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