EX-99.2 3 maa-ex992_7.htm EX-99.2 maa-ex992_7.htm

 

Exhibit 99.2

 

PORTFOLIO STATISTICS

 

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

 

 

 

Same

Store

 

 

Non-Same

Store

 

 

Lease-up

 

 

Total

Completed

Communities

 

 

Development

Units

Delivered

 

 

Total

 

Atlanta, GA

 

 

11,434

 

 

 

 

 

 

 

 

 

11,434

 

 

 

 

 

 

11,434

 

Dallas, TX

 

 

9,767

 

 

 

 

 

 

348

 

 

 

10,115

 

 

 

 

 

 

10,115

 

Austin, TX

 

 

7,117

 

 

 

 

 

 

 

 

 

7,117

 

 

 

 

 

 

7,117

 

Charlotte, NC

 

 

5,867

 

 

 

282

 

 

 

 

 

 

6,149

 

 

 

 

 

 

6,149

 

Orlando, FL

 

 

5,274

 

 

 

 

 

 

 

 

 

5,274

 

 

 

299

 

 

 

5,573

 

Raleigh/Durham, NC

 

 

5,350

 

 

 

 

 

 

 

 

 

5,350

 

 

 

 

 

 

5,350

 

Tampa, FL

 

 

5,220

 

 

 

 

 

 

 

 

 

5,220

 

 

 

 

 

 

5,220

 

Houston, TX

 

 

4,867

 

 

 

 

 

 

 

 

 

4,867

 

 

 

21

 

 

 

4,888

 

Fort Worth, TX

 

 

4,249

 

 

 

168

 

 

 

 

 

 

4,417

 

 

 

 

 

 

4,417

 

Nashville, TN

 

 

4,375

 

 

 

 

 

 

 

 

 

4,375

 

 

 

 

 

 

4,375

 

Washington, DC

 

 

4,080

 

 

 

 

 

 

 

 

 

4,080

 

 

 

 

 

 

4,080

 

Jacksonville, FL

 

 

3,496

 

 

 

 

 

 

 

 

 

3,496

 

 

 

 

 

 

3,496

 

Charleston, SC

 

 

3,168

 

 

 

 

 

 

 

 

 

3,168

 

 

 

 

 

 

3,168

 

Phoenix, AZ

 

 

2,623

 

 

 

 

 

 

345

 

 

 

2,968

 

 

 

 

 

 

2,968

 

Greenville, SC

 

 

2,084

 

 

 

271

 

 

 

 

 

 

2,355

 

 

 

 

 

 

2,355

 

Savannah, GA

 

 

1,837

 

 

 

382

 

 

 

 

 

 

2,219

 

 

 

 

 

 

2,219

 

Richmond, VA

 

 

2,004

 

 

 

 

 

 

 

 

 

2,004

 

 

 

 

 

 

2,004

 

Memphis, TN

 

 

1,811

 

 

 

 

 

 

 

 

 

1,811

 

 

 

 

 

 

1,811

 

San Antonio, TX

 

 

1,504

 

 

 

 

 

 

 

 

 

1,504

 

 

 

 

 

 

1,504

 

Birmingham, AL

 

 

1,462

 

 

 

 

 

 

 

 

 

1,462

 

 

 

 

 

 

1,462

 

Huntsville, AL

 

 

1,228

 

 

 

 

 

 

 

 

 

1,228

 

 

 

 

 

 

1,228

 

Kansas City, MO-KS

 

 

1,110

 

 

 

 

 

 

 

 

 

1,110

 

 

 

 

 

 

1,110

 

Other

 

 

7,076

 

 

 

549

 

 

 

 

 

 

7,625

 

 

 

46

 

 

 

7,671

 

Total Multifamily Units

 

 

97,003

 

 

 

1,652

 

 

 

693

 

 

 

99,348

 

 

 

366

 

 

 

99,714

 

 

(1)

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

 

 

 

Supplemental Data S-1

 


 

 

PORTFOLIO STATISTICS (CONTINUED)

 

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

 

 

As of June 30, 2021

 

 

Average

Effective

 

 

As of June 30, 2021

 

 

 

Gross Real

Assets

 

 

Percent to

Total of

Gross Real

Assets

 

 

Physical

Occupancy

 

 

Rent per

Unit for

the Three

Months Ended

June 30, 2021

 

 

Completed

Units

 

 

Total Units,

Including

Development

 

Atlanta, GA

 

$

2,017,324

 

 

 

14.2

%

 

 

95.2

%

 

$

1,505

 

 

 

11,434

 

 

 

 

 

Dallas, TX

 

 

1,429,262

 

 

 

10.1

%

 

 

95.6

%

 

 

1,314

 

 

 

9,767

 

 

 

 

 

Charlotte, NC

 

 

977,038

 

 

 

6.9

%

 

 

96.4

%

 

 

1,271

 

 

 

6,149

 

 

 

 

 

Washington, DC

 

 

972,514

 

 

 

6.9

%

 

 

95.4

%

 

 

1,808

 

 

 

4,080

 

 

 

 

 

Tampa, FL

 

 

887,261

 

 

 

6.3

%

 

 

97.0

%

 

 

1,583

 

 

 

5,220

 

 

 

 

 

Austin, TX

 

 

854,206

 

 

 

6.0

%

 

 

95.4

%

 

 

1,305

 

 

 

7,117

 

 

 

 

 

Orlando, FL

 

 

835,465

 

 

 

5.9

%

 

 

96.0

%

 

 

1,484

 

 

 

5,274

 

 

 

 

 

Raleigh/Durham, NC

 

 

704,914

 

 

 

5.0

%

 

 

95.6

%

 

 

1,206

 

 

 

5,350

 

 

 

 

 

Houston, TX

 

 

611,631

 

 

 

4.3

%

 

 

95.7

%

 

 

1,217

 

 

 

4,867

 

 

 

 

 

Nashville, TN

 

 

537,741

 

 

 

3.8

%

 

 

95.5

%

 

 

1,345

 

 

 

4,375

 

 

 

 

 

Fort Worth, TX

 

 

427,190

 

 

 

3.0

%

 

 

96.5

%

 

 

1,231

 

 

 

4,417

 

 

 

 

 

Charleston, SC

 

 

406,918

 

 

 

2.9

%

 

 

96.7

%

 

 

1,308

 

 

 

3,168

 

 

 

 

 

Phoenix, AZ

 

 

381,168

 

 

 

2.7

%

 

 

96.6

%

 

 

1,370

 

 

 

2,623

 

 

 

 

 

Jacksonville, FL

 

 

293,967

 

 

 

2.1

%

 

 

97.3

%

 

 

1,211

 

 

 

3,496

 

 

 

 

 

Richmond, VA

 

 

268,346

 

 

 

1.9

%

 

 

96.6

%

 

 

1,288

 

 

 

2,004

 

 

 

 

 

Savannah, GA

 

 

245,982

 

 

 

1.7

%

 

 

96.8

%

 

 

1,180

 

 

 

2,219

 

 

 

 

 

Greenville, SC

 

 

229,345

 

 

 

1.6

%

 

 

97.0

%

 

 

1,045

 

 

 

2,355

 

 

 

 

 

Denver, CO

 

 

211,666

 

 

 

1.5

%

 

 

95.2

%

 

 

1,658

 

 

 

812

 

 

 

 

 

Kansas City, MO-KS

 

 

187,125

 

 

 

1.3

%

 

 

96.0

%

 

 

1,313

 

 

 

1,110

 

 

 

 

 

San Antonio, TX

 

 

164,091

 

 

 

1.2

%

 

 

96.7

%

 

 

1,148

 

 

 

1,504

 

 

 

 

 

Birmingham, AL

 

 

160,903

 

 

 

1.1

%

 

 

96.4

%

 

 

1,143

 

 

 

1,462

 

 

 

 

 

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

 

Tennessee

 

$

186,700

 

 

 

1.3

%

 

 

97.3

%

 

$

1,071

 

 

 

2,754

 

 

 

 

 

Florida

 

 

178,803

 

 

 

1.3

%

 

 

97.1

%

 

 

1,422

 

 

 

1,806

 

 

 

 

 

Alabama

 

 

162,649

 

 

 

1.1

%

 

 

97.1

%

 

 

1,133

 

 

 

1,648

 

 

 

 

 

Virginia

 

 

153,990

 

 

 

1.1

%

 

 

97.9

%

 

 

1,420

 

 

 

1,039

 

 

 

 

 

Kentucky

 

 

94,499

 

 

 

0.7

%

 

 

97.0

%

 

 

950

 

 

 

1,308

 

 

 

 

 

Nevada

 

 

71,551

 

 

 

0.5

%

 

 

96.1

%

 

 

1,247

 

 

 

721

 

 

 

 

 

South Carolina

 

 

36,513

 

 

 

0.3

%

 

 

93.2

%

 

 

972

 

 

 

576

 

 

 

 

 

Stabilized Communities

 

$

13,688,762

 

 

 

96.7

%

 

 

96.1

%

 

$

1,335

 

 

 

98,655

 

 

 

 

 

Orlando, FL

 

$

148,845

 

 

 

1.1

%

 

 

12.5

%

 

 

2,005

 

 

 

299

 

 

 

633

 

Phoenix, AZ

 

 

102,399

 

 

 

0.7

%

 

 

46.7

%

 

 

1,715

 

 

 

345

 

 

 

662

 

Denver, CO

 

 

67,748

 

 

 

0.5

%

 

 

10.8

%

 

 

1,750

 

 

 

46

 

 

 

306

 

Dallas, TX

 

 

65,483

 

 

 

0.5

%

 

 

92.5

%

 

 

1,566

 

 

 

348

 

 

 

348

 

Houston, TX

 

 

43,711

 

 

 

0.3

%

 

 

3.6

%

 

 

1,621

 

 

 

21

 

 

 

308

 

Austin, TX

 

 

17,930

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350

 

Atlanta, GA

 

 

14,233

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

340

 

Salt Lake City, UT

 

 

13,015

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400

 

Lease-up / Development Communities

 

$

473,364

 

 

 

3.3

%

 

 

31.3

%

 

$

1,748

 

 

 

1,059

 

 

 

3,347

 

Total Multifamily Communities

 

$

14,162,126

 

 

 

100.0

%

 

 

94.7

%

 

$

1,339

 

 

 

99,714

 

 

 

102,002

 

 

(1)

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

 

 

Supplemental Data S-2

 


 

 

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

 

 

 

As of June 30, 2021

 

 

Three Months Ended

 

 

 

Apartment Units

 

 

Gross Real Assets

 

 

June 30, 2021

 

 

June 30, 2020

 

 

Percent

Change

 

Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Communities

 

 

97,003

 

 

$

13,391,101

 

 

$

417,322

 

 

$

398,722

 

 

 

4.7

%

Non-Same Store Communities

 

 

1,652

 

 

 

297,661

 

 

 

11,662

 

 

 

10,106

 

 

 

 

 

Lease-up/Development Communities

 

 

1,059

 

 

 

473,364

 

 

 

2,039

 

 

 

48

 

 

 

 

 

Total Multifamily Portfolio

 

 

99,714

 

 

$

14,162,126

 

 

$

431,023

 

 

$

408,876

 

 

 

 

 

Commercial Property/Land

 

 

 

 

 

274,747

 

 

 

5,904

 

 

 

4,150

 

 

 

 

 

Total Operating Revenues

 

 

99,714

 

 

$

14,436,873

 

 

$

436,927

 

 

$

413,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Communities

 

 

 

 

 

 

 

 

 

$

160,251

 

 

$

150,688

 

 

 

6.3

%

Non-Same Store Communities

 

 

 

 

 

 

 

 

 

 

4,607

 

 

 

4,416

 

 

 

 

 

Lease-up/Development Communities

 

 

 

 

 

 

 

 

 

 

1,481

 

 

 

144

 

 

 

 

 

Total Multifamily Portfolio

 

 

 

 

 

 

 

 

 

$

166,339

 

 

$

155,248

 

 

 

 

 

Commercial Property/Land

 

 

 

 

 

 

 

 

 

 

2,422

 

 

 

2,223

 

 

 

 

 

Total Property Operating Expenses

 

 

 

 

 

 

 

 

 

$

168,761

 

 

$

157,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Communities

 

 

 

 

 

 

 

 

 

$

257,071

 

 

$

248,034

 

 

 

3.6

%

Non-Same Store Communities

 

 

 

 

 

 

 

 

 

 

7,055

 

 

 

5,690

 

 

 

 

 

Lease-up/Development Communities

 

 

 

 

 

 

 

 

 

 

558

 

 

 

(96

)

 

 

 

 

Total Multifamily Portfolio

 

 

 

 

 

 

 

 

 

$

264,684

 

 

$

253,628

 

 

 

 

 

Commercial Property/Land

 

 

 

 

 

 

 

 

 

 

3,482

 

 

 

1,927

 

 

 

 

 

Total Net Operating Income

 

 

 

 

 

 

 

 

 

$

268,166

 

 

$

255,555

 

 

 

4.9

%

 

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

 

Percent Change

 

 

June 30, 2021

 

 

June 30, 2020

 

 

Percent

Change

 

Personnel

 

$

34,834

 

 

$

33,427

 

 

 

4.2

%

 

$

68,643

 

 

$

66,555

 

 

 

3.1

%

Building Repair and Maintenance

 

 

20,735

 

 

 

18,634

 

 

 

11.3

%

 

 

37,869

 

 

 

35,299

 

 

 

7.3

%

Utilities

 

 

28,619

 

 

 

28,034

 

 

 

2.1

%

 

 

57,380

 

 

 

54,725

 

 

 

4.9

%

Marketing

 

 

6,068

 

 

 

5,959

 

 

 

1.8

%

 

 

11,366

 

 

 

10,632

 

 

 

6.9

%

Office Operations

 

 

5,701

 

 

 

4,790

 

 

 

19.0

%

 

 

11,290

 

 

 

10,203

 

 

 

10.7

%

Property Taxes

 

 

58,751

 

 

 

56,531

 

 

 

3.9

%

 

 

116,965

 

 

 

113,051

 

 

 

3.5

%

Insurance

 

 

5,543

 

 

 

3,313

 

 

 

67.3

%

 

 

11,045

 

 

 

6,559

 

 

 

68.4

%

Total Property Operating Expenses

 

$

160,251

 

 

$

150,688

 

 

 

6.3

%

 

$

314,558

 

 

$

297,024

 

 

 

5.9

%

 

Supplemental Data S-3

 


 

 

NOI CONTRIBUTION PERCENTAGE BY MARKET

 

Same Store Portfolio

 

 

 

 

 

 

 

 

 

 

 

Average Physical Occupancy

 

 

 

 

 

 

 

Percent of

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

Apartment Units

 

 

Same Store NOI

 

 

June 30, 2021

 

 

June 30, 2020

 

 

June 30, 2021

 

 

June 30, 2020

 

Atlanta, GA

 

 

11,434

 

 

 

13.1

%

 

 

95.8

%

 

 

94.8

%

 

 

95.3

%

 

 

94.8

%

Dallas, TX

 

 

9,767

 

 

 

8.7

%

 

 

95.9

%

 

 

95.0

%

 

 

95.5

%

 

 

95.3

%

Tampa, FL

 

 

5,220

 

 

 

6.8

%

 

 

97.5

%

 

 

95.5

%

 

 

97.3

%

 

 

95.5

%

Charlotte, NC

 

 

5,867

 

 

 

6.4

%

 

 

96.6

%

 

 

95.7

%

 

 

96.3

%

 

 

96.0

%

Washington, DC

 

 

4,080

 

 

 

6.2

%

 

 

96.5

%

 

 

96.3

%

 

 

96.3

%

 

 

96.3

%

Orlando, FL

 

 

5,274

 

 

 

6.0

%

 

 

96.0

%

 

 

94.6

%

 

 

95.7

%

 

 

94.9

%

Austin, TX

 

 

7,117

 

 

 

6.0

%

 

 

95.9

%

 

 

95.3

%

 

 

95.6

%

 

 

95.6

%

Raleigh/Durham, NC

 

 

5,350

 

 

 

5.4

%

 

 

96.1

%

 

 

96.0

%

 

 

95.9

%

 

 

96.2

%

Nashville, TN

 

 

4,375

 

 

 

4.6

%

 

 

95.9

%

 

 

95.1

%

 

 

95.2

%

 

 

95.4

%

Houston, TX

 

 

4,867

 

 

 

3.9

%

 

 

95.1

%

 

 

94.5

%

 

 

94.5

%

 

 

94.8

%

Fort Worth, TX

 

 

4,249

 

 

 

3.9

%

 

 

96.6

%

 

 

95.6

%

 

 

96.1

%

 

 

95.3

%

Jacksonville, FL

 

 

3,496

 

 

 

3.4

%

 

 

97.8

%

 

 

96.2

%

 

 

97.7

%

 

 

96.1

%

Charleston, SC

 

 

3,168

 

 

 

3.3

%

 

 

96.7

%

 

 

95.7

%

 

 

96.2

%

 

 

95.6

%

Phoenix, AZ

 

 

2,623

 

 

 

3.3

%

 

 

97.2

%

 

 

95.4

%

 

 

97.1

%

 

 

96.2

%

Richmond, VA

 

 

2,004

 

 

 

2.2

%

 

 

97.0

%

 

 

96.6

%

 

 

96.9

%

 

 

96.4

%

Savannah, GA

 

 

1,837

 

 

 

1.8

%

 

 

97.4

%

 

 

95.0

%

 

 

97.3

%

 

 

95.4

%

Greenville, SC

 

 

2,084

 

 

 

1.6

%

 

 

96.9

%

 

 

95.9

%

 

 

96.5

%

 

 

95.2

%

Memphis, TN

 

 

1,811

 

 

 

1.6

%

 

 

97.7

%

 

 

96.7

%

 

 

97.7

%

 

 

96.2

%

Birmingham, AL

 

 

1,462

 

 

 

1.3

%

 

 

96.8

%

 

 

96.4

%

 

 

96.7

%

 

 

96.2

%

Huntsville, AL

 

 

1,228

 

 

 

1.2

%

 

 

97.6

%

 

 

97.2

%

 

 

97.2

%

 

 

97.2

%

San Antonio, TX

 

 

1,504

 

 

 

1.2

%

 

 

97.0

%

 

 

96.3

%

 

 

95.9

%

 

 

96.3

%

Kansas City, MO-KS

 

 

1,110

 

 

 

1.1

%

 

 

95.3

%

 

 

95.1

%

 

 

94.6

%

 

 

95.4

%

Other

 

 

7,076

 

 

 

7.0

%

 

 

97.1

%

 

 

95.2

%

 

 

96.7

%

 

 

95.3

%

Total Same Store

 

 

97,003

 

 

 

100.0

%

 

 

96.4

%

 

 

95.4

%

 

 

96.0

%

 

 

95.5

%

 

 

 

Supplemental Data S-4

 


 

 

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

 

 

 

 

 

 

 

Revenues

 

 

Expenses

 

 

NOI

 

 

Average Effective Rent per Unit

 

 

 

Units

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

Atlanta, GA

 

 

11,434

 

 

$

54,281

 

 

$

52,261

 

 

 

3.9

%

 

$

20,642

 

 

$

19,782

 

 

 

4.3

%

 

$

33,639

 

 

$

32,479

 

 

 

3.6

%

 

$

1,505

 

 

$

1,462

 

 

 

2.9

%

Dallas, TX

 

 

9,767

 

 

 

40,743

 

 

 

39,941

 

 

 

2.0

%

 

 

18,432

 

 

 

17,592

 

 

 

4.8

%

 

 

22,311

 

 

 

22,349

 

 

 

(0.2

)%

 

 

1,314

 

 

 

1,302

 

 

 

0.9

%

Tampa, FL

 

 

5,220

 

 

 

26,600

 

 

 

24,504

 

 

 

8.6

%

 

 

9,191

 

 

 

8,607

 

 

 

6.8

%

 

 

17,409

 

 

 

15,897

 

 

 

9.5

%

 

 

1,583

 

 

 

1,493

 

 

 

6.0

%

Charlotte, NC

 

 

5,867

 

 

 

24,333

 

 

 

23,715

 

 

 

2.6

%

 

 

7,887

 

 

 

7,542

 

 

 

4.6

%

 

 

16,446

 

 

 

16,173

 

 

 

1.7

%

 

 

1,281

 

 

 

1,261

 

 

 

1.6

%

Washington, DC

 

 

4,080

 

 

 

23,260

 

 

 

23,170

 

 

 

0.4

%

 

 

7,202

 

 

 

6,861

 

 

 

5.0

%

 

 

16,058

 

 

 

16,309

 

 

 

(1.5

)%

 

 

1,808

 

 

 

1,809

 

 

 

(0.0

)%

Orlando, FL

 

 

5,274

 

 

 

25,084

 

 

 

24,040

 

 

 

4.3

%

 

 

9,584

 

 

 

9,099

 

 

 

5.3

%

 

 

15,500

 

 

 

14,941

 

 

 

3.7

%

 

 

1,484

 

 

 

1,468

 

 

 

1.1

%

Austin, TX

 

 

7,117

 

 

 

29,701

 

 

 

29,204

 

 

 

1.7

%

 

 

14,390

 

 

 

12,901

 

 

 

11.5

%

 

 

15,311

 

 

 

16,303

 

 

 

(6.1

)%

 

 

1,305

 

 

 

1,277

 

 

 

2.2

%

Raleigh/Durham, NC

 

 

5,350

 

 

 

21,056

 

 

 

20,457

 

 

 

2.9

%

 

 

7,279

 

 

 

7,257

 

 

 

0.3

%

 

 

13,777

 

 

 

13,200

 

 

 

4.4

%

 

 

1,206

 

 

 

1,166

 

 

 

3.5

%

Nashville, TN

 

 

4,375

 

 

 

18,931

 

 

 

18,089

 

 

 

4.7

%

 

 

7,007

 

 

 

6,825

 

 

 

2.7

%

 

 

11,924

 

 

 

11,264

 

 

 

5.9

%

 

 

1,345

 

 

 

1,311

 

 

 

2.6

%

Houston, TX

 

 

4,867

 

 

 

18,984

 

 

 

18,656

 

 

 

1.8

%

 

 

8,941

 

 

 

7,682

 

 

 

16.4

%

 

 

10,043

 

 

 

10,974

 

 

 

(8.5

)%

 

 

1,217

 

 

 

1,223

 

 

 

(0.5

)%

Fort Worth, TX

 

 

4,249

 

 

 

17,545

 

 

 

16,656

 

 

 

5.3

%

 

 

7,520

 

 

 

7,041

 

 

 

6.8

%

 

 

10,025

 

 

 

9,615

 

 

 

4.3

%

 

 

1,227

 

 

 

1,179

 

 

 

4.0

%

Jacksonville, FL

 

 

3,496

 

 

 

13,480

 

 

 

12,532

 

 

 

7.6

%

 

 

4,743

 

 

 

4,443

 

 

 

6.8

%

 

 

8,737

 

 

 

8,089

 

 

 

8.0

%

 

 

1,211

 

 

 

1,151

 

 

 

5.2

%

Charleston, SC

 

 

3,168

 

 

 

13,469

 

 

 

12,587

 

 

 

7.0

%

 

 

4,941

 

 

 

4,768

 

 

 

3.6

%

 

 

8,528

 

 

 

7,819

 

 

 

9.1

%

 

 

1,308

 

 

 

1,238

 

 

 

5.7

%

Phoenix, AZ

 

 

2,623

 

 

 

11,627

 

 

 

10,755

 

 

 

8.1

%

 

 

3,222

 

 

 

3,055

 

 

 

5.5

%

 

 

8,405

 

 

 

7,700

 

 

 

9.2

%

 

 

1,370

 

 

 

1,283

 

 

 

6.7

%

Richmond, VA

 

 

2,004

 

 

 

8,486

 

 

 

7,966

 

 

 

6.5

%

 

 

2,755

 

 

 

2,611

 

 

 

5.5

%

 

 

5,731

 

 

 

5,355

 

 

 

7.0

%

 

 

1,288

 

 

 

1,219

 

 

 

5.7

%

Savannah, GA

 

 

1,837

 

 

 

7,472

 

 

 

6,732

 

 

 

11.0

%

 

 

2,905

 

 

 

2,368

 

 

 

22.7

%

 

 

4,567

 

 

 

4,364

 

 

 

4.7

%

 

 

1,217

 

 

 

1,142

 

 

 

6.6

%

Greenville, SC

 

 

2,084

 

 

 

7,013

 

 

 

6,523

 

 

 

7.5

%

 

 

2,784

 

 

 

2,712

 

 

 

2.7

%

 

 

4,229

 

 

 

3,811

 

 

 

11.0

%

 

 

979

 

 

 

938

 

 

 

4.4

%

Memphis, TN

 

 

1,811

 

 

 

6,688

 

 

 

6,007

 

 

 

11.3

%

 

 

2,510

 

 

 

2,373

 

 

 

5.8

%

 

 

4,178

 

 

 

3,634

 

 

 

15.0

%

 

 

1,116

 

 

 

1,032

 

 

 

8.2

%

Birmingham, AL

 

 

1,462

 

 

 

5,610

 

 

 

5,273

 

 

 

6.4

%

 

 

2,229

 

 

 

2,137

 

 

 

4.3

%

 

 

3,381

 

 

 

3,136

 

 

 

7.8

%

 

 

1,143

 

 

 

1,071

 

 

 

6.7

%

Huntsville, AL

 

 

1,228

 

 

 

4,581

 

 

 

4,043

 

 

 

13.3

%

 

 

1,395

 

 

 

1,379

 

 

 

1.2

%

 

 

3,186

 

 

 

2,664

 

 

 

19.6

%

 

 

1,089

 

 

 

984

 

 

 

10.7

%

San Antonio, TX

 

 

1,504

 

 

 

5,647

 

 

 

5,444

 

 

 

3.7

%

 

 

2,663

 

 

 

2,423

 

 

 

9.9

%

 

 

2,984

 

 

 

3,021

 

 

 

(1.2

)%

 

 

1,148

 

 

 

1,117

 

 

 

2.8

%

Kansas City, MO-KS

 

 

1,110

 

 

 

4,609

 

 

 

4,493

 

 

 

2.6

%

 

 

1,736

 

 

 

1,594

 

 

 

8.9

%

 

 

2,873

 

 

 

2,899

 

 

 

(0.9

)%

 

 

1,313

 

 

 

1,286

 

 

 

2.1

%

Other

 

 

7,076

 

 

 

28,122

 

 

 

25,674

 

 

 

9.5

%

 

 

10,293

 

 

 

9,636

 

 

 

6.8

%

 

 

17,829

 

 

 

16,038

 

 

 

11.2

%

 

 

1,222

 

 

 

1,160

 

 

 

5.4

%

Total Same Store

 

 

97,003

 

 

$

417,322

 

 

$

398,722

 

 

 

4.7

%

 

$

160,251

 

 

$

150,688

 

 

 

6.3

%

 

$

257,071

 

 

$

248,034

 

 

 

3.6

%

 

$

1,335

 

 

$

1,294

 

 

 

3.1

%

 

Supplemental Data S-5

 


 

 

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

 

 

 

 

 

 

 

Revenues

 

 

Expenses

 

 

NOI

 

 

Average Effective Rent per Unit

 

 

 

Units

 

 

Q2 2021

 

 

Q1 2021

 

 

% Chg

 

 

Q2 2021

 

 

Q1 2021

 

 

% Chg

 

 

Q2 2021

 

 

Q1 2021

 

 

% Chg

 

 

Q2 2021

 

 

Q1 2021

 

 

% Chg

 

Atlanta, GA

 

 

11,434

 

 

$

54,281

 

 

$

53,106

 

 

 

2.2

%

 

$

20,642

 

 

$

19,807

 

 

 

4.2

%

 

$

33,639

 

 

$

33,299

 

 

 

1.0

%

 

$

1,505

 

 

$

1,473

 

 

 

2.1

%

Dallas, TX

 

 

9,767

 

 

 

40,743

 

 

 

39,920

 

 

 

2.1

%

 

 

18,432

 

 

 

18,140

 

 

 

1.6

%

 

 

22,311

 

 

 

21,780

 

 

 

2.4

%

 

 

1,314

 

 

 

1,292

 

 

 

1.7

%

Tampa, FL

 

 

5,220

 

 

 

26,600

 

 

 

25,872

 

 

 

2.8

%

 

 

9,191

 

 

 

9,115

 

 

 

0.8

%

 

 

17,409

 

 

 

16,757

 

 

 

3.9

%

 

 

1,583

 

 

 

1,534

 

 

 

3.2

%

Charlotte, NC

 

 

5,867

 

 

 

24,333

 

 

 

23,770

 

 

 

2.4

%

 

 

7,887

 

 

 

7,304

 

 

 

8.0

%

 

 

16,446

 

 

 

16,466

 

 

 

(0.1

)%

 

 

1,281

 

 

 

1,254

 

 

 

2.1

%

Washington, DC

 

 

4,080

 

 

 

23,260

 

 

 

22,977

 

 

 

1.2

%

 

 

7,202

 

 

 

7,300

 

 

 

(1.3

)%

 

 

16,058

 

 

 

15,677

 

 

 

2.4

%

 

 

1,808

 

 

 

1,789

 

 

 

1.1

%

Orlando, FL

 

 

5,274

 

 

 

25,084

 

 

 

24,598

 

 

 

2.0

%

 

 

9,584

 

 

 

9,193

 

 

 

4.3

%

 

 

15,500

 

 

 

15,405

 

 

 

0.6

%

 

 

1,484

 

 

 

1,454

 

 

 

2.1

%

Austin, TX

 

 

7,117

 

 

 

29,701

 

 

 

28,955

 

 

 

2.6

%

 

 

14,390

 

 

 

13,530

 

 

 

6.4

%

 

 

15,311

 

 

 

15,425

 

 

 

(0.7

)%

 

 

1,305

 

 

 

1,272

 

 

 

2.6

%

Raleigh/Durham, NC

 

 

5,350

 

 

 

21,056

 

 

 

20,845

 

 

 

1.0

%

 

 

7,279

 

 

 

6,770

 

 

 

7.5

%

 

 

13,777

 

 

 

14,075

 

 

 

(2.1

)%

 

 

1,206

 

 

 

1,183

 

 

 

2.0

%

Nashville, TN

 

 

4,375

 

 

 

18,931

 

 

 

18,302

 

 

 

3.4

%

 

 

7,007

 

 

 

6,697

 

 

 

4.6

%

 

 

11,924

 

 

 

11,605

 

 

 

2.7

%

 

 

1,345

 

 

 

1,313

 

 

 

2.5

%

Houston, TX

 

 

4,867

 

 

 

18,984

 

 

 

18,523

 

 

 

2.5

%

 

 

8,941

 

 

 

8,359

 

 

 

7.0

%

 

 

10,043

 

 

 

10,164

 

 

 

(1.2

)%

 

 

1,217

 

 

 

1,206

 

 

 

0.9

%

Fort Worth, TX

 

 

4,249

 

 

 

17,545

 

 

 

17,016

 

 

 

3.1

%

 

 

7,520

 

 

 

7,307

 

 

 

2.9

%

 

 

10,025

 

 

 

9,709

 

 

 

3.3

%

 

 

1,227

 

 

 

1,198

 

 

 

2.4

%

Jacksonville, FL

 

 

3,496

 

 

 

13,480

 

 

 

13,134

 

 

 

2.6

%

 

 

4,743

 

 

 

4,574

 

 

 

3.7

%

 

 

8,737

 

 

 

8,560

 

 

 

2.1

%

 

 

1,211

 

 

 

1,180

 

 

 

2.6

%

Charleston, SC

 

 

3,168

 

 

 

13,469

 

 

 

13,057

 

 

 

3.2

%

 

 

4,941

 

 

 

4,708

 

 

 

4.9

%

 

 

8,528

 

 

 

8,349

 

 

 

2.1

%

 

 

1,308

 

 

 

1,271

 

 

 

2.9

%

Phoenix, AZ

 

 

2,623

 

 

 

11,627

 

 

 

11,262

 

 

 

3.2

%

 

 

3,222

 

 

 

3,126

 

 

 

3.1

%

 

 

8,405

 

 

 

8,136

 

 

 

3.3

%

 

 

1,370

 

 

 

1,328

 

 

 

3.1

%

Richmond, VA

 

 

2,004

 

 

 

8,486

 

 

 

8,282

 

 

 

2.5

%

 

 

2,755

 

 

 

2,770

 

 

 

(0.5

)%

 

 

5,731

 

 

 

5,512

 

 

 

4.0

%

 

 

1,288

 

 

 

1,256

 

 

 

2.5

%

Savannah, GA

 

 

1,837

 

 

 

7,472

 

 

 

7,155

 

 

 

4.4

%

 

 

2,905

 

 

 

2,715

 

 

 

7.0

%

 

 

4,567

 

 

 

4,440

 

 

 

2.9

%

 

 

1,217

 

 

 

1,172

 

 

 

3.9

%

Greenville, SC

 

 

2,084

 

 

 

7,013

 

 

 

6,846

 

 

 

2.4

%

 

 

2,784

 

 

 

2,615

 

 

 

6.5

%

 

 

4,229

 

 

 

4,231

 

 

 

(0.0

)%

 

 

979

 

 

 

961

 

 

 

1.9

%

Memphis, TN

 

 

1,811

 

 

 

6,688

 

 

 

6,442

 

 

 

3.8

%

 

 

2,510

 

 

 

2,575

 

 

 

(2.5

)%

 

 

4,178

 

 

 

3,867

 

 

 

8.0

%

 

 

1,116

 

 

 

1,077

 

 

 

3.6

%

Birmingham, AL

 

 

1,462

 

 

 

5,610

 

 

 

5,529

 

 

 

1.5

%

 

 

2,229

 

 

 

2,164

 

 

 

3.0

%

 

 

3,381

 

 

 

3,365

 

 

 

0.5

%

 

 

1,143

 

 

 

1,109

 

 

 

3.1

%

Huntsville, AL

 

 

1,228

 

 

 

4,581

 

 

 

4,435

 

 

 

3.3

%

 

 

1,395

 

 

 

1,499

 

 

 

(6.9

)%

 

 

3,186

 

 

 

2,936

 

 

 

8.5

%

 

 

1,089

 

 

 

1,054

 

 

 

3.3

%

San Antonio, TX

 

 

1,504

 

 

 

5,647

 

 

 

5,377

 

 

 

5.0

%

 

 

2,663

 

 

 

2,371

 

 

 

12.3

%

 

 

2,984

 

 

 

3,006

 

 

 

(0.7

)%

 

 

1,148

 

 

 

1,128

 

 

 

1.8

%

Kansas City, MO-KS

 

 

1,110

 

 

 

4,609

 

 

 

4,501

 

 

 

2.4

%

 

 

1,736

 

 

 

1,688

 

 

 

2.8

%

 

 

2,873

 

 

 

2,813

 

 

 

2.1

%

 

 

1,313

 

 

 

1,291

 

 

 

1.7

%

Other

 

 

7,076

 

 

 

28,122

 

 

 

27,133

 

 

 

3.6

%

 

 

10,293

 

 

 

9,980

 

 

 

3.1

%

 

 

17,829

 

 

 

17,153

 

 

 

3.9

%

 

 

1,222

 

 

 

1,187

 

 

 

2.9

%

Total Same Store

 

 

97,003

 

 

$

417,322

 

 

$

407,037

 

 

 

2.5

%

 

$

160,251

 

 

$

154,307

 

 

 

3.9

%

 

$

257,071

 

 

$

252,730

 

 

 

1.7

%

 

$

1,335

 

 

$

1,305

 

 

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data S-6

 


 

 

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

Dollars in thousands, except unit and per unit data

 

 

 

 

 

 

Revenues

 

 

Expenses

 

 

NOI

 

 

Average Effective Rent per Unit

 

 

 

Units

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

 

Q2 2021

 

 

Q2 2020

 

 

% Chg

 

Atlanta, GA

 

 

11,434

 

 

$

107,387

 

 

$

105,005

 

 

 

2.3

%

 

$

40,449

 

 

$

39,114

 

 

 

3.4

%

 

$

66,938

 

 

$

65,891

 

 

 

1.6

%

 

$

1,489

 

 

$

1,463

 

 

 

1.7

%

Dallas, TX

 

 

9,767

 

 

 

80,663

 

 

 

80,144

 

 

 

0.6

%

 

 

36,572

 

 

 

34,541

 

 

 

5.9

%

 

 

44,091

 

 

 

45,603

 

 

 

(3.3

)%

 

 

1,303

 

 

 

1,301

 

 

 

0.2

%

Tampa, FL

 

 

5,220

 

 

 

52,472

 

 

 

49,289

 

 

 

6.5

%

 

 

18,306

 

 

 

17,213

 

 

 

6.3

%

 

 

34,166

 

 

 

32,076

 

 

 

6.5

%

 

 

1,558

 

 

 

1,489

 

 

 

4.6

%

Charlotte, NC

 

 

5,867

 

 

 

48,103

 

 

 

47,605

 

 

 

1.0

%

 

 

15,191

 

 

 

14,537

 

 

 

4.5

%

 

 

32,912

 

 

 

33,068

 

 

 

(0.5

)%

 

 

1,268

 

 

 

1,258

 

 

 

0.7

%

Washington, DC

 

 

7,117

 

 

 

46,237

 

 

 

46,398

 

 

 

(0.3

)%

 

 

14,502

 

 

 

13,929

 

 

 

4.1

%

 

 

31,735

 

 

 

32,469

 

 

 

(2.3

)%

 

 

1,799

 

 

 

1,805

 

 

 

(0.3

)%

Orlando, FL

 

 

5,274

 

 

 

49,682

 

 

 

48,675

 

 

 

2.1

%

 

 

18,777

 

 

 

17,965

 

 

 

4.5

%

 

 

30,905

 

 

 

30,710

 

 

 

0.6

%

 

 

1,469

 

 

 

1,467

 

 

 

0.1

%

Austin, TX

 

 

4,080

 

 

 

58,656

 

 

 

58,658

 

 

 

(0.0

)%

 

 

27,920

 

 

 

25,580

 

 

 

9.1

%

 

 

30,736

 

 

 

33,078

 

 

 

(7.1

)%

 

 

1,288

 

 

 

1,271

 

 

 

1.3

%

Raleigh/Durham, NC

 

 

4,375

 

 

 

41,901

 

 

 

40,858

 

 

 

2.6

%

 

 

14,049

 

 

 

13,771

 

 

 

2.0

%

 

 

27,852

 

 

 

27,087

 

 

 

2.8

%

 

 

1,195

 

 

 

1,160

 

 

 

3.0

%

Nashville, TN

 

 

5,350

 

 

 

37,233

 

 

 

36,329

 

 

 

2.5

%

 

 

13,704

 

 

 

12,860

 

 

 

6.6

%

 

 

23,529

 

 

 

23,469

 

 

 

0.3

%

 

 

1,329

 

 

 

1,306

 

 

 

1.8

%

Houston, TX

 

 

4,867

 

 

 

37,507

 

 

 

37,476

 

 

 

0.1

%

 

 

17,300

 

 

 

16,007

 

 

 

8.1

%

 

 

20,207

 

 

 

21,469

 

 

 

(5.9

)%

 

 

1,211

 

 

 

1,222

 

 

 

(0.8

)%

Fort Worth, TX

 

 

4,249

 

 

 

34,561

 

 

 

33,259

 

 

 

3.9

%

 

 

14,827

 

 

 

13,717

 

 

 

8.1

%

 

 

19,734

 

 

 

19,542

 

 

 

1.0

%

 

 

1,212

 

 

 

1,175

 

 

 

3.2

%

Jacksonville, FL

 

 

3,496

 

 

 

26,614

 

 

 

25,153

 

 

 

5.8

%

 

 

9,317

 

 

 

8,725

 

 

 

6.8

%

 

 

17,297

 

 

 

16,428

 

 

 

5.3

%

 

 

1,196

 

 

 

1,147

 

 

 

4.2

%

Charleston, SC

 

 

2,623

 

 

 

26,526

 

 

 

25,123

 

 

 

5.6

%

 

 

9,649

 

 

 

9,342

 

 

 

3.3

%

 

 

16,877

 

 

 

15,781

 

 

 

6.9

%

 

 

1,289

 

 

 

1,232

 

 

 

4.6

%

Phoenix, AZ

 

 

3,168

 

 

 

22,889

 

 

 

21,519

 

 

 

6.4

%

 

 

6,348

 

 

 

5,996

 

 

 

5.9

%

 

 

16,541

 

 

 

15,523

 

 

 

6.6

%

 

 

1,349

 

 

 

1,278

 

 

 

5.5

%

Richmond, VA

 

 

2,004

 

 

 

16,768

 

 

 

15,832

 

 

 

5.9

%

 

 

5,525

 

 

 

5,142

 

 

 

7.4

%

 

 

11,243

 

 

 

10,690

 

 

 

5.2

%

 

 

1,272

 

 

 

1,216

 

 

 

4.6

%

Savannah, GA

 

 

1,837

 

 

 

14,627

 

 

 

13,578

 

 

 

7.7

%

 

 

5,620

 

 

 

4,888

 

 

 

15.0

%

 

 

9,007

 

 

 

8,690

 

 

 

3.6

%

 

 

1,195

 

 

 

1,140

 

 

 

4.8

%

Greenville, SC

 

 

2,084

 

 

 

13,859

 

 

 

12,989

 

 

 

6.7

%

 

 

5,399

 

 

 

5,196

 

 

 

3.9

%

 

 

8,460

 

 

 

7,793

 

 

 

8.6

%

 

 

970

 

 

 

934

 

 

 

3.8

%

Memphis, TN

 

 

1,811

 

 

 

13,130

 

 

 

11,968

 

 

 

9.7

%

 

 

5,085

 

 

 

4,739

 

 

 

7.3

%

 

 

8,045

 

 

 

7,229

 

 

 

11.3

%

 

 

1,096

 

 

 

1,025

 

 

 

7.0

%

Birmingham, AL

 

 

1,462

 

 

 

11,139

 

 

 

10,562

 

 

 

5.5

%

 

 

4,393

 

 

 

4,168

 

 

 

5.4

%

 

 

6,746

 

 

 

6,394

 

 

 

5.5

%

 

 

1,126

 

 

 

1,071

 

 

 

5.1

%

Huntsville, AL

 

 

1,110

 

 

 

9,016

 

 

 

8,023

 

 

 

12.4

%

 

 

2,894

 

 

 

2,691

 

 

 

7.5

%

 

 

6,122

 

 

 

5,332

 

 

 

14.8

%

 

 

1,072

 

 

 

974

 

 

 

10.1

%

San Antonio, TX

 

 

1,504

 

 

 

11,024

 

 

 

10,935

 

 

 

0.8

%

 

 

5,034

 

 

 

4,804

 

 

 

4.8

%

 

 

5,990

 

 

 

6,131

 

 

 

(2.3

)%

 

 

1,138

 

 

 

1,118

 

 

 

1.8

%

Kansas City, MO-KS

 

 

1,228

 

 

 

9,110

 

 

 

8,992

 

 

 

1.3

%

 

 

3,424

 

 

 

3,221

 

 

 

6.3

%

 

 

5,686

 

 

 

5,771

 

 

 

(1.5

)%

 

 

1,302

 

 

 

1,282

 

 

 

1.6

%

Other

 

 

7,076

 

 

 

55,255

 

 

 

51,722

 

 

 

6.8

%

 

 

20,273

 

 

 

18,878

 

 

 

7.4

%

 

 

34,982

 

 

 

32,844

 

 

 

6.5

%

 

 

1,205

 

 

 

1,155

 

 

 

4.3

%

Total Same Store

 

 

97,003

 

 

$

824,359

 

 

$

800,092

 

 

 

3.0

%

 

$

314,558

 

 

$

297,024

 

 

 

5.9

%

 

$

509,801

 

 

$

503,068

 

 

 

1.3

%

 

$

1,320

 

 

$

1,291

 

 

 

2.2

%

 

 

 

 

 

 

Supplemental Data S-7

 


 

 

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

 

 

 

 

 

Units as of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

 

 

 

Projected

 

Development Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Start

 

Occupancy

 

Completion

 

Stabilization

 

Total

 

 

Thru

 

 

 

 

 

 

 

Location

 

Total

 

 

Delivered

 

 

Leased

 

 

Date

 

Date

 

Date

 

Date (1)

 

Cost

 

 

Q2 2021

 

 

After

 

MAA Westglenn

 

Denver, CO

 

 

306

 

 

 

46

 

 

 

73

 

 

3Q19

 

2Q21

 

4Q21

 

4Q22

 

 

84,500

 

 

 

67,748

 

 

 

16,752

 

MAA Robinson

 

Orlando, FL

 

 

369

 

 

 

158

 

 

 

84

 

 

3Q19

 

2Q21

 

4Q21

 

1Q23

 

 

99,000

 

 

 

88,713

 

 

 

10,287

 

Sand Lake (2)

 

Orlando, FL

 

 

264

 

 

 

141

 

 

 

99

 

 

4Q19

 

2Q21

 

4Q21

 

1Q23

 

 

68,000

 

 

 

60,132

 

 

 

7,868

 

MAA Park Point

 

Houston, TX

 

 

308

 

 

 

21

 

 

 

27

 

 

4Q19

 

2Q21

 

1Q22

 

1Q23

 

 

57,000

 

 

 

43,711

 

 

 

13,289

 

MAA Windmill Hill

 

Austin, TX

 

 

350

 

 

 

 

 

 

4Q20

 

1Q22

 

3Q22

 

4Q23

 

 

63,000

 

 

 

17,930

 

 

 

45,070

 

Novel Val Vista (3)

 

Phoenix, AZ

 

 

317

 

 

 

 

 

 

4Q20

 

3Q22

 

1Q23

 

2Q24

 

 

72,500

 

 

 

20,700

 

 

 

51,800

 

Novel West Midtown (3)

 

Atlanta, GA

 

 

340

 

 

 

 

 

 

2Q21

 

4Q22

 

3Q23

 

3Q24

 

 

89,500

 

 

 

14,233

 

 

 

75,267

 

Novel Daybreak (3)

 

Salt Lake City, UT

 

 

400

 

 

 

 

 

 

2Q21

 

4Q22

 

3Q23

 

4Q24

 

 

94,000

 

 

 

13,015

 

 

 

80,985

 

Total Active

 

 

 

 

2,654

 

 

 

366

 

 

 

283

 

 

 

 

 

 

 

 

 

 

$

627,500

 

 

$

326,182

 

 

$

301,318

 

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

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

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

 

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

 

 

 

 

 

Six months ended June 30, 2021

 

 

 

Units Redeveloped

 

 

Redevelopment Spend

 

 

Spend per Unit

 

 

Increase in Average Effective Rent per Unit

 

 

Increase in Average Effective Rent per Unit

 

 

Estimated Units Remaining in Pipeline

 

2,800

 

 

$

15,775

 

 

$

5,634

 

 

$

132

 

 

11.3%

 

 

8,000  -  11,000

 

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

 

 

 

As of June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

Location

 

Total Units

 

Percent Occupied

 

 

Construction Finished

 

Expected Stabilization (1)

 

Total Cost

 

MAA Frisco Bridges II

 

Dallas, TX

 

348

 

92.5%

 

 

1Q21

 

3Q21

 

$

65,483

 

Novel Midtown (2)

 

Phoenix, AZ

 

345

 

46.7%

 

 

2Q21

 

2Q22

 

$

81,699

 

Total

 

 

 

693

 

69.7%

 

 

 

 

 

 

$

147,182

 

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

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

 

2021 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2021)

 

Multifamily Development Acquisition (1)

 

Market

 

Apartment Units

 

 

Projected Completion Date

 

Closing Date

Novel Daybreak

 

Salt Lake City, UT

 

 

400

 

 

3Q23

 

April 2021

Novel West Midtown

 

Atlanta, GA

 

 

340

 

 

3Q23

 

April 2021

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

 

Land Acquisition

 

Market

 

Acreage

 

Closing Date

MAA Westshore

 

Tampa, FL

 

19

 

June 2021

 

2021 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2021)

 

Multifamily Disposition

 

Market

 

Apartment Units

 

 

Closing Date

Crosswinds

 

Jackson, MS

 

 

360

 

 

June 2021

Pear Orchard

 

Jackson, MS

 

 

389

 

 

June 2021

Reflection Pointe

 

Jackson, MS

 

 

296

 

 

June 2021

Lakeshore Landing

 

Jackson, MS

 

 

196

 

 

June 2021

 

 

Supplemental Data S-8

 


 

 

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2021

Dollars in thousands

DEBT SUMMARIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate Versus Floating Debt

 

Balance

 

 

Percent of Total

 

 

Effective Interest Rate

 

 

Average Years to Rate Maturity

 

Fixed rate debt

 

$

4,273,237

 

 

 

93.9

%

 

 

3.7

%

 

 

7.4

 

Floating rate debt

 

 

280,000

 

 

 

6.1

%

 

 

0.2

%

 

 

0.1

 

Total

 

$

4,553,237

 

 

 

100.0

%

 

 

3.5

%

 

 

7.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Versus Secured Debt

 

Balance

 

 

Percent of Total

 

 

Effective Interest Rate

 

 

Average Years to Contract Maturity

 

Unsecured debt

 

$

4,187,292

 

 

 

92.0

%

 

 

3.4

%

 

 

5.2

 

Secured debt

 

 

365,945

 

 

 

8.0

%

 

 

4.4

%

 

 

27.2

 

Total

 

$

4,553,237

 

 

 

100.0

%

 

 

3.5

%

 

 

7.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unencumbered Versus Encumbered Assets

 

Total Cost

 

 

Percent of Total

 

 

Q2 2021 NOI

 

 

Percent of Total

 

Unencumbered gross assets

 

$

13,713,470

 

 

 

92.2

%

 

$

253,672

 

 

 

94.6

%

Encumbered gross assets

 

 

1,154,277

 

 

 

7.8

%

 

 

14,494

 

 

 

5.4

%

Total

 

$

14,867,747

 

 

 

100.0

%

 

$

268,166

 

 

 

100.0

%

 

FIXED INTEREST RATE MATURITIES

Maturity

 

Fixed Rate Debt

 

 

 

Effective Rate

 

2021

 

$

72,750

 

 

 

 

5.4

%

2022

 

 

366,368

 

 

 

 

3.6

%

2023

 

 

360,733

 

 

 

 

4.2

%

2024

 

 

417,581

 

 

 

 

4.0

%

2025

 

 

402,730

 

 

 

 

4.2

%

2026

 

 

 

 

 

 

 

2027

 

 

595,369

 

 

 

 

3.7

%

2028

 

 

395,782

 

 

 

 

4.2

%

2029

 

 

561,082

 

 

 

 

3.7

%

2030

 

 

297,023

 

 

 

 

3.1

%

Thereafter

 

 

803,819

 

 

 

 

3.0

%

Total

 

$

4,273,237

 

 

 

 

3.7

%

 

 

 

 

 

 

 

 

 

 

Supplemental Data S-9

 


 

 

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

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

 

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

 

 

Public Bonds

 

 

Other

Unsecured

 

 

Secured

 

 

Total

 

2021

 

$

280,000

 

 

$

 

 

$

72,750

 

 

$

 

 

$

352,750

 

2022

 

 

 

 

 

249,465

 

 

 

116,903

 

 

 

 

 

 

366,368

 

2023

 

 

 

 

 

348,497

 

 

 

12,236

 

 

 

 

 

 

360,733

 

2024

 

 

 

 

 

397,615

 

 

 

19,966

 

 

 

 

 

 

417,581

 

2025

 

 

 

 

 

396,611

 

 

 

 

 

 

6,119

 

 

 

402,730

 

2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2027

 

 

 

 

 

595,369

 

 

 

 

 

 

 

 

 

595,369

 

2028

 

 

 

 

 

395,782

 

 

 

 

 

 

 

 

 

395,782

 

2029

 

 

 

 

 

561,082

 

 

 

 

 

 

 

 

 

561,082

 

2030

 

 

 

 

 

297,023

 

 

 

 

 

 

 

 

 

297,023

 

Thereafter

 

 

 

 

 

443,993

 

 

 

 

 

 

359,826

 

 

 

803,819

 

Total

 

$

280,000

 

 

$

3,685,437

 

 

$

221,855

 

 

$

365,945

 

 

$

4,553,237

 

(1)

The $280.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 2021. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million.  For the three months ended June 30, 2021, average daily borrowings outstanding under the commercial paper program were $401.8 million.

(2)

There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2021. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.

 

DEBT COVENANT ANALYSIS (1)

Bond Covenants

 

Required

 

Actual

 

 

Compliance

Total debt to adjusted total assets

 

60% or less

 

30.6%

 

 

Yes

Total secured debt to adjusted total assets

 

40% or less

 

2.5%

 

 

Yes

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

 

1.5x or greater for trailing 4 quarters

 

5.6x

 

 

Yes

Total unencumbered assets to total unsecured debt

 

Greater than 150%

 

327%

 

 

Yes

 

 

 

 

 

 

 

 

 

Bank Covenants

 

Required

 

Actual

 

 

Compliance

Total debt to total capitalized asset value

 

60% or less

 

27.1%

 

 

Yes

Total secured debt to total capitalized asset value

 

40% or Less

 

2.3%

 

 

Yes

Total adjusted EBITDA to fixed charges

 

1.5x or greater for trailing 4 quarters

 

5.6x

 

 

Yes

Total unsecured debt to total unsecured capitalized asset value

 

60% or less

 

26.0%

 

 

Yes

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

 

 

 

 

 

 

 

 

Supplemental Data S-10

 


 

 

2021 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share.  A reconciliation of expected Net income per diluted common share to expected Core FFO per Share and Core AFFO per Share is provided below.

 

 

Full Year 2021

 

Earnings:

 

 

 

 

Earnings per common share - diluted

 

$3.79 to $3.99

 

Midpoint

 

$3.89

 

Core FFO per Share - diluted

 

$6.65 to $6.85

 

Midpoint

 

$6.75

 

Core AFFO per Share - diluted

 

$5.97 to $6.17

 

Midpoint

 

$6.07

 

 

 

 

 

 

MAA Same Store Portfolio:

 

 

 

 

Number of units

 

 

97,003

 

Average physical occupancy

 

95.70% to 96.10%

 

Property revenue growth

 

3.75% to 4.25%

 

Full year effective blended lease-over-lease pricing

 

6.50% to 7.50%

 

Property operating expense growth

 

4.25% to 4.75%

 

NOI growth

 

3.25% to 4.25%

 

Real estate tax expense growth

 

3.25% to 4.25%

 

 

 

 

 

 

Corporate Expenses:

 

 

 

 

General and administrative expenses

 

$51.0 to $53.0 million

 

Property management expenses

 

$55.0 to $57.0 million

 

Total overhead

 

$106.0 to $110.0 million

 

 

 

 

 

 

Transaction/Investment Volume:

 

 

 

 

Multifamily acquisition volume

 

 

 

Multifamily disposition volume

 

$225.0 to $275.0 million

 

Development investment

 

$250.0 to $350.0 million

 

 

 

 

 

 

Debt:

 

 

 

 

Average effective interest rate

 

3.4% to 3.6%

 

Capitalized interest

 

$8.5 to $9.5 million

 

 

 

 

 

 

Diluted FFO Shares Outstanding:

 

 

 

 

Diluted common shares and units

 

118.5 million to 119.0 million

 

 

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE

 

 

 

Full Year 2021 Guidance Range

 

 

 

Low

 

 

High

 

Earnings per common share - diluted

 

$

3.79

 

 

$

3.99

 

Real estate depreciation and amortization

 

 

4.39

 

 

 

4.39

 

Gains on sale of depreciable assets

 

 

(1.66

)

 

 

(1.66

)

FFO per Share - diluted

 

 

6.52

 

 

 

6.72

 

Non-Core FFO items (1)

 

 

0.13

 

 

 

0.13

 

Core FFO per Share - diluted

 

 

6.65

 

 

 

6.85

 

Recurring capital expenditures

 

 

(0.68

)

 

 

(0.68

)

Core AFFO per Share - diluted

 

$

5.97

 

 

$

6.17

 

 

(1)

Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs, and mark-to-market debt adjustments.  

CREDIT RATINGS

 

 

 

Commercial

 

Long-Term

 

 

 

 

Paper Rating

 

Debt Rating

 

Outlook

Fitch Ratings (1)

 

F2

 

BBB+

 

Positive

Moody’s Investors Service (2)

 

P-2

 

Baa1

 

Stable

Standard & Poor’s Ratings Services (1)

 

A-2

 

BBB+

 

Stable

 

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

 

COMMON STOCK

 

Stock Symbol:

 

MAA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded:

 

NYSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Future Dates:

 

Q3 2021

 

 

Q4 2021

 

 

Q1 2022

 

 

Q2 2022

 

 

 

 

 

Earnings release & conference call

 

Late

October

 

 

Late

January

 

 

Late

April

 

 

Late

July

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Information - Common Shares:

 

Q2 2020

 

 

Q3 2020

 

 

Q4 2020

 

 

Q1 2021

 

 

Q2 2021

 

Declaration date

 

5/19/2020

 

 

9/24/2020

 

 

12/8/2020

 

 

3/23/2021

 

 

5/18/2021

 

Record date

 

7/15/2020

 

 

10/15/2020

 

 

1/15/2021

 

 

4/15/2021

 

 

7/15/2021

 

Payment date

 

7/31/2020

 

 

10/30/2020

 

 

1/29/2021

 

 

4/30/2021

 

 

7/30/2021

 

Distributions per share

 

$

1.0000

 

 

$

1.0000

 

 

$

1.0250

 

 

$

1.0250

 

 

$

1.0250

 

 

INVESTOR RELATIONS DATA

 

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

 

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

 

For Questions Contact:

 

 

 

 

 

 

 

 

 

 

Name

 

Title

 

Tim Argo

 

Senior Vice President, Director of Finance

 

Jennifer Patrick

 

Director of Investor Relations

 

Phone: 866-576-9689 (toll free)

 

Email: investor.relations@maac.com

 

 

Supplemental Data S-11