Exhibit 99.2
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2021 (In apartment units) (1)
|
|
Same |
|
|
Non-Same |
|
|
Lease-up |
|
|
Total |
|
|
Development |
|
|
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 |
|
|
|
566 |
|
|
|
5,840 |
|
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
— |
|
|
|
— |
|
|
|
5,350 |
|
|
|
— |
|
|
|
5,350 |
|
Tampa, FL |
|
|
5,220 |
|
|
|
— |
|
|
|
— |
|
|
|
5,220 |
|
|
|
— |
|
|
|
5,220 |
|
Houston, TX |
|
|
4,867 |
|
|
|
— |
|
|
|
— |
|
|
|
4,867 |
|
|
|
117 |
|
|
|
4,984 |
|
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 |
|
|
|
143 |
|
|
|
7,768 |
|
Total Multifamily Units |
|
|
97,003 |
|
|
|
2,000 |
|
|
|
345 |
|
|
|
99,348 |
|
|
|
826 |
|
|
|
100,174 |
|
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, 2021 |
|
|
Average |
|
|
As of September 30, 2021 |
|
|||||||||||||||
|
|
Gross Real |
|
|
Percent to |
|
|
Physical |
|
|
Rent per |
|
|
Completed |
|
|
Total Units, |
|
||||||
Atlanta, GA |
|
$ |
2,024,182 |
|
|
|
14.2 |
% |
|
|
95.7 |
% |
|
$ |
1,553 |
|
|
|
11,434 |
|
|
|
|
|
Dallas, TX |
|
|
1,503,635 |
|
|
|
10.5 |
% |
|
|
95.4 |
% |
|
|
1,349 |
|
|
|
10,115 |
|
|
|
|
|
Charlotte, NC |
|
|
982,559 |
|
|
|
6.9 |
% |
|
|
96.0 |
% |
|
|
1,315 |
|
|
|
6,149 |
|
|
|
|
|
Washington, DC |
|
|
975,931 |
|
|
|
6.8 |
% |
|
|
95.4 |
% |
|
|
1,830 |
|
|
|
4,080 |
|
|
|
|
|
Tampa, FL |
|
|
890,690 |
|
|
|
6.2 |
% |
|
|
96.8 |
% |
|
|
1,651 |
|
|
|
5,220 |
|
|
|
|
|
Austin, TX |
|
|
866,985 |
|
|
|
6.1 |
% |
|
|
95.7 |
% |
|
|
1,566 |
|
|
|
7,117 |
|
|
|
|
|
Orlando, FL |
|
|
838,486 |
|
|
|
5.9 |
% |
|
|
96.3 |
% |
|
|
1,530 |
|
|
|
5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
|
706,347 |
|
|
|
4.9 |
% |
|
|
95.6 |
% |
|
|
1,253 |
|
|
|
5,350 |
|
|
|
|
|
Houston, TX |
|
|
614,416 |
|
|
|
4.3 |
% |
|
|
95.6 |
% |
|
|
1,236 |
|
|
|
4,867 |
|
|
|
|
|
Nashville, TN |
|
|
539,129 |
|
|
|
3.8 |
% |
|
|
95.7 |
% |
|
|
1,391 |
|
|
|
4,375 |
|
|
|
|
|
Fort Worth, TX |
|
|
429,648 |
|
|
|
3.0 |
% |
|
|
96.2 |
% |
|
|
1,270 |
|
|
|
4,417 |
|
|
|
|
|
Charleston, SC |
|
|
408,628 |
|
|
|
2.9 |
% |
|
|
96.2 |
% |
|
|
1,361 |
|
|
|
3,168 |
|
|
|
|
|
Phoenix, AZ |
|
|
382,297 |
|
|
|
2.7 |
% |
|
|
96.5 |
% |
|
|
1,437 |
|
|
|
2,623 |
|
|
|
|
|
Jacksonville, FL |
|
|
293,380 |
|
|
|
2.1 |
% |
|
|
96.9 |
% |
|
|
1,262 |
|
|
|
3,496 |
|
|
|
|
|
Richmond, VA |
|
|
269,411 |
|
|
|
1.9 |
% |
|
|
96.1 |
% |
|
|
1,314 |
|
|
|
2,004 |
|
|
|
|
|
Savannah, GA |
|
|
246,981 |
|
|
|
1.7 |
% |
|
|
97.6 |
% |
|
|
1,246 |
|
|
|
2,219 |
|
|
|
|
|
Greenville, SC |
|
|
229,186 |
|
|
|
1.6 |
% |
|
|
95.7 |
% |
|
|
1,083 |
|
|
|
2,355 |
|
|
|
|
|
Denver, CO |
|
|
211,736 |
|
|
|
1.5 |
% |
|
|
94.0 |
% |
|
|
1,712 |
|
|
|
812 |
|
|
|
|
|
Kansas City, MO-KS |
|
|
187,521 |
|
|
|
1.3 |
% |
|
|
95.4 |
% |
|
|
1,343 |
|
|
|
1,110 |
|
|
|
|
|
San Antonio, TX |
|
|
164,629 |
|
|
|
1.2 |
% |
|
|
96.3 |
% |
|
|
1,186 |
|
|
|
1,504 |
|
|
|
|
|
Birmingham, AL |
|
|
161,710 |
|
|
|
1.1 |
% |
|
|
95.8 |
% |
|
|
1,183 |
|
|
|
1,462 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
|||||||||||||||||||||||
Tennessee |
|
|
186,559 |
|
|
|
1.3 |
% |
|
|
96.6 |
% |
|
|
1,121 |
|
|
|
2,754 |
|
|
|
|
|
Florida |
|
|
177,979 |
|
|
|
1.2 |
% |
|
|
96.9 |
% |
|
|
1,476 |
|
|
|
1,806 |
|
|
|
|
|
Alabama |
|
|
163,045 |
|
|
|
1.1 |
% |
|
|
96.7 |
% |
|
|
1,177 |
|
|
|
1,648 |
|
|
|
|
|
Virginia |
|
|
154,242 |
|
|
|
1.1 |
% |
|
|
97.1 |
% |
|
|
1,487 |
|
|
|
1,039 |
|
|
|
|
|
Kentucky |
|
|
94,406 |
|
|
|
0.7 |
% |
|
|
95.7 |
% |
|
|
988 |
|
|
|
1,308 |
|
|
|
|
|
Nevada |
|
|
71,909 |
|
|
|
0.5 |
% |
|
|
95.6 |
% |
|
|
1,327 |
|
|
|
721 |
|
|
|
|
|
South Carolina |
|
|
36,449 |
|
|
|
0.3 |
% |
|
|
95.1 |
% |
|
|
1,010 |
|
|
|
576 |
|
|
|
|
|
Stabilized Communities |
|
$ |
13,812,076 |
|
|
|
96.7 |
% |
|
|
96.0 |
% |
|
$ |
1,381 |
|
|
|
99,003 |
|
|
|
|
|
Orlando, FL |
|
|
156,619 |
|
|
|
1.1 |
% |
|
|
40.8 |
% |
|
|
1,994 |
|
|
|
566 |
|
|
|
633 |
|
Phoenix, AZ |
|
|
110,889 |
|
|
|
0.8 |
% |
|
|
76.8 |
% |
|
|
1,639 |
|
|
|
345 |
|
|
|
662 |
|
Denver, CO |
|
|
76,021 |
|
|
|
0.5 |
% |
|
|
41.5 |
% |
|
|
1,849 |
|
|
|
143 |
|
|
|
306 |
|
Houston, TX |
|
|
49,711 |
|
|
|
0.3 |
% |
|
|
22.1 |
% |
|
|
1,496 |
|
|
|
117 |
|
|
|
308 |
|
Austin, TX |
|
|
29,127 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
350 |
|
Atlanta, GA |
|
|
22,081 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
340 |
|
Salt Lake City, UT |
|
|
21,450 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400 |
|
Lease-up / Development Communities |
|
$ |
465,898 |
|
|
|
3.3 |
% |
|
|
45.1 |
% |
|
$ |
1,822 |
|
|
|
1,171 |
|
|
|
2,999 |
|
Total Multifamily Communities |
|
$ |
14,277,974 |
|
|
|
100.0 |
% |
|
|
95.2 |
% |
|
$ |
1,386 |
|
|
|
100,174 |
|
|
|
102,002 |
|
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
|
|
As of September 30, 2021 |
|
|
Three Months Ended |
|
||||||||||||||
|
|
Apartment Units |
|
|
Gross Real Assets |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent |
|
|||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
97,003 |
|
|
$ |
13,448,466 |
|
|
$ |
433,996 |
|
|
$ |
406,677 |
|
|
|
6.7 |
% |
Non-Same Store Communities |
|
|
2,000 |
|
|
|
363,610 |
|
|
|
9,681 |
|
|
|
11,293 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
1,171 |
|
|
|
465,898 |
|
|
|
2,946 |
|
|
|
— |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
100,174 |
|
|
$ |
14,277,974 |
|
|
$ |
446,623 |
|
|
$ |
417,970 |
|
|
|
|
|
Commercial Property/Land |
|
|
— |
|
|
|
276,679 |
|
|
|
5,952 |
|
|
|
5,229 |
|
|
|
|
|
Total Operating Revenues |
|
|
100,174 |
|
|
$ |
14,554,653 |
|
|
$ |
452,575 |
|
|
$ |
423,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
|
|
|
|
|
$ |
164,603 |
|
|
$ |
162,164 |
|
|
|
1.5 |
% |
||
Non-Same Store Communities |
|
|
|
|
|
|
|
|
4,027 |
|
|
|
4,997 |
|
|
|
|
|||
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
1,654 |
|
|
|
90 |
|
|
|
|
|||
Total Multifamily Portfolio |
|
|
|
|
|
|
|
$ |
170,284 |
|
|
$ |
167,251 |
|
|
|
|
|||
Commercial Property/Land |
|
|
|
|
|
|
|
|
2,554 |
|
|
|
2,563 |
|
|
|
|
|||
Total Property Operating Expenses |
|
|
|
|
|
|
|
$ |
172,838 |
|
|
$ |
169,814 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
|
|
|
|
|
$ |
269,393 |
|
|
$ |
244,513 |
|
|
|
10.2 |
% |
||
Non-Same Store Communities |
|
|
|
|
|
|
|
|
5,654 |
|
|
|
6,296 |
|
|
|
|
|||
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
1,292 |
|
|
|
(90 |
) |
|
|
|
|||
Total Multifamily Portfolio |
|
|
|
|
|
|
|
$ |
276,339 |
|
|
$ |
250,719 |
|
|
|
|
|||
Commercial Property/Land |
|
|
|
|
|
|
|
|
3,398 |
|
|
|
2,666 |
|
|
|
|
|||
Total Net Operating Income |
|
|
|
|
|
|
|
$ |
279,737 |
|
|
$ |
253,385 |
|
|
|
10.4 |
% |
||
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent Change |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent |
|
||||||
Personnel |
|
$ |
36,263 |
|
|
$ |
35,240 |
|
|
|
2.9 |
% |
|
$ |
104,906 |
|
|
$ |
101,795 |
|
|
|
3.1 |
% |
Building Repair and Maintenance |
|
|
21,677 |
|
|
|
20,765 |
|
|
|
4.4 |
% |
|
|
59,546 |
|
|
|
56,064 |
|
|
|
6.2 |
% |
Utilities |
|
|
31,349 |
|
|
|
31,361 |
|
|
|
(0.0 |
)% |
|
|
88,729 |
|
|
|
86,086 |
|
|
|
3.1 |
% |
Marketing |
|
|
5,476 |
|
|
|
6,721 |
|
|
|
(18.5 |
)% |
|
|
16,842 |
|
|
|
17,353 |
|
|
|
(2.9 |
)% |
Office Operations |
|
|
5,868 |
|
|
|
6,000 |
|
|
|
(2.2 |
)% |
|
|
17,158 |
|
|
|
16,203 |
|
|
|
5.9 |
% |
Property Taxes |
|
|
57,692 |
|
|
|
56,629 |
|
|
|
1.9 |
% |
|
|
174,657 |
|
|
|
169,680 |
|
|
|
2.9 |
% |
Insurance |
|
|
6,278 |
|
|
|
5,448 |
|
|
|
15.2 |
% |
|
|
17,323 |
|
|
|
12,007 |
|
|
|
44.3 |
% |
Total Property Operating Expenses |
|
$ |
164,603 |
|
|
$ |
162,164 |
|
|
|
1.5 |
% |
|
$ |
479,161 |
|
|
$ |
459,188 |
|
|
|
4.3 |
% |
Supplemental Data S-3
NOI CONTRIBUTION PERCENTAGE BY MARKET |
Same Store Portfolio
|
|
|
|
|
|
|
|
Average Physical Occupancy |
|
|||||||||||||||
|
|
|
|
|
Percent of |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||
|
|
Apartment Units |
|
|
Same Store NOI |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
||||||
Atlanta, GA |
|
|
11,434 |
|
|
|
13.0 |
% |
|
|
95.6 |
% |
|
|
95.0 |
% |
|
|
95.4 |
% |
|
|
94.9 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
8.7 |
% |
|
|
96.2 |
% |
|
|
95.0 |
% |
|
|
95.7 |
% |
|
|
95.2 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
6.7 |
% |
|
|
97.1 |
% |
|
|
96.1 |
% |
|
|
97.2 |
% |
|
|
95.7 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
6.5 |
% |
|
|
96.5 |
% |
|
|
96.2 |
% |
|
|
96.3 |
% |
|
|
96.1 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
6.4 |
% |
|
|
96.1 |
% |
|
|
95.2 |
% |
|
|
95.8 |
% |
|
|
95.4 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
6.3 |
% |
|
|
96.3 |
% |
|
|
93.7 |
% |
|
|
95.9 |
% |
|
|
94.5 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
5.9 |
% |
|
|
95.6 |
% |
|
|
96.3 |
% |
|
|
96.1 |
% |
|
|
96.3 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
5.3 |
% |
|
|
96.2 |
% |
|
|
96.1 |
% |
|
|
96.0 |
% |
|
|
96.2 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
4.6 |
% |
|
|
96.2 |
% |
|
|
94.5 |
% |
|
|
95.5 |
% |
|
|
95.1 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
4.1 |
% |
|
|
96.0 |
% |
|
|
93.7 |
% |
|
|
95.0 |
% |
|
|
94.4 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
3.9 |
% |
|
|
96.3 |
% |
|
|
95.4 |
% |
|
|
96.2 |
% |
|
|
95.4 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
3.4 |
% |
|
|
97.3 |
% |
|
|
96.6 |
% |
|
|
97.5 |
% |
|
|
96.2 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
3.2 |
% |
|
|
97.0 |
% |
|
|
96.0 |
% |
|
|
97.0 |
% |
|
|
96.1 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
3.2 |
% |
|
|
96.7 |
% |
|
|
95.4 |
% |
|
|
96.4 |
% |
|
|
95.5 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
2.1 |
% |
|
|
96.5 |
% |
|
|
96.9 |
% |
|
|
96.8 |
% |
|
|
96.6 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
1.8 |
% |
|
|
97.4 |
% |
|
|
96.8 |
% |
|
|
97.3 |
% |
|
|
95.8 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
1.6 |
% |
|
|
96.5 |
% |
|
|
95.8 |
% |
|
|
96.5 |
% |
|
|
95.4 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
1.6 |
% |
|
|
96.7 |
% |
|
|
97.2 |
% |
|
|
97.3 |
% |
|
|
96.5 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
1.3 |
% |
|
|
96.6 |
% |
|
|
97.1 |
% |
|
|
96.7 |
% |
|
|
96.5 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
1.2 |
% |
|
|
96.6 |
% |
|
|
97.3 |
% |
|
|
97.0 |
% |
|
|
97.2 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
1.1 |
% |
|
|
97.0 |
% |
|
|
96.7 |
% |
|
|
96.3 |
% |
|
|
96.4 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
1.1 |
% |
|
|
96.1 |
% |
|
|
96.0 |
% |
|
|
95.1 |
% |
|
|
95.6 |
% |
Other |
|
|
7,076 |
|
|
|
7.0 |
% |
|
|
96.9 |
% |
|
|
96.2 |
% |
|
|
96.7 |
% |
|
|
95.6 |
% |
Total Same Store |
|
|
97,003 |
|
|
|
100.0 |
% |
|
|
96.4 |
% |
|
|
95.5 |
% |
|
|
96.2 |
% |
|
|
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 |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
56,688 |
|
|
$ |
53,452 |
|
|
|
6.1 |
% |
|
$ |
21,799 |
|
|
$ |
20,673 |
|
|
|
5.4 |
% |
|
$ |
34,889 |
|
|
$ |
32,779 |
|
|
|
6.4 |
% |
|
$ |
1,553 |
|
|
$ |
1,465 |
|
|
|
6.0 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
42,357 |
|
|
|
40,294 |
|
|
|
5.1 |
% |
|
|
18,985 |
|
|
|
18,976 |
|
|
|
0.0 |
% |
|
|
23,372 |
|
|
|
21,318 |
|
|
|
9.6 |
% |
|
|
1,352 |
|
|
|
1,298 |
|
|
|
4.2 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
27,887 |
|
|
|
25,176 |
|
|
|
10.8 |
% |
|
|
9,841 |
|
|
|
9,387 |
|
|
|
4.8 |
% |
|
|
18,046 |
|
|
|
15,789 |
|
|
|
14.3 |
% |
|
|
1,651 |
|
|
|
1,505 |
|
|
|
9.7 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
25,338 |
|
|
|
24,100 |
|
|
|
5.1 |
% |
|
|
7,878 |
|
|
|
7,758 |
|
|
|
1.5 |
% |
|
|
17,460 |
|
|
|
16,342 |
|
|
|
6.8 |
% |
|
|
1,325 |
|
|
|
1,257 |
|
|
|
5.4 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
31,328 |
|
|
|
29,554 |
|
|
|
6.0 |
% |
|
|
14,207 |
|
|
|
14,646 |
|
|
|
(3.0 |
)% |
|
|
17,121 |
|
|
|
14,908 |
|
|
|
14.8 |
% |
|
|
1,351 |
|
|
|
1,277 |
|
|
|
5.8 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
25,969 |
|
|
|
24,161 |
|
|
|
7.5 |
% |
|
|
9,136 |
|
|
|
9,686 |
|
|
|
(5.7 |
)% |
|
|
16,833 |
|
|
|
14,475 |
|
|
|
16.3 |
% |
|
|
1,530 |
|
|
|
1,458 |
|
|
|
4.9 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
23,514 |
|
|
|
23,275 |
|
|
|
1.0 |
% |
|
|
7,680 |
|
|
|
7,496 |
|
|
|
2.5 |
% |
|
|
15,834 |
|
|
|
15,779 |
|
|
|
0.3 |
% |
|
|
1,830 |
|
|
|
1,806 |
|
|
|
1.3 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
21,894 |
|
|
|
21,021 |
|
|
|
4.2 |
% |
|
|
7,540 |
|
|
|
6,902 |
|
|
|
9.2 |
% |
|
|
14,354 |
|
|
|
14,119 |
|
|
|
1.7 |
% |
|
|
1,253 |
|
|
|
1,176 |
|
|
|
6.6 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
19,729 |
|
|
|
18,430 |
|
|
|
7.0 |
% |
|
|
7,280 |
|
|
|
7,118 |
|
|
|
2.3 |
% |
|
|
12,449 |
|
|
|
11,312 |
|
|
|
10.1 |
% |
|
|
1,391 |
|
|
|
1,316 |
|
|
|
5.6 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
19,428 |
|
|
|
18,735 |
|
|
|
3.7 |
% |
|
|
8,356 |
|
|
|
9,004 |
|
|
|
(7.2 |
)% |
|
|
11,072 |
|
|
|
9,731 |
|
|
|
13.8 |
% |
|
|
1,236 |
|
|
|
1,218 |
|
|
|
1.4 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
18,138 |
|
|
|
17,010 |
|
|
|
6.6 |
% |
|
|
7,591 |
|
|
|
7,627 |
|
|
|
(0.5 |
)% |
|
|
10,547 |
|
|
|
9,383 |
|
|
|
12.4 |
% |
|
|
1,265 |
|
|
|
1,185 |
|
|
|
6.8 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
14,161 |
|
|
|
12,860 |
|
|
|
10.1 |
% |
|
|
4,971 |
|
|
|
4,670 |
|
|
|
6.4 |
% |
|
|
9,190 |
|
|
|
8,190 |
|
|
|
12.2 |
% |
|
|
1,262 |
|
|
|
1,160 |
|
|
|
8.7 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
12,222 |
|
|
|
11,117 |
|
|
|
9.9 |
% |
|
|
3,470 |
|
|
|
3,301 |
|
|
|
5.1 |
% |
|
|
8,752 |
|
|
|
7,816 |
|
|
|
12.0 |
% |
|
|
1,437 |
|
|
|
1,299 |
|
|
|
10.6 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
14,113 |
|
|
|
12,934 |
|
|
|
9.1 |
% |
|
|
5,364 |
|
|
|
5,326 |
|
|
|
0.7 |
% |
|
|
8,749 |
|
|
|
7,608 |
|
|
|
15.0 |
% |
|
|
1,361 |
|
|
|
1,250 |
|
|
|
8.8 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
8,685 |
|
|
|
8,187 |
|
|
|
6.1 |
% |
|
|
2,955 |
|
|
|
2,908 |
|
|
|
1.6 |
% |
|
|
5,730 |
|
|
|
5,279 |
|
|
|
8.5 |
% |
|
|
1,314 |
|
|
|
1,236 |
|
|
|
6.3 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
7,876 |
|
|
|
6,986 |
|
|
|
12.7 |
% |
|
|
2,980 |
|
|
|
2,658 |
|
|
|
12.1 |
% |
|
|
4,896 |
|
|
|
4,328 |
|
|
|
13.1 |
% |
|
|
1,284 |
|
|
|
1,147 |
|
|
|
11.9 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
7,224 |
|
|
|
6,698 |
|
|
|
7.9 |
% |
|
|
2,783 |
|
|
|
2,782 |
|
|
|
0.0 |
% |
|
|
4,441 |
|
|
|
3,916 |
|
|
|
13.4 |
% |
|
|
1,015 |
|
|
|
948 |
|
|
|
7.1 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
6,901 |
|
|
|
6,245 |
|
|
|
10.5 |
% |
|
|
2,682 |
|
|
|
2,545 |
|
|
|
5.4 |
% |
|
|
4,219 |
|
|
|
3,700 |
|
|
|
14.0 |
% |
|
|
1,171 |
|
|
|
1,047 |
|
|
|
11.9 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,874 |
|
|
|
5,466 |
|
|
|
7.5 |
% |
|
|
2,264 |
|
|
|
2,154 |
|
|
|
5.1 |
% |
|
|
3,610 |
|
|
|
3,312 |
|
|
|
9.0 |
% |
|
|
1,183 |
|
|
|
1,083 |
|
|
|
9.2 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
4,718 |
|
|
|
4,293 |
|
|
|
9.9 |
% |
|
|
1,585 |
|
|
|
1,493 |
|
|
|
6.2 |
% |
|
|
3,133 |
|
|
|
2,800 |
|
|
|
11.9 |
% |
|
|
1,132 |
|
|
|
1,014 |
|
|
|
11.7 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,775 |
|
|
|
5,536 |
|
|
|
4.3 |
% |
|
|
2,718 |
|
|
|
2,663 |
|
|
|
2.1 |
% |
|
|
3,057 |
|
|
|
2,873 |
|
|
|
6.4 |
% |
|
|
1,186 |
|
|
|
1,119 |
|
|
|
6.0 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
4,769 |
|
|
|
4,600 |
|
|
|
3.7 |
% |
|
|
1,811 |
|
|
|
1,848 |
|
|
|
(2.0 |
)% |
|
|
2,958 |
|
|
|
2,752 |
|
|
|
7.5 |
% |
|
|
1,343 |
|
|
|
1,298 |
|
|
|
3.5 |
% |
Other |
|
|
7,076 |
|
|
|
29,408 |
|
|
|
26,547 |
|
|
|
10.8 |
% |
|
|
10,727 |
|
|
|
10,543 |
|
|
|
1.7 |
% |
|
|
18,681 |
|
|
|
16,004 |
|
|
|
16.7 |
% |
|
|
1,273 |
|
|
|
1,172 |
|
|
|
8.6 |
% |
Total Same Store |
|
|
97,003 |
|
|
$ |
433,996 |
|
|
$ |
406,677 |
|
|
|
6.7 |
% |
|
$ |
164,603 |
|
|
$ |
162,164 |
|
|
|
1.5 |
% |
|
$ |
269,393 |
|
|
$ |
244,513 |
|
|
|
10.2 |
% |
|
$ |
1,379 |
|
|
$ |
1,298 |
|
|
|
6.3 |
% |
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except unit and per unit data
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q3 2021 |
|
|
Q2 2021 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q2 2021 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q2 2021 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q2 2021 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
56,688 |
|
|
$ |
54,281 |
|
|
|
4.4 |
% |
|
$ |
21,799 |
|
|
$ |
20,642 |
|
|
|
5.6 |
% |
|
$ |
34,889 |
|
|
$ |
33,639 |
|
|
|
3.7 |
% |
|
$ |
1,553 |
|
|
$ |
1,505 |
|
|
|
3.3 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
42,357 |
|
|
|
40,743 |
|
|
|
4.0 |
% |
|
|
18,985 |
|
|
|
18,432 |
|
|
|
3.0 |
% |
|
|
23,372 |
|
|
|
22,311 |
|
|
|
4.8 |
% |
|
|
1,352 |
|
|
|
1,314 |
|
|
|
2.9 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
27,887 |
|
|
|
26,600 |
|
|
|
4.8 |
% |
|
|
9,841 |
|
|
|
9,191 |
|
|
|
7.1 |
% |
|
|
18,046 |
|
|
|
17,409 |
|
|
|
3.7 |
% |
|
|
1,651 |
|
|
|
1,583 |
|
|
|
4.3 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
25,338 |
|
|
|
24,333 |
|
|
|
4.1 |
% |
|
|
7,878 |
|
|
|
7,887 |
|
|
|
(0.1 |
)% |
|
|
17,460 |
|
|
|
16,446 |
|
|
|
6.2 |
% |
|
|
1,325 |
|
|
|
1,281 |
|
|
|
3.5 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
31,328 |
|
|
|
29,701 |
|
|
|
5.5 |
% |
|
|
14,207 |
|
|
|
14,390 |
|
|
|
(1.3 |
)% |
|
|
17,121 |
|
|
|
15,311 |
|
|
|
11.8 |
% |
|
|
1,351 |
|
|
|
1,305 |
|
|
|
3.6 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
25,969 |
|
|
|
25,084 |
|
|
|
3.5 |
% |
|
|
9,136 |
|
|
|
9,584 |
|
|
|
(4.7 |
)% |
|
|
16,833 |
|
|
|
15,500 |
|
|
|
8.6 |
% |
|
|
1,530 |
|
|
|
1,484 |
|
|
|
3.1 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
23,514 |
|
|
|
23,260 |
|
|
|
1.1 |
% |
|
|
7,680 |
|
|
|
7,202 |
|
|
|
6.6 |
% |
|
|
15,834 |
|
|
|
16,058 |
|
|
|
(1.4 |
)% |
|
|
1,830 |
|
|
|
1,808 |
|
|
|
1.2 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
21,894 |
|
|
|
21,056 |
|
|
|
4.0 |
% |
|
|
7,540 |
|
|
|
7,279 |
|
|
|
3.6 |
% |
|
|
14,354 |
|
|
|
13,777 |
|
|
|
4.2 |
% |
|
|
1,253 |
|
|
|
1,206 |
|
|
|
3.9 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
19,729 |
|
|
|
18,931 |
|
|
|
4.2 |
% |
|
|
7,280 |
|
|
|
7,007 |
|
|
|
3.9 |
% |
|
|
12,449 |
|
|
|
11,924 |
|
|
|
4.4 |
% |
|
|
1,391 |
|
|
|
1,345 |
|
|
|
3.4 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
19,428 |
|
|
|
18,984 |
|
|
|
2.3 |
% |
|
|
8,356 |
|
|
|
8,941 |
|
|
|
(6.5 |
)% |
|
|
11,072 |
|
|
|
10,043 |
|
|
|
10.2 |
% |
|
|
1,236 |
|
|
|
1,217 |
|
|
|
1.6 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
18,138 |
|
|
|
17,545 |
|
|
|
3.4 |
% |
|
|
7,591 |
|
|
|
7,520 |
|
|
|
0.9 |
% |
|
|
10,547 |
|
|
|
10,025 |
|
|
|
5.2 |
% |
|
|
1,265 |
|
|
|
1,227 |
|
|
|
3.1 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
14,161 |
|
|
|
13,480 |
|
|
|
5.1 |
% |
|
|
4,971 |
|
|
|
4,743 |
|
|
|
4.8 |
% |
|
|
9,190 |
|
|
|
8,737 |
|
|
|
5.2 |
% |
|
|
1,262 |
|
|
|
1,211 |
|
|
|
4.2 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
12,222 |
|
|
|
11,627 |
|
|
|
5.1 |
% |
|
|
3,470 |
|
|
|
3,222 |
|
|
|
7.7 |
% |
|
|
8,752 |
|
|
|
8,405 |
|
|
|
4.1 |
% |
|
|
1,437 |
|
|
|
1,370 |
|
|
|
4.9 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
14,113 |
|
|
|
13,469 |
|
|
|
4.8 |
% |
|
|
5,364 |
|
|
|
4,941 |
|
|
|
8.6 |
% |
|
|
8,749 |
|
|
|
8,528 |
|
|
|
2.6 |
% |
|
|
1,361 |
|
|
|
1,308 |
|
|
|
4.1 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
8,685 |
|
|
|
8,486 |
|
|
|
2.3 |
% |
|
|
2,955 |
|
|
|
2,755 |
|
|
|
7.3 |
% |
|
|
5,730 |
|
|
|
5,731 |
|
|
|
(0.0 |
)% |
|
|
1,314 |
|
|
|
1,288 |
|
|
|
2.0 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
7,876 |
|
|
|
7,472 |
|
|
|
5.4 |
% |
|
|
2,980 |
|
|
|
2,905 |
|
|
|
2.6 |
% |
|
|
4,896 |
|
|
|
4,567 |
|
|
|
7.2 |
% |
|
|
1,284 |
|
|
|
1,217 |
|
|
|
5.5 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
7,224 |
|
|
|
7,013 |
|
|
|
3.0 |
% |
|
|
2,783 |
|
|
|
2,784 |
|
|
|
(0.0 |
)% |
|
|
4,441 |
|
|
|
4,229 |
|
|
|
5.0 |
% |
|
|
1,015 |
|
|
|
979 |
|
|
|
3.6 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
6,901 |
|
|
|
6,688 |
|
|
|
3.2 |
% |
|
|
2,682 |
|
|
|
2,510 |
|
|
|
6.9 |
% |
|
|
4,219 |
|
|
|
4,178 |
|
|
|
1.0 |
% |
|
|
1,171 |
|
|
|
1,116 |
|
|
|
4.9 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,874 |
|
|
|
5,610 |
|
|
|
4.7 |
% |
|
|
2,264 |
|
|
|
2,229 |
|
|
|
1.6 |
% |
|
|
3,610 |
|
|
|
3,381 |
|
|
|
6.8 |
% |
|
|
1,183 |
|
|
|
1,143 |
|
|
|
3.5 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
4,718 |
|
|
|
4,581 |
|
|
|
3.0 |
% |
|
|
1,585 |
|
|
|
1,395 |
|
|
|
13.6 |
% |
|
|
3,133 |
|
|
|
3,186 |
|
|
|
(1.7 |
)% |
|
|
1,132 |
|
|
|
1,089 |
|
|
|
3.9 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,775 |
|
|
|
5,647 |
|
|
|
2.3 |
% |
|
|
2,718 |
|
|
|
2,663 |
|
|
|
2.1 |
% |
|
|
3,057 |
|
|
|
2,984 |
|
|
|
2.4 |
% |
|
|
1,186 |
|
|
|
1,148 |
|
|
|
3.3 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
4,769 |
|
|
|
4,609 |
|
|
|
3.5 |
% |
|
|
1,811 |
|
|
|
1,736 |
|
|
|
4.3 |
% |
|
|
2,958 |
|
|
|
2,873 |
|
|
|
3.0 |
% |
|
|
1,343 |
|
|
|
1,313 |
|
|
|
2.3 |
% |
Other |
|
|
7,076 |
|
|
|
29,408 |
|
|
|
28,122 |
|
|
|
4.6 |
% |
|
|
10,727 |
|
|
|
10,293 |
|
|
|
4.2 |
% |
|
|
18,681 |
|
|
|
17,829 |
|
|
|
4.8 |
% |
|
|
1,273 |
|
|
|
1,222 |
|
|
|
4.2 |
% |
Total Same Store |
|
|
97,003 |
|
|
$ |
433,996 |
|
|
$ |
417,322 |
|
|
|
4.0 |
% |
|
$ |
164,603 |
|
|
$ |
160,251 |
|
|
|
2.7 |
% |
|
$ |
269,393 |
|
|
$ |
257,071 |
|
|
|
4.8 |
% |
|
$ |
1,379 |
|
|
$ |
1,335 |
|
|
|
3.4 |
% |
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2021 AND 2020 |
Dollars in thousands, except unit and per unit data
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|
Q3 2021 |
|
|
Q3 2020 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
164,075 |
|
|
$ |
158,457 |
|
|
|
3.5 |
% |
|
$ |
62,248 |
|
|
$ |
59,787 |
|
|
|
4.1 |
% |
|
$ |
101,827 |
|
|
$ |
98,670 |
|
|
|
3.2 |
% |
|
$ |
1,511 |
|
|
$ |
1,464 |
|
|
|
3.2 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
123,020 |
|
|
|
120,438 |
|
|
|
2.1 |
% |
|
|
55,557 |
|
|
|
53,517 |
|
|
|
3.8 |
% |
|
|
67,463 |
|
|
|
66,921 |
|
|
|
0.8 |
% |
|
|
1,319 |
|
|
|
1,300 |
|
|
|
1.5 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
80,359 |
|
|
|
74,465 |
|
|
|
7.9 |
% |
|
|
28,147 |
|
|
|
26,600 |
|
|
|
5.8 |
% |
|
|
52,212 |
|
|
|
47,865 |
|
|
|
9.1 |
% |
|
|
1,589 |
|
|
|
1,494 |
|
|
|
6.4 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
73,441 |
|
|
|
71,705 |
|
|
|
2.4 |
% |
|
|
23,069 |
|
|
|
22,295 |
|
|
|
3.5 |
% |
|
|
50,372 |
|
|
|
49,410 |
|
|
|
1.9 |
% |
|
|
1,287 |
|
|
|
1,258 |
|
|
|
2.3 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
89,984 |
|
|
|
88,212 |
|
|
|
2.0 |
% |
|
|
42,127 |
|
|
|
40,226 |
|
|
|
4.7 |
% |
|
|
47,857 |
|
|
|
47,986 |
|
|
|
(0.3 |
)% |
|
|
1,309 |
|
|
|
1,273 |
|
|
|
2.8 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
75,651 |
|
|
|
72,836 |
|
|
|
3.9 |
% |
|
|
27,913 |
|
|
|
27,651 |
|
|
|
0.9 |
% |
|
|
47,738 |
|
|
|
45,185 |
|
|
|
5.7 |
% |
|
|
1,489 |
|
|
|
1,464 |
|
|
|
1.7 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
69,751 |
|
|
|
69,673 |
|
|
|
0.1 |
% |
|
|
22,182 |
|
|
|
21,425 |
|
|
|
3.5 |
% |
|
|
47,569 |
|
|
|
48,248 |
|
|
|
(1.4 |
)% |
|
|
1,809 |
|
|
|
1,805 |
|
|
|
0.2 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
63,795 |
|
|
|
61,879 |
|
|
|
3.1 |
% |
|
|
21,589 |
|
|
|
20,673 |
|
|
|
4.4 |
% |
|
|
42,206 |
|
|
|
41,206 |
|
|
|
2.4 |
% |
|
|
1,214 |
|
|
|
1,165 |
|
|
|
4.2 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
56,962 |
|
|
|
54,759 |
|
|
|
4.0 |
% |
|
|
20,984 |
|
|
|
19,978 |
|
|
|
5.0 |
% |
|
|
35,978 |
|
|
|
34,781 |
|
|
|
3.4 |
% |
|
|
1,349 |
|
|
|
1,309 |
|
|
|
3.1 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
56,935 |
|
|
|
56,211 |
|
|
|
1.3 |
% |
|
|
25,656 |
|
|
|
25,011 |
|
|
|
2.6 |
% |
|
|
31,279 |
|
|
|
31,200 |
|
|
|
0.3 |
% |
|
|
1,219 |
|
|
|
1,221 |
|
|
|
(0.1 |
)% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
52,699 |
|
|
|
50,269 |
|
|
|
4.8 |
% |
|
|
22,418 |
|
|
|
21,344 |
|
|
|
5.0 |
% |
|
|
30,281 |
|
|
|
28,925 |
|
|
|
4.7 |
% |
|
|
1,230 |
|
|
|
1,178 |
|
|
|
4.4 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
40,775 |
|
|
|
38,013 |
|
|
|
7.3 |
% |
|
|
14,288 |
|
|
|
13,395 |
|
|
|
6.7 |
% |
|
|
26,487 |
|
|
|
24,618 |
|
|
|
7.6 |
% |
|
|
1,218 |
|
|
|
1,152 |
|
|
|
5.7 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
40,639 |
|
|
|
38,057 |
|
|
|
6.8 |
% |
|
|
15,013 |
|
|
|
14,668 |
|
|
|
2.4 |
% |
|
|
25,626 |
|
|
|
23,389 |
|
|
|
9.6 |
% |
|
|
1,313 |
|
|
|
1,238 |
|
|
|
6.0 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
35,111 |
|
|
|
32,636 |
|
|
|
7.6 |
% |
|
|
9,818 |
|
|
|
9,297 |
|
|
|
5.6 |
% |
|
|
25,293 |
|
|
|
23,339 |
|
|
|
8.4 |
% |
|
|
1,378 |
|
|
|
1,285 |
|
|
|
7.2 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
25,453 |
|
|
|
24,019 |
|
|
|
6.0 |
% |
|
|
8,480 |
|
|
|
8,050 |
|
|
|
5.3 |
% |
|
|
16,973 |
|
|
|
15,969 |
|
|
|
6.3 |
% |
|
|
1,286 |
|
|
|
1,223 |
|
|
|
5.2 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
22,503 |
|
|
|
20,564 |
|
|
|
9.4 |
% |
|
|
8,600 |
|
|
|
7,546 |
|
|
|
14.0 |
% |
|
|
13,903 |
|
|
|
13,018 |
|
|
|
6.8 |
% |
|
|
1,224 |
|
|
|
1,143 |
|
|
|
7.2 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
21,083 |
|
|
|
19,687 |
|
|
|
7.1 |
% |
|
|
8,182 |
|
|
|
7,978 |
|
|
|
2.6 |
% |
|
|
12,901 |
|
|
|
11,709 |
|
|
|
10.2 |
% |
|
|
985 |
|
|
|
939 |
|
|
|
4.9 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
20,031 |
|
|
|
18,213 |
|
|
|
10.0 |
% |
|
|
7,767 |
|
|
|
7,284 |
|
|
|
6.6 |
% |
|
|
12,264 |
|
|
|
10,929 |
|
|
|
12.2 |
% |
|
|
1,121 |
|
|
|
1,032 |
|
|
|
8.6 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
17,013 |
|
|
|
16,028 |
|
|
|
6.1 |
% |
|
|
6,657 |
|
|
|
6,322 |
|
|
|
5.3 |
% |
|
|
10,356 |
|
|
|
9,706 |
|
|
|
6.7 |
% |
|
|
1,145 |
|
|
|
1,075 |
|
|
|
6.5 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
13,734 |
|
|
|
12,316 |
|
|
|
11.5 |
% |
|
|
4,479 |
|
|
|
4,184 |
|
|
|
7.1 |
% |
|
|
9,255 |
|
|
|
8,132 |
|
|
|
13.8 |
% |
|
|
1,092 |
|
|
|
987 |
|
|
|
10.6 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
16,799 |
|
|
|
16,471 |
|
|
|
2.0 |
% |
|
|
7,752 |
|
|
|
7,467 |
|
|
|
3.8 |
% |
|
|
9,047 |
|
|
|
9,004 |
|
|
|
0.5 |
% |
|
|
1,154 |
|
|
|
1,118 |
|
|
|
3.2 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
13,879 |
|
|
|
13,592 |
|
|
|
2.1 |
% |
|
|
5,235 |
|
|
|
5,069 |
|
|
|
3.3 |
% |
|
|
8,644 |
|
|
|
8,523 |
|
|
|
1.4 |
% |
|
|
1,316 |
|
|
|
1,287 |
|
|
|
2.2 |
% |
Other |
|
|
7,076 |
|
|
|
84,663 |
|
|
|
78,269 |
|
|
|
8.2 |
% |
|
|
31,000 |
|
|
|
29,421 |
|
|
|
5.4 |
% |
|
|
53,663 |
|
|
|
48,848 |
|
|
|
9.9 |
% |
|
|
1,228 |
|
|
|
1,161 |
|
|
|
5.8 |
% |
Total Same Store |
|
|
97,003 |
|
|
$ |
1,258,355 |
|
|
$ |
1,206,769 |
|
|
|
4.3 |
% |
|
$ |
479,161 |
|
|
$ |
459,188 |
|
|
|
4.3 |
% |
|
$ |
779,194 |
|
|
$ |
747,581 |
|
|
|
4.2 |
% |
|
$ |
1,340 |
|
|
$ |
1,294 |
|
|
|
3.6 |
% |
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
|
|
|
|
Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
September 30, 2021 |
|
|
|
|
Projected |
|
Development Costs |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Start |
|
Occupancy |
|
Completion |
|
Stabilization |
|
Total |
|
|
Thru |
|
|
|
|
||||||
|
|
Location |
|
Total |
|
|
Delivered |
|
|
Leased |
|
|
Date |
|
Date |
|
Date |
|
Date (1) |
|
Cost |
|
|
Q3 2021 |
|
|
After |
|
||||||
Sand Lake (2) |
|
Orlando, FL |
|
|
264 |
|
|
|
257 |
|
|
|
130 |
|
|
4Q19 |
|
2Q21 |
|
4Q21 |
|
3Q22 |
|
$ |
68,000 |
|
|
$ |
62,213 |
|
|
$ |
5,787 |
|
MAA Westglenn |
|
Denver, CO |
|
|
306 |
|
|
|
143 |
|
|
|
144 |
|
|
3Q19 |
|
2Q21 |
|
4Q21 |
|
4Q22 |
|
|
84,500 |
|
|
|
76,021 |
|
|
|
8,479 |
|
MAA Robinson |
|
Orlando, FL |
|
|
369 |
|
|
|
309 |
|
|
|
152 |
|
|
3Q19 |
|
2Q21 |
|
4Q21 |
|
1Q23 |
|
|
99,000 |
|
|
|
94,406 |
|
|
|
4,594 |
|
MAA Park Point |
|
Houston, TX |
|
|
308 |
|
|
|
117 |
|
|
|
81 |
|
|
4Q19 |
|
2Q21 |
|
1Q22 |
|
1Q23 |
|
|
57,000 |
|
|
|
49,711 |
|
|
|
7,289 |
|
MAA Windmill Hill |
|
Austin, TX |
|
|
350 |
|
|
— |
|
|
— |
|
|
4Q20 |
|
1Q22 |
|
3Q22 |
|
4Q23 |
|
|
63,000 |
|
|
|
29,127 |
|
|
|
33,873 |
|
||
Novel Val Vista (3) |
|
Phoenix, AZ |
|
|
317 |
|
|
— |
|
|
— |
|
|
4Q20 |
|
3Q22 |
|
1Q23 |
|
2Q24 |
|
|
72,500 |
|
|
|
28,750 |
|
|
|
43,750 |
|
||
Novel West Midtown (3) |
|
Atlanta, GA |
|
|
340 |
|
|
— |
|
|
— |
|
|
2Q21 |
|
4Q22 |
|
3Q23 |
|
3Q24 |
|
|
89,500 |
|
|
|
22,081 |
|
|
|
67,419 |
|
||
Novel Daybreak (3) |
|
Salt Lake City, UT |
|
|
400 |
|
|
— |
|
|
— |
|
|
2Q21 |
|
4Q22 |
|
3Q23 |
|
4Q24 |
|
|
94,000 |
|
|
|
21,450 |
|
|
|
72,550 |
|
||
Total Active |
|
|
|
|
2,654 |
|
|
|
826 |
|
|
|
507 |
|
|
|
|
|
|
|
|
|
|
$ |
627,500 |
|
|
$ |
383,759 |
|
|
$ |
243,741 |
|
(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 LEASE-UP COMMUNITIES |
Dollars in thousands
|
|
As of September 30, 2021 |
|
|
|
|
|
|
|
|||||
|
|
Location |
|
Total Units |
|
Percent Occupied |
|
Construction Finished |
|
Expected Stabilization (1) |
|
Total Cost |
|
|
Novel Midtown (2) |
|
Phoenix, AZ |
|
345 |
|
76.8% |
|
2Q21 |
|
2Q22 |
|
$ |
82,139 |
|
(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
|
|
|
Nine months ended September 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 |
||||
|
4,992 |
|
|
$ |
27,596 |
|
|
$ |
5,528 |
|
|
$ |
148 |
|
|
12.4% |
|
13,000 - 17,000 |
2021 ACQUISITION ACTIVITY THROUGH SEPTEMBER 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 SEPTEMBER 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
2021 DISPOSITION ACTIVITY THROUGH SEPTEMBER 30, 2021 (CONTINUED) |
Land Dispositions |
|
Market |
|
Acreage |
|
Closing Date |
Tutwiler Outparcels |
|
Birmingham, AL |
|
9 |
|
September 2021 |
Colonial Promenade |
|
Huntsville, AL |
|
1 |
|
September 2021 |
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES AS OF SEPTEMBER 30, 2021 |
MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property |
|
Market |
|
# of units |
|
Ownership Interest |
Post Massachusetts Avenue |
|
Washington, D.C. |
|
269 |
|
35% |
Dollars in thousands |
|
As of September 30, 2021 |
|
|||||||||
Joint Venture Property |
|
Gross Investment in Real Estate |
|
|
Mortgage Notes Payable |
|
|
Company’s Equity Investment |
|
|||
Post Massachusetts Avenue |
|
$ |
79,973 |
|
(1) |
$ |
51,795 |
|
(2) |
$ |
42,842 |
|
|
|
Three months ended September 30, 2021 |
|
|
Nine months ended September 30, 2021 |
|
||||||||||
Joint Venture Property |
|
Entity NOI |
|
|
Company’s Equity in Income |
|
|
Entity NOI |
|
|
Company’s Equity in Income |
|
||||
Post Massachusetts Avenue |
|
$ |
1,636 |
|
|
$ |
258 |
|
|
$ |
4,985 |
|
|
$ |
915 |
|
(1) Represents the net book value plus accumulated depreciation.
(2) The mortgage note has an outstanding principal value of $52.0 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.
DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021 |
Dollars in thousands
DEBT SUMMARIES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed Rate Versus Floating Rate Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Rate Maturity |
|
||||
Fixed rate debt |
|
$ |
4,515,887 |
|
|
|
99.4 |
% |
|
|
3.4 |
% |
|
|
9.0 |
|
Floating rate debt |
|
|
25,000 |
|
|
|
0.6 |
% |
|
|
0.2 |
% |
|
|
0.1 |
|
Total |
|
$ |
4,540,887 |
|
|
|
100.0 |
% |
|
|
3.4 |
% |
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unsecured Versus Secured Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Contract Maturity |
|
||||
Unsecured debt |
|
$ |
4,175,256 |
|
|
|
91.9 |
% |
|
|
3.3 |
% |
|
|
7.4 |
|
Secured debt |
|
|
365,631 |
|
|
|
8.1 |
% |
|
|
4.4 |
% |
|
|
27.0 |
|
Total |
|
$ |
4,540,887 |
|
|
|
100.0 |
% |
|
|
3.4 |
% |
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unencumbered Versus Encumbered Assets |
|
Total Cost |
|
|
Percent of Total |
|
|
Q3 2021 NOI |
|
|
Percent of Total |
|
||||
Unencumbered gross assets |
|
$ |
14,182,664 |
|
|
|
94.6 |
% |
|
|
266,151 |
|
|
|
95.1 |
% |
Encumbered gross assets |
|
|
810,897 |
|
|
|
5.4 |
% |
|
|
13,586 |
|
|
|
4.9 |
% |
Total |
|
$ |
14,993,561 |
|
|
|
100.0 |
% |
|
|
279,737 |
|
|
|
100.0 |
% |
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021 (CONTINUED) |
Dollars in thousands
FIXED INTEREST RATE MATURITIES
Maturity |
|
Fixed Rate Debt |
|
|
|
Effective Interest Rate |
|
||
2021 |
|
$ |
— |
|
|
|
|
— |
|
2022 |
|
|
124,779 |
|
|
|
|
3.3 |
% |
2023 |
|
|
348,666 |
|
|
|
|
4.2 |
% |
2024 |
|
|
397,820 |
|
|
|
|
4.0 |
% |
2025 |
|
|
402,578 |
|
|
|
|
4.2 |
% |
2026 |
|
|
296,238 |
|
|
|
|
1.2 |
% |
2027 |
|
|
595,565 |
|
|
|
|
3.7 |
% |
2028 |
|
|
395,935 |
|
|
|
|
4.2 |
% |
2029 |
|
|
560,748 |
|
|
|
|
3.7 |
% |
2030 |
|
|
297,109 |
|
|
|
|
3.1 |
% |
Thereafter |
|
|
1,096,449 |
|
|
|
|
3.0 |
% |
Total |
|
$ |
4,515,887 |
|
|
|
|
3.4 |
% |
DEBT MATURITIES OF OUTSTANDING BALANCES
|
|
Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾ |
|
|
Public Bonds |
|
|
Secured |
|
|
Total |
|
||||
2021 |
|
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,000 |
|
2022 |
|
|
— |
|
|
|
124,779 |
|
|
|
— |
|
|
|
124,779 |
|
2023 |
|
|
— |
|
|
|
348,666 |
|
|
|
— |
|
|
|
348,666 |
|
2024 |
|
|
— |
|
|
|
397,820 |
|
|
|
— |
|
|
|
397,820 |
|
2025 |
|
|
— |
|
|
|
396,805 |
|
|
|
5,773 |
|
|
|
402,578 |
|
2026 |
|
|
— |
|
|
|
296,238 |
|
|
|
— |
|
|
|
296,238 |
|
2027 |
|
|
— |
|
|
|
595,565 |
|
|
|
— |
|
|
|
595,565 |
|
2028 |
|
|
— |
|
|
|
395,935 |
|
|
|
— |
|
|
|
395,935 |
|
2029 |
|
|
— |
|
|
|
560,748 |
|
|
|
— |
|
|
|
560,748 |
|
2030 |
|
|
— |
|
|
|
297,109 |
|
|
|
— |
|
|
|
297,109 |
|
Thereafter |
|
|
— |
|
|
|
736,591 |
|
|
|
359,858 |
|
|
|
1,096,449 |
|
Total |
|
$ |
25,000 |
|
|
$ |
4,150,256 |
|
|
$ |
365,631 |
|
|
$ |
4,540,887 |
|
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to adjusted total assets |
|
60% or less |
|
30.3% |
|
Yes |
Total secured debt to adjusted total assets |
|
40% or less |
|
2.4% |
|
Yes |
Consolidated income available for debt service to total annual debt service charge |
|
1.5x or greater for trailing 4 quarters |
|
5.8x |
|
Yes |
Total unencumbered assets to total unsecured debt |
|
Greater than 150% |
|
329.9% |
|
Yes |
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to total capitalized asset value |
|
60% or less |
|
26.0% |
|
Yes |
Total secured debt to total capitalized asset value |
|
40% or Less |
|
2.2% |
|
Yes |
Total adjusted EBITDA to fixed charges |
|
1.5x or greater for trailing 4 quarters |
|
5.8x |
|
Yes |
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
24.9% |
|
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 |
|
$4.58 to $4.70 |
Midpoint |
|
$4.64 |
Core FFO per Share - diluted |
|
$6.88 to $7.00 |
Midpoint |
|
$6.94 |
Core AFFO per Share - diluted |
|
$6.20 to $6.32 |
Midpoint |
|
$6.26 |
|
|
|
MAA Same Store Portfolio: |
|
|
Number of units |
|
97,003 |
Average physical occupancy |
|
95.90% to 96.10% |
Property revenue growth |
|
4.90% to 5.30% |
Full year effective blended lease-over-lease pricing |
|
9.50% to 10.50% |
Property operating expense growth |
|
4.25% to 4.75% |
NOI growth |
|
5.00% to 6.00% |
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 |
|
$250.0 to $300.0 million |
Development investment |
|
$250.0 to $350.0 million |
|
|
|
Debt: |
|
|
Average effective interest rate |
|
3.3% to 3.5% |
Capitalized interest |
|
$9.0 to $10.0 million |
|
|
|
Diluted FFO Shares Outstanding: |
|
|
Diluted common shares and units |
|
118.5 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 |
|
$ |
4.58 |
|
|
$ |
4.70 |
|
Real estate depreciation and amortization |
|
|
4.15 |
|
|
|
4.15 |
|
Gains on sale of depreciable assets |
|
|
(1.78 |
) |
|
|
(1.78 |
) |
FFO per Share - diluted |
|
|
6.95 |
|
|
|
7.07 |
|
Non-Core FFO items (1) |
|
|
(0.07 |
) |
|
|
(0.07 |
) |
Core FFO per Share - diluted |
|
|
6.88 |
|
|
|
7.00 |
|
Recurring capital expenditures |
|
|
(0.68 |
) |
|
|
(0.68 |
) |
Core AFFO per Share - diluted |
|
$ |
6.20 |
|
|
$ |
6.32 |
|
Supplemental Data S-11
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 |
COMMON STOCK |
Stock Symbol: |
|
MAA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Exchange Traded: |
|
NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Estimated Future Dates: |
|
Q4 2021 |
|
|
Q1 2022 |
|
|
Q2 2022 |
|
|
Q3 2022 |
|
|
|
|
|||||
Earnings release & conference call |
|
Late |
|
|
Late |
|
|
Late |
|
|
Late |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividend Information - Common Shares: |
|
Q3 2020 |
|
|
Q4 2020 |
|
|
Q1 2021 |
|
|
Q2 2021 |
|
|
Q3 2021 |
|
|||||
Declaration date |
|
9/24/2020 |
|
|
12/8/2020 |
|
|
3/23/2021 |
|
|
5/18/2021 |
|
|
9/28/2021 |
|
|||||
Record date |
|
10/15/2020 |
|
|
1/15/2021 |
|
|
4/15/2021 |
|
|
7/15/2021 |
|
|
10/15/2021 |
|
|||||
Payment date |
|
10/30/2020 |
|
|
1/29/2021 |
|
|
4/30/2021 |
|
|
7/30/2021 |
|
|
10/29/2021 |
|
|||||
Distributions per share |
|
$ |
1.0000 |
|
|
$ |
1.0250 |
|
|
$ |
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-12