EX-99.2 3 a3q18exh992.htm EXHIBIT 99.2 Exhibit


PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2018 (In apartment units)
 
 
Same Store
 
Non-Same Store(1)
 
Lease-up
 
Total Completed Communities
 
Development Units Delivered
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
10,664

 
—

 
770

 
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
 
4,498

 
776

 
—

 
5,274

 
—

 
5,274

Tampa, FL
 
5,220

 
—

 
—

 
5,220

 
—

 
5,220

Raleigh/Durham, NC
 
4,397

 
803

 
—

 
5,200

 
—

 
5,200

Houston, TX
 
4,479

 
388

 
—

 
4,867

 
—

 
4,867

Nashville, TN
 
3,776

 
599

 
—

 
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

 
—

 
3,028

 
38

 
3,066

Phoenix, AZ
 
2,301

 
322

 
—

 
2,623

 
—

 
2,623

Savannah, GA
 
2,219

 
—

 
—

 
2,219

 
—

 
2,219

Greenville, SC
 
1,748

 
336

 
—

 
2,084

 
—

 
2,084

Richmond, VA
 
1,668

 
336

 
—

 
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

 
449

 
887

 
8,656

 
—

 
8,656

Total Multifamily Units
 
93,483

 
5,315

 
1,657

 
100,455

 
38

 
100,493


(1)Non-Same Store total excludes 269 units in a 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, 2018
 
Average Effective Rent per Unit for the Three Months Ended September 30, 2018
 
As of September 30, 2018
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
1,768,065

 
13.3
%
 
96.5
%
 
$
1,377

 
10,664

 
 
Dallas, TX
 
1,361,285

 
10.2
%
 
95.8
%
 
1,263

 
9,766

 
 
Washington, DC
 
941,767

 
7.1
%
 
97.3
%
 
1,743

 
4,080

 
 
Charlotte, NC
 
936,477

 
7.1
%
 
96.6
%
 
1,190

 
6,149

 
 
Tampa, FL
 
854,255

 
6.4
%
 
97.6
%
 
1,407

 
5,220

 
 
Austin, TX
 
824,323

 
6.2
%
 
96.4
%
 
1,193

 
7,117

 
 
Orlando, FL
 
812,260

 
6.1
%
 
96.7
%
 
1,416

 
5,274

 
 
Raleigh/Durham, NC
 
658,469

 
5.0
%
 
96.4
%
 
1,086

 
5,200

 
 
Houston, TX
 
594,921

 
4.5
%
 
97.2
%
 
1,166

 
4,867

 
 
Nashville, TN
 
522,065

 
3.9
%
 
95.8
%
 
1,230

 
4,375

 
 
Fort Worth, TX
 
385,779

 
2.9
%
 
96.8
%
 
1,127

 
4,249

 
 
Phoenix, AZ
 
370,878

 
2.8
%
 
97.6
%
 
1,138

 
2,623

 
 
Charleston, SC
 
362,853

 
2.7
%
 
96.5
%
 
1,169

 
3,028

 
 
Jacksonville, FL
 
289,424

 
2.2
%
 
97.5
%
 
1,096

 
3,496

 
 
Richmond, VA
 
257,891

 
1.9
%
 
97.6
%
 
1,143

 
2,004

 
 
Savannah, GA
 
236,194

 
1.8
%
 
97.6
%
 
1,063

 
2,219

 
 
San Antonio, TX
 
160,195

 
1.2
%
 
97.0
%
 
1,070

 
1,504

 
 
Kansas City, MO-KS
 
157,138

 
1.2
%
 
95.5
%
 
1,212

 
956

 
 
Birmingham, AL
 
153,432

 
1.2
%
 
97.7
%
 
986

 
1,462

 
 
Greenville, SC
 
153,172

 
1.1
%
 
97.1
%
 
877

 
2,084

 
 
Memphis, TN
 
127,978

 
1.0
%
 
95.8
%
 
969

 
1,811

 
 
All Other Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Florida
 
$
172,977

 
1.3
%
 
97.6
%
 
$
1,267

 
1,806

 
 
Alabama
 
154,809

 
1.2
%
 
97.3
%
 
922

 
1,648

 
 
Virginia
 
150,019

 
1.1
%
 
98.1
%
 
1,250

 
1,039

 
 
Arkansas
 
117,065

 
0.9
%
 
95.5
%
 
881

 
1,368

 
 
Kentucky
 
92,200

 
0.7
%
 
95.8
%
 
862

 
1,308

 
 
Mississippi
 
72,324

 
0.5
%
 
96.9
%
 
870

 
1,241

 
 
Nevada
 
68,572

 
0.5
%
 
97.9
%
 
976

 
721

 
 
Tennessee
 
50,531

 
0.4
%
 
97.2
%
 
855

 
943

 
 
South Carolina
 
36,131

 
0.3
%
 
97.4
%
 
824

 
576

 
 
Subtotal
$
12,843,449

 
96.7
%
 
96.7
%
 
$
1,210

 
98,798

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denver, CO
 
$
194,956

 
1.5
%
 
76.1
%
 
$
1,670

 
733

 
812

Atlanta, GA
 
175,850

 
1.3
%
 
53.4
%
 
1,994

 
770

 
770

Charleston, SC
 
25,680

 
0.2
%
 
15.7
%
 
1,624

 
38

 
140

Kansas City, MO-KS
 
25,015

 
0.2
%
 
90.9
%
 
1,147

 
154

 
154

Dallas, TX
 
7,973

 
0.1
%
 
0.0
%
 
—

 
—

 
348

Raleigh/Durham, NC
 
4,591

 
0.0
%
 
0.0
%
 
—

 
—

 
150

Lease-up and Development
$
434,065

 
3.3
%
 
66.3
%
 
$
1,768

 
1,695

 
2,374

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
13,277,514

 
100.0
%
 
96.2
%
 
$
1,219

 
100,493

 
101,172


(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, 2018
 
Three Months Ended
 
Apartment Units
 
Gross Real Assets
 
September 30, 2018
 
September 30, 2017
 
Percent Change
Operating Revenue
 
 
 
 
 
 
 
 
 
Same Store Communities
93,483

 
$
11,917,845

 
$
363,051

 
$
355,835

 
2.0
%
Non-Same Store Communities
5,315

 
925,604

 
22,936

 
22,959

 

Lease up/Development Communities
1,695

 
434,065

 
5,517

 
256

 

Total Multifamily Portfolio
100,493

 
$
13,277,514

 
$
391,504

 
$
379,050

 
 
Commercial Property/Land
—

 
$
219,628

 
$
5,604

 
$
5,500

 
 
Total Operating Revenue
100,493

 
$
13,497,142

 
$
397,108

 
$
384,550

 

 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
138,761

 
$
135,683

 
2.3
%
Non-Same Store Communities

 

 
10,813

 
10,838

 

Lease up/Development Communities

 

 
2,865

 
467

 

Total Multifamily Portfolio

 

 
$
152,439

 
$
146,988

 
 
Commercial Property/Land
 
 

 
$
2,301

 
$
2,191

 
 
Total Property Operating Expenses
 

 
$
154,740

 
$
149,179

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
224,290

 
$
220,152

 
1.9
%
Non-Same Store Communities

 

 
12,123

 
12,121

 

Lease up/Development Communities

 

 
2,652

 
(211
)
 

Total Multifamily Portfolio

 

 
$
239,065

 
$
232,062

 
 
Commercial Property/Land
 
 

 
$
3,303

 
$
3,309

 
 
Total Net Operating Income

 

 
$
242,368

 
$
235,371

 
3.0
%


COMPONENTS OF SAME STORE PROPERTY OPERATING EXPENSES
Dollars in thousands
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2018
 
September 30, 2017
 
Percent Increase/(Decrease)
 
September 30, 2018
 
September 30, 2017
 
Percent Increase/(Decrease)
Personnel
$
34,281

 
$
32,591

 
5.2
 %
 
$
98,384

 
$
95,034

 
3.5
 %
Building Repair and Maintenance
15,702

 
15,876

 
(1.1
)%
 
45,699

 
47,751

 
(4.3
)%
Utilities
27,888

 
27,600

 
1.0
 %
 
79,906

 
77,268

 
3.4
 %
Marketing
4,862

 
4,176

 
16.4
 %
 
12,652

 
12,155

 
4.1
 %
Office Operations(1)
5,110

 
7,414

 
(31.1
)%
 
16,138

 
17,837

 
(9.5
)%
Property Taxes
48,054

 
45,362

 
5.9
 %
 
143,623

 
138,476

 
3.7
 %
Insurance
2,864

 
2,664

 
7.5
 %
 
8,159

 
9,432

 
(13.5
)%
Total Property Operating Expenses
$
138,761

 
$
135,683

 
2.3
 %
 
$
404,561

 
$
397,953

 
1.7
 %

(1) Includes $0.3 million of operating expenses related to Hurricane Florence for the three months ended September 30, 2018, as compared to $2.2 million of operating expenses related to Hurricanes Harvey and Irma for the three months ended September 30, 2017.

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
 
Nine Months Ended
 
 
 
September 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
Atlanta, GA
10,664
 
13.5
%
 
96.0
%
 
96.3
%
 
95.9
%
 
96.1
%
Dallas, TX
9,404
 
9.4
%
 
95.2
%
 
95.4
%
 
95.3
%
 
95.3
%
Charlotte, NC
6,149
 
7.1
%
 
95.8
%
 
96.4
%
 
96.1
%
 
96.4
%
Washington, DC
4,080
 
6.8
%
 
96.5
%
 
96.1
%
 
96.6
%
 
96.6
%
Tampa, FL
5,220
 
6.6
%
 
96.3
%
 
96.0
%
 
96.3
%
 
95.9
%
Austin, TX
6,475
 
5.8
%
 
95.9
%
 
95.6
%
 
95.8
%
 
95.6
%
Orlando, FL
4,498
 
5.7
%
 
96.1
%
 
96.4
%
 
96.3
%
 
96.1
%
Raleigh/Durham, NC
4,397
 
4.5
%
 
96.0
%
 
96.5
%
 
96.2
%
 
96.5
%
Nashville, TN
3,776
 
4.2
%
 
95.1
%
 
96.1
%
 
95.7
%
 
95.8
%
Houston, TX
4,479
 
4.1
%
 
95.7
%
 
95.9
%
 
96.2
%
 
95.5
%
Fort Worth, TX
4,249
 
4.0
%
 
96.1
%
 
95.8
%
 
95.8
%
 
95.8
%
Jacksonville, FL
3,496
 
3.6
%
 
96.6
%
 
96.3
%
 
96.7
%
 
96.7
%
Charleston, SC
2,726
 
2.9
%
 
95.7
%
 
96.1
%
 
95.9
%
 
96.1
%
Phoenix, AZ
2,301
 
2.6
%
 
96.6
%
 
96.5
%
 
96.5
%
 
96.9
%
Savannah, GA
2,219
 
2.2
%
 
96.7
%
 
96.4
%
 
96.7
%
 
96.6
%
Richmond, VA
1,668
 
1.8
%
 
96.5
%
 
96.8
%
 
96.8
%
 
96.5
%
Memphis, TN
1,811
 
1.4
%
 
95.2
%
 
95.9
%
 
95.9
%
 
96.1
%
Greenville, SC
1,748
 
1.3
%
 
96.2
%
 
95.8
%
 
96.4
%
 
96.2
%
Birmingham, AL
1,462
 
1.3
%
 
96.8
%
 
95.5
%
 
96.1
%
 
96.0
%
San Antonio, TX
1,504
 
1.2
%
 
96.0
%
 
96.3
%
 
95.9
%
 
96.1
%
Little Rock, AR
1,368
 
1.0
%
 
95.4
%
 
95.5
%
 
95.6
%
 
95.5
%
Huntsville, AL
1,228
 
1.0
%
 
97.3
%
 
97.0
%
 
97.3
%
 
96.5
%
Jackson, MS
1,241
 
1.0
%
 
96.2
%
 
96.7
%
 
96.0
%
 
96.6
%
Other
7,320
 
7.0
%
 
96.4
%
 
96.0
%
 
96.5
%
 
96.2
%
Total Same Store
93,483
 
100.0
%
 
96.0
%
 
96.1
%
 
96.1
%
 
96.0
%


Supplemental Data S-4



MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Average Effective Rent per Unit
 
 
 
Q3 2018
 
Q3 2017
 
% Chg
 
Q3 2018
 
Q3 2017
 
% Chg
 
Q3 2018
 
Q3 2017
 
% Chg
 
Q3 2018
 
Q3 2017
 
% Chg
Atlanta, GA
10,664

 
$
47,163

 
$
46,907

 
0.5
 %
 
$
17,182

 
$
16,718

 
2.8
 %
 
$
29,981

 
$
30,189

 
(0.7
)%
 
$
1,377

 
$
1,358

 
1.4
 %
Dallas, TX
9,404

 
37,985

 
37,721

 
0.7
 %
 
17,097

 
16,401

 
4.2
 %
 
20,888

 
21,320

 
(2.0
)%
 
1,272

 
1,272

 
0.0
 %
Charlotte, NC
6,149

 
23,344

 
23,045

 
1.3
 %
 
7,359

 
7,030

 
4.7
 %
 
15,985

 
16,015

 
(0.2
)%
 
1,190

 
1,167

 
2.0
 %
Washington, DC
4,080

 
22,452

 
22,003

 
2.0
 %
 
7,171

 
7,206

 
(0.5
)%
 
15,281

 
14,797

 
3.3
 %
 
1,743

 
1,711

 
1.9
 %
Tampa, FL
5,220

 
23,431

 
22,565

 
3.8
 %
 
8,614

 
8,553

 
0.7
 %
 
14,817

 
14,012

 
5.7
 %
 
1,407

 
1,361

 
3.4
 %
Austin, TX
6,475

 
24,527

 
24,303

 
0.9
 %
 
11,436

 
11,261

 
1.6
 %
 
13,091

 
13,042

 
0.4
 %
 
1,160

 
1,154

 
0.5
 %
Orlando, FL
4,498

 
20,445

 
19,525

 
4.7
 %
 
7,594

 
7,487

 
1.4
 %
 
12,851

 
12,038

 
6.8
 %
 
1,426

 
1,363

 
4.6
 %
Raleigh/Durham, NC
4,397

 
15,414

 
15,107

 
2.0
 %
 
5,356

 
5,054

 
6.0
 %
 
10,058

 
10,053

 
0.0
 %
 
1,065

 
1,040

 
2.4
 %
Nashville, TN
3,776

 
14,444

 
14,457

 
(0.1
)%
 
4,947

 
4,411

 
12.2
 %
 
9,497

 
10,046

 
(5.5
)%
 
1,187

 
1,172

 
1.3
 %
Houston, TX
4,479

 
16,425

 
15,844

 
3.7
 %
 
7,296

 
7,156

 
2.0
 %
 
9,129

 
8,688

 
5.1
 %
 
1,146

 
1,107

 
3.5
 %
Fort Worth, TX
4,249

 
15,891

 
15,645

 
1.6
 %
 
6,911

 
6,524

 
5.9
 %
 
8,980

 
9,121

 
(1.5
)%
 
1,127

 
1,109

 
1.6
 %
Jacksonville, FL
3,496

 
12,215

 
11,641

 
4.9
 %
 
4,180

 
4,405

 
(5.1
)%
 
8,035

 
7,236

 
11.0
 %
 
1,096

 
1,043

 
5.1
 %
Charleston, SC
2,726

 
10,188

 
10,251

 
(0.6
)%
 
3,679

 
3,823

 
(3.8
)%
 
6,509

 
6,428

 
1.3
 %
 
1,140

 
1,140

 
0.0
 %
Phoenix, AZ
2,301

 
8,478

 
8,052

 
5.3
 %
 
2,620

 
2,607

 
0.5
 %
 
5,858

 
5,445

 
7.6
 %
 
1,126

 
1,069

 
5.3
 %
Savannah, GA
2,219

 
7,777

 
7,518

 
3.4
 %
 
2,872

 
2,942

 
(2.4
)%
 
4,905

 
4,576

 
7.2
 %
 
1,063

 
1,032

 
3.0
 %
Richmond, VA
1,668

 
6,104

 
5,742

 
6.3
 %
 
1,980

 
1,883

 
5.2
 %
 
4,124

 
3,859

 
6.9
 %
 
1,087

 
1,034

 
5.1
 %
Memphis, TN
1,811

 
5,567

 
5,416

 
2.8
 %
 
2,402

 
2,392

 
0.4
 %
 
3,165

 
3,024

 
4.7
 %
 
969

 
924

 
4.9
 %
Greenville, SC
1,748

 
4,847

 
4,716

 
2.8
 %
 
1,847

 
1,816

 
1.7
 %
 
3,000

 
2,900

 
3.4
 %
 
836

 
809

 
3.3
 %
Birmingham, AL
1,462

 
4,824

 
4,725

 
2.1
 %
 
1,952

 
2,006

 
(2.7
)%
 
2,872

 
2,719

 
5.6
 %
 
986

 
972

 
1.4
 %
San Antonio, TX
1,504

 
5,218

 
5,249

 
(0.6
)%
 
2,465

 
2,399

 
2.8
 %
 
2,753

 
2,850

 
(3.4
)%
 
1,070

 
1,069

 
0.1
 %
Little Rock, AR
1,368

 
3,871

 
3,869

 
0.1
 %
 
1,557

 
1,508

 
3.2
 %
 
2,314

 
2,361

 
(2.0
)%
 
881

 
879

 
0.2
 %
Huntsville, AL
1,228

 
3,639

 
3,427

 
6.2
 %
 
1,336

 
1,354

 
(1.3
)%
 
2,303

 
2,073

 
11.1
 %
 
864

 
810

 
6.7
 %
Jackson, MS
1,241

 
3,572

 
3,616

 
(1.2
)%
 
1,363

 
1,312

 
3.9
 %
 
2,209

 
2,304

 
(4.1
)%
 
870

 
873

 
(0.3
)%
Other
7,320

 
25,230

 
24,491

 
3.0
 %
 
9,545

 
9,435

 
1.2
 %
 
15,685

 
15,056

 
4.2
 %
 
1,060

 
1,035

 
2.4
 %
Total Same Store
93,483

 
$
363,051

 
$
355,835

 
2.0
 %
 
$
138,761

 
$
135,683

 
2.3
 %
 
$
224,290

 
$
220,152

 
1.9
 %
 
$
1,204

 
$
1,179

 
2.1
 %












Supplemental Data S-5



MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Average Effective Rent per Unit
 
 
 
Q3 2018
 
Q2 2018
 
% Chg
 
Q3 2018
 
Q2 2018
 
% Chg
 
Q3 2018
 
Q2 2018
 
% Chg
 
Q3 2018
 
Q2 2018
 
% Chg
Atlanta, GA
10,664

 
$
47,163

 
$
46,511

 
1.4
 %
 
$
17,182

 
$
16,328

 
5.2
 %
 
$
29,981

 
$
30,183

 
(0.7
)%
 
$
1,377

 
$
1,365

 
0.9
%
Dallas, TX
9,404

 
37,985

 
37,628

 
0.9
 %
 
17,097

 
16,440

 
4.0
 %
 
20,888

 
21,188

 
(1.4
)%
 
1,272

 
1,270

 
0.2
%
Charlotte, NC
6,149

 
23,344

 
23,188

 
0.7
 %
 
7,359

 
7,136

 
3.1
 %
 
15,985

 
16,052

 
(0.4
)%
 
1,190

 
1,172

 
1.5
%
Washington, DC
4,080

 
22,452

 
22,273

 
0.8
 %
 
7,171

 
6,741

 
6.4
 %
 
15,281

 
15,532

 
(1.6
)%
 
1,743

 
1,726

 
1.0
%
Tampa, FL
5,220

 
23,431

 
22,905

 
2.3
 %
 
8,614

 
8,160

 
5.6
 %
 
14,817

 
14,745

 
0.5
 %
 
1,407

 
1,383

 
1.7
%
Austin, TX
6,475

 
24,527

 
24,216

 
1.3
 %
 
11,436

 
10,915

 
4.8
 %
 
13,091

 
13,301

 
(1.6
)%
 
1,160

 
1,148

 
1.0
%
Orlando, FL
4,498

 
20,445

 
20,112

 
1.7
 %
 
7,594

 
7,118

 
6.7
 %
 
12,851

 
12,994

 
(1.1
)%
 
1,426

 
1,403

 
1.6
%
Raleigh/Durham, NC
4,397

 
15,414

 
15,149

 
1.7
 %
 
5,356

 
5,101

 
5.0
 %
 
10,058

 
10,048

 
0.1
 %
 
1,065

 
1,047

 
1.7
%
Nashville, TN
3,776

 
14,444

 
14,418

 
0.2
 %
 
4,947

 
4,810

 
2.8
 %
 
9,497

 
9,608

 
(1.2
)%
 
1,187

 
1,177

 
0.8
%
Houston, TX
4,479

 
16,425

 
16,145

 
1.7
 %
 
7,296

 
7,362

 
(0.9
)%
 
9,129

 
8,783

 
3.9
 %
 
1,146

 
1,128

 
1.6
%
Fort Worth, TX
4,249

 
15,891

 
15,750

 
0.9
 %
 
6,911

 
6,509

 
6.2
 %
 
8,980

 
9,241

 
(2.8
)%
 
1,127

 
1,118

 
0.8
%
Jacksonville, FL
3,496

 
12,215

 
12,046

 
1.4
 %
 
4,180

 
4,265

 
(2.0
)%
 
8,035

 
7,781

 
3.3
 %
 
1,096

 
1,073

 
2.1
%
Charleston, SC
2,726

 
10,188

 
10,149

 
0.4
 %
 
3,679

 
3,690

 
(0.3
)%
 
6,509

 
6,459

 
0.8
 %
 
1,140

 
1,131

 
0.8
%
Phoenix, AZ
2,301

 
8,478

 
8,261

 
2.6
 %
 
2,620

 
2,495

 
5.0
 %
 
5,858

 
5,766

 
1.6
 %
 
1,126

 
1,107

 
1.7
%
Savannah, GA
2,219

 
7,777

 
7,597

 
2.4
 %
 
2,872

 
2,781

 
3.3
 %
 
4,905

 
4,816

 
1.8
 %
 
1,063

 
1,041

 
2.1
%
Richmond, VA
1,668

 
6,104

 
5,897

 
3.5
 %
 
1,980

 
1,947

 
1.7
 %
 
4,124

 
3,950

 
4.4
 %
 
1,087

 
1,067

 
1.9
%
Memphis, TN
1,811

 
5,567

 
5,539

 
0.5
 %
 
2,402

 
2,338

 
2.7
 %
 
3,165

 
3,201

 
(1.1
)%
 
969

 
944

 
2.6
%
Greenville, SC
1,748

 
4,847

 
4,785

 
1.3
 %
 
1,847

 
1,933

 
(4.4
)%
 
3,000

 
2,852

 
5.2
 %
 
836

 
821

 
1.8
%
Birmingham, AL
1,462

 
4,824

 
4,773

 
1.1
 %
 
1,952

 
2,044

 
(4.5
)%
 
2,872

 
2,729

 
5.2
 %
 
986

 
965

 
2.2
%
San Antonio, TX
1,504

 
5,218

 
5,172

 
0.9
 %
 
2,465

 
2,362

 
4.4
 %
 
2,753

 
2,810

 
(2.0
)%
 
1,070

 
1,061

 
0.8
%
Little Rock, AR
1,368

 
3,871

 
3,870

 
0.0
 %
 
1,557

 
1,574

 
(1.1
)%
 
2,314

 
2,296

 
0.8
 %
 
881

 
875

 
0.7
%
Huntsville, AL
1,228

 
3,639

 
3,576

 
1.8
 %
 
1,336

 
1,336

 
0.0
 %
 
2,303

 
2,240

 
2.8
 %
 
864

 
834

 
3.6
%
Jackson, MS
1,241

 
3,572

 
3,580

 
(0.2
)%
 
1,363

 
1,386

 
(1.7
)%
 
2,209

 
2,194

 
0.7
 %
 
870

 
861

 
1.0
%
Other
7,320

 
25,230

 
24,963

 
1.1
 %
 
9,545

 
9,532

 
0.1
 %
 
15,685

 
15,431

 
1.6
 %
 
1,060

 
1,044

 
1.5
%
Total Same Store
93,483

 
$
363,051

 
$
358,503

 
1.3
 %
 
$
138,761

 
$
134,303

 
3.3
 %
 
$
224,290

 
$
224,200

 
0.0
 %
 
$
1,204

 
$
1,189

 
1.3
%










Supplemental Data S-6



MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2018
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Average Effective Rent per Unit
 
 
 
YTD 2018
 
YTD 2017
 
% Chg
 
YTD 2018
 
YTD 2017
 
% Chg
 
YTD 2018
 
YTD 2017
 
% Chg
 
YTD 2018
 
YTD 2017
 
% Chg
Atlanta, GA
10,664

 
$
140,178

 
$
139,295

 
0.6
 %
 
$
49,514

 
$
49,453

 
0.1
 %
 
$
90,664

 
$
89,842

 
0.9
 %
 
$
1,366

 
$
1,348

 
1.3
 %
Dallas, TX
9,404

 
113,348

 
112,661

 
0.6
 %
 
49,829

 
48,446

 
2.9
 %
 
63,519

 
64,215

 
(1.1
)%
 
1,269

 
1,266

 
0.2
 %
Charlotte, NC
6,149

 
69,629

 
68,713

 
1.3
 %
 
21,096

 
21,004

 
0.4
 %
 
48,533

 
47,709

 
1.7
 %
 
1,174

 
1,157

 
1.5
 %
Washington, DC
4,080

 
66,805

 
65,555

 
1.9
 %
 
20,933

 
21,135

 
(1.0
)%
 
45,872

 
44,420

 
3.3
 %
 
1,727

 
1,696

 
1.8
 %
Tampa, FL
5,220

 
69,204

 
67,447

 
2.6
 %
 
24,678

 
24,279

 
1.6
 %
 
44,526

 
43,168

 
3.1
 %
 
1,386

 
1,353

 
2.4
 %
Austin, TX
6,475

 
72,909

 
72,697

 
0.3
 %
 
33,200

 
32,963

 
0.7
 %
 
39,709

 
39,734

 
(0.1
)%
 
1,149

 
1,150

 
(0.1
)%
Orlando, FL
4,498

 
60,442

 
57,714

 
4.7
 %
 
21,708

 
21,029

 
3.2
 %
 
38,734

 
36,685

 
5.6
 %
 
1,403

 
1,344

 
4.4
 %
Raleigh/Durham, NC
4,397

 
45,701

 
44,632

 
2.4
 %
 
15,426

 
14,945

 
3.2
 %
 
30,275

 
29,687

 
2.0
 %
 
1,051

 
1,025

 
2.5
 %
Nashville, TN
3,776

 
43,224

 
42,977

 
0.6
 %
 
14,378

 
13,973

 
2.9
 %
 
28,846

 
29,004

 
(0.5
)%
 
1,177

 
1,163

 
1.2
 %
Houston, TX
4,479

 
48,540

 
48,234

 
0.6
 %
 
22,013

 
22,059

 
(0.2
)%
 
26,527

 
26,175

 
1.3
 %
 
1,127

 
1,127

 
0.0
 %
Fort Worth, TX
4,249

 
47,378

 
46,265

 
2.4
 %
 
20,084

 
19,313

 
4.0
 %
 
27,294

 
26,952

 
1.3
 %
 
1,118

 
1,089

 
2.7
 %
Jacksonville, FL
3,496

 
36,189

 
34,755

 
4.1
 %
 
12,453

 
12,471

 
(0.1
)%
 
23,736

 
22,284

 
6.5
 %
 
1,076

 
1,031

 
4.4
 %
Charleston, SC
2,726

 
30,460

 
30,301

 
0.5
 %
 
10,882

 
10,600

 
2.7
 %
 
19,578

 
19,701

 
(0.6
)%
 
1,131

 
1,126

 
0.4
 %
Phoenix, AZ
2,301

 
24,902

 
23,844

 
4.4
 %
 
7,509

 
7,489

 
0.3
 %
 
17,393

 
16,355

 
6.3
 %
 
1,106

 
1,052

 
5.1
 %
Savannah, GA
2,219

 
22,907

 
22,361

 
2.4
 %
 
8,427

 
8,278

 
1.8
 %
 
14,480

 
14,083

 
2.8
 %
 
1,043

 
1,017

 
2.6
 %
Richmond, VA
1,668

 
17,790

 
16,813

 
5.8
 %
 
5,862

 
5,564

 
5.4
 %
 
11,928

 
11,249

 
6.0
 %
 
1,066

 
1,015

 
5.0
 %
Memphis, TN
1,811

 
16,544

 
16,079

 
2.9
 %
 
7,060

 
6,936

 
1.8
 %
 
9,484

 
9,143

 
3.7
 %
 
946

 
912

 
3.7
 %
Greenville, SC
1,748

 
14,397

 
14,130

 
1.9
 %
 
5,521

 
5,412

 
2.0
 %
 
8,876

 
8,718

 
1.8
 %
 
821

 
803

 
2.2
 %
Birmingham, AL
1,462

 
14,319

 
14,118

 
1.4
 %
 
5,939

 
5,942

 
(0.1
)%
 
8,380

 
8,176

 
2.5
 %
 
969

 
961

 
0.8
 %
San Antonio, TX
1,504

 
15,548

 
15,605

 
(0.4
)%
 
7,216

 
7,009

 
3.0
 %
 
8,332

 
8,596

 
(3.1
)%
 
1,064

 
1,066

 
(0.2
)%
Little Rock, AR
1,368

 
11,620

 
11,589

 
0.3
 %
 
4,652

 
4,477

 
3.9
 %
 
6,968

 
7,112

 
(2.0
)%
 
876

 
881

 
(0.6
)%
Huntsville, AL
1,228

 
10,705

 
10,131

 
5.7
 %
 
3,962

 
3,992

 
(0.8
)%
 
6,743

 
6,139

 
9.8
 %
 
839

 
796

 
5.4
 %
Jackson, MS
1,241

 
10,732

 
10,836

 
(1.0
)%
 
4,134

 
4,011

 
3.1
 %
 
6,598

 
6,825

 
(3.3
)%
 
864

 
870

 
(0.7
)%
Other
7,320

 
74,930

 
73,010

 
2.6
 %
 
28,085

 
27,173

 
3.4
 %
 
46,845

 
45,837

 
2.2
 %
 
1,045

 
1,024

 
2.1
 %
Total Same Store
93,483

 
$
1,078,401

 
$
1,059,762

 
1.8
 %
 
$
404,561

 
$
397,953

 
1.7
 %
 
$
673,840

 
$
661,809

 
1.8
 %
 
$
1,190

 
$
1,169

 
1.8
 %





Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of September 30, 2018
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q3 2018
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1201 Midtown II
Charleston, SC
 
140

 
38

 
15

 
2Q17
 
3Q18
 
4Q18
 
3Q19
 
$
29,500

 
$
25,680

 
$
3,820

Post Parkside at Wade III
Raleigh, NC
 
150

 
—

 
—

 
2Q18
 
3Q19
 
4Q19
 
1Q20
 
25,000

 
4,591

 
20,409

Post Sierra at Frisco Bridges II
Dallas, TX
 
348

 
—

 
—

 
2Q18
 
2Q20
 
3Q20
 
3Q21
 
69,000

 
7,973

 
61,027

Sync 36 II
Denver, CO
 
79

 
—

 
—

 
3Q18
 
4Q19
 
4Q19
 
1Q20
 
24,500

 
7,487

 
17,013

Total Active
 
 
717

 
38

 
15

 
 
 
 
 
 
 
 
 
$
148,000

 
$
45,731

 
$
102,269


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

MULTIFAMILY REDEVELOPMENT PIPELINE
Dollars in thousands, except per unit data
 
 
 
 
Year to date as of September 30, 2018
 
 
Units Redeveloped
 
Redevelopment Spend
 
Spend per Unit
 
Average Effective Rent Increase per Unit
 
Average Effective Rent Increase per Unit
 
Estimated Units Remaining in Pipeline
6,549
 
$37,530
 
$5,731
 
$119
 
10.6%
 
19,000 - 22,000

MULTIFAMILY LEASE-UP COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2018
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Location
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
The Denton II
Kansas City, MO
 
154
 
90.9%
 
4Q17
 
4Q18
Post Midtown
Atlanta, GA
 
332
 
91.0%
 
3Q17
 
4Q18
Sync 36 I
Denver, CO
 
374
 
79.7%
 
(2) 
 
1Q19
Post River North
Denver, CO
 
359
 
72.4%
 
1Q18
 
2Q19
Post Centennial Park
Atlanta, GA
 
438
 
24.9%
 
3Q18
 
4Q19
Total
 
 
1,657
 
66.9%
 
 
 
 
(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.

2018 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2018)
Dollars in thousands
 
Multifamily Acquisition
 
Market
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
Sync 36
 
Denver, CO
 
374
 
2018
 
April 26, 2018
 
$
1,791

Commercial Acquisition
 
Market
 
Square Feet
 
Year Built
 
Closing Date
 
YTD NOI
Hue Retail
 
Raleigh, NC
 
7,500
 
2009
 
August 1, 2018
 
$
33


2018 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2018)
Land Dispositions
 
Market
 
Acres
 
Closing Date
Craft Farms Residential - Outparcel
 
Gulf Shores, AL
 
3
 
January 24, 2018
Randal Park - Outparcel
 
Orlando, FL
 
34
 
February 27, 2018
Colonial Grand at Azure - Outparcel
 
Las Vegas, NV
 
29
 
April 19, 2018
Spring Hill - Outparcel
 
Atlanta, GA
 
7
 
July 2, 2018

Supplemental Data S-8



INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
Dollars in thousands
 

MAA holds an investment in a joint venture with institutional investors 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 September 30, 2018
Joint Venture Property
 
Gross Investment in Real Estate
 
Mortgage Notes Payable
 
Company's Equity Investment
Post Massachusetts Avenue
 
$
78,620

(1) 
$
50,990

(2) 
$
44,619


 
 
Three months ended September 30, 2018
 
Nine months ended September 30, 2018
Joint Venture Property
 
Entity NOI
 
Company's Equity in Income
 
Entity NOI
 
Company's Equity in Income
Post Massachusetts Avenue
 
$
1,775

 
$
402

 
$
5,328

 
$
1,256



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

(2) This mortgage note has an outstanding principal value of $51 million, bears interest at a stated fixed rate of 3.5% and matures in February 2019. This note is currently prepayable without penalty.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2018
Dollars in thousands
 
 
 
 
DEBT SUMMARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Rate
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Floating Versus Fixed Rate or Hedged Debt
 
 
 
 
 
 
 
 
 
 
Fixed rate or swapped debt
 
$
3,754,533

 
83.4
%
 
3.9
%
 
4.2
%
 
5.1

Capped debt
 
25,000

 
0.5
%
 
2.7
%
 
2.7
%
 
0.1

Floating (unhedged) debt
 
724,490

 
16.1
%
 
3.0
%
 
3.0
%
 
0.1

Total
 
$
4,504,023

 
100.0
%
 
3.7
%
 
4.0
%
 
4.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
$
3,582,624

 
79.5
%
 
3.7
%
 
3.6
%
 
5.6

Secured debt
 
921,399

 
20.5
%
 
3.9
%
 
5.4
%
 
1.0

Total
 
$
4,504,023

 
100.0
%
 
3.7
%
 
4.0
%
 
4.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
 
 
Q3 2018
 
Percent of
 
 
Cost
 
Total
 
 
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
11,762,533

 
84.9
%
 
 
 
$
206,778

 
85.3
%
Encumbered gross assets
 
2,095,872

 
15.1
%
 

 
35,590

 
14.7
%
Total
 
$
13,858,405

 
100.0
%
 
 
 
$
242,368

 
100.0
%

FIXED OR HEDGED INTEREST RATE MATURITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
Fixed
 
Interest
 
Total
 
 
 
Interest
 
Total
 
Years to
 
 
Rate
 
Rate
 
Fixed Rate
 
Contract
 
Rate
 
Fixed or
 
Rate
Maturity
 
Debt
 
Swaps
 
Balances
 
Rate
 
Caps
 
Hedged
 
Maturity
2018
 
$
—

 
$
—

 
$
—

 
—
%
 
$
25,000

 
$
25,000

 
 
2019
 
568,336

 
—

 
568,336

 
5.9
%
 
—

 
568,336

 
 
2020
 
160,108

 
299,302

 
459,410

 
3.2
%
 
—

 
459,410

 
 
2021
 
195,924

 
—

 
195,924

 
5.2
%
 
—

 
195,924

 
 
2022
 
365,131

 
—

 
365,131

 
3.6
%
 
—

 
365,131

 
 
Thereafter
 
2,165,732

 
—

 
2,165,732

 
3.9
%
 
—

 
2,165,732

 
 
Total
 
$
3,455,231

 
$
299,302

 
$
3,754,533

 
4.2
%
 
$
25,000

 
$
3,779,533

 
5.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 










Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2018 (CONTINUED)
Dollars in thousands
 
 
 
 

DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key Bank Unsecured
 
Public Bonds
 
Other Unsecured
 
Secured
 
Total
2018
 
$
—

 
$
—

 
$
—

 
$
80,000

 
$
80,000

2019
 
—

 
—

 
19,980

 
548,356

 
568,336

2020
 
370,000

 
—

 
149,856

 
160,107

 
679,963

2021
 
—

 
—

 
222,243

 
123,316

 
345,559

2022
 
—

 
248,427

 
416,006

 
—

 
664,433

Thereafter
 
—

 
2,123,959

 
32,153

 
9,620

 
2,165,732

Total
 
$
370,000

 
$
2,372,386

 
$
840,238

 
$
921,399

 
$
4,504,023


DEBT COVENANT ANALYSIS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenants
 
Required
 
Actual
 
Compliance
Total debt to total assets
 
60% or less
 
32.5%
 
Yes
Total secured debt to total assets
 
40% or less
 
6.6%
 
Yes
Consolidated income available for debt service to total annual debt service charge
 
1.5x or greater for trailing 4 quarters
 
5.13x
 
Yes
Total unencumbered assets to total unsecured debt
 
Greater than 150%
 
328%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total debt to total capitalized asset value
 
60% or less
 
29.3%
 
Yes
Total secured debt to total capitalized asset value
 
40% or Less
 
6.0%
 
Yes
Total adjusted EBITDA to fixed charges
 
1.5x or greater for trailing 4 quarters
 
4.57x
 
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-11



2018 GUIDANCE
 
 
 
MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
 
Full Year 2018
Earnings
 
Earnings per common share - diluted
$1.87 to $1.99
Midpoint
$1.93
FFO per Share - diluted
$5.99 to $6.11
Midpoint
$6.05
AFFO per Share - diluted
$5.38 to $5.50
Midpoint
$5.44
 
 
MAA Same Store Communities:
 
Number of units
93,483
Lease over lease pricing growth for new leases and renewals
2.25% to 2.75%
Average physical occupancy
95.75% to 96.25%
Property revenue growth
1.75% to 2.25%
Property operating expense growth
2.00% to 2.50%
NOI growth
1.75% to 2.25%
Real estate tax expense growth
4.00% to 5.00%
 
 
Corporate Expenses:
 
General and administrative expenses
$35.0 to $36.0 million
Property management expenses
$48.0 to $49.0 million
Total overhead (Gross of capitalized development overhead)
$83.0 to $85.0 million
Capitalized development overhead
($2.0 million)
Total overhead (Net of capitalized development overhead)
$81.0 to $83.0 million
 
 
Income tax expense
$2.25 to $2.75 million
 
 
Transaction/Investment Volume:
 
Multifamily acquisition volume
$104.5 million
Multifamily disposition volume
$0.00 million
Development investment
$75.0 to $100.0 million
 
 
Debt:
 
Average effective interest rate
3.80% to 4.00%
Average cash interest rate
4.00% to 4.20%
Capitalized interest
$1.5 to $2.5 million
Mark to market adjustment
$9.5 to $10.5 million
 
 
Other Items:
 
Merger and integration expenses
$8.5 to $10.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
 
2018 Full Year Guidance Range
 
Low
 
High
Earnings per common share - diluted
$
1.87

 
$
1.99

Real estate depreciation
4.07

 
4.07

Amortization other
0.05

 
0.05

FFO per Share - diluted
5.99

 
6.11

Recurring capital expenditures
(0.61
)
 
(0.61
)
AFFO per Share - diluted
$
5.38

 
$
5.50


Supplemental Data S-12



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:
Q4 2018
 
Q1 2019
 
Q2 2019
 
Q3 2019
 
 
Earnings release & conference call
Late January
 
Early May
 
Late July
 
Late October
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q3 2017
 
Q4 2017
 
Q1 2018
 
Q2 2018
 
Q3 2018
Declaration date
9/26/2017

 
12/5/2017

 
3/13/2018

 
5/22/2018

 
9/25/2018

Record date
10/13/2017

 
1/12/2018

 
4/13/2018

 
7/13/2018

 
10/15/2018

Payment date
10/31/2017

 
1/31/2018

 
4/30/2018

 
7/31/2018

 
10/31/2018

Distributions per share
$
0.8700

 
$
0.9225

 
$
0.9225

 
$
0.9225

 
$
0.9225


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, Finance
 
Jennifer Patrick
 
Investor Relations
 
Phone: 866-576-9689 (toll free)
 
Email: investor.relations@maac.com


Supplemental Data S-13