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Previous: MID AMERICA APARTMENT COMMUNITIES INC, 8-K, EX-99.1, 2000-11-03 |
Next: UNIVERSAL FOREST PRODUCTS INC, 10-Q, 2000-11-03 |
EXHIBIT 99.2
Supplementary Financial Information
3rd Quarter 2000
Financial Statistics ( in 000's, except per share data)
<TABLE>
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<CAPTION>
Payment Payment Record
Dividends Information (latest declaration): per share Date Date
---------------- ---------------- -----------------
<S> <C> <C> <C>
Common Dividend - quarterly $0.5800 10/31/2000 10/24/2000
Preferred Series A - monthly $0.1979 11/15/2000 11/01/2000
Preferred Series B - monthly $0.1849 11/15/2000 11/01/2000
Preferred Series C - quarterly $0.5859 10/15/2000 10/01/2000
</TABLE>
<TABLE>
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<CAPTION>
Annualized
ROA: 3rd Qtr 2000 Trailing 4 Qtrs
---------------- -----------------
<S> <C> <C>
Gross Real Estate Assets, Average (in 000's) $1,414,426 $1,399,662
EBITDA $ 124,832 $ 125,498
EBITDA/Gross Real Estate Assets (%) 8.8% 9.0%
</TABLE>
<TABLE>
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<CAPTION>
3rd Qtr 2000 3rd Qtr 1999
---------------- ----------------
<S> <C> <C>
Common and Preferred Dividends as % of FFO 89% 89%
EBITDA/Debt Service (1) 2.14 2.28
EBITDA/Fixed Charges (2) 1.68 1.77
Total Debt as % of Gross Real Estate Assets 55% 51%
MAA portion of JV debt $29,153 $27,495
Capitalized Interest YTD $ 2,950 $ 3,104
</TABLE>
<TABLE>
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<CAPTION>
FAD: 3rd Qtr 2000 3rd Qtr 1999 YTD 2000 YTD 1999
---------------- ---------------- ----------------- ----------------
<S> <C> <C> <C> <C>
FFO $13,690 $14,642 $42,878 $45,874
Average Units 30,869 32,273 30,940 33,143
Average Shares - Fully Diluted 20,520 22,039 20,582 22,017
Recurring Capex (annual $400/unit) $ 3,087 $ 3,227 $ 9,282 $ 9,943
FAD $10,603 $11,415 $33,596 $35,931
Free Cash Flow (3) $11,390 $12,192 $36,107 $38,279
Per Share (Fully Diluted):
FFO $ 0.67 $ 0.66 $ 2.08 $ 2.08
FAD $ 0.52 $ 0.52 $ 1.63 $ 1.63
Free Cash Flow (3) $ 0.56 $ 0.55 $ 1.75 $ 1.74
Distribution $ 0.58 $ 0.575 $ 1.74 $ 1.725
</TABLE>
<PAGE>
<TABLE>
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<CAPTION>
Debt: Principal Average Years
Balance To Maturity Average Rate
---------------- ---------------- -----------------
<S> <C> <C> <C>
Fixed Rate -Conventional $505,734 8.9 7.4%
Fixed Rate -Tax-free 94,870 22.9 6.2%
Line of Credit - Swapped to Fixed Rate 75,000 4.6 6.9%
Variable Rate - Tax-free 31,817 27.1 5.8%
Variable Rate - Conventional 69,091 6.4 7.4%
----------------------------------------------------
Total $776,512 10.9 7.15%
====================================================
</TABLE>
<TABLE>
<CAPTION>
Future Payments as of September 30, 2000: Scheduled
Amortization Maturities Total
----------------- --------------- -----------------
<S> <C> <C> <C>
2000 $ 1,042 $ 0 $ 1,042
2001 4,473 42,729 47,202
2002 4,542 11,390 15,932
2003 4,338 181,821 186,159
2004 4,279 71,168 75,447
Thereafter 173,445 277,285 450,730
----------------------------------------------------
Total $192,119 $584,393 $776,512
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</TABLE>
(1) Annualized EBITDA for trailing six months to annualized debt service
(aggregate of principal and interest) for same period.
(2) Annualized EBITDA for trailing six months to annualized fixed charges
(aggregate of preferred distributions, principal and interest)for same period.
(3) Includes addback of other non-cash items, primarily non-real depreciation
and amortization.
<PAGE>
Supplementary Financial Information
3rd Quarter 2000
Apartment Data (end of period)
<TABLE>
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<CAPTION>
All Properties: 2000 1999 % Inc.
--------------- ---------------- --------
<S> <C> <C> <C>
Total Units, including ownership interests 33,727 34,733 -2.9%
Average Rental Rate (1) (2) $637.20 $614.50 3.7%
Physical Occupancy (1) (2) 95.4% 95.5% -0.1%
</TABLE>
<TABLE>
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<CAPTION>
Same Store (1): 3rd Qtr 2000 3rd Qtr 1999
--------------- ---------------
<S> <C> <C> <C>
Revenue $50,262 $49,187 2.2%
--------------------------------
Operating Expenses 13,268 12,950 2.5%
RE Taxes and Insurance 5,554 5,399 2.9%
--------------------------------
Total Expenses 18,822 18,349 2.6%
--------------------------------
NOI $31,440 $30,838 2.0%
================================
Units 27,769 27,769
Average Rental Rate $628.49 $610.74 2.9%
Physical Occupancy 95.5% 95.6% -0.1%
</TABLE>
<TABLE>
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<CAPTION>
MAA
Occupancy Market
Occupancy by Geographic Market: End of Qtr (2) Occupancy (3)
----------------- ---------------------
<S> <C> <C>
Alabama 95.3% 91.8%
Arkansas & Missouri 96.9% 96.2%
Chattanooga, TN 95.0% 91.7%
Florida (except JAX) 95.5% 92.4%
Georgia 95.0% 92.5%
Jackson, TN 95.9% 93.9%
Jacksonville, FL 94.7% 94.0%
Kentucky & Ohio 96.5% 93.5%
Memphis, TN 94.8% 93.4%
Mississippi 94.6% 94.1%
N. Carolina & Virginia 95.6% 95.9%
Nashville, TN 96.3% 94.9%
S. Carolina 95.6% 93.9%
Texas 96.0% 94.4%
</TABLE>
<TABLE>
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<CAPTION>
MAA Rental Rate by Geographic Market (1) (2): 3rd Qtr 2000 3rd Qtr 1999 % Chg.
--------------- ------------- ------
<S> <C> <C> <C>
Alabama $640.30 $606.90 5.5%
Arkansas & Missouri $580.20 $566.50 2.4%
Chattanooga, TN $634.40 $626.20 1.3%
Florida (except JAX) $679.40 $658.00 3.3%
Georgia $686.10 $667.30 2.8%
Jackson, TN $596.80 $582.00 2.5%
Jacksonville, FL $651.40 $631.40 3.2%
Kentucky & Ohio $621.40 $604.10 2.9%
Memphis, TN $612.90 $575.40 6.5%
Mississippi $559.50 $548.60 2.0%
N. Carolina & Virginia $627.90 $594.10 5.7%
Nashville, TN $676.00 $626.40 7.9%
S. Carolina $605.20 $590.80 2.4%
Texas $637.10 $621.10 2.6%
</TABLE>
<PAGE>
<TABLE>
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<CAPTION>
3rd Qtr 2000
MAA Owned Properties, including Ownership Interests: Properties Apartments % total
------------- ---------------- --------
<S> <C> <C> <C>
Memphis, TN 13 4,643 14%
Chattanooga, TN 4 943 3%
Nashville, TN 4 1,095 3%
Jackson, TN 5 664 2%
Georgia 25 5,981 18%
Texas 15 4,312 13%
S. Carolina 12 2,604 8%
Jacksonville, FL 8 2,726 8%
Florida (except JAX) 13 3,758 11%
Mississippi 8 1,925 5%
Kentucky & Ohio 8 1,962 6%
Arkansas & Missouri 4 1,128 3%
N. Carolina & Virginia 4 1,034 3%
Alabama 4 952 3%
-----------------------------------------
Total 127 33,727 100%
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</TABLE>
(1) Prior year information restated to represent units currently owned.
(2) Information represents owned properties not in lease-up.
(3) Total market information as of end of second quarter 2000, latest available
information.
<PAGE>
Supplementary Financial Information
3rd Quarter 2000
Development Pipeline Summary ($ in 000's)
($ in 000's)
<TABLE>
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<CAPTION>
Actual/Forecast Apartemnts
----------------------------------- --------------------------
Current
Total Estimated Cost to Construction Initial Stabil-
Units Cost Date Start Finish Occupancy ization Available Leased Occupied
------ --------- ------- ---------------- ---------- ------- --------- ------ --------
<S> <C> <C> <C> <C><C> <C><C> <C><C> <C><C> <C> <C> <C>
Development Communities:
In Lease-up Location
Grand Reserve Lexington Lexington, KY 370 33,136 30,730 3Q 1998 3Q 2000 4Q 1999 2Q 2001 370 165 155
Reserve at Dexter Lake Phs II Memphis, TN 244 16,670 15,597 2Q 1999 4Q 2000 1Q 2000 1Q 2001 220 186 168
Kenwood Club at the Park Katy, TX 320 17,962 17,335 2Q 1999 2Q 2000 1Q 2000 2Q 2001 320 226 213
Grande View Nashville Nashville, TN 433 35,822 28,598 1Q 1999 1Q 2001 3Q 2000 2Q 2002 129 131 97
------------------------- --------------------------
1,367 $103,590 $92,260 1,039 708 633
------------------------- --------------------------
Under Construction / Pre-development:
Reserve at Dexter Lake Phs III Memphis, TN 244 16,830 1,652 3Q 2000 4Q 2001 2Q 2001 2Q 2002
-------------------------
244 $16,830 $ 1,652
-------------------------
Total 1,611 $120,420 $93,912 1,039 708 633
========================= ===========================
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</TABLE>
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