Exhibit 99.2
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT MARCH 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 |
|
|
| — |
|
|
| — |
|
|
| 5,220 |
|
|
| — |
|
|
| 5,220 |
|
Austin, TX |
|
| 6,829 |
|
|
| 288 |
|
|
| — |
|
|
| 7,117 |
|
|
| 46 |
|
|
| 7,163 |
|
Charlotte, NC |
|
| 5,867 |
|
|
| — |
|
|
| — |
|
|
| 5,867 |
|
|
| — |
|
|
| 5,867 |
|
Orlando, FL |
|
| 5,274 |
|
|
| — |
|
|
| 633 |
|
|
| 5,907 |
|
|
| — |
|
|
| 5,907 |
|
Washington, DC |
|
| 3,684 |
|
|
| 396 |
|
|
| — |
|
|
| 4,080 |
|
|
| — |
|
|
| 4,080 |
|
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| — |
|
|
| — |
|
|
| 5,350 |
|
|
| — |
|
|
| 5,350 |
|
Nashville, TN |
|
| 4,375 |
|
|
| — |
|
|
| — |
|
|
| 4,375 |
|
|
| — |
|
|
| 4,375 |
|
Fort Worth, TX |
|
| 3,519 |
|
|
| 898 |
|
|
| — |
|
|
| 4,417 |
|
|
| — |
|
|
| 4,417 |
|
Houston, TX |
|
| 4,867 |
|
|
| — |
|
|
| 308 |
|
|
| 5,175 |
|
|
| — |
|
|
| 5,175 |
|
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 |
|
| 2,355 |
|
|
| — |
|
|
| — |
|
|
| 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 |
|
Denver, CO |
|
| 812 |
|
|
| — |
|
|
| 306 |
|
|
| 1,118 |
|
|
| — |
|
|
| 1,118 |
|
Kansas City, MO-KS |
|
| 1,110 |
|
|
| — |
|
|
| — |
|
|
| 1,110 |
|
|
| — |
|
|
| 1,110 |
|
Huntsville, AL |
|
| 1,228 |
|
|
| — |
|
|
| — |
|
|
| 1,228 |
|
|
| — |
|
|
| 1,228 |
|
Other |
|
| 6,717 |
|
|
| 96 |
|
|
| — |
|
|
| 6,813 |
|
|
| — |
|
|
| 6,813 |
|
Total Multifamily Units |
|
| 96,313 |
|
|
| 2,371 |
|
|
| 1,247 |
|
|
| 99,931 |
|
|
| 46 |
|
|
| 99,977 |
|
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, 2022 |
|
| Average |
|
| As of March 31, 2022 |
| |||||||||||||||
|
| Gross Real |
|
| Percent to |
|
| Physical |
|
| Rent per |
|
| Completed |
|
| Total Units, |
| ||||||
Atlanta, GA |
| $ | 2,035,257 |
|
|
| 14.1 | % |
|
| 95.3 | % |
| $ | 1,647 |
|
|
| 11,434 |
|
|
|
| |
Dallas, TX |
|
| 1,512,976 |
|
|
| 10.5 | % |
|
| 95.0 | % |
|
| 1,448 |
|
|
| 10,115 |
|
|
|
| |
Washington, DC |
|
| 982,540 |
|
|
| 6.8 | % |
|
| 95.9 | % |
|
| 1,887 |
|
|
| 4,080 |
|
|
|
| |
Charlotte, NC |
|
| 965,169 |
|
|
| 6.7 | % |
|
| 95.4 | % |
|
| 1,397 |
|
|
| 5,867 |
|
|
|
| |
Tampa, FL |
|
| 897,730 |
|
|
| 6.2 | % |
|
| 96.2 | % |
|
| 1,798 |
|
|
| 5,220 |
|
|
|
| |
Austin, TX |
|
| 875,601 |
|
|
| 6.1 | % |
|
| 94.8 | % |
|
| 1,439 |
|
|
| 7,117 |
|
|
|
| |
Orlando, FL |
|
| 843,259 |
|
|
| 5.8 | % |
|
| 96.9 | % |
|
| 1,651 |
|
|
| 5,274 |
|
|
|
| |
Raleigh/Durham, NC |
|
| 709,277 |
|
|
| 4.9 | % |
|
| 95.5 | % |
|
| 1,326 |
|
|
| 5,350 |
|
|
|
| |
Houston, TX |
|
| 618,151 |
|
|
| 4.3 | % |
|
| 95.3 | % |
|
| 1,285 |
|
|
| 4,867 |
|
|
|
| |
Nashville, TN |
|
| 541,752 |
|
|
| 3.8 | % |
|
| 95.8 | % |
|
| 1,472 |
|
|
| 4,375 |
|
|
|
| |
Phoenix, AZ |
|
| 466,922 |
|
|
| 3.2 | % |
|
| 95.9 | % |
|
| 1,577 |
|
|
| 2,968 |
|
|
|
| |
Fort Worth, TX |
|
| 431,801 |
|
|
| 3.0 | % |
|
| 95.9 | % |
|
| 1,348 |
|
|
| 4,417 |
|
|
|
| |
Charleston, SC |
|
| 411,852 |
|
|
| 2.9 | % |
|
| 96.1 | % |
|
| 1,453 |
|
|
| 3,168 |
|
|
|
| |
Jacksonville, FL |
|
| 295,372 |
|
|
| 2.0 | % |
|
| 96.6 | % |
|
| 1,369 |
|
|
| 3,496 |
|
|
|
| |
Richmond, VA |
|
| 270,794 |
|
|
| 1.9 | % |
|
| 95.8 | % |
|
| 1,404 |
|
|
| 2,004 |
|
|
|
| |
Greenville, SC |
|
| 230,217 |
|
|
| 1.6 | % |
|
| 95.6 | % |
|
| 1,155 |
|
|
| 2,355 |
|
|
|
| |
Savannah, GA |
|
| 218,750 |
|
|
| 1.5 | % |
|
| 96.7 | % |
|
| 1,382 |
|
|
| 1,837 |
|
|
|
| |
Denver, CO |
|
| 212,123 |
|
|
| 1.5 | % |
|
| 94.7 | % |
|
| 1,776 |
|
|
| 812 |
|
|
|
| |
Kansas City, MO-KS |
|
| 187,980 |
|
|
| 1.3 | % |
|
| 95.0 | % |
|
| 1,386 |
|
|
| 1,110 |
|
|
|
| |
San Antonio, TX |
|
| 165,161 |
|
|
| 1.1 | % |
|
| 95.2 | % |
|
| 1,237 |
|
|
| 1,504 |
|
|
|
| |
Birmingham, AL |
|
| 162,980 |
|
|
| 1.1 | % |
|
| 96.1 | % |
|
| 1,234 |
|
|
| 1,462 |
|
|
|
| |
All Other Markets by State (individual markets <1% gross real assets) |
| |||||||||||||||||||||||
Tennessee |
|
| 188,402 |
|
|
| 1.3 | % |
|
| 96.0 | % |
|
| 1,197 |
|
|
| 2,754 |
|
|
|
| |
Florida |
|
| 179,781 |
|
|
| 1.2 | % |
|
| 96.7 | % |
|
| 1,565 |
|
|
| 1,806 |
|
|
|
| |
Alabama |
|
| 164,063 |
|
|
| 1.1 | % |
|
| 96.2 | % |
|
| 1,239 |
|
|
| 1,648 |
|
|
|
| |
Virginia |
|
| 155,180 |
|
|
| 1.1 | % |
|
| 97.4 | % |
|
| 1,572 |
|
|
| 1,039 |
|
|
|
| |
Kentucky |
|
| 95,081 |
|
|
| 0.7 | % |
|
| 96.4 | % |
|
| 1,033 |
|
|
| 1,308 |
|
|
|
| |
Nevada |
|
| 72,298 |
|
|
| 0.5 | % |
|
| 95.4 | % |
|
| 1,441 |
|
|
| 721 |
|
|
|
| |
South Carolina |
|
| 36,968 |
|
|
| 0.3 | % |
|
| 93.2 | % |
|
| 1,060 |
|
|
| 576 |
|
|
|
| |
Stabilized Communities |
| $ | 13,927,437 |
|
|
| 96.6 | % |
|
| 95.7 | % |
| $ | 1,470 |
|
|
| 98,684 |
|
|
|
| |
Orlando, FL |
|
| 160,803 |
|
|
| 1.1 | % |
|
| 70.6 | % |
|
| 2,164 |
|
|
| 633 |
|
|
| 633 |
|
Denver, CO |
|
| 98,006 |
|
|
| 0.7 | % |
|
| 70.6 | % |
|
| 1,842 |
|
|
| 306 |
|
|
| 658 |
|
Houston, TX |
|
| 54,368 |
|
|
| 0.4 | % |
|
| 48.4 | % |
|
| 1,562 |
|
|
| 308 |
|
|
| 308 |
|
Austin, TX |
|
| 48,371 |
|
|
| 0.3 | % |
|
| 5.1 | % |
|
| 1,535 |
|
|
| 46 |
|
|
| 350 |
|
Phoenix, AZ |
|
| 44,510 |
|
|
| 0.3 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 317 |
|
Salt Lake City, UT |
|
| 44,101 |
|
|
| 0.3 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 400 |
|
Atlanta, GA |
|
| 38,997 |
|
|
| 0.3 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 340 |
|
Lease-up / Development Communities |
| $ | 489,156 |
|
|
| 3.4 | % |
|
| 52.0 | % |
| $ | 1,922 |
|
|
| 1,293 |
|
|
| 3,006 |
|
Total Multifamily Communities |
| $ | 14,416,593 |
|
|
| 100.0 | % |
|
| 95.0 | % |
| $ | 1,476 |
|
|
| 99,977 |
|
|
| 101,690 |
|
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
|
| As of March 31, 2022 |
|
| Three Months Ended |
| ||||||||||||||
|
| Apartment Units |
|
| Gross Real Assets |
|
| March 31, 2022 |
|
| March 31, 2021 |
|
| Percent |
| |||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
| 96,313 |
|
| $ | 13,569,996 |
|
| $ | 454,477 |
|
| $ | 405,146 |
|
|
| 12.2 | % |
Non-Same Store Communities |
|
| 2,371 |
|
|
| 357,441 |
|
|
| 11,172 |
|
|
| 14,031 |
|
|
|
| |
Lease-up/Development Communities |
|
| 1,293 |
|
|
| 489,156 |
|
|
| 4,412 |
|
|
| 1 |
|
|
|
| |
Total Multifamily Portfolio |
|
| 99,977 |
|
| $ | 14,416,593 |
|
| $ | 470,061 |
|
| $ | 419,178 |
|
|
|
| |
Commercial Property/Land |
|
| — |
|
|
| 291,398 |
|
|
| 6,017 |
|
|
| 5,827 |
|
|
|
| |
Total Operating Revenues |
|
| 99,977 |
|
| $ | 14,707,991 |
|
| $ | 476,078 |
|
| $ | 425,005 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
|
|
|
|
|
| $ | 159,835 |
|
| $ | 153,206 |
|
|
| 4.3 | % | ||
Non-Same Store Communities |
|
|
|
|
|
|
|
| 4,450 |
|
|
| 6,454 |
|
|
|
| |||
Lease-up/Development Communities |
|
|
|
|
|
|
|
| 2,610 |
|
|
| 273 |
|
|
|
| |||
Total Multifamily Portfolio |
|
|
|
|
|
|
| $ | 166,895 |
|
| $ | 159,933 |
|
|
|
| |||
Commercial Property/Land |
|
|
|
|
|
|
|
| 2,525 |
|
|
| 2,535 |
|
|
|
| |||
Total Property Operating Expenses |
|
|
|
|
|
|
| $ | 169,420 |
|
| $ | 162,468 |
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
|
|
|
|
|
| $ | 294,642 |
|
| $ | 251,940 |
|
|
| 16.9 | % | ||
Non-Same Store Communities |
|
|
|
|
|
|
|
| 6,722 |
|
|
| 7,577 |
|
|
|
| |||
Lease-up/Development Communities |
|
|
|
|
|
|
|
| 1,802 |
|
|
| (272 | ) |
|
|
| |||
Total Multifamily Portfolio |
|
|
|
|
|
|
| $ | 303,166 |
|
| $ | 259,245 |
|
|
|
| |||
Commercial Property/Land |
|
|
|
|
|
|
|
| 3,492 |
|
|
| 3,292 |
|
|
|
| |||
Total Net Operating Income |
|
|
|
|
|
|
| $ | 306,658 |
|
| $ | 262,537 |
|
|
| 16.8 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
| Three Months Ended |
| |||||||||
|
| March 31, 2022 |
|
| March 31, 2021 |
|
| Percent Change |
| |||
Personnel |
| $ | 35,314 |
|
| $ | 33,545 |
|
|
| 5.3 | % |
Building Repair and Maintenance |
|
| 18,460 |
|
|
| 16,923 |
|
|
| 9.1 | % |
Utilities |
|
| 29,467 |
|
|
| 28,561 |
|
|
| 3.2 | % |
Marketing |
|
| 5,295 |
|
|
| 5,333 |
|
|
| (0.7 | )% |
Office Operations |
|
| 6,898 |
|
|
| 5,562 |
|
|
| 24.0 | % |
Property Taxes |
|
| 58,182 |
|
|
| 57,820 |
|
|
| 0.6 | % |
Insurance |
|
| 6,219 |
|
|
| 5,462 |
|
|
| 13.9 | % |
Total Property Operating Expenses |
| $ | 159,835 |
|
| $ | 153,206 |
|
|
| 4.3 | % |
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, 2022 |
|
| March 31, 2021 |
| ||||
Atlanta, GA |
|
| 11,434 |
|
|
| 13.1 | % |
|
| 95.8 | % |
|
| 94.8 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 8.9 | % |
|
| 95.6 | % |
|
| 95.2 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 6.7 | % |
|
| 96.6 | % |
|
| 97.0 | % |
Austin, TX |
|
| 6,829 |
|
|
| 6.5 | % |
|
| 95.2 | % |
|
| 95.3 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 6.4 | % |
|
| 95.7 | % |
|
| 96.0 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 6.2 | % |
|
| 96.4 | % |
|
| 95.4 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 5.3 | % |
|
| 95.5 | % |
|
| 95.7 | % |
Washington, DC |
|
| 3,684 |
|
|
| 5.1 | % |
|
| 95.8 | % |
|
| 96.2 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 4.6 | % |
|
| 95.6 | % |
|
| 94.6 | % |
Houston, TX |
|
| 4,867 |
|
|
| 4.0 | % |
|
| 95.7 | % |
|
| 93.9 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 3.5 | % |
|
| 96.9 | % |
|
| 97.5 | % |
Fort Worth, TX |
|
| 3,519 |
|
|
| 3.5 | % |
|
| 95.8 | % |
|
| 95.8 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 3.4 | % |
|
| 96.0 | % |
|
| 95.8 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 3.3 | % |
|
| 96.4 | % |
|
| 96.9 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 2.0 | % |
|
| 96.3 | % |
|
| 96.9 | % |
Greenville, SC |
|
| 2,355 |
|
|
| 2.0 | % |
|
| 95.9 | % |
|
| 95.9 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 1.9 | % |
|
| 96.9 | % |
|
| 97.1 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 1.6 | % |
|
| 95.7 | % |
|
| 97.6 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 1.2 | % |
|
| 95.4 | % |
|
| 96.6 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 1.2 | % |
|
| 95.2 | % |
|
| 94.9 | % |
Denver, CO |
|
| 812 |
|
|
| 1.1 | % |
|
| 96.4 | % |
|
| 93.6 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 1.1 | % |
|
| 96.1 | % |
|
| 96.8 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 1.1 | % |
|
| 95.7 | % |
|
| 93.9 | % |
Other |
|
| 6,717 |
|
|
| 6.3 | % |
|
| 96.3 | % |
|
| 96.4 | % |
Total Same Store |
|
| 96,313 |
|
|
| 100.0 | % |
|
| 95.9 | % |
|
| 95.7 | % |
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 2022 |
|
| Q1 2021 |
|
| % Chg |
|
| Q1 2022 |
|
| Q1 2021 |
|
| % Chg |
|
| Q1 2022 |
|
| Q1 2021 |
|
| % Chg |
|
| Q1 2022 |
|
| Q1 2021 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 59,597 |
|
| $ | 53,106 |
|
|
| 12.2 | % |
| $ | 21,046 |
|
| $ | 19,807 |
|
|
| 6.3 | % |
| $ | 38,551 |
|
| $ | 33,299 |
|
|
| 15.8 | % |
| $ | 1,647 |
|
| $ | 1,473 |
|
|
| 11.8 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 44,760 |
|
|
| 39,920 |
|
|
| 12.1 | % |
|
| 18,579 |
|
|
| 18,140 |
|
|
| 2.4 | % |
|
| 26,181 |
|
|
| 21,780 |
|
|
| 20.2 | % |
|
| 1,439 |
|
|
| 1,292 |
|
|
| 11.4 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 29,930 |
|
|
| 25,872 |
|
|
| 15.7 | % |
|
| 10,055 |
|
|
| 9,115 |
|
|
| 10.3 | % |
|
| 19,875 |
|
|
| 16,757 |
|
|
| 18.6 | % |
|
| 1,798 |
|
|
| 1,534 |
|
|
| 17.2 | % |
Austin, TX |
|
| 6,829 |
|
|
| 31,781 |
|
|
| 27,977 |
|
|
| 13.6 | % |
|
| 12,627 |
|
|
| 13,042 |
|
|
| (3.2 | )% |
|
| 19,154 |
|
|
| 14,935 |
|
|
| 28.2 | % |
|
| 1,450 |
|
|
| 1,280 |
|
|
| 13.2 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 26,480 |
|
|
| 23,770 |
|
|
| 11.4 | % |
|
| 7,692 |
|
|
| 7,304 |
|
|
| 5.3 | % |
|
| 18,788 |
|
|
| 16,466 |
|
|
| 14.1 | % |
|
| 1,397 |
|
|
| 1,254 |
|
|
| 11.3 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 27,890 |
|
|
| 24,598 |
|
|
| 13.4 | % |
|
| 9,638 |
|
|
| 9,193 |
|
|
| 4.8 | % |
|
| 18,252 |
|
|
| 15,405 |
|
|
| 18.5 | % |
|
| 1,651 |
|
|
| 1,454 |
|
|
| 13.6 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 22,907 |
|
|
| 20,845 |
|
|
| 9.9 | % |
|
| 7,141 |
|
|
| 6,770 |
|
|
| 5.5 | % |
|
| 15,766 |
|
|
| 14,075 |
|
|
| 12.0 | % |
|
| 1,326 |
|
|
| 1,183 |
|
|
| 12.1 | % |
Washington, DC |
|
| 3,684 |
|
|
| 21,971 |
|
|
| 20,916 |
|
|
| 5.0 | % |
|
| 6,869 |
|
|
| 6,580 |
|
|
| 4.4 | % |
|
| 15,102 |
|
|
| 14,336 |
|
|
| 5.3 | % |
|
| 1,895 |
|
|
| 1,791 |
|
|
| 5.8 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 20,580 |
|
|
| 18,302 |
|
|
| 12.4 | % |
|
| 6,985 |
|
|
| 6,697 |
|
|
| 4.3 | % |
|
| 13,595 |
|
|
| 11,605 |
|
|
| 17.1 | % |
|
| 1,472 |
|
|
| 1,313 |
|
|
| 12.1 | % |
Houston, TX |
|
| 4,867 |
|
|
| 20,220 |
|
|
| 18,523 |
|
|
| 9.2 | % |
|
| 8,455 |
|
|
| 8,359 |
|
|
| 1.1 | % |
|
| 11,765 |
|
|
| 10,164 |
|
|
| 15.8 | % |
|
| 1,285 |
|
|
| 1,206 |
|
|
| 6.6 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 15,206 |
|
|
| 13,134 |
|
|
| 15.8 | % |
|
| 4,944 |
|
|
| 4,574 |
|
|
| 8.1 | % |
|
| 10,262 |
|
|
| 8,560 |
|
|
| 19.9 | % |
|
| 1,369 |
|
|
| 1,180 |
|
|
| 16.0 | % |
Fort Worth, TX |
|
| 3,519 |
|
|
| 16,245 |
|
|
| 14,526 |
|
|
| 11.8 | % |
|
| 6,046 |
|
|
| 6,136 |
|
|
| (1.5 | )% |
|
| 10,199 |
|
|
| 8,390 |
|
|
| 21.6 | % |
|
| 1,382 |
|
|
| 1,235 |
|
|
| 11.9 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 14,857 |
|
|
| 13,057 |
|
|
| 13.8 | % |
|
| 4,950 |
|
|
| 4,708 |
|
|
| 5.1 | % |
|
| 9,907 |
|
|
| 8,349 |
|
|
| 18.7 | % |
|
| 1,453 |
|
|
| 1,271 |
|
|
| 14.4 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 13,112 |
|
|
| 11,262 |
|
|
| 16.4 | % |
|
| 3,293 |
|
|
| 3,125 |
|
|
| 5.4 | % |
|
| 9,819 |
|
|
| 8,137 |
|
|
| 20.7 | % |
|
| 1,560 |
|
|
| 1,328 |
|
|
| 17.4 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 9,007 |
|
|
| 8,283 |
|
|
| 8.7 | % |
|
| 3,091 |
|
|
| 2,771 |
|
|
| 11.5 | % |
|
| 5,916 |
|
|
| 5,512 |
|
|
| 7.3 | % |
|
| 1,404 |
|
|
| 1,256 |
|
|
| 11.8 | % |
Greenville, SC |
|
| 2,355 |
|
|
| 9,106 |
|
|
| 8,222 |
|
|
| 10.8 | % |
|
| 3,302 |
|
|
| 3,252 |
|
|
| 1.5 | % |
|
| 5,804 |
|
|
| 4,970 |
|
|
| 16.8 | % |
|
| 1,155 |
|
|
| 1,025 |
|
|
| 12.6 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 8,434 |
|
|
| 7,155 |
|
|
| 17.9 | % |
|
| 2,897 |
|
|
| 2,715 |
|
|
| 6.7 | % |
|
| 5,537 |
|
|
| 4,440 |
|
|
| 24.7 | % |
|
| 1,382 |
|
|
| 1,172 |
|
|
| 17.9 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 7,314 |
|
|
| 6,442 |
|
|
| 13.5 | % |
|
| 2,636 |
|
|
| 2,575 |
|
|
| 2.4 | % |
|
| 4,678 |
|
|
| 3,867 |
|
|
| 21.0 | % |
|
| 1,250 |
|
|
| 1,077 |
|
|
| 16.1 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 6,010 |
|
|
| 5,528 |
|
|
| 8.7 | % |
|
| 2,338 |
|
|
| 2,163 |
|
|
| 8.1 | % |
|
| 3,672 |
|
|
| 3,365 |
|
|
| 9.1 | % |
|
| 1,234 |
|
|
| 1,109 |
|
|
| 11.3 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,940 |
|
|
| 5,377 |
|
|
| 10.5 | % |
|
| 2,498 |
|
|
| 2,371 |
|
|
| 5.4 | % |
|
| 3,442 |
|
|
| 3,006 |
|
|
| 14.5 | % |
|
| 1,237 |
|
|
| 1,128 |
|
|
| 9.7 | % |
Denver, CO |
|
| 812 |
|
|
| 4,660 |
|
|
| 4,168 |
|
|
| 11.8 | % |
|
| 1,338 |
|
|
| 1,295 |
|
|
| 3.3 | % |
|
| 3,322 |
|
|
| 2,873 |
|
|
| 15.6 | % |
|
| 1,776 |
|
|
| 1,625 |
|
|
| 9.3 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,928 |
|
|
| 4,435 |
|
|
| 11.1 | % |
|
| 1,608 |
|
|
| 1,499 |
|
|
| 7.3 | % |
|
| 3,320 |
|
|
| 2,936 |
|
|
| 13.1 | % |
|
| 1,185 |
|
|
| 1,054 |
|
|
| 12.4 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,870 |
|
|
| 4,501 |
|
|
| 8.2 | % |
|
| 1,765 |
|
|
| 1,688 |
|
|
| 4.6 | % |
|
| 3,105 |
|
|
| 2,813 |
|
|
| 10.4 | % |
|
| 1,386 |
|
|
| 1,291 |
|
|
| 7.4 | % |
Other |
|
| 6,717 |
|
|
| 28,672 |
|
|
| 25,227 |
|
|
| 13.7 | % |
|
| 10,042 |
|
|
| 9,327 |
|
|
| 7.7 | % |
|
| 18,630 |
|
|
| 15,900 |
|
|
| 17.2 | % |
|
| 1,324 |
|
|
| 1,160 |
|
|
| 14.1 | % |
Total Same Store |
|
| 96,313 |
|
| $ | 454,477 |
|
| $ | 405,146 |
|
|
| 12.2 | % |
| $ | 159,835 |
|
| $ | 153,206 |
|
|
| 4.3 | % |
| $ | 294,642 |
|
| $ | 251,940 |
|
|
| 16.9 | % |
| $ | 1,469 |
|
| $ | 1,308 |
|
|
| 12.4 | % |
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 2022 |
|
| Q4 2021 |
|
| % Chg |
|
| Q1 2022 |
|
| Q4 2021 |
|
| % Chg |
|
| Q1 2022 |
|
| Q4 2021 |
|
| % Chg |
|
| Q1 2022 |
|
| Q4 2021 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 59,597 |
|
| $ | 57,929 |
|
|
| 2.9 | % |
| $ | 21,046 |
|
| $ | 20,417 |
|
|
| 3.1 | % |
| $ | 38,551 |
|
| $ | 37,512 |
|
|
| 2.8 | % |
| $ | 1,647 |
|
| $ | 1,611 |
|
|
| 2.3 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 44,760 |
|
|
| 43,479 |
|
|
| 2.9 | % |
|
| 18,579 |
|
|
| 18,750 |
|
|
| (0.9 | )% |
|
| 26,181 |
|
|
| 24,729 |
|
|
| 5.9 | % |
|
| 1,439 |
|
|
| 1,403 |
|
|
| 2.6 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 29,930 |
|
|
| 28,886 |
|
|
| 3.6 | % |
|
| 10,055 |
|
|
| 9,226 |
|
|
| 9.0 | % |
|
| 19,875 |
|
|
| 19,660 |
|
|
| 1.1 | % |
|
| 1,798 |
|
|
| 1,730 |
|
|
| 3.9 | % |
Austin, TX |
|
| 6,829 |
|
|
| 31,781 |
|
|
| 30,929 |
|
|
| 2.8 | % |
|
| 12,627 |
|
|
| 13,372 |
|
|
| (5.6 | )% |
|
| 19,154 |
|
|
| 17,557 |
|
|
| 9.1 | % |
|
| 1,450 |
|
|
| 1,403 |
|
|
| 3.3 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 26,480 |
|
|
| 25,704 |
|
|
| 3.0 | % |
|
| 7,692 |
|
|
| 7,664 |
|
|
| 0.4 | % |
|
| 18,788 |
|
|
| 18,040 |
|
|
| 4.1 | % |
|
| 1,397 |
|
|
| 1,365 |
|
|
| 2.3 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 27,890 |
|
|
| 27,000 |
|
|
| 3.3 | % |
|
| 9,638 |
|
|
| 9,103 |
|
|
| 5.9 | % |
|
| 18,252 |
|
|
| 17,897 |
|
|
| 2.0 | % |
|
| 1,651 |
|
|
| 1,594 |
|
|
| 3.6 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 22,907 |
|
|
| 22,249 |
|
|
| 3.0 | % |
|
| 7,141 |
|
|
| 7,096 |
|
|
| 0.6 | % |
|
| 15,766 |
|
|
| 15,153 |
|
|
| 4.0 | % |
|
| 1,326 |
|
|
| 1,292 |
|
|
| 2.7 | % |
Washington, DC |
|
| 3,684 |
|
|
| 21,971 |
|
|
| 21,807 |
|
|
| 0.8 | % |
|
| 6,869 |
|
|
| 6,507 |
|
|
| 5.6 | % |
|
| 15,102 |
|
|
| 15,300 |
|
|
| (1.3 | )% |
|
| 1,895 |
|
|
| 1,883 |
|
|
| 0.6 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 20,580 |
|
|
| 20,124 |
|
|
| 2.3 | % |
|
| 6,985 |
|
|
| 6,689 |
|
|
| 4.4 | % |
|
| 13,595 |
|
|
| 13,435 |
|
|
| 1.2 | % |
|
| 1,472 |
|
|
| 1,436 |
|
|
| 2.5 | % |
Houston, TX |
|
| 4,867 |
|
|
| 20,220 |
|
|
| 19,825 |
|
|
| 2.0 | % |
|
| 8,455 |
|
|
| 9,537 |
|
|
| (11.3 | )% |
|
| 11,765 |
|
|
| 10,288 |
|
|
| 14.4 | % |
|
| 1,285 |
|
|
| 1,266 |
|
|
| 1.5 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 15,206 |
|
|
| 14,681 |
|
|
| 3.6 | % |
|
| 4,944 |
|
|
| 4,759 |
|
|
| 3.9 | % |
|
| 10,262 |
|
|
| 9,922 |
|
|
| 3.4 | % |
|
| 1,369 |
|
|
| 1,325 |
|
|
| 3.3 | % |
Fort Worth, TX |
|
| 3,519 |
|
|
| 16,245 |
|
|
| 15,825 |
|
|
| 2.7 | % |
|
| 6,046 |
|
|
| 6,452 |
|
|
| (6.3 | )% |
|
| 10,199 |
|
|
| 9,373 |
|
|
| 8.8 | % |
|
| 1,382 |
|
|
| 1,351 |
|
|
| 2.3 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 14,857 |
|
|
| 14,380 |
|
|
| 3.3 | % |
|
| 4,950 |
|
|
| 4,999 |
|
|
| (1.0 | )% |
|
| 9,907 |
|
|
| 9,381 |
|
|
| 5.6 | % |
|
| 1,453 |
|
|
| 1,410 |
|
|
| 3.1 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 13,112 |
|
|
| 12,753 |
|
|
| 2.8 | % |
|
| 3,293 |
|
|
| 3,146 |
|
|
| 4.7 | % |
|
| 9,819 |
|
|
| 9,607 |
|
|
| 2.2 | % |
|
| 1,560 |
|
|
| 1,511 |
|
|
| 3.2 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 9,007 |
|
|
| 8,827 |
|
|
| 2.0 | % |
|
| 3,091 |
|
|
| 2,791 |
|
|
| 10.7 | % |
|
| 5,916 |
|
|
| 6,036 |
|
|
| (2.0 | )% |
|
| 1,404 |
|
|
| 1,373 |
|
|
| 2.3 | % |
Greenville, SC |
|
| 2,355 |
|
|
| 9,106 |
|
|
| 8,910 |
|
|
| 2.2 | % |
|
| 3,302 |
|
|
| 3,290 |
|
|
| 0.4 | % |
|
| 5,804 |
|
|
| 5,620 |
|
|
| 3.3 | % |
|
| 1,155 |
|
|
| 1,134 |
|
|
| 1.8 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 8,434 |
|
|
| 8,165 |
|
|
| 3.3 | % |
|
| 2,897 |
|
|
| 2,839 |
|
|
| 2.0 | % |
|
| 5,537 |
|
|
| 5,326 |
|
|
| 4.0 | % |
|
| 1,382 |
|
|
| 1,337 |
|
|
| 3.4 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 7,314 |
|
|
| 7,113 |
|
|
| 2.8 | % |
|
| 2,636 |
|
|
| 2,496 |
|
|
| 5.6 | % |
|
| 4,678 |
|
|
| 4,617 |
|
|
| 1.3 | % |
|
| 1,250 |
|
|
| 1,221 |
|
|
| 2.4 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 6,010 |
|
|
| 5,918 |
|
|
| 1.6 | % |
|
| 2,338 |
|
|
| 2,351 |
|
|
| (0.6 | )% |
|
| 3,672 |
|
|
| 3,567 |
|
|
| 2.9 | % |
|
| 1,234 |
|
|
| 1,209 |
|
|
| 2.1 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,940 |
|
|
| 5,875 |
|
|
| 1.1 | % |
|
| 2,498 |
|
|
| 2,461 |
|
|
| 1.5 | % |
|
| 3,442 |
|
|
| 3,414 |
|
|
| 0.8 | % |
|
| 1,237 |
|
|
| 1,205 |
|
|
| 2.7 | % |
Denver, CO |
|
| 812 |
|
|
| 4,660 |
|
|
| 4,484 |
|
|
| 3.9 | % |
|
| 1,338 |
|
|
| 1,268 |
|
|
| 5.5 | % |
|
| 3,322 |
|
|
| 3,216 |
|
|
| 3.3 | % |
|
| 1,776 |
|
|
| 1,752 |
|
|
| 1.4 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,928 |
|
|
| 4,795 |
|
|
| 2.8 | % |
|
| 1,608 |
|
|
| 1,602 |
|
|
| 0.4 | % |
|
| 3,320 |
|
|
| 3,193 |
|
|
| 4.0 | % |
|
| 1,185 |
|
|
| 1,159 |
|
|
| 2.3 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,870 |
|
|
| 4,837 |
|
|
| 0.7 | % |
|
| 1,765 |
|
|
| 1,639 |
|
|
| 7.7 | % |
|
| 3,105 |
|
|
| 3,198 |
|
|
| (2.9 | )% |
|
| 1,386 |
|
|
| 1,372 |
|
|
| 1.0 | % |
Other |
|
| 6,717 |
|
|
| 28,672 |
|
|
| 27,984 |
|
|
| 2.5 | % |
|
| 10,042 |
|
|
| 9,600 |
|
|
| 4.6 | % |
|
| 18,630 |
|
|
| 18,384 |
|
|
| 1.3 | % |
|
| 1,324 |
|
|
| 1,291 |
|
|
| 2.6 | % |
Total Same Store |
|
| 96,313 |
|
| $ | 454,477 |
|
| $ | 442,479 |
|
|
| 2.7 | % |
| $ | 159,835 |
|
| $ | 158,054 |
|
|
| 1.1 | % |
| $ | 294,642 |
|
| $ | 284,425 |
|
|
| 3.6 | % |
| $ | 1,469 |
|
| $ | 1,433 |
|
|
| 2.6 | % |
Supplemental Data S-6
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
|
|
|
| Units as of |
|
|
|
|
|
|
|
|
|
| Development Costs as of |
| ||||||||||||||||||
|
|
|
| March 31, 2022 |
|
|
|
| Expected |
| March 31, 2022 |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Start |
| Initial |
|
|
|
|
| Expected |
|
| Spend |
|
| Expected |
| ||||||
|
| Location |
| Total |
|
| Delivered |
|
| Leased |
|
| Date |
| Occupancy |
| Completion |
| Stabilization (1) |
| Total |
|
| to Date |
|
| Remaining |
| ||||||
MAA Windmill Hill |
| Austin, TX |
|
| 350 |
|
|
| 46 |
|
|
| 29 |
|
| 4Q20 |
| 1Q22 |
| 4Q22 |
| 4Q23 |
| $ | 63,000 |
|
| $ | 48,371 |
|
| $ | 14,629 |
|
Novel Val Vista (2) |
| Phoenix, AZ |
|
| 317 |
|
| — |
|
| — |
|
| 4Q20 |
| 4Q22 |
| 2Q23 |
| 2Q24 |
|
| 72,500 |
|
|
| 44,510 |
|
|
| 27,990 |
| ||
Novel West Midtown (2) |
| Atlanta, GA |
|
| 340 |
|
| — |
|
| — |
|
| 2Q21 |
| 4Q22 |
| 3Q23 |
| 3Q24 |
|
| 89,500 |
|
|
| 38,997 |
|
|
| 50,503 |
| ||
Novel Daybreak (2) |
| Salt Lake City, UT |
|
| 400 |
|
| — |
|
| — |
|
| 2Q21 |
| 4Q22 |
| 3Q23 |
| 4Q24 |
|
| 94,000 |
|
|
| 44,101 |
|
|
| 49,899 |
| ||
MAA Central Park I |
| Denver, CO |
|
| 352 |
|
| — |
|
| — |
|
| 1Q22 |
| 4Q23 |
| 3Q24 |
| 3Q25 |
|
| 125,000 |
|
|
| 16,796 |
|
|
| 108,204 |
| ||
Total Active |
|
|
|
| 1,759 |
|
|
| 46 |
|
|
| 29 |
|
|
|
|
|
|
|
|
|
| $ | 444,000 |
|
| $ | 192,775 |
|
| $ | 251,225 |
|
(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 March 31, 2022 |
|
|
|
|
| |||||||||
|
| Location |
| Total Units |
|
| Physical Occupancy |
| Spend to Date |
|
| Construction Finished |
| Expected Stabilization (1) | ||
Sand Lake (2) |
| Orlando, FL |
| 264 |
|
| 79.5% |
| $ | 63,558 |
|
| 4Q21 |
| 3Q22 | |
MAA Westglenn |
| Denver, CO |
| 306 |
|
| 70.6% |
|
| 81,210 |
|
| 1Q22 |
| 4Q22 | |
MAA Robinson |
| Orlando, FL |
| 369 |
|
| 64.2% |
|
| 97,245 |
|
| 4Q21 |
| 1Q23 | |
MAA Park Point |
| Houston, TX |
| 308 |
|
| 48.4% |
|
| 54,345 |
|
| 1Q22 |
| 1Q23 | |
Total |
|
|
|
| 1,247 |
|
| 65.1% |
| $ | 296,358 |
|
|
|
|
|
(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.
(2) MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data
|
|
| Three months ended March 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 | ||||
| 1,098 |
|
| $ | 6,202 |
|
| $ | 5,648 |
|
| $ | 140 |
|
| 11.0% |
| 11,000 - 15,000 |
2022 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2022) |
Land Acquisition |
| Market |
| Acreage |
| Closing Date |
MAA Florida Street Station |
| Denver, CO |
| 4 |
| March 2022 |
Supplemental Data S-7
DEBT AND DEBT COVENANTS AS OF MARCH 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 |
| $ | 4,517,505 |
|
|
| 99.6 | % |
|
| 3.4 | % |
|
| 8.5 |
|
Floating rate debt |
|
| 20,000 |
|
|
| 0.4 | % |
|
| 0.6 | % |
|
| 0.1 |
|
Total |
| $ | 4,537,505 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 8.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unsecured Versus Secured Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Contract Maturity |
| ||||
Unsecured debt |
| $ | 4,172,513 |
|
|
| 92.0 | % |
|
| 3.3 | % |
|
| 6.9 |
|
Secured debt |
|
| 364,992 |
|
|
| 8.0 | % |
|
| 4.4 | % |
|
| 26.5 |
|
Total |
| $ | 4,537,505 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 8.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unencumbered Versus Encumbered Assets |
| Total Cost |
|
| Percent of Total |
|
| Q1 2022 NOI |
|
| Percent of Total |
| ||||
Unencumbered gross assets |
| $ | 14,275,149 |
|
|
| 94.0 | % |
| $ | 291,964 |
|
|
| 95.2 | % |
Encumbered gross assets |
|
| 905,704 |
|
|
| 6.0 | % |
|
| 14,694 |
|
|
| 4.8 | % |
Total |
| $ | 15,180,853 |
|
|
| 100.0 | % |
| $ | 306,658 |
|
|
| 100.0 | % |
FIXED INTEREST RATE MATURITIES
Maturity |
| Fixed Rate Debt |
|
|
| Effective Interest Rate |
| ||
2022 |
| $ | 124,874 |
|
|
|
| 3.3 | % |
2023 |
|
| 349,003 |
|
|
|
| 4.2 | % |
2024 |
|
| 398,229 |
|
|
|
| 4.0 | % |
2025 |
|
| 402,264 |
|
|
|
| 4.2 | % |
2026 |
|
| 296,623 |
|
|
|
| 1.2 | % |
2027 |
|
| 595,958 |
|
|
|
| 3.7 | % |
2028 |
|
| 396,239 |
|
|
|
| 4.2 | % |
2029 |
|
| 560,082 |
|
|
|
| 3.7 | % |
2030 |
|
| 297,282 |
|
|
|
| 3.1 | % |
2031 |
|
| 444,489 |
|
|
|
| 1.8 | % |
Thereafter |
|
| 652,462 |
|
|
|
| 3.8 | % |
Total |
| $ | 4,517,505 |
|
|
|
| 3.4 | % |
DEBT MATURITIES OF OUTSTANDING BALANCES
|
| Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾ |
|
| Public Bonds |
|
| Secured |
|
| Total |
| ||||
2022 |
| $ | 20,000 |
|
| $ | 124,874 |
|
| $ | — |
|
| $ | 144,874 |
|
2023 |
|
| — |
|
|
| 349,003 |
|
|
| — |
|
|
| 349,003 |
|
2024 |
|
| — |
|
|
| 398,229 |
|
|
| — |
|
|
| 398,229 |
|
2025 |
|
| — |
|
|
| 397,193 |
|
|
| 5,071 |
|
|
| 402,264 |
|
2026 |
|
| — |
|
|
| 296,623 |
|
|
| — |
|
|
| 296,623 |
|
2027 |
|
| — |
|
|
| 595,958 |
|
|
| — |
|
|
| 595,958 |
|
2028 |
|
| — |
|
|
| 396,239 |
|
|
| — |
|
|
| 396,239 |
|
2029 |
|
| — |
|
|
| 560,082 |
|
|
| — |
|
|
| 560,082 |
|
2030 |
|
| — |
|
|
| 297,282 |
|
|
| — |
|
|
| 297,282 |
|
2031 |
|
| — |
|
|
| 444,489 |
|
|
| — |
|
|
| 444,489 |
|
Thereafter |
|
| — |
|
|
| 292,541 |
|
|
| 359,921 |
|
|
| 652,462 |
|
Total |
| $ | 20,000 |
|
| $ | 4,152,513 |
|
| $ | 364,992 |
|
| $ | 4,537,505 |
|
Supplemental Data S-8
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2022 (CONTINUED) |
Dollars in thousands
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
| Required |
| Actual |
| Compliance |
Total debt to adjusted total assets |
| 60% or less |
| 29.9% |
| 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 |
| 6.3x |
| Yes |
Total unencumbered assets to total unsecured debt |
| Greater than 150% |
| 339.2% |
| Yes |
|
|
|
|
|
|
|
Bank Covenants |
| Required |
| Actual |
| Compliance |
Total debt to total capitalized asset value |
| 60% or less |
| 23.6% |
| Yes |
Total secured debt to total capitalized asset value |
| 40% or Less |
| 2.0% |
| Yes |
Total adjusted EBITDA to fixed charges |
| 1.5x or greater for trailing 4 quarters |
| 6.4x |
| Yes |
Total unsecured debt to total unsecured capitalized asset value |
| 60% or less |
| 22.7% |
| Yes |
(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.
Supplemental Data S-9
2022 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.
|
| Revised Range |
| Revised Midpoint |
Earnings: |
|
|
|
|
Earnings per common share - diluted |
| $5.96 to $6.28 |
| $6.12 |
Core FFO per Share - diluted |
| $7.92 to $8.24 |
| $8.08 |
Core AFFO per Share - diluted |
| $7.14 to $7.46 |
| $7.30 |
|
|
|
|
|
MAA Same Store Portfolio: |
|
|
|
|
Number of units |
|
|
| 96,313 |
Average physical occupancy |
| 95.6% to 96.0% |
| 95.8% |
Property revenue growth |
| 10.0% to 12.0% |
| 11.0% |
Effective rent growth |
| 11.0% to 13.0% |
| 12.0% |
Property operating expense growth |
| 5.5% to 6.5% |
| 6.0% |
NOI growth |
| 12.5% to 14.5% |
| 13.5% |
Real estate tax expense growth |
| 4.0% to 5.0% |
| 4.5% |
|
|
|
|
|
Corporate Expenses: ($ in millions) |
|
|
|
|
General and administrative expenses |
| $60.5 to $62.5 |
| $61.5 |
Property management expenses |
| $62.0 to $64.0 |
| $63.0 |
Total overhead |
| $122.5 to $126.5 |
| $124.5 |
|
|
|
|
|
Transaction/Investment Volume: ($ in millions) |
|
|
|
|
Development investment |
| $200.0 to $300.0 |
| $250.0 |
Multifamily acquisition volume |
| $75.0 to $125.0 |
| $100.0 |
Multifamily disposition volume |
| $325.0 to $375.0 |
| $350.0 |
|
|
|
|
|
Debt: |
|
|
|
|
Average effective interest rate |
| 3.4% to 3.6% |
| 3.5% |
Capitalized interest ($ in millions) |
| $7.5 to $8.5 |
| $8.0 |
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
Diluted common shares and units |
| 118.5 to 119.0 million |
| 118.75 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 |
| $ | 5.96 |
|
| $ | 6.28 |
|
Real estate depreciation and amortization |
|
| 4.57 |
|
|
| 4.57 |
|
Gains on sale of depreciable assets |
|
| (2.53 | ) |
|
| (2.53 | ) |
FFO per Share - diluted |
|
| 8.00 |
|
|
| 8.32 |
|
Non-Core FFO items (1) |
|
| (0.08 | ) |
|
| (0.08 | ) |
Core FFO per Share - diluted |
|
| 7.92 |
|
|
| 8.24 |
|
Recurring capital expenditures |
|
| (0.78 | ) |
|
| (0.78 | ) |
Core AFFO per Share - diluted |
| $ | 7.14 |
|
| $ | 7.46 |
|
Supplemental Data S-10
CREDIT RATINGS |
|
| Commercial |
| Long-Term |
|
|
|
| Paper Rating |
| Debt Rating |
| Outlook |
Fitch Ratings (1) |
| F2 |
| BBB+ |
| Positive |
Moody’s Investors Service (2) |
| P-2 |
| Baa1 |
| Positive |
Standard & Poor’s Ratings Services (1) |
| A-2 |
| BBB+ |
| Positive |
COMMON STOCK |
Stock Symbol: |
| MAA |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Exchange Traded: |
| NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Estimated Future Dates: |
| Q2 2022 |
|
| Q3 2022 |
|
| Q4 2022 |
|
| Q1 2023 |
|
|
|
| |||||
Earnings release & conference call |
| Late |
|
| Late |
|
| Early |
|
| Late |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dividend Information - Common Shares: |
| Q1 2021 |
|
| Q2 2021 |
|
| Q3 2021 |
|
| Q4 2021 |
|
| Q1 2022 |
| |||||
Declaration date |
| 3/23/2021 |
|
| 5/18/2021 |
|
| 9/28/2021 |
|
| 12/7/2021 |
|
| 3/22/2022 |
| |||||
Record date |
| 4/15/2021 |
|
| 7/15/2021 |
|
| 10/15/2021 |
|
| 1/14/2022 |
|
| 4/14/2022 |
| |||||
Payment date |
| 4/30/2021 |
|
| 7/30/2021 |
|
| 10/29/2021 |
|
| 1/31/2022 |
|
| 4/29/2022 |
| |||||
Distributions per share |
| $ | 1.0250 |
|
| $ | 1.0250 |
|
| $ | 1.0250 |
|
| $ | 1.0875 |
|
| $ | 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-11