Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — REIT World 2013
12 slides from Mid-america Apartment Communities's conference presentation, Nov 12, 2013
Slide 1: REIT World 2013 November 13-15, 2013
REIT World 2013 November 13 - 15, 2013
Slide 2: Merger Timeline
Merger Timeline Announcement June 3, 2013 Closed October 1, 2013 Full Integration December 2014 April 2014 Identified $25M of synergies: 75% personnel 25% non - personnel Numerous due - diligence site visits Exchange of non - public financial information; extensive due diligence and valuation analys
Slide 3: Merger Related FFO and Value Opportunities
Merger Related FFO and Value Opportunities 3 ● Approximately $25 million ($0.32 per share) of combined expense synergies across the platform ● Approximately $90 million of non - earning assets to be recycled into yielding multifamily assets ● Stabilization of the legacy CLP development pipeline (app
Slide 4: Portfolio Strategy – Full Cycle Profile
Portfolio Strategy – Full Cycle Profile Portfolio distribution by total units 1 less than 2,000 Units 2,000 – 5,000 Units greater than 5,000 Units Note: Includes all New MAA multifamily properties, including stabilized, lease up and joint venture communities (1) Breakdown based on total multifamily
Slide 5: Strong Investment Grade Balance Sheet and Manageable Debt Maturity Profile
Strong Investment Grade Balance Sheet and Manageable Debt Maturity Profile Credit metrics MAA CLP New MAA LT Target Total unencumbered assets to book value 60.1% 62.4% 61.2% 65% - 70% Net Debt / LTM EBITDA 1 6.0x 7.4x 6.3x 6.0x Net Debt / gross assets 2 40.8% 41.2% 40.2% 40% - 45% GAV Secured debt /
Slide 6: Inaugural Public Bond Deal Completed October 2013
Inaugural Public Bond Deal Completed October 2013 $350,000,000 4.30% Senior Unsecured Notes due 2023 Cusip: 59523UAA5 Mid - America Apartments, LP • MAA’s inaugural public bond offering was extremely well received by investors – over 5x oversubscribed • MAA hedged $150 million of the bond offering w
Slide 7: Development Pipeline
Development Pipeline Expected stabilized NOI yield between 7% and 8% Active multifamily development pipeline ($mm, except per unit costs) $242.8 Total Expected MSA Units to Date to Complete Total Per Unit Stabilized MAA River's Walk Charleston 270 29.7$ 3.8$ 33.5$ 124$ 2Q14 220 Riverside Jacksonvill
Slide 8: Acquisition/Disposition Recap
Acquisition/Disposition Recap 8 Active capital redeployment Price Cap (000s) Units Rate Age MAA Acquisitions by Year (wholly-owned) 2009 78,300$ 1,064 6.9% 4 2010 230,050$ 2,138 6.0% 1 2011 362,515$ 3,055 5.9% 3 2012 345,075$ 2,451 5.6% 6 2013 YTD 148,825$ 1,137 5.8% 7 1,164,765$ 9,845 5.9% 4 MAA Di
Slide 9: Supply/Demand Fundamentals
Supply/Demand Fundamentals 9 - 2 4 6 8 10 12 14 16 2012 2013Fcst 2014Fcst Large MAA Markets Secondary MAA Markets New Jobs Per Multifamily Completion • Over the last up cycle (2004 - 2007), the ratio of new jobs to multifamily completions in our markets averaged 7 to 1; 2014 projections over 8 to 1.
Slide 10: Single Family Recovery Not a Pressure Point
Single Family Recovery Not a Pressure Point 10 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 J
Slide 11: Summary
Summary 11 x Strong industry and market fundamentals outlook x High quality, well - located and diversified portfolio – a full cycle profile x Disciplined capital deployment practices x Investment grade balance sheet ; strong coverages x An experienced management team x Strong operating platform ; m
Slide 12: Forward-looking statements
Certain matters in this presentation may constitute forward - looking statements within the meaning of Section 27 - A of the Securities Act of 1933 and Section 21 E of the Securities and Exchange Act of 1934 . Such statements include, but are not limited to, statements made about anticipated economi