Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2019 (In apartment units) (1)
|
|
|
Same Store |
|
|
Non-Same Store |
|
|
Lease-up |
|
|
Total Completed Communities |
|
|
Development Units Delivered |
|
|
Total |
|
||||||
|
Atlanta, GA |
|
|
10,664 |
|
|
|
332 |
|
|
|
438 |
|
|
|
11,434 |
|
|
|
— |
|
|
|
11,434 |
|
|
Dallas, TX |
|
|
9,404 |
|
|
|
362 |
|
|
|
— |
|
|
|
9,766 |
|
|
|
— |
|
|
|
9,766 |
|
|
Austin, TX |
|
|
6,475 |
|
|
|
642 |
|
|
|
— |
|
|
|
7,117 |
|
|
|
— |
|
|
|
7,117 |
|
|
Charlotte, NC |
|
|
6,149 |
|
|
|
— |
|
|
|
— |
|
|
|
6,149 |
|
|
|
— |
|
|
|
6,149 |
|
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
803 |
|
|
|
— |
|
|
|
5,200 |
|
|
|
129 |
|
|
|
5,329 |
|
|
Orlando, FL |
|
|
5,274 |
|
|
|
— |
|
|
|
— |
|
|
|
5,274 |
|
|
|
— |
|
|
|
5,274 |
|
|
Tampa, FL |
|
|
5,220 |
|
|
|
— |
|
|
|
— |
|
|
|
5,220 |
|
|
|
— |
|
|
|
5,220 |
|
|
Houston, TX |
|
|
4,867 |
|
|
|
— |
|
|
|
— |
|
|
|
4,867 |
|
|
|
— |
|
|
|
4,867 |
|
|
Nashville, TN |
|
|
4,055 |
|
|
|
320 |
|
|
|
— |
|
|
|
4,375 |
|
|
|
— |
|
|
|
4,375 |
|
|
Fort Worth, TX |
|
|
4,249 |
|
|
|
— |
|
|
|
— |
|
|
|
4,249 |
|
|
|
— |
|
|
|
4,249 |
|
|
Washington, DC |
|
|
4,080 |
|
|
|
— |
|
|
|
— |
|
|
|
4,080 |
|
|
|
— |
|
|
|
4,080 |
|
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
— |
|
|
|
— |
|
|
|
3,496 |
|
|
|
— |
|
|
|
3,496 |
|
|
Charleston, SC |
|
|
2,726 |
|
|
|
302 |
|
|
|
140 |
|
|
|
3,168 |
|
|
|
— |
|
|
|
3,168 |
|
|
Phoenix, AZ |
|
|
2,623 |
|
|
|
— |
|
|
|
— |
|
|
|
2,623 |
|
|
|
— |
|
|
|
2,623 |
|
|
Savannah, GA |
|
|
2,219 |
|
|
|
— |
|
|
|
— |
|
|
|
2,219 |
|
|
|
— |
|
|
|
2,219 |
|
|
Greenville, SC |
|
|
2,084 |
|
|
|
— |
|
|
|
— |
|
|
|
2,084 |
|
|
|
— |
|
|
|
2,084 |
|
|
Richmond, VA |
|
|
2,004 |
|
|
|
— |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
|
|
2,004 |
|
|
Memphis, TN |
|
|
1,811 |
|
|
|
— |
|
|
|
— |
|
|
|
1,811 |
|
|
|
— |
|
|
|
1,811 |
|
|
San Antonio, TX |
|
|
1,504 |
|
|
|
— |
|
|
|
— |
|
|
|
1,504 |
|
|
|
— |
|
|
|
1,504 |
|
|
Birmingham, AL |
|
|
1,462 |
|
|
|
— |
|
|
|
— |
|
|
|
1,462 |
|
|
|
— |
|
|
|
1,462 |
|
|
Huntsville, AL |
|
|
1,228 |
|
|
|
— |
|
|
|
— |
|
|
|
1,228 |
|
|
|
— |
|
|
|
1,228 |
|
|
Other |
|
|
8,561 |
|
|
|
2,704 |
|
|
|
79 |
|
|
|
11,344 |
|
|
|
— |
|
|
|
11,344 |
|
|
Total Multifamily Units |
|
|
94,552 |
|
|
|
5,465 |
|
|
|
657 |
|
|
|
100,674 |
|
|
|
129 |
|
|
|
100,803 |
|
(1) Schedule excludes a 269 unit joint venture property in Washington, D.C.
Supplemental Data S-1
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
As of September 30, 2019 |
|
|
Average Effective |
|
|
As of September 30, 2019 |
|
|||||||||||||||
|
|
|
Gross Real Assets |
|
|
Percent to Total of Gross Real Assets |
|
|
Physical Occupancy |
|
|
Rent per Unit for the Three Months Ended September 30, 2019 |
|
|
Completed Units |
|
|
Total Units, Including Development |
|
||||||
|
Atlanta, GA |
|
$ |
1,887,831 |
|
|
|
13.9 |
% |
|
|
95.2 |
% |
|
$ |
1,453 |
|
|
|
10,996 |
|
|
|
|
|
|
Dallas, TX |
|
|
1,380,370 |
|
|
|
10.2 |
% |
|
|
95.7 |
% |
|
|
1,287 |
|
|
|
9,766 |
|
|
|
|
|
|
Washington, DC |
|
|
951,123 |
|
|
|
7.0 |
% |
|
|
96.7 |
% |
|
|
1,804 |
|
|
|
4,080 |
|
|
|
|
|
|
Charlotte, NC |
|
|
950,674 |
|
|
|
7.0 |
% |
|
|
96.3 |
% |
|
|
1,233 |
|
|
|
6,149 |
|
|
|
|
|
|
Tampa, FL |
|
|
870,519 |
|
|
|
6.4 |
% |
|
|
96.5 |
% |
|
|
1,466 |
|
|
|
5,220 |
|
|
|
|
|
|
Austin, TX |
|
|
833,856 |
|
|
|
6.1 |
% |
|
|
95.6 |
% |
|
|
1,250 |
|
|
|
7,117 |
|
|
|
|
|
|
Orlando, FL |
|
|
820,529 |
|
|
|
6.0 |
% |
|
|
95.2 |
% |
|
|
1,458 |
|
|
|
5,274 |
|
|
|
|
|
|
Raleigh/Durham, NC |
|
|
666,497 |
|
|
|
4.9 |
% |
|
|
96.3 |
% |
|
|
1,136 |
|
|
|
5,200 |
|
|
|
|
|
|
Houston, TX |
|
|
600,439 |
|
|
|
4.4 |
% |
|
|
95.3 |
% |
|
|
1,207 |
|
|
|
4,867 |
|
|
|
|
|
|
Nashville, TN |
|
|
530,226 |
|
|
|
3.9 |
% |
|
|
96.1 |
% |
|
|
1,280 |
|
|
|
4,375 |
|
|
|
|
|
|
Fort Worth, TX |
|
|
391,544 |
|
|
|
2.9 |
% |
|
|
96.2 |
% |
|
|
1,165 |
|
|
|
4,249 |
|
|
|
|
|
|
Phoenix, AZ |
|
|
374,097 |
|
|
|
2.8 |
% |
|
|
97.0 |
% |
|
|
1,234 |
|
|
|
2,623 |
|
|
|
|
|
|
Charleston, SC |
|
|
368,149 |
|
|
|
2.7 |
% |
|
|
95.3 |
% |
|
|
1,207 |
|
|
|
3,028 |
|
|
|
|
|
|
Jacksonville, FL |
|
|
293,177 |
|
|
|
2.2 |
% |
|
|
95.7 |
% |
|
|
1,137 |
|
|
|
3,496 |
|
|
|
|
|
|
Richmond, VA |
|
|
262,563 |
|
|
|
1.9 |
% |
|
|
96.4 |
% |
|
|
1,206 |
|
|
|
2,004 |
|
|
|
|
|
|
Savannah, GA |
|
|
239,393 |
|
|
|
1.8 |
% |
|
|
95.0 |
% |
|
|
1,094 |
|
|
|
2,219 |
|
|
|
|
|
|
Denver, CO |
|
|
188,151 |
|
|
|
1.4 |
% |
|
|
96.9 |
% |
|
|
1,627 |
|
|
|
733 |
|
|
|
|
|
|
Kansas City, MO-KS |
|
|
183,502 |
|
|
|
1.4 |
% |
|
|
94.6 |
% |
|
|
1,257 |
|
|
|
1,110 |
|
|
|
|
|
|
San Antonio, TX |
|
|
161,580 |
|
|
|
1.2 |
% |
|
|
96.3 |
% |
|
|
1,113 |
|
|
|
1,504 |
|
|
|
|
|
|
Birmingham, AL |
|
|
156,380 |
|
|
|
1.1 |
% |
|
|
97.5 |
% |
|
|
1,043 |
|
|
|
1,462 |
|
|
|
|
|
|
Greenville, SC |
|
|
154,479 |
|
|
|
1.1 |
% |
|
|
95.1 |
% |
|
|
923 |
|
|
|
2,084 |
|
|
|
|
|
|
Memphis, TN |
|
|
130,992 |
|
|
|
1.0 |
% |
|
|
95.4 |
% |
|
|
1,007 |
|
|
|
1,811 |
|
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
|||||||||||||||||||||||
|
Florida |
|
$ |
175,758 |
|
|
|
1.3 |
% |
|
|
97.2 |
% |
|
$ |
1,339 |
|
|
|
1,806 |
|
|
|
|
|
|
Alabama |
|
|
157,218 |
|
|
|
1.2 |
% |
|
|
96.9 |
% |
|
|
990 |
|
|
|
1,648 |
|
|
|
|
|
|
Virginia |
|
|
151,691 |
|
|
|
1.1 |
% |
|
|
96.4 |
% |
|
|
1,315 |
|
|
|
1,039 |
|
|
|
|
|
|
Arkansas |
|
|
118,284 |
|
|
|
0.9 |
% |
|
|
95.1 |
% |
|
|
894 |
|
|
|
1,368 |
|
|
|
|
|
|
Kentucky |
|
|
94,380 |
|
|
|
0.7 |
% |
|
|
95.3 |
% |
|
|
896 |
|
|
|
1,308 |
|
|
|
|
|
|
Mississippi |
|
|
74,444 |
|
|
|
0.5 |
% |
|
|
95.7 |
% |
|
|
890 |
|
|
|
1,241 |
|
|
|
|
|
|
Nevada |
|
|
69,899 |
|
|
|
0.5 |
% |
|
|
96.3 |
% |
|
|
1,088 |
|
|
|
721 |
|
|
|
|
|
|
Tennessee |
|
|
52,153 |
|
|
|
0.4 |
% |
|
|
95.7 |
% |
|
|
885 |
|
|
|
943 |
|
|
|
|
|
|
South Carolina |
|
|
36,719 |
|
|
|
0.3 |
% |
|
|
94.4 |
% |
|
|
877 |
|
|
|
576 |
|
|
|
|
|
|
Stabilized Communities |
|
$ |
13,326,617 |
|
|
|
98.2 |
% |
|
|
95.9 |
% |
|
$ |
1,263 |
|
|
|
100,017 |
|
|
|
|
|
|
Atlanta, GA |
|
$ |
86,101 |
|
|
|
0.6 |
% |
|
|
93.8 |
% |
|
$ |
1,516 |
|
|
|
438 |
|
|
|
438 |
|
|
Dallas, TX |
|
|
32,441 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
348 |
|
|
Denver, CO |
|
|
31,206 |
|
|
|
0.2 |
% |
|
|
12.7 |
% |
|
|
1,821 |
|
|
|
79 |
|
|
|
385 |
|
|
Charleston, SC |
|
|
28,644 |
|
|
|
0.2 |
% |
|
|
87.9 |
% |
|
|
1,509 |
|
|
|
140 |
|
|
|
140 |
|
|
Phoenix, AZ |
|
|
23,647 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
345 |
|
|
Raleigh/Durham, NC |
|
|
22,092 |
|
|
|
0.2 |
% |
|
|
54.7 |
% |
|
|
1,149 |
|
|
|
129 |
|
|
|
150 |
|
|
Fort Worth, TX |
|
|
10,327 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
168 |
|
|
Orlando, FL |
|
|
8,101 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
369 |
|
|
Lease-up / Development Communities |
|
$ |
242,559 |
|
|
|
1.8 |
% |
|
|
77.6 |
% |
|
$ |
1,476 |
|
|
|
786 |
|
|
|
2,343 |
|
|
Total Multifamily Communities |
|
$ |
13,569,176 |
|
|
|
100.0 |
% |
|
|
95.7 |
% |
|
$ |
1,265 |
|
|
|
100,803 |
|
|
|
102,360 |
|
(1) Schedule excludes one joint venture property in Washington, D.C.
Supplemental Data S-2
Dollars in thousands
|
|
|
As of September 30, 2019 |
|
|
Three Months Ended |
|
||||||||||||||
|
|
|
Apartment Units |
|
|
Gross Real Assets |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
Percent Change |
|
|||||
|
Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
94,552 |
|
|
$ |
12,413,718 |
|
|
$ |
384,313 |
|
|
$ |
369,548 |
|
|
|
4.0 |
% |
|
Non-Same Store Communities |
|
|
5,465 |
|
|
|
912,899 |
|
|
|
23,142 |
|
|
|
21,519 |
|
|
|
|
|
|
Lease-up/Development Communities |
|
|
786 |
|
|
|
242,559 |
|
|
|
2,404 |
|
|
|
437 |
|
|
|
|
|
|
Total Multifamily Portfolio |
|
|
100,803 |
|
|
$ |
13,569,176 |
|
|
$ |
409,859 |
|
|
$ |
391,504 |
|
|
|
|
|
|
Commercial Property/Land |
|
|
— |
|
|
|
238,494 |
|
|
|
5,773 |
|
|
|
5,604 |
|
|
|
|
|
|
Total Operating Revenue |
|
|
100,803 |
|
|
$ |
13,807,670 |
|
|
$ |
415,632 |
|
|
$ |
397,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
|
$ |
146,176 |
|
|
$ |
141,687 |
|
|
|
3.2 |
% |
|
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
|
9,937 |
|
|
|
10,250 |
|
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
|
1,014 |
|
|
|
510 |
|
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
$ |
157,127 |
|
|
$ |
152,447 |
|
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
|
2,412 |
|
|
|
2,293 |
|
|
|
|
|
|
Total Property Operating Expenses |
|
|
|
|
|
|
|
|
|
$ |
159,539 |
|
|
$ |
154,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
|
$ |
238,137 |
|
|
$ |
227,861 |
|
|
|
4.5 |
% |
|
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
|
13,205 |
|
|
|
11,269 |
|
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
|
1,390 |
|
|
|
(73 |
) |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
$ |
252,732 |
|
|
$ |
239,057 |
|
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
|
3,361 |
|
|
|
3,311 |
|
|
|
|
|
|
Total Net Operating Income |
|
|
|
|
|
|
|
|
|
$ |
256,093 |
|
|
$ |
242,368 |
|
|
|
5.7 |
% |
|
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||
|
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
Percent Change |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
Percent Change |
|
||||||
|
Personnel |
|
$ |
35,296 |
|
|
$ |
34,749 |
|
|
|
1.6 |
% |
|
$ |
102,617 |
|
|
$ |
99,643 |
|
|
|
3.0 |
% |
|
Building Repair and Maintenance |
|
|
16,925 |
|
|
|
15,877 |
|
|
|
6.6 |
% |
|
|
47,572 |
|
|
|
46,163 |
|
|
|
3.1 |
% |
|
Utilities |
|
|
28,917 |
|
|
|
28,370 |
|
|
|
1.9 |
% |
|
|
81,305 |
|
|
|
81,257 |
|
|
|
0.1 |
% |
|
Marketing |
|
|
4,697 |
|
|
|
5,015 |
|
|
|
(6.3 |
)% |
|
|
13,553 |
|
|
|
13,056 |
|
|
|
3.8 |
% |
|
Office Operations |
|
|
5,467 |
|
|
|
5,179 |
|
|
|
5.6 |
% |
|
|
15,718 |
|
|
|
16,311 |
|
|
|
(3.6 |
)% |
|
Property Taxes |
|
|
51,714 |
|
|
|
49,578 |
|
|
|
4.3 |
% |
|
|
154,790 |
|
|
|
147,478 |
|
|
|
5.0 |
% |
|
Insurance |
|
|
3,160 |
|
|
|
2,919 |
|
|
|
8.3 |
% |
|
|
8,868 |
|
|
|
8,315 |
|
|
|
6.7 |
% |
|
Total Property Operating Expenses |
|
$ |
146,176 |
|
|
$ |
141,687 |
|
|
|
3.2 |
% |
|
$ |
424,423 |
|
|
$ |
412,223 |
|
|
|
3.0 |
% |
Supplemental Data S-3
Same Store Portfolio
|
|
|
|
|
|
|
|
|
|
|
Average Physical Occupancy |
|
|||||||||||||
|
|
|
|
|
|
|
Percent of |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|||||||||||
|
|
|
Apartment Units |
|
|
Same Store NOI |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
||||||
|
Atlanta, GA |
|
|
10,664 |
|
|
12.7% |
|
|
|
95.7 |
% |
|
|
96.0 |
% |
|
|
95.7 |
% |
|
|
95.9 |
% |
|
|
Dallas, TX |
|
|
9,404 |
|
|
9.4% |
|
|
|
95.5 |
% |
|
|
95.2 |
% |
|
|
95.3 |
% |
|
|
95.3 |
% |
|
|
Charlotte, NC |
|
|
6,149 |
|
|
7.0% |
|
|
|
96.2 |
% |
|
|
95.8 |
% |
|
|
96.2 |
% |
|
|
96.1 |
% |
|
|
Washington, DC |
|
|
4,080 |
|
|
6.8% |
|
|
|
96.8 |
% |
|
|
96.5 |
% |
|
|
96.9 |
% |
|
|
96.6 |
% |
|
|
Tampa, FL |
|
|
5,220 |
|
|
6.6% |
|
|
|
96.1 |
% |
|
|
96.3 |
% |
|
|
96.1 |
% |
|
|
96.3 |
% |
|
|
Orlando, FL |
|
|
5,274 |
|
|
6.5% |
|
|
|
95.5 |
% |
|
|
95.7 |
% |
|
|
95.6 |
% |
|
|
96.1 |
% |
|
|
Austin, TX |
|
|
6,475 |
|
|
6.0% |
|
|
|
96.0 |
% |
|
|
95.9 |
% |
|
|
95.9 |
% |
|
|
95.8 |
% |
|
|
Nashville, TN |
|
|
4,055 |
|
|
4.6% |
|
|
|
96.5 |
% |
|
|
95.2 |
% |
|
|
96.0 |
% |
|
|
95.7 |
% |
|
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
4.4% |
|
|
|
96.6 |
% |
|
|
96.0 |
% |
|
|
96.5 |
% |
|
|
96.2 |
% |
|
|
Houston, TX |
|
|
4,867 |
|
|
4.3% |
|
|
|
95.3 |
% |
|
|
95.7 |
% |
|
|
95.4 |
% |
|
|
96.2 |
% |
|
|
Fort Worth, TX |
|
|
4,249 |
|
|
4.0% |
|
|
|
95.9 |
% |
|
|
96.1 |
% |
|
|
95.6 |
% |
|
|
95.8 |
% |
|
|
Jacksonville, FL |
|
|
3,496 |
|
|
3.3% |
|
|
|
96.2 |
% |
|
|
96.6 |
% |
|
|
96.3 |
% |
|
|
96.7 |
% |
|
|
Phoenix, AZ |
|
|
2,623 |
|
|
3.1% |
|
|
|
97.1 |
% |
|
|
96.6 |
% |
|
|
96.7 |
% |
|
|
96.4 |
% |
|
|
Charleston, SC |
|
|
2,726 |
|
|
2.7% |
|
|
|
95.6 |
% |
|
|
95.7 |
% |
|
|
95.6 |
% |
|
|
95.9 |
% |
|
|
Richmond, VA |
|
|
2,004 |
|
|
2.2% |
|
|
|
96.5 |
% |
|
|
96.5 |
% |
|
|
96.7 |
% |
|
|
96.8 |
% |
|
|
Savannah, GA |
|
|
2,219 |
|
|
2.0% |
|
|
|
95.5 |
% |
|
|
96.7 |
% |
|
|
95.5 |
% |
|
|
96.7 |
% |
|
|
Greenville, SC |
|
|
2,084 |
|
|
1.5% |
|
|
|
95.4 |
% |
|
|
96.2 |
% |
|
|
95.7 |
% |
|
|
96.1 |
% |
|
|
Memphis, TN |
|
|
1,811 |
|
|
1.4% |
|
|
|
96.1 |
% |
|
|
95.2 |
% |
|
|
95.8 |
% |
|
|
95.9 |
% |
|
|
San Antonio, TX |
|
|
1,504 |
|
|
1.3% |
|
|
|
96.5 |
% |
|
|
96.0 |
% |
|
|
96.6 |
% |
|
|
95.9 |
% |
|
|
Birmingham, AL |
|
|
1,462 |
|
|
1.2% |
|
|
|
97.6 |
% |
|
|
96.8 |
% |
|
|
96.7 |
% |
|
|
96.1 |
% |
|
|
Huntsville, AL |
|
|
1,228 |
|
|
1.1% |
|
|
|
97.8 |
% |
|
|
97.3 |
% |
|
|
97.4 |
% |
|
|
97.3 |
% |
|
|
Other |
|
|
8,561 |
|
|
7.9% |
|
|
|
96.5 |
% |
|
|
96.4 |
% |
|
|
96.4 |
% |
|
|
96.4 |
% |
|
|
Total Same Store |
|
|
94,552 |
|
|
100.0% |
|
|
|
96.1 |
% |
|
|
96.0 |
% |
|
|
96.0 |
% |
|
|
96.1 |
% |
|
Supplemental Data S-4
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
|
Units |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|||||||||||||
|
Atlanta, GA |
|
|
10,664 |
|
|
$ |
48,561 |
|
|
$ |
47,163 |
|
|
|
3.0 |
% |
|
$ |
18,596 |
|
|
$ |
17,182 |
|
|
|
8.2 |
% |
|
$ |
29,965 |
|
|
$ |
29,981 |
|
|
|
(0.1 |
)% |
|
$ |
1,428 |
|
|
$ |
1,377 |
|
|
|
3.7 |
% |
|
Dallas, TX |
|
|
9,404 |
|
|
|
38,542 |
|
|
|
37,985 |
|
|
|
1.5 |
% |
|
|
16,233 |
|
|
|
17,097 |
|
|
|
(5.1 |
)% |
|
|
22,309 |
|
|
|
20,888 |
|
|
|
6.8 |
% |
|
|
1,295 |
|
|
|
1,272 |
|
|
|
1.8 |
% |
|
Charlotte, NC |
|
|
6,149 |
|
|
|
24,416 |
|
|
|
23,344 |
|
|
|
4.6 |
% |
|
|
7,772 |
|
|
|
7,360 |
|
|
|
5.6 |
% |
|
|
16,644 |
|
|
|
15,984 |
|
|
|
4.1 |
% |
|
|
1,233 |
|
|
|
1,190 |
|
|
|
3.6 |
% |
|
Washington, DC |
|
|
4,080 |
|
|
|
23,442 |
|
|
|
22,452 |
|
|
|
4.4 |
% |
|
|
7,202 |
|
|
|
7,163 |
|
|
|
0.5 |
% |
|
|
16,240 |
|
|
|
15,289 |
|
|
|
6.2 |
% |
|
|
1,804 |
|
|
|
1,743 |
|
|
|
3.5 |
% |
|
Tampa, FL |
|
|
5,220 |
|
|
|
24,534 |
|
|
|
23,431 |
|
|
|
4.7 |
% |
|
|
8,793 |
|
|
|
8,613 |
|
|
|
2.1 |
% |
|
|
15,741 |
|
|
|
14,818 |
|
|
|
6.2 |
% |
|
|
1,466 |
|
|
|
1,407 |
|
|
|
4.2 |
% |
|
Orlando, FL |
|
|
5,274 |
|
|
|
24,477 |
|
|
|
23,868 |
|
|
|
2.6 |
% |
|
|
8,959 |
|
|
|
9,289 |
|
|
|
(3.6 |
)% |
|
|
15,518 |
|
|
|
14,579 |
|
|
|
6.4 |
% |
|
|
1,458 |
|
|
|
1,416 |
|
|
|
3.0 |
% |
|
Austin, TX |
|
|
6,475 |
|
|
|
25,739 |
|
|
|
24,527 |
|
|
|
4.9 |
% |
|
|
11,346 |
|
|
|
11,436 |
|
|
|
(0.8 |
)% |
|
|
14,393 |
|
|
|
13,091 |
|
|
|
9.9 |
% |
|
|
1,211 |
|
|
|
1,160 |
|
|
|
4.4 |
% |
|
Nashville, TN |
|
|
4,055 |
|
|
|
16,789 |
|
|
|
15,627 |
|
|
|
7.4 |
% |
|
|
5,775 |
|
|
|
5,483 |
|
|
|
5.3 |
% |
|
|
11,014 |
|
|
|
10,144 |
|
|
|
8.6 |
% |
|
|
1,255 |
|
|
|
1,202 |
|
|
|
4.4 |
% |
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
16,254 |
|
|
|
15,415 |
|
|
|
5.4 |
% |
|
|
5,841 |
|
|
|
5,356 |
|
|
|
9.1 |
% |
|
|
10,413 |
|
|
|
10,059 |
|
|
|
3.5 |
% |
|
|
1,113 |
|
|
|
1,065 |
|
|
|
4.5 |
% |
|
Houston, TX |
|
|
4,867 |
|
|
|
18,646 |
|
|
|
18,164 |
|
|
|
2.7 |
% |
|
|
8,346 |
|
|
|
8,016 |
|
|
|
4.1 |
% |
|
|
10,300 |
|
|
|
10,148 |
|
|
|
1.5 |
% |
|
|
1,207 |
|
|
|
1,166 |
|
|
|
3.5 |
% |
|
Fort Worth, TX |
|
|
4,249 |
|
|
|
16,538 |
|
|
|
15,890 |
|
|
|
4.1 |
% |
|
|
7,005 |
|
|
|
6,911 |
|
|
|
1.4 |
% |
|
|
9,533 |
|
|
|
8,979 |
|
|
|
6.2 |
% |
|
|
1,165 |
|
|
|
1,127 |
|
|
|
3.4 |
% |
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
12,620 |
|
|
|
12,216 |
|
|
|
3.3 |
% |
|
|
4,854 |
|
|
|
4,180 |
|
|
|
16.1 |
% |
|
|
7,766 |
|
|
|
8,036 |
|
|
|
(3.4 |
)% |
|
|
1,137 |
|
|
|
1,096 |
|
|
|
3.7 |
% |
|
Phoenix, AZ |
|
|
2,623 |
|
|
|
10,504 |
|
|
|
9,716 |
|
|
|
8.1 |
% |
|
|
3,189 |
|
|
|
3,063 |
|
|
|
4.1 |
% |
|
|
7,315 |
|
|
|
6,653 |
|
|
|
10.0 |
% |
|
|
1,234 |
|
|
|
1,138 |
|
|
|
8.4 |
% |
|
Charleston, SC |
|
|
2,726 |
|
|
|
10,486 |
|
|
|
10,187 |
|
|
|
2.9 |
% |
|
|
4,055 |
|
|
|
3,678 |
|
|
|
10.3 |
% |
|
|
6,431 |
|
|
|
6,509 |
|
|
|
(1.2 |
)% |
|
|
1,180 |
|
|
|
1,140 |
|
|
|
3.5 |
% |
|
Richmond, VA |
|
|
2,004 |
|
|
|
7,858 |
|
|
|
7,628 |
|
|
|
3.0 |
% |
|
|
2,508 |
|
|
|
2,427 |
|
|
|
3.3 |
% |
|
|
5,350 |
|
|
|
5,201 |
|
|
|
2.9 |
% |
|
|
1,206 |
|
|
|
1,143 |
|
|
|
5.5 |
% |
|
Savannah, GA |
|
|
2,219 |
|
|
|
7,894 |
|
|
|
7,777 |
|
|
|
1.5 |
% |
|
|
3,038 |
|
|
|
2,872 |
|
|
|
5.8 |
% |
|
|
4,856 |
|
|
|
4,905 |
|
|
|
(1.0 |
)% |
|
|
1,094 |
|
|
|
1,063 |
|
|
|
2.9 |
% |
|
Greenville, SC |
|
|
2,084 |
|
|
|
6,331 |
|
|
|
6,110 |
|
|
|
3.6 |
% |
|
|
2,658 |
|
|
|
2,497 |
|
|
|
6.4 |
% |
|
|
3,673 |
|
|
|
3,613 |
|
|
|
1.7 |
% |
|
|
923 |
|
|
|
877 |
|
|
|
5.2 |
% |
|
Memphis, TN |
|
|
1,811 |
|
|
|
5,876 |
|
|
|
5,567 |
|
|
|
5.6 |
% |
|
|
2,485 |
|
|
|
2,402 |
|
|
|
3.5 |
% |
|
|
3,391 |
|
|
|
3,165 |
|
|
|
7.1 |
% |
|
|
1,007 |
|
|
|
969 |
|
|
|
3.9 |
% |
|
San Antonio, TX |
|
|
1,504 |
|
|
|
5,443 |
|
|
|
5,217 |
|
|
|
4.3 |
% |
|
|
2,460 |
|
|
|
2,465 |
|
|
|
(0.2 |
)% |
|
|
2,983 |
|
|
|
2,752 |
|
|
|
8.4 |
% |
|
|
1,113 |
|
|
|
1,070 |
|
|
|
4.0 |
% |
|
Birmingham, AL |
|
|
1,462 |
|
|
|
5,178 |
|
|
|
4,824 |
|
|
|
7.3 |
% |
|
|
2,275 |
|
|
|
1,952 |
|
|
|
16.5 |
% |
|
|
2,903 |
|
|
|
2,872 |
|
|
|
1.1 |
% |
|
|
1,043 |
|
|
|
986 |
|
|
|
5.8 |
% |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
3,893 |
|
|
|
3,639 |
|
|
|
7.0 |
% |
|
|
1,361 |
|
|
|
1,336 |
|
|
|
1.9 |
% |
|
|
2,532 |
|
|
|
2,303 |
|
|
|
9.9 |
% |
|
|
934 |
|
|
|
864 |
|
|
|
8.1 |
% |
|
Other |
|
|
8,561 |
|
|
|
30,292 |
|
|
|
28,801 |
|
|
|
5.2 |
% |
|
|
11,425 |
|
|
|
10,909 |
|
|
|
4.7 |
% |
|
|
18,867 |
|
|
|
17,892 |
|
|
|
5.4 |
% |
|
|
1,085 |
|
|
|
1,032 |
|
|
|
5.1 |
% |
|
Total Same Store |
|
|
94,552 |
|
|
$ |
384,313 |
|
|
$ |
369,548 |
|
|
|
4.0 |
% |
|
$ |
146,176 |
|
|
$ |
141,687 |
|
|
|
3.2 |
% |
|
$ |
238,137 |
|
|
$ |
227,861 |
|
|
|
4.5 |
% |
|
|
1,258 |
|
|
|
1,211 |
|
|
|
3.9 |
% |
Supplemental Data S-5
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
|
Units |
|
|
Q3 2019 |
|
|
Q2 2019 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q2 2019 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q2 2019 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q2 2019 |
|
|
% Chg |
|
|||||||||||||
|
Atlanta, GA |
|
|
10,664 |
|
|
$ |
48,561 |
|
|
$ |
47,760 |
|
|
|
1.7 |
% |
|
$ |
18,596 |
|
|
$ |
18,267 |
|
|
|
1.8 |
% |
|
$ |
29,965 |
|
|
$ |
29,493 |
|
|
|
1.6 |
% |
|
$ |
1,428 |
|
|
$ |
1,403 |
|
|
|
1.8 |
% |
|
Dallas, TX |
|
|
9,404 |
|
|
|
38,542 |
|
|
|
37,961 |
|
|
|
1.5 |
% |
|
|
16,233 |
|
|
|
16,410 |
|
|
|
(1.1 |
)% |
|
|
22,309 |
|
|
|
21,551 |
|
|
|
3.5 |
% |
|
|
1,295 |
|
|
|
1,279 |
|
|
|
1.3 |
% |
|
Charlotte, NC |
|
|
6,149 |
|
|
|
24,416 |
|
|
|
23,841 |
|
|
|
2.4 |
% |
|
|
7,772 |
|
|
|
7,955 |
|
|
|
(2.3 |
)% |
|
|
16,644 |
|
|
|
15,886 |
|
|
|
4.8 |
% |
|
|
1,233 |
|
|
|
1,212 |
|
|
|
1.7 |
% |
|
Washington, DC |
|
|
4,080 |
|
|
|
23,442 |
|
|
|
23,148 |
|
|
|
1.3 |
% |
|
|
7,202 |
|
|
|
6,861 |
|
|
|
5.0 |
% |
|
|
16,240 |
|
|
|
16,287 |
|
|
|
(0.3 |
)% |
|
|
1,804 |
|
|
|
1,776 |
|
|
|
1.6 |
% |
|
Tampa, FL |
|
|
5,220 |
|
|
|
24,534 |
|
|
|
23,959 |
|
|
|
2.4 |
% |
|
|
8,793 |
|
|
|
8,507 |
|
|
|
3.4 |
% |
|
|
15,741 |
|
|
|
15,452 |
|
|
|
1.9 |
% |
|
|
1,466 |
|
|
|
1,442 |
|
|
|
1.7 |
% |
|
Orlando, FL |
|
|
5,274 |
|
|
|
24,477 |
|
|
|
24,121 |
|
|
|
1.5 |
% |
|
|
8,959 |
|
|
|
8,913 |
|
|
|
0.5 |
% |
|
|
15,518 |
|
|
|
15,208 |
|
|
|
2.0 |
% |
|
|
1,458 |
|
|
|
1,436 |
|
|
|
1.5 |
% |
|
Austin, TX |
|
|
6,475 |
|
|
|
25,739 |
|
|
|
25,032 |
|
|
|
2.8 |
% |
|
|
11,346 |
|
|
|
11,360 |
|
|
|
(0.1 |
)% |
|
|
14,393 |
|
|
|
13,672 |
|
|
|
5.3 |
% |
|
|
1,211 |
|
|
|
1,183 |
|
|
|
2.4 |
% |
|
Nashville, TN |
|
|
4,055 |
|
|
|
16,789 |
|
|
|
16,172 |
|
|
|
3.8 |
% |
|
|
5,775 |
|
|
|
5,535 |
|
|
|
4.3 |
% |
|
|
11,014 |
|
|
|
10,637 |
|
|
|
3.5 |
% |
|
|
1,255 |
|
|
|
1,223 |
|
|
|
2.6 |
% |
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
16,254 |
|
|
|
15,771 |
|
|
|
3.1 |
% |
|
|
5,841 |
|
|
|
5,425 |
|
|
|
7.7 |
% |
|
|
10,413 |
|
|
|
10,346 |
|
|
|
0.6 |
% |
|
|
1,113 |
|
|
|
1,081 |
|
|
|
3.0 |
% |
|
Houston, TX |
|
|
4,867 |
|
|
|
18,646 |
|
|
|
18,404 |
|
|
|
1.3 |
% |
|
|
8,346 |
|
|
|
7,585 |
|
|
|
10.0 |
% |
|
|
10,300 |
|
|
|
10,819 |
|
|
|
(4.8 |
)% |
|
|
1,207 |
|
|
|
1,190 |
|
|
|
1.4 |
% |
|
Fort Worth, TX |
|
|
4,249 |
|
|
|
16,538 |
|
|
|
16,228 |
|
|
|
1.9 |
% |
|
|
7,005 |
|
|
|
6,951 |
|
|
|
0.8 |
% |
|
|
9,533 |
|
|
|
9,277 |
|
|
|
2.8 |
% |
|
|
1,165 |
|
|
|
1,149 |
|
|
|
1.4 |
% |
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
12,620 |
|
|
|
12,474 |
|
|
|
1.2 |
% |
|
|
4,854 |
|
|
|
4,025 |
|
|
|
20.6 |
% |
|
|
7,766 |
|
|
|
8,449 |
|
|
|
(8.1 |
)% |
|
|
1,137 |
|
|
|
1,119 |
|
|
|
1.6 |
% |
|
Phoenix, AZ |
|
|
2,623 |
|
|
|
10,504 |
|
|
|
10,172 |
|
|
|
3.3 |
% |
|
|
3,189 |
|
|
|
2,995 |
|
|
|
6.5 |
% |
|
|
7,315 |
|
|
|
7,177 |
|
|
|
1.9 |
% |
|
|
1,234 |
|
|
|
1,192 |
|
|
|
3.5 |
% |
|
Charleston, SC |
|
|
2,726 |
|
|
|
10,486 |
|
|
|
10,385 |
|
|
|
1.0 |
% |
|
|
4,055 |
|
|
|
3,812 |
|
|
|
6.4 |
% |
|
|
6,431 |
|
|
|
6,573 |
|
|
|
(2.2 |
)% |
|
|
1,180 |
|
|
|
1,155 |
|
|
|
2.2 |
% |
|
Richmond, VA |
|
|
2,004 |
|
|
|
7,858 |
|
|
|
7,726 |
|
|
|
1.7 |
% |
|
|
2,508 |
|
|
|
2,458 |
|
|
|
2.0 |
% |
|
|
5,350 |
|
|
|
5,268 |
|
|
|
1.6 |
% |
|
|
1,206 |
|
|
|
1,178 |
|
|
|
2.4 |
% |
|
Savannah, GA |
|
|
2,219 |
|
|
|
7,894 |
|
|
|
7,806 |
|
|
|
1.1 |
% |
|
|
3,038 |
|
|
|
2,952 |
|
|
|
2.9 |
% |
|
|
4,856 |
|
|
|
4,854 |
|
|
|
0.0 |
% |
|
|
1,094 |
|
|
|
1,078 |
|
|
|
1.5 |
% |
|
Greenville, SC |
|
|
2,084 |
|
|
|
6,331 |
|
|
|
6,248 |
|
|
|
1.3 |
% |
|
|
2,658 |
|
|
|
2,657 |
|
|
|
0.0 |
% |
|
|
3,673 |
|
|
|
3,591 |
|
|
|
2.3 |
% |
|
|
923 |
|
|
|
900 |
|
|
|
2.6 |
% |
|
Memphis, TN |
|
|
1,811 |
|
|
|
5,876 |
|
|
|
5,784 |
|
|
|
1.6 |
% |
|
|
2,485 |
|
|
|
2,398 |
|
|
|
3.6 |
% |
|
|
3,391 |
|
|
|
3,386 |
|
|
|
0.1 |
% |
|
|
1,007 |
|
|
|
986 |
|
|
|
2.1 |
% |
|
San Antonio, TX |
|
|
1,504 |
|
|
|
5,443 |
|
|
|
5,360 |
|
|
|
1.5 |
% |
|
|
2,460 |
|
|
|
2,196 |
|
|
|
12.0 |
% |
|
|
2,983 |
|
|
|
3,164 |
|
|
|
(5.7 |
)% |
|
|
1,113 |
|
|
|
1,094 |
|
|
|
1.7 |
% |
|
Birmingham, AL |
|
|
1,462 |
|
|
|
5,178 |
|
|
|
4,957 |
|
|
|
4.5 |
% |
|
|
2,275 |
|
|
|
2,061 |
|
|
|
10.4 |
% |
|
|
2,903 |
|
|
|
2,896 |
|
|
|
0.2 |
% |
|
|
1,043 |
|
|
|
1,010 |
|
|
|
3.3 |
% |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
3,893 |
|
|
|
3,753 |
|
|
|
3.7 |
% |
|
|
1,361 |
|
|
|
1,350 |
|
|
|
0.8 |
% |
|
|
2,532 |
|
|
|
2,403 |
|
|
|
5.4 |
% |
|
|
934 |
|
|
|
900 |
|
|
|
3.8 |
% |
|
Other |
|
|
8,561 |
|
|
|
30,292 |
|
|
|
29,663 |
|
|
|
2.1 |
% |
|
|
11,425 |
|
|
|
10,982 |
|
|
|
4.0 |
% |
|
|
18,867 |
|
|
|
18,681 |
|
|
|
1.0 |
% |
|
|
1,085 |
|
|
|
1,061 |
|
|
|
2.3 |
% |
|
Total Same Store |
|
|
94,552 |
|
|
$ |
384,313 |
|
|
$ |
376,725 |
|
|
|
2.0 |
% |
|
$ |
146,176 |
|
|
$ |
141,655 |
|
|
|
3.2 |
% |
|
$ |
238,137 |
|
|
$ |
235,070 |
|
|
|
1.3 |
% |
|
$ |
1,258 |
|
|
$ |
1,235 |
|
|
|
1.9 |
% |
Supplemental Data S-6
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
|
Units |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
|
% Chg |
|
|||||||||||||
|
Atlanta, GA |
|
|
10,664 |
|
|
$ |
143,625 |
|
|
$ |
140,178 |
|
|
|
2.5 |
% |
|
$ |
53,422 |
|
|
$ |
49,514 |
|
|
|
7.9 |
% |
|
$ |
90,203 |
|
|
$ |
90,664 |
|
|
|
(0.5 |
)% |
|
$ |
1,407 |
|
|
$ |
1,366 |
|
|
|
3.0 |
% |
|
Dallas, TX |
|
|
9,404 |
|
|
|
114,181 |
|
|
|
113,348 |
|
|
|
0.7 |
% |
|
|
49,280 |
|
|
|
49,829 |
|
|
|
(1.1 |
)% |
|
|
64,901 |
|
|
|
63,519 |
|
|
|
2.2 |
% |
|
|
1,282 |
|
|
|
1,269 |
|
|
|
1.0 |
% |
|
Charlotte, NC |
|
|
6,149 |
|
|
|
71,838 |
|
|
|
69,629 |
|
|
|
3.2 |
% |
|
|
22,759 |
|
|
|
21,096 |
|
|
|
7.9 |
% |
|
|
49,079 |
|
|
|
48,533 |
|
|
|
1.1 |
% |
|
|
1,213 |
|
|
|
1,174 |
|
|
|
3.3 |
% |
|
Washington, DC |
|
|
4,080 |
|
|
|
69,226 |
|
|
|
66,805 |
|
|
|
3.6 |
% |
|
|
20,998 |
|
|
|
20,933 |
|
|
|
0.3 |
% |
|
|
48,228 |
|
|
|
45,872 |
|
|
|
5.1 |
% |
|
|
1,778 |
|
|
|
1,727 |
|
|
|
2.9 |
% |
|
Tampa, FL |
|
|
5,220 |
|
|
|
72,178 |
|
|
|
69,204 |
|
|
|
4.3 |
% |
|
|
25,630 |
|
|
|
24,674 |
|
|
|
3.9 |
% |
|
|
46,548 |
|
|
|
44,530 |
|
|
|
4.5 |
% |
|
|
1,445 |
|
|
|
1,386 |
|
|
|
4.3 |
% |
|
Orlando, FL |
|
|
5,274 |
|
|
|
72,540 |
|
|
|
70,664 |
|
|
|
2.7 |
% |
|
|
26,390 |
|
|
|
25,946 |
|
|
|
1.7 |
% |
|
|
46,150 |
|
|
|
44,718 |
|
|
|
3.2 |
% |
|
|
1,440 |
|
|
|
1,392 |
|
|
|
3.4 |
% |
|
Austin, TX |
|
|
6,475 |
|
|
|
75,499 |
|
|
|
72,909 |
|
|
|
3.6 |
% |
|
|
33,868 |
|
|
|
33,200 |
|
|
|
2.0 |
% |
|
|
41,631 |
|
|
|
39,709 |
|
|
|
4.8 |
% |
|
|
1,187 |
|
|
|
1,149 |
|
|
|
3.3 |
% |
|
Nashville, TN |
|
|
4,055 |
|
|
|
48,737 |
|
|
|
46,856 |
|
|
|
4.0 |
% |
|
|
16,530 |
|
|
|
15,901 |
|
|
|
4.0 |
% |
|
|
32,207 |
|
|
|
30,955 |
|
|
|
4.0 |
% |
|
|
1,228 |
|
|
|
1,195 |
|
|
|
2.8 |
% |
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
47,593 |
|
|
|
45,701 |
|
|
|
4.1 |
% |
|
|
16,156 |
|
|
|
15,426 |
|
|
|
4.7 |
% |
|
|
31,437 |
|
|
|
30,275 |
|
|
|
3.8 |
% |
|
|
1,087 |
|
|
|
1,051 |
|
|
|
3.5 |
% |
|
Houston, TX |
|
|
4,867 |
|
|
|
55,432 |
|
|
|
53,584 |
|
|
|
3.4 |
% |
|
|
24,050 |
|
|
|
24,092 |
|
|
|
(0.2 |
)% |
|
|
31,382 |
|
|
|
29,492 |
|
|
|
6.4 |
% |
|
|
1,191 |
|
|
|
1,146 |
|
|
|
3.9 |
% |
|
Fort Worth, TX |
|
|
4,249 |
|
|
|
48,825 |
|
|
|
47,378 |
|
|
|
3.1 |
% |
|
|
20,642 |
|
|
|
20,084 |
|
|
|
2.8 |
% |
|
|
28,183 |
|
|
|
27,294 |
|
|
|
3.3 |
% |
|
|
1,151 |
|
|
|
1,118 |
|
|
|
2.9 |
% |
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
37,385 |
|
|
|
36,189 |
|
|
|
3.3 |
% |
|
|
12,881 |
|
|
|
12,453 |
|
|
|
3.4 |
% |
|
|
24,504 |
|
|
|
23,736 |
|
|
|
3.2 |
% |
|
|
1,122 |
|
|
|
1,076 |
|
|
|
4.3 |
% |
|
Phoenix, AZ |
|
|
2,623 |
|
|
|
30,480 |
|
|
|
28,544 |
|
|
|
6.8 |
% |
|
|
9,007 |
|
|
|
8,790 |
|
|
|
2.5 |
% |
|
|
21,473 |
|
|
|
19,754 |
|
|
|
8.7 |
% |
|
|
1,197 |
|
|
|
1,118 |
|
|
|
7.1 |
% |
|
Charleston, SC |
|
|
2,726 |
|
|
|
31,084 |
|
|
|
30,460 |
|
|
|
2.0 |
% |
|
|
11,456 |
|
|
|
10,882 |
|
|
|
5.3 |
% |
|
|
19,628 |
|
|
|
19,578 |
|
|
|
0.3 |
% |
|
|
1,160 |
|
|
|
1,131 |
|
|
|
2.6 |
% |
|
Richmond, VA |
|
|
2,004 |
|
|
|
23,101 |
|
|
|
22,259 |
|
|
|
3.8 |
% |
|
|
7,335 |
|
|
|
7,168 |
|
|
|
2.3 |
% |
|
|
15,766 |
|
|
|
15,091 |
|
|
|
4.5 |
% |
|
|
1,180 |
|
|
|
1,120 |
|
|
|
5.4 |
% |
|
Savannah, GA |
|
|
2,219 |
|
|
|
23,506 |
|
|
|
22,907 |
|
|
|
2.6 |
% |
|
|
8,795 |
|
|
|
8,427 |
|
|
|
4.4 |
% |
|
|
14,711 |
|
|
|
14,480 |
|
|
|
1.6 |
% |
|
|
1,080 |
|
|
|
1,043 |
|
|
|
3.6 |
% |
|
Greenville, SC |
|
|
2,084 |
|
|
|
18,784 |
|
|
|
18,106 |
|
|
|
3.7 |
% |
|
|
7,763 |
|
|
|
7,413 |
|
|
|
4.7 |
% |
|
|
11,021 |
|
|
|
10,693 |
|
|
|
3.1 |
% |
|
|
904 |
|
|
|
864 |
|
|
|
4.6 |
% |
|
Memphis, TN |
|
|
1,811 |
|
|
|
17,310 |
|
|
|
16,544 |
|
|
|
4.6 |
% |
|
|
7,239 |
|
|
|
7,060 |
|
|
|
2.5 |
% |
|
|
10,071 |
|
|
|
9,484 |
|
|
|
6.2 |
% |
|
|
988 |
|
|
|
946 |
|
|
|
4.5 |
% |
|
San Antonio, TX |
|
|
1,504 |
|
|
|
16,091 |
|
|
|
15,548 |
|
|
|
3.5 |
% |
|
|
7,007 |
|
|
|
7,216 |
|
|
|
(2.9 |
)% |
|
|
9,084 |
|
|
|
8,332 |
|
|
|
9.0 |
% |
|
|
1,096 |
|
|
|
1,064 |
|
|
|
3.0 |
% |
|
Birmingham, AL |
|
|
1,462 |
|
|
|
14,952 |
|
|
|
14,319 |
|
|
|
4.4 |
% |
|
|
6,358 |
|
|
|
5,939 |
|
|
|
7.1 |
% |
|
|
8,594 |
|
|
|
8,380 |
|
|
|
2.6 |
% |
|
|
1,017 |
|
|
|
969 |
|
|
|
4.9 |
% |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
11,288 |
|
|
|
10,705 |
|
|
|
5.4 |
% |
|
|
3,988 |
|
|
|
3,962 |
|
|
|
0.7 |
% |
|
|
7,300 |
|
|
|
6,743 |
|
|
|
8.3 |
% |
|
|
904 |
|
|
|
839 |
|
|
|
7.8 |
% |
|
Other |
|
|
8,561 |
|
|
|
89,104 |
|
|
|
85,660 |
|
|
|
4.0 |
% |
|
|
32,869 |
|
|
|
32,218 |
|
|
|
2.0 |
% |
|
|
56,235 |
|
|
|
53,442 |
|
|
|
5.2 |
% |
|
|
1,064 |
|
|
|
1,019 |
|
|
|
4.4 |
% |
|
Total Same Store |
|
|
94,552 |
|
|
$ |
1,132,759 |
|
|
$ |
1,097,497 |
|
|
|
3.2 |
% |
|
$ |
424,423 |
|
|
$ |
412,223 |
|
|
|
3.0 |
% |
|
$ |
708,336 |
|
|
$ |
685,274 |
|
|
|
3.4 |
% |
|
$ |
1,238 |
|
|
$ |
1,197 |
|
|
|
3.4 |
% |
Supplemental Data S-7
|
Dollars in thousands |
|
|
|
Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
September 30, 2019 |
|
|
|
|
Projected |
|
Development Costs |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start |
|
Occupancy |
|
Completion |
|
Stabilization |
|
Total |
|
|
Thru |
|
|
|
|
|
||
|
|
|
Location |
|
Total |
|
|
Delivered |
|
|
Leased |
|
|
Date |
|
Date |
|
Date |
|
Date(1) |
|
Cost |
|
|
Q3 2019 |
|
|
After |
|
||||||
|
Post Parkside at Wade III |
|
Raleigh, NC |
|
|
150 |
|
|
|
129 |
|
|
|
135 |
|
|
2Q18 |
|
3Q19 |
|
4Q19 |
|
1Q20 |
|
$ |
25,000 |
|
|
$ |
22,092 |
|
|
$ |
2,908 |
|
|
Copper Ridge II |
|
Fort Worth, TX |
|
|
168 |
|
|
|
— |
|
|
|
— |
|
|
1Q19 |
|
1Q20 |
|
2Q20 |
|
1Q21 |
|
|
30,000 |
|
|
|
10,327 |
|
|
|
19,673 |
|
|
Post Sierra at Frisco Bridges II |
|
Dallas, TX |
|
|
348 |
|
|
|
— |
|
|
|
— |
|
|
2Q18 |
|
2Q20 |
|
3Q20 |
|
3Q21 |
|
|
69,000 |
|
|
|
32,441 |
|
|
|
36,559 |
|
|
Novel Midtown (2) |
|
Phoenix, AZ |
|
|
345 |
|
|
|
— |
|
|
|
— |
|
|
1Q19 |
|
4Q20 |
|
2Q21 |
|
3Q22 |
|
|
82,000 |
|
|
|
23,647 |
|
|
|
58,353 |
|
|
Westglenn |
|
Denver, CO |
|
|
306 |
|
|
|
— |
|
|
|
— |
|
|
3Q19 |
|
2Q21 |
|
3Q21 |
|
3Q22 |
|
|
84,500 |
|
|
|
10,119 |
|
|
|
74,381 |
|
|
336 N Orange |
|
Orlando, FL |
|
|
369 |
|
|
|
— |
|
|
|
— |
|
|
3Q19 |
|
2Q21 |
|
4Q21 |
|
4Q22 |
|
|
99,000 |
|
|
|
8,101 |
|
|
|
90,899 |
|
|
Total Active |
|
|
|
|
1,686 |
|
|
|
129 |
|
|
|
135 |
|
|
|
|
|
|
|
|
|
|
$ |
389,500 |
|
|
$ |
106,727 |
|
|
$ |
282,773 |
|
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
|
MULTIFAMILY REDEVELOPMENT PIPELINE |
|
Dollars in thousands, except per unit data |
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
Nine months ended September 30, 2019 |
|
|
|
|||||||||||||
|
Units Redeveloped |
|
|
Redevelopment Spend |
|
|
Spend per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
|
Estimated Units Remaining in Pipeline |
|||||
|
|
6,596 |
|
|
$ |
37,915 |
|
|
$ |
5,748 |
|
|
$ |
114 |
|
|
9.8% |
|
|
14,000 - 15,000 |
|
|
MULTIFAMILY LEASE-UP COMMUNITIES |
|
Dollars in thousands |
|
|
|
As of September 30, 2019 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Total |
|
Percent |
|
|
Construction |
|
Expected |
|
Total |
|
|
|
|
|
Location |
|
Units |
|
Occupied |
|
|
Finished |
|
Stabilization(1) |
|
Cost |
|
|
|
Post Centennial Park |
|
Atlanta, GA |
|
438 |
|
93.8% |
|
|
3Q18 |
|
4Q19 |
|
$ |
95,582 |
|
|
1201 Midtown II |
|
Charleston, SC |
|
140 |
|
87.9% |
|
|
4Q18 |
|
1Q20 |
|
|
28,644 |
|
|
Sync 36 II |
|
Denver, CO |
|
79 |
|
12.7% |
|
|
3Q19 |
|
1Q20 |
|
|
21,087 |
|
|
Total |
|
|
|
657 |
|
82.8% |
|
|
|
|
|
|
$ |
145,313 |
|
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
|
2019 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2019) |
|
Multifamily Development Acquisition |
|
Market |
|
Apartment Units |
|
|
Projected Completion Date |
|
Closing Date |
|
|
Novel Midtown (1) |
|
Phoenix, AZ |
|
|
345 |
|
|
2Q21 |
|
February 2019 |
(1) MAA owns 80% of the joint venture that owns this property.
|
Land Acquisition |
|
Market |
|
Acreage |
|
Closing Date |
|
North Orange Avenue |
|
Orlando, FL |
|
2 |
|
April 2019 |
|
Commercial Acquisition |
|
Market |
|
Square Feet |
|
|
Year Built |
|
Closing Date |
|
|
220 Riverside Retail |
|
Jacksonville, FL |
|
|
14,941 |
|
|
2015 |
|
August 2019 |
|
2019 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2019) |
|
Land Disposition |
|
Market |
|
Acreage |
|
Closing Date |
|
Peachtree Road - Outparcel |
|
Atlanta, GA |
|
1 |
|
February 2019 |
|
Colonial Promenade - Outparcel |
|
Huntsville, AL |
|
4 |
|
April 2019 |
|
Commercial Disposition |
|
Market |
|
Square Feet |
|
|
Closing Date |
|
|
Poplar Avenue Office |
|
Memphis, TN |
|
|
42,000 |
|
|
March 2019 |
Supplemental Data S-8
Dollars in thousands
MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
|
Joint Venture Property |
|
Market |
|
# of units |
|
Ownership Interest |
|
|
Post Massachusetts Avenue |
|
Washington, D.C. |
|
269 |
|
35% |
|
|
|
|
As of September 30, 2019 |
|
|||||||||||
|
Joint Venture Property |
|
Gross Investment in Real Estate |
|
|
|
Mortgage Notes Payable |
|
|
|
Company's Equity Investment |
|
|||
|
Post Massachusetts Avenue |
|
$ |
79,168 |
|
(1) |
|
$ |
51,695 |
|
(2) |
|
$ |
43,816 |
|
|
|
|
Three months ended September 30, 2019 |
|
|
Nine months ended September 30, 2019 |
|
||||||||||
|
Joint Venture Property |
|
Entity NOI |
|
|
Company's Equity in Income |
|
|
Entity NOI |
|
|
Company's Equity in Income |
|
||||
|
Post Massachusetts Avenue |
|
$ |
1,905 |
|
|
$ |
378 |
|
|
$ |
5,639 |
|
|
$ |
1,210 |
|
(1)Represents GAAP basis net book value plus accumulated depreciation.
(2)This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.
Supplemental Data S-9
Dollars in thousands
|
DEBT SUMMARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective |
|
|
Years |
|
||
|
|
|
|
|
|
|
Percent of |
|
|
Interest |
|
|
to Rate |
|
|||
|
|
|
Balance |
|
|
Total |
|
|
Rate |
|
|
Maturity |
|
||||
|
Floating Versus Fixed Rate or Hedged Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate or hedged debt |
|
$ |
4,126,328 |
|
|
|
92.2 |
% |
|
|
3.9 |
% |
|
|
7.6 |
|
|
Floating (unhedged) debt |
|
|
349,786 |
|
|
|
7.8 |
% |
|
|
2.6 |
% |
|
|
0.1 |
|
|
Total |
|
$ |
4,476,114 |
|
|
|
100.0 |
% |
|
|
3.8 |
% |
|
|
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective |
|
|
Years |
|
||
|
|
|
|
|
|
|
Percent of |
|
|
Interest |
|
|
to Contract |
|
|||
|
|
|
Balance |
|
|
Total |
|
|
Rate |
|
|
Maturity |
|
||||
|
Secured Versus Unsecured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured debt |
|
$ |
3,830,708 |
|
|
|
85.6 |
% |
|
|
3.7 |
% |
|
|
5.6 |
|
|
Secured debt |
|
|
645,406 |
|
|
|
14.4 |
% |
|
|
4.6 |
% |
|
|
17.0 |
|
|
Total |
|
$ |
4,476,114 |
|
|
|
100.0 |
% |
|
|
3.8 |
% |
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Percent of |
|
|
Q3 2019 |
|
|
Percent of |
|
||||
|
|
|
Cost |
|
|
Total |
|
|
NOI |
|
|
Total |
|
||||
|
Unencumbered Versus Encumbered Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unencumbered gross assets |
|
$ |
12,610,461 |
|
|
|
89.0 |
% |
|
$ |
232,084 |
|
|
|
90.6 |
% |
|
Encumbered gross assets |
|
|
1,552,523 |
|
|
|
11.0 |
% |
|
|
24,009 |
|
|
|
9.4 |
% |
|
Total |
|
$ |
14,162,984 |
|
|
|
100.0 |
% |
|
$ |
256,093 |
|
|
|
100.0 |
% |
FIXED OR HEDGED INTEREST RATE MATURITIES
|
|
|
Fixed |
|
|
Interest |
|
|
Total Fixed |
|
|
Effective |
|
||||
|
Maturity |
|
Rate Debt |
|
|
Rate Swaps |
|
|
or Hedged |
|
|
Rate |
|
||||
|
2019 |
|
$ |
19,997 |
|
|
$ |
— |
|
|
$ |
19,997 |
|
|
|
3.6 |
% |
|
2020 |
|
|
156,029 |
|
|
|
299,506 |
|
|
|
455,535 |
|
|
|
3.0 |
% |
|
2021 |
|
|
194,025 |
|
|
|
— |
|
|
|
194,025 |
|
|
|
5.2 |
% |
|
2022 |
|
|
365,581 |
|
|
|
— |
|
|
|
365,581 |
|
|
|
3.6 |
% |
|
2023 |
|
|
359,547 |
|
|
|
— |
|
|
|
359,547 |
|
|
|
4.2 |
% |
|
Thereafter |
|
|
2,731,643 |
|
|
|
— |
|
|
|
2,731,643 |
|
|
|
4.0 |
% |
|
Total |
|
$ |
3,826,822 |
|
|
$ |
299,506 |
|
|
$ |
4,126,328 |
|
|
|
3.9 |
% |
Supplemental Data S-10
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
|
|
|
Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾ |
|
|
Public Bonds |
|
|
Other Unsecured |
|
|
Secured |
|
|
Total |
|
|||||
|
2019 |
|
$ |
200,000 |
|
|
$ |
— |
|
|
$ |
19,997 |
|
|
$ |
— |
|
|
$ |
219,997 |
|
|
2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
156,029 |
|
|
|
156,029 |
|
|
2021 |
|
|
— |
|
|
|
— |
|
|
|
222,446 |
|
|
|
121,365 |
|
|
|
343,811 |
|
|
2022 |
|
|
— |
|
|
|
248,805 |
|
|
|
416,283 |
|
|
|
— |
|
|
|
665,088 |
|
|
2023 |
|
|
— |
|
|
|
347,325 |
|
|
|
12,223 |
|
|
|
— |
|
|
|
359,548 |
|
|
Thereafter |
|
|
— |
|
|
|
2,343,682 |
|
|
|
19,947 |
|
|
|
368,012 |
|
|
|
2,731,641 |
|
|
Total |
|
$ |
200,000 |
|
|
$ |
2,939,812 |
|
|
$ |
690,896 |
|
|
$ |
645,406 |
|
|
$ |
4,476,114 |
|
(1) The $200.0 million maturing in 2019 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of September 30, 2019. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million.
(2) There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of September 30, 2019. 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 |
|
31.6% |
|
|
Yes |
|
|
Total secured debt to adjusted total assets |
|
40% or less |
|
4.6% |
|
|
Yes |
|
|
Consolidated income available for debt service to total annual debt service charge |
|
1.5x or greater for trailing 4 quarters |
|
5.03x |
|
|
Yes |
|
|
Total unencumbered assets to total unsecured debt |
|
Greater than 150% |
|
329% |
|
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
|
Compliance |
|
|
Total debt to total capitalized asset value |
|
60% or less |
|
28.0% |
|
|
Yes |
|
|
Total secured debt to total capitalized asset value |
|
40% or Less |
|
4.1% |
|
|
Yes |
|
|
Total adjusted EBITDA to fixed charges |
|
1.5x or greater for trailing 4 quarters |
|
4.74x |
|
|
Yes |
|
|
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
26.5% |
|
|
Yes |
|
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP's debt agreements.
Supplemental Data S-11
MAA provides guidance on expected FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
|
|
|
Full Year 2019 |
|
|
|
Earnings: |
|
|
|
|
|
Earnings per common share - diluted (1) |
|
$2.97 to $3.05 |
|
|
|
Midpoint |
|
$3.01 |
|
|
|
FFO per Share - diluted (2) |
|
$6.46 to $6.54 |
|
|
|
Midpoint |
|
$6.50 |
|
|
|
AFFO per Share - diluted (2) |
|
$5.82 to $5.90 |
|
|
|
Midpoint |
|
$5.86 |
|
|
|
|
|
|
|
|
|
MAA Same Store Communities: |
|
|
|
|
|
Number of units |
|
|
94,552 |
|
|
Lease over lease pricing growth for new leases and renewals |
|
4.00% to 4.50% |
|
|
|
Average physical occupancy |
|
95.70% to 96.10% |
|
|
|
Property revenue growth |
|
3.00% to 3.50% |
|
|
|
Property operating expense growth |
|
3.00% to 3.50% |
|
|
|
NOI growth |
|
3.00% to 3.50% |
|
|
|
Real estate tax expense growth |
|
4.25% to 5.25% |
|
|
|
|
|
|
|
|
|
Corporate Expenses: |
|
|
|
|
|
General and administrative expenses |
|
$45.3 to $45.8 million |
|
|
|
Property management expenses |
|
$54.2 to $54.7 million |
|
|
|
Total overhead |
|
$99.5 to $100.5 million |
|
|
|
|
|
|
|
|
|
Income tax expense (3) |
|
$3.3 to $3.8 million |
|
|
|
|
|
|
|
|
|
Transaction/Investment Volume: |
|
|
|
|
|
Multifamily acquisition volume |
|
$50.0 to $100.0 million |
|
|
|
Multifamily disposition volume |
|
$125.0 to $175.0 million |
|
|
|
Development investment |
|
$125.0 to $175.0 million |
|
|
|
|
|
|
|
|
|
Debt: |
|
|
|
|
|
Average effective interest rate |
|
3.9% to 4.1% |
|
|
|
Capitalized interest |
|
$2.5 to $3.0 million |
|
|
|
|
(1) |
Earnings per common share - diluted includes $0.17 per diluted common share of non-cash income related to the embedded derivative in the preferred shares and $0.03 per diluted common share of non-cash income, net of tax, related to an unrealized gain recognized by an unconsolidated affiliate for the nine months ended September 30, 2019. |
|
|
(2) |
FFO per Share - diluted and AFFO per Share - diluted include $0.17 per Share of non-cash income related to the embedded derivative in the preferred shares and $0.03 per Share of non-cash income, net of tax, related to an unrealized gain recognized by an unconsolidated affiliate for the nine months ended September 30, 2019. |
|
|
(3) |
For the nine months ended September 30, 2019, Income tax expense includes $0.8 million of expense resulting from the unrealized gain recognized by an unconsolidated affiliate. MAA does not forecast the impact of any gain or loss recognized by unconsolidated affiliates. |
|
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE |
|
|
|
2019 Full Year Guidance Range |
|
|||||
|
|
|
Low |
|
|
High |
|
||
|
Earnings per common share - diluted |
|
$ |
2.97 |
|
|
$ |
3.05 |
|
|
Real estate depreciation |
|
|
4.11 |
|
|
|
4.11 |
|
|
Amortization other |
|
|
0.04 |
|
|
|
0.04 |
|
|
Gains on sale of depreciable assets |
|
|
(0.66 |
) |
|
|
(0.66 |
) |
|
FFO per Share - diluted |
|
|
6.46 |
|
|
|
6.54 |
|
|
Recurring capital expenditures |
|
|
(0.64 |
) |
|
|
(0.64 |
) |
|
AFFO per Share - diluted |
|
$ |
5.82 |
|
|
$ |
5.90 |
|
Supplemental Data S-12
|
|
|
Commercial |
|
Long-Term |
|
|
|
|
|
Paper Rating |
|
Debt Rating |
|
Outlook |
|
Fitch Ratings(1) |
|
F2 |
|
BBB+ |
|
Stable |
|
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: |
|
Q4 2019 |
|
|
Q1 2020 |
|
|
Q2 2020 |
|
|
Q3 2020 |
|
|
|
|
|
||||
|
Earnings release & conference call |
|
Late January |
|
|
Late April |
|
|
Late July |
|
|
Late October |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Information - Common Shares: |
|
Q3 2018 |
|
|
Q4 2018 |
|
|
Q1 2019 |
|
|
Q2 2019 |
|
|
Q3 2019 |
|
|||||
|
Declaration date |
|
9/25/2018 |
|
|
12/4/2018 |
|
|
3/21/2019 |
|
|
5/21/2019 |
|
|
9/26/2019 |
|
|||||
|
Record date |
|
10/15/2018 |
|
|
1/15/2019 |
|
|
4/15/2019 |
|
|
7/15/2019 |
|
|
10/15/2019 |
|
|||||
|
Payment date |
|
10/31/2018 |
|
|
1/31/2019 |
|
|
4/30/2019 |
|
|
7/31/2019 |
|
|
10/31/2019 |
|
|||||
|
Distributions per share |
|
$ |
0.9225 |
|
|
$ |
0.9600 |
|
|
$ |
0.9600 |
|
|
$ |
0.9600 |
|
|
$ |
0.9600 |
|
|
INVESTOR RELATIONS DATA |
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
|
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of MAA's website at www.maac.com. |
|
For Questions Contact: |
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Title |
|||||||
|
|
Tim Argo |
|
Senior Vice President, Director of Finance |
|||||||
|
|
Jennifer Patrick |
|
Investor Relations |
|||||||
|
|
Phone: 866-576-9689 (toll free) |
|||||||||
|
|
Email: investor.relations@maac.com |
|||||||||
Supplemental Data S-13