FIXED INCOME
INVESTOR UPDATE
AUGUST 2019
A Differentiated Approach, Focus on High Growth Sunbelt Region
Top 10 US Markets: Net Migration
Differentiated Approach Within the 2010 – 2018
Apartment Sector
RANK MARKET NET MIGRATION2
(000’s)
% PUBLIC APARTMENT REIT SECTOR 63%
SECTOR NOI FROM 10 LARGE 1 Dallas-Ft Worth 412
COASTAL MARKETS1 MAA 3% 2 Phoenix 327
Over the last eight 3 Houston 262
years almost 60% 4 Austin 252
% PUBLIC APARTMENT REIT SECTOR 39% of all domestic 5 Tampa 242
SECTOR NOI FROM 6 Atlanta
CALIFORNIA1 MAA 0% moves were to 214
7 Charlotte 204
MAA Markets.
8 San Antonio 192
9 Denver 183
10 Orlando 173
Seattle
Boston
New York
District of Columbia
San Francisco
Suburban Virginia
Oakland-East Bay
San Jose
Los Angeles
Orange County Public Apartment REIT
Inland Empire Market Concentration
San Diego
TOP 10 MARKETS BY %NOI1
OTHER CALIFORNIA MARKETS1
MAA MARKETS
1 Green Street Advisors, Residential Sector Update, May 22, 2019 2
2 US Census Bureau, Cumulative Estimates of the Components of Population Change, April 1, 2010 to July 1, 2018 - Net Migration - Domestic
Market Diversification and Submarket Balance across the High Growth Sunbelt Region
TOP 20 MARKETS1 % 2Q 2019 SS NOI
Atlanta, GA 12.4%
Dallas, TX 9.1%
Washington, DC 6.9%
Charlotte, NC 6.7%
Tampa, FL 6.5%
Orlando, FL 6.4%
Austin, TX 5.8%
Houston, TX 4.6%
Nashville, TN 4.5%
Raleigh/Durham, NC 4.4%
Multifamily Markets
Fort Worth, TX 3.9%
Regional Office
Jacksonville, FL 3.6%
Phoenix, AZ 3.0% Corporate Office
Charleston, SC 2.8%
Richmond, VA 2.2% DIVERSIFIED IN SUBMARKETS2 DIVERSIFIED IN PRICE POINTS2,3
Savannah, GA 2.0%
Greenville, SC 1.5% 22%
Memphis, TN 1.4%
San Antonio, TX 1.3% 53%
49% 47%
Birmingham, AL 1.2% 18%
Total 90.2% 11%
Inner Loop Suburban Satellite City Downtown/CBD A to A+ B to B+
Source: Company and Company 2Q 2019 Earnings Release Supplemental furnished 2Based on gross asset value at 06/30/2019 for total multifamily portfolio
with the SEC 3 Average effective rent/unit for 2Q 2019 of higher than $1,275 for A to A+ and $1,275 3
1 Ranking of Top 20 Markets based on 2Q 2019 Same Store NOI or lower for B to B+ for total multifamily portfolio
Solid Investment Grade Balance Sheet
Secured Debt DEBT SUMMARY ($ IN MILLIONS)
$13.9B 3.5% $4.5B
Common Total AT 6/30/2019
Equity Debt
Unsecured Public Bonds $2,672 58.9%
Unsecured Unsecured Private Bonds 242 5.4%
Debt
21.0% Unsecured Term Loans 599 13.2%
Preferred Commercial Paper 367 8.0%
Equity
0.2% Total Unsecured Debt1 $3,880 85.5%
Total Secured Debt $660 14.5%
Common $0.04B TOTAL DEBT $4,540
Equity
75.2% Preferred
Equity
SHORT TERM LONG TERM OUTLOOK
Standard & Poor’s
A-2 BBB+
RATINGS
STABLE
CREDIT
Ratings Services2
DEBT/TOTAL CAPITALIZATION: 24.5%
Moody’s Investors
Service3 P-2 Baa1 STABLE
Note: Total Capitalization equals common shares and units outstanding multiplied by the
closing stock price on 6/28/2019 plus preferred shares outstanding at the $50 per share
Fitch Ratings2
F2 BBB+ STABLE
redemption price, plus total debt outstanding.
1 At6/30/19, there was no outstanding balance on the revolving credit facility.
2 Corporate credit rating assigned to MAA and MAALP
3 Corporate credit rating assigned to MAALP, the operating partnership of MAA
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Bond Covenant & Other Ratios
Required 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018
Total debt / total assets1 <60% 32.3% 32.6% 32.6% 32.5% 33.1%
Total secured debt / total assets1 <40% 4.7% 4.7% 3.4% 6.6% 6.7%
Consolidated income available for debt >1.5x 4.99x 5.02x 5.07x 5.13x 5.20x
service to total annual debt service
charge1
Total unencumbered assets to total >150% 322% 320% 314% 328% 323%
unsecured debt1
Net debt / recurring adjusted EBITDA n/a 4.92x 4.96x 4.99x 5.00x 5.06x
Unencumbered NOI / total NOI n/a 90.1% 90.2% 92.6% 85.3% 85.3%
Unsecured debt / Total debt n/a 85.5% 85.4% 89.5% 79.5% 79.6%
1 MAA calculations as specifically defined in Mid-America Apartments, L.P.’s debt agreements
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Strong Balance Sheet and Manageable Debt Maturity Profile
CREDIT METRICS AT 6/30/2019
MAA SECTOR AVG3
Total debt / adjusted total assets1 32.3% 32.4%
Total secured debt / adjusted total assets1 4.7% 5.7%
Unencumbered NOI / total NOI 90.1% 88.6%
Net debt / recurring adjusted EBITDAre2 4.92x 4.97x
Consolidated income available for debt service to total annual debt service charge1,2 4.99x 5.50x
Weighted average maturity of debt (in years) 6.7 7.1
1 MAA calculations as specifically defined in Mid-America Apartments, L.P.’s debt agreements.
2 Sector average represents publicly disclosed sector equivalent.
3 Sector constituents include AVB, CPT, EQR, ESS and UDR; data is from 2Q 2019 company filings
DEBT MATURITY PROFILE ($ IN MILLIONS) AT 6/30/2019
Weighted Average Interest Rate 3.8% Debt 1 Commercial Paper Program
Weighted Average Maturity 6.7 years
$33 $367 $307 $344 $665 $359 $2,464
0.0% 2019 10.8% 2020 6.1% 2021 13.5%2022 2023
12.6% 2024+
57.0%
% MATURING 9% 7% 7% 15% 8% 54%
1 Debt excluding unsecured revolving credit facility and unsecured commercial paper program. At 6/30/19, there was no outstanding balance on the revolving credit facility.
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For Questions, Please Contact
Al Campbell Andrew Schaeffer
EVP, CFO SVP, Treasurer
901-248-4169 901-435-5379
al.campbell@maac.com andrew.schaeffer@maac.com
