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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mid America Apartment Communities Inc | NYSE:MAA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.555 | 0.41% | 137.375 | 138.95 | 137.15 | 138.50 | 98,825 | 16:35:36 |
TENNESSEE | 001-12762 | 62-1543819 |
(State or Other Jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
TENNESSEE | 333-190028-01 | 62-1543816 |
(State or Other Jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
6584 Poplar Avenue | |
Memphis, Tennessee | 38138 |
(Address of Principal Executive Offices) | (Zip Code) |
(d) | Exhibits | |||
Exhibit Number | Description | |||
99.1 | Press Release dated February 4, 2015 | |||
99.2 | Supplemental Data Schedules dated December 31, 2014 |
MID-AMERICA APARTMENT COMMUNITIES, INC. | ||
Date: | February 4, 2015 | /s/Albert M. Campbell, III |
Albert M. Campbell, III | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
MID-AMERICA APARTMENTS, L.P. | ||
By: Mid-America Apartment Communities, Inc. | ||
Date: | February 4, 2015 | /s/Albert M. Campbell, III |
Albert M. Campbell, III | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
Exhibits | ||
Exhibit Number | Description | |
99.1 | Press Release dated February 4, 2015 | |
99.2 | Supplemental Data Schedules dated December 31, 2014 |
TABLE OF CONTENTS | ||
Press Release Text | 1 | |
Financial Highlights | 6 | |
Consolidated Statements of Operations | 8 | |
Share and Unit Data/Funds from Operations | 9 | |
Consolidated Balance Sheets | 10 | |
Non-GAAP Financials and Other Definitions | 11 | |
Portfolio Statistics | S-1 | |
Components of Property Net Operating Income for Multifamily Portfolio | S-3 | |
NOI Contribution Percentage by Region | S-4 | |
NOI Bridge | S-5 | |
Multifamily Proforma Combined Same Store Comparisons | S-6 | |
Multifamily Development Pipeline | S-9 | |
Commercial Properties | S-9 | |
2014 Acquisition/Disposition Activity | S-10 | |
Debt and Debt Covenants as of December 31, 2014 | S-11 | |
EBITDA and Balance Sheet Ratios | S-13 | |
2015 Guidance | S-14 | |
Credit Ratings/Common Stock/Investor Relations Data | S-15 |
OVERVIEW |
• | Results were better than expected as Core FFO of $1.32 per Share for the fourth quarter and $4.99 per Share for the full year 2014 were at the top end of the company’s prior guidance. |
• | Same store net operating income, or NOI, for the fourth quarter increased 5.6% as compared to the same period in the prior year. Results were driven by a 4.2% increase in revenues offset by a 2.1% increase in operating expenses. |
• | Average effective rent per unit for the same store portfolio increased 3.6% during the fourth quarter, while average physical occupancy during the quarter increased 0.4% compared to the prior year. |
• | Physical occupancy for the same store portfolio ended the quarter at 95.5%. |
• | Resident turnover for the same store portfolio remained low for the fourth quarter of 2014, at 54.4% on a rolling twelve month basis, 3.2% below the prior year. |
• | During the fourth quarter the company acquired three new wholly-owned communities, totaling 1,131 units, for a combined purchase price of $191.8 million. |
• | The company also completed lease-up and stabilization of four new properties, totaling 1,198 units, located in Orlando, Florida (two properties), Charlottesville, Virginia and Charlotte, North Carolina during the fourth quarter. |
Percent Change From | Three months ended | |||||||||||||
Three months ended December 31, 2013 | December 31, 2014 | |||||||||||||
Average | Average | |||||||||||||
Effective | Physical | |||||||||||||
Revenue | Expense | NOI | Rent per Unit | Occupancy | ||||||||||
Large Markets | 5.0 | % | 2.5 | % | 6.7 | % | 4.5 | % | 95.7 | % | ||||
Secondary Markets | 2.9 | % | 1.5 | % | 3.8 | % | 2.3 | % | 95.2 | % | ||||
Same Store | 4.2 | % | 2.1 | % | 5.6 | % | 3.6 | % | 95.5 | % |
• | Debt to total capitalization was 37.3% (based on the December 31, 2014 closing stock price), |
• | Net debt to gross assets (based on gross book value at December 31, 2014) was 42.6%, |
• | Total debt outstanding was $3.5 billion at an average effective interest rate of 3.7%, |
• | 96.7% of the total debt was fixed or hedged against rising interest rates for an average of 4.6 years, |
• | Fixed charge coverage ratio (Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment) was 3.99x and net debt to Recurring EBITDA was 6.37x, |
• | Approximately $462.6 million combined cash and capacity was available under the company's unsecured credit facility, and |
• | Unencumbered assets represented 66.9% of gross real estate assets. |
• | inability to generate sufficient cash flows due to market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors; |
• | exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; |
• | adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns; |
• | failure of new acquisitions to achieve anticipated results or be efficiently integrated; |
• | failure of development communities to be completed, if at all, within budget and on a timely basis or to lease-up as anticipated; |
• | unexpected capital needs; |
• | changes in operating costs, including real estate taxes, utilities and insurance costs; |
• | losses from catastrophes in excess of our insurance coverage; |
• | ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures; |
• | level and volatility of interest or capitalization rates or capital market conditions; |
• | loss of hedge accounting treatment for interest rate swaps or interest rate caps; |
• | the continuation of the good credit of our interest rate swap and cap providers; |
• | price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing; |
• | the effect of any rating agency actions on the cost and availability of new debt financing; |
• | significant decline in market value of real estate serving as collateral for mortgage obligations; |
• | significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product; |
• | our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of MAALP to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules; |
• | inability to attract and retain qualified personnel; |
• | potential liability for environmental contamination; |
• | adverse legislative or regulatory tax changes; |
• | litigation and compliance costs associated with laws requiring access for disabled persons; and |
• | other risks identified in this press release and, from time to time, in reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate. |
FINANCIAL HIGHLIGHTS | |||||||||||||||
Dollars in thousands, except per share data | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Total property revenue | $ | 252,474 | $ | 239,425 | $ | 989,127 | $ | 634,087 | |||||||
Total NOI | $ | 156,278 | $ | 146,007 | $ | 598,815 | $ | 389,012 | |||||||
Management & leasing fee revenue | $ | — | $ | 182 | $ | 169 | $ | 647 | |||||||
Recurring EBITDA | $ | 143,047 | $ | 133,934 | $ | 549,270 | $ | 351,375 | |||||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | 0.46 | $ | (0.12 | ) | $ | 1.97 | $ | 2.27 | ||||||
Diluted | $ | 0.46 | $ | (0.12 | ) | $ | 1.97 | $ | 2.25 | ||||||
Funds from operations per share (diluted): | |||||||||||||||
FFO | $ | 1.35 | $ | 0.95 | $ | 5.09 | $ | 4.35 | |||||||
Core FFO | $ | 1.32 | $ | 1.20 | $ | 4.99 | $ | 4.94 | |||||||
Core AFFO | $ | 1.18 | $ | 1.09 | $ | 4.28 | $ | 4.33 | |||||||
Dividends declared per share | $ | 0.7700 | $ | 0.7300 | $ | 2.9600 | $ | 2.8150 | |||||||
Dividends/FFO (diluted) payout ratio | 57.0 | % | 76.8 | % | 58.2 | % | 64.7 | % | |||||||
Dividends/AFFO (diluted) payout ratio | 65.3 | % | 67.0 | % | 69.2 | % | 65.0 | % | |||||||
Consolidated interest expense | $ | 30,374 | $ | 30,258 | $ | 119,464 | $ | 75,915 | |||||||
Mark-to-market debt adjustment | 5,511 | 7,044 | 25,079 | 7,992 | |||||||||||
Capitalized interest | 469 | 971 | 1,722 | 2,089 | |||||||||||
Total interest incurred | $ | 36,354 | $ | 38,273 | $ | 146,265 | $ | 85,996 | |||||||
Principal payments on notes payable | $ | 2,242 | $ | 2,408 | $ | 6,927 | $ | 11,103 |
FINANCIAL HIGHLIGHTS (CONTINUED) | |||||||
Dollars in thousands, except per share data | |||||||
As of | |||||||
December 31, 2014 | December 31, 2013 | ||||||
Total gross assets | $ | 8,204,706 | $ | 7,980,240 | |||
Total debt | $ | 3,524,515 | $ | 3,472,718 | |||
Common shares and units, outstanding end of period | 79,458,827 | 79,058,110 | |||||
Share price, end of period | $ | 74.68 | $ | 60.74 | |||
Book equity value, end of period | $ | 3,057,722 | $ | 3,118,587 | |||
Market equity value, end of period | $ | 5,933,985 | $ | 4,801,990 | |||
Debt to total market capitalization ratio | 37.3 | % | 42.0 | % | |||
Total net debt/total gross assets | 42.6 | % | 42.4 | % | |||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 279.0 | % | 295.1 | % | |||
Recurring EBITDA/Debt Service | 3.75x | 3.37x | |||||
Fixed Charge Coverage (1) | 3.99x | 3.59x | |||||
Total Net Debt (2)/Recurring EBITDA (3) | 6.37x | 6.32x |
(1) | Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. |
(2) | Total Net Debt equals Total Debt less Cash and Cash Equivalents. |
(3) | Recurring EBITDA represents the twelve months ended December 31, 2014. |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
Dollars in thousands, except per share data | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating revenues: | |||||||||||||||
Rental revenues | $ | 229,737 | $ | 216,762 | $ | 899,124 | $ | 580,207 | |||||||
Other property revenues | 22,737 | 22,663 | 90,003 | 53,880 | |||||||||||
Total property revenues | 252,474 | 239,425 | 989,127 | 634,087 | |||||||||||
Management fee income | — | 182 | 169 | 647 | |||||||||||
Total operating revenues | 252,474 | 239,607 | 989,296 | 634,734 | |||||||||||
Operating Expenses: | |||||||||||||||
Property operating expenses | 96,711 | 94,279 | 392,329 | 253,314 | |||||||||||
Depreciation and amortization | 71,945 | 89,796 | 301,811 | 186,979 | |||||||||||
Acquisition expense | 1,417 | 894 | 2,388 | 1,393 | |||||||||||
Property management expenses | 8,076 | 7,782 | 32,095 | 23,083 | |||||||||||
General and administrative expenses | 4,844 | 4,965 | 20,909 | 15,569 | |||||||||||
Merger related expenses | (50 | ) | 21,105 | 3,152 | 32,403 | ||||||||||
Integration related expenses | 1,255 | 5,067 | 8,395 | 5,102 | |||||||||||
Income from continuing operations before non-operating items | 68,276 | 15,719 | 228,217 | 116,891 | |||||||||||
Interest and other non-property (expense) income | (258 | ) | 402 | 908 | 488 | ||||||||||
Interest expense | (30,374 | ) | (30,258 | ) | (119,464 | ) | (75,915 | ) | |||||||
Loss on debt extinguishment/modification | — | (39 | ) | (2,586 | ) | (426 | ) | ||||||||
Amortization of deferred financing costs | (1,004 | ) | (636 | ) | (4,489 | ) | (3,063 | ) | |||||||
Net casualty loss after insurance and other settlement proceeds | (45 | ) | (598 | ) | (476 | ) | (143 | ) | |||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 395 | — | 42,649 | — | |||||||||||
(Loss) gain on sale of non-depreciable real estate assets | (185 | ) | — | 350 | — | ||||||||||
Income (loss) before income tax expense | 36,805 | (15,410 | ) | 145,109 | 37,832 | ||||||||||
Income tax expense | (815 | ) | (224 | ) | (2,050 | ) | (893 | ) | |||||||
Income (loss) from continuing operations before joint venture activity | 35,990 | (15,634 | ) | 143,059 | 36,939 | ||||||||||
(Loss) gain from real estate joint ventures | (10 | ) | 177 | 6,009 | 338 | ||||||||||
Income (loss) from continuing operations | 35,980 | (15,457 | ) | 149,068 | 37,277 | ||||||||||
Discontinued operations: | |||||||||||||||
Income from discontinued operations before gain on sale | 462 | 614 | 1,815 | 5,065 | |||||||||||
Net casualty gain after insurance and other settlement proceeds on discontinued operations | — | 98 | — | 93 | |||||||||||
Gain on sale of discontinued operations | 16 | 4,935 | 5,394 | 76,844 | |||||||||||
Consolidated net income (loss) | 36,458 | (9,810 | ) | 156,277 | 119,279 | ||||||||||
Net income (loss) attributable to noncontrolling interests | 1,933 | (538 | ) | 8,297 | 3,998 | ||||||||||
Net income (loss) available for MAA common shareholders | $ | 34,525 | $ | (9,272 | ) | $ | 147,980 | $ | 115,281 | ||||||
Earnings per common share - basic: | |||||||||||||||
Income (loss) from continuing operations available for common shareholders | $ | 0.45 | $ | (0.20 | ) | $ | 1.88 | $ | 0.71 | ||||||
Discontinued property operations | 0.01 | 0.08 | 0.09 | 1.56 | |||||||||||
Net income (loss) available for common shareholders | $ | 0.46 | $ | (0.12 | ) | $ | 1.97 | $ | 2.27 | ||||||
Earnings per common share - diluted: | |||||||||||||||
Income (loss) from continuing operations available for common shareholders | $ | 0.45 | $ | (0.20 | ) | $ | 1.88 | $ | 0.70 | ||||||
Discontinued property operations | 0.01 | 0.08 | 0.09 | 1.55 | |||||||||||
Net income (loss) available for common shareholders | $ | 0.46 | $ | (0.12 | ) | $ | 1.97 | $ | 2.25 | ||||||
Dividends declared per common share | $ | 0.7700 | $ | 0.7300 | $ | 2.9600 | $ | 2.8150 |
SHARE AND UNIT DATA | |||||||||||
Shares and units in thousands | |||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
NET INCOME SHARES (1) | |||||||||||
Weighted average common shares - Basic | 75,114 | 74,693 | 74,982 | 50,677 | |||||||
Weighted average partnership units outstanding | — | — | — | 2,351 | |||||||
Effect of dilutive securities | — | — | — | 88 | |||||||
Weighted average common shares - Diluted | 75,114 | 74,693 | 74,982 | 53,116 | |||||||
FUNDS FROM OPERATIONS SHARES AND UNITS | |||||||||||
Weighted average common shares and units - Basic | 79,308 | 78,950 | 79,188 | 53,028 | |||||||
Weighted average common shares and units - Diluted | 79,461 | 79,095 | 79,370 | 53,108 | |||||||
PERIOD END SHARES AND UNITS | |||||||||||
Common shares at December 31, | 75,268 | 74,831 | 75,268 | 74,831 | |||||||
Partnership units at December 31, | 4,191 | 4,227 | 4,191 | 4,227 | |||||||
Total shares and units at December 31, | 79,459 | 79,058 | 79,459 | 79,058 |
(1) | For additional information on the calculation of diluted shares and earnings per share, please refer to the Notes to Consolidated Financial Statements in our Form 10-K filed with the Securities and Exchange Commission. |
FUNDS FROM OPERATIONS | |||||||||||||||
Dollars in thousands, except per share data | |||||||||||||||
Three months ended | Year ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income (loss) attributable to MAA | $ | 34,525 | $ | (9,272 | ) | $ | 147,980 | $ | 115,281 | ||||||
Depreciation and amortization of real estate assets | 71,315 | 89,216 | 299,421 | 184,857 | |||||||||||
Depreciation and amortization of real estate assets of discontinued operations | — | 162 | 42 | 2,703 | |||||||||||
Gain on sale of discontinued operations | (16 | ) | (4,935 | ) | (5,394 | ) | (76,844 | ) | |||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | (395 | ) | — | (42,649 | ) | — | |||||||||
Loss (gain) on disposition within unconsolidated entities | 10 | — | (4,007 | ) | — | ||||||||||
Depreciation and amortization of real estate assets of real estate joint ventures | 6 | 286 | 397 | 1,030 | |||||||||||
Net income (loss) attributable to noncontrolling interests | 1,933 | (538 | ) | 8,297 | 3,998 | ||||||||||
Funds from operations | 107,378 | 74,919 | 404,087 | 231,025 | |||||||||||
Acquisition expense | 1,417 | 894 | 2,388 | 1,393 | |||||||||||
Merger related expenses | (50 | ) | 21,105 | 3,152 | 32,403 | ||||||||||
Integration related expenses | 1,255 | 5,067 | 8,395 | 5,102 | |||||||||||
Loss (gain) on sale of non-depreciable real estate assets | 185 | — | (350 | ) | — | ||||||||||
Mark-to-market debt adjustment | (5,511 | ) | (7,044 | ) | (25,079 | ) | (7,992 | ) | |||||||
Loss on debt extinguishment (1) | — | 39 | 3,126 | (1) | 426 | ||||||||||
Core funds from operations | 104,674 | 94,980 | 395,719 | 262,357 | |||||||||||
Recurring capital expenditures | (11,234 | ) | (9,044 | ) | (56,098 | ) | (32,375 | ) | |||||||
Core adjusted funds from operations | $ | 93,440 | $ | 85,936 | $ | 339,621 | $ | 229,982 | |||||||
Weighted average common shares and units - Diluted | 79,461 | 79,095 | 79,370 | 53,108 | |||||||||||
Funds from operations per share and unit - Diluted | $ | 1.35 | $ | 0.95 | $ | 5.09 | $ | 4.35 | |||||||
Core funds from operations per share and unit - Diluted | $ | 1.32 | $ | 1.20 | $ | 4.99 | $ | 4.94 | |||||||
Core adjusted funds from operations per share and unit - Diluted | $ | 1.18 | $ | 1.09 | $ | 4.28 | $ | 4.33 |
CONSOLIDATED BALANCE SHEETS | |||||||
Dollars in thousands | |||||||
December 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Real estate assets | |||||||
Land | $ | 907,598 | $ | 871,316 | |||
Buildings and improvements | 6,763,978 | 6,366,701 | |||||
Furniture, fixtures and equipment | 212,850 | 199,573 | |||||
Capital improvements in progress | 80,772 | 166,048 | |||||
7,965,198 | 7,603,638 | ||||||
Accumulated depreciation | (1,358,399 | ) | (1,124,207 | ) | |||
6,606,799 | 6,479,431 | ||||||
Undeveloped land | 47,242 | 63,850 | |||||
Corporate property, net | 7,988 | 7,523 | |||||
Investments in real estate joint ventures | 1,791 | 5,499 | |||||
Real estate assets, net | 6,663,820 | 6,556,303 | |||||
Cash and cash equivalents | 25,401 | 89,333 | |||||
Restricted cash | 28,181 | 44,361 | |||||
Deferred financing cost, net | 17,812 | 17,424 | |||||
Other assets | 57,041 | 91,637 | |||||
Goodwill | 2,321 | 4,106 | |||||
Assets held for sale | 36,452 | 38,761 | |||||
Total assets | $ | 6,831,028 | $ | 6,841,925 | |||
Liabilities and Shareholders' Equity | |||||||
Liabilities | |||||||
Secured notes payable | $ | 1,592,116 | $ | 1,790,935 | |||
Unsecured notes payable | 1,932,399 | 1,681,783 | |||||
Accounts payable | 8,395 | 15,067 | |||||
Fair market value of interest rate swaps | 13,392 | 20,015 | |||||
Accrued expenses and other liabilities | 216,478 | 206,268 | |||||
Security deposits | 10,526 | 9,270 | |||||
Total liabilities | 3,773,306 | 3,723,338 | |||||
Redeemable stock | 5,911 | 5,050 | |||||
Shareholders' equity | |||||||
Common stock | 752 | 747 | |||||
Additional paid-in capital | 3,619,270 | 3,599,549 | |||||
Accumulated distributions in excess of net income | (729,086 | ) | (653,593 | ) | |||
Accumulated other comprehensive (loss) income | (412 | ) | 108 | ||||
Total MAA shareholders' equity | 2,890,524 | 2,946,811 | |||||
Noncontrolling interest | 161,287 | 166,726 | |||||
Total equity | 3,051,811 | 3,113,537 | |||||
Total liabilities and shareholders' equity | $ | 6,831,028 | $ | 6,841,925 |
NON-GAAP FINANCIALS AND OTHER DEFINITIONS |
NON-GAAP FINANCIALS AND OTHER DEFINITIONS (CONTINUED) |
PORTFOLIO STATISTICS |
Same Store | Non Same Store | In Lease-Up | Total Operating | Current Development Units Delivered | Total | ||||||||||||
Atlanta, GA | 5,284 | 790 | — | 6,074 | — | 6,074 | |||||||||||
Charlotte, NC | 4,161 | 840 | — | 5,001 | — | 5,001 | |||||||||||
Austin, TX | 5,542 | 296 | — | 5,838 | — | 5,838 | |||||||||||
Raleigh/Durham, NC | 4,663 | — | — | 4,663 | — | 4,663 | |||||||||||
Dallas, TX | 3,723 | 1,574 | — | 5,297 | — | 5,297 | |||||||||||
Orlando, FL | 2,438 | 1,214 | — | 3,652 | — | 3,652 | |||||||||||
Fort Worth, TX | 4,519 | — | — | 4,519 | — | 4,519 | |||||||||||
Nashville, TN | 3,128 | 428 | — | 3,556 | 48 | 3,604 | |||||||||||
Tampa, FL | 2,644 | 234 | — | 2,878 | — | 2,878 | |||||||||||
Houston, TX | 2,281 | 951 | — | 3,232 | — | 3,232 | |||||||||||
Phoenix, AZ | 1,976 | — | — | 1,976 | — | 1,976 | |||||||||||
Las Vegas, NV | 721 | — | — | 721 | — | 721 | |||||||||||
South Florida | 480 | — | — | 480 | — | 480 | |||||||||||
Large Markets | 41,560 | 6,327 | — | 47,887 | 48 | 47,935 | |||||||||||
Charleston, SC | 2,378 | 270 | — | 2,648 | — | 2,648 | |||||||||||
Jacksonville, FL | 3,202 | — | — | 3,202 | — | 3,202 | |||||||||||
Savannah, GA | 2,219 | — | — | 2,219 | — | 2,219 | |||||||||||
Richmond, VA | 1,668 | — | — | 1,668 | — | 1,668 | |||||||||||
Fredericksburg, VA | 258 | 743 | — | 1,001 | — | 1,001 | |||||||||||
San Antonio, TX | 1,176 | 328 | — | 1,504 | — | 1,504 | |||||||||||
Memphis, TN | 2,064 | 204 | — | 2,268 | — | 2,268 | |||||||||||
Birmingham, AL | 1,462 | — | — | 1,462 | — | 1,462 | |||||||||||
Huntsville, AL | 1,380 | — | — | 1,380 | — | 1,380 | |||||||||||
Little Rock, AR | 1,056 | 312 | — | 1,368 | — | 1,368 | |||||||||||
Norfolk/Hampton/VA Beach, VA | 1,033 | — | — | 1,033 | — | 1,033 | |||||||||||
Greenville, SC | 1,748 | — | — | 1,748 | — | 1,748 | |||||||||||
Other | 11,463 | 1,417 | — | 12,880 | — | 12,880 | |||||||||||
Secondary Markets | 31,107 | 3,274 | — | 34,381 | — | 34,381 | |||||||||||
Total Multifamily Units | 72,667 | 9,601 | — | 82,268 | 48 | 82,316 |
PORTFOLIO STATISTICS (CONTINUED) |
As of December 31, 2014 | Average Effective Rent for the Three Months Ended December 31, 2014 | As of December 31, 2014 | ||||||||||||||||||
Gross Real Assets | Percent to Total of Gross Real Assets | Physical Occupancy | Completed Units | Total Units | ||||||||||||||||
Atlanta, GA | $ | 654,115 | 8.3 | % | 95.4 | % | $ | 1,030 | 6,074 | |||||||||||
Charlotte, NC | $ | 602,308 | 7.6 | % | 95.8 | % | $ | 936 | 5,001 | |||||||||||
Austin, TX | $ | 566,966 | 7.2 | % | 95.3 | % | $ | 1,007 | 5,838 | |||||||||||
Raleigh/Durham, NC | $ | 542,636 | 6.8 | % | 95.3 | % | $ | 919 | 4,663 | |||||||||||
Dallas, TX | $ | 536,102 | 6.8 | % | 96.0 | % | $ | 1,045 | 5,297 | |||||||||||
Orlando, FL | $ | 475,953 | 6.0 | % | 97.0 | % | $ | 1,068 | 3,652 | |||||||||||
Fort Worth, TX | $ | 376,279 | 4.7 | % | 95.8 | % | $ | 929 | 4,519 | |||||||||||
Nashville, TN | $ | 334,595 | 4.2 | % | 94.4 | % | $ | 1,053 | 3,556 | |||||||||||
Tampa, FL | $ | 300,894 | 3.8 | % | 96.7 | % | $ | 1,036 | 2,878 | |||||||||||
Houston, TX | $ | 278,138 | 3.5 | % | 95.4 | % | $ | 1,035 | 3,232 | |||||||||||
Phoenix, AZ | $ | 233,814 | 3.0 | % | 95.7 | % | $ | 892 | 1,976 | |||||||||||
Las Vegas, NV | $ | 65,461 | 0.8 | % | 94.6 | % | $ | 793 | 721 | |||||||||||
South Florida | $ | 57,376 | 0.7 | % | 95.2 | % | $ | 1,471 | 480 | |||||||||||
Large Markets | $ | 5,024,637 | 63.4 | % | 95.7 | % | $ | 999 | 47,887 | |||||||||||
Charleston, SC | $ | 257,778 | 3.3 | % | 95.0 | % | $ | 993 | 2,648 | |||||||||||
Jacksonville, FL | $ | 244,892 | 3.1 | % | 96.7 | % | $ | 915 | 3,202 | |||||||||||
Savannah, GA | $ | 222,219 | 2.8 | % | 95.4 | % | $ | 952 | 2,219 | |||||||||||
Richmond, VA | $ | 185,473 | 2.3 | % | 96.0 | % | $ | 933 | 1,668 | |||||||||||
Fredericksburg, VA | $ | 156,276 | 2.0 | % | 94.6 | % | $ | 1,206 | 1,001 | |||||||||||
San Antonio, TX | $ | 155,354 | 2.0 | % | 95.3 | % | $ | 1,040 | 1,504 | |||||||||||
Memphis, TN | $ | 146,830 | 1.9 | % | 93.1 | % | $ | 841 | 2,268 | |||||||||||
Birmingham, AL | $ | 143,133 | 1.8 | % | 94.4 | % | $ | 940 | 1,462 | |||||||||||
Huntsville, AL | $ | 111,856 | 1.4 | % | 95.1 | % | $ | 740 | 1,380 | |||||||||||
Little Rock, AR | $ | 111,757 | 1.4 | % | 94.3 | % | $ | 877 | 1,368 | |||||||||||
Norfolk, Hampton, VA Beach, VA | $ | 97,472 | 1.2 | % | 94.1 | % | $ | 966 | 1,033 | |||||||||||
Greenville, SC | $ | 94,408 | 1.2 | % | 95.3 | % | $ | 734 | 1,748 | |||||||||||
All Other Secondary Markets by State (individual markets <1% gross real assets) | ||||||||||||||||||||
Florida | $ | 178,836 | 2.3 | % | 95.9 | % | $ | 888 | 2,478 | |||||||||||
Georgia | $ | 169,322 | 2.1 | % | 96.1 | % | $ | 761 | 2,665 | |||||||||||
Kentucky | $ | 102,981 | 1.3 | % | 95.7 | % | $ | 800 | 1,548 | |||||||||||
North Carolina | $ | 100,466 | 1.3 | % | 94.6 | % | $ | 704 | 1,562 | |||||||||||
Tennessee | $ | 85,428 | 1.1 | % | 95.5 | % | $ | 718 | 1,608 | |||||||||||
Mississippi | $ | 70,044 | 0.9 | % | 96.0 | % | $ | 838 | 1,241 | |||||||||||
Alabama | $ | 59,035 | 0.7 | % | 94.3 | % | $ | 884 | 628 | |||||||||||
Missouri | $ | 52,515 | 0.7 | % | 92.0 | % | $ | 1,246 | 323 | |||||||||||
Virginia | $ | 47,870 | 0.6 | % | 99.2 | % | $ | 1,362 | 251 | |||||||||||
South Carolina | $ | 35,304 | 0.4 | % | 94.1 | % | $ | 752 | 576 | |||||||||||
Secondary Markets | $ | 2,829,249 | 35.8 | % | 95.2 | % | $ | 881 | 34,381 | |||||||||||
Subtotal | $ | 7,853,886 | 99.2 | % | 95.5 | % | $ | 950 | 82,268 | |||||||||||
Nashville, TN | Large | $ | 34,539 | 0.4 | % | 20.8 | % | $ | 1,198 | 48 | 220 | |||||||||
Jacksonville, FL | Secondary | $ | 30,078 | 0.4 | % | 0.0 | % | $ | — | — | 294 | |||||||||
Lease-up and Development | $ | 64,617 | 0.8 | % | 20.8 | % | $ | 1,198 | 48 | 514 | ||||||||||
Total Wholly Owned Multifamily Communities | $ | 7,918,503 | 100.0 | % | 95.4 | % | $ | 950 | 82,316 | 82,782 |
COMPONENTS OF PROPERTY NET OPERATING INCOME FOR MULTIFAMILY PORTFOLIO |
Apartment | Three Months Ended | ||||||||||||
Units | December 31, 2014 | December 31, 2013 | Percent Change | ||||||||||
Property Revenue | |||||||||||||
Same Store Communities | 72,667 | $ | 218,767 | $ | 209,965 | 4.2 | % | ||||||
Non-Same Store Communities | 9,601 | 32,241 | 25,534 | ||||||||||
Lease up/Development Communities | 48 | 7 | — | ||||||||||
Total Property Revenue | 82,316 | $ | 251,015 | $ | 235,499 | ||||||||
Property Expenses | |||||||||||||
Same Store Communities | 72,667 | $ | 84,153 | $ | 82,442 | 2.1 | % | ||||||
Non-Same Store Communities | 9,601 | 11,682 | 9,944 | ||||||||||
Lease up/Development Communities | 48 | 95 | (7 | ) | |||||||||
Total Property Expenses | 82,316 | $ | 95,930 | $ | 92,379 | ||||||||
Property Net Operating Income | |||||||||||||
Same Store Communities | 72,667 | $ | 134,614 | $ | 127,523 | 5.6 | % | ||||||
Non-Same Store Communities | 9,601 | 20,559 | 15,590 | ||||||||||
Lease up/Development Communities | 48 | (88 | ) | 7 | |||||||||
Total Property Net Operating Income | 82,316 | $ | 155,085 | $ | 143,120 | 8.4 | % |
NOI CONTRIBUTION PERCENTAGE BY REGION |
Average Physical Occupancy | ||||||||
Percent of Same Store | Three months ended December 31, 2014 | Three months ended December 31, 2013 | ||||||
Atlanta, GA | 7.7 | % | 95.1 | % | 94.8 | % | ||
Austin, TX | 7.7 | % | 95.4 | % | 95.5 | % | ||
Raleigh/Durham, NC | 7.0 | % | 95.6 | % | 95.0 | % | ||
Fort Worth, TX | 6.1 | % | 95.7 | % | 95.4 | % | ||
Charlotte, NC | 6.0 | % | 95.7 | % | 96.0 | % | ||
Dallas, TX | 5.3 | % | 96.2 | % | 95.1 | % | ||
Nashville, TN | 4.7 | % | 95.0 | % | 95.5 | % | ||
Tampa, FL | 4.2 | % | 96.6 | % | 95.5 | % | ||
Orlando, FL | 3.9 | % | 96.7 | % | 95.4 | % | ||
Houston, TX | 3.2 | % | 95.7 | % | 95.4 | % | ||
Phoenix, AZ | 2.8 | % | 96.4 | % | 95.5 | % | ||
South Florida | 1.0 | % | 95.0 | % | 93.5 | % | ||
Las Vegas, NV | 0.9 | % | 94.1 | % | 94.4 | % | ||
Large Markets | 60.5 | % | 95.7 | % | 95.3 | % | ||
Jacksonville, FL | 4.3 | % | 96.2 | % | 94.4 | % | ||
Charleston, SC | 3.5 | % | 95.5 | % | 95.9 | % | ||
Savannah, GA | 3.2 | % | 95.3 | % | 94.9 | % | ||
Richmond, VA | 2.5 | % | 95.8 | % | 96.3 | % | ||
Memphis, TN | 2.2 | % | 94.1 | % | 94.6 | % | ||
Birmingham, AL | 2.0 | % | 93.8 | % | 95.2 | % | ||
Greenville, SC | 1.9 | % | 95.5 | % | 93.9 | % | ||
San Antonio, TX | 1.6 | % | 94.7 | % | 95.8 | % | ||
Huntsville, AL | 1.6 | % | 94.7 | % | 95.5 | % | ||
Norfolk, Hampton, VA Beach, VA | 1.4 | % | 94.3 | % | 94.3 | % | ||
Little Rock, AR | 1.3 | % | 94.5 | % | 95.9 | % | ||
Other | 14.0 | % | 95.3 | % | 94.2 | % | ||
Secondary Markets | 39.5 | % | 95.2 | % | 94.8 | % | ||
Total Same Store | 100.0 | % | 95.5 | % | 95.1 | % |
NOI BRIDGE | |||||||||||||||
Dollars in thousands | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||
NOI | |||||||||||||||
MAA same store (1) | $ | 134,614 | $ | 127,523 | $ | 299,746 | $ | 290,595 | |||||||
Non-same store (1) | 21,664 | 18,484 | 299,069 | 98,417 | |||||||||||
Total NOI | 156,278 | 146,007 | 598,815 | 389,012 | |||||||||||
Held for sale NOI included above | (515 | ) | (861 | ) | (2,017 | ) | (8,239 | ) | |||||||
Management fee income | — | 182 | 169 | 647 | |||||||||||
Depreciation and amortization | (71,945 | ) | (89,796 | ) | (301,811 | ) | (186,979 | ) | |||||||
Acquisition expense | (1,417 | ) | (894 | ) | (2,388 | ) | (1,393 | ) | |||||||
Property management expenses | (8,076 | ) | (7,782 | ) | (32,095 | ) | (23,083 | ) | |||||||
General and administrative expenses | (4,844 | ) | (4,965 | ) | (20,909 | ) | (15,569 | ) | |||||||
Merger related credit (expenses) | 50 | (21,105 | ) | (3,152 | ) | (32,403 | ) | ||||||||
Integration related expenses | (1,255 | ) | (5,067 | ) | (8,395 | ) | (5,102 | ) | |||||||
Interest and other non-property (expense) income | (258 | ) | 402 | 908 | 488 | ||||||||||
Interest Expense | (30,374 | ) | (30,258 | ) | (119,464 | ) | (75,915 | ) | |||||||
Loss on debt extinguishment | — | (39 | ) | (2,586 | ) | (426 | ) | ||||||||
Amortization of deferred financing costs | (1,004 | ) | (636 | ) | (4,489 | ) | (3,063 | ) | |||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 395 | — | 42,649 | — | |||||||||||
Net casualty loss and other settlement proceeds | (45 | ) | (598 | ) | (476 | ) | (143 | ) | |||||||
Income tax expense | (815 | ) | (224 | ) | (2,050 | ) | (893 | ) | |||||||
(Loss) gain on sale of non-depreciable real estate assets | (185 | ) | — | 350 | — | ||||||||||
(Loss) gain from real estate joint ventures | (10 | ) | 177 | 6,009 | 338 | ||||||||||
Discontinued operations | 478 | 5,647 | 7,209 | 82,002 | |||||||||||
Net (income) loss attributable to noncontrolling interests | (1,933 | ) | 538 | (8,297 | ) | (3,998 | ) | ||||||||
Net income (loss) attributable to MAA | $ | 34,525 | $ | (9,272 | ) | $ | 147,980 | $ | 115,281 |
MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS |
Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2014 | Q4 2013 | % Chg | Q4 2014 | Q4 2013 | % Chg | Q4 2014 | Q4 2013 | % Chg | Q4 2014 | Q4 2013 | % Chg | Q4 2014 | Q4 2013 | % Chg | ||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | $ | 17,421 | $ | 16,194 | 7.6 | % | $ | 6,988 | $ | 6,609 | 5.7 | % | $ | 10,433 | $ | 9,585 | 8.8 | % | $ | 1,156 | $ | 1,077 | 7.3 | % | $ | 994 | $ | 933 | 6.5 | % | ||||||||||||||||||||||||
Austin, TX | 18,078 | 17,162 | 5.3 | % | 7,685 | 7,447 | 3.2 | % | 10,393 | 9,715 | 7.0 | % | 1,139 | 1,081 | 5.4 | % | 1,001 | 946 | 5.8 | % | ||||||||||||||||||||||||||||||||||
Raleigh/Durham, NC | 14,025 | 13,706 | 2.3 | % | 4,662 | 4,587 | 1.6 | % | 9,363 | 9,119 | 2.7 | % | 1,049 | 1,031 | 1.7 | % | 919 | 909 | 1.1 | % | ||||||||||||||||||||||||||||||||||
Fort Worth, TX | 13,857 | 13,259 | 4.5 | % | 5,622 | 5,560 | 1.1 | % | 8,235 | 7,699 | 7.0 | % | 1,068 | 1,025 | 4.2 | % | 929 | 886 | 4.9 | % | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 12,093 | 11,648 | 3.8 | % | 4,072 | 4,034 | 0.9 | % | 8,021 | 7,614 | 5.3 | % | 1,013 | 972 | 4.2 | % | 890 | 854 | 4.2 | % | ||||||||||||||||||||||||||||||||||
Dallas, TX | 12,490 | 11,824 | 5.6 | % | 5,318 | 5,287 | 0.6 | % | 7,172 | 6,537 | 9.7 | % | 1,162 | 1,113 | 4.4 | % | 1,033 | 996 | 3.7 | % | ||||||||||||||||||||||||||||||||||
Nashville, TN | 10,044 | 9,575 | 4.9 | % | 3,701 | 3,493 | 6.0 | % | 6,343 | 6,082 | 4.3 | % | 1,127 | 1,069 | 5.4 | % | 994 | 940 | 5.7 | % | ||||||||||||||||||||||||||||||||||
Tampa, FL | 9,024 | 8,593 | 5.0 | % | 3,390 | 3,346 | 1.3 | % | 5,634 | 5,247 | 7.4 | % | 1,178 | 1,134 | 3.9 | % | 1,030 | 993 | 3.7 | % | ||||||||||||||||||||||||||||||||||
Orlando, FL | 8,225 | 7,845 | 4.8 | % | 3,014 | 2,924 | 3.1 | % | 5,211 | 4,921 | 5.9 | % | 1,162 | 1,124 | 3.4 | % | 1,034 | 998 | 3.6 | % | ||||||||||||||||||||||||||||||||||
Houston, TX | 7,346 | 6,902 | 6.4 | % | 3,078 | 3,026 | 1.7 | % | 4,268 | 3,876 | 10.1 | % | 1,122 | 1,057 | 6.1 | % | 992 | 937 | 5.9 | % | ||||||||||||||||||||||||||||||||||
Phoenix, AZ | 5,834 | 5,515 | 5.8 | % | 2,028 | 2,023 | 0.2 | % | 3,806 | 3,492 | 9.0 | % | 1,021 | 974 | 4.8 | % | 892 | 851 | 4.8 | % | ||||||||||||||||||||||||||||||||||
South Florida | 2,137 | 2,061 | 3.7 | % | 764 | 775 | (1.4 | )% | 1,373 | 1,286 | 6.8 | % | 1,563 | 1,531 | 2.1 | % | 1,471 | 1,421 | 3.5 | % | ||||||||||||||||||||||||||||||||||
Las Vegas, NV | 1,885 | 1,813 | 4.0 | % | 726 | 705 | 3.0 | % | 1,159 | 1,108 | 4.6 | % | 926 | 888 | 4.3 | % | 793 | 763 | 3.9 | % | ||||||||||||||||||||||||||||||||||
Large Markets | $ | 132,459 | $ | 126,097 | 5.0 | % | $ | 51,048 | $ | 49,816 | 2.5 | % | $ | 81,411 | $ | 76,281 | 6.7 | % | $ | 1,110 | $ | 1,061 | 4.6 | % | $ | 974 | $ | 932 | 4.5 | % | ||||||||||||||||||||||||
Jacksonville, FL | $ | 9,227 | $ | 8,936 | 3.3 | % | $ | 3,395 | $ | 3,538 | (4.0 | )% | $ | 5,832 | $ | 5,398 | 8.0 | % | $ | 998 | $ | 985 | 1.3 | % | $ | 915 | $ | 897 | 2.0 | % | ||||||||||||||||||||||||
Charleston, SC | 7,279 | 6,979 | 4.3 | % | 2,645 | 2,554 | 3.6 | % | 4,634 | 4,425 | 4.7 | % | 1,069 | 1,020 | 4.8 | % | 931 | 889 | 4.7 | % | ||||||||||||||||||||||||||||||||||
Savannah, GA | 6,870 | 6,464 | 6.3 | % | 2,510 | 2,420 | 3.7 | % | 4,360 | 4,044 | 7.8 | % | 1,083 | 1,023 | 5.9 | % | 952 | 904 | 5.3 | % | ||||||||||||||||||||||||||||||||||
Richmond, VA | 5,097 | 4,948 | 3.0 | % | 1,743 | 1,741 | 0.1 | % | 3,354 | 3,207 | 4.6 | % | 1,063 | 1,027 | 3.5 | % | 933 | 902 | 3.4 | % | ||||||||||||||||||||||||||||||||||
Memphis, TN | 5,454 | 5,427 | 0.5 | % | 2,451 | 2,342 | 4.7 | % | 3,003 | 3,085 | (2.7 | )% | 936 | 927 | 1.0 | % | 841 | 825 | 1.9 | % | ||||||||||||||||||||||||||||||||||
Birmingham, AL | 4,451 | 4,380 | 1.6 | % | 1,740 | 1,646 | 5.7 | % | 2,711 | 2,734 | (0.8 | )% | 1,082 | 1,048 | 3.2 | % | 940 | 926 | 1.5 | % | ||||||||||||||||||||||||||||||||||
Greenville, SC | 4,239 | 3,952 | 7.3 | % | 1,644 | 1,587 | 3.6 | % | 2,595 | 2,365 | 9.7 | % | 846 | 802 | 5.5 | % | 734 | 706 | 4.0 | % | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 3,769 | 3,734 | 0.9 | % | 1,575 | 1,504 | 4.7 | % | 2,194 | 2,230 | (1.6 | )% | 1,129 | 1,104 | 2.3 | % | 1,014 | 996 | 1.8 | % | ||||||||||||||||||||||||||||||||||
Huntsville, AL | 3,429 | 3,440 | (0.3 | )% | 1,294 | 1,370 | (5.5 | )% | 2,135 | 2,070 | 3.1 | % | 874 | 870 | 0.5 | % | 740 | 746 | (0.8 | )% | ||||||||||||||||||||||||||||||||||
Norfolk/Hampton/VA Beach, VA | 3,247 | 3,257 | (0.3 | )% | 1,325 | 1,274 | 4.0 | % | 1,922 | 1,983 | (3.1 | )% | 1,111 | 1,114 | (0.3 | )% | 966 | 971 | (0.5 | )% | ||||||||||||||||||||||||||||||||||
Little Rock, AR | 2,717 | 2,728 | (0.4 | )% | 1,040 | 1,006 | 3.4 | % | 1,677 | 1,722 | (2.6 | )% | 908 | 898 | 1.1 | % | 823 | 820 | 0.4 | % | ||||||||||||||||||||||||||||||||||
Other | 30,529 | 29,623 | 3.1 | % | 11,743 | 11,644 | 0.9 | % | 18,786 | 17,979 | 4.5 | % | 912 | 894 | 2.0 | % | 807 | 793 | 1.8 | % | ||||||||||||||||||||||||||||||||||
Secondary Markets | $ | 86,308 | $ | 83,868 | 2.9 | % | $ | 33,105 | $ | 32,626 | 1.5 | % | $ | 53,203 | $ | 51,242 | 3.8 | % | $ | 972 | $ | 948 | 2.5 | % | $ | 860 | $ | 841 | 2.3 | % | ||||||||||||||||||||||||
Total Same Store | $ | 218,767 | $ | 209,965 | 4.2 | % | $ | 84,153 | $ | 82,442 | 2.1 | % | $ | 134,614 | $ | 127,523 | 5.6 | % | $ | 1,051 | $ | 1,013 | 3.8 | % | $ | 925 | $ | 893 | 3.6 | % |
MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS |
Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2014 | Q3 2014 | % Chg | Q4 2014 | Q3 2014 | % Chg | Q4 2014 | Q3 2014 | % Chg | Q4 2014 | Q3 2014 | % Chg | Q4 2014 | Q3 2014 | % Chg | ||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | $ | 17,421 | $ | 17,264 | 0.9 | % | $ | 6,988 | $ | 7,292 | (4.2 | )% | $ | 10,433 | $ | 9,972 | 4.6 | % | $ | 1,156 | $ | 1,139 | 1.5 | % | $ | 994 | $ | 980 | 1.4 | % | ||||||||||||||||||||||||
Austin, TX | 18,078 | 18,160 | (0.5 | )% | 7,685 | 8,232 | (6.6 | )% | 10,393 | 9,928 | 4.7 | % | 1,139 | 1,133 | 0.5 | % | 1,001 | 988 | 1.3 | % | ||||||||||||||||||||||||||||||||||
Raleigh/Durham, NC | 14,025 | 13,909 | 0.8 | % | 4,662 | 4,862 | (4.1 | )% | 9,363 | 9,047 | 3.5 | % | 1,049 | 1,045 | 0.4 | % | 919 | 920 | (0.1 | )% | ||||||||||||||||||||||||||||||||||
Fort Worth, TX | 13,857 | 13,701 | 1.1 | % | 5,622 | 5,923 | (5.1 | )% | 8,235 | 7,778 | 5.9 | % | 1,068 | 1,056 | 1.1 | % | 929 | 914 | 1.6 | % | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 12,093 | 12,033 | 0.5 | % | 4,072 | 4,313 | (5.6 | )% | 8,021 | 7,720 | 3.9 | % | 1,013 | 1,004 | 0.9 | % | 890 | 881 | 1.0 | % | ||||||||||||||||||||||||||||||||||
Dallas, TX | 12,490 | 12,339 | 1.2 | % | 5,318 | 5,240 | 1.5 | % | 7,172 | 7,099 | 1.0 | % | 1,162 | 1,155 | 0.6 | % | 1,033 | 1,024 | 0.9 | % | ||||||||||||||||||||||||||||||||||
Nashville, TN | 10,044 | 10,137 | (0.9 | )% | 3,701 | 3,686 | 0.4 | % | 6,343 | 6,451 | (1.7 | )% | 1,127 | 1,117 | 0.9 | % | 994 | 981 | 1.3 | % | ||||||||||||||||||||||||||||||||||
Tampa, FL | 9,024 | 8,864 | 1.8 | % | 3,390 | 3,477 | (2.5 | )% | 5,634 | 5,387 | 4.6 | % | 1,178 | 1,163 | 1.3 | % | 1,030 | 1,016 | 1.4 | % | ||||||||||||||||||||||||||||||||||
Orlando, FL | 8,225 | 8,100 | 1.5 | % | 3,014 | 3,072 | (1.9 | )% | 5,211 | 5,028 | 3.6 | % | 1,162 | 1,156 | 0.5 | % | 1,034 | 1,020 | 1.4 | % | ||||||||||||||||||||||||||||||||||
Houston, TX | 7,346 | 7,342 | 0.1 | % | 3,078 | 3,164 | (2.7 | )% | 4,268 | 4,178 | 2.2 | % | 1,122 | 1,115 | 0.6 | % | 992 | 978 | 1.4 | % | ||||||||||||||||||||||||||||||||||
Phoenix, AZ | 5,834 | 5,717 | 2.0 | % | 2,028 | 2,247 | (9.7 | )% | 3,806 | 3,470 | 9.7 | % | 1,021 | 1,007 | 1.4 | % | 892 | 878 | 1.6 | % | ||||||||||||||||||||||||||||||||||
South Florida | 2,137 | 2,131 | 0.3 | % | 764 | 733 | 4.2 | % | 1,373 | 1,398 | (1.8 | )% | 1,563 | 1,554 | 0.6 | % | 1,471 | 1,435 | 2.5 | % | ||||||||||||||||||||||||||||||||||
Las Vegas, NV | 1,885 | 1,894 | (0.5 | )% | 726 | 780 | (6.9 | )% | 1,159 | 1,114 | 4.0 | % | 926 | 916 | 1.1 | % | 793 | 776 | 2.2 | % | ||||||||||||||||||||||||||||||||||
Large Markets | $ | 132,459 | $ | 131,591 | 0.7 | % | $ | 51,048 | $ | 53,021 | (3.7 | )% | $ | 81,411 | $ | 78,570 | 3.6 | % | $ | 1,110 | $ | 1,101 | 0.8 | % | $ | 974 | $ | 963 | 1.1 | % | ||||||||||||||||||||||||
Jacksonville, FL | $ | 9,227 | $ | 9,108 | 1.3 | % | $ | 3,395 | $ | 3,489 | (2.7 | )% | $ | 5,832 | $ | 5,619 | 3.8 | % | $ | 998 | $ | 991 | 0.7 | % | $ | 915 | $ | 910 | 0.5 | % | ||||||||||||||||||||||||
Charleston, SC | 7,279 | 7,256 | 0.3 | % | 2,645 | 2,783 | (5.0 | )% | 4,634 | 4,473 | 3.6 | % | 1,069 | 1,055 | 1.3 | % | 931 | 922 | 1.0 | % | ||||||||||||||||||||||||||||||||||
Savannah, GA | 6,870 | 6,850 | 0.3 | % | 2,510 | 2,638 | (4.9 | )% | 4,360 | 4,212 | 3.5 | % | 1,083 | 1,071 | 1.1 | % | 952 | 946 | 0.6 | % | ||||||||||||||||||||||||||||||||||
Richmond, VA | 5,097 | 5,073 | 0.5 | % | 1,743 | 1,830 | (4.8 | )% | 3,354 | 3,243 | 3.4 | % | 1,063 | 1,055 | 0.8 | % | 933 | 928 | 0.5 | % | ||||||||||||||||||||||||||||||||||
Memphis, TN | 5,454 | 5,501 | (0.9 | )% | 2,451 | 2,528 | (3.0 | )% | 3,003 | 2,973 | 1.0 | % | 936 | 941 | (0.5 | )% | 841 | 839 | 0.2 | % | ||||||||||||||||||||||||||||||||||
Birmingham, AL | 4,451 | 4,541 | (2.0 | )% | 1,740 | 1,843 | (5.6 | )% | 2,711 | 2,698 | 0.5 | % | 1,082 | 1,095 | (1.2 | )% | 940 | 951 | (1.2 | )% | ||||||||||||||||||||||||||||||||||
Greenville, SC | 4,239 | 4,202 | 0.9 | % | 1,644 | 1,691 | (2.8 | )% | 2,595 | 2,511 | 3.3 | % | 846 | 833 | 1.6 | % | 734 | 724 | 1.4 | % | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 3,769 | 3,783 | (0.4 | )% | 1,575 | 1,595 | (1.3 | )% | 2,194 | 2,188 | 0.3 | % | 1,129 | 1,121 | 0.7 | % | 1,014 | 1,007 | 0.7 | % | ||||||||||||||||||||||||||||||||||
Huntsville, AL | 3,429 | 3,424 | 0.1 | % | 1,294 | 1,411 | (8.3 | )% | 2,135 | 2,013 | 6.1 | % | 874 | 878 | (0.5 | )% | 740 | 742 | (0.3 | )% | ||||||||||||||||||||||||||||||||||
Norfolk/Hampton/VA Beach, VA | 3,247 | 3,269 | (0.7 | )% | 1,325 | 1,352 | (2.0 | )% | 1,922 | 1,917 | 0.3 | % | 1,111 | 1,119 | (0.7 | )% | 966 | 967 | (0.1 | )% | ||||||||||||||||||||||||||||||||||
Little Rock, AR | 2,717 | 2,735 | (0.7 | )% | 1,040 | 1,046 | (0.6 | )% | 1,677 | 1,689 | (0.7 | )% | 908 | 919 | (1.2 | )% | 823 | 829 | (0.7 | )% | ||||||||||||||||||||||||||||||||||
Other | 30,529 | 30,492 | 0.1 | % | 11,743 | 12,454 | (5.7 | )% | 18,786 | 18,038 | 4.1 | % | 912 | 912 | — | % | 807 | 805 | 0.2 | % | ||||||||||||||||||||||||||||||||||
Secondary Markets | $ | 86,308 | $ | 86,234 | 0.1 | % | $ | 33,105 | $ | 34,660 | (4.5 | )% | $ | 53,203 | $ | 51,574 | 3.2 | % | $ | 972 | $ | 969 | 0.3 | % | $ | 860 | $ | 857 | 0.4 | % | ||||||||||||||||||||||||
Total Same Store | $ | 218,767 | $ | 217,825 | 0.4 | % | $ | 84,153 | $ | 87,681 | (4.0 | )% | $ | 134,614 | $ | 130,144 | 3.4 | % | $ | 1,051 | $ | 1,045 | 0.6 | % | $ | 925 | $ | 917 | 0.9 | % |
MULTIFAMILY PROFORMA COMBINED SAME STORE YEAR TO DATE COMPARISONS |
Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | % Chg | 2014 | 2013 | % Chg | 2014 | 2013 | % Chg | 2014 | 2013 | % Chg | 2014 | 2013 | % Chg | ||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | $ | 67,601 | $ | 63,949 | 5.7 | % | $ | 28,150 | $ | 27,011 | 4.2 | % | $ | 39,451 | $ | 36,938 | 6.8 | % | $ | 1,125 | $ | 1,084 | 3.8 | % | $ | 969 | $ | 914 | 6.0 | % | ||||||||||||||||||||||||
Austin, TX | 70,752 | 67,426 | 4.9 | % | 31,597 | 30,436 | 3.8 | % | 39,155 | 36,990 | 5.9 | % | 1,115 | 1,060 | 5.2 | % | 977 | 923 | 5.9 | % | ||||||||||||||||||||||||||||||||||
Raleigh/Durham, NC | 55,036 | 54,353 | 1.3 | % | 18,612 | 18,901 | (1.5 | )% | 36,424 | 35,452 | 2.7 | % | 1,038 | 1,020 | 1.8 | % | 915 | 899 | 1.8 | % | ||||||||||||||||||||||||||||||||||
Fort Worth, TX | 54,239 | 52,159 | 4.0 | % | 23,162 | 22,486 | 3.0 | % | 31,077 | 29,673 | 4.7 | % | 1,048 | 1,011 | 3.7 | % | 906 | 871 | 4.0 | % | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 47,639 | 45,921 | 3.7 | % | 16,540 | 16,564 | (0.1 | )% | 31,099 | 29,357 | 5.9 | % | 994 | 959 | 3.6 | % | 874 | 839 | 4.2 | % | ||||||||||||||||||||||||||||||||||
Dallas, TX | 48,851 | 46,761 | 4.5 | % | 20,909 | 20,500 | 2.0 | % | 27,942 | 26,261 | 6.4 | % | 1,144 | 1,100 | 4.0 | % | 1,015 | 983 | 3.3 | % | ||||||||||||||||||||||||||||||||||
Nashville, TN | 39,652 | 37,613 | 5.4 | % | 14,370 | 13,813 | 4.0 | % | 25,282 | 23,800 | 6.2 | % | 1,100 | 1,048 | 5.0 | % | 967 | 926 | 4.4 | % | ||||||||||||||||||||||||||||||||||
Tampa, FL | 35,230 | 34,043 | 3.5 | % | 13,600 | 13,256 | 2.6 | % | 21,630 | 20,787 | 4.1 | % | 1,157 | 1,122 | 3.1 | % | 1,010 | 978 | 3.3 | % | ||||||||||||||||||||||||||||||||||
Orlando, FL | 32,138 | 30,850 | 4.2 | % | 12,225 | 11,909 | 2.7 | % | 19,913 | 18,941 | 5.1 | % | 1,148 | 1,142 | 0.5 | % | 1,016 | 984 | 3.3 | % | ||||||||||||||||||||||||||||||||||
Houston, TX | 28,856 | 27,214 | 6.0 | % | 12,473 | 12,050 | 3.5 | % | 16,383 | 15,164 | 8.0 | % | 1,098 | 1,038 | 5.8 | % | 967 | 914 | 5.8 | % | ||||||||||||||||||||||||||||||||||
Phoenix, AZ | 22,701 | 21,688 | 4.7 | % | 8,476 | 8,467 | 0.1 | % | 14,225 | 13,221 | 7.6 | % | 1,006 | 965 | 4.2 | % | 874 | 838 | 4.3 | % | ||||||||||||||||||||||||||||||||||
South Florida | 8,485 | 8,129 | 4.4 | % | 3,081 | 3,168 | (2.7 | )% | 5,404 | 4,961 | 8.9 | % | 1,549 | 1,501 | 3.2 | % | 1,442 | 1,410 | 2.3 | % | ||||||||||||||||||||||||||||||||||
Las Vegas, NV | 7,383 | 7,198 | 2.6 | % | 2,846 | 2,746 | 3.6 | % | 4,537 | 4,452 | 1.9 | % | 910 | 885 | 2.8 | % | 781 | 760 | 2.8 | % | ||||||||||||||||||||||||||||||||||
Large Markets | $ | 518,563 | $ | 497,304 | 4.3 | % | $ | 206,041 | $ | 201,307 | 2.4 | % | $ | 312,522 | $ | 295,997 | 5.6 | % | $ | 1,090 | $ | 1,050 | 3.8 | % | $ | 955 | $ | 916 | 4.3 | % | ||||||||||||||||||||||||
Jacksonville, FL | $ | 36,340 | $ | 35,612 | 2.0 | % | $ | 13,790 | $ | 13,809 | (0.1 | )% | $ | 22,550 | $ | 21,803 | 3.4 | % | $ | 990 | $ | 972 | 1.9 | % | $ | 907 | $ | 886 | 2.4 | % | ||||||||||||||||||||||||
Charleston, SC | 28,533 | 27,566 | 3.5 | % | 10,641 | 10,634 | 0.1 | % | 17,892 | 16,932 | 5.7 | % | 1,043 | 1,010 | 3.3 | % | 911 | 877 | 3.9 | % | ||||||||||||||||||||||||||||||||||
Savannah, GA | 26,956 | 25,800 | 4.5 | % | 10,008 | 9,687 | 3.3 | % | 16,948 | 16,113 | 5.2 | % | 1,056 | 1,015 | 4.0 | % | 933 | 892 | 4.6 | % | ||||||||||||||||||||||||||||||||||
Richmond, VA | 20,029 | 19,483 | 2.8 | % | 6,927 | 6,944 | (0.2 | )% | 13,102 | 12,539 | 4.5 | % | 1,044 | 1,019 | 2.5 | % | 920 | 897 | 2.6 | % | ||||||||||||||||||||||||||||||||||
Memphis, TN | 21,907 | 21,852 | 0.3 | % | 9,902 | 9,290 | 6.6 | % | 12,005 | 12,562 | (4.4 | )% | 936 | 927 | 1.0 | % | 834 | 825 | 1.1 | % | ||||||||||||||||||||||||||||||||||
Birmingham, AL | 17,830 | 17,423 | 2.3 | % | 6,982 | 6,814 | 2.5 | % | 10,848 | 10,609 | 2.3 | % | 1,074 | 1,042 | 3.1 | % | 940 | 916 | 2.6 | % | ||||||||||||||||||||||||||||||||||
Greenville, SC | 16,579 | 15,871 | 4.5 | % | 6,650 | 6,565 | 1.3 | % | 9,929 | 9,306 | 6.7 | % | 827 | 796 | 3.9 | % | 718 | 694 | 3.5 | % | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 14,965 | 14,818 | 1.0 | % | 6,301 | 6,412 | (1.7 | )% | 8,664 | 8,406 | 3.1 | % | 1,114 | 1,166 | (4.5 | )% | 1,002 | 989 | 1.3 | % | ||||||||||||||||||||||||||||||||||
Huntsville, AL | 13,743 | 13,706 | 0.3 | % | 5,386 | 5,574 | (3.4 | )% | 8,357 | 8,132 | 2.8 | % | 876 | 875 | 0.1 | % | 741 | 747 | (0.8 | )% | ||||||||||||||||||||||||||||||||||
Norfolk/Hampton/VA Beach, VA | 12,979 | 13,120 | (1.1 | )% | 5,240 | 4,969 | 5.5 | % | 7,739 | 8,151 | (5.1 | )% | 1,111 | 1,111 | — | % | 965 | 968 | (0.3 | )% | ||||||||||||||||||||||||||||||||||
Little Rock, AR | 10,916 | 10,842 | 0.7 | % | 4,147 | 4,152 | (0.1 | )% | 6,769 | 6,690 | 1.2 | % | 911 | 903 | 0.9 | % | 824 | 824 | — | % | ||||||||||||||||||||||||||||||||||
Other | 120,883 | 118,705 | 1.8 | % | 48,067 | 46,848 | 2.6 | % | 72,816 | 71,857 | 1.3 | % | 906 | 902 | 0.4 | % | 801 | 790 | 1.4 | % | ||||||||||||||||||||||||||||||||||
Secondary Markets | $ | 341,660 | $ | 334,798 | 2.0 | % | $ | 134,041 | $ | 131,698 | 1.8 | % | $ | 207,619 | $ | 203,100 | 2.2 | % | $ | 962 | $ | 950 | 1.3 | % | $ | 851 | $ | 835 | 1.9 | % | ||||||||||||||||||||||||
Total Proforma Combined Same Store | $ | 860,223 | $ | 832,102 | 3.4 | % | $ | 340,082 | $ | 333,005 | 2.1 | % | $ | 520,141 | $ | 499,097 | 4.2 | % | $ | 1,035 | $ | 1,008 | 2.7 | % | $ | 910 | $ | 881 | 3.3 | % |
DEVELOPMENT AND COMMERCIAL | ||||||||||||||||||||||||||||||
Dollars and square feet in thousands | ||||||||||||||||||||||||||||||
MULTIFAMILY DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||
Units as of December 31, 2014 | Initial | Development Costs | ||||||||||||||||||||||||||||
Start | Occupancy | Completion | Stabilization | Total | Thru | |||||||||||||||||||||||||
Location | Total | Delivered | Leased | Date | Date | Date | Date | Cost | Q4 2014 | After | ||||||||||||||||||||
220 Riverside | Jacksonville, FL | 294 | — | 74 | 4Q12 | 1Q15 | 2Q15 | 1Q16 | $ | 42,300 | $ | 33,237 | $ | 9,063 | ||||||||||||||||
CG at Bellevue II | Nashville, TN | 220 | 48 | 21 | 3Q13 | 4Q14 | 1Q15 | 4Q15 | 30,800 | 27,605 | 3,195 | |||||||||||||||||||
Total Active | 514 | 48 | 95 | $ | 73,100 | $ | 60,842 | $ | 12,258 |
COMMERCIAL PROPERTIES | |||||||||||||||||
Owned Property | Three months ended December 31, 2014 | ||||||||||||||||
Name | Type | MSA | Square Feet | Revenue | Expense | NOI | |||||||||||
CP Nord du Lac | Retail | Covington, LA | 196 | $ | 745 | $ | 231 | $ | 514 | ||||||||
CP Craft Farms | Retail | Gulf Shores, AL | 68 | 221 | 41 | 180 | |||||||||||
Highlands of West Village (2) | Retail | Atlanta, GA | 63 | 296 | 69 | 227 | |||||||||||
CP Huntsville (3) | Retail | Huntsville, AL | 23 | 113 | 28 | 85 | |||||||||||
Land Title Building (1) | Office | Birmingham, AL | 30 | 43 | 19 | 24 | |||||||||||
1225 South Church (2) | Retail | Charlotte, NC | 3 | 12 | 3 | 9 | |||||||||||
Allure at Buckhead (2) | Retail | Atlanta, GA | 19 | 121 | 29 | 92 | |||||||||||
Times Square (2) | Retail | Dallas, TX | 73 | 82 | 93 | (11 | ) | ||||||||||
Bella Casita (2) | Retail | Dallas, TX | 5 | 19 | 4 | 15 | |||||||||||
Total | 480 | $ | 1,652 | $ | 517 | $ | 1,135 |
2014 ACQUISITION/DISPOSITION ACTIVITY |
Multifamily Acquisitions | Location | Apartment Units | Year Built | Closing Date | ||||
Grand Cypress (1) | Houston, Texas | 312 | 2008 | January 15, 2014 | ||||
Venue at Stonebridge Ranch (1) | Dallas, Texas | 250 | 2000 | January 31, 2014 | ||||
Stonefield Commons | Charlottesville, Virginia | 251 | 2013 | June 2, 2014 | ||||
Cityscape at Market Center | Dallas, Texas | 454 | 2013 | June 12, 2014 | ||||
Verandas at Southwood (1) | Tallahassee, Florida | 300 | 2003 | July 23, 2014 | ||||
Highlands of West Village | Atlanta, Georgia | 480 | 2009 | October 30, 2014 | ||||
Bulverde Oaks | San Antonio, Texas | 328 | 2014 | October 31, 2014 | ||||
Retreat at Vintage Park | Houston, Texas | 323 | 2014 | November 24, 2014 | ||||
Total Multifamily Acquisitions | 2,698 |
Multifamily Dispositions | Location | Apartment Units | Year Built | Closing Date | ||||
Willow Creek | Columbus, Georgia | 285 | 1968/71/77 | January 15, 2014 | ||||
Colonial Village at North Arlington | Fort Worth, Texas | 240 | 1985 | June 27, 2014 | ||||
Colonial Village at Vista Ridge | Fort Worth, Texas | 300 | 1985 | June 27, 2014 | ||||
Colonial Village at Inverness | Birmingham, Alabama | 586 | 1986/87/90/97 | July 10, 2014 | ||||
Colonial Village at Charleston Place | Charlotte, North Carolina | 214 | 1986 | July 10, 2014 | ||||
Greenbrook | Memphis, Tennessee | 1,037 | 1974/78/83/86 | July 10, 2014 | ||||
Colonial Village at Ashford Place | Mobile, Alabama | 168 | 1983 | September 11, 2014 | ||||
Colonial Village at Huntleigh Woods | Mobile, Alabama | 233 | 1978 | September 11, 2014 | ||||
Total Multifamily Dispositions | 3,063 |
Commercial Dispositions | Location | Square Feet | Year Built | Closing Date | ||||
CC Brookwood Village (Office) | Birmingham, Alabama | 170,000 | 2007 | March 28, 2014 | ||||
Brookwood Village (Retail) | Birmingham, Alabama | 413,000 | 1973/91/2000/13 | March 28, 2014 | ||||
Colonial Promenade Huntsville | Huntsville, Alabama | 23,000 | 2013 | December 19, 2014 | ||||
Total Commercial Dispositions | 606,000 |
Land Dispositions | Location | Acres | Year Built | Closing Date | ||||
Nord du Lac (1 outparcel) | Covington, Louisiana | 1.7 | February 3, 2014 | |||||
Tutwiler (2 outparcels) | Birmingham, Alabama | 4.6 | February 6, 2014 | |||||
Heathrow (2 outparcels) | Orlando, Florida | 3.9 | February 14, 2014 | |||||
Town Park Moreya | Orlando, Florida | 25.2 | November 21, 2014 | |||||
Total Land Dispositions | 35.4 |
Joint Venture Multifamily Dispositions | Location | Apartment Units | Year Built | Closing Date | ||||
Ansley Village | Macon, Georgia | 294 | 2007 | May 29, 2014 | ||||
Belterra | Fort Worth, Texas | 288 | 2006 | September 15, 2014 | ||||
Total Joint Venture Multifamily Dispositions | 582 |
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2014 | |||||||||
Dollars in thousands | |||||||||
SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES | |||||||||
Average | |||||||||
Years | |||||||||
Principal | to Rate | Effective | |||||||
Balance | Maturity | Rate | |||||||
Secured Debt | |||||||||
Conventional - Fixed Rate or Swapped | $ | 1,253,203 | 4.5 | 4.1 | % | ||||
Conventional - Variable Rate - Capped (1) (2) | 192,013 | 1.5 | 1.1 | % | |||||
Tax-free - Variable Rate - Capped (1) | 90,315 | 3.1 | 0.9 | % | |||||
Total Secured Fixed or Hedged Rate Debt | 1,535,531 | 4.0 | 3.5 | % | |||||
Conventional - Variable Rate | 56,585 | 0.1 | 0.7 | % | |||||
Total Secured Debt | 1,592,116 | 3.9 | 3.4 | % | |||||
Unsecured Debt | |||||||||
Fixed Rate or Swapped | 1,873,399 | 5.1 | 4.0 | % | |||||
Variable Rate | 59,000 | 0.1 | 1.3 | % | |||||
Total Unsecured Debt | 1,932,399 | 4.9 | 3.9 | % | |||||
Total Debt | $ | 3,524,515 | 4.4 | 3.7 | % | ||||
Total Fixed or Hedged Debt | $ | 3,408,930 | 4.6 | 3.8 | % |
(1) | The effective rate represents the average rate on the underlying variable debt unless the cap rates are reached, which average 4.6% of LIBOR for conventional caps and 6.0% of SIFMA for tax-free caps. |
(2) | Includes $27 million of mortgages with embedded caps at a 7% all-in interest rate. |
OTHER SUMMARIES | ||||||||||||||
Effective | Average Years | |||||||||||||
Percent of | Interest | to Rate | ||||||||||||
Balance | Total | Rate | Maturity | |||||||||||
Floating Versus Fixed Rate or Hedged Debt | ||||||||||||||
Fixed rate or swapped debt | $ | 3,126,602 | 88.7 | % | 4.0 | % | 4.8 | |||||||
Capped debt | 282,328 | 8.0 | % | 1.0 | % | 2.0 | ||||||||
Floating (unhedged) debt | 115,585 | 3.3 | % | 1.0 | % | 0.1 | ||||||||
Total | $ | 3,524,515 | 100.0 | % | 3.7 | % | 4.4 | |||||||
Effective | Average Years | |||||||||||||
Percent of | Interest | to Contract | ||||||||||||
Balance | Total | Rate | Maturity | |||||||||||
Secured Versus Unsecured Debt | ||||||||||||||
Unsecured Debt | $ | 1,932,399 | 54.8 | % | 3.9 | % | 5.1 | |||||||
Secured Debt | 1,592,116 | 45.2 | % | 3.4 | % | 4.8 | ||||||||
Total | $ | 3,524,515 | 100.0 | % | 3.7 | % | 5.0 | |||||||
Total | Percent of | Q4 2014 | Percent of | |||||||||||
Cost | Total | NOI | Total | |||||||||||
Unencumbered Versus Encumbered Assets | ||||||||||||||
Unencumbered gross assets | $ | 5,391,322 | 66.9 | % | $ | 100,945 | 64.6 | % | ||||||
Encumbered gross assets | 2,671,577 | 33.1 | % | 55,333 | 35.4 | % | ||||||||
Total | $ | 8,062,899 | 100.0 | % | $ | 156,278 | 100.0 | % |
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2014 (CONTINUED) | |||||
Dollars in thousands |
FIXED OR HEDGED INTEREST RATE MATURITIES | ||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||
Fixed | Interest | Total | Interest | Total | Years to | |||||||||||||||||||||
Rate | Rate | Fixed Rate | Contract | Rate | Fixed or | Rate | ||||||||||||||||||||
Maturity | Debt | Swaps | Balances | Rate | Caps | Hedged | Maturity | |||||||||||||||||||
2015 | $ | 250,543 | $ | 75,000 | $ | 325,543 | 5.3 | % | $ | 51,813 | $ | 377,356 | ||||||||||||||
2016 | 114,629 | — | 114,629 | 5.2 | % | 104,480 | 219,109 | |||||||||||||||||||
2017 | 131,196 | 300,000 | 431,196 | 2.2 | % | 66,495 | 497,691 | |||||||||||||||||||
2018 | 145,521 | 250,000 | 395,521 | 2.9 | % | 32,845 | 428,366 | |||||||||||||||||||
2019 | 558,559 | — | 558,559 | 5.7 | % | 26,695 | 585,254 | |||||||||||||||||||
Thereafter | 1,301,154 | — | 1,301,154 | 4.4 | % | — | 1,301,154 | |||||||||||||||||||
Total | $ | 2,501,602 | $ | 625,000 | $ | 3,126,602 | 4.3 | % | $ | 282,328 | $ | 3,408,930 | 4.6 |
DEBT MATURITIES OF OUTSTANDING BALANCES | ||||||||||||||||||||
Credit Facilities | ||||||||||||||||||||
Fannie Mae Secured | Key Bank Unsecured | Other Secured | Other Unsecured | Total | ||||||||||||||||
2015 | $ | 105,785 | $ | — | $ | 71,490 | $ | 190,752 | $ | 368,027 | ||||||||||
2016 | 80,000 | — | 50,910 | 78,916 | $ | 209,826 | ||||||||||||||
2017 | 80,000 | 59,000 | 63,040 | 168,157 | $ | 370,197 | ||||||||||||||
2018 | 80,000 | — | 94,788 | 300,751 | $ | 475,539 | ||||||||||||||
2019 | — | — | 558,559 | 20,000 | $ | 578,559 | ||||||||||||||
Thereafter | 91,115 | — | 316,429 | 1,114,823 | $ | 1,522,367 | ||||||||||||||
Total | $ | 436,900 | $ | 59,000 | $ | 1,155,216 | $ | 1,873,399 | $ | 3,524,515 |
DEBT COVENANT ANALYSIS | ||||||
Public Bond Covenants | Required | Actual | Compliance | |||
Limit on Incurrence of Total Debt | 60% or less | 43.1% | Yes | |||
Limit on Incurrence of Secured Debt | 40% or less | 19.3% | Yes | |||
Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge | 1.5:1 or greater for trailing 4 quarters | 4.53x | Yes | |||
Maintenance of Unencumbered Total Asset Value | Greater than 150% | 278.6% | Yes |
EBITDA AND BALANCE SHEET RATIOS | |||||||
Dollars in thousands | |||||||
Three Months | Twelve Months | ||||||
Ended | Ended | ||||||
December 31, | December 31, | ||||||
2014 | 2014 | ||||||
Consolidated net income | $ | 36,458 | $ | 156,277 | |||
Depreciation and amortization | 71,945 | 301,811 | |||||
Interest expense | 30,374 | 119,464 | |||||
Loss on debt extinguishment | — | 3,126 | |||||
Amortization of deferred financing costs | 1,004 | 4,489 | |||||
Net casualty loss and other settlement proceeds | 45 | 476 | |||||
Income tax expense | 815 | 2,050 | |||||
Gain on sale of non-depreciable assets | 185 | (350 | ) | ||||
Depreciation of discontinued operations | — | 42 | |||||
Net casualty gain after insurance and other settlement proceeds on discontinued operations | — | — | |||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | (395 | ) | (42,649 | ) | |||
Gain on disposition within unconsolidated entities | 10 | (4,007 | ) | ||||
Loss (gain) on sale of discontinued operations | (16 | ) | (5,394 | ) | |||
EBITDA | 140,425 | 535,335 | |||||
Acquisition expense | 1,417 | 2,388 | |||||
Merger related expenses | (50 | ) | 3,152 | ||||
Integration related expenses | 1,255 | 8,395 | |||||
Recurring EBITDA | $ | 143,047 | $ | 549,270 | |||
Three Months Ended | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
Recurring EBITDA/Debt Service | 3.75x | 3.37x | |||||
Fixed Charge Coverage (1) | 3.99x | 3.59x | |||||
Total Debt/Total Capitalization (2) | 37.3% | 42.0% | |||||
Total Debt/Total Gross Assets | 43.0% | 43.5% | |||||
Total Net Debt (3)/Total Gross Assets | 42.6% | 42.4% | |||||
Total Net Debt (3)/Recurring EBITDA (4) | 6.37x | 6.32x | |||||
Unencumbered Assets/Gross Real Estate Assets | 66.9% | 64.5% |
(1) | Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. |
(2) | Total Capitalization equals the number of shares of common stock and units at period end times the closing stock price at period end plus total debt outstanding. |
(3) | Total Net Debt equals Total Debt less cash and cash equivalents. |
(4) | Recurring EBITDA represents the twelve months ended December 31, 2014. |
2015 GUIDANCE | |
Full Year 2015 | |
Earnings | |
Core FFO per Share - diluted | $5.09 to $5.33 |
Midpoint | $5.21 |
Core AFFO per Share - diluted | $4.43 to $4.67 |
Midpoint | $4.55 |
Same Store Communities: | |
Number of units | 71,376 |
Property revenue growth | 3.0% to 4.0% |
Property operating expense growth | 3.0% to 4.0% |
Property NOI growth | 3.0% to 4.0% |
Real estate tax expense growth | 4.5% to 5.5% |
Corporate Expenses: | |
General and administrative and property management expenses | $56.5 to $58.5 million |
Income tax expense | $1.5 to $2.5 million |
Transaction/Investment Volume: | |
Acquisition volume (multifamily) | $400 to $500 million |
Disposition volume (multifamily) | $300 to $350 million |
Commercial / land disposition volume | $50 to $75 million |
Development investment | $50 to $60 million |
Debt: | |
Average Interest Rate (excluding mark-to-market debt adjustment) | 4.0% to 4.3% |
Average Effective Interest Rate | 3.4% to 3.7% |
Capitalized Interest | $1.0 to $2.0 million |
Leverage (Total Net Debt/Total Gross Assets) | 40% to 42% |
Unencumbered Asset Pool (Percent of Total Gross Assets) | 68% to 73% |
Non Core Items: | |
Acquisition expense | $2.0 to $3.5 million |
Loss on debt extinguishment/modification | $3.5 to $4.5 million |
Projected amortization of debt mark-to-market | $21 to $22 million |
CREDIT RATINGS | |||
Rating | Outlook | ||
Fitch Ratings (1) | BBB | Positive | |
Moody's Investors Service (2) | Baa2 | Stable | |
Standard & Poor's Ratings Services (1) | BBB | Stable |
(1) | Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP. |
(2) | Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc. |
COMMON STOCK | |||||||||||||||||||
Stock Symbol: | MAA | ||||||||||||||||||
Exchange Traded: | NYSE | ||||||||||||||||||
Estimated Future Dates: | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||
Earnings release & conference call | Late April | Late July | Late October | Early February | |||||||||||||||
Dividend Information - Common Shares: | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | ||||||||||||||
Declaration Date | 12/3/2013 | 3/20/2014 | 5/22/2014 | 9/11/2014 | 12/3/2014 | ||||||||||||||
Record Date | 1/15/2014 | 4/15/2014 | 7/15/2014 | 10/15/2014 | 1/15/2015 | ||||||||||||||
Payment Date | 1/31/2014 | 4/30/2014 | 7/31/2014 | 10/31/2014 | 1/30/2015 | ||||||||||||||
Distributions Per Share | $ | 0.73 | $ | 0.73 | $ | 0.73 | $ | 0.73 | $ | 0.77 |
INVESTOR RELATIONS DATA | ||||||||||
MAA does not send quarterly reports to shareholders, but provides quarterly reports, earnings releases and supplemental data upon request. | ||||||||||
For recent press releases, 10-Q's, 10-K's 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 our website at www.maac.com. | ||||||||||
For Questions Contact: | ||||||||||
Name | Title | |||||||||
Tim Argo | Senior Vice President, Director of Finance | |||||||||
Jennifer Patrick | Investor Relations |
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