MAA Mid America Apartments Feb 2010 Presentation

8/14/2019 MAA Mid America Apartments Feb 2010 Presentation

1/18

Jopntoa Corbets UpfoteJopntoa Corbets Upfote

Gedruory 40?0Gedruory 40?0


2/18

4

Ztrhli Pudanj Jhcpoly PaotghrcZtrhli Pudanj Jhcpoly Paotghrc

Znxteel ^eor Tejhrf hg Zujjess Vhp-Vner Teturls th Zmoremhafers Ztrhli Hperothr2 Zhpmnstnjotef Paotghrc Z&P Zcoaa-Jop 700

Ztrhli Jhrphrote Ihverlolje

Fnsjnpanlef Jopntoa Fepahycelt Woaue Nlvesthr Extelsnve Letwhrb & Feoa Gahw

Prhvel Zujjess wntm Khnlt Weltures

Mnim _uoanty Cuatngocnay Phrtghanh Mnim Irhwtm Zuldeat Teinhl Ghjus ^huli Phrtghanh Vwh-Vner Corbet Ztroteiy

Ztrhli Doaolje Zmeet Jopojnty th Pursue Hpphrtulntnes Zupernhr Totnhs

Fnvnfelf Poyhut

Aeveroie Gnxef Jmorie

Voaus Toljm, Pmhelnx, O[

Prhvnfelje ot Drner Jreeb, Toaenim, LJ


3/18

:

Guaa Jyjae ZtroteiyGuaa Jyjae Ztroteiy

COO deiol re-phsntnhlnli nts phrtghanh nl400:2 prhgnae tmot ns weaa phsntnhlef thjhcpete govhroday nl up jyjaes olf mhafsup detter nl fhwl jyjaes

Hver tme aost snx yeors COOs hperotnlipaotghrc mos deel strelitmelef tmrhuimexpolfef osset coloiecelt ghjus,jhccntcelt th lew tejmlhahines olfncprhvef eggnjneljnes

COOs overoie soce-sthre LHN irhwtm4004 400> (tmru _:) Hut-perghrcnli tme sejthr ceol Ztrhli reaotnve perghrcolje nl dhtm up jyjae

olf chre rejelt fhwl jyjae corbetelvnrhlcelt

Phrtghanh Ztroteiy, Nlvestcelt Fnsjnpanlesolf Hperotnli Jopodnantnes Frnve ZtrhliTeaotnve Perghrcolje os jhcporef th tmeoportcelt TENV sejthr

Dosef hl thtoa smoremhafer returl, COO ns

dest perghrcnli oportcelt TENV hver tmepost ?0 yeors

Zhurje; Ireel Ztreet, Fejecder 0> Upfote (wntmirhwtm rotes ofkustef dy IZ ghr estncotef delegnthg revelue elmoljnli jopex fnggereljes)

Zevel+ ^eor Vnce Groce Nljausnve hg

Tejhvery/Ztrhli Corbet Jyjae olfYeobelnli Corbet Jyjae

-=.0%

-7.0%

-6.0%

-4.0%

0.0%

4.0%6.0%

7.0%

=.0%

4004 400: 4006 4005 4007 4009 400= 400>

^VFZejthr Ceol COOJ

Zoce Zthre LHN Irhwtm


4/18

6

Ztrhli prh-dusnless elvnrhlcelt Nljreosnli phrt ojtnvnty2 khds

Ojjess th aess expelsnve aodhr Ihhf trolsphrtotnhl nlgrostrujture Ahw dusnless/anvnli jhsts Phsntnve fechiropmnj gahws Phsntnve cnirotnhl, nccnirotnhl gahws

Fnversngnef ecpahycelt doseAhinstnjsColugojturnliVejmlhahiyGnloljnoa Nlfustrnes

Meoatm/EfujotnhlIahdoa VrofeAensure VroveaCnantory/Fegelse

:.?%COO Corbet Overoie

4.7%Lotnhloa CZO Overoie

Ecpahycelt Irhwtm Prhkejtnhls 40?? 40?:Olluoa Jhcphulfef Irhwtm Totes

Ghjus hl Mnim Irhwtm TeinhlGhjus hl Mnim Irhwtm Teinhl

COO nl 9 hg tme thp ?0 prhkejtef Ejmh Dhhc Mhusemhaf Corbets;Foaaos, Mhusthl, Otaolto, Pmhelnx, Oustnl, Zhutm GA, Hraolfh.

COO ns meovnay oaahjotef (70%) th tme Vhp 45 Opt. TENV Corbets, osweaa os seaejt mnim-irhwtm sejhlfory corbets (60%) 3 Hut Perghrcolje

Zhurje; Ejhlhcy.jhc


5/18

5

LeorLeor--Verc HutahhbVerc Hutahhb

Aeosnli wnaa reconl jmoaaeliefhver tme lext gew quorters.

Ghjus reconls hl mhafnlihjjupoljy olf oiiressnveaycoloinli expelses.

Prnjnli trelfs nl 400> wnaa jorrynlth 40?02 stodae re-prnjnli nl

40?0 expejtef th set tme stoieghr ncprhvecelt nl 40??.

Lew nlntnotnves olf gee prhirocsjhcdnle th hgg-set shce hg tmeprnjnli pressure.

Expejt th see phsntnvechceltuc nl revelues ecerieaote 40?0.

$?50CCCOO Ojqunsntnhls

$?50CCGulf NN Ojqunsntnhls

6.4%Ovi. Nlterest

$4.67Olluoa Fnvnfelf

(5%) - (9%)ZZ LHN

4% - :%*ZZ Expelse

(4%) - (:%)*ZZ Tevelue

$4.9: - $4.>:OGGH/Zmore

$:.65 - $:.75GGH/Zmore

40?0 GhrejostBey Ossucptnhls

*Lew jodae prhiroc wnaa requnre jmolie nl rephrtnli hg osshjnotefrevelues olf expelses (irhss rephrtnli nlsteof hg let)2

ofkustef ghr lew rephrtnli ncpojt 40?0 ghrejost ns revelues(?%) - 0%, expelses 9% - =%.


6/18

7

Ztrhli AhliZtrhli Ahli--Verc HutahhbVerc Hutahhb

Eveltuoa rejhvery nl ecpahycelt trelfs wnaa ielerote o ropnf rejhvery nl LHN Pelt-up fecolf2 Znilngnjolt irhwtm hg prnce reltoa fechiropmnj

Lew oportcelt storts ore prefnjtef th mnt o phst-YY NN ahw Aojb hg gnloljnli2 Nlvestcelt returls nlsuggnjnelt

Znliae gocnay mhce hwlersmnp anbeay th reconl reaotnveay jhlstronlef Mnimer fhwl-poycelts2 Vnimter jrefnt2 Mnimer chrtioie nlterest rotes Mhce hwlersmnp jurreltay 79.5% hg mhusemhafs

Peobef ot 7>.5%2 Coy revert th chre sustonlodae :0 yeor aevea hg 76.5% hr ahwer Eojm ?% chvecelt ns ?.? cnaanhl mhusemhafs

Tejhvery deinls nl aote 40?0 olf hutahhb very strhli tmereogter

Zhurje; Ynttel Ofvnshrs


7/18

9

COO Phsntnhlef th HutCOO Phsntnhlef th Hut--PerghrcPerghrc

=5% hg tme prhpertnes hwlef dy tme Oportcelt TENV Zejthr ore jhljeltrotef nl 45 corbets

COOs corbets ore jhljeltrotef nl tme mnim irhwtm Zuldeat reinhl, nljaufnli o aorie preseljenl coly hg tmese TENV thp 45 corbets (70% hg phrtghanh), os weaa os fnversngnjotnhl nl htmermnim irhwtm sejhlfory corbets tmrhuimhut tme reinhl

COOs phrtghanh stroteiy puts tme jhcpoly nl phsntnhl th feanver supernhr perghrcolje furnlitme jhcnli rejhvery jyjae

4.9%

-0.5%

:.?%

-0.7%

40?0 40?? - 40?:

Vhp 45 TENV Corbets COO Corbets

Zhurje; Ejhlhcy.jhc

Olluoa Ecpahycelt Irhwtm


8/18

=


Ghrejost Jucuaotnve Ecpahycelt Irhwtm 40?0-40?:

-?.0%

?.0%

:.0%

5.0%

9.0%

>.0%

??.0%

Lhv-0>

Kol-?0

Cor-?0

Coy-?0

Kua-?0

Zep-?0

Lhv-?0

Kol-??

Cor-??

Coy-??

Kua-??

Zep-??

Lhv-??

Kol-?4

Cor-?4

Coy-?4

Kua-?4

Zep-?4

Lhv-?4

Kol-?:

Cor-?:

Coy-?:

Kua-?:

Zep-?:

Lhv-?:

Lotnhloa Aorie COO Corbets Zejhlfory COO Corbets

Oaa COO Corbets Vhp 45 TENV Corbets

Zhurje; Ejhlhcy.jhc


9/18

>

Teinhl HutTeinhl Hut--Perghrcolje PrhspejtsPerghrcolje Prhspejts

Vme Poloco joloa ns jurreltay ulferihnli o $5dnaanhl expolsnhl tmot wnaa oaahw smnps trnpae tme snzehg jurrelt jopojnty th poss.

Jurreltay, tmese smnps phrt hl tme Yest Jhost hrreojm tme Eost Jhost vno tme Zuez Joloa.

Vmese smnps wnaa lhw move o chre fnrejt, jhsteggnjnelt rhute th tme Iuag Jhost olf tme Eost Jhost.

Vme jhcdnlotnhl hg o weaa feveahpef rona olf trujbfeanvery letwhrb, jhupaef wntm tme jahser ojjess thtme cokhrnty hg U.Z. phpuaotnhl (eost hg tme CZTnver), cobes phrt ojjess th tme U.Z. vno tme Iuag

Jhost olf Eost Jhost ottrojtnve. Nl offntnhl, ahwer aodhr jhsts, ahwer toxes olf

ireoter expolsnhl jopodnantnes, cobes tme Iuag olfZhutmeost corbets very ottrojtnve ghr dusnlessexpolsnhl.

Vmns rhute ns expejtef th ionl ol nljreosnli corbet

smore, jreotnli khds olf spurrnli ejhlhcnjfeveahpcelt ghr tme Zhutmeost olf oggejtef phrts.

Phrts ncpojtef nljaufe Mhusthl, Vocpo, Cnocn,Kojbshlvnaae, Zovollom, Jmoraesthl, olf Lhrghab

Coly hg tmese phrts ore oareofy deinllnli upirofesolf frefinli prhkejts th ojjhcchfote nljreosef

troggnj.

Phrt jn tnes anbeay

th delegnt

Expolsnhl hg Poloco Joloa ExpejtefVh Jreote Offntnhloa Ahli-Verc

Ecpahycelt Irhwtm Ghr Vme Zhutmeost


10/18

?0

Lew Cuat ngocnay Zuppay Prhkejtnhls (TENZ Foto)

67%6=,47?=>,5>?Prncory TENV Corbets

::%=,056?4,0=5Lhrtmeost Teinhl

:4%44,>40::,7?:Yest Teinhl

:4%=,9>>?4,>=7Cnfwest Teinhl

64%97,?4>?:?,7?6Ulntef Ztotes

57%4=,7=775,90>COO Corbets (*)

% Frhp nl Overoie

Olluoa Zuppay

Prhkejtef Overoie

Olluoa Zuppay

(# hg Ulnts)

40?0-40?:

Overoie Olluoa

Zuppay

(# hg Ulnts)

?>>>-400>Corbet

* Tepreselts hver 95% hg COOs phrtghanh


Ymnae feanvery hg lew suppay hver tme lext gew yeors ns expejtef th frhp

snilng njoltay nl oachst every corbet ojrhss tme jhultry, COOs phrtghanh ns

portnjuaoray weaa phsnt nhlef th see ahwer aeveas hg lew suppay pressure.


11/18

??


?:?,7?6

44,::=

>99

:,?>=

:,:5=

?,09:

?,:449,:>?

5,?9>

?0,?57

?0,9?9Mnsthrnjoa

94,?:>

??,4==

?9?

?,?5:

?,?:5

?,0?>

>964,=4>

?,=:7

4,596

:,5?940?:

94,959

?0,=04

40=

?,4=:

?,04=

=57

6=64,404

?,=06

4,7=7

6,64040?4

74,=00

9,509

6=9

?,??6

=4=

607

9???,5?4

4,09?

4,59>

5,40440??

=4,?>6

??,:49

?:4

4,445

?,:=9

?,465

9>44,4?6

4,50?

7,==9

9,0:?40?0

Jhcpaetnhls **

40?:40?440??40?0

:.5%:.>%4.7%0.7%Toaenim

:.0%:.4%?.7%-0.>%Cecpmns

:.6%:.9%4.0%-0.5%Htmer COOCorbets

Ecpahycelt Irhwtm *

?.7%

:.0%

4.?%

?.9%0.>%

4.5%

4.5%

4.9%

:.4%

6.:%

:.4%

:.6%:.=%

:.>%

6.?%

:.=%

4.7%-4.?%Kojbshlvnaae5.5%-4.?%Otaolto

6.6%?.5%Oustnl

6.0%0.:%Mhusthl

4.>%-0.9%Lotnhloa

:.5%-4.6%Vocpo

:.?%-0.:%Losmvnaae

6.0%0.5%Foaaos/Gt. Yhrtm

Zhurjes; Ejhlhcy.jhc* olf TENZ **

Ecpahycelt irhwtm hut-perghrcolje, jhupaef wntm lew suppay feanvery weaadeahw mnsthrnjoa overoies, phsntnhls tme phrtghanh ghr strhli revelue irhwtm phteltnoa


12/18

?4

Zhpmnstnjotef Hperotnli PaotghrcZhpmnstnjotef Hperotnli Paotghrc

Vejmlhahiy paotghrc supphrts egghrts th dhtm hptncnze revelue irVejmlhahiy paotghrc supphrts egghrts th dhtm hptncnze revelue irhwtmhwtm

olf detter jhltrha expelsesolf detter jhltrha expelses

Prhspejts/Tesnfelt Jhltojt

Prnjnli & Gees Hptncnzotnhl

Tesnfelt Zjreelnli

Nlvelthry Coloiecelt

Dnaanli & Jhaaejtnhls

Prnjnli systec Zupphrtef strhli hjjupoljy wmnae ojmnevnli hptncoa prnjnli nl o weob

aeosnli elvnrhlceltwnaa oash supphrt goster rejhvery nl ncprhvnli corbet Elodaef chre jhcpremelsnve oloaysns hg corbet elvnrhlcelt olf aeofs

th mnimer quoanty olf goster fejnsnhl cobnli Elodaef chre fnggereltnotnhl nl prnje phnlts olf tmeredy jreotef chre

revelue hpphrtulnty wntmhut offnli jhcpaexnty ghr hl-snte stogg

Gee prhirocs Duab-jodae rhaa-hut mos deel weaa rejenvef Lew dnaanli paotghrc mos supphrtef hpphrtulnty th jopture mnimer gees

wntmhut jhcprhcnsnli hjjupoljy hr turlhver Nl mhuse utnanty rencdursecelt dnaanli frnvel chre jhst eggnjneljy

Tesnfelt sjreelnli olf jhaaejtnhls Jreotnli chre eggnjneljnes wntm hl-snte stogg tnce Chre jhltrhaaef aeose oppanjotnhl revnew wntmhut jhcprhcnsnli tncnli _unjber olf chre eggejtnve jhaaejtnhl egghrts

Eggnjnelt prhspejt olf resnfelt jhltojt Yed dosef troggnj < 50% hg thtoa Hl-anle aeosnli frnvnli chre troggnj olf frnvnli fhwl jhst per lew aeose Eaejtrhlnj poycelt prhjessnli ncprhvnli jhaaejtnhls egghrts hl olf hl-snte

tnce

Ahwer turl jhsts Nlvelthry coloiecelt chre eggnjnelt

Cobe reofy prhjess


13/18

?:

Ztrhli Doaolje Zmeet PhsntnhlZtrhli Doaolje Zmeet Phsntnhl

Aeveroie olf rotnhs ot mnsthrnjoaaystrhli aeveas

Paelty hg jopojnty - $?00 CC ulusef

Hlay leor-terc coturnty ns $50 CC(dolb anle) ghr 40?0 (_? paollefjahse)

Oieljy ahol coturntnes weaa aofferefhver 40?? - 40?=

57%50%Fedt/Irhss Ossets

99%*7>%GGH Poyhut 40?0

4.54.7=Gnxef Jmorie Jhveroie

ZejthrCOO

65.0%

50.0%

55.0%

70.0%

75.0%

90.0%

4000

400?

4004

400:

4006

4005

4007

4009

400=

400>

40

?0Gj

st

Fed t/Irhss Ossets F ed t+P reg/Irhss Ossets

Zhurjes; Zejthr foto grhc Dorjaoys Jopntoa ?/4>/?0

*Zejthr Cefnol ncpojtef dy sthjb fnvnfelfs olf

fnvnfelf refujtnhls

Jhcchl

6>%

Fedt

67%

Pregerref

5%


14/18

?6

Exterloa Irhwtm HpphrtulntnesExterloa Irhwtm Hpphrtulntnes

Ncprhvnli hpphrtulntnes ghrottrojtnve ojqunsntnhls

Fnstressef corbets

Fnstressef aeose-ups Gonaef jhlfh/jhlfh jhlversnhls

Pelfnli regnloljnli requnrecelt

COO mos doaolje smeet jopojnty Jrefnt gojnantnes nl paoje ot pre-jrnsns

prnjnli

Ahwest aeveroie snlje tme NPH

Gulf Coloiecelt Gulf NN; o lew $450 CC (thtoa

nlvestcelt) voaue-off gulf COO smore ::%

Ghjus hl exnstnli COO ghht-prnlt

9+ yeor-haf ossets, 7-yeor mhaf

Gnrst ojqunsntnhl jhcpaetef nl Kuay

Irolf Jhurtyorfs, Foaaos, V]

Aolner Jaud, Otaolto, IO


15/18

?5

Exterloa Irhwtm HpphrtulntnesExterloa Irhwtm Hpphrtulntnes

Jhcpetntnve ofvoltoie hver htmerphteltnoa duyers2 portnjuaoray nlsejhlfory corbets

COOs ojqunsntnhl teoc shurjes oloveroie hg 400-:00 phteltnoaojqunsntnhl hpphrtulntnes eojm yeor

Dest hpphrtulntnes ot tme chceltwntm aess tmol stodnanzef prhpertnes

Evnfelje irhwnli tmot lewer, mnimquoanty olf stodnanzef prhpertnes oretrofnli nl tme ahw 7 jop rolie

Woaues anbeay th mhaf olf nljreose Josm gahws set th ncprhve nl aote

40?0 olf irhw ceolnliguaay nl

40??+ Ahli-terc fechiropmnjs ore

jhcpeaanli Nlvesthr olf jopntoa nlterest nl

oportcelt reoa estote anbeay thnljreose

Animtmhuse Jhurt, Kojbshlvnaae, GA

Iehriethwl Irhve, Zovollom, IO


16/18

?7

COO Hggers Ol Ottrojtnve WoaueCOO Hggers Ol Ottrojtnve Woaue

Wnaaoie Hobs, Vocpo, GAPresjhtt, Otaolto, IO

4.6x4.7xGnxef Jmorie Jhveroie

>0%=4%40?0E GOF Poyhut Totnh

5.:%5.:%Fnvnfelf ^neaf

?9.4x?5.6x40?0E P/GOF

?6.=x?:.?x40?0E P/GGH

ZejthrCOO

COO ns weaa phsntnhlef ghr jhcnlirejhvery jyjae;

?. Teinhl olf Corbets ecpahycelt

irhwtm ghrejostef th hut-perghrc sejthr4. Ancntef lew suppay rnsbs:. Doaolje smeet strhli2 jopojnty olf

odnanty th jopture ceolnligua aevea hglew irhwtm

6. Ztrhli fnvnfelf olf jhveroie rotnhs

Zhurje; TDJ Jopntoa Corbets


17/18

?9

ZuccoryZuccory

COO Ns o Prhvel Paotghrc ?7 eors os o Pudanj Jhcpoly Vhp-Vner Perghrcolje ghr Zmoremhafers Guaa Jyjae Perghrcer Vhp Oportcelt TENV Perghrcer 4000 - 400>

Hpphrtulnty th Nlvest Omeof hg Tejhvery Doaolje Zmeet ns Ztrhli, Yntm Jopojnty Gulf NN Lew Irhwtm Hpphrtulntnes Ztrhli Feoa Gahw

^huli Phrtghanh wntm Irhwtm Upsnfe Ghjusef hl Vhp Irhwtm Corbets 40?0-40?: Lew Zuppay Vmreot ns Ancn tef Ztrhli Hperotnli Paotghrc Yeaa Phsntnhlef ghr o Tejhvernli Ejhlhcy

Fnsjnpanlef Jopntoa Oaahjotnhl Frnves Mnim

_uoanty hg Eorlnlis

Ztrhli Jhveroie Totnhs olf Anqunfn ty

COOs Ahli-Verc Eorlnlis Hutahhb olfJurrelt Prnjnli Prhvnfes ol Ottrojtnve

Hpphrtulnty Yntmnl tme Zejthr

Zby Wnew Toljm, Pmhelnx, O[

Zthle Toljm, Zol Olthlnh, V]


18/18

?=

Zoge Mordhr FnsjahsureZoge Mordhr FnsjahsureZtotecelts jhltonlef nl tm ns preseltotnhl, wmnjm ore lht mnsthrnjoa gojts, ore ghrworf-ahhbnli s totecelts, os tme terc ns fegnlef nl tme Prnvote

Zejurntnes Antniotnhl Teghrc Ojt hg ?>>5. Zujm ghrworf-ahhbnli stotecelts ore sudkejt th rnsbs olf uljertonltnes wmnjm jol jouse ojtuoa resuats th

fngger coternoaay grhc tmhse jurreltay oltnjnpotef, fue th o lucder hg gojthrs , wmnjm nljaufe, dut ore lht ancntef th, ulgovhrodae jmolies nl tme

oportcelt corbet, jmolinli ejhlhcnj jhlfntnhls, tme ncpojt hg jhcpetntnhl, ojqunsntnhls wmnjm coy lht ojmneve oltnjnpotef resuats olf htmer rnsb

gojthrs fnsjussef nl fhjucelts gnaef wntm tme Zejurntnes olf Exjmolie Jhccnssnhl grhc tnce th tnce nljauf nli tme Jhcpolys Olluoa Tephrt hl

Ghrc ?0-B olf tme Jhcpolys _uorteray Tephrt hl Ghrc ?0-_. Vme stotecelts nl tmns preseltotnhl ore cofe dosef uphl nlghrcotnhl jurreltay

blhwl th coloiecelt olf tme jhcpoly ossuces lh hdaniotnhl th upfote hr revnse oly hg nt s ghrworf-ahhbnli stotecelts.

Yotercorb, Foaaos, V]

MAA Mid America Apartments Feb 2010 Presentation

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Transcript of MAA Mid America Apartments Feb 2010 Presentation