Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — NAREIT REITWeek Investor Forum 2012
18 slides from Mid-america Apartment Communities's conference presentation, Jun 11, 2012
Slide 1: NAREIT REITWeek Investor Forum June 2012
NAREIT REITWeek Investor Forum June 2012
Slide 2: Strategy For Value Creation
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 2 Strategy For Value Creation • Full Cycle Performance Objective – Superior long - term total shareholder return – Secure, growing dividend – High quality recurring cash flow • Focused on High Growth Sunbelt Region – Superior long - term “demand”
Slide 3: Full Cycle Performance Profile
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 3 -8% -6% -4% -2% 0% 2% 4% 6% 8% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Adj NOI Growth Sector Average MAA Full Cycle Performance Profile MAA Annual Dividend $1.50 $1.70 $1.90 $2.10 $2.30 $2.50 $2.70 1995 1996 1997 19981999 200
Slide 4: Disciplined Capital Deployment
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 4 Disciplined Capital Deployment • Actual cash flows exceeding acquisition proformas • Creating competitive advantages to out - perform in growth of long - term value -20%-15%-10% -5% 0% 5% MAA HME EQR ESS UDR AVB AEC AIV BRE CPT PPS CLP -10% -5%
Slide 5: Well Positioned for Recovery Cycle
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 5 Well Positioned for Recovery Cycle Employment growth in MAA’s markets expected to outpace the national average. Source: Bureau of Labor Statistics, Economy.com, Zelman & Associates Strong Job Growth & Household Formation Region Affordable, lower
Slide 6: Better Positioned in Sunbelt Region
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 6 0% 10% 20% 30% 40% 50% 60% 70% BRE PPSCPT EQR HME UDR AIV ESS AEC AVB MAA CLP MAA Better Positioned in Sunbelt Region • Not the typical Sunbelt Region exposure to supply risks • MAA’s “two - tier market” portfolio strategy drives down risks/vola
Slide 7: Well Positioned for Recovery Cycle
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 7 Well Positioned for Recovery Cycle • 1Q12 physical occupancy ended at 96.2% heading into peak leasing season • Leasing traffic running well ahead of prior year • 1Q12 renewal pricing up 6.5%; new lease pricing up 4.9% • Resident turnover near hi
Slide 8: Robust External Growth
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 8 Robust External Growth • Significant deal flow and opportunities as a result of long established regional focus and in - place networks. • Extensive market and sub - market knowledge supports accurate and timely analysis. • Strong property manag
Slide 9: Creating Value through External Growth
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 9 Creating Value through External Growth • Significant improvement in operating margins drives value creation • MAA able to create value that less sophisticated operating platforms are unable to achieve • Capabilities and platform strength include
Slide 10: Robust External Growth
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 10 Robust External Growth Cool Springs (428 units in Nashville) – 126 units leased 3/31/12 – Expected stabilization 4Q13 Ridge at Chenal Valley (312 units in Little Rock) – 50 units leased 3/31/12 – Expected stabilization 3Q13 1225 South Church Ph
Slide 11: Active Redevelopment Program Will Further Support Revenue Growth
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 11 Well Positioned for Recovery Cycle Active Redevelopment Program Will Further Support Revenue Growth Opportunities • $20M in redevelopment investment in 2010/2011 with 4,900 units renovated • 605 units renovated in 1Q12 with average rental rate
Slide 12: Solid Balance Sheet Position
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 12 • Balance Sheet significantly strengthened over last ten years • Total leverage (Debt + Preferred) reduced 20% over last ten years MAA Debt/Market Cap 3/31/2012 64% 36% $2.74B $1.54B Debt Common Equity Solid Balance Sheet Position $2.00 $2.50 $
Slide 13: Positioning Balance Sheet for Future
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 13 Positioning Balance Sheet for Future Pursuing Investment Grade Rating from Moody’s and S&P - Broaden capital sources - Constant access to capital - Lowest cost over long - term 4.2x 3.4x 3.2x 3.0x 3.0x 2.9x 2.2x MAA BRE CPT ESS PPS UDR CLP 8.5x
Slide 14: Attractive Pricing Opportunity
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 14 Attractive Pricing Opportunity • MAA is currently priced at an implied cap rate discount to the sector average. • However, MAA’s historical long - term internal same store growth (and overall FFO growth) performance exceeds the sector average;
Slide 15: Superior Long Term Performance Profile
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 15 Superior Long Term Performance Profile • Proven ability to deliver long - term superior earnings growth and shareholder performance • Ability to capture returns to capital that compare favorably to other strategies, and with lower risks and vol
Slide 16: Summary
MAA | A BRIGHTER VIEW NAREIT REITWeek Investor Forum 16 Summary • Strong long - term performance record for shareholders • Established and proven public platform • Solid internal growth prospects • Competitive strengths enables regional outperformance • Robust external growth pipeline • Disciplined
Slide 17: Forward-looking statements
17 Certain matters in this presentation may constitute forward - looking statements within the meaning of Section 27 - A of the Securit ies Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Such statements include, but are not limited to, statements made about anticipate d e co
Slide 18: SEMAA
SEMAA
MID America Apartment Communities — NAREIT REITWeek Investor Forum 2012 on 6ix