Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — NAREIT REITWorld Investor Forum 2012
20 slides from Mid-america Apartment Communities's conference presentation, Nov 13, 2012
Slide 1: A Brighter View
‘A Brighter View NAREIT REITWorld Investor Forum 012 November 2( ESMAA
Slide 2: Strategy For Value Creation
Strategy For Value Creation Full Cycle Performance Objective = High quality recurring cash flow = Secure, growing dividend = Superior long-term total shareholder return Focused on High Growth Sunbelt Region. = Superior long-term "demand" performance = Competitive advantages to “supply” pressures Str
Slide 3: Superior Long Term Performance Profile
Superior Long Term Performance Profile IPOin 1994 + FFO payout ratio at 59% for 2012 as compared to sector average of 63% ‘+ AFFO payout ratio at 68% for 2012 as compared to sector average of 75% $5.00 $450 FFO per Share 250 {Dividend per Share 2000 200120011003 2604205 2006 2007 260820092040 208 20
Slide 4: Positive Outlook for Leasing Fundamentals
Positive Outlook for Leasing Fundamentals growth in MAA’s market: pected to outpace the national Apartment REIT same store portfolio ‘weighted average next twelve month job growth Affordable, lower taxes, pro-business, extensive logistics infrastructure, lower labor costs aa a ae oe 2 TESS GRE OR AV
Slide 5: Positive Outlook for Leasing Fundamentals
Positive Outlook for Leasing Fundamentals pply * MAA‘s “two-tier market” a f p the region * Permitting trends favor MAA strategy New Jobs Per Multifamily Completion Annual Employment Growth 6 Hy a 34% ~ 2 ° 6 2 ‘ 29% : re Large MAA Markets Secondary MAA Markets at poxr 30332004 0852016, rational MSA
Slide 6: Positive Outlook for Leasing Fundamentals
Positive Outlook for Leasing Fundamentals 3012 same store physical occupancy ended at 96.2% + Leasing traffic running well ahead of prior year © 3012 renewal pricing up 6.1%; new lease pricing up 2.8% * Resident turnover near historic low Same Store Average Effective Rent/Income 199 sos | = 3 a 267%
Slide 7: Positive Outlook for Leasing Fundamentals
Positive Outlook for Leasing Fundamentals Same Store NOI Growth vs FFO Future Expectations re ize + Jebgrouthin MAAS secondarymarketsisexpected ow EES toexceed the national market average ineach ofthe re ES nemtqyears io $555 + Further supporting strong outlook is anew Som $22 peritingoutook that to
Slide 8: Positive Outlook for Leasing Fundamentals
Positive Outlook for Leasing Fundamentals Move Outs Due to eyo Re a House decisions ‘+ Factors driving single family market recovery are positive for multifamily o number of we don't changes in attitudes about home ownership oF i ah , paring as y percent of y than our 3012 2012 3012 Buyahouse 17.6%
Slide 9: Redevelopment Opportunities
Redevelopment Opportunities Active 9 upport '* $20M in redevelopment investment in '* 12,000-14,000 additional units across portfolio it it ated identified for © 2,633 units renovated in YTD 2022 with ‘© Expect to invest a total of approximately s12M Tenovated in 3,000-3; for d z units: OF 10% abs a
Slide 10: Robust External Growth
Robust External Growth result oflong established regional focus and in-place networks. ‘© Extensive market and sub-market knowledge supports accurate and timely analysis. ‘+ Strong property management and asset management capablities support accurate underwriting and ability to identi ‘opportunities
Slide 11: Creating Value through External Growth
Creating Value through External Growth NO1 Operating Margin * Significant improvement in operating margins erives alue cr + MAAable to create value that less sophisticated ‘operating platforms are unable to achieve Capabilities and platform strength include Yield management systems and aggressive pr
Slide 12: Disciplined Approach to New Development
Disciplined Approach to New Development Cool Springs (428 units in Nashville) leased ghola2 it = eras Sine ted stabilized ye 220 Riverside (294 units in Jacksonville) ted construction tart 4032 = Expectedinital occupancy mid-2034 = Expected stablized yield of7 5% to 8% ESMAA
Slide 13: Disciplined and Opportunistic Acquisitions
Disciplined and Opportunistic Acquisitions Driving Robust Growth et ee om on en een Se oS SoS Sel Ss See SS eS Be By BE meee E BEE Si BSS Se B FEES RSs BES SEO guess ay Ges, See eee TERS Sal BES SEE ES SS BE) SES pte Geto es Ee So Sie Es! SES ec gemvorine Sry reeniey th ‘eat! i econ ES coos g Spears
Slide 14: Active Capital Recycling
Active Capital Recycling f the current: longer fit our long term property profile. unit of per unit of $2,162. angie tn = sce aston EE TE ee “SE cee =m, mk Tame oe ‘Sut ad — ee mee wees eee em eros So" Sk Se I RS Se Se Tiare Ses SS > SA was BS =e S Ete si se Bie. see Ee BR Sm Bote SSE Bees Se ov me
Slide 15: Solid Balance Sheet Position
Solid Balance Sheet Position Balance Sheet significantly strengthened over last ten years Total leverage (Debt + Preferred) reduced 20% over last ten years Leverage and coverage ratios in position to support full IGR Reduced interest rate risk through increasing fixed rate duration 290 CPP PPPPIP LP
Slide 16: Positioning Balance Sheet for Future
Positioning Balance Sheet for Future + Received Investment Grade Rating from Moody's and Fitch = Pursuing S&P rating and. 9 + Percent of re toover 52% in the past year Fixed Charge C 74% 43x 199% N 2 S am \ Sg ba N r | 4012009 302022 402009 302012 402009 302012
Slide 17: Attractive Pricing Opportunity
Attractive Pricing Opportunity * Outlook for continued “eut-performance’is positive. of a4 years and a blended cap rate of 6.5% Total Implied Unleveraged Return Implied 10 Year IRR: bial '* MAA outperforms by 100 bps on 80% unleveraged basis with continued aoe cap rate discount. * MAA outperforms by
Slide 18: Superior Long Term Performance Profile
Superior Long Term Performance Profile Proven ability to deliver long earnings growth and shareholder “ performance a fHiwa ° a eo ae y to capt Tt compare favorably to other and tt with lower risks and volatility ot . bility 20% to create a competitive advantage for CON DRI GRD Ol Ws Ga GD sharehold
Slide 19: Summary
Summary * Strong long-term performance record for sharef ‘Established and proven public platform * Solid internal growth prospects: + Competitive strengths enables long-term regional outperformance ‘* Robust external growth pipeline ‘Disciplined approach to capital deployment * Solid balance sheet p
Slide 20: End of Presentation
EoMAA A Brighter View End of Presentation corp Eric Bolton ‘AlCampbell Leslie Wolfgang Jennifer Patrick Investor Relations Investor Relations 9012484327 901-248-4169 901-248-4326 hhttp:fi.maac.com
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