EX-99.2 3 maa-ex992_6.htm EX-99.2 maa-ex992_6.htm

 

Exhibit 99.2

 

PORTFOLIO STATISTICS

 

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

 

 

 

Same

Store

 

 

Non-Same

Store

 

 

Lease-up

 

 

Total

Completed

Communities

 

 

Development

Units

Delivered

 

 

Total

 

Atlanta, GA

 

 

10,996

 

 

 

438

 

 

 

 

 

 

11,434

 

 

 

 

 

 

11,434

 

Dallas, TX

 

 

9,405

 

 

 

362

 

 

 

 

 

 

9,767

 

 

 

240

 

 

 

10,007

 

Austin, TX

 

 

7,117

 

 

 

 

 

 

 

 

 

7,117

 

 

 

 

 

 

7,117

 

Charlotte, NC

 

 

6,149

 

 

 

 

 

 

 

 

 

6,149

 

 

 

 

 

 

6,149

 

Raleigh/Durham, NC

 

 

4,397

 

 

 

953

 

 

 

 

 

 

5,350

 

 

 

 

 

 

5,350

 

Orlando, FL

 

 

5,274

 

 

 

 

 

 

 

 

 

5,274

 

 

 

 

 

 

5,274

 

Tampa, FL

 

 

5,220

 

 

 

 

 

 

 

 

 

5,220

 

 

 

 

 

 

5,220

 

Houston, TX

 

 

4,867

 

 

 

 

 

 

 

 

 

4,867

 

 

 

 

 

 

4,867

 

Fort Worth, TX

 

 

4,249

 

 

 

 

 

 

168

 

 

 

4,417

 

 

 

 

 

 

4,417

 

Nashville, TN

 

 

4,375

 

 

 

 

 

 

 

 

 

4,375

 

 

 

 

 

 

4,375

 

Washington, DC

 

 

4,080

 

 

 

 

 

 

 

 

 

4,080

 

 

 

 

 

 

4,080

 

Jacksonville, FL

 

 

3,496

 

 

 

 

 

 

 

 

 

3,496

 

 

 

 

 

 

3,496

 

Charleston, SC

 

 

2,726

 

 

 

442

 

 

 

 

 

 

3,168

 

 

 

 

 

 

3,168

 

Phoenix, AZ

 

 

2,623

 

 

 

 

 

 

 

 

 

2,623

 

 

 

 

 

 

2,623

 

Greenville, SC

 

 

2,084

 

 

 

 

 

 

271

 

 

 

2,355

 

 

 

 

 

 

2,355

 

Savannah, GA

 

 

2,219

 

 

 

 

 

 

 

 

 

2,219

 

 

 

 

 

 

2,219

 

Richmond, VA

 

 

2,004

 

 

 

 

 

 

 

 

 

2,004

 

 

 

 

 

 

2,004

 

Memphis, TN

 

 

1,811

 

 

 

 

 

 

 

 

 

1,811

 

 

 

 

 

 

1,811

 

San Antonio, TX

 

 

1,504

 

 

 

 

 

 

 

 

 

1,504

 

 

 

 

 

 

1,504

 

Birmingham, AL

 

 

1,462

 

 

 

 

 

 

 

 

 

1,462

 

 

 

 

 

 

1,462

 

Huntsville, AL

 

 

1,228

 

 

 

 

 

 

 

 

 

1,228

 

 

 

 

 

 

1,228

 

Kansas City, MO-KS

 

 

1,110

 

 

 

 

 

 

 

 

 

1,110

 

 

 

 

 

 

1,110

 

Other

 

 

6,717

 

 

 

2,149

 

 

 

 

 

 

8,866

 

 

 

 

 

 

8,866

 

Total Multifamily Units

 

 

95,113

 

 

 

4,344

 

 

 

439

 

 

 

99,896

 

 

 

240

 

 

 

100,136

 

 

(1)

Schedule excludes a 269 unit joint venture property in Washington, D.C.

 

 

 

Supplemental Data S-1

 


 

PORTFOLIO STATISTICS (CONTINUED)

 

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

 

As of September 30, 2020

 

 

Average

Effective

 

 

As of September 30, 2020

 

 

 

Gross Real

Assets

 

 

Percent to

Total of

Gross Real

Assets

 

 

Physical

Occupancy

 

 

Rent per

Unit for

the Three

Months Ended

September 30, 2020

 

 

Completed

Units

 

 

Total Units,

Including

Development

 

Atlanta, GA

 

$

1,993,602

 

 

 

14.4

%

 

 

95.5

%

 

$

1,465

 

 

 

11,434

 

 

 

 

 

Dallas, TX

 

 

1,400,619

 

 

 

10.1

%

 

 

95.1

%

 

 

1,298

 

 

 

9,767

 

 

 

 

 

Charlotte, NC

 

 

963,208

 

 

 

7.0

%

 

 

95.9

%

 

 

1,247

 

 

 

6,149

 

 

 

 

 

Washington, DC

 

 

959,434

 

 

 

6.9

%

 

 

96.3

%

 

 

1,806

 

 

 

4,080

 

 

 

 

 

Tampa, FL

 

 

879,023

 

 

 

6.3

%

 

 

96.6

%

 

 

1,505

 

 

 

5,220

 

 

 

 

 

Austin, TX

 

 

842,119

 

 

 

6.1

%

 

 

95.3

%

 

 

1,277

 

 

 

7,117

 

 

 

 

 

Orlando, FL

 

 

828,470

 

 

 

6.0

%

 

 

94.4

%

 

 

1,458

 

 

 

5,274

 

 

 

 

 

Raleigh/Durham, NC

 

 

697,545

 

 

 

5.0

%

 

 

96.0

%

 

 

1,176

 

 

 

5,350

 

 

 

 

 

Houston, TX

 

 

602,904

 

 

 

4.4

%

 

 

93.5

%

 

 

1,218

 

 

 

4,867

 

 

 

 

 

Nashville, TN

 

 

531,984

 

 

 

3.8

%

 

 

94.0

%

 

 

1,316

 

 

 

4,375

 

 

 

 

 

Charleston, SC

 

 

401,450

 

 

 

2.9

%

 

 

95.6

%

 

 

1,250

 

 

 

3,168

 

 

 

 

 

Fort Worth, TX

 

 

394,859

 

 

 

2.9

%

 

 

95.5

%

 

 

1,185

 

 

 

4,249

 

 

 

 

 

Phoenix, AZ

 

 

376,347

 

 

 

2.7

%

 

 

96.1

%

 

 

1,299

 

 

 

2,623

 

 

 

 

 

Jacksonville, FL

 

 

292,488

 

 

 

2.1

%

 

 

96.9

%

 

 

1,160

 

 

 

3,496

 

 

 

 

 

Richmond, VA

 

 

265,846

 

 

 

1.9

%

 

 

96.8

%

 

 

1,236

 

 

 

2,004

 

 

 

 

 

Savannah, GA

 

 

242,277

 

 

 

1.7

%

 

 

97.3

%

 

 

1,113

 

 

 

2,219

 

 

 

 

 

Denver, CO

 

 

210,736

 

 

 

1.5

%

 

 

91.5

%

 

 

1,652

 

 

 

812

 

 

 

 

 

Kansas City, MO-KS

 

 

184,782

 

 

 

1.3

%

 

 

95.0

%

 

 

1,298

 

 

 

1,110

 

 

 

 

 

San Antonio, TX

 

 

162,834

 

 

 

1.2

%

 

 

96.3

%

 

 

1,119

 

 

 

1,504

 

 

 

 

 

Birmingham, AL

 

 

158,756

 

 

 

1.1

%

 

 

96.5

%

 

 

1,083

 

 

 

1,462

 

 

 

 

 

Greenville, SC

 

 

155,805

 

 

 

1.1

%

 

 

96.3

%

 

 

948

 

 

 

2,084

 

 

 

 

 

All Other Markets by State (individual markets <1% gross real assets)

 

Tennessee

 

$

184,385

 

 

 

1.3

%

 

 

97.4

%

 

$

1,007

 

 

 

2,754

 

 

 

 

 

Florida

 

 

176,226

 

 

 

1.3

%

 

 

96.5

%

 

 

1,376

 

 

 

1,806

 

 

 

 

 

Alabama

 

 

159,508

 

 

 

1.2

%

 

 

97.3

%

 

 

1,056

 

 

 

1,648

 

 

 

 

 

Virginia

 

 

152,802

 

 

 

1.1

%

 

 

97.3

%

 

 

1,359

 

 

 

1,039

 

 

 

 

 

Kentucky

 

 

94,146

 

 

 

0.7

%

 

 

95.9

%

 

 

911

 

 

 

1,308

 

 

 

 

 

Mississippi

 

 

74,368

 

 

 

0.5

%

 

 

97.8

%

 

 

930

 

 

 

1,241

 

 

 

 

 

Nevada

 

 

70,648

 

 

 

0.5

%

 

 

95.0

%

 

 

1,160

 

 

 

721

 

 

 

 

 

South Carolina

 

 

36,702

 

 

 

0.3

%

 

 

94.3

%

 

 

915

 

 

 

576

 

 

 

 

 

Stabilized Communities

 

$

13,493,873

 

 

 

97.3

%

 

 

95.6

%

 

$

1,293

 

 

 

99,457

 

 

 

 

 

Orlando, FL

 

$

83,017

 

 

 

0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

633

 

Greenville, SC

 

 

72,326

 

 

 

0.5

%

 

 

93.4

%

 

$

1,614

 

 

 

271

 

 

 

271

 

Phoenix, AZ

 

 

63,739

 

 

 

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

345

 

Dallas, TX

 

 

62,827

 

 

 

0.5

%

 

 

32.5

%

 

 

1,375

 

 

 

240

 

 

 

348

 

Denver, CO

 

 

32,374

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

306

 

Fort Worth, TX

 

 

26,219

 

 

 

0.2

%

 

 

67.9

%

 

 

1,331

 

 

 

168

 

 

 

168

 

Houston, TX

 

 

22,024

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

308

 

Lease-up / Development Communities

 

$

362,526

 

 

 

2.7

%

 

 

61.0

%

 

$

1,460

 

 

 

679

 

 

 

2,379

 

Total Multifamily Communities

 

$

13,856,399

 

 

 

100.0

%

 

 

95.4

%

 

$

1,294

 

 

 

100,136

 

 

 

101,836

 

 

(1)

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

 

 

Supplemental Data S-2

 


 

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

 

 

As of September 30, 2020

 

 

Three Months Ended

 

 

 

Apartment

Units

 

 

Gross Real Assets

 

 

September 30, 2020

 

 

September 30, 2019

 

 

Percent

Change

 

Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Communities

 

 

95,113

 

 

$

12,824,842

 

 

$

397,600

 

 

$

389,600

 

 

 

2.1

%

Non-Same Store Communities

 

 

4,344

 

 

 

669,031

 

 

 

18,273

 

 

 

20,219

 

 

 

 

 

Lease-up/Development Communities

 

 

679

 

 

 

362,526

 

 

 

2,097

 

 

 

54

 

 

 

 

 

Total Multifamily Portfolio

 

 

100,136

 

 

$

13,856,399

 

 

$

417,970

 

 

$

409,873

 

 

 

 

 

Commercial Property/Land

 

 

 

 

 

231,691

 

 

 

5,229

 

 

 

5,759

 

 

 

 

 

Total Operating Revenues

 

 

100,136

 

 

$

14,088,090

 

 

$

423,199

 

 

$

415,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Communities

 

 

 

 

 

 

 

 

 

$

158,898

 

 

$

148,238

 

 

 

7.2

%

Non-Same Store Communities

 

 

 

 

 

 

 

 

 

 

7,069

 

 

 

8,837

 

 

 

 

 

Lease-up/Development Communities

 

 

 

 

 

 

 

 

 

 

1,284

 

 

 

65

 

 

 

 

 

Total Multifamily Portfolio

 

 

 

 

 

 

 

 

 

$

167,251

 

 

$

157,140

 

 

 

 

 

Commercial Property/Land

 

 

 

 

 

 

 

 

 

 

2,563

 

 

 

2,399

 

 

 

 

 

Total Property Operating Expenses

 

 

 

 

 

 

 

 

 

$

169,814

 

 

$

159,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Communities

 

 

 

 

 

 

 

 

 

$

238,702

 

 

$

241,362

 

 

 

-1.1

%

Non-Same Store Communities

 

 

 

 

 

 

 

 

 

 

11,204

 

 

 

11,382

 

 

 

 

 

Lease-up/Development Communities

 

 

 

 

 

 

 

 

 

 

813

 

 

 

(11

)

 

 

 

 

Total Multifamily Portfolio

 

 

 

 

 

 

 

 

 

$

250,719

 

 

$

252,733

 

 

 

 

 

Commercial Property/Land

 

 

 

 

 

 

 

 

 

 

2,666

 

 

 

3,360

 

 

 

 

 

Total Net Operating Income

 

 

 

 

 

 

 

 

 

$

253,385

 

 

$

256,093

 

 

 

-1.1

%

 

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

Percent Change

 

 

September 30, 2020

 

 

September 30, 2019

 

 

Percent

Change

 

Personnel

 

$

36,788

 

 

$

35,854

 

 

 

2.6

%

 

$

105,431

 

 

$

104,343

 

 

 

1.0

%

Building Repair and Maintenance

 

 

17,712

 

 

 

17,067

 

 

 

3.8

%

 

 

48,461

 

 

 

47,788

 

 

 

1.4

%

Utilities

 

 

30,771

 

 

 

29,009

 

 

 

6.1

%

 

 

84,616

 

 

 

81,505

 

 

 

3.8

%

Marketing

 

 

6,539

 

 

 

4,835

 

 

 

35.2

%

 

 

16,826

 

 

 

13,847

 

 

 

21.5

%

Office Operations

 

 

6,018

 

 

 

5,501

 

 

 

9.4

%

 

 

16,279

 

 

 

15,784

 

 

 

3.1

%

Property Taxes

 

 

55,749

 

 

 

52,787

 

 

 

5.6

%

 

 

165,823

 

 

 

158,480

 

 

 

4.6

%

Insurance

 

 

5,321

 

 

 

3,185

 

 

 

67.1

%

 

 

11,718

 

 

 

8,930

 

 

 

31.2

%

Total Property Operating Expenses

 

$

158,898

 

 

$

148,238

 

 

 

7.2

%

 

$

449,154

 

 

$

430,677

 

 

 

4.3

%

 

Supplemental Data S-3

 


 

NOI CONTRIBUTION PERCENTAGE BY MARKET

 

Same Store Portfolio

 

 

 

 

 

 

 

 

 

 

 

Average Physical Occupancy

 

 

 

 

 

 

 

Percent of

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

Apartment Units

 

 

Same Store NOI

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

Atlanta, GA

 

 

10,996

 

 

 

13.1

%

 

 

95.0

%

 

 

95.6

%

 

 

94.9

%

 

 

95.7

%

Dallas, TX

 

 

9,405

 

 

 

8.7

%

 

 

95.1

%

 

 

95.5

%

 

 

95.3

%

 

 

95.3

%

Charlotte, NC

 

 

6,149

 

 

 

7.1

%

 

 

96.2

%

 

 

96.2

%

 

 

96.1

%

 

 

96.2

%

Washington, DC

 

 

4,080

 

 

 

6.6

%

 

 

96.3

%

 

 

96.8

%

 

 

96.3

%

 

 

96.9

%

Tampa, FL

 

 

5,220

 

 

 

6.6

%

 

 

96.1

%

 

 

96.1

%

 

 

95.7

%

 

 

96.1

%

Austin, TX

 

 

7,117

 

 

 

6.2

%

 

 

95.2

%

 

 

96.0

%

 

 

95.4

%

 

 

95.9

%

Orlando, FL

 

 

5,274

 

 

 

6.1

%

 

 

93.7

%

 

 

95.5

%

 

 

94.5

%

 

 

95.6

%

Raleigh/Durham, NC

 

 

4,397

 

 

 

4.8

%

 

 

96.2

%

 

 

96.6

%

 

 

96.2

%

 

 

96.5

%

Nashville, TN

 

 

4,375

 

 

 

4.7

%

 

 

94.5

%

 

 

96.6

%

 

 

95.1

%

 

 

96.0

%

Houston, TX

 

 

4,867

 

 

 

4.1

%

 

 

93.7

%

 

 

95.3

%

 

 

94.4

%

 

 

95.4

%

Fort Worth, TX

 

 

4,249

 

 

 

3.9

%

 

 

95.4

%

 

 

95.9

%

 

 

95.4

%

 

 

95.6

%

Jacksonville, FL

 

 

3,496

 

 

 

3.4

%

 

 

96.6

%

 

 

96.2

%

 

 

96.2

%

 

 

96.3

%

Phoenix, AZ

 

 

2,623

 

 

 

3.3

%

 

 

96.0

%

 

 

97.1

%

 

 

96.1

%

 

 

96.7

%

Charleston, SC

 

 

2,726

 

 

 

2.8

%

 

 

95.9

%

 

 

95.6

%

 

 

95.8

%

 

 

95.6

%

Richmond, VA

 

 

2,004

 

 

 

2.2

%

 

 

96.9

%

 

 

96.5

%

 

 

96.6

%

 

 

96.7

%

Savannah, GA

 

 

2,219

 

 

 

2.1

%

 

 

96.8

%

 

 

95.5

%

 

 

95.9

%

 

 

95.5

%

Greenville, SC

 

 

2,084

 

 

 

1.6

%

 

 

95.8

%

 

 

95.4

%

 

 

95.4

%

 

 

95.7

%

Memphis, TN

 

 

1,811

 

 

 

1.6

%

 

 

97.2

%

 

 

96.1

%

 

 

96.5

%

 

 

95.8

%

Birmingham, AL

 

 

1,462

 

 

 

1.4

%

 

 

97.1

%

 

 

97.6

%

 

 

96.5

%

 

 

96.7

%

San Antonio, TX

 

 

1,504

 

 

 

1.2

%

 

 

96.7

%

 

 

96.5

%

 

 

96.4

%

 

 

96.6

%

Huntsville, AL

 

 

1,228

 

 

 

1.2

%

 

 

97.3

%

 

 

97.8

%

 

 

97.2

%

 

 

97.4

%

Kansas City, MO-KS

 

 

1,110

 

 

 

1.2

%

 

 

96.0

%

 

 

95.7

%

 

 

95.6

%

 

 

95.8

%

Other

 

 

6,717

 

 

 

6.1

%

 

 

96.6

%

 

 

96.6

%

 

 

95.9

%

 

 

96.5

%

Total Same Store

 

 

95,113

 

 

 

100.0

%

 

 

95.6

%

 

 

96.1

%

 

 

95.6

%

 

 

96.0

%

 

 

 

Supplemental Data S-4

 


 

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

 

 

 

 

 

 

 

Revenues

 

 

Expenses

 

 

NOI

 

 

Average Effective

Rent per Unit

 

 

 

Units

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

Atlanta, GA

 

 

10,996

 

 

$

51,356

 

 

$

50,787

 

 

 

1.1

%

 

$

20,063

 

 

$

19,287

 

 

 

4.0

%

 

$

31,293

 

 

$

31,500

 

 

 

(0.7

)%

 

$

1,463

 

 

$

1,453

 

 

 

0.7

%

Dallas, TX

 

 

9,405

 

 

 

39,024

 

 

 

38,543

 

 

 

1.2

%

 

 

18,281

 

 

 

16,243

 

 

 

12.5

%

 

 

20,743

 

 

 

22,300

 

 

 

(7.0

)%

 

 

1,312

 

 

 

1,295

 

 

 

1.3

%

Charlotte, NC

 

 

6,149

 

 

 

25,015

 

 

 

24,416

 

 

 

2.5

%

 

 

8,105

 

 

 

7,772

 

 

 

4.3

%

 

 

16,910

 

 

 

16,644

 

 

 

1.6

%

 

 

1,249

 

 

 

1,233

 

 

 

1.3

%

Washington, DC

 

 

4,080

 

 

 

23,275

 

 

 

23,442

 

 

 

(0.7

)%

 

 

7,496

 

 

 

7,202

 

 

 

4.1

%

 

 

15,779

 

 

 

16,240

 

 

 

(2.8

)%

 

 

1,812

 

 

 

1,804

 

 

 

0.5

%

Tampa, FL

 

 

5,220

 

 

 

25,176

 

 

 

24,534

 

 

 

2.6

%

 

 

9,387

 

 

 

8,793

 

 

 

6.8

%

 

 

15,789

 

 

 

15,741

 

 

 

0.3

%

 

 

1,502

 

 

 

1,466

 

 

 

2.4

%

Austin, TX

 

 

7,117

 

 

 

29,554

 

 

 

28,940

 

 

 

2.1

%

 

 

14,645

 

 

 

12,704

 

 

 

15.3

%

 

 

14,909

 

 

 

16,236

 

 

 

(8.2

)%

 

 

1,281

 

 

 

1,250

 

 

 

2.4

%

Orlando, FL

 

 

5,274

 

 

 

24,161

 

 

 

24,477

 

 

 

(1.3

)%

 

 

9,686

 

 

 

8,959

 

 

 

8.1

%

 

 

14,475

 

 

 

15,518

 

 

 

(6.7

)%

 

 

1,462

 

 

 

1,458

 

 

 

0.3

%

Raleigh/Durham, NC

 

 

4,397

 

 

 

17,123

 

 

 

16,254

 

 

 

5.3

%

 

 

5,773

 

 

 

5,841

 

 

 

(1.2

)%

 

 

11,350

 

 

 

10,413

 

 

 

9.0

%

 

 

1,147

 

 

 

1,113

 

 

 

3.1

%

Nashville, TN

 

 

4,375

 

 

 

18,430

 

 

 

18,345

 

 

 

0.5

%

 

 

7,118

 

 

 

6,304

 

 

 

12.9

%

 

 

11,312

 

 

 

12,041

 

 

 

(6.1

)%

 

 

1,310

 

 

 

1,280

 

 

 

2.3

%

Houston, TX

 

 

4,867

 

 

 

18,735

 

 

 

18,647

 

 

 

0.5

%

 

 

9,003

 

 

 

8,356

 

 

 

7.7

%

 

 

9,732

 

 

 

10,291

 

 

 

(5.4

)%

 

 

1,222

 

 

 

1,207

 

 

 

1.3

%

Fort Worth, TX

 

 

4,249

 

 

 

17,010

 

 

 

16,538

 

 

 

2.9

%

 

 

7,627

 

 

 

7,015

 

 

 

8.7

%

 

 

9,383

 

 

 

9,523

 

 

 

(1.5

)%

 

 

1,184

 

 

 

1,165

 

 

 

1.6

%

Jacksonville, FL

 

 

3,496

 

 

 

12,860

 

 

 

12,620

 

 

 

1.9

%

 

 

4,671

 

 

 

4,854

 

 

 

(3.8

)%

 

 

8,189

 

 

 

7,766

 

 

 

5.4

%

 

 

1,157

 

 

 

1,137

 

 

 

1.7

%

Phoenix, AZ

 

 

2,623

 

 

 

11,117

 

 

 

10,504

 

 

 

5.8

%

 

 

3,300

 

 

 

3,189

 

 

 

3.5

%

 

 

7,817

 

 

 

7,315

 

 

 

6.9

%

 

 

1,294

 

 

 

1,234

 

 

 

4.8

%

Charleston, SC

 

 

2,726

 

 

 

10,896

 

 

 

10,486

 

 

 

3.9

%

 

 

4,329

 

 

 

4,055

 

 

 

6.8

%

 

 

6,567

 

 

 

6,431

 

 

 

2.1

%

 

 

1,199

 

 

 

1,180

 

 

 

1.6

%

Richmond, VA

 

 

2,004

 

 

 

8,187

 

 

 

7,858

 

 

 

4.2

%

 

 

2,908

 

 

 

2,508

 

 

 

15.9

%

 

 

5,279

 

 

 

5,350

 

 

 

(1.3

)%

 

 

1,229

 

 

 

1,206

 

 

 

1.8

%

Savannah, GA

 

 

2,219

 

 

 

8,147

 

 

 

7,894

 

 

 

3.2

%

 

 

3,171

 

 

 

3,038

 

 

 

4.4

%

 

 

4,976

 

 

 

4,856

 

 

 

2.5

%

 

 

1,108

 

 

 

1,094

 

 

 

1.3

%

Greenville, SC

 

 

2,084

 

 

 

6,698

 

 

 

6,331

 

 

 

5.8

%

 

 

2,782

 

 

 

2,658

 

 

 

4.7

%

 

 

3,916

 

 

 

3,673

 

 

 

6.6

%

 

 

945

 

 

 

923

 

 

 

2.5

%

Memphis, TN

 

 

1,811

 

 

 

6,245

 

 

 

5,876

 

 

 

6.3

%

 

 

2,546

 

 

 

2,485

 

 

 

2.5

%

 

 

3,699

 

 

 

3,391

 

 

 

9.1

%

 

 

1,043

 

 

 

1,007

 

 

 

3.6

%

Birmingham, AL

 

 

1,462

 

 

 

5,466

 

 

 

5,178

 

 

 

5.6

%

 

 

2,154

 

 

 

2,275

 

 

 

(5.3

)%

 

 

3,312

 

 

 

2,903

 

 

 

14.1

%

 

 

1,081

 

 

 

1,043

 

 

 

3.7

%

San Antonio, TX

 

 

1,504

 

 

 

5,536

 

 

 

5,443

 

 

 

1.7

%

 

 

2,663

 

 

 

2,464

 

 

 

8.1

%

 

 

2,873

 

 

 

2,979

 

 

 

(3.6

)%

 

 

1,117

 

 

 

1,113

 

 

 

0.3

%

Huntsville, AL

 

 

1,228

 

 

 

4,293

 

 

 

3,893

 

 

 

10.3

%

 

 

1,492

 

 

 

1,361

 

 

 

9.6

%

 

 

2,801

 

 

 

2,532

 

 

 

10.6

%

 

 

1,004

 

 

 

934

 

 

 

7.4

%

Kansas City, MO-KS

 

 

1,110

 

 

 

4,600

 

 

 

4,479

 

 

 

2.7

%

 

 

1,848

 

 

 

1,759

 

 

 

5.1

%

 

 

2,752

 

 

 

2,720

 

 

 

1.2

%

 

 

1,295

 

 

 

1,257

 

 

 

3.0

%

Other

 

 

6,717

 

 

 

24,696

 

 

 

24,115

 

 

 

2.4

%

 

 

9,850

 

 

 

9,116

 

 

 

8.1

%

 

 

14,846

 

 

 

14,999

 

 

 

(1.0

)%

 

 

1,138

 

 

 

1,102

 

 

 

3.2

%

Total Same Store

 

 

95,113

 

 

$

397,600

 

 

$

389,600

 

 

 

2.1

%

 

$

158,898

 

 

$

148,238

 

 

 

7.2

%

 

$

238,702

 

 

$

241,362

 

 

 

(1.1

)%

 

$

1,293

 

 

$

1,270

 

 

 

1.8

%

 

Supplemental Data S-5

 


 

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

 

 

 

 

 

 

 

Revenues

 

 

Expenses

 

 

NOI

 

 

Average Effective

Rent per Unit

 

 

 

Units

 

 

Q3 2020

 

 

Q2 2020

 

 

% Chg

 

 

Q3 2020

 

 

Q2 2020

 

 

% Chg

 

 

Q3 2020

 

 

Q2 2020

 

 

% Chg

 

 

Q3 2020

 

 

Q2 2020

 

 

% Chg

 

Atlanta, GA

 

 

10,996

 

 

$

51,356

 

 

$

50,277

 

 

 

2.1

%

 

$

20,063

 

 

$

18,813

 

 

 

6.6

%

 

$

31,293

 

 

$

31,464

 

 

 

(0.5

)%

 

$

1,463

 

 

$

1,462

 

 

 

0.1

%

Dallas, TX

 

 

9,405

 

 

 

39,024

 

 

 

38,662

 

 

 

0.9

%

 

 

18,281

 

 

 

16,985

 

 

 

7.6

%

 

 

20,743

 

 

 

21,677

 

 

 

(4.3

)%

 

 

1,312

 

 

 

1,310

 

 

 

0.1

%

Charlotte, NC

 

 

6,149

 

 

 

25,015

 

 

 

24,616

 

 

 

1.6

%

 

 

8,105

 

 

 

7,866

 

 

 

3.0

%

 

 

16,910

 

 

 

16,750

 

 

 

1.0

%

 

 

1,249

 

 

 

1,251

 

 

 

(0.1

)%

Washington, DC

 

 

4,080

 

 

 

23,275

 

 

 

23,171

 

 

 

0.4

%

 

 

7,496

 

 

 

6,862

 

 

 

9.2

%

 

 

15,779

 

 

 

16,309

 

 

 

(3.2

)%

 

 

1,812

 

 

 

1,809

 

 

 

0.2

%

Tampa, FL

 

 

5,220

 

 

 

25,176

 

 

 

24,504

 

 

 

2.7

%

 

 

9,387

 

 

 

8,606

 

 

 

9.1

%

 

 

15,789

 

 

 

15,898

 

 

 

(0.7

)%

 

 

1,502

 

 

 

1,493

 

 

 

0.6

%

Austin, TX

 

 

7,117

 

 

 

29,554

 

 

 

29,204

 

 

 

1.2

%

 

 

14,645

 

 

 

12,902

 

 

 

13.5

%

 

 

14,909

 

 

 

16,302

 

 

 

(8.5

)%

 

 

1,281

 

 

 

1,277

 

 

 

0.3

%

Orlando, FL

 

 

5,274

 

 

 

24,161

 

 

 

24,039

 

 

 

0.5

%

 

 

9,686

 

 

 

9,098

 

 

 

6.5

%

 

 

14,475

 

 

 

14,941

 

 

 

(3.1

)%

 

 

1,462

 

 

 

1,468

 

 

 

(0.4

)%

Raleigh/Durham, NC

 

 

4,397

 

 

 

17,123

 

 

 

16,713

 

 

 

2.5

%

 

 

5,773

 

 

 

5,936

 

 

 

(2.7

)%

 

 

11,350

 

 

 

10,777

 

 

 

5.3

%

 

 

1,147

 

 

 

1,140

 

 

 

0.6

%

Nashville, TN

 

 

4,375

 

 

 

18,430

 

 

 

18,090

 

 

 

1.9

%

 

 

7,118

 

 

 

6,826

 

 

 

4.3

%

 

 

11,312

 

 

 

11,264

 

 

 

0.4

%

 

 

1,310

 

 

 

1,311

 

 

 

(0.1

)%

Houston, TX

 

 

4,867

 

 

 

18,735

 

 

 

18,656

 

 

 

0.4

%

 

 

9,003

 

 

 

7,683

 

 

 

17.2

%

 

 

9,732

 

 

 

10,973

 

 

 

(11.3

)%

 

 

1,222

 

 

 

1,223

 

 

 

(0.1

)%

Fort Worth, TX

 

 

4,249

 

 

 

17,010

 

 

 

16,656

 

 

 

2.1

%

 

 

7,627

 

 

 

7,041

 

 

 

8.3

%

 

 

9,383

 

 

 

9,615

 

 

 

(2.4

)%

 

 

1,184

 

 

 

1,179

 

 

 

0.4

%

Jacksonville, FL

 

 

3,496

 

 

 

12,860

 

 

 

12,532

 

 

 

2.6

%

 

 

4,671

 

 

 

4,441

 

 

 

5.2

%

 

 

8,189

 

 

 

8,091

 

 

 

1.2

%

 

 

1,157

 

 

 

1,151

 

 

 

0.5

%

Phoenix, AZ

 

 

2,623

 

 

 

11,117

 

 

 

10,755

 

 

 

3.4

%

 

 

3,300

 

 

 

3,055

 

 

 

8.0

%

 

 

7,817

 

 

 

7,700

 

 

 

1.5

%

 

 

1,294

 

 

 

1,283

 

 

 

0.9

%

Charleston, SC

 

 

2,726

 

 

 

10,896

 

 

 

10,584

 

 

 

2.9

%

 

 

4,329

 

 

 

3,934

 

 

 

10.0

%

 

 

6,567

 

 

 

6,650

 

 

 

(1.2

)%

 

 

1,199

 

 

 

1,195

 

 

 

0.3

%

Richmond, VA

 

 

2,004

 

 

 

8,187

 

 

 

7,966

 

 

 

2.8

%

 

 

2,908

 

 

 

2,611

 

 

 

11.4

%

 

 

5,279

 

 

 

5,355

 

 

 

(1.4

)%

 

 

1,229

 

 

 

1,219

 

 

 

0.8

%

Savannah, GA

 

 

2,219

 

 

 

8,147

 

 

 

7,867

 

 

 

3.6

%

 

 

3,171

 

 

 

2,851

 

 

 

11.2

%

 

 

4,976

 

 

 

5,016

 

 

 

(0.8

)%

 

 

1,108

 

 

 

1,105

 

 

 

0.3

%

Greenville, SC

 

 

2,084

 

 

 

6,698

 

 

 

6,523

 

 

 

2.7

%

 

 

2,782

 

 

 

2,711

 

 

 

2.6

%

 

 

3,916

 

 

 

3,812

 

 

 

2.7

%

 

 

945

 

 

 

938

 

 

 

0.8

%

Memphis, TN

 

 

1,811

 

 

 

6,245

 

 

 

6,007

 

 

 

4.0

%

 

 

2,546

 

 

 

2,372

 

 

 

7.3

%

 

 

3,699

 

 

 

3,635

 

 

 

1.8

%

 

 

1,043

 

 

 

1,032

 

 

 

1.0

%

Birmingham, AL

 

 

1,462

 

 

 

5,466

 

 

 

5,273

 

 

 

3.7

%

 

 

2,154

 

 

 

2,137

 

 

 

0.8

%

 

 

3,312

 

 

 

3,136

 

 

 

5.6

%

 

 

1,081

 

 

 

1,071

 

 

 

0.9

%

San Antonio, TX

 

 

1,504

 

 

 

5,536

 

 

 

5,444

 

 

 

1.7

%

 

 

2,663

 

 

 

2,424

 

 

 

9.9

%

 

 

2,873

 

 

 

3,020

 

 

 

(4.9

)%

 

 

1,117

 

 

 

1,117

 

 

 

(0.0

)%

Huntsville, AL

 

 

1,228

 

 

 

4,293

 

 

 

4,043

 

 

 

6.2

%

 

 

1,492

 

 

 

1,379

 

 

 

8.2

%

 

 

2,801

 

 

 

2,664

 

 

 

5.1

%

 

 

1,004

 

 

 

984

 

 

 

2.0

%

Kansas City, MO-KS

 

 

1,110

 

 

 

4,600

 

 

 

4,493

 

 

 

2.4

%

 

 

1,848

 

 

 

1,594

 

 

 

15.9

%

 

 

2,752

 

 

 

2,899

 

 

 

(5.1

)%

 

 

1,295

 

 

 

1,286

 

 

 

0.7

%

Other

 

 

6,717

 

 

 

24,696

 

 

 

23,819

 

 

 

3.7

%

 

 

9,850

 

 

 

9,054

 

 

 

8.8

%

 

 

14,846

 

 

 

14,765

 

 

 

0.5

%

 

 

1,138

 

 

 

1,125

 

 

 

1.1

%

Total Same Store

 

 

95,113

 

 

$

397,600

 

 

$

389,894

 

 

 

2.0

%

 

$

158,898

 

 

$

147,181

 

 

 

8.0

%

 

$

238,702

 

 

$

242,713

 

 

 

(1.7

)%

 

$

1,293

 

 

$

1,289

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data S-6

 


 

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

Dollars in thousands, except unit and per unit data

 

 

 

 

 

 

Revenues

 

 

Expenses

 

 

NOI

 

 

Average Effective

Rent per Unit

 

 

 

Units

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

 

Q3 2020

 

 

Q3 2019

 

 

% Chg

 

Atlanta, GA

 

 

10,996

 

 

$

152,417

 

 

$

150,119

 

 

 

1.5

%

 

$

57,298

 

 

$

55,484

 

 

 

3.3

%

 

$

95,119

 

 

$

94,635

 

 

 

0.5

%

 

$

1,464

 

 

$

1,432

 

 

 

2.2

%

Dallas, TX

 

 

9,405

 

 

 

116,590

 

 

 

114,181

 

 

 

2.1

%

 

 

51,644

 

 

 

49,343

 

 

 

4.7

%

 

 

64,946

 

 

 

64,838

 

 

 

0.2

%

 

 

1,308

 

 

 

1,282

 

 

 

2.0

%

Charlotte, NC

 

 

6,149

 

 

 

74,448

 

 

 

71,838

 

 

 

3.6

%

 

 

23,262

 

 

 

22,759

 

 

 

2.2

%

 

 

51,186

 

 

 

49,079

 

 

 

4.3

%

 

 

1,247

 

 

 

1,213

 

 

 

2.8

%

Austin, TX

 

 

7,117

 

 

 

88,212

 

 

 

84,865

 

 

 

3.9

%

 

 

40,226

 

 

 

37,928

 

 

 

6.1

%

 

 

47,986

 

 

 

46,937

 

 

 

2.2

%

 

 

1,273

 

 

 

1,226

 

 

 

3.8

%

Washington, DC

 

 

4,080

 

 

 

69,673

 

 

 

69,226

 

 

 

0.6

%

 

 

21,425

 

 

 

21,001

 

 

 

2.0

%

 

 

48,248

 

 

 

48,225

 

 

 

0.0

%

 

 

1,805

 

 

 

1,778

 

 

 

1.5

%

Tampa, FL

 

 

5,220

 

 

 

74,465

 

 

 

72,178

 

 

 

3.2

%

 

 

26,600

 

 

 

25,630

 

 

 

3.8

%

 

 

47,865

 

 

 

46,548

 

 

 

2.8

%

 

 

1,494

 

 

 

1,445

 

 

 

3.4

%

Orlando, FL

 

 

5,274

 

 

 

72,836

 

 

 

72,540

 

 

 

0.4

%

 

 

27,651

 

 

 

26,390

 

 

 

4.8

%

 

 

45,185

 

 

 

46,150

 

 

 

(2.1

)%

 

 

1,464

 

 

 

1,440

 

 

 

1.7

%

Nashville, TN

 

 

4,375

 

 

 

54,759

 

 

 

53,151

 

 

 

3.0

%

 

 

19,978

 

 

 

18,197

 

 

 

9.8

%

 

 

34,781

 

 

 

34,954

 

 

 

(0.5

)%

 

 

1,309

 

 

 

1,252

 

 

 

4.6

%

Raleigh/Durham, NC

 

 

4,397

 

 

 

50,435

 

 

 

47,593

 

 

 

6.0

%

 

 

17,024

 

 

 

16,156

 

 

 

5.4

%

 

 

33,411

 

 

 

31,437

 

 

 

6.3

%

 

 

1,140

 

 

 

1,087

 

 

 

4.8

%

Houston, TX

 

 

4,867

 

 

 

56,211

 

 

 

55,432

 

 

 

1.4

%

 

 

25,011

 

 

 

24,128

 

 

 

3.7

%

 

 

31,200

 

 

 

31,304

 

 

 

(0.3

)%

 

 

1,221

 

 

 

1,191

 

 

 

2.5

%

Fort Worth, TX

 

 

4,249

 

 

 

50,269

 

 

 

48,825

 

 

 

3.0

%

 

 

21,344

 

 

 

20,707

 

 

 

3.1

%

 

 

28,925

 

 

 

28,118

 

 

 

2.9

%

 

 

1,178

 

 

 

1,151

 

 

 

2.4

%

Jacksonville, FL

 

 

3,496

 

 

 

38,013

 

 

 

37,385

 

 

 

1.7

%

 

 

13,395

 

 

 

12,881

 

 

 

4.0

%

 

 

24,618

 

 

 

24,504

 

 

 

0.5

%

 

 

1,152

 

 

 

1,122

 

 

 

2.6

%

Phoenix, AZ

 

 

2,623

 

 

 

32,636

 

 

 

30,480

 

 

 

7.1

%

 

 

9,296

 

 

 

9,007

 

 

 

3.2

%

 

 

23,340

 

 

 

21,473

 

 

 

8.7

%

 

 

1,285

 

 

 

1,197

 

 

 

7.3

%

Charleston, SC

 

 

2,726

 

 

 

32,026

 

 

 

31,084

 

 

 

3.0

%

 

 

12,015

 

 

 

11,456

 

 

 

4.9

%

 

 

20,011

 

 

 

19,628

 

 

 

2.0

%

 

 

1,196

 

 

 

1,160

 

 

 

3.1

%

Richmond, VA

 

 

2,004

 

 

 

24,019

 

 

 

23,101

 

 

 

4.0

%

 

 

8,050

 

 

 

7,335

 

 

 

9.7

%

 

 

15,969

 

 

 

15,766

 

 

 

1.3

%

 

 

1,223

 

 

 

1,180

 

 

 

3.6

%

Savannah, GA

 

 

2,219

 

 

 

23,991

 

 

 

23,506

 

 

 

2.1

%

 

 

9,005

 

 

 

8,795

 

 

 

2.4

%

 

 

14,986

 

 

 

14,711

 

 

 

1.9

%

 

 

1,106

 

 

 

1,080

 

 

 

2.4

%

Greenville, SC

 

 

2,084

 

 

 

19,687

 

 

 

18,784

 

 

 

4.8

%

 

 

7,978

 

 

 

7,763

 

 

 

2.8

%

 

 

11,709

 

 

 

11,021

 

 

 

6.2

%

 

 

939

 

 

 

904

 

 

 

3.9

%

Memphis, TN

 

 

1,811

 

 

 

18,213

 

 

 

17,310

 

 

 

5.2

%

 

 

7,284

 

 

 

7,239

 

 

 

0.6

%

 

 

10,929

 

 

 

10,071

 

 

 

8.5

%

 

 

1,032

 

 

 

988

 

 

 

4.4

%

Birmingham, AL

 

 

1,462

 

 

 

16,028

 

 

 

14,952

 

 

 

7.2

%

 

 

6,322

 

 

 

6,358

 

 

 

(0.6

)%

 

 

9,706

 

 

 

8,594

 

 

 

12.9

%

 

 

1,075

 

 

 

1,017

 

 

 

5.8

%

San Antonio, TX

 

 

1,504

 

 

 

16,471

 

 

 

16,091

 

 

 

2.4

%

 

 

7,467

 

 

 

7,032

 

 

 

6.2

%

 

 

9,004

 

 

 

9,059

 

 

 

(0.6

)%

 

 

1,118

 

 

 

1,096

 

 

 

2.0

%

Kansas City, MO-KS

 

 

1,110

 

 

 

13,592

 

 

 

13,104

 

 

 

3.7

%

 

 

5,069

 

 

 

4,938

 

 

 

2.7

%

 

 

8,523

 

 

 

8,166

 

 

 

4.4

%

 

 

1,287

 

 

 

1,230

 

 

 

4.6

%

Huntsville, AL

 

 

1,228

 

 

 

12,316

 

 

 

11,288

 

 

 

9.1

%

 

 

4,183

 

 

 

3,988

 

 

 

4.9

%

 

 

8,133

 

 

 

7,300

 

 

 

11.4

%

 

 

987

 

 

 

904

 

 

 

9.2

%

Other

 

 

6,717

 

 

 

72,549

 

 

 

70,860

 

 

 

2.4

%

 

 

27,627

 

 

 

26,162

 

 

 

5.6

%

 

 

44,922

 

 

 

44,698

 

 

 

0.5

%

 

 

1,141

 

 

 

1,125

 

 

 

1.4

%

Total Same Store

 

 

95,113

 

 

$

1,179,856

 

 

$

1,147,893

 

 

 

2.8

%

 

$

449,154

 

 

$

430,677

 

 

 

4.3

%

 

$

730,702

 

 

$

717,216

 

 

 

1.9

%

 

$

1,289

 

 

$

1,250

 

 

 

3.1

%

 

Supplemental Data S-7

 


 

MULTIFAMILY DEVELOPMENT PIPELINE

 

Dollars in thousands

 

 

 

Units as of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2020

 

 

 

 

Projected

 

Development Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Start

 

Occupancy

 

Completion

 

Stabilization

 

Total

 

 

Thru

 

 

 

 

 

 

 

Location

 

Total

 

 

Delivered

 

 

Leased

 

 

Date

 

Date

 

Date

 

Date(1)

 

Cost

 

 

Q3 2020

 

 

After

 

MAA Frisco Bridges II

 

Dallas, TX

 

 

348

 

 

 

240

 

 

 

127

 

 

2Q18

 

2Q20

 

4Q20

 

1Q22

 

$

69,000

 

 

$

62,827

 

 

$

6,173

 

Novel Midtown(2)

 

Phoenix, AZ

 

 

345

 

 

 

 

 

 

1Q19

 

1Q21

 

2Q21

 

4Q22

 

 

82,000

 

 

 

63,739

 

 

 

18,261

 

Westglenn

 

Denver, CO

 

 

306

 

 

 

 

 

 

3Q19

 

2Q21

 

4Q21

 

4Q22

 

 

84,500

 

 

 

32,374

 

 

 

52,126

 

The Robinson(3)

 

Orlando, FL

 

 

369

 

 

 

 

 

 

3Q19

 

2Q21

 

4Q21

 

1Q23

 

 

99,000

 

 

 

51,061

 

 

 

47,939

 

Long Point

 

Houston, TX

 

 

308

 

 

 

 

 

 

4Q19

 

3Q21

 

1Q22

 

1Q23

 

 

57,000

 

 

 

22,024

 

 

 

34,976

 

Sand Lake(4)

 

Orlando, FL

 

 

264

 

 

 

 

 

 

4Q19

 

2Q21

 

4Q21

 

1Q23

 

 

68,000

 

 

 

31,956

 

 

 

36,044

 

Total Active

 

 

 

 

1,940

 

 

 

240

 

 

 

127

 

 

 

 

 

 

 

 

 

 

$

459,500

 

 

$

263,981

 

 

$

195,519

 

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

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

(3)  Previously reported as 336 N. Orange.

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

 

MULTIFAMILY REDEVELOPMENT PIPELINE

 

Dollars in thousands, except per unit data

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2020

 

 

 

Units Redeveloped

 

 

Redevelopment Spend

 

 

Spend per Unit

 

 

Increase in Average Effective Rent per Unit

 

 

Increase in Average Effective Rent per Unit

 

 

Estimated Units Remaining in Pipeline

 

3,300

 

 

$

19,599

 

 

$

5,939

 

 

$

108

 

 

9.3%

 

 

9,000  -  11,000

 

MULTIFAMILY LEASE-UP COMMUNITIES

 

Dollars in thousands

 

As of September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

Location

 

Total Units

 

Percent Occupied

 

 

Construction Finished

 

Expected Stabilization(1)

 

Total Cost

 

The Greene

 

Greenville, SC

 

271

 

93.4%

 

 

(2)

 

4Q20

 

$

72,326

 

Copper Ridge II

 

Fort Worth, TX

 

168

 

67.9%

 

 

2Q20

 

2Q21

 

 

26,219

 

Total

 

 

 

439

 

83.6%

 

 

 

 

 

 

$

98,545

 

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

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

 

2020 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2020)

 

Land Acquisition

 

Market

 

Acreage

 

Closing Date

Georgetown

 

Austin, TX

 

22

 

January 2020

 

2020 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2020)

 

Land Disposition

 

Market

 

Acreage

 

Closing Date

Colonial Promenade

 

Huntsville, AL

 

27

 

September 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data S-8

 


 

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

 

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting.  A summary of non-financial and financial information for this joint venture is provided below.

 

Joint Venture Property

 

Market

 

# of units

 

Ownership Interest

 

Post Massachusetts Avenue

 

Washington, D.C.

 

269

 

35%

 

 

Dollars in thousands

 

As of September 30, 2020

 

Joint Venture Property

 

Gross Investment in Real Estate

 

 

Mortgage Notes Payable

 

 

Company’s Equity Investment

 

Post Massachusetts Avenue

 

$

79,641

 

(1)

$

51,744

 

(2)

$

43,467

 

 

 

 

Three months ended September 30, 2020

 

 

Nine months ended September 30, 2020

 

Joint Venture Property

 

Entity NOI

 

 

Company’s Equity in Income

 

 

Entity NOI

 

 

Company’s Equity in Income

 

Post Massachusetts Avenue

 

$

1,837

 

 

$

428

 

 

$

5,781

 

 

$

1,153

 

(1)

Represents GAAP basis net book value plus accumulated depreciation.

(2)

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

 

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2020

Dollars in thousands

 

DEBT SUMMARIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating Versus Fixed Rate Debt

 

Balance

 

 

Percent of Total

 

 

Effective Interest Rate

 

 

Average Years to Rate Maturity

 

Fixed rate debt

 

$

4,390,594

 

 

 

99.2

%

 

 

3.7

%

 

 

8.0

 

Floating (unhedged) debt

 

 

35,000

 

 

 

0.8

%

 

 

0.2

%

 

 

0.1

 

Total

 

$

4,425,594

 

 

 

100.0

%

 

 

3.7

%

 

 

7.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Versus Unsecured Debt

 

Balance

 

 

Percent of Total

 

 

Effective Interest Rate

 

 

Average Years to Contract Maturity

 

Unsecured debt

 

$

3,939,425

 

 

 

89.0

%

 

 

3.6

%

 

 

6.3

 

Secured debt

 

 

486,169

 

 

 

11.0

%

 

 

4.6

%

 

 

21.3

 

Total

 

$

4,425,594

 

 

 

100.0

%

 

 

3.7

%

 

 

7.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unencumbered Versus Encumbered Assets

 

Total Cost

 

 

Percent of Total

 

 

Q3 2020 NOI

 

 

Percent of Total

 

Unencumbered gross assets

 

$

13,186,477

 

 

 

91.3

%

 

$

236,235

 

 

 

93.2

%

Encumbered gross assets

 

 

1,258,937

 

 

 

8.7

%

 

 

17,150

 

 

 

6.8

%

Total

 

$

14,445,414

 

 

 

100.0

%

 

$

253,385

 

 

 

100.0

%

 

FIXED INTEREST RATE MATURITIES

Maturity

 

Fixed Rate Debt

 

 

 

Effective Rate

 

2021

 

$

192,023

 

 

 

 

5.2

%

2022

 

 

366,031

 

 

 

 

3.6

%

2023

 

 

360,222

 

 

 

 

4.2

%

2024

 

 

416,968

 

 

 

 

4.0

%

2025

 

 

403,155

 

 

 

 

4.2

%

2026

 

 

 

 

 

 

 

2027

 

 

594,785

 

 

 

 

3.7

%

2028

 

 

395,326

 

 

 

 

4.2

%

2029

 

 

562,082

 

 

 

 

3.7

%

Thereafter

 

 

1,100,002

 

 

 

 

3.0

%

Total

 

$

4,390,594

 

 

 

 

3.7

%

 

Supplemental Data S-9

 


 

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

Dollars in thousands

 

DEBT MATURITIES OF OUTSTANDING BALANCES

 

 

Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾

 

 

Public Bonds

 

 

Other

Unsecured

 

 

Secured

 

 

Total

 

2020

 

$

35,000

 

 

$

 

 

$

 

 

$

 

 

$

35,000

 

2021

 

 

 

 

 

 

 

 

72,711

 

 

 

119,312

 

 

 

192,023

 

2022

 

 

 

 

 

249,182

 

 

 

116,849

 

 

 

 

 

 

366,031

 

2023

 

 

 

 

 

347,992

 

 

 

12,230

 

 

 

 

 

 

360,222

 

2024

 

 

 

 

 

397,010

 

 

 

19,958

 

 

 

 

 

 

416,968

 

2025

 

 

 

 

 

396,030

 

 

 

 

 

 

7,125

 

 

 

403,155

 

2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2027

 

 

 

 

 

594,785

 

 

 

 

 

 

 

 

 

594,785

 

2028

 

 

 

 

 

395,326

 

 

 

 

 

 

 

 

 

395,326

 

2029

 

 

 

 

 

562,082

 

 

 

 

 

 

 

 

 

562,082

 

Thereafter

 

 

 

 

 

740,270

 

 

 

 

 

 

359,732

 

 

 

1,100,002

 

Total

 

$

35,000

 

 

$

3,682,677

 

 

$

221,748

 

 

$

486,169

 

 

$

4,425,594

 

 

(1)

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

(2)

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

 

DEBT COVENANT ANALYSIS (1)

 

Bond Covenants

 

Required

 

Actual

 

 

Compliance

Total debt to adjusted total assets

 

60% or less

 

30.6%

 

 

Yes

Total secured debt to adjusted total assets

 

40% or less

 

3.4%

 

 

Yes

Consolidated income available for debt service to total annual debt service charge

 

1.5x or greater for trailing 4 quarters

 

5.4x

 

 

Yes

Total unencumbered assets to total unsecured debt

 

Greater than 150%

 

334%

 

 

Yes

 

 

 

 

 

 

 

 

 

Bank Covenants

 

Required

 

Actual

 

 

Compliance

Total debt to total capitalized asset value

 

60% or less

 

27.3%

 

 

Yes

Total secured debt to total capitalized asset value

 

40% or Less

 

3.1%

 

 

Yes

Total adjusted EBITDA to fixed charges

 

1.5x or greater for trailing 4 quarters

 

5.1x

 

 

Yes

Total unsecured debt to total unsecured capitalized asset value

 

60% or less

 

26.0%

 

 

Yes

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data S-10

 


 

CREDIT RATINGS

 

 

 

Commercial

 

Long-Term

 

 

 

 

Paper Rating

 

Debt Rating

 

Outlook

Fitch Ratings(1)

 

F2

 

BBB+

 

Stable

Moodys Investors Service(2)

 

P-2

 

Baa1

 

Stable

Standard & Poors Ratings Services(1)

 

A-2

 

BBB+

 

Stable

 

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

 

COMMON STOCK

 

Stock Symbol:

 

MAA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded:

 

NYSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Future Dates:

 

Q4 2020

 

 

Q1 2021

 

 

Q2 2021

 

 

Q3 2021

 

 

 

 

 

Earnings release & conference call

 

Late

January

 

 

Late

April

 

 

Late

July

 

 

Late

October

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Information - Common Shares:

 

Q3 2019

 

 

Q4 2019

 

 

Q1 2020

 

 

Q2 2020

 

 

Q3 2020

 

Declaration date

 

9/26/2019

 

 

12/10/2019

 

 

3/19/2020

 

 

5/19/2020

 

 

9/24/2020

 

Record date

 

10/15/2019

 

 

1/15/2020

 

 

4/15/2020

 

 

7/15/2020

 

 

10/15/2020

 

Payment date

 

10/31/2019

 

 

1/31/2020

 

 

4/30/2020

 

 

7/31/2020

 

 

10/30/2020

 

Distributions per share

 

$

0.9600

 

 

$

1.0000

 

 

$

1.0000

 

 

$

1.0000

 

 

$

1.0000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data S-11

 


 

COVID-19 UPDATE

Third Quarter 2020 Operating Metrics

Dollars in thousands

 

Third Quarter 2020 Residential Rents (through October 26, 2020)

 

Dollars

 

 

% of Total Billed

 

Total billed

 

$

374,226

 

 

 

 

 

Cash collected to date

 

 

370,975

 

 

 

99.1

%

Deferred payments outstanding (1)

 

 

416

 

 

 

0.1

%

Total cash collected and deferred payments

 

$

371,391

 

 

 

99.2

%

Bad debt reserve (as of September 30, 2020)

 

$

3,411

 

 

 

0.9

%

 

 

 

 

 

 

 

 

 

Third Quarter 2020 Commercial Rents (through October 26, 2020)

 

 

 

 

 

 

 

 

Total billed

 

$

5,666

 

 

 

 

 

Cash collected to date

 

 

5,188

 

 

 

91.6

%

Rent abatements (2)

 

 

440

 

 

 

7.8

%

Total cash collected and rent abatements

 

$

5,628

 

 

 

99.3

%

Bad debt reserve (as of September 30, 2020)

 

$

478

 

 

 

8.4

%

 

(1)

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

(2)

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

 

October 2020 Operating Metrics

Dollars in thousands

 

October 2020 Residential Rents (through October 26, 2020)

 

Dollars

 

 

% of Total Billed

 

 

Third Quarter 2020 Average (1)

 

Total billed

 

$

124,932

 

 

 

 

 

 

 

 

 

Cash collected to date

 

 

123,220

 

 

 

98.6

%

 

 

98.4

%

Deferred payments outstanding (2)

 

 

167

 

 

 

0.1

%

 

 

0.2

%

Total cash collected and deferred payments

 

$

123,387

 

 

 

98.8

%

 

 

98.6

%

 

(1)

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

(2)

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

 

Same Store Pricing/Occupancy (through October 26, 2020)

 

October 2020

 

 

October 2019

 

Lease over lease pricing growth for new leases effective in October (3) (4)

 

 

(2.0

)%

 

 

0.6

%

Lease over lease pricing growth for renewals effective in October (4) (5)

 

 

4.8

%

 

 

7.4

%

Blended lease over lease pricing growth for new leases and renewals effective in October (4)

 

 

1.3

%

 

 

4.0

%

Lease over lease pricing growth on new leases signed during October (4)

 

 

(2.0

)%

 

 

(0.6

)%

Lease over lease pricing growth on renewal leases signed during October (4)

 

 

5.8

%

 

 

7.0

%

Blended lease over lease pricing growth for new leases and renewals signed during October (4)

 

 

1.2

%

 

 

2.7

%

Average Physical Occupancy

 

 

95.6

%

 

 

95.6

%

 

(3)

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

(4)

Lease over lease pricing growth includes the impact of concessions.

(5)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data S-12

 


 

INVESTOR RELATIONS DATA

 

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

 

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com.  This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.

 

For Questions Contact:

 

 

 

 

 

 

 

 

 

 

Name

 

Title

 

Tim Argo

 

Senior Vice President, Director of Finance

 

Jennifer Patrick

 

Director of Investor Relations

 

Phone: 866-576-9689 (toll free)

 

Email: investor.relations@maac.com

 

 

Supplemental Data S-13