Exhibit 99.2
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2022 (1)
In apartment units
|
|
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 |
|
|
|
196 |
|
|
|
— |
|
|
|
5,416 |
|
|
|
— |
|
|
|
5,416 |
|
Orlando, FL |
|
|
5,274 |
|
|
|
633 |
|
|
|
— |
|
|
|
5,907 |
|
|
|
— |
|
|
|
5,907 |
|
Charlotte, NC |
|
|
5,867 |
|
|
|
— |
|
|
|
344 |
|
|
|
6,211 |
|
|
|
— |
|
|
|
6,211 |
|
Austin, TX |
|
|
6,829 |
|
|
|
— |
|
|
|
350 |
|
|
|
7,179 |
|
|
|
— |
|
|
|
7,179 |
|
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
— |
|
|
|
— |
|
|
|
5,350 |
|
|
|
— |
|
|
|
5,350 |
|
Nashville, TN |
|
|
4,375 |
|
|
|
— |
|
|
|
— |
|
|
|
4,375 |
|
|
|
— |
|
|
|
4,375 |
|
Houston, TX |
|
|
4,867 |
|
|
|
308 |
|
|
|
— |
|
|
|
5,175 |
|
|
|
— |
|
|
|
5,175 |
|
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 |
|
Fort Worth, TX |
|
|
3,519 |
|
|
|
168 |
|
|
|
— |
|
|
|
3,687 |
|
|
|
— |
|
|
|
3,687 |
|
Northern Virginia |
|
|
1,888 |
|
|
|
— |
|
|
|
— |
|
|
|
1,888 |
|
|
|
— |
|
|
|
1,888 |
|
Richmond, VA |
|
|
2,004 |
|
|
|
— |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
|
|
2,004 |
|
Savannah, GA |
|
|
1,837 |
|
|
|
— |
|
|
|
— |
|
|
|
1,837 |
|
|
|
— |
|
|
|
1,837 |
|
Fredericksburg, VA |
|
|
1,435 |
|
|
|
— |
|
|
|
— |
|
|
|
1,435 |
|
|
|
— |
|
|
|
1,435 |
|
Greenville, SC |
|
|
2,355 |
|
|
|
— |
|
|
|
— |
|
|
|
2,355 |
|
|
|
— |
|
|
|
2,355 |
|
Memphis, TN |
|
|
1,811 |
|
|
|
— |
|
|
|
— |
|
|
|
1,811 |
|
|
|
— |
|
|
|
1,811 |
|
Birmingham, AL |
|
|
1,462 |
|
|
|
— |
|
|
|
— |
|
|
|
1,462 |
|
|
|
— |
|
|
|
1,462 |
|
Denver, CO |
|
|
812 |
|
|
|
306 |
|
|
|
— |
|
|
|
1,118 |
|
|
|
— |
|
|
|
1,118 |
|
San Antonio, TX |
|
|
1,504 |
|
|
|
— |
|
|
|
— |
|
|
|
1,504 |
|
|
|
— |
|
|
|
1,504 |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
— |
|
|
|
— |
|
|
|
1,228 |
|
|
|
— |
|
|
|
1,228 |
|
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
— |
|
|
|
— |
|
|
|
1,110 |
|
|
|
— |
|
|
|
1,110 |
|
Other |
|
|
7,078 |
|
|
|
96 |
|
|
|
— |
|
|
|
7,174 |
|
|
|
— |
|
|
|
7,174 |
|
Total Multifamily Units |
|
|
96,313 |
|
|
|
2,400 |
|
|
|
694 |
|
|
|
99,407 |
|
|
|
— |
|
|
|
99,407 |
|
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, 2022 |
|
|
Average |
|
|
As of December 31, 2022 |
|
|||||||||||||||
|
|
Gross Real |
|
|
Percent to |
|
|
Physical |
|
|
Rent per |
|
|
Completed |
|
|
Total Units, |
|
||||||
Atlanta, GA |
|
$ |
2,066,682 |
|
|
|
13.9 |
% |
|
|
96.1 |
% |
|
$ |
1,827 |
|
|
|
11,434 |
|
|
|
|
|
Dallas, TX |
|
|
1,537,679 |
|
|
|
10.4 |
% |
|
|
95.9 |
% |
|
|
1,630 |
|
|
|
10,115 |
|
|
|
|
|
Orlando, FL |
|
|
1,013,392 |
|
|
|
6.8 |
% |
|
|
96.4 |
% |
|
|
1,951 |
|
|
|
5,907 |
|
|
|
|
|
Tampa, FL |
|
|
987,051 |
|
|
|
6.7 |
% |
|
|
96.0 |
% |
|
|
2,063 |
|
|
|
5,416 |
|
|
|
|
|
Charlotte, NC |
|
|
984,632 |
|
|
|
6.6 |
% |
|
|
96.1 |
% |
|
|
1,570 |
|
|
|
5,867 |
|
|
|
|
|
Austin, TX |
|
|
875,479 |
|
|
|
5.9 |
% |
|
|
95.5 |
% |
|
|
1,622 |
|
|
|
6,829 |
|
|
|
|
|
Raleigh/Durham, NC |
|
|
719,758 |
|
|
|
4.8 |
% |
|
|
96.4 |
% |
|
|
1,506 |
|
|
|
5,350 |
|
|
|
|
|
Houston, TX |
|
|
684,472 |
|
|
|
4.6 |
% |
|
|
96.6 |
% |
|
|
1,391 |
|
|
|
5,175 |
|
|
|
|
|
Northern Virginia |
|
|
567,972 |
|
|
|
3.8 |
% |
|
|
95.8 |
% |
|
|
2,248 |
|
|
|
1,888 |
|
|
|
|
|
Nashville, TN |
|
|
550,620 |
|
|
|
3.7 |
% |
|
|
96.0 |
% |
|
|
1,671 |
|
|
|
4,375 |
|
|
|
|
|
Phoenix, AZ |
|
|
474,405 |
|
|
|
3.2 |
% |
|
|
95.8 |
% |
|
|
1,761 |
|
|
|
2,968 |
|
|
|
|
|
Charleston, SC |
|
|
419,758 |
|
|
|
2.8 |
% |
|
|
96.5 |
% |
|
|
1,675 |
|
|
|
3,168 |
|
|
|
|
|
Fort Worth, TX |
|
|
380,266 |
|
|
|
2.6 |
% |
|
|
95.6 |
% |
|
|
1,546 |
|
|
|
3,687 |
|
|
|
|
|
Jacksonville, FL |
|
|
301,655 |
|
|
|
2.0 |
% |
|
|
96.9 |
% |
|
|
1,538 |
|
|
|
3,496 |
|
|
|
|
|
Denver, CO |
|
|
295,472 |
|
|
|
2.0 |
% |
|
|
94.5 |
% |
|
|
1,933 |
|
|
|
1,118 |
|
|
|
|
|
Richmond, VA |
|
|
273,746 |
|
|
|
1.8 |
% |
|
|
96.4 |
% |
|
|
1,551 |
|
|
|
2,004 |
|
|
|
|
|
Fredericksburg, VA |
|
|
250,661 |
|
|
|
1.7 |
% |
|
|
94.8 |
% |
|
|
1,773 |
|
|
|
1,435 |
|
|
|
|
|
Greenville, SC |
|
|
232,148 |
|
|
|
1.6 |
% |
|
|
95.9 |
% |
|
|
1,286 |
|
|
|
2,355 |
|
|
|
|
|
Savannah, GA |
|
|
221,598 |
|
|
|
1.5 |
% |
|
|
96.5 |
% |
|
|
1,604 |
|
|
|
1,837 |
|
|
|
|
|
Kansas City, MO-KS |
|
|
190,333 |
|
|
|
1.3 |
% |
|
|
96.0 |
% |
|
|
1,514 |
|
|
|
1,110 |
|
|
|
|
|
San Antonio, TX |
|
|
168,531 |
|
|
|
1.1 |
% |
|
|
95.0 |
% |
|
|
1,381 |
|
|
|
1,504 |
|
|
|
|
|
Birmingham, AL |
|
|
166,708 |
|
|
|
1.1 |
% |
|
|
95.6 |
% |
|
|
1,353 |
|
|
|
1,462 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
|||||||||||||||||||||||
Tennessee |
|
|
194,929 |
|
|
|
1.3 |
% |
|
|
95.5 |
% |
|
|
1,311 |
|
|
|
2,754 |
|
|
|
|
|
Florida |
|
|
182,834 |
|
|
|
1.2 |
% |
|
|
95.2 |
% |
|
|
1,788 |
|
|
|
1,806 |
|
|
|
|
|
Alabama |
|
|
169,306 |
|
|
|
1.1 |
% |
|
|
95.4 |
% |
|
|
1,370 |
|
|
|
1,648 |
|
|
|
|
|
Virginia |
|
|
157,423 |
|
|
|
1.1 |
% |
|
|
96.8 |
% |
|
|
1,724 |
|
|
|
1,039 |
|
|
|
|
|
Kentucky |
|
|
96,655 |
|
|
|
0.7 |
% |
|
|
96.6 |
% |
|
|
1,144 |
|
|
|
1,308 |
|
|
|
|
|
Maryland |
|
|
82,104 |
|
|
|
0.6 |
% |
|
|
96.7 |
% |
|
|
2,034 |
|
|
|
361 |
|
|
|
|
|
Nevada |
|
|
73,999 |
|
|
|
0.5 |
% |
|
|
96.1 |
% |
|
|
1,575 |
|
|
|
721 |
|
|
|
|
|
South Carolina |
|
|
38,252 |
|
|
|
0.3 |
% |
|
|
95.3 |
% |
|
|
1,142 |
|
|
|
576 |
|
|
|
|
|
Stabilized Communities |
|
$ |
14,358,520 |
|
|
|
96.7 |
% |
|
|
96.0 |
% |
|
$ |
1,654 |
|
|
|
98,713 |
|
|
|
|
|
Charlotte, NC |
|
|
139,167 |
|
|
|
0.9 |
% |
|
|
84.3 |
% |
|
|
2,062 |
|
|
|
344 |
|
|
|
344 |
|
Salt Lake City, UT |
|
|
74,195 |
|
|
|
0.5 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400 |
|
Atlanta, GA |
|
|
72,536 |
|
|
|
0.5 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
340 |
|
Austin, TX |
|
|
58,961 |
|
|
|
0.4 |
% |
|
|
65.1 |
% |
|
|
1,647 |
|
|
|
350 |
|
|
|
350 |
|
Phoenix, AZ |
|
|
57,646 |
|
|
|
0.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
317 |
|
Denver, CO |
|
|
41,324 |
|
|
|
0.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Tampa, FL |
|
|
32,553 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
495 |
|
Raleigh/Durham, NC |
|
|
13,445 |
|
|
|
0.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
406 |
|
Lease-up / Development Communities |
|
$ |
489,827 |
|
|
|
3.3 |
% |
|
|
74.6 |
% |
|
$ |
1,853 |
|
|
|
694 |
|
|
|
3,004 |
|
Total Multifamily Communities |
|
$ |
14,848,347 |
|
|
|
100.0 |
% |
|
|
95.9 |
% |
|
$ |
1,655 |
|
|
|
99,407 |
|
|
|
101,717 |
|
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
|
|
As of December 31, 2022 |
|
|
Three Months Ended |
|
||||||||||||||
|
|
Apartment Units |
|
|
Gross Real Assets |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent |
|
|||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
96,313 |
|
|
$ |
13,794,995 |
|
|
$ |
502,695 |
|
|
$ |
442,479 |
|
|
|
13.6 |
% |
Non-Same Store Communities |
|
|
2,400 |
|
|
|
563,525 |
|
|
|
15,578 |
|
|
|
15,137 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
694 |
|
|
|
489,827 |
|
|
|
3,238 |
|
|
|
— |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
99,407 |
|
|
$ |
14,848,347 |
|
|
$ |
521,511 |
|
|
$ |
457,616 |
|
|
|
|
|
Commercial Property/Land |
|
|
— |
|
|
|
347,688 |
|
|
|
6,454 |
|
|
|
5,959 |
|
|
|
|
|
Total Operating Revenues |
|
|
99,407 |
|
|
$ |
15,196,035 |
|
|
$ |
527,965 |
|
|
$ |
463,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
|
|
|
|
|
$ |
170,496 |
|
|
$ |
158,054 |
|
|
|
7.9 |
% |
||
Non-Same Store Communities |
|
|
|
|
|
|
|
|
6,647 |
|
|
|
6,426 |
|
|
|
|
|||
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
1,203 |
|
|
|
81 |
|
|
|
|
|||
Hurricane Expenses |
|
|
|
|
|
|
|
|
227 |
|
|
|
— |
|
|
|
|
|||
Total Multifamily Portfolio |
|
|
|
|
|
|
|
$ |
178,573 |
|
|
$ |
164,561 |
|
|
|
|
|||
Commercial Property/Land |
|
|
|
|
|
|
|
|
2,601 |
|
|
|
2,537 |
|
|
|
|
|||
Total Property Operating Expenses |
|
|
|
|
|
|
|
$ |
181,174 |
|
|
$ |
167,098 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
|
|
|
|
|
|
$ |
332,199 |
|
|
$ |
284,425 |
|
|
|
16.8 |
% |
||
Non-Same Store Communities |
|
|
|
|
|
|
|
|
8,931 |
|
|
|
8,711 |
|
|
|
|
|||
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
2,035 |
|
|
|
(81 |
) |
|
|
|
|||
Hurricane Expenses |
|
|
|
|
|
|
|
|
(227 |
) |
|
|
— |
|
|
|
|
|||
Total Multifamily Portfolio |
|
|
|
|
|
|
|
$ |
342,938 |
|
|
$ |
293,055 |
|
|
|
|
|||
Commercial Property/Land |
|
|
|
|
|
|
|
|
3,853 |
|
|
|
3,422 |
|
|
|
|
|||
Total Net Operating Income |
|
|
|
|
|
|
|
$ |
346,791 |
|
|
$ |
296,477 |
|
|
|
17.0 |
% |
||
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent Change |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent |
|
||||||
Property Taxes |
|
$ |
63,567 |
|
|
$ |
57,788 |
|
|
|
10.0 |
% |
|
$ |
246,235 |
|
|
$ |
231,240 |
|
|
|
6.5 |
% |
Personnel |
|
|
36,635 |
|
|
|
34,800 |
|
|
|
5.3 |
% |
|
|
148,464 |
|
|
|
138,897 |
|
|
|
6.9 |
% |
Utilities |
|
|
31,289 |
|
|
|
29,263 |
|
|
|
6.9 |
% |
|
|
124,259 |
|
|
|
117,376 |
|
|
|
5.9 |
% |
Building Repair and Maintenance |
|
|
20,732 |
|
|
|
18,665 |
|
|
|
11.1 |
% |
|
|
86,642 |
|
|
|
77,442 |
|
|
|
11.9 |
% |
Office Operations |
|
|
6,940 |
|
|
|
6,336 |
|
|
|
9.5 |
% |
|
|
27,704 |
|
|
|
23,380 |
|
|
|
18.5 |
% |
Insurance |
|
|
6,971 |
|
|
|
6,241 |
|
|
|
11.7 |
% |
|
|
26,494 |
|
|
|
23,438 |
|
|
|
13.0 |
% |
Marketing |
|
|
4,362 |
|
|
|
4,961 |
|
|
|
(12.1 |
)% |
|
|
22,216 |
|
|
|
21,889 |
|
|
|
1.5 |
% |
Total Property Operating Expenses (1) |
|
$ |
170,496 |
|
|
$ |
158,054 |
|
|
|
7.9 |
% |
|
$ |
682,014 |
|
|
$ |
633,662 |
|
|
|
7.6 |
% |
Supplemental Data S-3
MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE |
|
|
|
|
|
|
|
|
Average Physical Occupancy |
|
|||||||||||||||
|
|
|
|
|
Percent of |
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||
|
|
Apartment Units |
|
|
Same Store NOI |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||||||
Atlanta, GA |
|
|
11,434 |
|
|
|
12.8 |
% |
|
|
95.4 |
% |
|
|
95.7 |
% |
|
|
95.4 |
% |
|
|
95.5 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
8.9 |
% |
|
|
95.5 |
% |
|
|
95.7 |
% |
|
|
95.6 |
% |
|
|
95.7 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
7.0 |
% |
|
|
95.7 |
% |
|
|
96.6 |
% |
|
|
96.0 |
% |
|
|
97.1 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
6.5 |
% |
|
|
96.1 |
% |
|
|
96.4 |
% |
|
|
96.2 |
% |
|
|
96.0 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
6.4 |
% |
|
|
95.7 |
% |
|
|
96.0 |
% |
|
|
95.8 |
% |
|
|
96.2 |
% |
Austin, TX |
|
|
6,829 |
|
|
|
6.0 |
% |
|
|
94.8 |
% |
|
|
95.1 |
% |
|
|
95.2 |
% |
|
|
95.6 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
5.5 |
% |
|
|
95.6 |
% |
|
|
95.5 |
% |
|
|
95.6 |
% |
|
|
95.9 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
4.8 |
% |
|
|
95.7 |
% |
|
|
95.7 |
% |
|
|
95.8 |
% |
|
|
95.6 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
3.8 |
% |
|
|
95.8 |
% |
|
|
96.0 |
% |
|
|
95.9 |
% |
|
|
96.3 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
3.6 |
% |
|
|
95.9 |
% |
|
|
96.2 |
% |
|
|
95.6 |
% |
|
|
95.3 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
3.4 |
% |
|
|
96.2 |
% |
|
|
97.2 |
% |
|
|
96.5 |
% |
|
|
97.5 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
3.3 |
% |
|
|
96.1 |
% |
|
|
96.6 |
% |
|
|
95.9 |
% |
|
|
96.9 |
% |
Fort Worth, TX |
|
|
3,519 |
|
|
|
3.2 |
% |
|
|
95.1 |
% |
|
|
96.1 |
% |
|
|
95.5 |
% |
|
|
96.2 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
2.9 |
% |
|
|
96.0 |
% |
|
|
95.5 |
% |
|
|
95.7 |
% |
|
|
95.6 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
2.1 |
% |
|
|
96.0 |
% |
|
|
96.1 |
% |
|
|
96.1 |
% |
|
|
96.6 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
2.0 |
% |
|
|
96.1 |
% |
|
|
97.2 |
% |
|
|
96.7 |
% |
|
|
97.3 |
% |
Greenville, SC |
|
|
2,355 |
|
|
|
2.0 |
% |
|
|
96.1 |
% |
|
|
95.9 |
% |
|
|
96.3 |
% |
|
|
96.3 |
% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
1.8 |
% |
|
|
95.9 |
% |
|
|
96.4 |
% |
|
|
96.3 |
% |
|
|
97.0 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
1.5 |
% |
|
|
95.1 |
% |
|
|
96.1 |
% |
|
|
95.0 |
% |
|
|
97.0 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
1.2 |
% |
|
|
95.9 |
% |
|
|
95.2 |
% |
|
|
95.8 |
% |
|
|
96.3 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
1.1 |
% |
|
|
94.8 |
% |
|
|
95.6 |
% |
|
|
95.6 |
% |
|
|
96.1 |
% |
Denver, CO |
|
|
812 |
|
|
|
1.1 |
% |
|
|
95.4 |
% |
|
|
94.5 |
% |
|
|
95.7 |
% |
|
|
94.8 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
1.1 |
% |
|
|
95.4 |
% |
|
|
96.0 |
% |
|
|
95.6 |
% |
|
|
96.8 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
1.1 |
% |
|
|
95.9 |
% |
|
|
95.8 |
% |
|
|
95.7 |
% |
|
|
95.3 |
% |
Other |
|
|
7,078 |
|
|
|
6.9 |
% |
|
|
95.8 |
% |
|
|
96.3 |
% |
|
|
96.0 |
% |
|
|
96.7 |
% |
Total Same Store |
|
|
96,313 |
|
|
|
100.0 |
% |
|
|
95.6 |
% |
|
|
96.0 |
% |
|
|
95.7 |
% |
|
|
96.1 |
% |
Supplemental Data S-4
MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2022 |
|
|
Q4 2021 |
|
|
% Chg |
|
|
Q4 2022 (1) |
|
|
Q4 2021 |
|
|
% Chg |
|
|
Q4 2022 |
|
|
Q4 2021 |
|
|
% Chg |
|
|
Q4 2022 |
|
|
Q4 2021 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
65,166 |
|
|
$ |
57,933 |
|
|
|
12.5 |
% |
|
$ |
22,590 |
|
|
$ |
20,417 |
|
|
|
10.6 |
% |
|
$ |
42,576 |
|
|
$ |
37,516 |
|
|
|
13.5 |
% |
|
$ |
1,827 |
|
|
$ |
1,611 |
|
|
|
13.4 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
49,727 |
|
|
|
43,479 |
|
|
|
14.4 |
% |
|
|
20,106 |
|
|
|
18,751 |
|
|
|
7.2 |
% |
|
|
29,621 |
|
|
|
24,728 |
|
|
|
19.8 |
% |
|
|
1,619 |
|
|
|
1,403 |
|
|
|
15.4 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
33,693 |
|
|
|
28,886 |
|
|
|
16.6 |
% |
|
|
10,425 |
|
|
|
9,225 |
|
|
|
13.0 |
% |
|
|
23,268 |
|
|
|
19,661 |
|
|
|
18.3 |
% |
|
|
2,065 |
|
|
|
1,730 |
|
|
|
19.4 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
32,027 |
|
|
|
27,000 |
|
|
|
18.6 |
% |
|
|
10,280 |
|
|
|
9,102 |
|
|
|
12.9 |
% |
|
|
21,747 |
|
|
|
17,898 |
|
|
|
21.5 |
% |
|
|
1,919 |
|
|
|
1,594 |
|
|
|
20.4 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
29,158 |
|
|
|
25,704 |
|
|
|
13.4 |
% |
|
|
8,035 |
|
|
|
7,664 |
|
|
|
4.8 |
% |
|
|
21,123 |
|
|
|
18,040 |
|
|
|
17.1 |
% |
|
|
1,570 |
|
|
|
1,365 |
|
|
|
15.0 |
% |
Austin, TX |
|
|
6,829 |
|
|
|
35,160 |
|
|
|
30,929 |
|
|
|
13.7 |
% |
|
|
15,359 |
|
|
|
13,373 |
|
|
|
14.9 |
% |
|
|
19,801 |
|
|
|
17,556 |
|
|
|
12.8 |
% |
|
|
1,622 |
|
|
|
1,403 |
|
|
|
15.6 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
25,895 |
|
|
|
22,248 |
|
|
|
16.4 |
% |
|
|
7,467 |
|
|
|
7,096 |
|
|
|
5.2 |
% |
|
|
18,428 |
|
|
|
15,152 |
|
|
|
21.6 |
% |
|
|
1,506 |
|
|
|
1,292 |
|
|
|
16.5 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
23,059 |
|
|
|
20,125 |
|
|
|
14.6 |
% |
|
|
7,055 |
|
|
|
6,690 |
|
|
|
5.5 |
% |
|
|
16,004 |
|
|
|
13,435 |
|
|
|
19.1 |
% |
|
|
1,671 |
|
|
|
1,436 |
|
|
|
16.4 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
16,999 |
|
|
|
14,380 |
|
|
|
18.2 |
% |
|
|
4,297 |
|
|
|
4,999 |
|
|
|
(14.0 |
)% |
|
|
12,702 |
|
|
|
9,381 |
|
|
|
35.4 |
% |
|
|
1,675 |
|
|
|
1,410 |
|
|
|
18.8 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
21,628 |
|
|
|
19,825 |
|
|
|
9.1 |
% |
|
|
9,634 |
|
|
|
9,537 |
|
|
|
1.0 |
% |
|
|
11,994 |
|
|
|
10,288 |
|
|
|
16.6 |
% |
|
|
1,382 |
|
|
|
1,266 |
|
|
|
9.2 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
16,603 |
|
|
|
14,681 |
|
|
|
13.1 |
% |
|
|
5,326 |
|
|
|
4,760 |
|
|
|
11.9 |
% |
|
|
11,277 |
|
|
|
9,921 |
|
|
|
13.7 |
% |
|
|
1,538 |
|
|
|
1,325 |
|
|
|
16.1 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
14,499 |
|
|
|
12,753 |
|
|
|
13.7 |
% |
|
|
3,451 |
|
|
|
3,146 |
|
|
|
9.7 |
% |
|
|
11,048 |
|
|
|
9,607 |
|
|
|
15.0 |
% |
|
|
1,747 |
|
|
|
1,511 |
|
|
|
15.6 |
% |
Fort Worth, TX |
|
|
3,519 |
|
|
|
17,873 |
|
|
|
15,825 |
|
|
|
12.9 |
% |
|
|
7,181 |
|
|
|
6,452 |
|
|
|
11.3 |
% |
|
|
10,692 |
|
|
|
9,373 |
|
|
|
14.1 |
% |
|
|
1,540 |
|
|
|
1,351 |
|
|
|
14.0 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
13,222 |
|
|
|
11,994 |
|
|
|
10.2 |
% |
|
|
3,718 |
|
|
|
3,775 |
|
|
|
(1.5 |
)% |
|
|
9,504 |
|
|
|
8,219 |
|
|
|
15.6 |
% |
|
|
2,248 |
|
|
|
2,047 |
|
|
|
9.8 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
9,995 |
|
|
|
8,827 |
|
|
|
13.2 |
% |
|
|
3,149 |
|
|
|
2,791 |
|
|
|
12.8 |
% |
|
|
6,846 |
|
|
|
6,036 |
|
|
|
13.4 |
% |
|
|
1,551 |
|
|
|
1,373 |
|
|
|
12.9 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
9,609 |
|
|
|
8,165 |
|
|
|
17.7 |
% |
|
|
2,840 |
|
|
|
2,839 |
|
|
|
0.0 |
% |
|
|
6,769 |
|
|
|
5,326 |
|
|
|
27.1 |
% |
|
|
1,604 |
|
|
|
1,337 |
|
|
|
20.0 |
% |
Greenville, SC |
|
|
2,355 |
|
|
|
10,058 |
|
|
|
8,911 |
|
|
|
12.9 |
% |
|
|
3,392 |
|
|
|
3,290 |
|
|
|
3.1 |
% |
|
|
6,666 |
|
|
|
5,621 |
|
|
|
18.6 |
% |
|
|
1,286 |
|
|
|
1,134 |
|
|
|
13.3 |
% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
8,187 |
|
|
|
7,727 |
|
|
|
6.0 |
% |
|
|
2,211 |
|
|
|
2,085 |
|
|
|
6.0 |
% |
|
|
5,976 |
|
|
|
5,642 |
|
|
|
5.9 |
% |
|
|
1,773 |
|
|
|
1,673 |
|
|
|
6.0 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
7,816 |
|
|
|
7,114 |
|
|
|
9.9 |
% |
|
|
2,717 |
|
|
|
2,496 |
|
|
|
8.9 |
% |
|
|
5,099 |
|
|
|
4,618 |
|
|
|
10.4 |
% |
|
|
1,348 |
|
|
|
1,221 |
|
|
|
10.4 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
6,446 |
|
|
|
5,917 |
|
|
|
8.9 |
% |
|
|
2,440 |
|
|
|
2,351 |
|
|
|
3.8 |
% |
|
|
4,006 |
|
|
|
3,566 |
|
|
|
12.3 |
% |
|
|
1,353 |
|
|
|
1,209 |
|
|
|
11.9 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
6,547 |
|
|
|
5,874 |
|
|
|
11.5 |
% |
|
|
2,810 |
|
|
|
2,461 |
|
|
|
14.2 |
% |
|
|
3,737 |
|
|
|
3,413 |
|
|
|
9.5 |
% |
|
|
1,381 |
|
|
|
1,205 |
|
|
|
14.6 |
% |
Denver, CO |
|
|
812 |
|
|
|
5,019 |
|
|
|
4,484 |
|
|
|
11.9 |
% |
|
|
1,340 |
|
|
|
1,268 |
|
|
|
5.7 |
% |
|
|
3,679 |
|
|
|
3,216 |
|
|
|
14.4 |
% |
|
|
1,934 |
|
|
|
1,752 |
|
|
|
10.4 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
5,288 |
|
|
|
4,794 |
|
|
|
10.3 |
% |
|
|
1,704 |
|
|
|
1,601 |
|
|
|
6.4 |
% |
|
|
3,584 |
|
|
|
3,193 |
|
|
|
12.2 |
% |
|
|
1,296 |
|
|
|
1,159 |
|
|
|
11.8 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
5,306 |
|
|
|
4,837 |
|
|
|
9.7 |
% |
|
|
1,771 |
|
|
|
1,640 |
|
|
|
8.0 |
% |
|
|
3,535 |
|
|
|
3,197 |
|
|
|
10.6 |
% |
|
|
1,514 |
|
|
|
1,372 |
|
|
|
10.4 |
% |
Other |
|
|
7,078 |
|
|
|
33,715 |
|
|
|
30,067 |
|
|
|
12.1 |
% |
|
|
11,198 |
|
|
|
10,245 |
|
|
|
9.3 |
% |
|
|
22,517 |
|
|
|
19,822 |
|
|
|
13.6 |
% |
|
|
1,507 |
|
|
|
1,320 |
|
|
|
14.2 |
% |
Total Same Store |
|
|
96,313 |
|
|
$ |
502,695 |
|
|
$ |
442,479 |
|
|
|
13.6 |
% |
|
$ |
170,496 |
|
|
$ |
158,054 |
|
|
|
7.9 |
% |
|
$ |
332,199 |
|
|
$ |
284,425 |
|
|
|
16.8 |
% |
|
$ |
1,646 |
|
|
$ |
1,433 |
|
|
|
14.9 |
% |
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2022 |
|
|
Q3 2022 |
|
|
% Chg |
|
|
Q4 2022 (1) |
|
|
Q3 2022 (2) |
|
|
% Chg |
|
|
Q4 2022 |
|
|
Q3 2022 |
|
|
% Chg |
|
|
Q4 2022 |
|
|
Q3 2022 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
65,166 |
|
|
$ |
64,073 |
|
|
|
1.7 |
% |
|
$ |
22,590 |
|
|
$ |
23,756 |
|
|
|
(4.9 |
)% |
|
$ |
42,576 |
|
|
$ |
40,317 |
|
|
|
5.6 |
% |
|
$ |
1,827 |
|
|
$ |
1,793 |
|
|
|
1.9 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
49,727 |
|
|
|
49,111 |
|
|
|
1.3 |
% |
|
|
20,106 |
|
|
|
20,199 |
|
|
|
(0.5 |
)% |
|
|
29,621 |
|
|
|
28,912 |
|
|
|
2.5 |
% |
|
|
1,619 |
|
|
|
1,585 |
|
|
|
2.2 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
33,693 |
|
|
|
32,897 |
|
|
|
2.4 |
% |
|
|
10,425 |
|
|
|
11,001 |
|
|
|
(5.2 |
)% |
|
|
23,268 |
|
|
|
21,896 |
|
|
|
6.3 |
% |
|
|
2,065 |
|
|
|
2,015 |
|
|
|
2.5 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
32,027 |
|
|
|
31,271 |
|
|
|
2.4 |
% |
|
|
10,280 |
|
|
|
11,406 |
|
|
|
(9.9 |
)% |
|
|
21,747 |
|
|
|
19,865 |
|
|
|
9.5 |
% |
|
|
1,919 |
|
|
|
1,864 |
|
|
|
2.9 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
29,158 |
|
|
|
28,955 |
|
|
|
0.7 |
% |
|
|
8,035 |
|
|
|
8,513 |
|
|
|
(5.6 |
)% |
|
|
21,123 |
|
|
|
20,442 |
|
|
|
3.3 |
% |
|
|
1,570 |
|
|
|
1,543 |
|
|
|
1.8 |
% |
Austin, TX |
|
|
6,829 |
|
|
|
35,160 |
|
|
|
34,889 |
|
|
|
0.8 |
% |
|
|
15,359 |
|
|
|
15,303 |
|
|
|
0.4 |
% |
|
|
19,801 |
|
|
|
19,586 |
|
|
|
1.1 |
% |
|
|
1,622 |
|
|
|
1,598 |
|
|
|
1.5 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
25,895 |
|
|
|
25,425 |
|
|
|
1.8 |
% |
|
|
7,467 |
|
|
|
8,018 |
|
|
|
(6.9 |
)% |
|
|
18,428 |
|
|
|
17,407 |
|
|
|
5.9 |
% |
|
|
1,506 |
|
|
|
1,474 |
|
|
|
2.2 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
23,059 |
|
|
|
22,781 |
|
|
|
1.2 |
% |
|
|
7,055 |
|
|
|
7,818 |
|
|
|
(9.8 |
)% |
|
|
16,004 |
|
|
|
14,963 |
|
|
|
7.0 |
% |
|
|
1,671 |
|
|
|
1,634 |
|
|
|
2.3 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
16,999 |
|
|
|
16,577 |
|
|
|
2.5 |
% |
|
|
4,297 |
|
|
|
5,286 |
|
|
|
(18.7 |
)% |
|
|
12,702 |
|
|
|
11,291 |
|
|
|
12.5 |
% |
|
|
1,675 |
|
|
|
1,625 |
|
|
|
3.1 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
21,628 |
|
|
|
21,283 |
|
|
|
1.6 |
% |
|
|
9,634 |
|
|
|
9,420 |
|
|
|
2.3 |
% |
|
|
11,994 |
|
|
|
11,863 |
|
|
|
1.1 |
% |
|
|
1,382 |
|
|
|
1,363 |
|
|
|
1.4 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
16,603 |
|
|
|
16,394 |
|
|
|
1.3 |
% |
|
|
5,326 |
|
|
|
5,754 |
|
|
|
(7.4 |
)% |
|
|
11,277 |
|
|
|
10,640 |
|
|
|
6.0 |
% |
|
|
1,538 |
|
|
|
1,510 |
|
|
|
1.9 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
14,499 |
|
|
|
14,291 |
|
|
|
1.5 |
% |
|
|
3,451 |
|
|
|
3,632 |
|
|
|
(5.0 |
)% |
|
|
11,048 |
|
|
|
10,659 |
|
|
|
3.6 |
% |
|
|
1,747 |
|
|
|
1,713 |
|
|
|
2.0 |
% |
Fort Worth, TX |
|
|
3,519 |
|
|
|
17,873 |
|
|
|
17,633 |
|
|
|
1.4 |
% |
|
|
7,181 |
|
|
|
7,538 |
|
|
|
(4.7 |
)% |
|
|
10,692 |
|
|
|
10,095 |
|
|
|
5.9 |
% |
|
|
1,540 |
|
|
|
1,509 |
|
|
|
2.1 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
13,222 |
|
|
|
13,002 |
|
|
|
1.7 |
% |
|
|
3,718 |
|
|
|
4,358 |
|
|
|
(14.7 |
)% |
|
|
9,504 |
|
|
|
8,644 |
|
|
|
9.9 |
% |
|
|
2,248 |
|
|
|
2,211 |
|
|
|
1.7 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
9,995 |
|
|
|
9,911 |
|
|
|
0.8 |
% |
|
|
3,149 |
|
|
|
3,257 |
|
|
|
(3.3 |
)% |
|
|
6,846 |
|
|
|
6,654 |
|
|
|
2.9 |
% |
|
|
1,551 |
|
|
|
1,525 |
|
|
|
1.7 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
9,609 |
|
|
|
9,457 |
|
|
|
1.6 |
% |
|
|
2,840 |
|
|
|
3,242 |
|
|
|
(12.4 |
)% |
|
|
6,769 |
|
|
|
6,215 |
|
|
|
8.9 |
% |
|
|
1,604 |
|
|
|
1,570 |
|
|
|
2.1 |
% |
Greenville, SC |
|
|
2,355 |
|
|
|
10,058 |
|
|
|
9,936 |
|
|
|
1.2 |
% |
|
|
3,392 |
|
|
|
3,602 |
|
|
|
(5.8 |
)% |
|
|
6,666 |
|
|
|
6,334 |
|
|
|
5.2 |
% |
|
|
1,286 |
|
|
|
1,256 |
|
|
|
2.4 |
% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
8,187 |
|
|
|
8,078 |
|
|
|
1.3 |
% |
|
|
2,211 |
|
|
|
2,326 |
|
|
|
(4.9 |
)% |
|
|
5,976 |
|
|
|
5,752 |
|
|
|
3.9 |
% |
|
|
1,773 |
|
|
|
1,763 |
|
|
|
0.6 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
7,816 |
|
|
|
7,721 |
|
|
|
1.2 |
% |
|
|
2,717 |
|
|
|
2,887 |
|
|
|
(5.9 |
)% |
|
|
5,099 |
|
|
|
4,834 |
|
|
|
5.5 |
% |
|
|
1,348 |
|
|
|
1,339 |
|
|
|
0.7 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
6,446 |
|
|
|
6,483 |
|
|
|
(0.6 |
)% |
|
|
2,440 |
|
|
|
2,502 |
|
|
|
(2.5 |
)% |
|
|
4,006 |
|
|
|
3,981 |
|
|
|
0.6 |
% |
|
|
1,353 |
|
|
|
1,342 |
|
|
|
0.8 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
6,547 |
|
|
|
6,515 |
|
|
|
0.5 |
% |
|
|
2,810 |
|
|
|
2,855 |
|
|
|
(1.6 |
)% |
|
|
3,737 |
|
|
|
3,660 |
|
|
|
2.1 |
% |
|
|
1,381 |
|
|
|
1,361 |
|
|
|
1.5 |
% |
Denver, CO |
|
|
812 |
|
|
|
5,019 |
|
|
|
4,916 |
|
|
|
2.1 |
% |
|
|
1,340 |
|
|
|
1,467 |
|
|
|
(8.7 |
)% |
|
|
3,679 |
|
|
|
3,449 |
|
|
|
6.7 |
% |
|
|
1,934 |
|
|
|
1,898 |
|
|
|
1.9 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
5,288 |
|
|
|
5,197 |
|
|
|
1.8 |
% |
|
|
1,704 |
|
|
|
1,773 |
|
|
|
(3.9 |
)% |
|
|
3,584 |
|
|
|
3,424 |
|
|
|
4.7 |
% |
|
|
1,296 |
|
|
|
1,281 |
|
|
|
1.2 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
5,306 |
|
|
|
5,256 |
|
|
|
1.0 |
% |
|
|
1,771 |
|
|
|
2,037 |
|
|
|
(13.1 |
)% |
|
|
3,535 |
|
|
|
3,219 |
|
|
|
9.8 |
% |
|
|
1,514 |
|
|
|
1,486 |
|
|
|
1.8 |
% |
Other |
|
|
7,078 |
|
|
|
33,715 |
|
|
|
33,325 |
|
|
|
1.2 |
% |
|
|
11,198 |
|
|
|
11,811 |
|
|
|
(5.2 |
)% |
|
|
22,517 |
|
|
|
21,514 |
|
|
|
4.7 |
% |
|
|
1,507 |
|
|
|
1,481 |
|
|
|
1.8 |
% |
Total Same Store |
|
|
96,313 |
|
|
$ |
502,695 |
|
|
$ |
495,377 |
|
|
|
1.5 |
% |
|
$ |
170,496 |
|
|
$ |
179,761 |
|
|
|
(5.2 |
)% |
|
$ |
332,199 |
|
|
$ |
315,616 |
|
|
|
5.3 |
% |
|
$ |
1,646 |
|
|
$ |
1,614 |
|
|
|
2.0 |
% |
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2022 AND 2021 |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2022 |
|
|
Q4 2021 |
|
|
% Chg |
|
|
Q4 2022 (1) |
|
|
Q4 2021 |
|
|
% Chg |
|
|
Q4 2022 |
|
|
Q4 2021 |
|
|
% Chg |
|
|
Q4 2022 |
|
|
Q4 2021 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
250,477 |
|
|
$ |
222,007 |
|
|
|
12.8 |
% |
|
$ |
89,778 |
|
|
$ |
82,666 |
|
|
|
8.6 |
% |
|
$ |
160,699 |
|
|
$ |
139,341 |
|
|
|
15.3 |
% |
|
$ |
1,743 |
|
|
$ |
1,536 |
|
|
|
13.5 |
% |
Dallas, TX |
|
|
9,767 |
|
|
|
190,128 |
|
|
|
166,499 |
|
|
|
14.2 |
% |
|
|
77,560 |
|
|
|
74,308 |
|
|
|
4.4 |
% |
|
|
112,568 |
|
|
|
92,191 |
|
|
|
22.1 |
% |
|
|
1,536 |
|
|
|
1,340 |
|
|
|
14.6 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
127,805 |
|
|
|
109,245 |
|
|
|
17.0 |
% |
|
|
41,941 |
|
|
|
37,372 |
|
|
|
12.2 |
% |
|
|
85,864 |
|
|
|
71,873 |
|
|
|
19.5 |
% |
|
|
1,943 |
|
|
|
1,624 |
|
|
|
19.6 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
120,555 |
|
|
|
102,651 |
|
|
|
17.4 |
% |
|
|
41,448 |
|
|
|
37,015 |
|
|
|
12.0 |
% |
|
|
79,107 |
|
|
|
65,636 |
|
|
|
20.5 |
% |
|
|
1,793 |
|
|
|
1,515 |
|
|
|
18.3 |
% |
Charlotte, NC |
|
|
5,867 |
|
|
|
111,887 |
|
|
|
99,145 |
|
|
|
12.9 |
% |
|
|
32,710 |
|
|
|
30,733 |
|
|
|
6.4 |
% |
|
|
79,177 |
|
|
|
68,412 |
|
|
|
15.7 |
% |
|
|
1,490 |
|
|
|
1,307 |
|
|
|
14.1 |
% |
Austin, TX |
|
|
6,829 |
|
|
|
134,997 |
|
|
|
117,757 |
|
|
|
14.6 |
% |
|
|
58,696 |
|
|
|
53,933 |
|
|
|
8.8 |
% |
|
|
76,301 |
|
|
|
63,824 |
|
|
|
19.5 |
% |
|
|
1,546 |
|
|
|
1,340 |
|
|
|
15.4 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
98,179 |
|
|
|
86,043 |
|
|
|
14.1 |
% |
|
|
30,628 |
|
|
|
28,685 |
|
|
|
6.8 |
% |
|
|
67,551 |
|
|
|
57,358 |
|
|
|
17.8 |
% |
|
|
1,421 |
|
|
|
1,234 |
|
|
|
15.1 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
87,948 |
|
|
|
77,087 |
|
|
|
14.1 |
% |
|
|
29,318 |
|
|
|
27,674 |
|
|
|
5.9 |
% |
|
|
58,630 |
|
|
|
49,413 |
|
|
|
18.7 |
% |
|
|
1,577 |
|
|
|
1,371 |
|
|
|
15.0 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
63,896 |
|
|
|
55,019 |
|
|
|
16.1 |
% |
|
|
19,838 |
|
|
|
20,012 |
|
|
|
(0.9 |
)% |
|
|
44,058 |
|
|
|
35,007 |
|
|
|
25.9 |
% |
|
|
1,568 |
|
|
|
1,337 |
|
|
|
17.3 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
83,856 |
|
|
|
76,760 |
|
|
|
9.2 |
% |
|
|
36,999 |
|
|
|
35,193 |
|
|
|
5.1 |
% |
|
|
46,857 |
|
|
|
41,567 |
|
|
|
12.7 |
% |
|
|
1,337 |
|
|
|
1,231 |
|
|
|
8.6 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
63,883 |
|
|
|
55,456 |
|
|
|
15.2 |
% |
|
|
21,385 |
|
|
|
19,048 |
|
|
|
12.3 |
% |
|
|
42,498 |
|
|
|
36,408 |
|
|
|
16.7 |
% |
|
|
1,462 |
|
|
|
1,245 |
|
|
|
17.5 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
55,504 |
|
|
|
47,864 |
|
|
|
16.0 |
% |
|
|
13,890 |
|
|
|
12,964 |
|
|
|
7.1 |
% |
|
|
41,614 |
|
|
|
34,900 |
|
|
|
19.2 |
% |
|
|
1,660 |
|
|
|
1,412 |
|
|
|
17.6 |
% |
Fort Worth, TX |
|
|
3,519 |
|
|
|
68,589 |
|
|
|
60,852 |
|
|
|
12.7 |
% |
|
|
27,785 |
|
|
|
25,313 |
|
|
|
9.8 |
% |
|
|
40,804 |
|
|
|
35,539 |
|
|
|
14.8 |
% |
|
|
1,467 |
|
|
|
1,289 |
|
|
|
13.8 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
50,888 |
|
|
|
47,702 |
|
|
|
6.7 |
% |
|
|
15,776 |
|
|
|
15,521 |
|
|
|
1.6 |
% |
|
|
35,112 |
|
|
|
32,181 |
|
|
|
9.1 |
% |
|
|
2,162 |
|
|
|
2,021 |
|
|
|
7.0 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
38,372 |
|
|
|
34,280 |
|
|
|
11.9 |
% |
|
|
12,598 |
|
|
|
11,271 |
|
|
|
11.8 |
% |
|
|
25,774 |
|
|
|
23,009 |
|
|
|
12.0 |
% |
|
|
1,482 |
|
|
|
1,308 |
|
|
|
13.3 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
36,489 |
|
|
|
30,668 |
|
|
|
19.0 |
% |
|
|
12,089 |
|
|
|
11,439 |
|
|
|
5.7 |
% |
|
|
24,400 |
|
|
|
19,229 |
|
|
|
26.9 |
% |
|
|
1,505 |
|
|
|
1,253 |
|
|
|
20.2 |
% |
Greenville, SC |
|
|
2,355 |
|
|
|
38,586 |
|
|
|
34,270 |
|
|
|
12.6 |
% |
|
|
13,997 |
|
|
|
13,347 |
|
|
|
4.9 |
% |
|
|
24,589 |
|
|
|
20,923 |
|
|
|
17.5 |
% |
|
|
1,222 |
|
|
|
1,072 |
|
|
|
14.0 |
% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
31,995 |
|
|
|
29,456 |
|
|
|
8.6 |
% |
|
|
9,017 |
|
|
|
8,329 |
|
|
|
8.3 |
% |
|
|
22,978 |
|
|
|
21,127 |
|
|
|
8.8 |
% |
|
|
1,731 |
|
|
|
1,579 |
|
|
|
9.6 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
30,255 |
|
|
|
27,145 |
|
|
|
11.5 |
% |
|
|
10,954 |
|
|
|
10,263 |
|
|
|
6.7 |
% |
|
|
19,301 |
|
|
|
16,882 |
|
|
|
14.3 |
% |
|
|
1,308 |
|
|
|
1,146 |
|
|
|
14.1 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
25,220 |
|
|
|
22,930 |
|
|
|
10.0 |
% |
|
|
9,613 |
|
|
|
9,008 |
|
|
|
6.7 |
% |
|
|
15,607 |
|
|
|
13,922 |
|
|
|
12.1 |
% |
|
|
1,303 |
|
|
|
1,161 |
|
|
|
12.2 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
25,237 |
|
|
|
22,673 |
|
|
|
11.3 |
% |
|
|
11,002 |
|
|
|
10,213 |
|
|
|
7.7 |
% |
|
|
14,235 |
|
|
|
12,460 |
|
|
|
14.2 |
% |
|
|
1,317 |
|
|
|
1,167 |
|
|
|
12.9 |
% |
Denver, CO |
|
|
812 |
|
|
|
19,322 |
|
|
|
17,394 |
|
|
|
11.1 |
% |
|
|
5,468 |
|
|
|
5,180 |
|
|
|
5.6 |
% |
|
|
13,854 |
|
|
|
12,214 |
|
|
|
13.4 |
% |
|
|
1,859 |
|
|
|
1,687 |
|
|
|
10.2 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
20,484 |
|
|
|
18,528 |
|
|
|
10.6 |
% |
|
|
6,868 |
|
|
|
6,080 |
|
|
|
13.0 |
% |
|
|
13,616 |
|
|
|
12,448 |
|
|
|
9.4 |
% |
|
|
1,246 |
|
|
|
1,109 |
|
|
|
12.4 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
20,445 |
|
|
|
18,716 |
|
|
|
9.2 |
% |
|
|
7,407 |
|
|
|
6,875 |
|
|
|
7.7 |
% |
|
|
13,038 |
|
|
|
11,841 |
|
|
|
10.1 |
% |
|
|
1,452 |
|
|
|
1,330 |
|
|
|
9.2 |
% |
Other |
|
|
7,078 |
|
|
|
129,712 |
|
|
|
115,087 |
|
|
|
12.7 |
% |
|
|
45,249 |
|
|
|
41,220 |
|
|
|
9.8 |
% |
|
|
84,463 |
|
|
|
73,867 |
|
|
|
14.3 |
% |
|
|
1,381 |
|
|
|
1,205 |
|
|
|
14.6 |
% |
Total Same Store |
|
|
96,313 |
|
|
$ |
1,924,709 |
|
|
$ |
1,695,234 |
|
|
|
13.5 |
% |
|
$ |
682,014 |
|
|
$ |
633,662 |
|
|
|
7.6 |
% |
|
$ |
1,242,695 |
|
|
$ |
1,061,572 |
|
|
|
17.1 |
% |
|
$ |
1,565 |
|
|
$ |
1,365 |
|
|
|
14.6 |
% |
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
|
|
|
|
Units as of |
|
Development Costs as of |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
December 31, 2022 |
|
December 31, 2022 |
|
|
|
|
Expected |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Expected |
|
Spend |
|
Expected |
|
|
Start |
|
Initial |
|
|
|
|
||||||
|
|
Location |
|
Total |
|
Delivered |
|
Leased |
|
Total |
|
to Date |
|
Remaining |
|
|
Date |
|
Occupancy |
|
Completion |
|
Stabilization (1) |
||||||
Novel West Midtown (2) |
|
Atlanta, GA |
|
|
340 |
|
— |
|
— |
|
|
89,500 |
|
|
72,536 |
|
|
16,964 |
|
|
2Q21 |
|
1Q23 |
|
3Q23 |
|
3Q24 |
||
Novel Val Vista (2) |
|
Phoenix, AZ |
|
|
317 |
|
— |
|
— |
|
|
77,200 |
|
|
57,646 |
|
|
19,554 |
|
|
4Q20 |
|
3Q23 |
|
1Q24 |
|
1Q25 |
||
Novel Daybreak (2) |
|
Salt Lake City, UT |
|
|
400 |
|
— |
|
— |
|
|
94,000 |
|
|
74,195 |
|
|
19,805 |
|
|
2Q21 |
|
1Q23 |
|
4Q23 |
|
4Q24 |
||
MAA Milepost 35 |
|
Denver, CO |
|
|
352 |
|
— |
|
— |
|
|
125,000 |
|
|
41,324 |
|
|
83,676 |
|
|
1Q22 |
|
4Q23 |
|
4Q24 |
|
3Q25 |
||
MAA Nixie |
|
Raleigh, NC |
|
|
406 |
|
— |
|
— |
|
|
145,500 |
|
|
13,445 |
|
|
132,055 |
|
|
4Q22 |
|
4Q24 |
|
3Q25 |
|
3Q26 |
||
MAA Breakwater |
|
Tampa, FL |
|
|
495 |
|
— |
|
— |
|
|
197,500 |
|
|
32,553 |
|
|
164,947 |
|
|
4Q22 |
|
1Q25 |
|
4Q25 |
|
4Q26 |
||
Total Active |
|
|
|
|
2,310 |
|
|
— |
|
|
— |
|
$ |
728,700 |
|
$ |
291,699 |
|
$ |
437,001 |
|
|
|
|
|
|
|
|
|
(1) Communities are considered stabilized when 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, 2022 |
|
|
|
|
|
|||||||||
|
|
Location |
|
Total Units |
|
|
Physical Occupancy |
|
Spend to Date |
|
|
Construction Completed |
|
Expected Stabilization (1) |
||
MAA LoSo |
|
Charlotte, NC |
|
344 |
|
|
84.3% |
|
|
139,167 |
|
|
(2) |
|
2Q23 |
|
MAA Windmill Hill |
|
Austin, TX |
|
350 |
|
|
65.1% |
|
|
58,961 |
|
|
4Q22 |
|
4Q23 |
|
Total |
|
|
|
|
694 |
|
|
74.6% |
|
$ |
198,128 |
|
|
|
|
|
(1) Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2) Property was acquired while in lease-up; construction was completed prior to acquisition by MAA.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
Year ended December 31, 2022 |
|
|
||||||||||||||||
Units Completed |
|
|
Redevelopment Spend |
|
|
Average Cost per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
Estimated Units Remaining in Pipeline |
||||
|
6,574 |
|
|
$ |
40,161 |
|
|
$ |
6,109 |
|
|
$ |
133 |
|
|
10.0% |
|
10,000 - 13,000 |
Supplemental Data S-8
2022 ACQUISITION ACTIVITY |
Multifamily Acquisitions |
|
Market |
|
Apartment Units |
|
Closing Date |
MAA Hampton Preserve II |
|
Tampa, FL |
|
196 |
|
July 2022 |
MAA LoSo |
|
Charlotte, NC |
|
344 |
|
September 2022 |
Alta 10th (1) |
|
Charlotte, NC |
|
305 |
|
December 2022 |
Land Acquisition |
|
Market |
|
Acreage |
|
Closing Date |
MAA Florida Street Station |
|
Denver, CO |
|
4 |
|
March 2022 |
MAA Packing District |
|
Orlando, FL |
|
4 |
|
May 2022 |
MAA Panorama |
|
Denver, CO |
|
6 |
|
July 2022 |
MAA Nixie |
|
Raleigh, NC |
|
6 |
|
November 2022 |
2022 DISPOSITION ACTIVITY |
Multifamily Dispositions |
|
Market |
|
Apartment Units |
|
Closing Date |
MAA Deer Run |
|
Fort Worth, TX |
|
304 |
|
June 2022 |
MAA Oakbend |
|
Fort Worth, TX |
|
426 |
|
June 2022 |
Post Park Maryland |
|
Maryland, MD |
|
396 |
|
October 2022 |
Stassney Woods |
|
Austin, TX |
|
288 |
|
December 2022 |
Land Dispositions |
|
Market |
|
Acreage |
|
Closing Date |
Colonial Promenade |
|
Huntsville, AL |
|
2 |
|
April 2022 |
Colonial Promenade |
|
Huntsville, AL |
|
3 |
|
August 2022 |
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2022 |
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 |
|
$ |
4,394,903 |
|
|
|
99.5 |
% |
|
|
3.4 |
% |
|
|
8.0 |
|
Floating rate debt |
|
|
20,000 |
|
|
|
0.5 |
% |
|
|
4.7 |
% |
|
|
0.1 |
|
Total |
|
$ |
4,414,903 |
|
|
|
100.0 |
% |
|
|
3.4 |
% |
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unsecured Versus Secured Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Contract Maturity |
|
||||
Unsecured debt |
|
$ |
4,050,910 |
|
|
|
91.8 |
% |
|
|
3.4 |
% |
|
|
6.3 |
|
Secured debt |
|
|
363,993 |
|
|
|
8.2 |
% |
|
|
4.4 |
% |
|
|
25.8 |
|
Total |
|
$ |
4,414,903 |
|
|
|
100.0 |
% |
|
|
3.4 |
% |
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unencumbered Versus Encumbered Assets |
|
Total Cost |
|
|
Percent of Total |
|
|
Q4 2022 NOI |
|
|
Percent of Total |
|
||||
Unencumbered gross assets |
|
$ |
14,720,706 |
|
|
|
94.7 |
% |
|
$ |
330,039 |
|
|
|
95.2 |
% |
Encumbered gross assets |
|
|
823,206 |
|
|
|
5.3 |
% |
|
|
16,752 |
|
|
|
4.8 |
% |
Total |
|
$ |
15,543,912 |
|
|
|
100.0 |
% |
|
$ |
346,791 |
|
|
|
100.0 |
% |
FIXED INTEREST RATE MATURITIES
Maturity |
|
Fixed Rate Debt |
|
|
|
Effective Interest Rate |
|
||
2023 |
|
$ |
349,509 |
|
|
|
|
4.2 |
% |
2024 |
|
|
398,842 |
|
|
|
|
4.0 |
% |
2025 |
|
|
401,751 |
|
|
|
|
4.2 |
% |
2026 |
|
|
297,202 |
|
|
|
|
1.2 |
% |
2027 |
|
|
596,548 |
|
|
|
|
3.7 |
% |
2028 |
|
|
396,695 |
|
|
|
|
4.2 |
% |
2029 |
|
|
559,082 |
|
|
|
|
3.7 |
% |
2030 |
|
|
297,542 |
|
|
|
|
3.1 |
% |
2031 |
|
|
444,985 |
|
|
|
|
1.8 |
% |
2032 |
|
|
— |
|
|
|
|
— |
|
Thereafter |
|
|
652,747 |
|
|
|
|
3.8 |
% |
Total |
|
$ |
4,394,903 |
|
|
|
|
3.4 |
% |
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2022 (CONTINUED) |
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
Maturity |
|
Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾ |
|
|
Public Bonds |
|
|
Secured |
|
|
Total |
|
||||
2023 |
|
$ |
20,000 |
|
|
$ |
349,509 |
|
|
$ |
— |
|
|
$ |
369,509 |
|
2024 |
|
|
— |
|
|
|
398,842 |
|
|
|
— |
|
|
|
398,842 |
|
2025 |
|
|
— |
|
|
|
397,773 |
|
|
|
3,978 |
|
|
|
401,751 |
|
2026 |
|
|
— |
|
|
|
297,202 |
|
|
|
— |
|
|
|
297,202 |
|
2027 |
|
|
— |
|
|
|
596,548 |
|
|
|
— |
|
|
|
596,548 |
|
2028 |
|
|
— |
|
|
|
396,695 |
|
|
|
— |
|
|
|
396,695 |
|
2029 |
|
|
— |
|
|
|
559,082 |
|
|
|
— |
|
|
|
559,082 |
|
2030 |
|
|
— |
|
|
|
297,542 |
|
|
|
— |
|
|
|
297,542 |
|
2031 |
|
|
— |
|
|
|
444,985 |
|
|
|
— |
|
|
|
444,985 |
|
2032 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Thereafter |
|
|
— |
|
|
|
292,732 |
|
|
|
360,015 |
|
|
|
652,747 |
|
Total |
|
$ |
20,000 |
|
|
$ |
4,030,910 |
|
|
$ |
363,993 |
|
|
$ |
4,414,903 |
|
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to adjusted total assets |
|
60% or less |
|
28.4% |
|
Yes |
Total secured debt to adjusted total assets |
|
40% or less |
|
2.3% |
|
Yes |
Consolidated income available for debt service to total annual debt service charge |
|
1.5x or greater for trailing 4 quarters |
|
7.2x |
|
Yes |
Total unencumbered assets to total unsecured debt |
|
Greater than 150% |
|
355.3% |
|
Yes |
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to total capitalized asset value |
|
60% or less |
|
19.5% |
|
Yes |
Total secured debt to total capitalized asset value |
|
40% or Less |
|
1.7% |
|
Yes |
Total adjusted EBITDA to fixed charges |
|
1.5x or greater for trailing 4 quarters |
|
7.2x |
|
Yes |
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
18.7% |
|
Yes |
(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.
Supplemental Data S-10
2023 GUIDANCE |
MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP financial 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 2023 |
||
Earnings: |
|
|
|
Range |
|
Midpoint |
Earnings per common share - diluted |
|
|
|
$5.97 to $6.37 |
|
$6.17 |
Core FFO per Share - diluted |
|
|
|
$8.88 to $9.28 |
|
$9.08 |
Core AFFO per Share - diluted |
|
|
|
$7.96 to $8.36 |
|
$8.16 |
|
|
|
|
|
|
|
MAA Same Store Portfolio: |
|
|
|
|
|
|
Number of units |
|
|
|
95,285 |
|
95,285 |
Average physical occupancy |
|
|
|
95.6% to 96.0% |
|
95.80% |
Property revenue growth |
|
|
|
5.25% to 7.25% |
|
6.25% |
Effective rent growth |
|
|
|
6.00% to 8.00% |
|
7.00% |
Property operating expense growth |
|
|
|
5.15% to 7.15% |
|
6.15% |
NOI growth |
|
|
|
5.30% to 7.30% |
|
6.30% |
Real estate tax expense growth |
|
|
|
5.50% to 7.00% |
|
6.25% |
|
|
|
|
|
|
|
Corporate Expenses: ($ in millions) |
|
|
|
|
|
|
Property management expenses |
|
|
|
$72.0 to $74.0 |
|
$73.0 |
General and administrative expenses |
|
|
|
$54.5 to $56.5 |
|
$55.5 |
Total overhead |
|
|
|
$126.5 to $130.5 |
|
$128.5 |
|
|
|
|
|
|
|
Transaction/Investment Volume: ($ in millions) |
|
|
|
|
|
|
Multifamily acquisition volume |
|
|
|
$350.0 to $450.0 |
|
$400.0 |
Multifamily disposition volume |
|
|
|
$250.0 to $350.0 |
|
$300.0 |
Development investment |
|
|
|
$250.0 to $350.0 |
|
$300.0 |
|
|
|
|
|
|
|
Debt: |
|
|
|
|
|
|
Average effective interest rate |
|
|
|
3.4% to 3.6% |
|
3.5% |
Capitalized interest ($ in millions) |
|
|
|
$12.0 to $14.0 |
|
$13.0 |
|
|
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
|
|
Diluted common shares and units |
|
|
|
119.5 to 120.0 million |
|
119.75 million |
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2023 GUIDANCE |
|
|
Full Year 2023 Guidance Range |
|
|||||
|
|
Low |
|
|
High |
|
||
Earnings per common share - diluted |
|
$ |
5.97 |
|
|
$ |
6.37 |
|
Real estate depreciation and amortization |
|
|
4.72 |
|
|
|
4.72 |
|
Gains on sale of depreciable assets |
|
|
(1.82 |
) |
|
|
(1.82 |
) |
FFO per Share - diluted |
|
|
8.87 |
|
|
|
9.27 |
|
Non-Core FFO items (1) |
|
|
0.01 |
|
|
|
0.01 |
|
Core FFO per Share - diluted |
|
|
8.88 |
|
|
|
9.28 |
|
Recurring capital expenditures |
|
|
(0.92 |
) |
|
|
(0.92 |
) |
Core AFFO per Share - diluted |
|
$ |
7.96 |
|
|
$ |
8.36 |
|
Supplemental Data S-11
CREDIT RATINGS |
|
|
Commercial |
|
Long-Term |
|
|
|
|
Paper Rating |
|
Debt Rating |
|
Outlook |
Fitch Ratings (1) |
|
F1 |
|
A- |
|
Stable |
Moody’s Investors Service (2) |
|
P-2 |
|
Baa1 |
|
Positive |
Standard & Poor’s Ratings Services (1) |
|
A-2 |
|
A- |
|
Stable |
COMMON STOCK |
Stock Symbol: |
|
MAA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Exchange Traded: |
|
NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Estimated Future Dates: |
|
Q1 2023 |
|
|
Q2 2023 |
|
|
Q3 2023 |
|
|
Q4 2023 |
|
|
|
|
|||||
Earnings release & conference call |
|
Late |
|
|
Late |
|
|
Late |
|
|
Early |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividend Information - Common Shares: |
|
Q4 2021 |
|
|
Q1 2022 |
|
|
Q2 2022 |
|
|
Q3 2022 |
|
|
Q4 2022 |
|
|||||
Declaration date |
|
12/7/2021 |
|
|
3/22/2022 |
|
|
5/17/2022 |
|
|
9/27/2022 |
|
|
12/13/2022 |
|
|||||
Record date |
|
1/14/2022 |
|
|
4/14/2022 |
|
|
7/15/2022 |
|
|
10/14/2022 |
|
|
1/13/2023 |
|
|||||
Payment date |
|
1/31/2022 |
|
|
4/29/2022 |
|
|
7/29/2022 |
|
|
10/31/2022 |
|
|
1/31/2023 |
|
|||||
Distributions per share |
|
$ |
1.0875 |
|
|
$ |
1.0875 |
|
|
$ |
1.2500 |
|
|
$ |
1.2500 |
|
|
$ |
1.4000 |
|
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