Exhibit 99.2
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 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 |
|
Tampa, FL |
|
|
5,220 |
|
|
|
— |
|
|
|
— |
|
|
|
5,220 |
|
|
|
— |
|
|
|
5,220 |
|
Austin, TX |
|
|
7,117 |
|
|
|
— |
|
|
|
— |
|
|
|
7,117 |
|
|
|
— |
|
|
|
7,117 |
|
Charlotte, NC |
|
|
5,867 |
|
|
|
— |
|
|
|
— |
|
|
|
5,867 |
|
|
|
— |
|
|
|
5,867 |
|
Orlando, FL |
|
|
5,274 |
|
|
|
— |
|
|
|
633 |
|
|
|
5,907 |
|
|
|
— |
|
|
|
5,907 |
|
Washington, DC |
|
|
4,080 |
|
|
|
— |
|
|
|
— |
|
|
|
4,080 |
|
|
|
— |
|
|
|
4,080 |
|
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
— |
|
|
|
— |
|
|
|
5,350 |
|
|
|
— |
|
|
|
5,350 |
|
Nashville, TN |
|
|
4,375 |
|
|
|
— |
|
|
|
— |
|
|
|
4,375 |
|
|
|
— |
|
|
|
4,375 |
|
Fort Worth, TX |
|
|
4,249 |
|
|
|
168 |
|
|
|
— |
|
|
|
4,417 |
|
|
|
— |
|
|
|
4,417 |
|
Houston, TX |
|
|
4,867 |
|
|
|
— |
|
|
|
— |
|
|
|
4,867 |
|
|
|
222 |
|
|
|
5,089 |
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
— |
|
|
|
— |
|
|
|
3,496 |
|
|
|
— |
|
|
|
3,496 |
|
Phoenix, AZ |
|
|
2,623 |
|
|
|
— |
|
|
|
345 |
|
|
|
2,968 |
|
|
|
— |
|
|
|
2,968 |
|
Charleston, SC |
|
|
3,168 |
|
|
|
— |
|
|
|
— |
|
|
|
3,168 |
|
|
|
— |
|
|
|
3,168 |
|
Richmond, VA |
|
|
2,004 |
|
|
|
— |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
|
|
2,004 |
|
Savannah, GA |
|
|
1,837 |
|
|
|
— |
|
|
|
— |
|
|
|
1,837 |
|
|
|
— |
|
|
|
1,837 |
|
Greenville, SC |
|
|
2,084 |
|
|
|
271 |
|
|
|
— |
|
|
|
2,355 |
|
|
|
— |
|
|
|
2,355 |
|
Memphis, TN |
|
|
1,811 |
|
|
|
— |
|
|
|
— |
|
|
|
1,811 |
|
|
|
— |
|
|
|
1,811 |
|
Birmingham, AL |
|
|
1,462 |
|
|
|
— |
|
|
|
— |
|
|
|
1,462 |
|
|
|
— |
|
|
|
1,462 |
|
San Antonio, TX |
|
|
1,504 |
|
|
|
— |
|
|
|
— |
|
|
|
1,504 |
|
|
|
— |
|
|
|
1,504 |
|
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
— |
|
|
|
— |
|
|
|
1,110 |
|
|
|
— |
|
|
|
1,110 |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
— |
|
|
|
— |
|
|
|
1,228 |
|
|
|
— |
|
|
|
1,228 |
|
Other |
|
|
7,076 |
|
|
|
549 |
|
|
|
— |
|
|
|
7,625 |
|
|
|
194 |
|
|
|
7,819 |
|
Total Multifamily Units |
|
|
97,003 |
|
|
|
1,336 |
|
|
|
978 |
|
|
|
99,317 |
|
|
|
416 |
|
|
|
99,733 |
|
Supplemental Data S-1
PORTFOLIO STATISTICS (CONTINUED) |
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
|
As of December 31, 2021 |
|
|
Average |
|
|
As of December 31, 2021 |
|
|||||||||||||||
|
|
Gross Real |
|
|
Percent to |
|
|
Physical |
|
|
Rent per |
|
|
Completed |
|
|
Total Units, |
|
||||||
Atlanta, GA |
|
$ |
2,030,633 |
|
|
|
14.2 |
% |
|
|
96.4 |
% |
|
$ |
1,611 |
|
|
|
11,434 |
|
|
|
|
|
Dallas, TX |
|
|
1,511,785 |
|
|
|
10.5 |
% |
|
|
95.8 |
% |
|
|
1,411 |
|
|
|
10,115 |
|
|
|
|
|
Washington, DC |
|
|
982,329 |
|
|
|
6.9 |
% |
|
|
95.4 |
% |
|
|
1,877 |
|
|
|
4,080 |
|
|
|
|
|
Charlotte, NC |
|
|
962,027 |
|
|
|
6.7 |
% |
|
|
96.3 |
% |
|
|
1,365 |
|
|
|
5,867 |
|
|
|
|
|
Tampa, FL |
|
|
894,011 |
|
|
|
6.2 |
% |
|
|
96.6 |
% |
|
|
1,730 |
|
|
|
5,220 |
|
|
|
|
|
Austin, TX |
|
|
878,607 |
|
|
|
6.1 |
% |
|
|
95.2 |
% |
|
|
1,394 |
|
|
|
7,117 |
|
|
|
|
|
Orlando, FL |
|
|
841,430 |
|
|
|
5.9 |
% |
|
|
96.5 |
% |
|
|
1,594 |
|
|
|
5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
|
708,020 |
|
|
|
4.9 |
% |
|
|
95.8 |
% |
|
|
1,292 |
|
|
|
5,350 |
|
|
|
|
|
Houston, TX |
|
|
617,381 |
|
|
|
4.3 |
% |
|
|
96.3 |
% |
|
|
1,266 |
|
|
|
4,867 |
|
|
|
|
|
Nashville, TN |
|
|
540,478 |
|
|
|
3.8 |
% |
|
|
95.8 |
% |
|
|
1,436 |
|
|
|
4,375 |
|
|
|
|
|
Fort Worth, TX |
|
|
431,932 |
|
|
|
3.0 |
% |
|
|
96.1 |
% |
|
|
1,313 |
|
|
|
4,417 |
|
|
|
|
|
Charleston, SC |
|
|
410,314 |
|
|
|
2.9 |
% |
|
|
96.1 |
% |
|
|
1,410 |
|
|
|
3,168 |
|
|
|
|
|
Phoenix, AZ |
|
|
383,246 |
|
|
|
2.7 |
% |
|
|
96.8 |
% |
|
|
1,511 |
|
|
|
2,623 |
|
|
|
|
|
Jacksonville, FL |
|
|
294,429 |
|
|
|
2.1 |
% |
|
|
97.0 |
% |
|
|
1,325 |
|
|
|
3,496 |
|
|
|
|
|
Richmond, VA |
|
|
270,158 |
|
|
|
1.9 |
% |
|
|
96.4 |
% |
|
|
1,373 |
|
|
|
2,004 |
|
|
|
|
|
Greenville, SC |
|
|
229,740 |
|
|
|
1.6 |
% |
|
|
96.6 |
% |
|
|
1,134 |
|
|
|
2,355 |
|
|
|
|
|
Savannah, GA |
|
|
218,004 |
|
|
|
1.5 |
% |
|
|
96.8 |
% |
|
|
1,337 |
|
|
|
1,837 |
|
|
|
|
|
Denver, CO |
|
|
211,955 |
|
|
|
1.5 |
% |
|
|
96.3 |
% |
|
|
1,752 |
|
|
|
812 |
|
|
|
|
|
Kansas City, MO-KS |
|
|
187,652 |
|
|
|
1.3 |
% |
|
|
96.0 |
% |
|
|
1,372 |
|
|
|
1,110 |
|
|
|
|
|
San Antonio, TX |
|
|
165,194 |
|
|
|
1.2 |
% |
|
|
95.5 |
% |
|
|
1,205 |
|
|
|
1,504 |
|
|
|
|
|
Birmingham, AL |
|
|
162,406 |
|
|
|
1.1 |
% |
|
|
95.3 |
% |
|
|
1,209 |
|
|
|
1,462 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
|||||||||||||||||||||||
Tennessee |
|
|
187,182 |
|
|
|
1.3 |
% |
|
|
96.5 |
% |
|
|
1,166 |
|
|
|
2,754 |
|
|
|
|
|
Florida |
|
|
178,950 |
|
|
|
1.2 |
% |
|
|
96.2 |
% |
|
|
1,513 |
|
|
|
1,806 |
|
|
|
|
|
Alabama |
|
|
163,510 |
|
|
|
1.1 |
% |
|
|
96.5 |
% |
|
|
1,204 |
|
|
|
1,648 |
|
|
|
|
|
Virginia |
|
|
154,747 |
|
|
|
1.1 |
% |
|
|
97.7 |
% |
|
|
1,547 |
|
|
|
1,039 |
|
|
|
|
|
Kentucky |
|
|
94,768 |
|
|
|
0.7 |
% |
|
|
96.7 |
% |
|
|
1,021 |
|
|
|
1,308 |
|
|
|
|
|
Nevada |
|
|
72,122 |
|
|
|
0.5 |
% |
|
|
96.1 |
% |
|
|
1,399 |
|
|
|
721 |
|
|
|
|
|
South Carolina |
|
|
36,746 |
|
|
|
0.3 |
% |
|
|
95.3 |
% |
|
|
1,046 |
|
|
|
576 |
|
|
|
|
|
Stabilized Communities |
|
$ |
13,819,756 |
|
|
|
96.4 |
% |
|
|
96.2 |
% |
|
$ |
1,432 |
|
|
|
98,339 |
|
|
|
|
|
Orlando, FL |
|
|
159,433 |
|
|
|
1.1 |
% |
|
|
56.2 |
% |
|
|
2,156 |
|
|
|
633 |
|
|
|
633 |
|
Phoenix, AZ |
|
|
119,456 |
|
|
|
0.8 |
% |
|
|
89.6 |
% |
|
|
1,779 |
|
|
|
345 |
|
|
|
662 |
|
Denver, CO |
|
|
80,727 |
|
|
|
0.6 |
% |
|
|
54.6 |
% |
|
|
1,885 |
|
|
|
194 |
|
|
|
306 |
|
Houston, TX |
|
|
52,466 |
|
|
|
0.4 |
% |
|
|
39.3 |
% |
|
|
1,599 |
|
|
|
222 |
|
|
|
308 |
|
Austin, TX |
|
|
39,761 |
|
|
|
0.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
350 |
|
Salt Lake City, UT |
|
|
33,917 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400 |
|
Atlanta, GA |
|
|
30,262 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
340 |
|
Lease-up / Development Communities |
|
$ |
516,022 |
|
|
|
3.6 |
% |
|
|
59.8 |
% |
|
$ |
1,936 |
|
|
|
1,394 |
|
|
|
2,999 |
|
Total Multifamily Communities |
|
$ |
14,335,778 |
|
|
|
100.0 |
% |
|
|
95.6 |
% |
|
$ |
1,439 |
|
|
|
99,733 |
|
|
|
101,338 |
|
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
|
|
As of December 31, 2021 |
|
|
Three Months Ended |
|
||||||||||||||
|
|
Apartment Units |
|
|
Gross Real Assets |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
Percent |
|
|||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
97,003 |
|
|
$ |
13,510,460 |
|
|
$ |
444,386 |
|
|
$ |
406,600 |
|
|
|
9.3 |
% |
Non-Same Store Communities |
|
|
1,336 |
|
|
|
309,296 |
|
|
|
8,357 |
|
|
|
11,754 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
1,394 |
|
|
|
516,022 |
|
|
|
4,873 |
|
|
|
— |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
99,733 |
|
|
$ |
14,335,778 |
|
|
$ |
457,616 |
|
|
$ |
418,354 |
|
|
|
|
|
Commercial Property/Land |
|
|
— |
|
|
|
278,910 |
|
|
|
5,959 |
|
|
|
5,307 |
|
|
|
|
|
Total Operating Revenues |
|
|
99,733 |
|
|
$ |
14,614,688 |
|
|
$ |
463,575 |
|
|
$ |
423,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
|
|
|
|
|
$ |
159,272 |
|
|
$ |
152,262 |
|
|
|
4.6 |
% |
||
Non-Same Store Communities |
|
|
|
|
|
|
|
|
3,489 |
|
|
|
5,098 |
|
|
|
|
|||
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
1,840 |
|
|
|
190 |
|
|
|
|
|||
Total Multifamily Portfolio |
|
|
|
|
|
|
|
$ |
164,601 |
|
|
$ |
157,550 |
|
|
|
|
|||
Commercial Property/Land |
|
|
|
|
|
|
|
|
2,497 |
|
|
|
2,464 |
|
|
|
|
|||
Total Property Operating Expenses |
|
|
|
|
|
|
|
$ |
167,098 |
|
|
$ |
160,014 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
|
|
|
|
|
$ |
285,114 |
|
|
$ |
254,338 |
|
|
|
12.1 |
% |
||
Non-Same Store Communities |
|
|
|
|
|
|
|
|
4,868 |
|
|
|
6,656 |
|
|
|
|
|||
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
3,033 |
|
|
|
(190 |
) |
|
|
|
|||
Total Multifamily Portfolio |
|
|
|
|
|
|
|
$ |
293,015 |
|
|
$ |
260,804 |
|
|
|
|
|||
Commercial Property/Land |
|
|
|
|
|
|
|
|
3,462 |
|
|
|
2,843 |
|
|
|
|
|||
Total Net Operating Income |
|
|
|
|
|
|
|
$ |
296,477 |
|
|
$ |
263,647 |
|
|
|
12.5 |
% |
||
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
Percent Change |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
Percent |
|
||||||
Personnel |
|
$ |
35,082 |
|
|
$ |
33,804 |
|
|
|
3.8 |
% |
|
$ |
139,988 |
|
|
$ |
135,599 |
|
|
|
3.2 |
% |
Building Repair and Maintenance |
|
|
18,877 |
|
|
|
16,766 |
|
|
|
12.6 |
% |
|
|
78,423 |
|
|
|
72,830 |
|
|
|
7.7 |
% |
Utilities |
|
|
29,476 |
|
|
|
29,376 |
|
|
|
0.3 |
% |
|
|
118,205 |
|
|
|
115,462 |
|
|
|
2.4 |
% |
Marketing |
|
|
4,934 |
|
|
|
4,916 |
|
|
|
0.4 |
% |
|
|
21,776 |
|
|
|
22,269 |
|
|
|
(2.2 |
)% |
Office Operations |
|
|
6,407 |
|
|
|
5,742 |
|
|
|
11.6 |
% |
|
|
23,565 |
|
|
|
21,945 |
|
|
|
7.4 |
% |
Property Taxes |
|
|
58,210 |
|
|
|
56,219 |
|
|
|
3.5 |
% |
|
|
232,867 |
|
|
|
225,899 |
|
|
|
3.1 |
% |
Insurance |
|
|
6,286 |
|
|
|
5,439 |
|
|
|
15.6 |
% |
|
|
23,609 |
|
|
|
17,446 |
|
|
|
35.3 |
% |
Total Property Operating Expenses |
|
$ |
159,272 |
|
|
$ |
152,262 |
|
|
|
4.6 |
% |
|
$ |
638,433 |
|
|
$ |
611,450 |
|
|
|
4.4 |
% |
Supplemental Data S-3
NOI CONTRIBUTION PERCENTAGE BY MARKET |
Same Store Portfolio
|
|
|
|
|
|
|
|
Average Physical Occupancy |
|
|||||||||||||||
|
|
|
|
|
Percent of |
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||
|
|
Apartment Units |
|
|
Same Store NOI |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
||||||
Atlanta, GA |
|
|
11,434 |
|
|
|
13.2 |
% |
|
|
95.7 |
% |
|
|
95.4 |
% |
|
|
95.5 |
% |
|
|
95.0 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
8.7 |
% |
|
|
95.7 |
% |
|
|
94.9 |
% |
|
|
95.7 |
% |
|
|
95.2 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
6.9 |
% |
|
|
96.6 |
% |
|
|
96.7 |
% |
|
|
97.1 |
% |
|
|
96.0 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
6.4 |
% |
|
|
95.1 |
% |
|
|
95.3 |
% |
|
|
95.6 |
% |
|
|
95.4 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
6.3 |
% |
|
|
96.0 |
% |
|
|
96.2 |
% |
|
|
96.2 |
% |
|
|
96.1 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
6.3 |
% |
|
|
96.4 |
% |
|
|
94.8 |
% |
|
|
96.0 |
% |
|
|
94.6 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
5.8 |
% |
|
|
95.7 |
% |
|
|
96.2 |
% |
|
|
96.0 |
% |
|
|
96.3 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
5.3 |
% |
|
|
95.5 |
% |
|
|
96.1 |
% |
|
|
95.9 |
% |
|
|
96.1 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
4.7 |
% |
|
|
95.7 |
% |
|
|
94.5 |
% |
|
|
95.6 |
% |
|
|
95.0 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
3.8 |
% |
|
|
96.1 |
% |
|
|
95.1 |
% |
|
|
96.2 |
% |
|
|
95.3 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
3.6 |
% |
|
|
96.2 |
% |
|
|
93.7 |
% |
|
|
95.3 |
% |
|
|
94.3 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
3.5 |
% |
|
|
97.2 |
% |
|
|
96.8 |
% |
|
|
97.5 |
% |
|
|
96.4 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
3.4 |
% |
|
|
96.6 |
% |
|
|
96.7 |
% |
|
|
96.9 |
% |
|
|
96.3 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
3.3 |
% |
|
|
96.0 |
% |
|
|
95.9 |
% |
|
|
96.3 |
% |
|
|
95.6 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
2.1 |
% |
|
|
96.1 |
% |
|
|
97.0 |
% |
|
|
96.6 |
% |
|
|
96.7 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
1.9 |
% |
|
|
97.2 |
% |
|
|
97.0 |
% |
|
|
97.3 |
% |
|
|
96.1 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
1.7 |
% |
|
|
96.0 |
% |
|
|
96.2 |
% |
|
|
96.4 |
% |
|
|
95.6 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
1.6 |
% |
|
|
96.1 |
% |
|
|
97.6 |
% |
|
|
97.0 |
% |
|
|
96.8 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
1.2 |
% |
|
|
95.2 |
% |
|
|
96.7 |
% |
|
|
96.3 |
% |
|
|
96.6 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
1.2 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
96.1 |
% |
|
|
96.2 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
1.1 |
% |
|
|
95.8 |
% |
|
|
94.5 |
% |
|
|
95.3 |
% |
|
|
95.3 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
1.1 |
% |
|
|
96.0 |
% |
|
|
96.9 |
% |
|
|
96.8 |
% |
|
|
97.1 |
% |
Other |
|
|
7,076 |
|
|
|
6.9 |
% |
|
|
96.3 |
% |
|
|
96.1 |
% |
|
|
96.6 |
% |
|
|
95.7 |
% |
Total Same Store |
|
|
97,003 |
|
|
|
100.0 |
% |
|
|
96.0 |
% |
|
|
95.7 |
% |
|
|
96.1 |
% |
|
|
95.6 |
% |
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 |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
57,929 |
|
|
$ |
53,305 |
|
|
|
8.7 |
% |
|
$ |
20,417 |
|
|
$ |
19,617 |
|
|
|
4.1 |
% |
|
$ |
37,512 |
|
|
$ |
33,688 |
|
|
|
11.4 |
% |
|
$ |
1,611 |
|
|
$ |
1,466 |
|
|
|
9.9 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
43,479 |
|
|
|
39,895 |
|
|
|
9.0 |
% |
|
|
18,751 |
|
|
|
17,958 |
|
|
|
4.4 |
% |
|
|
24,728 |
|
|
|
21,937 |
|
|
|
12.7 |
% |
|
|
1,403 |
|
|
|
1,290 |
|
|
|
8.8 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
28,886 |
|
|
|
25,517 |
|
|
|
13.2 |
% |
|
|
9,225 |
|
|
|
8,707 |
|
|
|
5.9 |
% |
|
|
19,661 |
|
|
|
16,810 |
|
|
|
17.0 |
% |
|
|
1,730 |
|
|
|
1,517 |
|
|
|
14.0 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
32,043 |
|
|
|
29,393 |
|
|
|
9.0 |
% |
|
|
13,907 |
|
|
|
13,893 |
|
|
|
0.1 |
% |
|
|
18,136 |
|
|
|
15,500 |
|
|
|
17.0 |
% |
|
|
1,394 |
|
|
|
1,268 |
|
|
|
9.9 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
25,704 |
|
|
|
23,837 |
|
|
|
7.8 |
% |
|
|
7,664 |
|
|
|
7,629 |
|
|
|
0.5 |
% |
|
|
18,040 |
|
|
|
16,208 |
|
|
|
11.3 |
% |
|
|
1,365 |
|
|
|
1,249 |
|
|
|
9.3 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
27,000 |
|
|
|
24,383 |
|
|
|
10.7 |
% |
|
|
9,102 |
|
|
|
9,000 |
|
|
|
1.1 |
% |
|
|
17,898 |
|
|
|
15,383 |
|
|
|
16.3 |
% |
|
|
1,594 |
|
|
|
1,452 |
|
|
|
9.8 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
23,822 |
|
|
|
23,214 |
|
|
|
2.6 |
% |
|
|
7,262 |
|
|
|
7,008 |
|
|
|
3.6 |
% |
|
|
16,560 |
|
|
|
16,206 |
|
|
|
2.2 |
% |
|
|
1,877 |
|
|
|
1,792 |
|
|
|
4.7 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
22,248 |
|
|
|
20,837 |
|
|
|
6.8 |
% |
|
|
7,096 |
|
|
|
6,882 |
|
|
|
3.1 |
% |
|
|
15,152 |
|
|
|
13,955 |
|
|
|
8.6 |
% |
|
|
1,292 |
|
|
|
1,177 |
|
|
|
9.8 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
20,125 |
|
|
|
18,374 |
|
|
|
9.5 |
% |
|
|
6,690 |
|
|
|
6,704 |
|
|
|
(0.2 |
)% |
|
|
13,435 |
|
|
|
11,670 |
|
|
|
15.1 |
% |
|
|
1,436 |
|
|
|
1,309 |
|
|
|
9.7 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
18,555 |
|
|
|
16,954 |
|
|
|
9.4 |
% |
|
|
7,642 |
|
|
|
7,082 |
|
|
|
7.9 |
% |
|
|
10,913 |
|
|
|
9,872 |
|
|
|
10.5 |
% |
|
|
1,308 |
|
|
|
1,189 |
|
|
|
10.0 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
19,825 |
|
|
|
18,619 |
|
|
|
6.5 |
% |
|
|
9,537 |
|
|
|
8,640 |
|
|
|
10.4 |
% |
|
|
10,288 |
|
|
|
9,979 |
|
|
|
3.1 |
% |
|
|
1,266 |
|
|
|
1,208 |
|
|
|
4.8 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
14,681 |
|
|
|
12,919 |
|
|
|
13.6 |
% |
|
|
4,760 |
|
|
|
4,334 |
|
|
|
9.8 |
% |
|
|
9,921 |
|
|
|
8,585 |
|
|
|
15.6 |
% |
|
|
1,325 |
|
|
|
1,168 |
|
|
|
13.5 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
12,753 |
|
|
|
11,185 |
|
|
|
14.0 |
% |
|
|
3,146 |
|
|
|
3,062 |
|
|
|
2.7 |
% |
|
|
9,607 |
|
|
|
8,123 |
|
|
|
18.3 |
% |
|
|
1,511 |
|
|
|
1,311 |
|
|
|
15.3 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
14,380 |
|
|
|
12,950 |
|
|
|
11.0 |
% |
|
|
4,999 |
|
|
|
4,598 |
|
|
|
8.7 |
% |
|
|
9,381 |
|
|
|
8,352 |
|
|
|
12.3 |
% |
|
|
1,410 |
|
|
|
1,261 |
|
|
|
11.8 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
8,828 |
|
|
|
8,293 |
|
|
|
6.5 |
% |
|
|
2,791 |
|
|
|
2,667 |
|
|
|
4.6 |
% |
|
|
6,037 |
|
|
|
5,626 |
|
|
|
7.3 |
% |
|
|
1,373 |
|
|
|
1,245 |
|
|
|
10.3 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
8,165 |
|
|
|
6,979 |
|
|
|
17.0 |
% |
|
|
2,839 |
|
|
|
2,530 |
|
|
|
12.2 |
% |
|
|
5,326 |
|
|
|
4,449 |
|
|
|
19.7 |
% |
|
|
1,337 |
|
|
|
1,156 |
|
|
|
15.6 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
7,384 |
|
|
|
6,774 |
|
|
|
9.0 |
% |
|
|
2,670 |
|
|
|
2,380 |
|
|
|
12.2 |
% |
|
|
4,714 |
|
|
|
4,394 |
|
|
|
7.3 |
% |
|
|
1,058 |
|
|
|
952 |
|
|
|
11.2 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
7,114 |
|
|
|
6,343 |
|
|
|
12.2 |
% |
|
|
2,496 |
|
|
|
2,438 |
|
|
|
2.4 |
% |
|
|
4,618 |
|
|
|
3,905 |
|
|
|
18.3 |
% |
|
|
1,221 |
|
|
|
1,059 |
|
|
|
15.3 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,917 |
|
|
|
5,501 |
|
|
|
7.6 |
% |
|
|
2,351 |
|
|
|
2,072 |
|
|
|
13.5 |
% |
|
|
3,566 |
|
|
|
3,429 |
|
|
|
4.0 |
% |
|
|
1,209 |
|
|
|
1,096 |
|
|
|
10.3 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,874 |
|
|
|
5,460 |
|
|
|
7.6 |
% |
|
|
2,461 |
|
|
|
2,513 |
|
|
|
(2.1 |
)% |
|
|
3,413 |
|
|
|
2,947 |
|
|
|
15.8 |
% |
|
|
1,205 |
|
|
|
1,123 |
|
|
|
7.3 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
4,837 |
|
|
|
4,559 |
|
|
|
6.1 |
% |
|
|
1,640 |
|
|
|
1,677 |
|
|
|
(2.2 |
)% |
|
|
3,197 |
|
|
|
2,882 |
|
|
|
10.9 |
% |
|
|
1,372 |
|
|
|
1,295 |
|
|
|
5.9 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
4,794 |
|
|
|
4,383 |
|
|
|
9.4 |
% |
|
|
1,601 |
|
|
|
1,494 |
|
|
|
7.2 |
% |
|
|
3,193 |
|
|
|
2,889 |
|
|
|
10.5 |
% |
|
|
1,159 |
|
|
|
1,035 |
|
|
|
12.0 |
% |
Other |
|
|
7,076 |
|
|
|
30,043 |
|
|
|
26,926 |
|
|
|
11.6 |
% |
|
|
10,225 |
|
|
|
9,377 |
|
|
|
9.0 |
% |
|
|
19,818 |
|
|
|
17,549 |
|
|
|
12.9 |
% |
|
|
1,318 |
|
|
|
1,179 |
|
|
|
11.8 |
% |
Total Same Store |
|
|
97,003 |
|
|
$ |
444,386 |
|
|
$ |
406,600 |
|
|
|
9.3 |
% |
|
$ |
159,272 |
|
|
$ |
152,262 |
|
|
|
4.6 |
% |
|
$ |
285,114 |
|
|
$ |
254,338 |
|
|
|
12.1 |
% |
|
$ |
1,429 |
|
|
$ |
1,298 |
|
|
|
10.1 |
% |
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except unit and per unit data
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2021 |
|
|
Q3 2021 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q3 2021 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q3 2021 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q3 2021 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
57,929 |
|
|
$ |
56,688 |
|
|
|
2.2 |
% |
|
$ |
20,417 |
|
|
$ |
21,799 |
|
|
|
(6.3 |
)% |
|
$ |
37,512 |
|
|
$ |
34,889 |
|
|
|
7.5 |
% |
|
$ |
1,611 |
|
|
$ |
1,553 |
|
|
|
3.7 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
43,479 |
|
|
|
42,357 |
|
|
|
2.6 |
% |
|
|
18,751 |
|
|
|
18,985 |
|
|
|
(1.2 |
)% |
|
|
24,728 |
|
|
|
23,372 |
|
|
|
5.8 |
% |
|
|
1,403 |
|
|
|
1,352 |
|
|
|
3.8 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
28,886 |
|
|
|
27,887 |
|
|
|
3.6 |
% |
|
|
9,225 |
|
|
|
9,841 |
|
|
|
(6.3 |
)% |
|
|
19,661 |
|
|
|
18,046 |
|
|
|
8.9 |
% |
|
|
1,730 |
|
|
|
1,651 |
|
|
|
4.8 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
32,043 |
|
|
|
31,328 |
|
|
|
2.3 |
% |
|
|
13,907 |
|
|
|
14,207 |
|
|
|
(2.1 |
)% |
|
|
18,136 |
|
|
|
17,121 |
|
|
|
5.9 |
% |
|
|
1,394 |
|
|
|
1,351 |
|
|
|
3.1 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
25,704 |
|
|
|
25,338 |
|
|
|
1.4 |
% |
|
|
7,664 |
|
|
|
7,878 |
|
|
|
(2.7 |
)% |
|
|
18,040 |
|
|
|
17,460 |
|
|
|
3.3 |
% |
|
|
1,365 |
|
|
|
1,325 |
|
|
|
3.0 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
27,000 |
|
|
|
25,969 |
|
|
|
4.0 |
% |
|
|
9,102 |
|
|
|
9,136 |
|
|
|
(0.4 |
)% |
|
|
17,898 |
|
|
|
16,833 |
|
|
|
6.3 |
% |
|
|
1,594 |
|
|
|
1,530 |
|
|
|
4.2 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
23,822 |
|
|
|
23,514 |
|
|
|
1.3 |
% |
|
|
7,262 |
|
|
|
7,680 |
|
|
|
(5.4 |
)% |
|
|
16,560 |
|
|
|
15,834 |
|
|
|
4.6 |
% |
|
|
1,877 |
|
|
|
1,830 |
|
|
|
2.6 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
22,248 |
|
|
|
21,894 |
|
|
|
1.6 |
% |
|
|
7,096 |
|
|
|
7,540 |
|
|
|
(5.9 |
)% |
|
|
15,152 |
|
|
|
14,354 |
|
|
|
5.6 |
% |
|
|
1,292 |
|
|
|
1,253 |
|
|
|
3.1 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
20,125 |
|
|
|
19,729 |
|
|
|
2.0 |
% |
|
|
6,690 |
|
|
|
7,280 |
|
|
|
(8.1 |
)% |
|
|
13,435 |
|
|
|
12,449 |
|
|
|
7.9 |
% |
|
|
1,436 |
|
|
|
1,391 |
|
|
|
3.3 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
18,555 |
|
|
|
18,138 |
|
|
|
2.3 |
% |
|
|
7,642 |
|
|
|
7,591 |
|
|
|
0.7 |
% |
|
|
10,913 |
|
|
|
10,547 |
|
|
|
3.5 |
% |
|
|
1,308 |
|
|
|
1,265 |
|
|
|
3.4 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
19,825 |
|
|
|
19,428 |
|
|
|
2.0 |
% |
|
|
9,537 |
|
|
|
8,356 |
|
|
|
14.1 |
% |
|
|
10,288 |
|
|
|
11,072 |
|
|
|
(7.1 |
)% |
|
|
1,266 |
|
|
|
1,236 |
|
|
|
2.5 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
14,681 |
|
|
|
14,161 |
|
|
|
3.7 |
% |
|
|
4,760 |
|
|
|
4,971 |
|
|
|
(4.2 |
)% |
|
|
9,921 |
|
|
|
9,190 |
|
|
|
8.0 |
% |
|
|
1,325 |
|
|
|
1,262 |
|
|
|
5.0 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
12,753 |
|
|
|
12,222 |
|
|
|
4.3 |
% |
|
|
3,146 |
|
|
|
3,470 |
|
|
|
(9.3 |
)% |
|
|
9,607 |
|
|
|
8,752 |
|
|
|
9.8 |
% |
|
|
1,511 |
|
|
|
1,437 |
|
|
|
5.2 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
14,380 |
|
|
|
14,113 |
|
|
|
1.9 |
% |
|
|
4,999 |
|
|
|
5,364 |
|
|
|
(6.8 |
)% |
|
|
9,381 |
|
|
|
8,749 |
|
|
|
7.2 |
% |
|
|
1,410 |
|
|
|
1,361 |
|
|
|
3.6 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
8,828 |
|
|
|
8,685 |
|
|
|
1.6 |
% |
|
|
2,791 |
|
|
|
2,955 |
|
|
|
(5.5 |
)% |
|
|
6,037 |
|
|
|
5,730 |
|
|
|
5.4 |
% |
|
|
1,373 |
|
|
|
1,314 |
|
|
|
4.6 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
8,165 |
|
|
|
7,876 |
|
|
|
3.7 |
% |
|
|
2,839 |
|
|
|
2,980 |
|
|
|
(4.7 |
)% |
|
|
5,326 |
|
|
|
4,896 |
|
|
|
8.8 |
% |
|
|
1,337 |
|
|
|
1,284 |
|
|
|
4.1 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
7,384 |
|
|
|
7,224 |
|
|
|
2.2 |
% |
|
|
2,670 |
|
|
|
2,783 |
|
|
|
(4.1 |
)% |
|
|
4,714 |
|
|
|
4,441 |
|
|
|
6.1 |
% |
|
|
1,058 |
|
|
|
1,015 |
|
|
|
4.3 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
7,114 |
|
|
|
6,901 |
|
|
|
3.1 |
% |
|
|
2,496 |
|
|
|
2,682 |
|
|
|
(6.9 |
)% |
|
|
4,618 |
|
|
|
4,219 |
|
|
|
9.5 |
% |
|
|
1,221 |
|
|
|
1,171 |
|
|
|
4.3 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,917 |
|
|
|
5,874 |
|
|
|
0.7 |
% |
|
|
2,351 |
|
|
|
2,264 |
|
|
|
3.8 |
% |
|
|
3,566 |
|
|
|
3,610 |
|
|
|
(1.2 |
)% |
|
|
1,209 |
|
|
|
1,183 |
|
|
|
2.2 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,874 |
|
|
|
5,775 |
|
|
|
1.7 |
% |
|
|
2,461 |
|
|
|
2,718 |
|
|
|
(9.5 |
)% |
|
|
3,413 |
|
|
|
3,057 |
|
|
|
11.6 |
% |
|
|
1,205 |
|
|
|
1,186 |
|
|
|
1.6 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
4,837 |
|
|
|
4,769 |
|
|
|
1.4 |
% |
|
|
1,640 |
|
|
|
1,811 |
|
|
|
(9.4 |
)% |
|
|
3,197 |
|
|
|
2,958 |
|
|
|
8.1 |
% |
|
|
1,372 |
|
|
|
1,343 |
|
|
|
2.1 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
4,794 |
|
|
|
4,718 |
|
|
|
1.6 |
% |
|
|
1,601 |
|
|
|
1,585 |
|
|
|
1.0 |
% |
|
|
3,193 |
|
|
|
3,133 |
|
|
|
1.9 |
% |
|
|
1,159 |
|
|
|
1,132 |
|
|
|
2.3 |
% |
Other |
|
|
7,076 |
|
|
|
30,043 |
|
|
|
29,408 |
|
|
|
2.2 |
% |
|
|
10,225 |
|
|
|
10,727 |
|
|
|
(4.7 |
)% |
|
|
19,818 |
|
|
|
18,681 |
|
|
|
6.1 |
% |
|
|
1,318 |
|
|
|
1,273 |
|
|
|
3.5 |
% |
Total Same Store |
|
|
97,003 |
|
|
$ |
444,386 |
|
|
$ |
433,996 |
|
|
|
2.4 |
% |
|
$ |
159,272 |
|
|
$ |
164,603 |
|
|
|
(3.2 |
)% |
|
$ |
285,114 |
|
|
$ |
269,393 |
|
|
|
5.8 |
% |
|
$ |
1,429 |
|
|
$ |
1,379 |
|
|
|
3.6 |
% |
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2021 AND 2020 |
Dollars in thousands, except unit and per unit data
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|
Q4 2021 |
|
|
Q4 2020 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
222,004 |
|
|
$ |
211,762 |
|
|
|
4.8 |
% |
|
$ |
82,665 |
|
|
$ |
79,404 |
|
|
|
4.1 |
% |
|
$ |
139,339 |
|
|
$ |
132,358 |
|
|
|
5.3 |
% |
|
$ |
1,536 |
|
|
$ |
1,464 |
|
|
|
4.9 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
166,499 |
|
|
|
160,333 |
|
|
|
3.8 |
% |
|
|
74,308 |
|
|
|
71,475 |
|
|
|
4.0 |
% |
|
|
92,191 |
|
|
|
88,858 |
|
|
|
3.8 |
% |
|
|
1,340 |
|
|
|
1,297 |
|
|
|
3.3 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
109,245 |
|
|
|
99,982 |
|
|
|
9.3 |
% |
|
|
37,372 |
|
|
|
35,307 |
|
|
|
5.8 |
% |
|
|
71,873 |
|
|
|
64,675 |
|
|
|
11.1 |
% |
|
|
1,624 |
|
|
|
1,500 |
|
|
|
8.3 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
99,145 |
|
|
|
95,542 |
|
|
|
3.8 |
% |
|
|
30,733 |
|
|
|
29,924 |
|
|
|
2.7 |
% |
|
|
68,412 |
|
|
|
65,618 |
|
|
|
4.3 |
% |
|
|
1,307 |
|
|
|
1,256 |
|
|
|
4.1 |
% |
Austin, TX |
|
|
7,117 |
|
|
|
122,027 |
|
|
|
117,605 |
|
|
|
3.8 |
% |
|
|
56,034 |
|
|
|
54,119 |
|
|
|
3.5 |
% |
|
|
65,993 |
|
|
|
63,486 |
|
|
|
3.9 |
% |
|
|
1,330 |
|
|
|
1,272 |
|
|
|
4.6 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
102,651 |
|
|
|
97,219 |
|
|
|
5.6 |
% |
|
|
37,015 |
|
|
|
36,651 |
|
|
|
1.0 |
% |
|
|
65,636 |
|
|
|
60,568 |
|
|
|
8.4 |
% |
|
|
1,515 |
|
|
|
1,461 |
|
|
|
3.7 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
93,573 |
|
|
|
92,887 |
|
|
|
0.7 |
% |
|
|
29,444 |
|
|
|
28,433 |
|
|
|
3.6 |
% |
|
|
64,129 |
|
|
|
64,454 |
|
|
|
(0.5 |
)% |
|
|
1,826 |
|
|
|
1,802 |
|
|
|
1.3 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
86,043 |
|
|
|
82,716 |
|
|
|
4.0 |
% |
|
|
28,685 |
|
|
|
27,555 |
|
|
|
4.1 |
% |
|
|
57,358 |
|
|
|
55,161 |
|
|
|
4.0 |
% |
|
|
1,234 |
|
|
|
1,168 |
|
|
|
5.6 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
77,087 |
|
|
|
73,133 |
|
|
|
5.4 |
% |
|
|
27,674 |
|
|
|
26,682 |
|
|
|
3.7 |
% |
|
|
49,413 |
|
|
|
46,451 |
|
|
|
6.4 |
% |
|
|
1,371 |
|
|
|
1,309 |
|
|
|
4.7 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
76,760 |
|
|
|
74,830 |
|
|
|
2.6 |
% |
|
|
35,193 |
|
|
|
33,651 |
|
|
|
4.6 |
% |
|
|
41,567 |
|
|
|
41,179 |
|
|
|
0.9 |
% |
|
|
1,231 |
|
|
|
1,217 |
|
|
|
1.1 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
71,254 |
|
|
|
67,223 |
|
|
|
6.0 |
% |
|
|
30,060 |
|
|
|
28,426 |
|
|
|
5.7 |
% |
|
|
41,194 |
|
|
|
38,797 |
|
|
|
6.2 |
% |
|
|
1,249 |
|
|
|
1,181 |
|
|
|
5.8 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
55,456 |
|
|
|
50,932 |
|
|
|
8.9 |
% |
|
|
19,048 |
|
|
|
17,729 |
|
|
|
7.4 |
% |
|
|
36,408 |
|
|
|
33,203 |
|
|
|
9.7 |
% |
|
|
1,245 |
|
|
|
1,156 |
|
|
|
7.7 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
55,019 |
|
|
|
51,007 |
|
|
|
7.9 |
% |
|
|
20,012 |
|
|
|
19,266 |
|
|
|
3.9 |
% |
|
|
35,007 |
|
|
|
31,741 |
|
|
|
10.3 |
% |
|
|
1,337 |
|
|
|
1,244 |
|
|
|
7.5 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
47,864 |
|
|
|
43,821 |
|
|
|
9.2 |
% |
|
|
12,964 |
|
|
|
12,359 |
|
|
|
4.9 |
% |
|
|
34,900 |
|
|
|
31,462 |
|
|
|
10.9 |
% |
|
|
1,412 |
|
|
|
1,292 |
|
|
|
9.3 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
34,281 |
|
|
|
32,312 |
|
|
|
6.1 |
% |
|
|
11,271 |
|
|
|
10,717 |
|
|
|
5.2 |
% |
|
|
23,010 |
|
|
|
21,595 |
|
|
|
6.6 |
% |
|
|
1,308 |
|
|
|
1,228 |
|
|
|
6.5 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
30,668 |
|
|
|
27,543 |
|
|
|
11.3 |
% |
|
|
11,439 |
|
|
|
10,076 |
|
|
|
13.5 |
% |
|
|
19,229 |
|
|
|
17,467 |
|
|
|
10.1 |
% |
|
|
1,253 |
|
|
|
1,146 |
|
|
|
9.3 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
28,467 |
|
|
|
26,461 |
|
|
|
7.6 |
% |
|
|
10,852 |
|
|
|
10,358 |
|
|
|
4.8 |
% |
|
|
17,615 |
|
|
|
16,103 |
|
|
|
9.4 |
% |
|
|
1,003 |
|
|
|
942 |
|
|
|
6.5 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
27,145 |
|
|
|
24,556 |
|
|
|
10.5 |
% |
|
|
10,263 |
|
|
|
9,722 |
|
|
|
5.6 |
% |
|
|
16,882 |
|
|
|
14,834 |
|
|
|
13.8 |
% |
|
|
1,146 |
|
|
|
1,039 |
|
|
|
10.3 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
22,930 |
|
|
|
21,529 |
|
|
|
6.5 |
% |
|
|
9,008 |
|
|
|
8,394 |
|
|
|
7.3 |
% |
|
|
13,922 |
|
|
|
13,135 |
|
|
|
6.0 |
% |
|
|
1,161 |
|
|
|
1,080 |
|
|
|
7.5 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
22,673 |
|
|
|
21,931 |
|
|
|
3.4 |
% |
|
|
10,213 |
|
|
|
9,980 |
|
|
|
2.3 |
% |
|
|
12,460 |
|
|
|
11,951 |
|
|
|
4.3 |
% |
|
|
1,167 |
|
|
|
1,119 |
|
|
|
4.2 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
18,528 |
|
|
|
16,699 |
|
|
|
11.0 |
% |
|
|
6,080 |
|
|
|
5,678 |
|
|
|
7.1 |
% |
|
|
12,448 |
|
|
|
11,021 |
|
|
|
12.9 |
% |
|
|
1,109 |
|
|
|
999 |
|
|
|
11.0 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
18,716 |
|
|
|
18,151 |
|
|
|
3.1 |
% |
|
|
6,875 |
|
|
|
6,746 |
|
|
|
1.9 |
% |
|
|
11,841 |
|
|
|
11,405 |
|
|
|
3.8 |
% |
|
|
1,330 |
|
|
|
1,289 |
|
|
|
3.1 |
% |
Other |
|
|
7,076 |
|
|
|
114,706 |
|
|
|
105,195 |
|
|
|
9.0 |
% |
|
|
41,225 |
|
|
|
38,798 |
|
|
|
6.3 |
% |
|
|
73,481 |
|
|
|
66,397 |
|
|
|
10.7 |
% |
|
|
1,250 |
|
|
|
1,165 |
|
|
|
7.3 |
% |
Total Same Store |
|
|
97,003 |
|
|
$ |
1,702,741 |
|
|
$ |
1,613,369 |
|
|
|
5.5 |
% |
|
$ |
638,433 |
|
|
$ |
611,450 |
|
|
|
4.4 |
% |
|
$ |
1,064,308 |
|
|
$ |
1,001,919 |
|
|
|
6.2 |
% |
|
$ |
1,362 |
|
|
$ |
1,295 |
|
|
|
5.2 |
% |
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
|
|
|
|
Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
December 31, 2021 |
|
|
|
|
Projected |
|
Development Costs |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Start |
|
Occupancy |
|
Completion |
|
Stabilization |
|
Total |
|
|
Thru |
|
|
|
|
||||||
|
|
Location |
|
Total |
|
|
Delivered |
|
|
Leased |
|
|
Date |
|
Date |
|
Date |
|
Date (1) |
|
Cost |
|
|
FYE 2021 |
|
|
After |
|
||||||
MAA Westglenn |
|
Denver, CO |
|
|
306 |
|
|
|
194 |
|
|
|
179 |
|
|
3Q19 |
|
2Q21 |
|
1Q22 |
|
4Q22 |
|
$ |
84,500 |
|
|
$ |
80,727 |
|
|
$ |
3,773 |
|
MAA Park Point |
|
Houston, TX |
|
|
308 |
|
|
|
222 |
|
|
|
138 |
|
|
4Q19 |
|
2Q21 |
|
1Q22 |
|
1Q23 |
|
|
57,000 |
|
|
|
52,466 |
|
|
|
4,534 |
|
MAA Windmill Hill |
|
Austin, TX |
|
|
350 |
|
|
— |
|
|
— |
|
|
4Q20 |
|
1Q22 |
|
4Q22 |
|
4Q23 |
|
|
63,000 |
|
|
|
39,761 |
|
|
|
23,239 |
|
||
Novel Val Vista (2) |
|
Phoenix, AZ |
|
|
317 |
|
|
— |
|
|
— |
|
|
4Q20 |
|
4Q22 |
|
2Q23 |
|
2Q24 |
|
|
72,500 |
|
|
|
36,536 |
|
|
|
35,964 |
|
||
Novel West Midtown (2) |
|
Atlanta, GA |
|
|
340 |
|
|
— |
|
|
— |
|
|
2Q21 |
|
4Q22 |
|
3Q23 |
|
3Q24 |
|
|
89,500 |
|
|
|
30,262 |
|
|
|
59,238 |
|
||
Novel Daybreak (2) |
|
Salt Lake City, UT |
|
|
400 |
|
|
— |
|
|
— |
|
|
2Q21 |
|
4Q22 |
|
3Q23 |
|
4Q24 |
|
|
94,000 |
|
|
|
33,917 |
|
|
|
60,083 |
|
||
Total Active |
|
|
|
|
2,021 |
|
|
|
416 |
|
|
|
317 |
|
|
|
|
|
|
|
|
|
|
$ |
460,500 |
|
|
$ |
273,669 |
|
|
$ |
186,831 |
|
(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 LEASE-UP COMMUNITIES |
Dollars in thousands
|
|
As of December 31, 2021 |
|
|
|
|
|
|
|
|||||||
|
|
Location |
|
Total Units |
|
|
Percent Occupied |
|
Construction Finished |
|
Expected Stabilization (1) |
|
Total Cost |
|
||
Novel Midtown (2) |
|
Phoenix, AZ |
|
345 |
|
|
89.6% |
|
2Q21 |
|
1Q22 |
|
$ |
82,919 |
|
|
Sand Lake (3) |
|
Orlando, FL |
|
264 |
|
|
61.7% |
|
4Q21 |
|
3Q22 |
|
|
63,313 |
|
|
MAA Robinson |
|
Orlando, FL |
|
369 |
|
|
52.3% |
|
4Q21 |
|
1Q23 |
|
|
96,121 |
|
|
Total |
|
|
|
|
978 |
|
|
68.0% |
|
|
|
|
|
$ |
242,353 |
|
(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.
(3) MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
|
|
|
Year ended December 31, 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 |
||||
|
6,360 |
|
|
$ |
37,479 |
|
|
$ |
5,893 |
|
|
$ |
149 |
|
|
12.2% |
|
12,000 - 16,000 |
2021 ACQUISITION ACTIVITY |
Multifamily Development Acquisitions |
|
Market |
|
Apartment Units |
|
Projected Completion Date |
|
Closing Date |
Novel Daybreak (1) |
|
Salt Lake City, UT |
|
400 |
|
3Q23 |
|
April 2021 |
Novel West Midtown (1) |
|
Atlanta, GA |
|
340 |
|
3Q23 |
|
April 2021 |
(1) MAA owns 80% of the joint venture that owns this property.
Land Acquisition |
|
Market |
|
Acreage |
|
Closing Date |
MAA Westshore |
|
Tampa, FL |
|
19 |
|
June 2021 |
2021 DISPOSITION ACTIVITY |
Multifamily Dispositions |
|
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 |
MAA Timbercrest |
|
Charlotte, NC |
|
282 |
|
November 2021 |
Colonial Village at Greentree |
|
Savannah, GA |
|
194 |
|
November 2021 |
Colonial Village at Marsh Cove |
|
Savannah, GA |
|
188 |
|
November 2021 |
Supplemental Data S-8
2021 DISPOSITION ACTIVITY (CONTINUED) |
Land Dispositions |
|
Market |
|
Acreage |
|
Closing Date |
Tutwiler |
|
Birmingham, AL |
|
9 |
|
September 2021 |
Colonial Promenade |
|
Huntsville, AL |
|
1 |
|
September 2021 |
Colonial Grand at Sweetwater |
|
Phoenix, AZ |
|
5 |
|
October 2021 |
Colonial Grand at Traditions |
|
Gulf Shores, AL |
|
118 |
|
December 2021 |
Colonial Grand at Thunderbird |
|
Phoenix, AZ |
|
9 |
|
December 2021 |
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES AS OF DECEMBER 31, 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 December 31, 2021 |
|
|||||||||
Joint Venture Property |
|
Gross Investment in Real Estate |
|
|
Mortgage Notes Payable |
|
|
Company’s Equity Investment |
|
|||
Post Massachusetts Avenue |
|
$ |
80,108 |
|
(1) |
$ |
51,807 |
|
(2) |
$ |
42,827 |
|
|
|
Three months ended December 31, 2021 |
|
|
Year ended December 31, 2021 |
|
||||||||||
Joint Venture Property |
|
Entity NOI |
|
|
Company’s Equity in Income |
|
|
Entity NOI |
|
|
Company’s Equity in Income |
|
||||
Post Massachusetts Avenue |
|
$ |
1,730 |
|
|
$ |
296 |
|
|
$ |
6,715 |
|
|
$ |
1,211 |
|
(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 DECEMBER 31, 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 |
|
$ |
4,516,690 |
|
|
|
100.0 |
% |
|
|
3.4 |
% |
|
|
8.7 |
|
Floating rate debt |
|
|
— |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
— |
|
Total |
|
$ |
4,516,690 |
|
|
|
100.0 |
% |
|
|
3.4 |
% |
|
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unsecured Versus Secured Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Contract Maturity |
|
||||
Unsecured debt |
|
$ |
4,151,375 |
|
|
|
91.9 |
% |
|
|
3.3 |
% |
|
|
7.1 |
|
Secured debt |
|
|
365,315 |
|
|
|
8.1 |
% |
|
|
4.4 |
% |
|
|
26.8 |
|
Total |
|
$ |
4,516,690 |
|
|
|
100.0 |
% |
|
|
3.4 |
% |
|
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unencumbered Versus Encumbered Assets |
|
Total Cost |
|
|
Percent of Total |
|
|
Q4 2021 NOI |
|
|
Percent of Total |
|
||||
Unencumbered gross assets |
|
$ |
14,268,531 |
|
|
|
94.3 |
% |
|
|
282,229 |
|
|
|
95.2 |
% |
Encumbered gross assets |
|
|
864,812 |
|
|
|
5.7 |
% |
|
|
14,248 |
|
|
|
4.8 |
% |
Total |
|
$ |
15,133,343 |
|
|
|
100.0 |
% |
|
|
296,477 |
|
|
|
100.0 |
% |
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2021 (CONTINUED) |
Dollars in thousands
FIXED INTEREST RATE MATURITIES
Maturity |
|
Fixed Rate Debt |
|
|
|
Effective Interest Rate |
|
||
2022 |
|
$ |
124,827 |
|
|
|
|
3.3 |
% |
2023 |
|
|
348,834 |
|
|
|
|
4.2 |
% |
2024 |
|
|
398,024 |
|
|
|
|
4.0 |
% |
2025 |
|
|
402,424 |
|
|
|
|
4.2 |
% |
2026 |
|
|
296,430 |
|
|
|
|
1.2 |
% |
2027 |
|
|
595,762 |
|
|
|
|
3.7 |
% |
2028 |
|
|
396,087 |
|
|
|
|
4.2 |
% |
2029 |
|
|
560,415 |
|
|
|
|
3.7 |
% |
2030 |
|
|
297,196 |
|
|
|
|
3.1 |
% |
2031 |
|
|
444,323 |
|
|
|
|
1.8 |
% |
Thereafter |
|
|
652,368 |
|
|
|
|
3.8 |
% |
Total |
|
$ |
4,516,690 |
|
|
|
|
3.4 |
% |
DEBT MATURITIES OF OUTSTANDING BALANCES
|
|
Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾ |
|
|
Public Bonds |
|
|
Secured |
|
|
Total |
|
||||
2022 |
|
$ |
— |
|
|
$ |
124,827 |
|
|
$ |
— |
|
|
$ |
124,827 |
|
2023 |
|
|
— |
|
|
|
348,834 |
|
|
|
— |
|
|
|
348,834 |
|
2024 |
|
|
— |
|
|
|
398,024 |
|
|
|
— |
|
|
|
398,024 |
|
2025 |
|
|
— |
|
|
|
396,999 |
|
|
|
5,425 |
|
|
|
402,424 |
|
2026 |
|
|
— |
|
|
|
296,430 |
|
|
|
— |
|
|
|
296,430 |
|
2027 |
|
|
— |
|
|
|
595,762 |
|
|
|
— |
|
|
|
595,762 |
|
2028 |
|
|
— |
|
|
|
396,087 |
|
|
|
— |
|
|
|
396,087 |
|
2029 |
|
|
— |
|
|
|
560,415 |
|
|
|
— |
|
|
|
560,415 |
|
2030 |
|
|
— |
|
|
|
297,196 |
|
|
|
— |
|
|
|
297,196 |
|
2031 |
|
|
— |
|
|
|
444,323 |
|
|
|
— |
|
|
|
444,323 |
|
Thereafter |
|
|
— |
|
|
|
292,478 |
|
|
|
359,890 |
|
|
|
652,368 |
|
Total |
|
$ |
— |
|
|
$ |
4,151,375 |
|
|
$ |
365,315 |
|
|
$ |
4,516,690 |
|
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to adjusted total assets |
|
60% or less |
|
29.8% |
|
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 |
|
6.1x |
|
Yes |
Total unencumbered assets to total unsecured debt |
|
Greater than 150% |
|
338.5% |
|
Yes |
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to total capitalized asset value |
|
60% or less |
|
24.4% |
|
Yes |
Total secured debt to total capitalized asset value |
|
40% or Less |
|
2.1% |
|
Yes |
Total adjusted EBITDA to fixed charges |
|
1.5x or greater for trailing 4 quarters |
|
6.2x |
|
Yes |
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
23.4% |
|
Yes |
(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.
Supplemental Data S-10
2022 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 2022 |
Earnings: |
|
|
Earnings per common share - diluted |
|
$4.87 to $5.23 |
Midpoint |
|
$5.05 |
Core FFO per Share - diluted |
|
$7.74 to $8.10 |
Midpoint |
|
$7.92 |
Core AFFO per Share - diluted |
|
$6.95 to $7.31 |
Midpoint |
|
$7.13 |
|
|
|
MAA Same Store Portfolio: |
|
|
Number of units |
|
96,313 |
Average physical occupancy |
|
95.6% to 96.0% |
Property revenue growth |
|
8.0% to 10.0% |
Effective rent growth |
|
9.0% to 11.0% |
Property operating expense growth |
|
5.0% to 6.0% |
NOI growth |
|
10.0% to 12.0% |
Real estate tax expense growth |
|
4.0% to 5.0% |
|
|
|
Corporate Expenses: |
|
|
General and administrative expenses |
|
$54.0 to $56.0 million |
Property management expenses |
|
$62.0 to $64.0 million |
Total overhead |
|
$116.0 to $120.0 million |
|
|
|
Transaction/Investment Volume: |
|
|
Multifamily acquisition volume |
|
$75.0 to $125.0 million |
Multifamily disposition volume |
|
$300.0 to $350.0 million |
Development investment |
|
$200.0 to $300.0 million |
|
|
|
Debt: |
|
|
Average effective interest rate |
|
3.4% to 3.6% |
Capitalized interest |
|
$7.5 to $8.5 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 2022 GUIDANCE |
|
|
Full Year 2022 Guidance Range |
|
|||||
|
|
Low |
|
|
High |
|
||
Earnings per common share - diluted |
|
$ |
4.87 |
|
|
$ |
5.23 |
|
Real estate depreciation and amortization |
|
|
4.48 |
|
|
|
4.48 |
|
Gains on sale of depreciable assets |
|
|
(1.64 |
) |
|
|
(1.64 |
) |
FFO per Share - diluted |
|
|
7.71 |
|
|
|
8.07 |
|
Non-Core FFO items (1) |
|
|
0.03 |
|
|
|
0.03 |
|
Core FFO per Share - diluted |
|
|
7.74 |
|
|
|
8.10 |
|
Recurring capital expenditures |
|
|
(0.79 |
) |
|
|
(0.79 |
) |
Core AFFO per Share - diluted |
|
$ |
6.95 |
|
|
$ |
7.31 |
|
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+ |
|
Positive |
COMMON STOCK |
Stock Symbol: |
|
MAA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Exchange Traded: |
|
NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Estimated Future Dates: |
|
Q1 2022 |
|
|
Q2 2022 |
|
|
Q3 2022 |
|
|
Q4 2022 |
|
|
|
|
|||||
Earnings release & conference call |
|
Late |
|
|
Late |
|
|
Late |
|
|
Early |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividend Information - Common Shares: |
|
Q4 2020 |
|
|
Q1 2021 |
|
|
Q2 2021 |
|
|
Q3 2021 |
|
|
Q4 2021 |
|
|||||
Declaration date |
|
12/8/2020 |
|
|
3/23/2021 |
|
|
5/18/2021 |
|
|
9/28/2021 |
|
|
12/7/2021 |
|
|||||
Record date |
|
1/15/2021 |
|
|
4/15/2021 |
|
|
7/15/2021 |
|
|
10/15/2021 |
|
|
1/14/2022 |
|
|||||
Payment date |
|
1/29/2021 |
|
|
4/30/2021 |
|
|
7/30/2021 |
|
|
10/29/2021 |
|
|
1/31/2022 |
|
|||||
Distributions per share |
|
$ |
1.0250 |
|
|
$ |
1.0250 |
|
|
$ |
1.0250 |
|
|
$ |
1.0250 |
|
|
$ |
1.0875 |
|
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 |
|||||||
|
Andrew Schaeffer |
|
Senior Vice President, Treasurer and Director of Capital Markets |
|||||||
|
Jennifer Patrick |
|
Director of Investor Relations |
|||||||
|
Phone: 866-576-9689 (toll free) |
|||||||||
|
Email: investor.relations@maac.com |
|||||||||
Supplemental Data S-12