
 
Gross Investment in Real Estate
 
Mortgage Notes Payable
 
Company's Equity Investment
Post Massachusetts Avenue
 
$
78,945

(1) 
$
51,670

(2) 
$
44,138


 
 
Three months ended March 31, 2019
Joint Venture Property
 
Entity NOI
 
Company's Equity in Income
Post Massachusetts Avenue
 
$
1,854

 
$
397



(1) Represents GAAP basis net book value plus accumulated depreciation.

(2) This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

Supplemental Data S-8



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2019
Dollars in thousands
 
 
 
 
DEBT SUMMARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Average Years
 
 
 
 
Percent of
 
Interest
 
to Rate
 
 
Balance
 
Total
 
Rate
 
Maturity
Floating Versus Fixed Rate or Hedged Debt
 
 
 
 
 
 
 
 
Fixed rate or hedged debt
 
$
3,873,679

 
85.2
%
 
4.0
%
 
8.0

Floating (unhedged) debt
 
674,419

 
14.8
%
 
3.4
%
 
0.1

Total
 
$
4,548,098

 
100.0
%
 
3.9
%
 
6.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Average Years
 
 
 
 
Percent of
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
Unsecured debt
 
$
3,886,236

 
85.4
%
 
3.8
%
 
5.4

Secured debt
 
661,862

 
14.6
%
 
4.5
%
 
17.1

Total
 
$
4,548,098

 
100.0
%
 
3.9
%
 
7.1

 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
Q1 2019
 
Percent of
 
 
Cost
 
Total
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
12,426,519

 
88.9
%
 
$
227,169

 
90.2
%
Encumbered gross assets
 
1,545,951

 
11.1
%
 
24,632

 
9.8
%
Total
 
$
13,972,470

 
100.0
%
 
$
251,801

 
100.0
%

FIXED OR HEDGED INTEREST RATE MATURITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed
 
Interest
 
Total Fixed
 
Effective
Maturity
 
Rate Debt
 
Rate Swaps
 
or Hedged
 
Rate
2019
 
$
33,380

 
$
—

 
$
33,380

 
3.7
%
2020
 
158,058

 
299,404

 
457,462

 
3.0
%
2021
 
194,987

 
—

 
194,987

 
5.2
%
2022
 
365,355

 
—

 
365,355

 
3.6
%
2023
 
359,211

 
—

 
359,211

 
4.2
%
Thereafter
 
2,463,284

 
—

 
2,463,284

 
4.1
%
Total
 
$
3,574,275

 
$
299,404

 
$
3,873,679

 
4.0
%
 
 
 
 
 
 
 
 
 











Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2019 (CONTINUED)
Dollars in thousands
 
 
 
 
DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
Unsecured Revolving Credit Facility
 
Public Bonds
 
Other Unsecured
 
Secured
 
Total
2019
 
$
—

 
$
—

 
$
319,787

 
$
13,391

 
$
333,178

2020
 
75,000

 
—

 
149,910

 
158,058

 
382,968

2021
 
—

 
—

 
222,344

 
122,353

 
344,697

2022
 
—

 
248,616

 
416,144

 
—

 
664,760

2023
 
—

 
346,992

 
12,219

 
—

 
359,211

Thereafter
 
—

 
2,075,281

 
19,943

 
368,060

 
2,463,284

Total
 
$
75,000

 
$
2,670,889

 
$
1,140,347

 
$
661,862

 
$
4,548,098


DEBT COVENANT ANALYSIS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenants
 
Required
 
Actual
 
Compliance
Total debt to adjusted total assets
 
60% or less
 
32.6%
 
Yes
Total secured debt to adjusted total assets
 
40% or less
 
4.7%
 
Yes
Consolidated income available for debt service to total annual debt service charge
 
1.5x or greater for trailing 4 quarters
 
5.02x
 
Yes
Total unencumbered assets to total unsecured debt
 
Greater than 150%
 
320%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total debt to total capitalized asset value
 
60% or less
 
29.0%
 
Yes
Total secured debt to total capitalized asset value
 
40% or Less
 
4.3%
 
Yes
Total adjusted EBITDA to fixed charges
 
1.5x or greater for trailing 4 quarters
 
4.54x
 
Yes
Total unsecured debt to total unsecured capitalized asset value
 
60% or less
 
27.3%
 
Yes
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP's debt agreements.

Supplemental Data S-10



2019 GUIDANCE
 
 
 
MAA provides guidance on expected FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
 
Full Year 2019
Earnings:
 
Earnings per common share - diluted
$2.19 to $2.43
Midpoint
$2.31
FFO per Share - diluted
$6.11 to $6.35
Midpoint
$6.23
AFFO per Share - diluted
$5.47 to $5.71
Midpoint
$5.59
 
 
MAA Same Store Communities:
 
Number of units
95,920
Lease over lease pricing growth for new leases and renewals
2.20% to 3.20%
Average physical occupancy
95.70% to 96.10%
Property revenue growth
1.80% to 2.80%
Property operating expense growth
2.60% to 3.60%
NOI growth
1.30% to 2.30%
Real estate tax expense growth
3.75% to 4.75%
 
 
Corporate Expenses:
 
General and administrative expenses
$42.5 to $43.5 million
Property management expenses
$54.0 to $55.0 million
Total overhead
$96.5 to $98.5 million
 
 
Income tax expense
$2.5 to $3.0 million
 
 
Transaction/Investment Volume:
 
Multifamily acquisition volume
$125.0 to $175.0 million
Multifamily disposition volume
$75.0 to $125.0 million
Development investment
$100.0 to $150.0 million
 
 
Debt:
 
Average effective interest rate
3.9% to 4.1%
Capitalized interest
$2.5 to $3.5 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
 
2019 Full Year Guidance Range
 
Low
 
High
Earnings per common share - diluted
$
2.19

 
$
2.43

Real estate depreciation
4.10

 
4.10

Amortization other
0.04

 
0.04

Gains on sale of depreciable assets
(0.22
)
 
(0.22
)
FFO per Share - diluted
6.11

 
6.35

Recurring capital expenditures
(0.64
)
 
(0.64
)
AFFO per Share - diluted
$
5.47

 
$
5.71


Supplemental Data S-11



CREDIT RATINGS
 
 
 
 
 
 
 
 
Rating
 
Outlook
Fitch Ratings (1)
BBB+
 
Stable
Moody's Investors Service (2)
Baa1
 
Stable
Standard & Poor's Ratings Services (1)
BBB+
 
Stable

(1) 
Corporate credit rating assigned to MAA and MAALP
(2) 
Corporate credit rating assigned to MAALP, the primary operating partnership of MAA
COMMON STOCK
 
 
 
 
 
 
 
 
 
 
Stock Symbol:
MAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
NYSE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
Q2 2019
 
Q3 2019
 
Q4 2019
 
Q1 2020
 
 
Earnings release & conference call
Early August
 
Late October
 
Late January
 
Late April
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q1 2018
 
Q2 2018
 
Q3 2018
 
Q4 2018
 
Q1 2019
Declaration date
3/13/2018

 
5/22/2018

 
9/25/2018

 
12/4/2018

 
3/21/2019

Record date
4/13/2018

 
7/13/2018

 
10/15/2018

 
1/15/2019

 
4/15/2019

Payment date
4/30/2018

 
7/31/2018

 
10/31/2018

 
1/31/2019

 
4/30/2019

Distributions per share
$
0.9225

 
$
0.9225

 
$
0.9225

 
$
0.9600

 
$
0.9600


INVESTOR RELATIONS DATA
 
 
 
 
 
 
 
 
 
 
 
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
 
 
 
 
 
 
 
 
 
 
 
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of MAA's website at www.maac.com.
 
 
 
 
 
 
 
 
 
 
 
For Questions Contact:
 
 
 
 
 
 
 
 
 
 
Name
 
Title
 
Tim Argo
 
Senior Vice President, Director of Finance
 
Jennifer Patrick
 
Investor Relations
 
Phone: 866-576-9689 (toll free)
 
Email: investor.relations@maac.com


Supplemental Data S-12