Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Investor Day (November 2017)
77 slides from Mid-america Apartment Communities's investor day presentation, Nov 13, 2017
Slide 1: Building Strength Investor Day November 13, 2017
BUILDING STRENGTH Investor Day November 13, 2017 1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, as Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, which are based on current expectations,
Slide 3: Introduction
INTRODUCTION TIM ARGO Welcome to MAA Investor Day 2017 SVP, Finance
Slide 4: Overview
OVERVIEW Portfolio Balance Sheet ERIC BOLTON Operating Platform CEO Management Team
Slide 5: Portfolio Changes Have Strengthened MAA
PORTFOLIO Changes Have Strengthened MAA—Enhancing Full Cycle Performance Profile Younger and high quality portfolio More efficient operation Enhanced margin growth More robust AFFO growth 5 Overview
Slide 6: Portfolio Changes Have Strengthened MAA: 2012 vs 2017
PORTFOLIO Changes Have Strengthened MAA 2012 2017 MARKETS AVERAGE AGE MARKETS AVERAGE AGE 50 15 37 15 SAME STORE NOI SAME STORE NOI AVERAGE RENT1,2 MARGIN2 AVERAGE RENT1,2 MARGIN2,3 $859 58.2% $1,184 62.4% 1 Average Rent is Average Effective Rent per Unit as defined in the Appendix 2 Values as of 9/
Slide 7: Portfolio Changes Have Strengthened MAA: Top Markets
PORTFOLIO Changes Have Strengthened MAA TOP 20 MARKETS1 % OF NOI2 3Q 2017 Atlanta, GA 13.3% Dallas, TX 9.6% Charlotte, NC 7.5% Tampa, FL 6.5% Austin, TX 6.1% Washington, DC 5.9% Orlando, FL 5.6% Raleigh/Durham, NC 4.7% Nashville, TN 4.7% Fort Worth, TX 4.2% Houston, TX 3.6% Multifamily Markets Jacks
Slide 8: Balance Sheet Changes Have Strengthened MAA
BALANCE SHEET Changes Have Strengthened MAA 2012 2017 Total Debt/Total Assets1 44% Earnings Growth Total Debt/Total Assets1 33% Fixed Charge Coverage2 4.4x Fixed Charge Coverage2 4.9x Equity Issuance Annual Dividend/Share $2.64 Annual Dividend/Share $3.48 Dividend/AFFO 67% Refinancings Dividend/AFFO
Slide 9: Performance Changes Have Strengthened MAA
PERFORMANCE Changes Have Strengthened MAA—Enhancing Full Cycle Performance Profile Enhanced Scale & Operating Efficiencies New Technologies Expanded Capital Deployment Opportunity Enhanced Asset Management Programs More Efficient Portfolio/Market Mix Lower Cost of Capital 9 Overview
Slide 10: Operating Platform: Dividends and Dividend to AFFO Ratio
OPERATING PLATFORM Consistent Strategy With Stronger Platform and Enhanced Execution MAA Dividends and Dividend to AFFO Ratio1 $3.48 2006-2017F $3.28 91.9% $3.08 85.4% 83.7% $2.92 82.3% $2.78 79.9% 76.1% $2.64 74.3% $2.51 72.9% $2.46 $2.46 $2.46 Sector $2.42 $2.38 Average 66.7% 66.7% 66.1% 65.9% 62.
Slide 11: Operating Platform: Sector FFO Multiple
OPERATING PLATFORM Consistent Strategy With Stronger Platform and Enhanced Execution Average sector1 FFO multiple2 is equivalent to a $126 MAA share price, or 23% higher than 10/31/2017 share price Sector1 MAA FFO Multiple2 21.2 17.2 Source: Company Data; S&P Global 1 Sector constituents include AIV
Slide 12: Management Team
MANAGEMENT TEAM Experienced, strengthened, and broadened Finance Human management team Resources enhances execution capabilities Al Campbell Melanie Carpenter EVP, Chief Financial Officer EVP, Chief Human Resources Officer Team of 19 Senior VPs with 19 years with MAA 17 years with MAA wide range of
Slide 13: Finance
FINANCE Balance Sheet Transformation AL CAMPBELL Merger Integration Status CFO Technology Landscape
Slide 14: Balance Sheet Transformation: Increased Strength and Flexibility
BALANCE SHEET TRANSFORMATION Increased Strength and Flexibility $ 7.50 64.2% 63.8% 64.0% 64.6% 65.6% 63.9% 70% 59.4% 59.0% 56.3% 55.8% $ 6.00 49.2% 53% Assets 47.0% 44.0% 43.4% 42.8% 41.1% Share $ 4.50 Gross 34.2% 33.5% FFO/ 35% Annual $ 3.00 Preferred/ 18% + $ 1.50 Debt $ 0.00 0% 2000 2001 2002 200
Slide 15: Balance Sheet Transformation: Credit Ratings Timeline
BALANCE SHEET TRANSFORMATION Growing Cost Advantage Credit Ratings Timeline Fitch BBB Outlook Stable June 2011 Moody’s Baa2 Outlook Stable July 2012 S&P BBBOutlook Positive January 2013 S&P BBB Outlook Stable June 2013 Fitch BBB Outlook Positive June 2014 Financial Flexibility TOTAL DEBT / TOTAL ASS
Slide 16: Balance Sheet Transformation: Improved Credit Spreads
BALANCE SHEET TRANSFORMATION Growing Cost Advantage Improved Credit Spreads 225 BBB+ Rated Peer 10-Year RS* MAA 10-Year RS* 200 A- Rated Peer 10-Year RS* 175 31 bps 150 higher than A- rated peer 125 57 bps higher than 100 A- rated peer 75 Nov-15 Feb-16 Jun-16 Sep-16 Jan-17 May-17 Aug-17 Source: Citi
Slide 17: Merger Status: PPS Merger Strengthens Platform
MERGER STATUS PPS Merger Strengthens Platform and Provides Compelling Value FFO SYANNUALERGYSYNERGYA D NOIAND UPSIDENOI UPSIDEOPPORTUNITYOPPORTUNITY IDENTIFIED AT IMPACT IN 2018 2019 AND BEYOND COMCOMMENTSTS MERGER NOI Margin $13-$15 million $13-$15 million $13-$15 millionValuePPS marginc eationcurr
Slide 18: Technology Landscape
TECHNOLOGY LANDSCAPE External Reporting Operational Reporting Business Intelligence Budget/Planning Applicant Screening HR/Personnel Utility Management/Billing MAArtheus Pricing YARDI Leases 7S MERLIN Resident Management | Resident Portals | Maintenance | Vendor Portals | GL & AP | Job Cost 18 Finan
Slide 19: Operations
OPERATIONS Market Update TOM GRIMES Merger Update COO Operational Strength
Slide 20: Market Update: Portfolio Balanced and Diversified
MARKET UPDATE Portfolio Balanced and Diversified in Key Growth Markets Diversified in Markets1 9% 50% 41% Job Growth 2.2% 2.2% Suburban Inner Loop Downtown/CBD 1.4% 1.5% Diversified in Price Points1,2 1 Based on 9/30/2017 total multifamily portfolio gross asset value 2 Average effective rent/unit fo
Slide 21: Market Update: Strong Fundamentals Across Markets
MARKET UPDATE Strong Fundamentals Across Markets Completions Jobs Growth Jobs to Completions Ratio Markets 2017 2018 2017 2018 2017 2018 Atlanta 8,625 6,782 2.5% 1.7% 7.8:1 6.9:1 5:1 Jobs to Austin 6,680 7,278 2.1% 2.4% 3.2:1 3.4:1 Completions Ratio Charleston 1,403 1,260 1.5% 1.9% 3.7:1 5.2:1 is ge
Slide 22: 2017 Market Update: Combined Adjusted Same Store Pricing
2017 MARKET UPDATE Combined Adjusted Same Store Pricing LEASE OVER LEASE Jan Feb Mar Apr May Jun Jul Aug Sep Oct 8.0% 6.3% 6.0% 6.0% 6.3% 6.3% 6.3% 6.2% 5.7% 5.1% 5.5% 4.0% 1.7% 2.2% 2.6% 2.8% 3.0% 2.5% 2.0% 1.0% 1.1% 1.4% 0.2% 0.0% -0.5% -0.2% -0.4% -4.0% -2.4% -1.7% -1.2% -2.5% -3.9% -3.5% New Lea
Slide 23: Merger Update: NOI Lift Opportunities from PPS Merger
MERGER UPDATE NOI Lift Opportunities from PPS Merger Reconcile Revenue Management Practices | 2017-2018 Utility Expense Management and Billing Practices | 4Q 2017-2018 Online Search Engine Optimization/Lead Generation | 4Q 2017 Property and Casualty Insurance | 3Q 2017-2018 Redevelopment and Unit In
Slide 24: Operational Strength: Revenue Management Closing the Gap
OPERATIONAL STRENGTH Revenue Management Practices and Programs Closing the Gap Blended Pricing LEASE OVER LEASE Average Physical Occupancy 330bps 300bps 130bps 100bps 90bps 50bps gap gap gap gap gap gap 4.0% 3.4% 97.0% 2.9% 96.3% 3.0% 2.2% 96.2% 96.2% 2.0% 1.6% 96.0% 95.7% 1.0% 0.4% 95.2% 95.4% 0.0%
Slide 25: Operational Strength: Disciplined Expense Management
OPERATIONAL STRENGTH Disciplined Approach To Expense Management MAA’s established expense management practice stands out among peers Property Operating Expenses How do we do this REPORTED SAME STORE PEER GROUP1: 3.0% 2012-2017F Focus on total maintenance cost or price Expense CAGR per unit per month
Slide 26: Operational Strength: Same Store NOI Margin Improvement
OPERATIONAL STRENGTH Same Store NOI Margin Improvement MAA NOI Margin1 MAA platform applied to CLP and PPS portfolios yields margin 64.0% 62.3% 62.8% 61.6% improvements within a year of 62.0% 59.8% 60.5% each merger 60.0% 57.9% 58.8% 58.5% 58.0% PPS margin improvement to 56.0% date has been expense
Slide 27: Development
DEVELOPMENT Disciplined Approach DAVID WARD Execution Capability EVP, Development Current Pipeline and Future Opportunity
Slide 28: Disciplined Approach to New Development
DISCIPLINED APPROACH Disciplined New Development Fuels Steady New Value Growth Disciplined Approach Strong Execution Capability Consistent Opportunity Flow Limited to 3%—4% 25 years average multifamily Extensive 20+ year focus of Enterprise Value development and construction on Sunbelt markets exper
Slide 29: Development Pipeline 2017
DEVELOPMENT PIPELINE 2017 Current and Recently Completed Development Property Market Units Completion Stabilization Total Date Date Cost Post Parkside™ at Wade II Raleigh, NC 406 2Q17 3Q17 $58,900 Proven Current Cycle Results Post Afton Oaks™ Houston, TX 388 2Q17 2Q18 $79,900 Since 2013… $956 millio
Slide 30: Future Opportunity: Manage Development Risk
Post Midtown – Atlanta, GA FUTURE OPPORTUNITY Manage Development Risk While Achieving Significant Value Creation Profile of Opportunities Sought Focus on MAA core markets Submarket focused site selection Seek out “retail” locations Phased development opportunities JV/Fee development with capable 3rd
Slide 31: Development Projects
Post Centennial Park Atlanta, GA DEVELOPMENT PROJECTS Post River North Post South Lamar II Denver, CO Austin, TX Cherry Creek Concept Denver, CO 31 Development
Slide 32: Transactions
TRANSACTIONS Transaction Performance How We Execute BRAD HILL Case Studies EVP, Director of Multifamily Investing Future Outlook
Slide 33: Transactions Introduction
TRANSACTIONS Introduction Yale at 6th – Houston, TX Residences at Fountainhead— Phoenix, AZ The Apartments at Cobblestone Square—Fredericksburg, VA 33 Transactions
Slide 34: Transactions: Effective Buyer and Seller
TRANSACTIONS Effective Buyer and Seller Since 2012: Sold just under 17k units in mostly one-off full retail priced transactions, totaling $1.1B Achieved an average IRR of 15.1% on dispositions Redeployed the capital into just under 10k units, totaling $1.6B in acquisitions Significant Value Creation
Slide 35: Transactions: How We Execute
TRANSACTIONS How We Execute Significant scale and focus in region 1 Greater Market Share Extensive industry relationships High deal flow Quick execution with 20/10 close All cash – no finance contingency 2 Proven Execution Capabilities Ability to undertake complex deals Flexible deal structure No li
Slide 36: Case Study: 1201 Midtown, Charleston
CASE STUDY 1201 Midtown | Charleston Pursued off market and provided flexible closing timing 4th transaction with this seller Very supply constrained submarket with 2 year multifamily moratorium Purchased existing Phase I in lease-up as well as fully entitled Phase II site with plans complete Cost o
Slide 37: Case Study: Charlotte at Midtown, Nashville
CASE STUDY Charlotte at Midtown | Nashville Fell out of contract and seller was motivated MAA stepped in at $62.5M ($224k per unit) and closed 1 day after the PSA was executed MAA Estimated Stabilized Cap Rate: 5.65% Market Cap Rate Range: 4.75%—5.00% Estimated Value Created: $8M—$12M Estimated Repl
Slide 38: Case Study: Yale at 6th, Houston
CASE STUDY Yale at 6th | Houston Below replacement cost and other qualified offers 4th transaction with this seller Located in very supply constrained submarket Purchase Price of $217k per unit Estimated Replacement Cost: $220k per unit—$233k per unit Average Rent: $1,806 per unit ($2.11/sf) Average
Slide 39: Transactions: Future Outlook
TRANSACTIONS Future Outlook Elevated level of supply should lead to growing acquisition opportunities. Focus on pre-stabilized opportunities that have less competition due to lower loan proceeds available for leveraged buyers. Pre-stabilized opportunities should increase as absorption is likely to s
Slide 40: Q&A
BUILDING STRENGTH Q&A 40
Slide 41: Thank You
THANK YOU Investor Day November 13, 2017
Slide 42: Property Tours
BUILDING STRENGTH PROPERTY TOURS Post Katy Trail Post Uptown Village 42
Slide 43: Revenue Management
REVENUE Platform MANAGEMENT LRO® WARREN DAVIS Performance vs Market SVP, Director of Revenue Management PPS Opportunity
Slide 44: Revenue Management: Maximizing the Revenue Opportunity
REVENUE MANAGEMENT Maximizing the revenue Capturing full opportunity requires a opportunity robust IT platform, process and focus Align supply & demand At any time pricing up to 7,000 units Account for seasonality, competitor Potential start dates range from today to pricing and individual market to
Slide 45: Platform, Approach, Focus
PLATFORM, APPROACH, FOCUS Key alerts FOCUS Daily interactions Formalized processes Pro-active APPROACH Statistical discipline LRO® PLATFORM Custom dashboards 45 Revenue Management
Slide 46: LRO
LRO® Experience, ability & resources needed to “Peel Layers Back” to optimize LRO® & align with philosophical approach LRO® Combines > 240 Parameters in Algorithms 6 Critical Based on Our Approach Automated onsite best practices (i.e. lease expiration management) Performance & exception report Expos
Slide 47: Approach
APPROACH Statistical discipline is required to set up & management is critical – little changes make a significant difference Leasing Velocity Certain mathematical rules must be Threshold .3500 adhered to or LRO® does not have enough data to function appropriately Threshold .2000 System comes with “
Slide 48: Focus
FOCUS Experience, ability & resources needed to “Peel Layers Back” to optimize LRO® & align with philosophical approach Generate maximum rent growth while Leasing Exposure maintaining stable occupancy – avoid sporadic & dramatic shifts 14% $ 1,100 Weekly review & documentation process 12% $ 1,050 fo
Slide 49: Performance vs. Market: MAA Outperforms in Rent Growth and Occupancy
PERFORMANCE VS. MARKET MAA Outperforms in Rent Growth and Occupancy Rental Revenue per Unit – MAA vs Market* $977 $969 CAGR: MAA 4.0% Market* 3.8% $834 2013 2014 2015 2016 2017 MAA Market* 20bps annual rental revenue growth above market generates an incremental $1.67 per unit per month—$1.4M $27.2M
Slide 50: Performance Results: PPS
PERFORMANCE RESULTS—PPS Changes taking effect, showing improvements with long runway of opportunity Implemented significant change to 2017 Same Store Occupancy PPS LRO® settings and processes 96.0% 96.2% 96.0% 96.1% 96.0% 96.2% 96.1% 96.3% 96.2% 96.4% 96.1% 96.3% 96.0% 96.1% 96.1% 96.2% 96.0% 96.1%
Slide 51: Marketing
MARKETING Paid and Organic Search Anna Harris Social Media Strategy SVP, Director of Marketing Online Reputation Management
Slide 52: Paid and Organic Search
PAID AND ORGANIC SEARCH Scale and Size Has Strengthened MAA’s Search Presence Almost 70% of maac.com digital traffic is from paid search and SEO traffic from search engines 50% of all U.S. consumers’ time spent daily is with digital media (of time spent with all media types) Optimizing for Leasing G
Slide 53: Paid and Organic Search: MAA Strategy
PAID AND ORGANIC SEARCH MAA Strategy—Driven by Business Goals, Award-Winning People & Best-in-Class Tools Strategic Approach Best-in-Class Tools INTELLIGENCE ENGAGEMENT Kenshoo paid media & bid management platform SEMrush cross-channel research & competitive insights Business Challenge Specialist Ap
Slide 54: Social Media Strategy
SOCIAL MEDIA STRATEGY Leverage Social Media for Insights, Planning and Engagement Amplify awareness of brand-owned social media content Drive targeted traffic to brand-owned web properties within priority markets Foster content discovery to drive social media engagement (by way of monthly content ca
Slide 55: Social Media Strategy: Measurement Approach
SOCIAL MEDIA STRATEGY Leverage Social Media for Insights, Planning and Engagement MAA’s customized measurement approach takes a holistic approach that integrates organic and paid metrics and performance into one comprehensive view. Our goal is to leverage the data to improve campaign performance and
Slide 56: Online Reputation Management
\ONLINE REPUTATION MANAGMENT 2017 REIT INDUSTRY COMPARISON J Turner Research Apartment Resident-Prospect Satisfaction Research JAN-17 FEB-17 MAR-17 APR-17 MAY-17 JUN-17 JUL-17 AUG-17 SEP-17 OCT-17 MAA 73.39 73.26 74.03 74.60 75.77 75.93 75.57 75.47 75.69 75.7 REIT PEERS 66.42 66.10 66.94 67.41 67.04
Slide 57: Redevelopment
REDEVELOPMENT Unit Interior Redevelopment Strategy PPS Merger Opportunity MICHAEL HALBROOK Redevelopment Pipeline SVP, Director of Redevelopment Exterior Redevelopment
Slide 58: MAA Redevelopment Platform
MAA Redevelopment Platform Provides rapid scalability and ensures return through consistent measurement and analysis Testing and approach “proves up” incremental revenue opportunity gain beyond market level rent increase – not deferred maintenance MAA Redevelopment Approach Submarket research Compet
Slide 59: MAA Redevelopment: Proven Value Added Approach
MAA REDEVELOPMENT Proven Value Added Approach Experienced and Efficient Execution Historic Production by Entity Since 2008 9,000 $130 7,500 $115—1,577 2,763 Incremental 6,000—4,835 $100 Rent 3,622 Units -Growth 4,500 3,407 $85 of 3,185 3,078 # — 2,370 Beyond 3,000 — $70 —2,770 3,782—Market 1,500 3,0
Slide 60: MAA Redevelopment Provides Meaningful Financial Impact
MAA REDEVELOPMENT Provides Meaningful Financial Impact 2017 YTD Results YTD Production By Legacy Units Completed 6,543 17% Rent Bump1 $107 45% % Increase1 9.5% 38% Allure in Buckhead Village, Atlanta, Ga $8,200 Spend : $171 Return Cost per Unit $4,822 CLP MAA PPS Initial Cash on Cash 26.6% Return In
Slide 61: PPS Merger Opportunity: Substantial Growth To Be Harvested
PPS MERGER OPPORTUNITY Substantial Growth To Be Harvested 2017 PPS Redevelopment Projections Incremental Total Units Revenue Atlanta, GA 468 $336K Dallas, TX 352 $195K Washington DC 223 $210K Tampa, FL 220 $169K Post Uptown Place, Charlotte, NC Charlotte, NC 201 $149K $12,000 Spend : $220 incrementa
Slide 62: MAA Redevelopment Pipeline
MAA REDEVELOPMENT PIPELINE Robust Pipeline of Units Yet to be Redeveloped Remaining Identified Redevelopment Opportunity Future Value Opportunity Legacy Legacy Legacy Total At 5.3% Net Value MAA CLP PPS MAA Revenue Per Share Cap Rate Creation $37.1M $700M $526.2M $4.47 28K Units 3,912 10,840 12,984
Slide 63: Exterior Redevelopment
EXTERIOR REDEVELOPMENT Qualitative and Quantitative Opportunities Opportunity to improve amenity and curb appeal Post Ballantyne, Charlotte, NC quality through regular, regional oversite Vendor consolidation and operational efficiencies through scale can provide significant expense savings Landscape
Slide 64: Appendix: Reconciliation of Non-GAAP Financial Measures
APPENDIX Reconciliation of Non-GAAP Financial Measures Definitions of Non-GAAP Financial Measures
Slide 65: Reconciliation of FFO, AFFO, and FAD to Net Income
Reconciliation of Non-GAAP Financial Measures Reconciliation of FFO, AFFO, and FAD to Net Income Available for MAA Common Shareholders Amounts in thousands, except per share and unit data Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income available for MA
Slide 66: Reconciliation of Net Operating Income to Net Income
Reconciliation of Non-GAAP Financial Measures Reconciliation of Net Operating Income to Net Income Available for MAA Common Shareholders Dollars in thousands Three Months Ended Nine Months Ended September 30, 2017 June 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 NOI Combined Ad
Slide 67: Reconciliation of EBITDA, Adjusted EBITDA, and Recurring Adjusted EBITDA
Reconciliation of Non-GAAP Financial Measures Reconciliation of EBITDA, Adjusted EBITDA, and Recurring Adjusted EBITDA to Net Income Dollars in thousands Three Months Ended Twelve Months Ended September 30, September 30, September 30, December 31, 2017 2016 2017 2016 Net income $ 118,958 $ 88,906 $
Slide 68: Reconciliation of Net Debt
Reconciliation of Non-GAAP Financial Measures Reconciliation of Net Debt to Unsecured Notes Payable and Secured Notes Payable Dollars in thousands As of September 30, December 31, September 30, June 30, March 31, 2017 2016 2016 2016 2016 Unsecured notes payable $ 3,382,861 $ 3,180,624 $ 2,195,989 $
Slide 69: Reconciliation of Gross Assets to Total Assets
Reconciliation of Non-GAAP Financial Measures Reconciliation of Gross Assets to Total Assets Dollars in thousands As of September 30, December 31, 2017 2016 Total assets $ 11,532,801 $ 11,604,491 Accumulated depreciation 1,967,481 1,656,071 Accumulated depreciation for corporate property(1) 20,638 1
Slide 70: Reconciliation of Gross Real Estate Assets
Reconciliation of Non-GAAP Financial Measures Reconciliation of Gross Real Estate Assets to Real Estate Assets, Net Dollars in thousands As of September 30, December 31, 2017 2016 Real estate assets, net $ 11,279,059 $ 11,341,862 Accumulated depreciation 1,967,481 1,656,071 Accumulated depreciation
Slide 71: Definitions of Non-GAAP Financial Measures: Adjusted EBITDA
Definitions of Non-GAAP Financial Measures Adjusted EBITDA For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization, or Adjusted EBITDA, is composed of EBITDA adjusted for net gain or loss on asset sales and insurance and other sett
Slide 72: Definitions of Non-GAAP Financial Measures: EBITDA and FAD
Definitions of Non-GAAP Financial Measures EBITDA For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator
Slide 73: Definitions of Non-GAAP Financial Measures: FFO
Definitions of Non-GAAP Financial Measures Funds From Operations (FFO) FFO represents net income available for MAA common shareholders (computed in accordance with U.S. generally accepted accounting principles, or GAAP) excluding extraordinary items, asset impairment, gains or losses on disposition
Slide 74: Definitions of Non-GAAP Financial Measures: Gross Real Estate Assets
Definitions of Non-GAAP Financial Measures Gross Real Estate Assets Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, the accumulated depreciation for corporate properties, which is included in Corporate property, net on the Consolidated Balance Sheets, and a
Slide 75: Definitions: Recurring Adjusted EBITDA, Average Effective Rent
Definitions of Non-GAAP Financial Measures Recurring Adjusted EBITDA Recurring Adjusted EBITDA represents Adjusted EBITDA further adjusted to exclude certain items that are not considered part of MAA’s core business operations such as acquisition and merger and integration expenses. MAA believes Rec
Slide 76: Definitions: Development, Lease-up, Same Store Portfolios
Definitions of Non-GAAP Financial Measures Development Portfolio Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Portfolio. Lease
Slide 77: Definitions: Post Adjusted Same Store Portfolio
Definitions of Non-GAAP Financial Measures Post Adjusted Same Store Portfolio Post Adjusted Same Store Portfolio represents the Post Properties same store portfolio that would have been in effect had the properties been owned by MAA since January 1, 2016. Prior year results have been adjusted for co
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