Exhibit 99.2
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2024 (1)
In apartment units
|
|
Same |
|
|
Non-Same |
|
|
Lease-up |
|
|
Total |
|
|
Development |
|
|
Total |
|
||||||
Atlanta, GA |
|
|
11,434 |
|
|
|
— |
|
|
|
340 |
|
|
|
11,774 |
|
|
|
— |
|
|
|
11,774 |
|
Dallas, TX |
|
|
10,116 |
|
|
|
— |
|
|
|
— |
|
|
|
10,116 |
|
|
|
— |
|
|
|
10,116 |
|
Austin, TX |
|
|
6,829 |
|
|
|
350 |
|
|
|
— |
|
|
|
7,179 |
|
|
|
— |
|
|
|
7,179 |
|
Charlotte, NC |
|
|
5,651 |
|
|
|
560 |
|
|
|
352 |
|
|
|
6,563 |
|
|
|
— |
|
|
|
6,563 |
|
Orlando, FL |
|
|
5,643 |
|
|
|
264 |
|
|
|
— |
|
|
|
5,907 |
|
|
|
— |
|
|
|
5,907 |
|
Tampa, FL |
|
|
5,416 |
|
|
|
— |
|
|
|
— |
|
|
|
5,416 |
|
|
|
— |
|
|
|
5,416 |
|
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
— |
|
|
|
— |
|
|
|
5,350 |
|
|
|
— |
|
|
|
5,350 |
|
Houston, TX |
|
|
5,175 |
|
|
|
— |
|
|
|
— |
|
|
|
5,175 |
|
|
|
— |
|
|
|
5,175 |
|
Nashville, TN |
|
|
4,375 |
|
|
|
— |
|
|
|
— |
|
|
|
4,375 |
|
|
|
— |
|
|
|
4,375 |
|
Fort Worth, TX |
|
|
3,687 |
|
|
|
— |
|
|
|
— |
|
|
|
3,687 |
|
|
|
— |
|
|
|
3,687 |
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
— |
|
|
|
— |
|
|
|
3,496 |
|
|
|
— |
|
|
|
3,496 |
|
Phoenix, AZ |
|
|
2,968 |
|
|
|
— |
|
|
|
323 |
|
|
|
3,291 |
|
|
|
112 |
|
|
|
3,403 |
|
Charleston, SC |
|
|
3,168 |
|
|
|
— |
|
|
|
— |
|
|
|
3,168 |
|
|
|
— |
|
|
|
3,168 |
|
Greenville, SC |
|
|
2,354 |
|
|
|
— |
|
|
|
— |
|
|
|
2,354 |
|
|
|
— |
|
|
|
2,354 |
|
Richmond, VA |
|
|
1,732 |
|
|
|
272 |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
|
|
2,004 |
|
Northern Virginia |
|
|
1,888 |
|
|
|
— |
|
|
|
— |
|
|
|
1,888 |
|
|
|
— |
|
|
|
1,888 |
|
Savannah, GA |
|
|
1,837 |
|
|
|
— |
|
|
|
— |
|
|
|
1,837 |
|
|
|
— |
|
|
|
1,837 |
|
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 |
|
Fredericksburg, VA |
|
|
1,435 |
|
|
|
— |
|
|
|
— |
|
|
|
1,435 |
|
|
|
— |
|
|
|
1,435 |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
— |
|
|
|
— |
|
|
|
1,228 |
|
|
|
— |
|
|
|
1,228 |
|
Denver, CO |
|
|
1,118 |
|
|
|
— |
|
|
|
— |
|
|
|
1,118 |
|
|
|
84 |
|
|
|
1,202 |
|
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
— |
|
|
|
— |
|
|
|
1,110 |
|
|
|
— |
|
|
|
1,110 |
|
Other |
|
|
6,502 |
|
|
|
672 |
|
|
|
— |
|
|
|
7,174 |
|
|
|
262 |
|
|
|
7,436 |
|
Total Multifamily Units |
|
|
97,289 |
|
|
|
2,118 |
|
|
|
1,015 |
|
|
|
100,422 |
|
|
|
458 |
|
|
|
100,880 |
|
Supplemental Data S-1
PORTFOLIO STATISTICS (CONTINUED) |
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
|
As of March 31, 2024 |
|
|
Average |
|
|
As of March 31, 2024 |
|
|||||||||||||||
|
|
Gross Real |
|
|
Percent to |
|
|
Physical |
|
|
Rent per |
|
|
Completed |
|
|
Total Units, |
|
||||||
Atlanta, GA |
|
$ |
2,104,322 |
|
|
|
13.3 |
% |
|
|
94.1 |
% |
|
$ |
1,839 |
|
|
|
11,434 |
|
|
|
|
|
Dallas, TX |
|
|
1,588,183 |
|
|
|
10.1 |
% |
|
|
95.6 |
% |
|
|
1,668 |
|
|
|
10,116 |
|
|
|
|
|
Charlotte, NC |
|
|
1,154,714 |
|
|
|
7.4 |
% |
|
|
95.9 |
% |
|
|
1,651 |
|
|
|
6,211 |
|
|
|
|
|
Orlando, FL |
|
|
1,032,421 |
|
|
|
6.6 |
% |
|
|
96.0 |
% |
|
|
2,006 |
|
|
|
5,907 |
|
|
|
|
|
Tampa, FL |
|
|
1,012,979 |
|
|
|
6.5 |
% |
|
|
96.4 |
% |
|
|
2,094 |
|
|
|
5,416 |
|
|
|
|
|
Austin, TX |
|
|
959,501 |
|
|
|
6.1 |
% |
|
|
94.2 |
% |
|
|
1,610 |
|
|
|
7,179 |
|
|
|
|
|
Raleigh/Durham, NC |
|
|
735,801 |
|
|
|
4.7 |
% |
|
|
96.2 |
% |
|
|
1,543 |
|
|
|
5,350 |
|
|
|
|
|
Houston, TX |
|
|
705,043 |
|
|
|
4.5 |
% |
|
|
95.4 |
% |
|
|
1,428 |
|
|
|
5,175 |
|
|
|
|
|
Northern Virginia |
|
|
575,284 |
|
|
|
3.7 |
% |
|
|
97.5 |
% |
|
|
2,376 |
|
|
|
1,888 |
|
|
|
|
|
Nashville, TN |
|
|
563,404 |
|
|
|
3.6 |
% |
|
|
96.3 |
% |
|
|
1,698 |
|
|
|
4,375 |
|
|
|
|
|
Phoenix, AZ |
|
|
486,052 |
|
|
|
3.1 |
% |
|
|
95.0 |
% |
|
|
1,744 |
|
|
|
2,968 |
|
|
|
|
|
Charleston, SC |
|
|
432,000 |
|
|
|
2.8 |
% |
|
|
96.6 |
% |
|
|
1,780 |
|
|
|
3,168 |
|
|
|
|
|
Fort Worth, TX |
|
|
394,061 |
|
|
|
2.5 |
% |
|
|
95.9 |
% |
|
|
1,575 |
|
|
|
3,687 |
|
|
|
|
|
Jacksonville, FL |
|
|
315,856 |
|
|
|
2.0 |
% |
|
|
96.3 |
% |
|
|
1,534 |
|
|
|
3,496 |
|
|
|
|
|
Denver, CO |
|
|
296,322 |
|
|
|
1.9 |
% |
|
|
95.7 |
% |
|
|
1,972 |
|
|
|
1,118 |
|
|
|
|
|
Richmond, VA |
|
|
280,021 |
|
|
|
1.8 |
% |
|
|
97.4 |
% |
|
|
1,603 |
|
|
|
2,004 |
|
|
|
|
|
Fredericksburg, VA |
|
|
256,625 |
|
|
|
1.6 |
% |
|
|
98.0 |
% |
|
|
1,805 |
|
|
|
1,435 |
|
|
|
|
|
Greenville, SC |
|
|
240,793 |
|
|
|
1.5 |
% |
|
|
96.8 |
% |
|
|
1,325 |
|
|
|
2,354 |
|
|
|
|
|
Savannah, GA |
|
|
226,793 |
|
|
|
1.4 |
% |
|
|
96.4 |
% |
|
|
1,695 |
|
|
|
1,837 |
|
|
|
|
|
Kansas City, MO-KS |
|
|
193,265 |
|
|
|
1.2 |
% |
|
|
96.1 |
% |
|
|
1,579 |
|
|
|
1,110 |
|
|
|
|
|
Birmingham, AL |
|
|
172,998 |
|
|
|
1.1 |
% |
|
|
95.5 |
% |
|
|
1,393 |
|
|
|
1,462 |
|
|
|
|
|
San Antonio, TX |
|
|
171,743 |
|
|
|
1.1 |
% |
|
|
95.7 |
% |
|
|
1,385 |
|
|
|
1,504 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
|||||||||||||||||||||||
Tennessee |
|
|
206,073 |
|
|
|
1.3 |
% |
|
|
96.0 |
% |
|
|
1,337 |
|
|
|
2,754 |
|
|
|
|
|
Florida |
|
|
192,518 |
|
|
|
1.2 |
% |
|
|
96.0 |
% |
|
|
1,826 |
|
|
|
1,806 |
|
|
|
|
|
Alabama |
|
|
177,441 |
|
|
|
1.1 |
% |
|
|
95.0 |
% |
|
|
1,393 |
|
|
|
1,648 |
|
|
|
|
|
Virginia |
|
|
165,160 |
|
|
|
1.1 |
% |
|
|
96.0 |
% |
|
|
1,744 |
|
|
|
1,039 |
|
|
|
|
|
Kentucky |
|
|
102,791 |
|
|
|
0.7 |
% |
|
|
97.5 |
% |
|
|
1,220 |
|
|
|
1,308 |
|
|
|
|
|
Maryland |
|
|
83,913 |
|
|
|
0.5 |
% |
|
|
97.0 |
% |
|
|
2,218 |
|
|
|
361 |
|
|
|
|
|
Nevada |
|
|
75,684 |
|
|
|
0.5 |
% |
|
|
96.9 |
% |
|
|
1,570 |
|
|
|
721 |
|
|
|
|
|
South Carolina |
|
|
39,313 |
|
|
|
0.3 |
% |
|
|
92.5 |
% |
|
|
1,220 |
|
|
|
576 |
|
|
|
|
|
Stabilized Communities |
|
$ |
14,941,074 |
|
|
|
95.2 |
% |
|
|
95.7 |
% |
|
$ |
1,689 |
|
|
|
99,407 |
|
|
|
|
|
Phoenix, AZ |
|
|
174,764 |
|
|
|
1.1 |
% |
|
|
43.1 |
% |
|
|
1,923 |
|
|
|
435 |
|
|
|
640 |
|
Charlotte, NC |
|
|
106,564 |
|
|
|
0.7 |
% |
|
|
81.5 |
% |
|
|
1,935 |
|
|
|
352 |
|
|
|
352 |
|
Tampa, FL |
|
|
110,917 |
|
|
|
0.7 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
495 |
|
Denver, CO |
|
|
102,732 |
|
|
|
0.7 |
% |
|
|
6.8 |
% |
|
|
2,335 |
|
|
|
84 |
|
|
|
352 |
|
Salt Lake City, UT |
|
|
93,927 |
|
|
|
0.6 |
% |
|
|
38.5 |
% |
|
|
1,796 |
|
|
|
262 |
|
|
|
400 |
|
Atlanta, GA |
|
|
91,187 |
|
|
|
0.6 |
% |
|
|
49.7 |
% |
|
|
2,200 |
|
|
|
340 |
|
|
|
340 |
|
Raleigh/Durham, NC |
|
|
65,154 |
|
|
|
0.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
406 |
|
Lease-up / Development Communities |
|
$ |
745,245 |
|
|
|
4.8 |
% |
|
|
43.7 |
% |
|
$ |
1,991 |
|
|
|
1,473 |
|
|
|
2,985 |
|
Total Multifamily Communities |
|
$ |
15,686,319 |
|
|
|
100.0 |
% |
|
|
94.6 |
% |
|
$ |
1,693 |
|
|
|
100,880 |
|
|
|
102,392 |
|
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
|
|
Three Months Ended |
|
|
As of March 31, 2024 |
|
||||||||||||||
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
|
Percent |
|
|
Apartment Units |
|
|
Gross Real Assets |
|
|||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
$ |
519,629 |
|
|
$ |
512,431 |
|
|
|
1.4 |
% |
|
|
97,289 |
|
|
$ |
14,571,491 |
|
Non-Same Store Communities |
|
|
12,197 |
|
|
|
10,159 |
|
|
|
|
|
|
2,118 |
|
|
|
369,583 |
|
|
Lease-up/Development Communities |
|
|
5,231 |
|
|
|
1 |
|
|
|
|
|
|
1,473 |
|
|
|
745,245 |
|
|
Total Multifamily Portfolio |
|
$ |
537,057 |
|
|
$ |
522,591 |
|
|
|
|
|
|
100,880 |
|
|
$ |
15,686,319 |
|
|
Commercial Property/Land |
|
|
6,565 |
|
|
|
6,442 |
|
|
|
|
|
|
— |
|
|
|
378,940 |
|
|
Total Operating Revenues |
|
$ |
543,622 |
|
|
$ |
529,033 |
|
|
|
|
|
|
100,880 |
|
|
$ |
16,065,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
$ |
185,046 |
|
|
$ |
175,502 |
|
|
|
5.4 |
% |
|
|
|
|
|
|
||
Non-Same Store Communities |
|
|
4,495 |
|
|
|
4,276 |
|
|
|
|
|
|
|
|
|
|
|||
Lease-up/Development Communities |
|
|
3,402 |
|
|
|
341 |
|
|
|
|
|
|
|
|
|
|
|||
Storm Costs |
|
|
2,165 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|||
Total Multifamily Portfolio |
|
$ |
195,108 |
|
|
$ |
180,119 |
|
|
|
|
|
|
|
|
|
|
|||
Commercial Property/Land |
|
|
2,694 |
|
|
|
2,684 |
|
|
|
|
|
|
|
|
|
|
|||
Total Property Operating Expenses |
|
$ |
197,802 |
|
|
$ |
182,803 |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Same Store Communities |
|
$ |
334,583 |
|
|
$ |
336,929 |
|
|
|
-0.7 |
% |
|
|
|
|
|
|
||
Non-Same Store Communities |
|
|
7,702 |
|
|
|
5,883 |
|
|
|
|
|
|
|
|
|
|
|||
Lease-up/Development Communities |
|
|
1,829 |
|
|
|
(340 |
) |
|
|
|
|
|
|
|
|
|
|||
Storm Costs |
|
|
(2,165 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|||
Total Multifamily Portfolio |
|
$ |
341,949 |
|
|
$ |
342,472 |
|
|
|
|
|
|
|
|
|
|
|||
Commercial Property/Land |
|
|
3,871 |
|
|
|
3,758 |
|
|
|
|
|
|
|
|
|
|
|||
Total Net Operating Income |
|
$ |
345,820 |
|
|
$ |
346,230 |
|
|
|
-0.1 |
% |
|
|
|
|
|
|
||
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
|
Percent Change |
|
|||
Property Taxes |
|
$ |
68,061 |
|
|
$ |
64,617 |
|
|
|
5.3 |
% |
Personnel |
|
|
39,766 |
|
|
|
37,981 |
|
|
|
4.7 |
% |
Utilities |
|
|
32,611 |
|
|
|
31,631 |
|
|
|
3.1 |
% |
Building Repair and Maintenance |
|
|
21,784 |
|
|
|
21,122 |
|
|
|
3.1 |
% |
Office Operations |
|
|
8,533 |
|
|
|
7,071 |
|
|
|
20.7 |
% |
Insurance |
|
|
8,237 |
|
|
|
7,112 |
|
|
|
15.8 |
% |
Marketing |
|
|
6,054 |
|
|
|
5,968 |
|
|
|
1.4 |
% |
Total Property Operating Expenses |
|
$ |
185,046 |
|
|
$ |
175,502 |
|
|
|
5.4 |
% |
Supplemental Data S-3
MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE |
|
|
|
|
|
|
|
|
Average Physical Occupancy |
|
|||||||
|
|
|
|
|
Percent of |
|
|
Three Months Ended |
|
|||||||
|
|
Apartment Units |
|
|
Same Store NOI |
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
||||
Atlanta, GA |
|
|
11,434 |
|
|
|
12.0 |
% |
|
|
94.2 |
% |
|
|
94.9 |
% |
Dallas, TX |
|
|
10,116 |
|
|
|
9.6 |
% |
|
|
95.0 |
% |
|
|
95.6 |
% |
Tampa, FL |
|
|
5,416 |
|
|
|
7.0 |
% |
|
|
95.9 |
% |
|
|
95.5 |
% |
Orlando, FL |
|
|
5,643 |
|
|
|
6.9 |
% |
|
|
95.9 |
% |
|
|
96.1 |
% |
Charlotte, NC |
|
|
5,651 |
|
|
|
6.2 |
% |
|
|
95.0 |
% |
|
|
95.6 |
% |
Austin, TX |
|
|
6,829 |
|
|
|
5.9 |
% |
|
|
94.3 |
% |
|
|
95.3 |
% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
5.5 |
% |
|
|
95.5 |
% |
|
|
95.2 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
4.8 |
% |
|
|
95.8 |
% |
|
|
95.4 |
% |
Houston, TX |
|
|
5,175 |
|
|
|
3.9 |
% |
|
|
95.3 |
% |
|
|
95.9 |
% |
Fort Worth, TX |
|
|
3,687 |
|
|
|
3.7 |
% |
|
|
95.0 |
% |
|
|
95.4 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
3.6 |
% |
|
|
96.0 |
% |
|
|
95.6 |
% |
Phoenix, AZ |
|
|
2,968 |
|
|
|
3.6 |
% |
|
|
95.2 |
% |
|
|
95.8 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
3.2 |
% |
|
|
95.2 |
% |
|
|
96.0 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
2.9 |
% |
|
|
96.5 |
% |
|
|
95.9 |
% |
Greenville, SC |
|
|
2,354 |
|
|
|
2.0 |
% |
|
|
95.9 |
% |
|
|
96.0 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
1.9 |
% |
|
|
95.6 |
% |
|
|
96.0 |
% |
Richmond, VA |
|
|
1,732 |
|
|
|
1.9 |
% |
|
|
96.1 |
% |
|
|
95.8 |
% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
1.8 |
% |
|
|
97.0 |
% |
|
|
96.2 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
1.5 |
% |
|
|
95.3 |
% |
|
|
95.0 |
% |
Denver, CO |
|
|
1,118 |
|
|
|
1.5 |
% |
|
|
96.0 |
% |
|
|
95.2 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
1.2 |
% |
|
|
95.1 |
% |
|
|
95.8 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
1.1 |
% |
|
|
95.1 |
% |
|
|
95.3 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
1.1 |
% |
|
|
95.7 |
% |
|
|
95.2 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
1.0 |
% |
|
|
94.7 |
% |
|
|
95.7 |
% |
Other |
|
|
6,502 |
|
|
|
6.2 |
% |
|
|
95.7 |
% |
|
|
95.3 |
% |
Total Same Store |
|
|
97,289 |
|
|
|
100.0 |
% |
|
|
95.3 |
% |
|
|
95.5 |
% |
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 |
|
|
Q1 2024 |
|
|
Q1 2023 |
|
|
% Chg |
|
|
Q1 2024 |
|
|
Q1 2023 |
|
|
% Chg |
|
|
Q1 2024 |
|
|
Q1 2023 |
|
|
% Chg |
|
|
Q1 2024 |
|
|
Q1 2023 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
65,121 |
|
|
$ |
64,724 |
|
|
|
0.6 |
% |
|
$ |
24,890 |
|
|
$ |
23,207 |
|
|
|
7.3 |
% |
|
$ |
40,231 |
|
|
$ |
41,517 |
|
|
|
(3.1 |
)% |
|
$ |
1,839 |
|
|
$ |
1,832 |
|
|
|
0.4 |
% |
Dallas, TX |
|
|
10,116 |
|
|
|
52,950 |
|
|
|
52,290 |
|
|
|
1.3 |
% |
|
|
20,959 |
|
|
|
20,534 |
|
|
|
2.1 |
% |
|
|
31,991 |
|
|
|
31,756 |
|
|
|
0.7 |
% |
|
|
1,668 |
|
|
|
1,642 |
|
|
|
1.6 |
% |
Tampa, FL |
|
|
5,416 |
|
|
|
35,723 |
|
|
|
35,116 |
|
|
|
1.7 |
% |
|
|
12,384 |
|
|
|
11,629 |
|
|
|
6.5 |
% |
|
|
23,339 |
|
|
|
23,487 |
|
|
|
(0.6 |
)% |
|
|
2,094 |
|
|
|
2,073 |
|
|
|
1.1 |
% |
Orlando, FL |
|
|
5,643 |
|
|
|
35,420 |
|
|
|
34,898 |
|
|
|
1.5 |
% |
|
|
12,324 |
|
|
|
11,829 |
|
|
|
4.2 |
% |
|
|
23,096 |
|
|
|
23,069 |
|
|
|
0.1 |
% |
|
|
1,987 |
|
|
|
1,960 |
|
|
|
1.4 |
% |
Charlotte, NC |
|
|
5,651 |
|
|
|
29,082 |
|
|
|
28,453 |
|
|
|
2.2 |
% |
|
|
8,425 |
|
|
|
7,907 |
|
|
|
6.6 |
% |
|
|
20,657 |
|
|
|
20,546 |
|
|
|
0.5 |
% |
|
|
1,638 |
|
|
|
1,593 |
|
|
|
2.9 |
% |
Austin, TX |
|
|
6,829 |
|
|
|
34,813 |
|
|
|
35,335 |
|
|
|
(1.5 |
)% |
|
|
15,044 |
|
|
|
14,380 |
|
|
|
4.6 |
% |
|
|
19,769 |
|
|
|
20,955 |
|
|
|
(5.7 |
)% |
|
|
1,607 |
|
|
|
1,623 |
|
|
|
(0.9 |
)% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
26,498 |
|
|
|
25,987 |
|
|
|
2.0 |
% |
|
|
8,260 |
|
|
|
7,580 |
|
|
|
9.0 |
% |
|
|
18,238 |
|
|
|
18,407 |
|
|
|
(0.9 |
)% |
|
|
1,543 |
|
|
|
1,514 |
|
|
|
1.9 |
% |
Nashville, TN |
|
|
4,375 |
|
|
|
23,594 |
|
|
|
23,255 |
|
|
|
1.5 |
% |
|
|
7,533 |
|
|
|
7,345 |
|
|
|
2.6 |
% |
|
|
16,061 |
|
|
|
15,910 |
|
|
|
0.9 |
% |
|
|
1,698 |
|
|
|
1,678 |
|
|
|
1.2 |
% |
Houston, TX |
|
|
5,175 |
|
|
|
23,585 |
|
|
|
23,220 |
|
|
|
1.6 |
% |
|
|
10,456 |
|
|
|
10,184 |
|
|
|
2.7 |
% |
|
|
13,129 |
|
|
|
13,036 |
|
|
|
0.7 |
% |
|
|
1,428 |
|
|
|
1,395 |
|
|
|
2.4 |
% |
Fort Worth, TX |
|
|
3,687 |
|
|
|
18,959 |
|
|
|
18,899 |
|
|
|
0.3 |
% |
|
|
6,510 |
|
|
|
6,650 |
|
|
|
(2.1 |
)% |
|
|
12,449 |
|
|
|
12,249 |
|
|
|
1.6 |
% |
|
|
1,575 |
|
|
|
1,556 |
|
|
|
1.3 |
% |
Charleston, SC |
|
|
3,168 |
|
|
|
17,815 |
|
|
|
16,963 |
|
|
|
5.0 |
% |
|
|
5,621 |
|
|
|
5,121 |
|
|
|
9.8 |
% |
|
|
12,194 |
|
|
|
11,842 |
|
|
|
3.0 |
% |
|
|
1,780 |
|
|
|
1,687 |
|
|
|
5.5 |
% |
Phoenix, AZ |
|
|
2,968 |
|
|
|
16,209 |
|
|
|
16,468 |
|
|
|
(1.6 |
)% |
|
|
4,306 |
|
|
|
4,001 |
|
|
|
7.6 |
% |
|
|
11,903 |
|
|
|
12,467 |
|
|
|
(4.5 |
)% |
|
|
1,744 |
|
|
|
1,760 |
|
|
|
(0.9 |
)% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
16,393 |
|
|
|
16,563 |
|
|
|
(1.0 |
)% |
|
|
5,837 |
|
|
|
5,529 |
|
|
|
5.6 |
% |
|
|
10,556 |
|
|
|
11,034 |
|
|
|
(4.3 |
)% |
|
|
1,534 |
|
|
|
1,547 |
|
|
|
(0.9 |
)% |
Northern Virginia |
|
|
1,888 |
|
|
|
14,006 |
|
|
|
13,344 |
|
|
|
5.0 |
% |
|
|
4,349 |
|
|
|
4,049 |
|
|
|
7.4 |
% |
|
|
9,657 |
|
|
|
9,295 |
|
|
|
3.9 |
% |
|
|
2,376 |
|
|
|
2,269 |
|
|
|
4.7 |
% |
Greenville, SC |
|
|
2,354 |
|
|
|
10,356 |
|
|
|
10,155 |
|
|
|
2.0 |
% |
|
|
3,633 |
|
|
|
2,721 |
|
|
|
33.5 |
% |
|
|
6,723 |
|
|
|
7,434 |
|
|
|
(9.6 |
)% |
|
|
1,325 |
|
|
|
1,296 |
|
|
|
2.2 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
10,013 |
|
|
|
9,672 |
|
|
|
3.5 |
% |
|
|
3,557 |
|
|
|
3,038 |
|
|
|
17.1 |
% |
|
|
6,456 |
|
|
|
6,634 |
|
|
|
(2.7 |
)% |
|
|
1,695 |
|
|
|
1,623 |
|
|
|
4.4 |
% |
Richmond, VA |
|
|
1,732 |
|
|
|
9,022 |
|
|
|
8,805 |
|
|
|
2.5 |
% |
|
|
2,784 |
|
|
|
2,789 |
|
|
|
(0.2 |
)% |
|
|
6,238 |
|
|
|
6,016 |
|
|
|
3.7 |
% |
|
|
1,644 |
|
|
|
1,596 |
|
|
|
3.0 |
% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
8,424 |
|
|
|
8,196 |
|
|
|
2.8 |
% |
|
|
2,440 |
|
|
|
2,345 |
|
|
|
4.1 |
% |
|
|
5,984 |
|
|
|
5,851 |
|
|
|
2.3 |
% |
|
|
1,805 |
|
|
|
1,777 |
|
|
|
1.6 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
7,923 |
|
|
|
7,827 |
|
|
|
1.2 |
% |
|
|
2,886 |
|
|
|
2,752 |
|
|
|
4.9 |
% |
|
|
5,037 |
|
|
|
5,075 |
|
|
|
(0.7 |
)% |
|
|
1,360 |
|
|
|
1,346 |
|
|
|
1.1 |
% |
Denver, CO |
|
|
1,118 |
|
|
|
7,122 |
|
|
|
6,956 |
|
|
|
2.4 |
% |
|
|
2,120 |
|
|
|
2,056 |
|
|
|
3.1 |
% |
|
|
5,002 |
|
|
|
4,900 |
|
|
|
2.1 |
% |
|
|
1,972 |
|
|
|
1,943 |
|
|
|
1.5 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
6,670 |
|
|
|
6,593 |
|
|
|
1.2 |
% |
|
|
2,646 |
|
|
|
2,543 |
|
|
|
4.1 |
% |
|
|
4,024 |
|
|
|
4,050 |
|
|
|
(0.6 |
)% |
|
|
1,393 |
|
|
|
1,356 |
|
|
|
2.7 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
6,593 |
|
|
|
6,537 |
|
|
|
0.9 |
% |
|
|
2,788 |
|
|
|
2,828 |
|
|
|
(1.4 |
)% |
|
|
3,805 |
|
|
|
3,709 |
|
|
|
2.6 |
% |
|
|
1,385 |
|
|
|
1,379 |
|
|
|
0.4 |
% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
5,564 |
|
|
|
5,330 |
|
|
|
4.4 |
% |
|
|
1,941 |
|
|
|
1,887 |
|
|
|
2.9 |
% |
|
|
3,623 |
|
|
|
3,443 |
|
|
|
5.2 |
% |
|
|
1,579 |
|
|
|
1,522 |
|
|
|
3.8 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
5,304 |
|
|
|
5,316 |
|
|
|
(0.2 |
)% |
|
|
2,009 |
|
|
|
1,733 |
|
|
|
15.9 |
% |
|
|
3,295 |
|
|
|
3,583 |
|
|
|
(8.0 |
)% |
|
|
1,317 |
|
|
|
1,297 |
|
|
|
1.5 |
% |
Other |
|
|
6,502 |
|
|
|
32,470 |
|
|
|
31,529 |
|
|
|
3.0 |
% |
|
|
11,344 |
|
|
|
10,865 |
|
|
|
4.4 |
% |
|
|
21,126 |
|
|
|
20,664 |
|
|
|
2.2 |
% |
|
|
1,586 |
|
|
|
1,544 |
|
|
|
2.8 |
% |
Total Same Store |
|
|
97,289 |
|
|
$ |
519,629 |
|
|
$ |
512,431 |
|
|
|
1.4 |
% |
|
$ |
185,046 |
|
|
$ |
175,502 |
|
|
|
5.4 |
% |
|
$ |
334,583 |
|
|
$ |
336,929 |
|
|
|
(0.7 |
)% |
|
$ |
1,690 |
|
|
$ |
1,664 |
|
|
|
1.5 |
% |
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 |
|
|
Q1 2024 |
|
|
Q4 2023 |
|
|
% Chg |
|
|
Q1 2024 |
|
|
Q4 2023 |
|
|
% Chg |
|
|
Q1 2024 |
|
|
Q4 2023 |
|
|
% Chg |
|
|
Q1 2024 |
|
|
Q4 2023 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
11,434 |
|
|
$ |
65,121 |
|
|
$ |
65,781 |
|
|
|
(1.0 |
)% |
|
$ |
24,890 |
|
|
$ |
24,003 |
|
|
|
3.7 |
% |
|
$ |
40,231 |
|
|
$ |
41,778 |
|
|
|
(3.7 |
)% |
|
$ |
1,839 |
|
|
$ |
1,850 |
|
|
|
(0.6 |
)% |
Dallas, TX |
|
|
10,116 |
|
|
|
52,950 |
|
|
|
53,058 |
|
|
|
(0.2 |
)% |
|
|
20,959 |
|
|
|
21,351 |
|
|
|
(1.8 |
)% |
|
|
31,991 |
|
|
|
31,707 |
|
|
|
0.9 |
% |
|
|
1,668 |
|
|
|
1,669 |
|
|
|
(0.1 |
)% |
Tampa, FL |
|
|
5,416 |
|
|
|
35,723 |
|
|
|
35,767 |
|
|
|
(0.1 |
)% |
|
|
12,384 |
|
|
|
11,364 |
|
|
|
9.0 |
% |
|
|
23,339 |
|
|
|
24,403 |
|
|
|
(4.4 |
)% |
|
|
2,094 |
|
|
|
2,105 |
|
|
|
(0.5 |
)% |
Orlando, FL |
|
|
5,643 |
|
|
|
35,420 |
|
|
|
35,461 |
|
|
|
(0.1 |
)% |
|
|
12,324 |
|
|
|
11,835 |
|
|
|
4.1 |
% |
|
|
23,096 |
|
|
|
23,626 |
|
|
|
(2.2 |
)% |
|
|
1,987 |
|
|
|
1,992 |
|
|
|
(0.2 |
)% |
Charlotte, NC |
|
|
5,651 |
|
|
|
29,082 |
|
|
|
29,181 |
|
|
|
(0.3 |
)% |
|
|
8,425 |
|
|
|
8,496 |
|
|
|
(0.8 |
)% |
|
|
20,657 |
|
|
|
20,685 |
|
|
|
(0.1 |
)% |
|
|
1,638 |
|
|
|
1,640 |
|
|
|
(0.1 |
)% |
Austin, TX |
|
|
6,829 |
|
|
|
34,813 |
|
|
|
35,073 |
|
|
|
(0.7 |
)% |
|
|
15,044 |
|
|
|
16,102 |
|
|
|
(6.6 |
)% |
|
|
19,769 |
|
|
|
18,971 |
|
|
|
4.2 |
% |
|
|
1,607 |
|
|
|
1,617 |
|
|
|
(0.6 |
)% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
26,498 |
|
|
|
26,664 |
|
|
|
(0.6 |
)% |
|
|
8,260 |
|
|
|
8,097 |
|
|
|
2.0 |
% |
|
|
18,238 |
|
|
|
18,567 |
|
|
|
(1.8 |
)% |
|
|
1,543 |
|
|
|
1,545 |
|
|
|
(0.2 |
)% |
Nashville, TN |
|
|
4,375 |
|
|
|
23,594 |
|
|
|
23,684 |
|
|
|
(0.4 |
)% |
|
|
7,533 |
|
|
|
7,476 |
|
|
|
0.8 |
% |
|
|
16,061 |
|
|
|
16,208 |
|
|
|
(0.9 |
)% |
|
|
1,698 |
|
|
|
1,700 |
|
|
|
(0.1 |
)% |
Houston, TX |
|
|
5,175 |
|
|
|
23,585 |
|
|
|
23,666 |
|
|
|
(0.3 |
)% |
|
|
10,456 |
|
|
|
10,294 |
|
|
|
1.6 |
% |
|
|
13,129 |
|
|
|
13,372 |
|
|
|
(1.8 |
)% |
|
|
1,428 |
|
|
|
1,429 |
|
|
|
(0.0 |
)% |
Fort Worth, TX |
|
|
3,687 |
|
|
|
18,959 |
|
|
|
19,019 |
|
|
|
(0.3 |
)% |
|
|
6,510 |
|
|
|
7,177 |
|
|
|
(9.3 |
)% |
|
|
12,449 |
|
|
|
11,842 |
|
|
|
5.1 |
% |
|
|
1,575 |
|
|
|
1,576 |
|
|
|
(0.0 |
)% |
Charleston, SC |
|
|
3,168 |
|
|
|
17,815 |
|
|
|
17,687 |
|
|
|
0.7 |
% |
|
|
5,621 |
|
|
|
5,492 |
|
|
|
2.3 |
% |
|
|
12,194 |
|
|
|
12,195 |
|
|
|
(0.0 |
)% |
|
|
1,780 |
|
|
|
1,771 |
|
|
|
0.5 |
% |
Phoenix, AZ |
|
|
2,968 |
|
|
|
16,209 |
|
|
|
16,254 |
|
|
|
(0.3 |
)% |
|
|
4,306 |
|
|
|
4,153 |
|
|
|
3.7 |
% |
|
|
11,903 |
|
|
|
12,101 |
|
|
|
(1.6 |
)% |
|
|
1,744 |
|
|
|
1,751 |
|
|
|
(0.4 |
)% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
16,393 |
|
|
|
16,487 |
|
|
|
(0.6 |
)% |
|
|
5,837 |
|
|
|
5,962 |
|
|
|
(2.1 |
)% |
|
|
10,556 |
|
|
|
10,525 |
|
|
|
0.3 |
% |
|
|
1,534 |
|
|
|
1,548 |
|
|
|
(0.9 |
)% |
Northern Virginia |
|
|
1,888 |
|
|
|
14,006 |
|
|
|
13,851 |
|
|
|
1.1 |
% |
|
|
4,349 |
|
|
|
3,979 |
|
|
|
9.3 |
% |
|
|
9,657 |
|
|
|
9,872 |
|
|
|
(2.2 |
)% |
|
|
2,376 |
|
|
|
2,356 |
|
|
|
0.8 |
% |
Greenville, SC |
|
|
2,354 |
|
|
|
10,356 |
|
|
|
10,291 |
|
|
|
0.6 |
% |
|
|
3,633 |
|
|
|
3,651 |
|
|
|
(0.5 |
)% |
|
|
6,723 |
|
|
|
6,640 |
|
|
|
1.3 |
% |
|
|
1,325 |
|
|
|
1,327 |
|
|
|
(0.1 |
)% |
Savannah, GA |
|
|
1,837 |
|
|
|
10,013 |
|
|
|
10,027 |
|
|
|
(0.1 |
)% |
|
|
3,557 |
|
|
|
3,146 |
|
|
|
13.1 |
% |
|
|
6,456 |
|
|
|
6,881 |
|
|
|
(6.2 |
)% |
|
|
1,695 |
|
|
|
1,694 |
|
|
|
0.1 |
% |
Richmond, VA |
|
|
1,732 |
|
|
|
9,022 |
|
|
|
9,030 |
|
|
|
(0.1 |
)% |
|
|
2,784 |
|
|
|
2,750 |
|
|
|
1.2 |
% |
|
|
6,238 |
|
|
|
6,280 |
|
|
|
(0.7 |
)% |
|
|
1,644 |
|
|
|
1,649 |
|
|
|
(0.3 |
)% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
8,424 |
|
|
|
8,342 |
|
|
|
1.0 |
% |
|
|
2,440 |
|
|
|
2,356 |
|
|
|
3.6 |
% |
|
|
5,984 |
|
|
|
5,986 |
|
|
|
(0.0 |
)% |
|
|
1,805 |
|
|
|
1,801 |
|
|
|
0.2 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
7,923 |
|
|
|
7,937 |
|
|
|
(0.2 |
)% |
|
|
2,886 |
|
|
|
2,872 |
|
|
|
0.5 |
% |
|
|
5,037 |
|
|
|
5,065 |
|
|
|
(0.6 |
)% |
|
|
1,360 |
|
|
|
1,358 |
|
|
|
0.1 |
% |
Denver, CO |
|
|
1,118 |
|
|
|
7,122 |
|
|
|
7,121 |
|
|
|
0.0 |
% |
|
|
2,120 |
|
|
|
2,327 |
|
|
|
(8.9 |
)% |
|
|
5,002 |
|
|
|
4,794 |
|
|
|
4.3 |
% |
|
|
1,972 |
|
|
|
1,977 |
|
|
|
(0.3 |
)% |
Birmingham, AL |
|
|
1,462 |
|
|
|
6,670 |
|
|
|
6,782 |
|
|
|
(1.7 |
)% |
|
|
2,646 |
|
|
|
2,594 |
|
|
|
2.0 |
% |
|
|
4,024 |
|
|
|
4,188 |
|
|
|
(3.9 |
)% |
|
|
1,393 |
|
|
|
1,391 |
|
|
|
0.2 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
6,593 |
|
|
|
6,675 |
|
|
|
(1.2 |
)% |
|
|
2,788 |
|
|
|
2,961 |
|
|
|
(5.8 |
)% |
|
|
3,805 |
|
|
|
3,714 |
|
|
|
2.5 |
% |
|
|
1,385 |
|
|
|
1,387 |
|
|
|
(0.1 |
)% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
5,564 |
|
|
|
5,576 |
|
|
|
(0.2 |
)% |
|
|
1,941 |
|
|
|
1,853 |
|
|
|
4.7 |
% |
|
|
3,623 |
|
|
|
3,723 |
|
|
|
(2.7 |
)% |
|
|
1,579 |
|
|
|
1,577 |
|
|
|
0.2 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
5,304 |
|
|
|
5,363 |
|
|
|
(1.1 |
)% |
|
|
2,009 |
|
|
|
1,782 |
|
|
|
12.7 |
% |
|
|
3,295 |
|
|
|
3,581 |
|
|
|
(8.0 |
)% |
|
|
1,317 |
|
|
|
1,319 |
|
|
|
(0.1 |
)% |
Other |
|
|
6,502 |
|
|
|
32,470 |
|
|
|
32,391 |
|
|
|
0.2 |
% |
|
|
11,344 |
|
|
|
10,798 |
|
|
|
5.1 |
% |
|
|
21,126 |
|
|
|
21,593 |
|
|
|
(2.2 |
)% |
|
|
1,586 |
|
|
|
1,583 |
|
|
|
0.2 |
% |
Total Same Store |
|
|
97,289 |
|
|
$ |
519,629 |
|
|
$ |
521,168 |
|
|
|
(0.3 |
)% |
|
$ |
185,046 |
|
|
$ |
182,871 |
|
|
|
1.2 |
% |
|
$ |
334,583 |
|
|
$ |
338,297 |
|
|
|
(1.1 |
)% |
|
$ |
1,690 |
|
|
$ |
1,693 |
|
|
|
(0.2 |
)% |
Supplemental Data S-6
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
|
|
|
|
Units as of |
|
Development Costs as of |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
March 31, 2024 |
|
March 31, 2024 |
|
|
|
|
Expected |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Expected |
|
Spend |
|
Expected |
|
|
Start |
|
Initial |
|
|
|
|
||||||
|
|
Location |
|
Total |
|
Delivered |
|
Leased |
|
Total |
|
to Date |
|
Remaining |
|
|
Date |
|
Occupancy |
|
Completion |
|
Stabilization (1) |
||||||
Novel Daybreak (2) |
|
Salt Lake City, UT |
|
|
400 |
|
|
262 |
|
|
177 |
|
$ |
99,450 |
|
$ |
93,927 |
|
$ |
5,523 |
|
|
2Q21 |
|
2Q23 |
|
3Q24 |
|
1Q25 |
Novel Val Vista (2) |
|
Phoenix, AZ |
|
|
317 |
|
|
112 |
|
|
17 |
|
|
79,800 |
|
|
72,842 |
|
|
6,958 |
|
|
4Q20 |
|
4Q23 |
|
4Q24 |
|
3Q25 |
MAA Milepost 35 |
|
Denver, CO |
|
|
352 |
|
|
84 |
|
|
49 |
|
|
125,000 |
|
|
102,732 |
|
|
22,268 |
|
|
1Q22 |
|
4Q23 |
|
4Q24 |
|
3Q25 |
MAA Nixie |
|
Raleigh, NC |
|
|
406 |
|
|
— |
|
|
— |
|
|
145,500 |
|
|
65,154 |
|
|
80,346 |
|
|
4Q22 |
|
4Q24 |
|
3Q25 |
|
3Q26 |
MAA Breakwater |
|
Tampa, FL |
|
|
495 |
|
|
— |
|
|
— |
|
|
197,500 |
|
|
110,917 |
|
|
86,583 |
|
|
4Q22 |
|
1Q25 |
|
4Q25 |
|
4Q26 |
Total Active |
|
|
|
|
1,970 |
|
|
458 |
|
|
243 |
|
$ |
647,250 |
|
$ |
445,572 |
|
$ |
201,678 |
|
|
|
|
|
|
|
|
|
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands
|
|
As of March 31, 2024 |
|
|
|
|
|
|||||||||
|
|
Location |
|
Total Units |
|
|
Physical Occupancy |
|
Spend to Date |
|
|
Construction Completed |
|
Expected Stabilization (1) |
||
MAA Central Avenue |
|
Phoenix, AZ |
|
323 |
|
|
82.0% |
|
$ |
101,922 |
|
|
(3) |
|
3Q24 |
|
MAA Optimist Park |
|
Charlotte, NC |
|
352 |
|
|
81.5% |
|
|
106,564 |
|
|
(3) |
|
3Q24 |
|
Novel West Midtown (2) |
|
Atlanta, GA |
|
340 |
|
|
49.7% |
|
|
91,187 |
|
|
3Q23 |
|
4Q24 |
|
Total |
|
|
|
|
1,015 |
|
|
71.0% |
|
$ |
299,673 |
|
|
|
|
|
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
Three months ended March 31, 2024 |
|
|
||||||||||||||||
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 |
||||
|
1,099 |
|
|
$ |
6,936 |
|
|
$ |
6,311 |
|
|
$ |
93 |
|
|
6.6% |
|
8,000 - 12,000 |
Supplemental Data S-7
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2024 |
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 |
|
$ |
4,389,463 |
|
|
|
94.9 |
% |
|
|
3.5 |
% |
|
|
7.5 |
|
Floating rate debt |
|
|
235,000 |
|
|
|
5.1 |
% |
|
|
5.6 |
% |
|
|
0.1 |
|
Total |
|
$ |
4,624,463 |
|
|
|
100.0 |
% |
|
|
3.6 |
% |
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unsecured Versus Secured Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Contract Maturity |
|
||||
Unsecured debt |
|
$ |
4,264,290 |
|
|
|
92.2 |
% |
|
|
3.6 |
% |
|
|
5.7 |
|
Secured debt |
|
|
360,173 |
|
|
|
7.8 |
% |
|
|
4.4 |
% |
|
|
24.8 |
|
Total |
|
$ |
4,624,463 |
|
|
|
100.0 |
% |
|
|
3.6 |
% |
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unencumbered Versus Encumbered Assets |
|
Total Cost |
|
|
Percent of Total |
|
|
Q1 2024 NOI |
|
|
Percent of Total |
|
||||
Unencumbered gross assets |
|
$ |
15,714,297 |
|
|
|
95.4 |
% |
|
$ |
331,337 |
|
|
|
95.8 |
% |
Encumbered gross assets |
|
|
762,661 |
|
|
|
4.6 |
% |
|
|
14,483 |
|
|
|
4.2 |
% |
Total |
|
$ |
16,476,958 |
|
|
|
100.0 |
% |
|
$ |
345,820 |
|
|
|
100.0 |
% |
FIXED INTEREST RATE MATURITIES
Maturity |
|
Fixed Rate Debt |
|
|
|
Effective Interest Rate |
|
||
2024 |
|
$ |
399,864 |
|
|
|
|
4.0 |
% |
2025 |
|
|
398,745 |
|
|
|
|
4.2 |
% |
2026 |
|
|
298,166 |
|
|
|
|
1.2 |
% |
2027 |
|
|
597,531 |
|
|
|
|
3.7 |
% |
2028 |
|
|
397,455 |
|
|
|
|
4.2 |
% |
2029 |
|
|
557,411 |
|
|
|
|
3.7 |
% |
2030 |
|
|
297,973 |
|
|
|
|
3.1 |
% |
2031 |
|
|
445,809 |
|
|
|
|
1.8 |
% |
2032 |
|
|
— |
|
|
|
|
— |
|
2033 |
|
|
— |
|
|
|
|
— |
|
Thereafter |
|
|
996,509 |
|
|
|
|
4.2 |
% |
Total |
|
$ |
4,389,463 |
|
|
|
|
3.5 |
% |
Supplemental Data S-8
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2024 (CONTINUED) |
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
Maturity |
|
Commercial Paper (1) & Revolving Credit Facility (2) |
|
|
Public Bonds |
|
|
Secured |
|
|
Total |
|
||||
2024 |
|
$ |
235,000 |
|
|
$ |
399,864 |
|
|
$ |
— |
|
|
$ |
634,864 |
|
2025 |
|
|
— |
|
|
|
398,745 |
|
|
|
— |
|
|
|
398,745 |
|
2026 |
|
|
— |
|
|
|
298,166 |
|
|
|
— |
|
|
|
298,166 |
|
2027 |
|
|
— |
|
|
|
597,531 |
|
|
|
— |
|
|
|
597,531 |
|
2028 |
|
|
— |
|
|
|
397,455 |
|
|
|
— |
|
|
|
397,455 |
|
2029 |
|
|
— |
|
|
|
557,411 |
|
|
|
— |
|
|
|
557,411 |
|
2030 |
|
|
— |
|
|
|
297,973 |
|
|
|
— |
|
|
|
297,973 |
|
2031 |
|
|
— |
|
|
|
445,809 |
|
|
|
— |
|
|
|
445,809 |
|
2032 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2033 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Thereafter |
|
|
— |
|
|
|
636,336 |
|
|
|
360,173 |
|
|
|
996,509 |
|
Total |
|
$ |
235,000 |
|
|
$ |
4,029,290 |
|
|
$ |
360,173 |
|
|
$ |
4,624,463 |
|
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to adjusted total assets |
|
60% or less |
|
28.1% |
|
Yes |
Total secured debt to adjusted total assets |
|
40% or less |
|
2.2% |
|
Yes |
Consolidated income available for debt service to total annual debt service charge |
|
1.5x or greater for trailing 4 quarters |
|
7.6x |
|
Yes |
Total unencumbered assets to total unsecured debt |
|
Greater than 150% |
|
357.8% |
|
Yes |
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to total capitalized asset value |
|
60% or less |
|
19.8% |
|
Yes |
Total secured debt to total capitalized asset value |
|
40% or less |
|
1.6% |
|
Yes |
Total adjusted EBITDA to fixed charges |
|
1.5x or greater for trailing 4 quarters |
|
7.9x |
|
Yes |
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
18.9% |
|
Yes |
Supplemental Data S-9
2024 GUIDANCE |
MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below.
|
|
Full Year 2024 |
||
Earnings: |
|
Current Range |
|
Current Midpoint |
Earnings per common share - diluted |
|
$4.66 to $5.02 |
|
$4.84 |
Core FFO per Share - diluted |
|
$8.70 to $9.06 |
|
$8.88 |
Core AFFO per Share - diluted |
|
$7.74 to $8.10 |
|
$7.92 |
|
|
|
|
|
MAA Same Store Portfolio: |
|
|
|
|
Number of units |
|
97,290 |
|
97,290 |
Average physical occupancy |
|
95.4% to 96.0% |
|
95.7% |
Property revenue growth |
|
0.15% to 1.65% |
|
0.90% |
Effective rent growth |
|
0.10% to 1.60% |
|
0.85% |
Property operating expense growth |
|
4.10% to 5.60% |
|
4.85% |
NOI growth |
|
-2.80% to 0.20% |
|
-1.30% |
Real estate tax expense growth |
|
4.00% to 5.50% |
|
4.75% |
|
|
|
|
|
Corporate Expenses: ($ in millions) |
|
|
|
|
Property management expenses |
|
$72.0 to $74.0 |
|
$73.0 |
General and administrative expenses |
|
$58.5 to $60.5 |
|
$59.5 |
Total overhead |
|
$130.5 to $134.5 |
|
$132.5 |
|
|
|
|
|
Transaction/Investment Volume: ($ in millions) |
|
|
|
|
Multifamily acquisition volume |
|
$350.0 to $450.0 |
|
$400.0 |
Multifamily disposition volume |
|
$50.0 to $150.0 |
|
$100.0 |
Development investment |
|
$250.0 to $350.0 |
|
$300.0 |
|
|
|
|
|
Debt: |
|
|
|
|
Average effective interest rate |
|
3.5% to 3.7% |
|
3.6% |
Capitalized interest ($ in millions) |
|
$13.0 to $15.0 |
|
$14.0 |
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
Diluted common shares and units |
|
119.75 to 120.25 million |
|
120.0 million |
RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2024 GUIDANCE |
|
|
Full Year 2024 Guidance Range |
|
|||||
|
|
Low |
|
|
High |
|
||
Earnings per common share - diluted |
|
$ |
4.66 |
|
|
$ |
5.02 |
|
Real estate depreciation and amortization |
|
|
4.91 |
|
|
|
4.91 |
|
Gains on sale of depreciable assets |
|
|
(0.69 |
) |
|
|
(0.69 |
) |
FFO per Share - diluted |
|
|
8.88 |
|
|
|
9.24 |
|
Non-Core FFO items (1) |
|
|
(0.18 |
) |
|
|
(0.18 |
) |
Core FFO per Share - diluted |
|
|
8.70 |
|
|
|
9.06 |
|
Recurring capital expenditures |
|
|
(0.96 |
) |
|
|
(0.96 |
) |
Core AFFO per Share - diluted |
|
$ |
7.74 |
|
|
$ |
8.10 |
|
Supplemental Data S-10
CREDIT RATINGS |
|
|
Commercial |
|
Long-Term |
|
|
|
|
Paper Rating |
|
Debt Rating |
|
Outlook |
Fitch Ratings (1) |
|
F1 |
|
A- |
|
Stable |
Moody’s Investors Service (2) |
|
P-2 |
|
A3 |
|
Stable |
Standard & Poor’s Ratings Services (1) |
|
A-2 |
|
A- |
|
Stable |
COMMON STOCK |
Stock Symbol: |
|
MAA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Exchange Traded: |
|
NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Estimated Future Dates: |
|
Q2 2024 |
|
|
Q3 2024 |
|
|
Q4 2024 |
|
|
Q1 2025 |
|
|
|
|
|||||
Earnings release & conference call |
|
Late |
|
|
Late |
|
|
Early |
|
|
Early |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividend Information - Common Shares: |
|
Q1 2023 |
|
|
Q2 2023 |
|
|
Q3 2023 |
|
|
Q4 2023 |
|
|
Q1 2024 |
|
|||||
Declaration date |
|
3/21/2023 |
|
|
5/16/2023 |
|
|
9/29/2023 |
|
|
12/12/2023 |
|
|
3/19/2024 |
|
|||||
Record date |
|
4/14/2023 |
|
|
7/14/2023 |
|
|
10/13/2023 |
|
|
1/12/2024 |
|
|
4/15/2024 |
|
|||||
Payment date |
|
4/28/2023 |
|
|
7/31/2023 |
|
|
10/31/2023 |
|
|
1/31/2024 |
|
|
4/30/2024 |
|
|||||
Distributions per share |
|
$ |
1.4000 |
|
|
$ |
1.4000 |
|
|
$ |
1.4000 |
|
|
$ |
1.4700 |
|
|
$ |
1.4700 |
|
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-11