Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Investor Presentation (February 2013)
17 slides from Mid-america Apartment Communities's investor presentation, Feb 12, 2013
Slide 1: Capital Markets Update February 2013
Capital Markets Update February 2013
Slide 2: Long-Term Performance Profile
MAA | A BRIGHTER VIEW 2 Long-Term Performance Profile • Full cycle performance objective – Focused on high growth markets – Two-tier market strategy – Competitive in Up Cycle – Protected in Down Cycle • Create competitive advantage for capital to generate outperformance over long-term – Capital depl
Slide 3: Long-Term Performance Profile
MAA | A BRIGHTER VIEW 3 Long-Term Performance Profile 5 Year Total Shareholder Return 10 Year Total Shareholder Return MAA Multifamily REIT Peer Group 81.22% 65.71% 374.76% 234.87%
Slide 4: Focus on High Growth Region
MAA | A BRIGHTER VIEW 4 Focus on High Growth Region > $200MM $100MM –$200 MM < $55MM$55MM -$100MM MAA Concentration –Gross Real Assets Percent of Gross Assets Large Markets Dallas, TX 9.3% Atlanta, GA 7.9% Jacksonville, FL 7.4% Nashville, TN 7.4% Houston, TX 5.8% Austin, TX 4.6% Raleigh/Durham, NC 4
Slide 5: Active Capital Recycling
MAA | A BRIGHTER VIEW 5 Active Capital Recycling • Recent acquisitions average 20 years newer than recent dispositions • Average rents on recent acquisitions are 54% higher than recent dispositions • In 2013, targeting an additional $150-$160 million of dispositions and $250- $300 million of acquisi
Slide 6: Positive Outlook for Leasing Fundamentals
MAA | A BRIGHTER VIEW 6 Positive Outlook for Leasing Fundamentals • Not the typical Sunbelt Region exposure to supply risks • MAA’s “two-tier market”portfolio strategy drives down risks/volatility while continuing to capture the superior demand side characteristics of the region • Permitting trends
Slide 7: Creating Value through External Growth - Acquisitions
MAA | A BRIGHTER VIEW 7 • Acquired over $1 billion in assets over the last 4 years • Significant deal flow and opportunities as a result of long established regional focus and in-place networks. • Strong property management and asset management capabilities support accurate underwriting and ability
Slide 8: Creating Value through External Growth - Development
MAA | A BRIGHTER VIEW 8 Creating Value through External Growth -Development DEVELOPMENT PIPELINE 3.4% of Multifamily Gross Assets Current Percent Cost Total Available Total to Date Initial MSA Units to Occupy Occupied Leased ($000s) per Unit ($000s) Start Finish Occupancy River's Walk Charleston 270
Slide 9: Strong Investment Grade Balance Sheet - Progress
MAA | A BRIGHTER VIEW 9 Strong Investment Grade Balance Sheet -Progress
Slide 10: Strong Investment Grade Balance Sheet - Position
MAA | A BRIGHTER VIEW 10 Strong Investment Grade Balance Sheet -Position Agency Rating Outlook Fitch BBB Stable Moody's Baa2 Stable S&P BBB- Positive
Slide 11: Strong Investment Grade Balance Sheet - Profile
MAA | A BRIGHTER VIEW 11 Migrating to unsecured, primarily fixed rate debt Common Equity Unsecured Debt Secured Debt Strong Investment Grade Balance Sheet -Profile
Slide 12: Attractive Pricing Opportunity
MAA | A BRIGHTER VIEW 12 Source: Cap rate data from BMO Capital Markets Update (1/22/13) and same store data from Green Street Nov ’12 Residential Sector Update (last full cycle 2004-2012). • MAA is currently priced at a multiple and implied cap rate discount to the sector average. • However, MAA’s
Slide 13: Attractive Pricing Opportunity: Same Store NOI Growth
MAA | A BRIGHTER VIEW 13 Source: 2002-2011 same store data from Green Street Nov ’12 Residential Sector Update (NOI adjusted for capex); 2012-13 data from company earnings release Same Store NOI Growth (2002-2013Fcst) MAA has generated higher average growth combined with lower volatility than peers
Slide 14: Summary
MAA | A BRIGHTER VIEW 14 Summary • Quality assets • High growth markets poised for solid leasing fundamentals • Full cycle performance profile supports superior long-term shareholder performance • Strengthened and well positioned balance sheet
Slide 15: Property photos: acquisitions and developments
MAA | A BRIGHTER VIEW 15 Market StationKansas City, MO 2012 Acquisition Ridge at Chenal ValleyLittle Rock, AR Development Hue Raleigh, NC 2010 Acquisition Tattersall at Tapestry ParkJacksonville, FL 2011 Acquisition
Slide 16: Property photos: acquisitions and developments
MAA | A BRIGHTER VIEW 16 1225 South ChurchCharlotte, NC PhI 2010 Acquisition PhII Development Retreat at Lake NonaOrlando, FL 2012 Acquisition Bella Casita at Las CollinasDallas, TX 2010 Acquisition Allure at BrookwoodAtlanta, GA 2012 Acquisition
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 Securities 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 anticipated economic a
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