Mid-America Apartment Communities, Inc.
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Large accelerated filer
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Accelerated filer
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Mid-America Apartments, L.P.
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Mid-America Apartment Communities, Inc.
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YES
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No
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Mid-America Apartments, L.P.
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YES
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MID-AMERICA APARTMENT COMMUNITIES, INC.
MID-AMERICA APARTMENTS, L.P.
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TABLE OF CONTENTS
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Item
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Page
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PART I
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1.
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Business.
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5
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1A.
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Risk Factors.
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13
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1B.
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Unresolved Staff Comments.
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24
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2.
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Properties.
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24
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3.
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Legal Proceedings.
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33
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4.
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Mine Safety Disclosures.
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34
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PART II
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5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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35
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6.
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Selected Financial Data.
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38
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7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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41
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7A.
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Quantitative and Qualitative Disclosures About Market Risk.
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58
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8.
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Financial Statements and Supplementary Data.
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58
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9.
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Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
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58
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9A.
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Controls and Procedures.
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58
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9B.
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Other Information.
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60
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PART III
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10.
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Directors, Executive Officers and Corporate Governance.
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61
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11.
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Executive Compensation.
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61
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12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
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61
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13.
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Certain Relationships and Related Transactions, and Director Independence.
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61
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14.
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Principal Accountant Fees and Services.
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61
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PART IV
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15.
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Exhibits and Financial Statement Schedules.
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62
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•
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enhances investors' understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;
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eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this report applies to both MAA and the Operating Partnership; and
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creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
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the selected financial data in Item 6 of this Report;
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the consolidated financial statements in Item 8 of this report;
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certain accompanying notes to the financial statements, including Note 3 - Earnings per Common Share of MAA and Note 4 - Earnings per OP Unit of MAALP; Note 10 - Shareholders' Equity of MAA and Note 11 - Partners' Capital of MAALP; and Note 19 - Selected Quarterly Financial Information of MAA (Unaudited) and Note 20 - Selected Quarterly Financial
Information of MAALP (Unaudited);
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the controls and procedures in Item 9A of this report; and
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the certifications of the Chief Executive Officer and Chief Financial Officer of MAA included as Exhibits 31 and 32 to this report.
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inability to generate sufficient cash flows due to market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors;
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exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry and sector;
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adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;
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failure of new acquisitions to achieve anticipated results or be efficiently integrated;
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failure of development communities to be completed, if at all, within budget and on a timely basis or to lease-up as anticipated;
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unexpected capital needs;
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changes in operating costs, including real estate taxes, utilities and insurance costs;
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losses from catastrophes in excess of our insurance coverage;
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ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures;
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level and volatility of interest or capitalization rates or capital market conditions;
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loss of hedge accounting treatment for interest rate swaps or interest rate caps;
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the continuation of the good credit of our interest rate swap and cap providers;
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price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing;
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the effect of any rating agency actions on the cost and availability of new debt financing;
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significant decline in market value of real estate serving as collateral for mortgage obligations;
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significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product;
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our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of the Operating Partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;
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inability to attract and retain qualified personnel;
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potential liability for environmental contamination;
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adverse legislative or regulatory tax changes;
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litigation and compliance costs; and
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other risks identified in this Annual Report on Form 10-K including under the caption "Item 1A. Risk Factors" and, from time to time, in other reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate.
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Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and that have been stabilized for at least a full 12 months.
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Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and that have been stabilized for at least a full 12 months.
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Non same store communities and other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have undergone a significant casualty loss. Also included in non same store communities are non-multifamily activities which represent less than 1% of our portfolio.
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effectively and efficiently operate our existing properties with an intense property and asset management focus and a decentralized structure;
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manage real estate cycles by taking an opportunistic approach to buying, selling, renovating and developing apartment communities;
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diversify investment capital across both large and secondary markets to achieve a growing and less volatile operating performance; and
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actively manage our capital structure to help enhance predictability of earnings to fund our dividends and distributions.
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Core Funds From Operations, or Core FFO, which excludes certain non-routine items, grew 10% over the previous year to $5.51 per diluted share and unit.
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Average revenue per occupied unit for the same store portfolio increased 4.9% for the year ended December 31, 2015 to $1,109, primarily driven by an increase in average effective rent per unit of 4.4%.
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Acquired
seven
multifamily communities, totaling 1,782 units, and sold 21 multifamily communities, totaling 5,105 units.
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Completed the construction of two development communities, and had five communities, totaling 748 units, under construction at the end of the year.
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Completed an unsecured public bond offering through the Operating Partnership. The Operating Partnership issued $400 million of ten year senior unsecured notes at a coupon rate of 4.00% and an issuance price of 98.990%.
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Completed the refinancing of an unsecured revolving credit facility, increasing borrowing capacity to $750 million.
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providing management information and improved customer services through technology innovations;
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utilizing systems to enhance property managers’ ability to optimize revenue by adjusting rental rates in response to local market conditions and individual unit amenities;
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implementing programs to control expenses through investment in cost-saving initiatives;
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analyzing individual asset productivity performances to identify best practices and improvement areas;
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proactively maintaining the physical condition of each property through ongoing capital investments;
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improving the “curb appeal” of the apartment communities through extensive landscaping and exterior improvements, and repositioning apartment communities from time-to-time to enhance or maintain market positions;
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aggressively managing lease expirations to align with peak leasing traffic patterns and to maximize productivity of property staffing;
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allocating additional capital, including capital for selective interior and exterior improvements;
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compensating employees through performance-based compensation and stock ownership programs; and
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maintaining a hands-on management style and “flat” organizational structure that emphasizes property level decision making coupled with asset management and senior management's monitoring.
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Multifamily Acquisitions
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Location
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Apartment Units
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Year Built
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Closing Date
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Residences at Burlington Creek
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Kansas City, Missouri-Kansas MSA
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298
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2014
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January 15, 2015
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SkySong
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Scottsdale, Arizona
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325
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2014
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June 11, 2015
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Retreat at West Creek
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Richmond, Virginia
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254
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2015
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June 15, 2015
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Radius
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Norfolk/Hampton/Virgina Beach, Virginia MSA
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252
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2012
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July 28, 2015
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Haven at Prairie Trace
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Kansas City, Missouri-Kansas MSA
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280
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2015
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July 30, 2015
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Cityscape at Market Center II
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Dallas, Texas
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318
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2015
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November 19, 2015
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The Denton
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Kansas City, Missouri-Kansas MSA
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55
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2014
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December 17, 2015
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Total Multifamily Acquisitions
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1,782
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Land Acquisitions
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Location
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Acres
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Closing Date
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River's Walk
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Charleston, South Carolina
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2.5
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Q1/Q2 2015 - various
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Retreat at West Creek II
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Richmond, Virginia
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4.4
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October 14, 2015
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The Denton II
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Kansas City, Missouri-Kansas MSA
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4.5
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December 17, 2015
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Total Land Acquisitions
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11.4
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Project:
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Location
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Total Units
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Units Completed
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Cost to Date
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Budgeted Cost
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Estimated Cost Per Unit
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Expected Completion
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||||||||
Station Square at Cosner's Corner II
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Fredericksburg, Virginia
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120
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37
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$
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18,325
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$
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19,900
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$
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166
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1st Quarter 2016
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River's Walk Phase II
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Charleston, South Carolina
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78
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—
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$
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8,887
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$
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14,900
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$
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191
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3rd Quarter 2016
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Retreat at West Creek II
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Richmond, Virginia
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82
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—
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$
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3,547
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$
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15,100
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$
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184
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2nd Quarter 2017
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CG at Randal Lakes Phase II
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Orlando, Florida
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314
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—
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$
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10,517
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$
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41,300
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$
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132
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2nd Quarter 2017
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The Denton II
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Kansas City, Missouri-Kansas MSA
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154
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—
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$
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1,039
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$
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25,400
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$
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165
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4th Quarter 2017
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748
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37
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$
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42,315
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$
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116,600
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Number of
Shares Sold
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Net Proceeds
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Net
Average
Sales Price
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Gross Proceeds
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Gross Average Sales Price
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|||||||||
2006
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194,000
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$
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11,481,292
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$
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59.18
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$
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11,705,010
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$
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60.34
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2007
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323,700
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$
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18,773,485
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$
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58.00
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$
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19,203,481
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$
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59.32
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2008
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1,955,300
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$
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103,588,759
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$
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52.98
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$
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105,554,860
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$
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53.98
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2009
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763,000
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$
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32,774,757
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$
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42.96
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$
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33,283,213
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$
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43.62
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2010
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5,077,201
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$
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274,576,677
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$
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54.08
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$
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278,468,323
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$
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54.85
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2011
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3,303,273
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$
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204,534,677
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$
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61.92
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$
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207,650,656
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$
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62.86
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2012
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1,155,511
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$
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75,863,040
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$
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65.65
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$
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77,019,121
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$
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66.65
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2013
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365,011
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$
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24,753,492
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$
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67.82
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$
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25,067,009
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$
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68.67
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2014
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—
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$
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—
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$
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—
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$
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—
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$
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—
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2015
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—
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$
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—
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$
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—
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$
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—
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$
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—
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Total
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13,136,996
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$
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746,346,179
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$
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56.81
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$
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757,951,673
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$
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57.70
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•
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a fully integrated organization with property management, development, redevelopment, acquisition, marketing, sales and financing expertise;
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scalable operating and support systems, which include automated systems to meet the changing electronic needs of our residents;
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access to a wide variety of debt and equity capital sources;
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geographic diversification with a presence in approximately 40 defined Metropolitan Statistical Areas across the Southeast and Southwest regions of the United States; and
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significant presence in many of our major markets that allows us to be a local operating expert.
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local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area;
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low mortgage interest rates and home pricing, making alternative housing more affordable;
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government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive; and
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regional economic downturns which affect one or more of our geographical markets.
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competition from other apartment communities;
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overbuilding of new apartments or oversupply of available apartments in our markets, which might adversely affect occupancy or rental rates and/or require rent concessions in order to lease apartments;
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conversion of condominiums and single family houses to rental use or the sale of excess for-sale condominiums and single family homes;
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weakness in the overall economy which lowers job growth and the associated demand for apartment housing;
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increases in operating costs (including real estate taxes, utilities and insurance premiums) due to inflation and other factors, which may not be offset by increased rental rates;
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inability to initially, or subsequently after lease terminations, rent apartments on favorable economic terms;
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failure of development communities to be completed, if at all, within budget and on a timely basis or to lease up as anticipated;
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changes in governmental regulations and the related costs of compliance;
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changes in laws including, but not limited to, tax laws and housing laws including the enactment of rent control laws or other laws regulating multifamily housing;
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withdrawal of government support of apartment financing through its financial backing of the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation;
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an uninsured loss, including those resulting from a catastrophic storm, earthquake, or act of terrorism;
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changes in interest rate levels and the availability of financing, borrower credit standards, and down-payment requirements which could lead renters to purchase homes (if interest rates decrease and home loans are more readily available) or increase our acquisition and operating costs (if interest rates increase and financing is less readily available); and
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the relative illiquidity of real estate investments.
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we may be unable to obtain financing for acquisitions on favorable terms or at all;
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even if we are able to finance the acquisition, cash flow from the acquisition may be insufficient to meet our required principal and interest payments on the acquisition;
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even if we enter into an acquisition agreement for an apartment community, we may be unable to complete the acquisition after incurring certain acquisition-related costs;
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we may incur significant costs and divert management attention in connection with the evaluation and negotiation of potential acquisitions, including potential acquisitions that we are subsequently unable to complete;
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when we acquire an apartment community, we may invest additional amounts in it with the intention of increasing profitability, and these additional investments may not produce the anticipated improvements in profitability;
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we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate such apartment communities or personnel will result in inefficiencies that could adversely affect our expected return on our investments and our overall profitability; and
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we may acquire properties that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes or other legal requirements and in each case, our acquisition may be without any, or with only limited, recourse with respect to unknown liabilities or conditions and we may be obligated to pay substantial sums to settle or cure it, which could adversely affect our cash flow and operating results.
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a significant portion of the proceeds from our overall property sales may be held by intermediaries in order for some sales to qualify as like-kind exchanges under Section 1031 of the Code, so that any related capital gain can be deferred for federal income tax purposes. As a result, we may not have immediate access to all of the cash proceeds generated from our property sales; and
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federal tax laws applicable to REITs limit our ability to profit on the sale of communities, and this limitation may prevent us from selling communities when market conditions are favorable.
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all or the full extent of potential environmental liabilities;
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that any prior owner or operator of a property did not create any material environmental condition unknown to us;
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that a material environmental condition does not otherwise exist as to any one or more of such communities; or
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that environmental matters will not have a material adverse effect on us and our ability to make distributions to our shareholders and pay amounts due on our debt.
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we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, which could result in increased development costs, could delay initial occupancy dates for all or a portion of a development community, and could require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations;
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yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget and/or higher than expected concessions for lease up and lower rents than pro forma;
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bankruptcy of developers in our development projects could impose delays and costs on us with respect to the development of our communities and may adversely affect our financial condition and results of operations;
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we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such opportunities;
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we may be unable to complete construction and lease-up of a community on schedule, or incur development or construction costs that exceed our original estimates, and we may be unable to charge rents that would compensate for any increase in such costs;
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occupancy rates and rents at a newly developed community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our profitability goals for that community; and
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when we sell to third parties communities or properties that we developed or renovated, we may be subject to warranty or construction defects that are uninsured or exceed the limit of our insurance.
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we may be required to dedicate a substantial portion of our funds from operations to servicing our debt and our cash flow may be insufficient to make required payments of principal and interest;
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we may be subject to prepayment penalties if we elect to repay our indebtedness prior to the stated maturity date;
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debt service obligations will reduce funds available for distribution to our shareholders and funds available for acquisitions, development and redevelopment;
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we may be more vulnerable to economic and industry downturns than our competitors that have less debt;
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we may be limited in our ability to respond to changing business and economic conditions; and
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we may default on our indebtedness, which could result in acceleration of those obligations, assignment of rents and leases and loss of properties to foreclosure.
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will consider the transfer to be null and void;
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will not reflect the transaction on its books;
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may institute legal action to enjoin the transaction;
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will not pay dividends or other distributions with respect to those shares;
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will not recognize any voting rights for those shares;
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will consider the shares held in trust for its benefit; and
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will either direct you to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, you will be paid a price equal to the lesser of:
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◦
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the principal price paid for the shares by the holder,
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◦
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a price per share equal to the market price (as determined in the manner set forth in its charter) of the applicable capital stock,
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◦
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the market price (as so determined) on the date such holder would, but for the restrictions on transfers set forth in its charter, be deemed to have acquired ownership of the shares and
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◦
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the maximum price allowed under Tennessee Greenmail Act (such price being the average of the highest and lowest closing market price for the shares during the 30 trading days preceding the purchase of such shares or, if the holder of such shares has commenced a tender offer or has announced an intention to seek control of MAA, during the 30 trading days preceding the commencement of such tender offer or the making of such announcement).
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you may lose your power to dispose of the shares;
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•
|
you may not recognize profit from the sale of such shares if the market price of the shares increases; and
|
•
|
you may be required to recognize a loss from the sale of such shares if the market price decreases.
|
•
|
our financial condition and operating performance and the performance of other similar companies;
|
•
|
actual or anticipated differences in our quarterly and annual operating results;
|
•
|
changes in our revenues or earnings estimates or recommendations by securities analysts;
|
•
|
publication of research reports about us or our industry by securities analysts;
|
•
|
additions and departures of key personnel;
|
•
|
inability to access the capital markets;
|
•
|
strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy;
|
•
|
the issuance of additional shares of MAA's common stock, or the perception that such sales may occur, including under MAA's at-the-market offering programs;
|
•
|
the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;
|
•
|
the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);
|
•
|
an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA's common stock;
|
•
|
the passage of legislation or other regulatory developments that adversely affect us or our industry;
|
•
|
speculation in the press or investment community;
|
•
|
actions by institutional shareholders or hedge funds;
|
•
|
changes in accounting principles;
|
•
|
terrorist acts; and
|
•
|
general market conditions, including factors unrelated to our performance.
|
•
|
MAA would be required to pay U.S. federal income tax on Colonial’s prior net income at regular corporate rates for the years Colonial did not qualify for taxation as a REIT (and, for such years, Colonial would not be allowed a deduction for dividends paid to its former shareholders in computing its taxable income);
|
•
|
Colonial could be subject to the federal alternative minimum tax and possibly increased state and local taxes for such periods; and
|
•
|
unless Colonial is entitled to relief under applicable statutory provisions, neither it nor any “successor” company could elect to be taxed as a REIT until the fifth taxable year following the year during which it was disqualified.
|
|
|
|
|
|
|
|
|
Approx-imate Rentable Area (Square Footage)
|
|
Aver-age Unit Size (Square Foot-age)
|
|
Monthly
Average
Rent per Unit at December 31, 2015 (1)
|
|
Average
Occupancy Percent at December 31, 2015 (2)
|
|
Monthly
Effective Rent per Unit at December 31, 2015 (3)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Property
|
Location
|
Year Complete
|
Year Manage-ment Commenced
|
Report-able Seg-ment
|
|
Number of Units
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Birchall at Ross Bridge
|
Birmingham, AL
|
2009
|
2011
|
(5)
|
|
240
|
|
|
283,680
|
|
|
1,182
|
|
|
$
|
1,153.13
|
|
|
96.25
|
%
|
|
$
|
1,131.79
|
|
CG at Riverchase Trails
|
Birmingham, AL
|
1996
|
2013
|
(5)
|
|
346
|
|
|
328,008
|
|
|
948
|
|
|
$
|
861.21
|
|
|
96.53
|
%
|
|
$
|
858.07
|
|
CV at Trussville
|
Birmingham, AL
|
1996
|
2013
|
(5)
|
|
376
|
|
|
410,216
|
|
|
1,091
|
|
|
$
|
831.61
|
|
|
96.54
|
%
|
|
$
|
831.21
|
|
Eagle Ridge
|
Birmingham, AL
|
1986
|
1998
|
(5)
|
|
200
|
|
|
181,600
|
|
|
908
|
|
|
$
|
786.18
|
|
|
95.00
|
%
|
|
$
|
777.43
|
|
CG at Traditions
|
Gulf Shores, AL
|
2008
|
2013
|
(5)
|
|
324
|
|
|
321,732
|
|
|
993
|
|
|
$
|
815.62
|
|
|
97.22
|
%
|
|
$
|
808.09
|
|
Abbington Place
|
Huntsville, AL
|
1987
|
1998
|
(5)
|
|
152
|
|
|
162,792
|
|
|
1,071
|
|
|
$
|
638.97
|
|
|
96.71
|
%
|
|
$
|
638.31
|
|
CG at Edgewater
|
Huntsville, AL
|
1990/99
|
2013
|
(5)
|
|
500
|
|
|
543,000
|
|
|
1,086
|
|
|
$
|
751.42
|
|
|
97.60
|
%
|
|
$
|
745.89
|
|
TPC at Providence
|
Huntsville, AL
|
1989/98
|
1997
|
(5)
|
|
392
|
|
|
441,000
|
|
|
1,125
|
|
|
$
|
750.88
|
|
|
95.66
|
%
|
|
$
|
741.60
|
|
CG at Madison
|
Madison, AL
|
1999
|
2013
|
(5)
|
|
336
|
|
|
354,480
|
|
|
1,055
|
|
|
$
|
809.88
|
|
|
96.13
|
%
|
|
$
|
808.09
|
|
TPC Montgomery
|
Montgomery, AL
|
1999
|
1998
|
(5)
|
|
208
|
|
|
246,272
|
|
|
1,184
|
|
|
$
|
813.77
|
|
|
99.04
|
%
|
|
$
|
804.52
|
|
Cypress Village
|
Orange Beach, AL
|
2008
|
2013
|
(6)
|
|
96
|
|
|
206,016
|
|
|
2,146
|
|
|
$
|
1,509.06
|
|
|
94.79
|
%
|
|
$
|
1,498.29
|
|
CG at Liberty Park
|
Vestavia Hills, AL
|
2000
|
2013
|
(5)
|
|
300
|
|
|
338,700
|
|
|
1,129
|
|
|
$
|
1,097.03
|
|
|
97.00
|
%
|
|
$
|
1,089.44
|
|
Subtotal Alabama
|
|
|
|
3,470
|
|
|
3,817,496
|
|
|
1,100
|
|
|
$
|
862.09
|
|
|
96.66
|
%
|
|
$
|
855.49
|
|
||
Sky View Ranch
|
Gilbert, AZ
|
2007
|
2009
|
(4)
|
|
232
|
|
|
225,272
|
|
|
971
|
|
|
$
|
967.52
|
|
|
97.84
|
%
|
|
$
|
944.19
|
|
CG at Inverness Commons
|
Mesa, AZ
|
2002
|
2013
|
(4)
|
|
300
|
|
|
306,000
|
|
|
1,020
|
|
|
$
|
908.36
|
|
|
95.67
|
%
|
|
$
|
906.52
|
|
Edge at Lyon's Gate
|
Phoenix, AZ
|
2007
|
2008
|
(4)
|
|
312
|
|
|
299,208
|
|
|
959
|
|
|
$
|
972.68
|
|
|
98.08
|
%
|
|
$
|
953.96
|
|
Talus Ranch at Sonoran Foothills
|
Phoenix, AZ
|
2005
|
2006
|
(4)
|
|
480
|
|
|
437,280
|
|
|
911
|
|
|
$
|
817.25
|
|
|
96.04
|
%
|
|
$
|
811.41
|
|
CG at Scottsdale
|
Scottsdale, AZ
|
1999
|
2013
|
(4)
|
|
180
|
|
|
201,600
|
|
|
1,120
|
|
|
$
|
1,143.13
|
|
|
98.33
|
%
|
|
$
|
1,137.58
|
|
CG at OldTown Scottsdale South
|
Scottsdale, AZ
|
1995
|
2013
|
(4)
|
|
472
|
|
|
470,584
|
|
|
997
|
|
|
$
|
1,058.52
|
|
|
97.25
|
%
|
|
$
|
1,052.13
|
|
SkySong
|
Scottsdale, AZ
|
2014
|
2015
|
(6)
|
|
325
|
|
|
315,900
|
|
|
972
|
|
|
$
|
1,339.74
|
|
|
95.08
|
%
|
|
$
|
1,253.11
|
|
Subtotal Arizona
|
|
|
|
2,301
|
|
|
2,255,844
|
|
|
980
|
|
|
$
|
1,014.14
|
|
|
96.74
|
%
|
|
$
|
993.81
|
|
||
Calais Forest
|
Little Rock, AR
|
1987
|
1994
|
(5)
|
|
260
|
|
|
195,000
|
|
|
750
|
|
|
$
|
727.12
|
|
|
97.31
|
%
|
|
$
|
720.79
|
|
Napa Valley Apartments
|
Little Rock, AR
|
1984
|
1996
|
(5)
|
|
240
|
|
|
183,120
|
|
|
763
|
|
|
$
|
693.03
|
|
|
97.92
|
%
|
|
$
|
691.90
|
|
Palisades at Chenal Valley
|
Little Rock, AR
|
2006
|
2011
|
(5)
|
|
248
|
|
|
319,672
|
|
|
1,289
|
|
|
$
|
1,093.86
|
|
|
93.55
|
%
|
|
$
|
1,082.74
|
|
Ridge at Chenal Valley
|
Little Rock, AR
|
2012
|
2011
|
(5)
|
|
312
|
|
|
340,080
|
|
|
1,090
|
|
|
$
|
1,059.42
|
|
|
95.83
|
%
|
|
$
|
1,043.09
|
|
Westside Creek
|
Little Rock, AR
|
1984/86
|
1997
|
(5)
|
|
308
|
|
|
304,612
|
|
|
989
|
|
|
$
|
801.75
|
|
|
96.43
|
%
|
|
$
|
798.34
|
|
Subtotal Arkansas
|
|
|
|
1,368
|
|
|
1,342,484
|
|
|
981
|
|
|
$
|
880.21
|
|
|
96.20
|
%
|
|
$
|
872.31
|
|
||
Tiffany Oaks
|
Altamonte Springs, FL
|
1985
|
1996
|
(4)
|
|
288
|
|
|
232,704
|
|
|
808
|
|
|
$
|
913.87
|
|
|
96.18
|
%
|
|
$
|
913.40
|
|
Indigo Point
|
Brandon, FL
|
1989
|
2000
|
(4)
|
|
240
|
|
|
194,640
|
|
|
811
|
|
|
$
|
943.23
|
|
|
96.25
|
%
|
|
$
|
935.75
|
|
TPC Brandon
|
Brandon, FL
|
1998
|
1997
|
(4)
|
|
440
|
|
|
528,440
|
|
|
1,201
|
|
|
$
|
1,079.54
|
|
|
94.32
|
%
|
|
$
|
1,078.10
|
|
CG at Lakewood Ranch
|
Bradenton, FL
|
1999
|
2013
|
(4)
|
|
288
|
|
|
301,536
|
|
|
1,047
|
|
|
$
|
1,312.73
|
|
|
97.22
|
%
|
|
$
|
1,312.45
|
|
Preserve at Coral Square
|
Coral Springs, FL
|
1996
|
2004
|
(4)
|
|
480
|
|
|
570,720
|
|
|
1,189
|
|
|
$
|
1,526.60
|
|
|
96.25
|
%
|
|
$
|
1,524.47
|
|
TPC Gainesville
|
Gainesville, FL
|
1999
|
1998
|
(5)
|
|
264
|
|
|
326,304
|
|
|
1,236
|
|
|
$
|
1,025.31
|
|
|
94.32
|
%
|
|
$
|
1,019.08
|
|
The Retreat at Magnolia Parke
|
Gainesville, FL
|
2009
|
2011
|
(5)
|
|
204
|
|
|
206,244
|
|
|
1,011
|
|
|
$
|
1,103.11
|
|
|
97.55
|
%
|
|
$
|
1,092.11
|
|
CG at Heathrow
|
Heathrow, FL
|
1997
|
2013
|
(4)
|
|
312
|
|
|
353,184
|
|
|
1,132
|
|
|
$
|
1,194.50
|
|
|
97.76
|
%
|
|
$
|
1,189.65
|
|
Atlantic Crossing
|
Jacksonville, FL
|
2008
|
2011
|
(5)
|
|
200
|
|
|
248,200
|
|
|
1,241
|
|
|
$
|
1,221.74
|
|
|
97.00
|
%
|
|
$
|
1,213.93
|
|
Coopers Hawk
|
Jacksonville, FL
|
1987
|
1995
|
(5)
|
|
208
|
|
|
218,400
|
|
|
1,050
|
|
|
$
|
919.92
|
|
|
97.60
|
%
|
|
$
|
919.92
|
|
Hunters Ridge Deerwood
|
Jacksonville, FL
|
1987
|
1997
|
(5)
|
|
336
|
|
|
295,008
|
|
|
878
|
|
|
$
|
892.18
|
|
|
97.62
|
%
|
|
$
|
887.02
|
|
Lakeside Apartments
|
Jacksonville, FL
|
1985
|
1996
|
(5)
|
|
416
|
|
|
346,112
|
|
|
832
|
|
|
$
|
813.39
|
|
|
98.08
|
%
|
|
$
|
811.51
|
|
Lighthouse at Fleming Island
|
Jacksonville, FL
|
2003
|
2003
|
(5)
|
|
501
|
|
|
556,110
|
|
|
1,110
|
|
|
$
|
1,034.08
|
|
|
97.01
|
%
|
|
$
|
1,024.44
|
|
|
|
|
|
|
|
|
|
Approx-imate Rentable Area (Square Footage)
|
|
Aver-age Unit Size (Square Foot-age)
|
|
Monthly
Average
Rent per Unit at December 31, 2015 (1)
|
|
Average
Occupancy Percent at December 31, 2015 (2)
|
|
Monthly
Effective Rent per Unit at December 31, 2015 (3)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Property
|
Location
|
Year Complete
|
Year Manage-ment Commenced
|
Report-able Seg-ment
|
|
Number of Units
|
|
|
|
|
|
|||||||||||||
TPC Mandarin
|
Jacksonville, FL
|
1998
|
1998
|
(5)
|
|
288
|
|
|
334,656
|
|
|
1,162
|
|
|
$
|
987.33
|
|
|
97.57
|
%
|
|
$
|
983.89
|
|
St. Augustine at the Lake I
|
Jacksonville, FL
|
1987
|
1995
|
(5)
|
|
400
|
|
|
319,600
|
|
|
799
|
|
|
$
|
812.11
|
|
|
97.50
|
%
|
|
$
|
810.99
|
|
St. Augustine at the Lake II
|
Jacksonville, FL
|
2008
|
1995
|
(5)
|
|
124
|
|
|
118,544
|
|
|
956
|
|
|
$
|
1,056.69
|
|
|
96.77
|
%
|
|
$
|
1,054.44
|
|
Tattersall at Tapestry Park
|
Jacksonville, FL
|
2009
|
2011
|
(5)
|
|
279
|
|
|
307,458
|
|
|
1,102
|
|
|
$
|
1,243.64
|
|
|
96.42
|
%
|
|
$
|
1,233.68
|
|
Woodhollow
|
Jacksonville, FL
|
1986
|
1997
|
(5)
|
|
450
|
|
|
379,350
|
|
|
843
|
|
|
$
|
846.52
|
|
|
96.44
|
%
|
|
$
|
846.40
|
|
TPC Lakeland
|
Lakeland, FL
|
1988/90
|
1997
|
(5)
|
|
464
|
|
|
502,048
|
|
|
1,082
|
|
|
$
|
843.72
|
|
|
96.12
|
%
|
|
$
|
840.24
|
|
CG at Town Park
|
Lake Mary, FL
|
2002
|
2013
|
(4)
|
|
456
|
|
|
535,344
|
|
|
1,174
|
|
|
$
|
1,191.54
|
|
|
98.03
|
%
|
|
$
|
1,189.65
|
|
CG at TownPark Reserve
|
Lake Mary, FL
|
2004
|
2013
|
(4)
|
|
80
|
|
|
77,440
|
|
|
968
|
|
|
$
|
1,259.16
|
|
|
100.00
|
%
|
|
$
|
1,259.16
|
|
CG at Lake Mary I&II
|
Lake Mary, FL
|
2012
|
2013
|
(6)
|
|
340
|
|
|
348,500
|
|
|
1,025
|
|
|
$
|
1,280.26
|
|
|
97.94
|
%
|
|
$
|
1,275.48
|
|
CG at Lake Mary III
|
Lake Mary, FL
|
2014
|
2013
|
(6)
|
|
132
|
|
|
139,920
|
|
|
1,060
|
|
|
$
|
1,323.45
|
|
|
95.45
|
%
|
|
$
|
1,316.58
|
|
Retreat at Lake Nona
|
Orlando, FL
|
2006
|
2012
|
(4)
|
|
394
|
|
|
421,186
|
|
|
1,069
|
|
|
$
|
1,161.86
|
|
|
95.94
|
%
|
|
$
|
1,159.38
|
|
CG at Heather Glen
|
Orlando, FL
|
2000
|
2013
|
(4)
|
|
448
|
|
|
523,264
|
|
|
1,168
|
|
|
$
|
1,262.90
|
|
|
97.99
|
%
|
|
$
|
1,256.96
|
|
CG at Randal Lakes
|
Orlando, FL
|
2014
|
2013
|
(6)
|
|
462
|
|
|
435,666
|
|
|
943
|
|
|
$
|
1,174.88
|
|
|
95.67
|
%
|
|
$
|
1,169.48
|
|
Park Crest at Innisbrook
|
Palm Harbor, FL
|
2000
|
2009
|
(4)
|
|
432
|
|
|
461,808
|
|
|
1,069
|
|
|
$
|
1,117.43
|
|
|
96.99
|
%
|
|
$
|
1,111.18
|
|
The Club at Panama Beach
|
Panama City, FL
|
2000
|
1998
|
(5)
|
|
254
|
|
|
283,718
|
|
|
1,117
|
|
|
$
|
1,119.53
|
|
|
94.09
|
%
|
|
$
|
1,111.14
|
|
CV at Twin Lakes
|
Sanford, FL
|
2005
|
2013
|
(4)
|
|
460
|
|
|
417,680
|
|
|
908
|
|
|
$
|
989.56
|
|
|
97.39
|
%
|
|
$
|
985.13
|
|
TPC Tallahassee
|
Tallahassee, FL
|
1992
|
1997
|
(5)
|
|
304
|
|
|
329,536
|
|
|
1,084
|
|
|
$
|
919.37
|
|
|
95.72
|
%
|
|
$
|
903.88
|
|
Verandas at Southwood
|
Tallahassee, FL
|
2003
|
2011
|
(6)
|
|
300
|
|
|
341,700
|
|
|
1,139
|
|
|
$
|
1,045.16
|
|
|
95.67
|
%
|
|
$
|
1,035.35
|
|
Belmere
|
Tampa, FL
|
1984
|
1994
|
(4)
|
|
210
|
|
|
202,440
|
|
|
964
|
|
|
$
|
946.79
|
|
|
97.62
|
%
|
|
$
|
942.83
|
|
Links at Carrollwood
|
Tampa, FL
|
1980
|
1998
|
(4)
|
|
230
|
|
|
213,210
|
|
|
927
|
|
|
$
|
1,008.17
|
|
|
96.96
|
%
|
|
$
|
1,007.74
|
|
Village Oaks
|
Tampa, FL
|
2005
|
2008
|
(4)
|
|
234
|
|
|
279,864
|
|
|
1,196
|
|
|
$
|
1,147.09
|
|
|
95.73
|
%
|
|
$
|
1,135.22
|
|
CG at Hampton Preserve
|
Tampa, FL
|
2012
|
2013
|
(4)
|
|
486
|
|
|
515,160
|
|
|
1,060
|
|
|
$
|
1,132.87
|
|
|
96.09
|
%
|
|
$
|
1,130.90
|
|
CG at Seven Oaks
|
Wesley Chapel, FL
|
2004
|
2013
|
(4)
|
|
318
|
|
|
301,782
|
|
|
949
|
|
|
$
|
1,085.24
|
|
|
97.17
|
%
|
|
$
|
1,083.35
|
|
CG at Windermere
|
Windermere, FL
|
2009
|
2013
|
(4)
|
|
280
|
|
|
283,920
|
|
|
1,014
|
|
|
$
|
1,285.74
|
|
|
98.93
|
%
|
|
$
|
1,285.31
|
|
Subtotal Florida
|
|
|
|
12,002
|
|
|
12,451,396
|
|
|
1,037
|
|
|
$
|
1,081.98
|
|
|
96.74
|
%
|
|
$
|
1,077.51
|
|
||
Allure at Brookwood
|
Atlanta, GA
|
2008
|
2012
|
(4)
|
|
349
|
|
|
344,463
|
|
|
987
|
|
|
$
|
1,384.35
|
|
|
95.99
|
%
|
|
$
|
1,385.98
|
|
Allure in Buckhead Village
|
Atlanta, GA
|
2002
|
2012
|
(4)
|
|
228
|
|
|
222,756
|
|
|
977
|
|
|
$
|
1,416.06
|
|
|
97.37
|
%
|
|
$
|
1,407.57
|
|
Sanctuary at Oglethorpe
|
Atlanta, GA
|
1994
|
2008
|
(4)
|
|
250
|
|
|
287,500
|
|
|
1,150
|
|
|
$
|
1,634.89
|
|
|
96.80
|
%
|
|
$
|
1,614.89
|
|
Terraces at Fieldstone
|
Conyers, GA
|
1999
|
1998
|
(4)
|
|
316
|
|
|
375,092
|
|
|
1,187
|
|
|
$
|
939.39
|
|
|
94.94
|
%
|
|
$
|
939.24
|
|
CG at Berkeley Lake
|
Duluth, GA
|
1998
|
2013
|
(4)
|
|
180
|
|
|
244,260
|
|
|
1,357
|
|
|
$
|
1,163.25
|
|
|
95.00
|
%
|
|
$
|
1,161.17
|
|
CG at McDaniel Farm
|
Duluth, GA
|
1997
|
2013
|
(4)
|
|
425
|
|
|
450,925
|
|
|
1,061
|
|
|
$
|
983.77
|
|
|
97.65
|
%
|
|
$
|
981.30
|
|
CG at Pleasant Hill
|
Duluth, GA
|
1996
|
2013
|
(4)
|
|
502
|
|
|
502,000
|
|
|
1,000
|
|
|
$
|
904.57
|
|
|
98.41
|
%
|
|
$
|
903.17
|
|
CG at River Oaks
|
Duluth, GA
|
1992
|
2013
|
(4)
|
|
216
|
|
|
276,264
|
|
|
1,279
|
|
|
$
|
1,090.39
|
|
|
98.61
|
%
|
|
$
|
1,080.07
|
|
CG at River Plantation
|
Duluth, GA
|
1994
|
2013
|
(4)
|
|
232
|
|
|
310,416
|
|
|
1,338
|
|
|
$
|
1,101.64
|
|
|
97.41
|
%
|
|
$
|
1,096.90
|
|
Prescott
|
Duluth, GA
|
2001
|
2004
|
(4)
|
|
384
|
|
|
411,648
|
|
|
1,072
|
|
|
$
|
989.39
|
|
|
95.31
|
%
|
|
$
|
986.40
|
|
CG at Mount Vernon
|
Dunwoody, GA
|
1997
|
2013
|
(4)
|
|
213
|
|
|
257,091
|
|
|
1,207
|
|
|
$
|
1,346.62
|
|
|
97.65
|
%
|
|
$
|
1,344.43
|
|
Lake Lanier Club I
|
Gainesville, GA
|
1998
|
2005
|
(4)
|
|
344
|
|
|
396,288
|
|
|
1,152
|
|
|
$
|
1,001.87
|
|
|
97.38
|
%
|
|
$
|
994.94
|
|
Lake Lanier Club II
|
Gainesville, GA
|
2001
|
2005
|
(4)
|
|
313
|
|
|
359,950
|
|
|
1,150
|
|
|
$
|
934.84
|
|
|
96.81
|
%
|
|
$
|
933.72
|
|
CG at Shiloh
|
Kennesaw, GA
|
2002
|
2013
|
(4)
|
|
498
|
|
|
533,358
|
|
|
1,071
|
|
|
$
|
985.98
|
|
|
96.18
|
%
|
|
$
|
983.17
|
|
Milstead Village
|
Kennesaw, GA
|
1998
|
2008
|
(4)
|
|
310
|
|
|
356,190
|
|
|
1,149
|
|
|
$
|
1,067.55
|
|
|
97.10
|
%
|
|
$
|
1,066.75
|
|
CG at Barrett Creek
|
Marietta, GA
|
1999
|
2013
|
(4)
|
|
332
|
|
|
310,088
|
|
|
934
|
|
|
$
|
987.36
|
|
|
96.08
|
%
|
|
$
|
986.61
|
|
CG at Godley Lake
|
Pooler, GA
|
2008
|
2013
|
(5)
|
|
288
|
|
|
269,568
|
|
|
936
|
|
|
$
|
964.56
|
|
|
97.92
|
%
|
|
$
|
961.93
|
|
CG at Godley Station
|
Pooler, GA
|
2005
|
2013
|
(5)
|
|
312
|
|
|
337,272
|
|
|
1,081
|
|
|
$
|
989.83
|
|
|
96.15
|
%
|
|
$
|
976.16
|
|
Avala at Savannah Quarters
|
Savannah, GA
|
2009
|
2011
|
(5)
|
|
256
|
|
|
278,016
|
|
|
1,086
|
|
|
$
|
1,010.02
|
|
|
97.27
|
%
|
|
$
|
997.92
|
|
|
|
|
|
|
|
|
|
Approx-imate Rentable Area (Square Footage)
|
|
Aver-age Unit Size (Square Foot-age)
|
|
Monthly
Average
Rent per Unit at December 31, 2015 (1)
|
|
Average
Occupancy Percent at December 31, 2015 (2)
|
|
Monthly
Effective Rent per Unit at December 31, 2015 (3)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Property
|
Location
|
Year Complete
|
Year Manage-ment Commenced
|
Report-able Seg-ment
|
|
Number of Units
|
|
|
|
|
|
|||||||||||||
CG at Hammocks
|
Savannah, GA
|
1997
|
2013
|
(5)
|
|
308
|
|
|
323,708
|
|
|
1,051
|
|
|
$
|
1,160.38
|
|
|
96.43
|
%
|
|
$
|
1,155.94
|
|
CV at Greentree
|
Savannah, GA
|
1984
|
2013
|
(5)
|
|
194
|
|
|
165,288
|
|
|
852
|
|
|
$
|
779.60
|
|
|
93.30
|
%
|
|
$
|
754.57
|
|
CV at Huntington
|
Savannah, GA
|
1986
|
2013
|
(5)
|
|
147
|
|
|
121,128
|
|
|
824
|
|
|
$
|
892.07
|
|
|
100.00
|
%
|
|
$
|
883.29
|
|
CV at Marsh Cove
|
Savannah, GA
|
1983
|
2013
|
(5)
|
|
188
|
|
|
197,212
|
|
|
1,049
|
|
|
$
|
857.35
|
|
|
97.87
|
%
|
|
$
|
833.13
|
|
Georgetown Grove
|
Savannah, GA
|
1997
|
1998
|
(5)
|
|
220
|
|
|
239,800
|
|
|
1,090
|
|
|
$
|
956.19
|
|
|
94.55
|
%
|
|
$
|
948.76
|
|
The Oaks at Wilmington Island
|
Savannah, GA
|
1999
|
2006
|
(5)
|
|
306
|
|
|
333,846
|
|
|
1,091
|
|
|
$
|
1,085.03
|
|
|
98.04
|
%
|
|
$
|
1,065.60
|
|
Highlands of West Village I
|
Smyrna, GA
|
2006
|
2014
|
(6)
|
|
292
|
|
|
368,504
|
|
|
1,262
|
|
|
$
|
1,435.76
|
|
|
93.84
|
%
|
|
$
|
1,431.72
|
|
Highlands of West Village II
|
Smyrna, GA
|
2012
|
2014
|
(6)
|
|
188
|
|
|
188,000
|
|
|
1,000
|
|
|
$
|
1,374.53
|
|
|
95.21
|
%
|
|
$
|
1,358.20
|
|
Terraces at Towne Lake
|
Woodstock, GA
|
1999
|
1998
|
(4)
|
|
502
|
|
|
568,264
|
|
|
1,132
|
|
|
$
|
903.83
|
|
|
94.22
|
%
|
|
$
|
894.67
|
|
Subtotal Georgia
|
|
|
|
8,293
|
|
|
9,028,895
|
|
|
1,089
|
|
|
$
|
1,068.12
|
|
|
96.50
|
%
|
|
$
|
1,061.52
|
|
||
Haven at Prairie Trace
|
Kansas City, KS
|
2015
|
2015
|
(6)
|
|
280
|
|
|
257,880
|
|
|
921
|
|
|
$
|
1,088.79
|
|
|
95.00
|
%
|
|
$
|
1,037.18
|
|
Subtotal Kansas
|
|
|
|
280
|
|
|
257,880
|
|
|
921
|
|
|
$
|
1,088.79
|
|
|
95.00
|
%
|
|
$
|
1,037.18
|
|
||
Grand Reserve at Pinnacle
|
Lexington, KY
|
2000
|
1999
|
(5)
|
|
370
|
|
|
432,900
|
|
|
1,170
|
|
|
$
|
1,007.01
|
|
|
94.86
|
%
|
|
$
|
993.41
|
|
Lakepointe
|
Lexington, KY
|
1986
|
1994
|
(5)
|
|
118
|
|
|
90,742
|
|
|
769
|
|
|
$
|
692.71
|
|
|
100.00
|
%
|
|
$
|
692.71
|
|
The Mansion
|
Lexington, KY
|
1989
|
1994
|
(5)
|
|
184
|
|
|
138,736
|
|
|
754
|
|
|
$
|
736.47
|
|
|
99.46
|
%
|
|
$
|
732.34
|
|
The Village
|
Lexington, KY
|
1989
|
1994
|
(5)
|
|
252
|
|
|
182,700
|
|
|
725
|
|
|
$
|
723.43
|
|
|
97.62
|
%
|
|
$
|
717.00
|
|
Stonemill Village
|
Louisville, KY
|
1985
|
1994
|
(5)
|
|
384
|
|
|
324,864
|
|
|
846
|
|
|
$
|
803.78
|
|
|
96.61
|
%
|
|
$
|
799.47
|
|
Subtotal Kentucky
|
|
|
|
1,308
|
|
|
1,169,942
|
|
|
894
|
|
|
$
|
826.30
|
|
|
97.02
|
%
|
|
$
|
819.37
|
|
||
Crosswinds
|
Jackson, MS
|
1989
|
1996
|
(5)
|
|
360
|
|
|
443,160
|
|
|
1,231
|
|
|
$
|
865.67
|
|
|
96.11
|
%
|
|
$
|
847.96
|
|
Pear Orchard
|
Jackson, MS
|
1985
|
1994
|
(5)
|
|
389
|
|
|
337,263
|
|
|
867
|
|
|
$
|
866.41
|
|
|
96.14
|
%
|
|
$
|
862.94
|
|
Reflection Pointe
|
Jackson, MS
|
1986
|
1988
|
(5)
|
|
296
|
|
|
248,344
|
|
|
839
|
|
|
$
|
885.86
|
|
|
97.97
|
%
|
|
$
|
884.17
|
|
Lakeshore Landing
|
Ridgeland, MS
|
1974
|
1994
|
(5)
|
|
196
|
|
|
174,244
|
|
|
889
|
|
|
$
|
765.04
|
|
|
96.94
|
%
|
|
$
|
765.04
|
|
Subtotal Mississippi
|
|
|
|
1,241
|
|
|
1,203,011
|
|
|
969
|
|
|
$
|
854.82
|
|
|
96.70
|
%
|
|
$
|
848.20
|
|
||
Market Station
|
Kansas City, MO
|
2010
|
2012
|
(5)
|
|
323
|
|
|
324,615
|
|
|
1,005
|
|
|
$
|
1,277.72
|
|
|
96.90
|
%
|
|
$
|
1,269.33
|
|
Residences at Burlington Creek
|
Kansas City, MO
|
2014
|
2015
|
(6)
|
|
298
|
|
|
301,278
|
|
|
1,011
|
|
|
$
|
1,220.91
|
|
|
93.29
|
%
|
|
$
|
1,115.64
|
|
The Denton (I)
|
Kansas City, MO
|
2014
|
2015
|
(6)
|
|
55
|
|
|
59,730
|
|
|
1,086
|
|
|
$
|
1,287.09
|
|
|
92.73
|
%
|
|
$
|
1,287.09
|
|
Subtotal Missouri
|
|
|
|
676
|
|
|
685,623
|
|
|
1,014
|
|
|
$
|
1,253.44
|
|
|
94.97
|
%
|
|
$
|
1,203.03
|
|
||
CG at Desert Vista
|
North Las Vegas, NV
|
2009
|
2013
|
(4)
|
|
380
|
|
|
338,200
|
|
|
890
|
|
|
$
|
823.26
|
|
|
97.89
|
%
|
|
$
|
822.47
|
|
CG at Palm Vista
|
North Las Vegas, NV
|
2007
|
2013
|
(4)
|
|
341
|
|
|
349,184
|
|
|
1,024
|
|
|
$
|
877.21
|
|
|
97.95
|
%
|
|
$
|
878.68
|
|
Subtotal Nevada
|
|
|
|
721
|
|
|
687,384
|
|
|
953
|
|
|
$
|
848.78
|
|
|
97.92
|
%
|
|
$
|
849.06
|
|
||
CV at Beaver Creek
|
Apex, NC
|
2007
|
2013
|
(4)
|
|
316
|
|
|
308,732
|
|
|
977
|
|
|
$
|
962.42
|
|
|
95.25
|
%
|
|
$
|
952.26
|
|
Hermitage at Beechtree
|
Cary, NC
|
1988
|
1997
|
(4)
|
|
194
|
|
|
169,750
|
|
|
875
|
|
|
$
|
860.84
|
|
|
96.91
|
%
|
|
$
|
827.08
|
|
Waterford Forest
|
Cary, NC
|
1996
|
2005
|
(4)
|
|
384
|
|
|
377,472
|
|
|
983
|
|
|
$
|
889.62
|
|
|
96.35
|
%
|
|
$
|
876.03
|
|
1225 South Church
|
Charlotte, NC
|
2010
|
2010
|
(4)
|
|
406
|
|
|
337,792
|
|
|
832
|
|
|
$
|
1,283.91
|
|
|
95.81
|
%
|
|
$
|
1,238.79
|
|
CG at Ayrsley
|
Charlotte, NC
|
2008
|
2013
|
(4)
|
|
449
|
|
|
451,694
|
|
|
1,006
|
|
|
$
|
1,007.79
|
|
|
98.44
|
%
|
|
$
|
1,006.56
|
|
CG at Beverly Crest
|
Charlotte, NC
|
1996
|
2013
|
(4)
|
|
300
|
|
|
279,900
|
|
|
933
|
|
|
$
|
956.25
|
|
|
96.67
|
%
|
|
$
|
949.32
|
|
CG at Legacy Park
|
Charlotte, NC
|
2001
|
2013
|
(4)
|
|
288
|
|
|
300,672
|
|
|
1,044
|
|
|
$
|
917.93
|
|
|
96.53
|
%
|
|
$
|
913.77
|
|
CG at Mallard Creek
|
Charlotte, NC
|
2005
|
2013
|
(4)
|
|
252
|
|
|
232,596
|
|
|
923
|
|
|
$
|
939.18
|
|
|
97.22
|
%
|
|
$
|
939.18
|
|
CG at Mallard Lake
|
Charlotte, NC
|
1998
|
2013
|
(4)
|
|
302
|
|
|
300,792
|
|
|
996
|
|
|
$
|
963.62
|
|
|
97.02
|
%
|
|
$
|
957.82
|
|
CG at University Center
|
Charlotte, NC
|
2005
|
2013
|
(4)
|
|
156
|
|
|
167,076
|
|
|
1,071
|
|
|
$
|
950.24
|
|
|
97.44
|
%
|
|
$
|
948.64
|
|
CR at South End
|
Charlotte, NC
|
2014
|
2013
|
(6)
|
|
353
|
|
|
304,639
|
|
|
863
|
|
|
$
|
1,263.48
|
|
|
95.18
|
%
|
|
$
|
1,251.57
|
|
CV at Chancellor Park
|
Charlotte, NC
|
1999
|
2013
|
(4)
|
|
340
|
|
|
326,740
|
|
|
961
|
|
|
$
|
860.17
|
|
|
97.06
|
%
|
|
$
|
857.23
|
|
CV at Greystone
|
Charlotte, NC
|
1998/2000
|
2013
|
(4)
|
|
408
|
|
|
387,192
|
|
|
949
|
|
|
$
|
773.51
|
|
|
97.30
|
%
|
|
$
|
772.35
|
|
CV at South Tryon
|
Charlotte, NC
|
2002
|
2013
|
(4)
|
|
216
|
|
|
236,088
|
|
|
1,093
|
|
|
$
|
939.06
|
|
|
97.22
|
%
|
|
$
|
936.98
|
|
|
|
|
|
|
|
|
|
Approx-imate Rentable Area (Square Footage)
|
|
Aver-age Unit Size (Square Foot-age)
|
|
Monthly
Average
Rent per Unit at December 31, 2015 (1)
|
|
Average
Occupancy Percent at December 31, 2015 (2)
|
|
Monthly
Effective Rent per Unit at December 31, 2015 (3)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Property
|
Location
|
Year Complete
|
Year Manage-ment Commenced
|
Report-able Seg-ment
|
|
Number of Units
|
|
|
|
|
|
|||||||||||||
CV at Stone Point
|
Charlotte, NC
|
1986
|
2013
|
(4)
|
|
192
|
|
|
172,992
|
|
|
901
|
|
|
$
|
822.29
|
|
|
97.92
|
%
|
|
$
|
815.67
|
|
CV at Timber Crest
|
Charlotte, NC
|
2000
|
2013
|
(4)
|
|
282
|
|
|
273,540
|
|
|
970
|
|
|
$
|
838.19
|
|
|
95.39
|
%
|
|
$
|
837.12
|
|
Enclave
|
Charlotte, NC
|
2008
|
2013
|
(4)
|
|
85
|
|
|
107,695
|
|
|
1,267
|
|
|
$
|
1,873.79
|
|
|
95.29
|
%
|
|
$
|
1,863.48
|
|
CG at Cornelius
|
Cornelius, NC
|
2009
|
2013
|
(4)
|
|
236
|
|
|
252,048
|
|
|
1,068
|
|
|
$
|
966.62
|
|
|
98.31
|
%
|
|
$
|
965.56
|
|
CG at Patterson Place
|
Durham, NC
|
1997
|
2013
|
(4)
|
|
252
|
|
|
238,644
|
|
|
947
|
|
|
$
|
930.99
|
|
|
97.22
|
%
|
|
$
|
917.50
|
|
CV at Woodlake
|
Durham, NC
|
1996
|
2013
|
(4)
|
|
266
|
|
|
255,094
|
|
|
959
|
|
|
$
|
783.06
|
|
|
95.11
|
%
|
|
$
|
779.30
|
|
CV at Deerfield
|
Durham, NC
|
1985
|
2013
|
(4)
|
|
204
|
|
|
198,084
|
|
|
971
|
|
|
$
|
867.54
|
|
|
98.53
|
%
|
|
$
|
867.50
|
|
CG at Research Park
|
Durham, NC
|
2002
|
2013
|
(4)
|
|
370
|
|
|
384,430
|
|
|
1,039
|
|
|
$
|
944.26
|
|
|
95.95
|
%
|
|
$
|
928.04
|
|
CG at Autumn Park
|
Greensboro, NC
|
2001/04
|
2013
|
(5)
|
|
402
|
|
|
410,040
|
|
|
1,020
|
|
|
$
|
777.48
|
|
|
99.00
|
%
|
|
$
|
776.92
|
|
CG at Huntersville
|
Huntersville, NC
|
2008
|
2013
|
(4)
|
|
250
|
|
|
248,000
|
|
|
992
|
|
|
$
|
1,038.38
|
|
|
98.00
|
%
|
|
$
|
1,019.24
|
|
CV at Matthews
|
Matthews, NC
|
1990
|
2013
|
(4)
|
|
270
|
|
|
255,690
|
|
|
947
|
|
|
$
|
940.05
|
|
|
95.93
|
%
|
|
$
|
937.27
|
|
CG at Matthews Commons
|
Matthews, NC
|
2008
|
2013
|
(4)
|
|
216
|
|
|
203,256
|
|
|
941
|
|
|
$
|
1,055.06
|
|
|
97.69
|
%
|
|
$
|
1,053.68
|
|
CG at Arringdon
|
Morrisville, NC
|
2003
|
2013
|
(4)
|
|
320
|
|
|
311,360
|
|
|
973
|
|
|
$
|
935.25
|
|
|
96.56
|
%
|
|
$
|
928.28
|
|
CG at Brier Creek
|
Raleigh, NC
|
2009
|
2013
|
(4)
|
|
364
|
|
|
401,128
|
|
|
1,102
|
|
|
$
|
1,014.50
|
|
|
96.43
|
%
|
|
$
|
1,000.48
|
|
CG at Brier Falls
|
Raleigh, NC
|
2008
|
2013
|
(4)
|
|
350
|
|
|
381,850
|
|
|
1,091
|
|
|
$
|
1,019.56
|
|
|
95.71
|
%
|
|
$
|
1,012.54
|
|
CG at Crabtree
|
Raleigh, NC
|
1997
|
2013
|
(4)
|
|
210
|
|
|
209,580
|
|
|
998
|
|
|
$
|
885.41
|
|
|
95.24
|
%
|
|
$
|
874.45
|
|
Hue
|
Raleigh, NC
|
2009
|
2010
|
(4)
|
|
208
|
|
|
185,744
|
|
|
893
|
|
|
$
|
1,416.45
|
|
|
93.27
|
%
|
|
$
|
1,403.71
|
|
CG at Trinity Commons
|
Raleigh, NC
|
2000/02
|
2013
|
(4)
|
|
462
|
|
|
484,176
|
|
|
1,048
|
|
|
$
|
908.69
|
|
|
95.02
|
%
|
|
$
|
896.30
|
|
Preserve at Brier Creek
|
Raleigh, NC
|
2004
|
2006
|
(4)
|
|
450
|
|
|
519,300
|
|
|
1,154
|
|
|
$
|
1,063.25
|
|
|
97.56
|
%
|
|
$
|
1,046.13
|
|
Providence at Brier Creek
|
Raleigh, NC
|
2007
|
2008
|
(4)
|
|
313
|
|
|
297,037
|
|
|
949
|
|
|
$
|
951.26
|
|
|
97.12
|
%
|
|
$
|
944.07
|
|
Corners at Crystal Lake
|
Winston-Salem, NC
|
1982
|
1993
|
(5)
|
|
240
|
|
|
173,520
|
|
|
723
|
|
|
$
|
624.23
|
|
|
95.42
|
%
|
|
$
|
613.29
|
|
Colonial Village at Glen Eagles
|
Winston-Salem, NC
|
1990/2000
|
2013
|
(5)
|
|
310
|
|
|
312,170
|
|
|
1,007
|
|
|
$
|
685.10
|
|
|
95.16
|
%
|
|
$
|
682.38
|
|
CV at Mill Creek
|
Winston-Salem, NC
|
1984
|
2013
|
(5)
|
|
220
|
|
|
209,660
|
|
|
953
|
|
|
$
|
629.19
|
|
|
96.82
|
%
|
|
$
|
590.85
|
|
Subtotal North Carolina
|
|
|
|
10,836
|
|
|
10,666,173
|
|
|
984
|
|
|
$
|
948.50
|
|
|
96.59
|
%
|
|
$
|
938.65
|
|
||
Tanglewood
|
Anderson, SC
|
1980
|
1994
|
(5)
|
|
168
|
|
|
146,664
|
|
|
873
|
|
|
$
|
712.13
|
|
|
93.45
|
%
|
|
$
|
706.77
|
|
CG at Cypress Cove
|
Charleston, SC
|
2001
|
2013
|
(5)
|
|
264
|
|
|
304,128
|
|
|
1,152
|
|
|
$
|
1,096.06
|
|
|
95.83
|
%
|
|
$
|
1,094.92
|
|
CV at Hampton Pointe
|
Charleston, SC
|
1986
|
2013
|
(5)
|
|
304
|
|
|
314,640
|
|
|
1,035
|
|
|
$
|
993.84
|
|
|
97.37
|
%
|
|
$
|
993.84
|
|
CG at Quarterdeck
|
Charleston, SC
|
1987
|
2013
|
(5)
|
|
230
|
|
|
218,960
|
|
|
952
|
|
|
$
|
1,196.71
|
|
|
95.65
|
%
|
|
$
|
1,173.01
|
|
CV at Westchase
|
Charleston, SC
|
1985
|
2013
|
(5)
|
|
352
|
|
|
258,016
|
|
|
733
|
|
|
$
|
826.62
|
|
|
96.88
|
%
|
|
$
|
816.25
|
|
River's Walk
|
Charleston, SC
|
2013
|
2013
|
(5)
|
|
270
|
|
|
248,400
|
|
|
920
|
|
|
$
|
1,579.86
|
|
|
96.67
|
%
|
|
$
|
1,538.82
|
|
The Fairways
|
Columbia, SC
|
1992
|
1994
|
(5)
|
|
240
|
|
|
213,840
|
|
|
891
|
|
|
$
|
733.72
|
|
|
97.92
|
%
|
|
$
|
723.30
|
|
TPC Columbia
|
Columbia, SC
|
1991
|
1997
|
(5)
|
|
336
|
|
|
378,672
|
|
|
1,127
|
|
|
$
|
797.31
|
|
|
94.35
|
%
|
|
$
|
784.01
|
|
CV at Windsor Place
|
Goose Creek, SC
|
1985
|
2013
|
(5)
|
|
224
|
|
|
213,472
|
|
|
953
|
|
|
$
|
867.22
|
|
|
96.43
|
%
|
|
$
|
867.22
|
|
Highland Ridge
|
Greenville, SC
|
1984
|
1995
|
(5)
|
|
168
|
|
|
134,904
|
|
|
803
|
|
|
$
|
676.31
|
|
|
94.05
|
%
|
|
$
|
676.31
|
|
Howell Commons
|
Greenville, SC
|
1987
|
1997
|
(5)
|
|
348
|
|
|
275,616
|
|
|
792
|
|
|
$
|
708.26
|
|
|
93.97
|
%
|
|
$
|
705.24
|
|
TPC Greenville
|
Greenville, SC
|
1996
|
1997
|
(5)
|
|
208
|
|
|
231,504
|
|
|
1,113
|
|
|
$
|
850.48
|
|
|
97.60
|
%
|
|
$
|
816.31
|
|
Park Haywood
|
Greenville, SC
|
1983
|
1993
|
(5)
|
|
208
|
|
|
158,704
|
|
|
763
|
|
|
$
|
712.88
|
|
|
97.60
|
%
|
|
$
|
708.56
|
|
Spring Creek
|
Greenville, SC
|
1985
|
1995
|
(5)
|
|
208
|
|
|
179,504
|
|
|
863
|
|
|
$
|
750.12
|
|
|
97.60
|
%
|
|
$
|
750.12
|
|
Runaway Bay
|
Mt. Pleasant, SC
|
1988
|
1995
|
(5)
|
|
208
|
|
|
177,840
|
|
|
855
|
|
|
$
|
1,230.21
|
|
|
93.75
|
%
|
|
$
|
1,215.55
|
|
CG at Commerce Park
|
North Charleston, SC
|
2008
|
2013
|
(5)
|
|
312
|
|
|
306,384
|
|
|
982
|
|
|
$
|
930.43
|
|
|
96.47
|
%
|
|
$
|
922.09
|
|
535 Brookwood
|
Simpsonville, SC
|
2008
|
2010
|
(5)
|
|
256
|
|
|
254,464
|
|
|
994
|
|
|
$
|
951.31
|
|
|
96.09
|
%
|
|
$
|
951.31
|
|
Park Place
|
Spartanburg, SC
|
1987
|
1997
|
(5)
|
|
184
|
|
|
195,224
|
|
|
1,061
|
|
|
$
|
757.28
|
|
|
96.74
|
%
|
|
$
|
756.20
|
|
Farmington Village
|
Summerville, SC
|
2007
|
2007
|
(5)
|
|
280
|
|
|
309,120
|
|
|
1,104
|
|
|
$
|
1,041.33
|
|
|
96.07
|
%
|
|
$
|
1,019.45
|
|
CV at Waters Edge
|
Summerville, SC
|
1985
|
2013
|
(5)
|
|
204
|
|
|
187,680
|
|
|
920
|
|
|
$
|
857.85
|
|
|
96.08
|
%
|
|
$
|
855.40
|
|
|
|
|
|
|
|
|
|
Approx-imate Rentable Area (Square Footage)
|
|
Aver-age Unit Size (Square Foot-age)
|
|
Monthly
Average
Rent per Unit at December 31, 2015 (1)
|
|
Average
Occupancy Percent at December 31, 2015 (2)
|
|
Monthly
Effective Rent per Unit at December 31, 2015 (3)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Property
|
Location
|
Year Complete
|
Year Manage-ment Commenced
|
Report-able Seg-ment
|
|
Number of Units
|
|
|
|
|
|
|||||||||||||
Subtotal South Carolina
|
|
|
|
4,972
|
|
|
4,707,736
|
|
|
947
|
|
|
$
|
920.97
|
|
|
96.04
|
%
|
|
$
|
910.94
|
|
||
Hamilton Pointe
|
Chattanooga, TN
|
1989
|
1992
|
(5)
|
|
361
|
|
|
256,310
|
|
|
710
|
|
|
$
|
706.40
|
|
|
97.23
|
%
|
|
$
|
706.29
|
|
Hidden Creek
|
Chattanooga, TN
|
1987
|
1988
|
(5)
|
|
300
|
|
|
260,400
|
|
|
868
|
|
|
$
|
701.97
|
|
|
96.33
|
%
|
|
$
|
699.68
|
|
Steeplechase
|
Chattanooga, TN
|
1986
|
1991
|
(5)
|
|
108
|
|
|
98,712
|
|
|
914
|
|
|
$
|
797.63
|
|
|
98.15
|
%
|
|
$
|
797.63
|
|
Windridge
|
Chattanooga, TN
|
1984
|
1997
|
(5)
|
|
174
|
|
|
238,728
|
|
|
1,372
|
|
|
$
|
1,058.58
|
|
|
97.13
|
%
|
|
$
|
1,057.02
|
|
Kirby Station
|
Memphis, TN
|
1978
|
1994
|
(5)
|
|
371
|
|
|
309,043
|
|
|
833
|
|
|
$
|
833.40
|
|
|
95.96
|
%
|
|
$
|
823.24
|
|
Lincoln on the Green
|
Memphis, TN
|
1992
|
1994
|
(5)
|
|
618
|
|
|
540,132
|
|
|
874
|
|
|
$
|
775.35
|
|
|
96.44
|
%
|
|
$
|
764.19
|
|
Park Estate
|
Memphis, TN
|
1974
|
1977
|
(5)
|
|
82
|
|
|
106,764
|
|
|
1,302
|
|
|
$
|
1,151.28
|
|
|
98.78
|
%
|
|
$
|
1,151.28
|
|
Reserve at Dexter Lake
|
Memphis, TN
|
2000
|
1998
|
(5)
|
|
740
|
|
|
807,340
|
|
|
1,091
|
|
|
$
|
917.07
|
|
|
96.35
|
%
|
|
$
|
907.40
|
|
TPC Murfreesboro
|
Murfreesboro, TN
|
1999
|
1998
|
(4)
|
|
240
|
|
|
281,760
|
|
|
1,174
|
|
|
$
|
975.78
|
|
|
95.42
|
%
|
|
$
|
953.89
|
|
Aventura at Indian Lake Village
|
Nashville, TN
|
2010
|
2011
|
(4)
|
|
300
|
|
|
291,000
|
|
|
970
|
|
|
$
|
1,105.46
|
|
|
93.33
|
%
|
|
$
|
1,100.51
|
|
Avondale at Kennesaw Farms
|
Nashville, TN
|
2008
|
2010
|
(4)
|
|
288
|
|
|
283,392
|
|
|
984
|
|
|
$
|
1,059.81
|
|
|
97.22
|
%
|
|
$
|
1,054.94
|
|
Brentwood Downs
|
Nashville, TN
|
1986
|
1994
|
(4)
|
|
286
|
|
|
220,220
|
|
|
770
|
|
|
$
|
1,016.57
|
|
|
98.25
|
%
|
|
$
|
1,016.57
|
|
CG at Bellevue I
|
Nashville, TN
|
1996
|
2013
|
(6)
|
|
349
|
|
|
344,812
|
|
|
988
|
|
|
$
|
1,156.54
|
|
|
96.56
|
%
|
|
$
|
1,152.42
|
|
CG at Bellevue II
|
Nashville, TN
|
2013
|
2015
|
(6)
|
|
220
|
|
|
237,160
|
|
|
1,078
|
|
|
$
|
1,246.45
|
|
|
97.73
|
%
|
|
$
|
1,195.02
|
|
Grand View
|
Nashville, TN
|
2001
|
1999
|
(4)
|
|
433
|
|
|
523,497
|
|
|
1,209
|
|
|
$
|
1,222.85
|
|
|
92.84
|
%
|
|
$
|
1,196.23
|
|
Monthaven Park
|
Nashville, TN
|
2000
|
2004
|
(4)
|
|
456
|
|
|
427,728
|
|
|
938
|
|
|
$
|
984.44
|
|
|
97.15
|
%
|
|
$
|
983.68
|
|
Park at Hermitage
|
Nashville, TN
|
1987
|
1995
|
(4)
|
|
440
|
|
|
392,480
|
|
|
892
|
|
|
$
|
850.39
|
|
|
95.00
|
%
|
|
$
|
847.23
|
|
Venue at Cool Springs
|
Nashville, TN
|
2012
|
2010
|
(4)
|
|
428
|
|
|
457,104
|
|
|
1,068
|
|
|
$
|
1,508.02
|
|
|
91.36
|
%
|
|
$
|
1,490.24
|
|
Verandas at Sam Ridley
|
Nashville, TN
|
2009
|
2010
|
(4)
|
|
336
|
|
|
391,104
|
|
|
1,164
|
|
|
$
|
1,065.21
|
|
|
96.73
|
%
|
|
$
|
1,065.21
|
|
Subtotal Tennessee
|
|
|
|
6,530
|
|
|
6,467,686
|
|
|
990
|
|
|
$
|
994.32
|
|
|
95.90
|
%
|
|
$
|
985.04
|
|
||
Northwood Place
|
Arlington, TX
|
1980
|
1998
|
(4)
|
|
270
|
|
|
224,100
|
|
|
830
|
|
|
$
|
763.97
|
|
|
95.19
|
%
|
|
$
|
763.97
|
|
Balcones Woods
|
Austin, TX
|
1983
|
1997
|
(4)
|
|
384
|
|
|
313,728
|
|
|
817
|
|
|
$
|
988.55
|
|
|
93.75
|
%
|
|
$
|
985.05
|
|
CG at Canyon Creek
|
Austin, TX
|
2007
|
2013
|
(4)
|
|
336
|
|
|
349,104
|
|
|
1,039
|
|
|
$
|
1,046.65
|
|
|
95.24
|
%
|
|
$
|
1,043.38
|
|
CG at Canyon Pointe
|
Austin, TX
|
2003
|
2013
|
(4)
|
|
272
|
|
|
262,208
|
|
|
964
|
|
|
$
|
995.76
|
|
|
95.59
|
%
|
|
$
|
985.99
|
|
CG at Double Creek
|
Austin, TX
|
2013
|
2013
|
(4)
|
|
296
|
|
|
277,944
|
|
|
939
|
|
|
$
|
1,132.99
|
|
|
97.64
|
%
|
|
$
|
1,121.18
|
|
CG at Onion Creek
|
Austin, TX
|
2009
|
2013
|
(4)
|
|
300
|
|
|
312,600
|
|
|
1,042
|
|
|
$
|
1,129.74
|
|
|
96.00
|
%
|
|
$
|
1,128.08
|
|
CG at Wells Branch
|
Austin, TX
|
2008
|
2013
|
(4)
|
|
336
|
|
|
321,888
|
|
|
958
|
|
|
$
|
1,049.05
|
|
|
97.32
|
%
|
|
$
|
1,044.08
|
|
CV at Quarry Oaks
|
Austin, TX
|
1996
|
2013
|
(4)
|
|
533
|
|
|
459,979
|
|
|
863
|
|
|
$
|
960.62
|
|
|
95.31
|
%
|
|
$
|
955.30
|
|
Grand Reserve at Sunset Valley
|
Austin, TX
|
1996
|
2004
|
(4)
|
|
210
|
|
|
194,460
|
|
|
926
|
|
|
$
|
1,221.11
|
|
|
96.67
|
%
|
|
$
|
1,217.54
|
|
Legacy at Western Oaks
|
Austin, TX
|
2002
|
2009
|
(4)
|
|
479
|
|
|
467,504
|
|
|
976
|
|
|
$
|
1,281.67
|
|
|
96.45
|
%
|
|
$
|
1,278.54
|
|
Silverado at Brushy Creek
|
Austin, TX
|
2003
|
2006
|
(4)
|
|
312
|
|
|
303,264
|
|
|
972
|
|
|
$
|
1,099.10
|
|
|
96.79
|
%
|
|
$
|
1,094.62
|
|
Stassney Woods
|
Austin, TX
|
1985
|
1995
|
(4)
|
|
288
|
|
|
248,832
|
|
|
864
|
|
|
$
|
919.03
|
|
|
95.83
|
%
|
|
$
|
916.80
|
|
The Woods on Barton Skyway
|
Austin, TX
|
1977
|
1997
|
(4)
|
|
278
|
|
|
214,060
|
|
|
770
|
|
|
$
|
1,224.17
|
|
|
97.84
|
%
|
|
$
|
1,216.75
|
|
Travis Station
|
Austin, TX
|
1987
|
1995
|
(4)
|
|
304
|
|
|
244,720
|
|
|
805
|
|
|
$
|
828.71
|
|
|
95.39
|
%
|
|
$
|
820.05
|
|
CV at Shoal Creek
|
Bedford, TX
|
1996
|
2013
|
(4)
|
|
408
|
|
|
381,888
|
|
|
936
|
|
|
$
|
912.80
|
|
|
96.57
|
%
|
|
$
|
910.84
|
|
CV at Willow Creek
|
Bedford, TX
|
1996
|
2013
|
(4)
|
|
478
|
|
|
426,854
|
|
|
893
|
|
|
$
|
918.76
|
|
|
95.40
|
%
|
|
$
|
913.07
|
|
CG at Hebron
|
Carrollton, TX
|
2011
|
2013
|
(4)
|
|
312
|
|
|
352,248
|
|
|
1,129
|
|
|
$
|
1,244.89
|
|
|
95.83
|
%
|
|
$
|
1,242.97
|
|
CG at Silverado
|
Cedar Park, TX
|
2005
|
2013
|
(4)
|
|
238
|
|
|
239,666
|
|
|
1,007
|
|
|
$
|
1,079.16
|
|
|
97.90
|
%
|
|
$
|
1,074.79
|
|
CG at Silverado Reserve
|
Cedar Park, TX
|
2006
|
2013
|
(4)
|
|
256
|
|
|
266,240
|
|
|
1,040
|
|
|
$
|
1,151.09
|
|
|
96.48
|
%
|
|
$
|
1,143.28
|
|
Grand Cypress
|
Cypress, TX
|
2008
|
2010
|
(6)
|
|
312
|
|
|
280,488
|
|
|
899
|
|
|
$
|
1,150.03
|
|
|
95.19
|
%
|
|
$
|
1,146.19
|
|
Courtyards at Campbell
|
Dallas, TX
|
1986
|
1998
|
(4)
|
|
232
|
|
|
168,664
|
|
|
727
|
|
|
$
|
916.25
|
|
|
94.83
|
%
|
|
$
|
916.25
|
|
CR at Medical District
|
Dallas, TX
|
2007
|
2013
|
(4)
|
|
278
|
|
|
241,582
|
|
|
869
|
|
|
$
|
1,237.49
|
|
|
93.17
|
%
|
|
$
|
1,237.49
|
|
Deer Run
|
Dallas, TX
|
1985
|
1998
|
(4)
|
|
304
|
|
|
206,720
|
|
|
680
|
|
|
$
|
792.97
|
|
|
97.37
|
%
|
|
$
|
792.97
|
|
|
|
|
|
|
|
|
|
Approx-imate Rentable Area (Square Footage)
|
|
Aver-age Unit Size (Square Foot-age)
|
|
Monthly
Average
Rent per Unit at December 31, 2015 (1)
|
|
Average
Occupancy Percent at December 31, 2015 (2)
|
|
Monthly
Effective Rent per Unit at December 31, 2015 (3)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Property
|
Location
|
Year Complete
|
Year Manage-ment Commenced
|
Report-able Seg-ment
|
|
Number of Units
|
|
|
|
|
|
|||||||||||||
Grand Courtyards
|
Dallas, TX
|
2000
|
2006
|
(4)
|
|
390
|
|
|
343,980
|
|
|
882
|
|
|
$
|
1,022.38
|
|
|
98.21
|
%
|
|
$
|
1,022.38
|
|
Legends at Lowes Farm
|
Dallas, TX
|
2008
|
2011
|
(4)
|
|
456
|
|
|
425,904
|
|
|
934
|
|
|
$
|
1,202.33
|
|
|
96.05
|
%
|
|
$
|
1,172.17
|
|
Watermark
|
Dallas, TX
|
2002
|
2004
|
(4)
|
|
240
|
|
|
199,200
|
|
|
830
|
|
|
$
|
1,004.32
|
|
|
95.83
|
%
|
|
$
|
1,004.32
|
|
CV at Main Park
|
Duncanville, TX
|
1984
|
2013
|
(4)
|
|
192
|
|
|
180,288
|
|
|
939
|
|
|
$
|
902.66
|
|
|
98.96
|
%
|
|
$
|
875.31
|
|
CG at Bear Creek
|
Euless, TX
|
1998
|
2013
|
(4)
|
|
436
|
|
|
395,016
|
|
|
906
|
|
|
$
|
1,023.78
|
|
|
97.71
|
%
|
|
$
|
1,022.86
|
|
CG at Fairview
|
Fairview, TX
|
2012
|
2013
|
(4)
|
|
256
|
|
|
258,048
|
|
|
1,008
|
|
|
$
|
1,188.28
|
|
|
94.92
|
%
|
|
$
|
1,166.64
|
|
CR at Frisco Bridges
|
Frisco, TX
|
2013
|
2013
|
(6)
|
|
252
|
|
|
210,420
|
|
|
835
|
|
|
$
|
1,188.79
|
|
|
93.65
|
%
|
|
$
|
1,180.01
|
|
La Valencia at Starwood
|
Frisco, TX
|
2009
|
2010
|
(4)
|
|
270
|
|
|
267,840
|
|
|
992
|
|
|
$
|
1,309.95
|
|
|
95.56
|
%
|
|
$
|
1,297.68
|
|
CV at Grapevine
|
Grapevine, TX
|
1985
|
2013
|
(4)
|
|
450
|
|
|
387,450
|
|
|
861
|
|
|
$
|
892.08
|
|
|
97.56
|
%
|
|
$
|
892.07
|
|
Greenwood Forest
|
Houston, TX
|
1994
|
2008
|
(4)
|
|
316
|
|
|
310,944
|
|
|
984
|
|
|
$
|
1,004.20
|
|
|
95.25
|
%
|
|
$
|
1,000.41
|
|
Legacy Pines
|
Houston, TX
|
2000
|
2003
|
(4)
|
|
308
|
|
|
283,360
|
|
|
920
|
|
|
$
|
1,036.03
|
|
|
96.75
|
%
|
|
$
|
1,036.03
|
|
Park Place Houston
|
Houston, TX
|
1996
|
2007
|
(4)
|
|
229
|
|
|
207,016
|
|
|
904
|
|
|
$
|
1,111.41
|
|
|
98.69
|
%
|
|
$
|
1,110.32
|
|
Ranchstone
|
Houston, TX
|
1996
|
2007
|
(4)
|
|
220
|
|
|
193,160
|
|
|
878
|
|
|
$
|
996.41
|
|
|
96.36
|
%
|
|
$
|
995.50
|
|
Reserve at Woodwind Lakes
|
Houston, TX
|
1999
|
2006
|
(4)
|
|
328
|
|
|
316,192
|
|
|
964
|
|
|
$
|
1,037.09
|
|
|
97.26
|
%
|
|
$
|
1,036.24
|
|
Retreat at Vintage Park
|
Houston, TX
|
2014
|
2014
|
(6)
|
|
323
|
|
|
296,514
|
|
|
918
|
|
|
$
|
1,257.12
|
|
|
97.21
|
%
|
|
$
|
1,257.12
|
|
Cascade at Fall Creek
|
Humble, TX
|
2007
|
2008
|
(4)
|
|
246
|
|
|
227,796
|
|
|
926
|
|
|
$
|
1,079.84
|
|
|
95.12
|
%
|
|
$
|
1,075.17
|
|
Chalet at Fall Creek
|
Humble, TX
|
2006
|
2007
|
(4)
|
|
268
|
|
|
260,228
|
|
|
971
|
|
|
$
|
1,065.63
|
|
|
97.01
|
%
|
|
$
|
1,062.83
|
|
Bella Casita
|
Irving, TX
|
2007
|
2010
|
(4)
|
|
268
|
|
|
258,352
|
|
|
964
|
|
|
$
|
1,196.11
|
|
|
93.28
|
%
|
|
$
|
1,196.11
|
|
CG at Valley Ranch
|
Irving, TX
|
1997
|
2013
|
(4)
|
|
396
|
|
|
462,132
|
|
|
1,167
|
|
|
$
|
1,260.11
|
|
|
96.72
|
%
|
|
$
|
1,246.73
|
|
CR at Las Colinas
|
Irving, TX
|
2006
|
2013
|
(4)
|
|
306
|
|
|
277,848
|
|
|
908
|
|
|
$
|
1,234.13
|
|
|
95.42
|
%
|
|
$
|
1,228.90
|
|
Remington Hills at Las Colinas
|
Irving, TX
|
1984
|
2013
|
(6)
|
|
362
|
|
|
346,434
|
|
|
957
|
|
|
$
|
951.79
|
|
|
93.09
|
%
|
|
$
|
950.82
|
|
CV at Oak Bend
|
Lewisville, TX
|
1997
|
2013
|
(4)
|
|
426
|
|
|
382,974
|
|
|
899
|
|
|
$
|
924.84
|
|
|
96.24
|
%
|
|
$
|
923.08
|
|
Times Square at Craig Ranch
|
McKinney, TX
|
2009
|
2010
|
(4)
|
|
313
|
|
|
320,512
|
|
|
1,024
|
|
|
$
|
1,232.88
|
|
|
95.21
|
%
|
|
$
|
1,199.81
|
|
Venue at Stonebridge Ranch
|
McKinney, TX
|
2000
|
2010
|
(6)
|
|
250
|
|
|
214,000
|
|
|
856
|
|
|
$
|
1,011.83
|
|
|
95.20
|
%
|
|
$
|
1,005.27
|
|
Lane at Towne Crossing
|
Mesquite, TX
|
1983
|
1994
|
(4)
|
|
384
|
|
|
277,632
|
|
|
723
|
|
|
$
|
760.58
|
|
|
96.88
|
%
|
|
$
|
759.28
|
|
Cityscape at Market Center
|
Plano, TX
|
2013
|
2014
|
(6)
|
|
454
|
|
|
381,360
|
|
|
840
|
|
|
$
|
1,213.58
|
|
|
95.59
|
%
|
|
$
|
1,194.53
|
|
Highwood
|
Plano, TX
|
1983
|
1998
|
(4)
|
|
196
|
|
|
156,212
|
|
|
797
|
|
|
$
|
988.78
|
|
|
96.94
|
%
|
|
$
|
978.59
|
|
Los Rios
|
Plano, TX
|
2000
|
2003
|
(4)
|
|
498
|
|
|
470,112
|
|
|
944
|
|
|
$
|
1,021.10
|
|
|
94.98
|
%
|
|
$
|
1,019.39
|
|
Boulder Ridge
|
Roanoke, TX
|
1999/2008
|
2005
|
(4)
|
|
494
|
|
|
442,624
|
|
|
896
|
|
|
$
|
1,027.42
|
|
|
95.55
|
%
|
|
$
|
1,008.17
|
|
Copper Ridge
|
Roanoke, TX
|
2009
|
2008
|
(4)
|
|
245
|
|
|
230,055
|
|
|
939
|
|
|
$
|
1,172.15
|
|
|
95.51
|
%
|
|
$
|
1,161.95
|
|
CG at Ashton Oaks
|
Round Rock, TX
|
2009
|
2013
|
(4)
|
|
362
|
|
|
307,338
|
|
|
849
|
|
|
$
|
996.11
|
|
|
95.30
|
%
|
|
$
|
992.93
|
|
CG at Round Rock
|
Round Rock, TX
|
2007
|
2013
|
(4)
|
|
422
|
|
|
429,596
|
|
|
1,018
|
|
|
$
|
1,076.64
|
|
|
96.68
|
%
|
|
$
|
1,073.20
|
|
CV at Sierra Vista
|
Round Rock, TX
|
1999
|
2013
|
(4)
|
|
232
|
|
|
205,552
|
|
|
886
|
|
|
$
|
942.91
|
|
|
94.83
|
%
|
|
$
|
942.91
|
|
Alamo Ranch
|
San Antonio, TX
|
2009
|
2011
|
(5)
|
|
340
|
|
|
270,640
|
|
|
796
|
|
|
$
|
935.94
|
|
|
96.18
|
%
|
|
$
|
920.09
|
|
Bulverde Oaks
|
San Antonio, TX
|
2014
|
2014
|
(6)
|
|
328
|
|
|
300,776
|
|
|
917
|
|
|
$
|
1,134.88
|
|
|
95.73
|
%
|
|
$
|
1,130.72
|
|
Haven at Blanco
|
San Antonio, TX
|
2010
|
2012
|
(5)
|
|
436
|
|
|
463,468
|
|
|
1,063
|
|
|
$
|
1,163.75
|
|
|
96.79
|
%
|
|
$
|
1,159.05
|
|
Stone Ranch at Westover Hills
|
San Antonio, TX
|
2008
|
2009
|
(5)
|
|
400
|
|
|
334,400
|
|
|
836
|
|
|
$
|
990.54
|
|
|
98.25
|
%
|
|
$
|
988.04
|
|
Cypresswood Court
|
Spring, TX
|
1984
|
1994
|
(4)
|
|
208
|
|
|
160,576
|
|
|
772
|
|
|
$
|
814.86
|
|
|
95.19
|
%
|
|
$
|
808.98
|
|
Villages of Kirkwood
|
Stafford, TX
|
1996
|
2004
|
(4)
|
|
274
|
|
|
244,682
|
|
|
893
|
|
|
$
|
1,086.92
|
|
|
95.99
|
%
|
|
$
|
1,084.00
|
|
Green Tree Place
|
Woodlands, TX
|
1984
|
1994
|
(4)
|
|
200
|
|
|
152,200
|
|
|
761
|
|
|
$
|
877.68
|
|
|
96.50
|
%
|
|
$
|
877.68
|
|
Subtotal Texas
|
|
|
|
20,390
|
|
|
18,611,572
|
|
|
913
|
|
|
$
|
1,053.69
|
|
|
96.07
|
%
|
|
$
|
1,047.63
|
|
||
Stonefield Commons
|
Charlottesville, VA
|
2013
|
2014
|
(6)
|
|
251
|
|
|
209,585
|
|
|
835
|
|
|
$
|
1,377.01
|
|
|
96.02
|
%
|
|
$
|
1,363.47
|
|
Adalay Bay
|
Chesapeake, VA
|
2002
|
2012
|
(5)
|
|
240
|
|
|
246,240
|
|
|
1,026
|
|
|
$
|
1,242.95
|
|
|
97.08
|
%
|
|
$
|
1,228.73
|
|
CV at Greenbrier
|
Fredericksburg, VA
|
1980
|
2013
|
(5)
|
|
258
|
|
|
216,720
|
|
|
840
|
|
|
$
|
991.62
|
|
|
98.06
|
%
|
|
$
|
986.38
|
|
|
|
|
|
|
|
|
|
Approx-imate Rentable Area (Square Footage)
|
|
Aver-age Unit Size (Square Foot-age)
|
|
Monthly
Average
Rent per Unit at December 31, 2015 (1)
|
|
Average
Occupancy Percent at December 31, 2015 (2)
|
|
Monthly
Effective Rent per Unit at December 31, 2015 (3)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Property
|
Location
|
Year Complete
|
Year Manage-ment Commenced
|
Report-able Seg-ment
|
|
Number of Units
|
|
|
|
|
|
|||||||||||||
Seasons at Celebrate Virginia
|
Fredericksburg, VA
|
2011
|
2011
|
(6)
|
|
483
|
|
|
481,551
|
|
|
997
|
|
|
$
|
1,323.89
|
|
|
96.07
|
%
|
|
$
|
1,317.47
|
|
Station Square at Cosner's Corner
|
Fredericksburg, VA
|
2012
|
2013
|
(6)
|
|
260
|
|
|
268,580
|
|
|
1,033
|
|
|
$
|
1,304.86
|
|
|
96.92
|
%
|
|
$
|
1,299.47
|
|
CV at Hampton Glen
|
Glen Allen, VA
|
1986
|
2013
|
(5)
|
|
232
|
|
|
177,712
|
|
|
766
|
|
|
$
|
939.72
|
|
|
94.83
|
%
|
|
$
|
939.31
|
|
CV at West End
|
Glen Allen, VA
|
1987
|
2013
|
(5)
|
|
224
|
|
|
156,352
|
|
|
698
|
|
|
$
|
846.22
|
|
|
98.21
|
%
|
|
$
|
839.44
|
|
CV at Tradewinds
|
Hampton, VA
|
1988
|
2013
|
(5)
|
|
284
|
|
|
280,024
|
|
|
986
|
|
|
$
|
864.90
|
|
|
98.24
|
%
|
|
$
|
831.91
|
|
Radius
|
Hampton, VA
|
2012
|
2015
|
(6)
|
|
252
|
|
|
234,108
|
|
|
929
|
|
|
$
|
1,330.57
|
|
|
99.60
|
%
|
|
$
|
1,264.84
|
|
Township in Hampton Woods
|
Hampton, VA
|
1987
|
1995
|
(5)
|
|
296
|
|
|
248,048
|
|
|
838
|
|
|
$
|
938.02
|
|
|
99.32
|
%
|
|
$
|
922.22
|
|
CV at Waterford
|
Midlothian, VA
|
1989
|
2013
|
(5)
|
|
312
|
|
|
288,912
|
|
|
926
|
|
|
$
|
967.40
|
|
|
98.72
|
%
|
|
$
|
965.58
|
|
Ashley Park
|
Richmond, VA
|
1988
|
2013
|
(5)
|
|
272
|
|
|
194,480
|
|
|
715
|
|
|
$
|
774.98
|
|
|
98.53
|
%
|
|
$
|
774.98
|
|
CV at Chase Gayton
|
Richmond, VA
|
1984
|
2013
|
(5)
|
|
328
|
|
|
311,272
|
|
|
949
|
|
|
$
|
919.25
|
|
|
95.73
|
%
|
|
$
|
915.59
|
|
Retreat at West Creek
|
Richmond, VA
|
2015
|
2015
|
(6)
|
|
254
|
|
|
255,016
|
|
|
1,004
|
|
|
$
|
1,269.16
|
|
|
96.06
|
%
|
|
$
|
1,238.71
|
|
The Hamptons at Hunton Park
|
Richmond, VA
|
2003
|
2011
|
(5)
|
|
300
|
|
|
309,600
|
|
|
1,032
|
|
|
$
|
1,252.35
|
|
|
95.67
|
%
|
|
$
|
1,240.73
|
|
CV at Harbour Club
|
Virginia Beach, VA
|
1988
|
2013
|
(5)
|
|
213
|
|
|
193,191
|
|
|
907
|
|
|
$
|
890.24
|
|
|
96.24
|
%
|
|
$
|
878.51
|
|
Subtotal Virginia
|
|
|
|
4,459
|
|
|
4,071,391
|
|
|
913
|
|
|
$
|
1,086.90
|
|
|
97.17
|
%
|
|
$
|
1,073.36
|
|
||
Total
|
|
|
|
78,847
|
|
|
77,424,513
|
|
|
982
|
|
|
$
|
1,014.11
|
|
|
96.07
|
%
|
|
$
|
1,005.80
|
|
(1)
|
Monthly average rent per unit represents the average of gross monthly rent amounts charged for occupied units plus prevalent market rents asked for unoccupied units in the property, divided by the total number of units in the property. This information is provided to represent average pricing for the period and does not represent actual rental revenue collected per unit.
|
(2)
|
Average Occupancy is calculated by dividing the number of units occupied at each property by the total number of units at each property.
|
(3)
|
Effective rent per unit is equal to the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units in the property, divided by the total number of units in the property. Leasing concessions represent discounts to the current market rate. These discounts may be offered from time-to-time by a property for various reasons, including to assist with the initial lease-up of a newly developed property or as a response to a property's local market economics. Concessions are not part of our standard rent offering. Concessions for the year ended December 31, 2015 were $9.1 million. As of December 31, 2015, approximately 20.05% of total leases were subject to concessions. Effective rent is provided to represent average pricing for the period and does not represent actual rental revenue collected per unit.
|
(4)
|
Large market same store reportable segment.
|
(5)
|
Secondary market same store reportable segment.
|
(6)
|
Non-same store reportable segment.
|
|
|
|
|
Encumbrances at
|
|
|
|||||||||||
|
|
|
|
December 31, 2015
|
|
|
|||||||||||
Property
|
|
Location
|
|
Mortgage/Bond Principal (000's)
|
|
|
|
Interest Rate
|
|
|
|
Maturity Date
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Eagle Ridge
|
|
Birmingham, AL
|
|
$
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
|
CG at Edgewater
|
|
Huntsville, AL
|
|
27,722
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
CG at Madison
|
|
Madison, AL
|
|
22,500
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
CG at Liberty Park
|
|
Vestavia Hills, AL
|
|
17,823
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Tiffany Oaks
|
|
Altamonte Springs, FL
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Indigo Point
|
|
Brandon, FL
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
|
Encumbrances at
|
|
|
|||||||||||
|
|
|
|
December 31, 2015
|
|
|
|||||||||||
Property
|
|
Location
|
|
Mortgage/Bond Principal (000's)
|
|
|
|
Interest Rate
|
|
|
|
Maturity Date
|
|
|
|||
CG at Heathrow
|
|
Heathrow, FL
|
|
20,594
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Lighthouse at Fleming Island
|
|
Jacksonville, FL
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Woodhollow
|
|
Jacksonville, FL
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
CG at Town Park
|
|
Lake Mary, FL
|
|
32,938
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
Park Crest at Innisbrook
|
|
Palm Harbor, FL
|
|
28,419
|
|
|
|
|
4.430
|
%
|
|
|
|
10/1/2020
|
|
|
|
CV at Twin Lakes
|
|
Sanford, FL
|
|
25,044
|
|
|
|
|
4.065
|
%
|
|
|
|
7/1/2020
|
|
|
|
Verandas at Southwood
|
|
Tallahassee, FL
|
|
20,345
|
|
|
|
|
2.060
|
%
|
|
|
|
3/1/2016
|
|
|
|
Belmere
|
|
Tampa, FL
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
CG at Seven Oaks
|
|
Wesley Chapel, FL
|
|
20,720
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
Prescott
|
|
Duluth, GA
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
CG at River Oaks
|
|
Duluth, GA
|
|
11,680
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
CG at Mount Vernon
|
|
Dunwoody, GA
|
|
15,328
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Lake Lanier Club II
|
|
Gainesville, GA
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
CG at Shiloh
|
|
Kennesaw, GA
|
|
30,454
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CG at Barrett Creek
|
|
Marietta, GA
|
|
19,257
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
CG at Godley Station
|
|
Pooler, GA
|
|
12,777
|
|
|
|
|
5.000
|
%
|
|
|
|
6/1/2025
|
|
|
|
Highlands of West Village I
|
|
Smyrna, GA
|
|
41,075
|
|
|
|
|
3.000
|
%
|
|
|
|
5/1/2018
|
|
|
|
Grand Reserve at Pinnacle
|
|
Lexington, KY
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Mansion, The
|
|
Lexington, KY
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Village, The
|
|
Lexington, KY
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Waterford Forest
|
|
Cary, NC
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
Hermitage at Beechtree
|
|
Cary, NC
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
CG at Beverly Crest
|
|
Charlotte, NC
|
|
15,496
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CG at Mallard Creek
|
|
Charlotte, NC
|
|
15,630
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CG at Mallard Lake
|
|
Charlotte, NC
|
|
17,642
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CV at Greystone
|
|
Charlotte, NC
|
|
14,180
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
CG at Patterson Place
|
|
Durham, NC
|
|
15,361
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CG at Huntersville
|
|
Huntersville, NC
|
|
14,843
|
|
|
|
|
3.750
|
%
|
|
|
|
6/1/2019
|
|
|
|
CV at Matthews
|
|
Matthews, NC
|
|
13,587
|
|
|
|
|
2.630
|
%
|
|
|
|
3/29/2016
|
|
|
|
CG at Arringdon
|
|
Morrisville, NC
|
|
19,319
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CG at Brier Creek
|
|
Raleigh, NC
|
|
25,490
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CG at Crabtree Valley
|
|
Raleigh, NC
|
|
10,532
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CG at Trinity Commons
|
|
Raleigh, NC
|
|
29,725
|
|
|
|
|
3.400
|
%
|
|
|
|
4/1/2018
|
|
|
|
Howell Commons
|
|
Greenville, SC
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
TPC Greenville
|
|
Greenville, SC
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Park Haywood
|
|
Greenville, SC
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
535 Brookwood
|
|
Simpsonville, SC
|
|
12,889
|
|
|
|
|
4.430
|
%
|
|
|
|
10/1/2020
|
|
|
|
Hidden Creek
|
|
Chattanooga, TN
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Lincoln on the Green
|
|
Memphis, TN
|
|
—
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(1)
|
||
Avondale at Kennesaw
|
|
Nashville, TN
|
|
17,762
|
|
|
|
|
4.430
|
%
|
|
|
|
10/1/2020
|
|
|
|
CG at Bellevue
|
|
Nashville, TN
|
|
22,086
|
|
|
|
|
4.065
|
%
|
|
|
|
7/1/2020
|
|
|
|
Verandas at Sam Ridley
|
|
Nashville, TN
|
|
21,861
|
|
|
|
|
4.430
|
%
|
|
|
|
10/1/2020
|
|
|
|
CG at Canyon Creek
|
|
Austin, TX
|
|
15,159
|
|
|
|
|
3.750
|
%
|
|
|
|
9/14/2019
|
|
|
|
|
|
|
Encumbrances at
|
|
|
|||||||||||
|
|
|
|
December 31, 2015
|
|
|
|||||||||||
Property
|
|
Location
|
|
Mortgage/Bond Principal (000's)
|
|
|
|
Interest Rate
|
|
|
|
Maturity Date
|
|
|
|||
CV at Quarry Oaks
|
|
Austin, TX
|
|
26,832
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Legacy at Western Oaks
|
|
Austin, TX
|
|
29,672
|
|
|
|
|
3.510
|
%
|
|
|
|
2/1/2017
|
|
|
|
CV at Shoal Creek
|
|
Bedford, TX
|
|
22,807
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CV at Willow Creek
|
|
Bedford, TX
|
|
26,429
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Grand Cypress
|
|
Cypress, TX
|
|
16,598
|
|
|
|
|
3.400
|
%
|
|
|
|
8/5/2017
|
|
|
|
Watermark
|
|
Dallas, TX
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
CG at Bear Creek
|
|
Euless, TX
|
|
24,082
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
La Valencia at Starwood
|
|
Frisco, TX
|
|
20,931
|
|
|
|
|
4.590
|
%
|
|
|
|
3/10/2018
|
|
|
|
Legacy Pines
|
|
Houston, TX
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
Bella Casita at Las Colinas
|
|
Irving, TX
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
CG at Valley Ranch
|
|
Irving, TX
|
|
25,044
|
|
|
|
|
4.065
|
%
|
|
|
|
7/1/2020
|
|
|
|
CV at Oakbend
|
|
Lewisville, TX
|
|
21,667
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Venue at Stonebridge Ranch
|
|
McKinney, TX
|
|
14,767
|
|
|
|
|
3.250
|
%
|
|
|
|
12/10/2017
|
|
|
|
CG at Round Rock
|
|
Round Rock, TX
|
|
24,484
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
CV at Sierra Vista
|
|
Round Rock, TX
|
|
10,900
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Stone Ranch at Westover Hills
|
|
San Antonio, TX
|
|
18,499
|
|
|
|
|
5.490
|
%
|
|
|
|
3/1/2020
|
|
|
|
Cypresswood Court
|
|
Spring, TX
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
Green Tree Place
|
|
Woodlands, TX
|
|
—
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
||
CV at West End
|
|
Glen Allen, VA
|
|
12,611
|
|
|
|
|
3.700
|
%
|
|
|
|
2/27/2019
|
|
|
|
Total
|
|
|
|
$
|
923,561
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Encumbered by a $240.0 million Fannie Mae facility, with $240.0 million available and outstanding with a variable interest rate of 0.80% on which there exists five interest rate caps totaling $125 million at an average rate of 4.60% at December 31, 2015.
|
(2)
|
Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021.
|
|
Sales Prices
|
|
Dividends
Paid
|
|
Dividends
Declared
|
|
||||||||||
|
High
|
|
Low
|
|
|
|
||||||||||
2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter
|
$
|
83.50
|
|
|
$
|
70.67
|
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
Second Quarter
|
$
|
78.99
|
|
|
$
|
72.72
|
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
Third Quarter
|
$
|
84.42
|
|
|
$
|
72.51
|
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
Fourth Quarter
|
$
|
92.80
|
|
|
$
|
81.72
|
|
|
$
|
0.77
|
|
|
$
|
0.82
|
|
(1)
|
|
|
|
|
|
|
|
|
|
||||||||
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter
|
$
|
69.32
|
|
|
$
|
60.47
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
Second Quarter
|
$
|
73.49
|
|
|
$
|
67.10
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
Third Quarter
|
$
|
75.09
|
|
|
$
|
65.05
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
Fourth Quarter
|
$
|
76.83
|
|
|
$
|
65.54
|
|
|
$
|
0.73
|
|
|
$
|
0.77
|
|
|
|
2015
|
2014
|
2013
|
|||
Shares
|
8,562
|
|
9,055
|
|
10,924
|
|
Discount
|
—
|
%
|
—
|
%
|
—
|
%
|
|
Number of Securities
to be Issued upon
Exercise of Outstanding
Options, Warrants
and Rights
(a)(1)
|
|
Weighted Average
Exercise Price of
Outstanding Options
Warrants and Rights
(b)(1)
|
|
Number of Securities
Remaining Available for
Future Issuance under
Equity Compensation Plans
(excluding securities
reflected in column (a))
(c)(2)
|
||||
Equity compensation
plans approved
by security holders
|
58,112
|
|
|
$
|
86.21
|
|
|
454,824
|
|
|
|
|
|
|
|
||||
Equity compensation plans
not approved
by security holders
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
||||
Total
|
58,112
|
|
|
$
|
86.21
|
|
|
454,824
|
|
(1)
|
Columns (a) and (b) do not include
187,941
shares of restricted common stock that are subject to vesting requirements which were issued through our 2004 Stock Plan or 2013 Stock Incentive Plan or
110,896
shares of common stock that have been purchased by employees through the Employee Stock Purchase Plan.
|
(2)
|
Column (c) includes
415,720
shares available to be issued under our 2013 Stock Incentive Plan and
39,104
shares available to be issued under our Employee Stock Purchase Plan.
|
|
Dec '10
|
|
Dec '11
|
|
Dec '12
|
|
Dec '13
|
|
Dec '14
|
|
Dec '15
|
||||||||||||
MAA
|
$
|
100.00
|
|
|
$
|
102.50
|
|
|
$
|
110.54
|
|
|
$
|
108.11
|
|
|
$
|
138.84
|
|
|
$
|
175.58
|
|
S&P 500
|
$
|
100.00
|
|
|
$
|
102.11
|
|
|
$
|
118.45
|
|
|
$
|
156.82
|
|
|
$
|
178.28
|
|
|
$
|
180.75
|
|
FTSE NAREIT Equity REIT Index
|
$
|
100.00
|
|
|
$
|
108.29
|
|
|
$
|
127.85
|
|
|
$
|
131.01
|
|
|
$
|
170.49
|
|
|
$
|
175.94
|
|
Period
|
Total Number
of Shares
Purchased |
|
Average
Price Paid
per Share
|
|
Total
Number of
Shares Purchased
as Part of Publicly Announced Plans
or Programs
|
|
Maximum
Number of
Shares That
May Yet be
Purchased Under
the Plans or
Programs
(1)
|
||||
October 1, 2015 - October 31, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
2,138,000
|
November 1, 2015 - November 30, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
2,138,000
|
December 1, 2015 - December 8, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
2,138,000
|
December 9, 2015 - December 31, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,000,000
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,000,000
|
(1)
|
This column reflects the number of shares of MAA's common stock available for repurchase through December 8, 2015, under the 4.0 million share repurchase program authorized by MAA's Board of Directors in 1999. On December 8, 2015, the MAA Board of Directors authorized a new 4.0 million share repurchase program, which replaced and superseded the prior program.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
$
|
1,042,779
|
|
|
$
|
992,332
|
|
|
$
|
635,490
|
|
|
$
|
475,888
|
|
|
$
|
409,782
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property operating expenses
|
400,645
|
|
|
393,348
|
|
|
253,633
|
|
|
194,149
|
|
|
173,563
|
|
|||||
Depreciation and amortization
|
294,520
|
|
|
301,812
|
|
|
186,979
|
|
|
121,211
|
|
|
106,009
|
|
|||||
Acquisition expense
|
2,777
|
|
|
2,388
|
|
|
1,393
|
|
|
1,581
|
|
|
3,319
|
|
|||||
Property management and general and administrative expenses
|
56,706
|
|
|
53,004
|
|
|
38,652
|
|
|
35,043
|
|
|
38,096
|
|
|||||
Merger related expenses
|
—
|
|
|
3,152
|
|
|
32,403
|
|
|
—
|
|
|
—
|
|
|||||
Integration related expenses
|
—
|
|
|
8,395
|
|
|
5,102
|
|
|
—
|
|
|
—
|
|
|||||
Income from continuing operations before non-operating items
|
288,131
|
|
|
230,233
|
|
|
117,328
|
|
|
123,904
|
|
|
88,795
|
|
|||||
Interest and other non-property (expense) income
|
(368
|
)
|
|
770
|
|
|
466
|
|
|
430
|
|
|
802
|
|
|||||
Interest expense
|
(122,344
|
)
|
|
(123,953
|
)
|
|
(78,978
|
)
|
|
(61,489
|
)
|
|
(59,285
|
)
|
|||||
Loss on debt extinguishment
|
(3,602
|
)
|
|
(2,586
|
)
|
|
(426
|
)
|
|
(654
|
)
|
|
(755
|
)
|
|||||
Net casualty gain (loss) after insurance and other settlement proceeds
|
473
|
|
|
(476
|
)
|
|
(143
|
)
|
|
(6
|
)
|
|
(619
|
)
|
|||||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
189,958
|
|
|
42,649
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on sale of non-depreciable real estate assets
|
172
|
|
|
350
|
|
|
—
|
|
|
45
|
|
|
1,084
|
|
|||||
Income before income tax expense
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|
62,230
|
|
|
30,022
|
|
|||||
Income tax expense
|
(1,673
|
)
|
|
(2,050
|
)
|
|
(893
|
)
|
|
(803
|
)
|
|
(727
|
)
|
|||||
Income from continuing operations before joint venture activity
|
350,747
|
|
|
144,937
|
|
|
37,354
|
|
|
61,427
|
|
|
29,295
|
|
|||||
(Loss) gain from real estate joint ventures
|
(2
|
)
|
|
6,009
|
|
|
338
|
|
|
(223
|
)
|
|
(593
|
)
|
|||||
Income from continuing operations
|
350,745
|
|
|
150,946
|
|
|
37,692
|
|
|
61,204
|
|
|
28,702
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from discontinued operations before (loss) gain on sale
|
—
|
|
|
(63
|
)
|
|
4,743
|
|
|
6,986
|
|
|
9,730
|
|
|||||
Gain on sale of discontinued operations
|
—
|
|
|
5,394
|
|
|
76,844
|
|
|
41,635
|
|
|
12,799
|
|
|||||
Consolidated net income
|
350,745
|
|
|
156,277
|
|
|
119,279
|
|
|
109,825
|
|
|
51,231
|
|
|||||
Net income attributable to noncontrolling interests
|
18,458
|
|
|
8,297
|
|
|
3,998
|
|
|
4,602
|
|
|
2,410
|
|
|||||
Net income available for MAA common shareholders
|
$
|
332,287
|
|
|
$
|
147,980
|
|
|
$
|
115,281
|
|
|
$
|
105,223
|
|
|
$
|
48,821
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
75,176
|
|
|
74,982
|
|
|
50,677
|
|
|
41,039
|
|
|
36,995
|
|
|||||
Effect of dilutive stock options and partnership units (1)
|
—
|
|
|
—
|
|
|
2,439
|
|
|
1,898
|
|
|
2,092
|
|
|||||
Diluted
|
75,176
|
|
|
74,982
|
|
|
53,116
|
|
|
42,937
|
|
|
39,087
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of Earnings per share - basic:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations, adjusted
|
$
|
331,515
|
|
|
$
|
142,655
|
|
|
$
|
36,504
|
|
|
$
|
58,737
|
|
|
$
|
27,413
|
|
Income from discontinued operations, adjusted
|
—
|
|
|
5,037
|
|
|
78,669
|
|
|
46,392
|
|
|
21,375
|
|
|||||
Net income attributable to common shareholders, adjusted
|
$
|
331,515
|
|
|
$
|
147,692
|
|
|
$
|
115,173
|
|
|
$
|
105,129
|
|
|
$
|
48,788
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share - basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.72
|
|
|
$
|
1.43
|
|
|
$
|
0.74
|
|
Discontinued property operations
|
—
|
|
|
0.07
|
|
|
1.55
|
|
|
1.13
|
|
|
0.58
|
|
|||||
Net income available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.27
|
|
|
$
|
2.56
|
|
|
$
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of Earnings per share - diluted:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations, adjusted
|
$
|
331,515
|
|
|
$
|
142,655
|
|
|
$
|
37,692
|
|
|
$
|
61,204
|
|
|
$
|
28,702
|
|
Income from discontinued operations, adjusted
|
—
|
|
|
5,037
|
|
|
81,587
|
|
|
48,621
|
|
|
22,529
|
|
|||||
Net income attributable to common shareholders, adjusted
|
$
|
331,515
|
|
|
$
|
147,692
|
|
|
$
|
119,279
|
|
|
$
|
109,825
|
|
|
$
|
51,231
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share - diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
|
$
|
1.43
|
|
|
$
|
0.73
|
|
Discontinued property operations
|
—
|
|
|
0.07
|
|
|
1.54
|
|
|
1.13
|
|
|
0.58
|
|
|||||
Net income available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.25
|
|
|
$
|
2.56
|
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared (2)
|
$
|
3.1300
|
|
|
$
|
2.9600
|
|
|
$
|
2.8150
|
|
|
$
|
2.6750
|
|
|
$
|
2.5425
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate owned, at cost
|
$
|
8,217,579
|
|
|
$
|
8,071,187
|
|
|
$
|
7,694,618
|
|
|
$
|
3,734,544
|
|
|
$
|
3,396,934
|
|
Real estate assets, net
|
$
|
6,718,366
|
|
|
$
|
6,697,508
|
|
|
$
|
6,556,303
|
|
|
$
|
2,694,071
|
|
|
$
|
2,423,808
|
|
Total assets
|
$
|
6,847,781
|
|
|
$
|
6,821,778
|
|
|
$
|
6,835,012
|
|
|
$
|
2,745,292
|
|
|
$
|
2,526,128
|
|
Total debt
|
$
|
3,427,568
|
|
|
$
|
3,512,699
|
|
|
$
|
3,463,239
|
|
|
$
|
1,668,072
|
|
|
$
|
1,645,415
|
|
Noncontrolling interest
|
$
|
165,726
|
|
|
$
|
161,287
|
|
|
$
|
166,726
|
|
|
$
|
31,058
|
|
|
$
|
25,131
|
|
Total MAA shareholders' equity and redeemable stock
|
$
|
3,000,347
|
|
|
$
|
2,896,435
|
|
|
$
|
2,951,861
|
|
|
$
|
918,765
|
|
|
$
|
722,368
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Data (at end of period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Market capitalization (shares and units) (3)
|
$
|
7,225,894
|
|
|
$
|
5,933,985
|
|
|
$
|
4,801,990
|
|
|
$
|
2,852,113
|
|
|
$
|
2,558,107
|
|
Ratio of total debt to total capitalization (4)
|
32.2
|
%
|
|
37.3
|
%
|
|
42.0
|
%
|
|
37.0
|
%
|
|
39.2
|
%
|
|||||
Number of communities, including joint venture ownership interest (5)
|
254
|
|
|
268
|
|
|
275
|
|
|
166
|
|
|
167
|
|
|||||
Number of apartment units, including joint venture ownership interest (5)
|
79,496
|
|
|
82,316
|
|
|
83,641
|
|
|
49,591
|
|
|
49,133
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
$
|
1,042,779
|
|
|
$
|
992,332
|
|
|
$
|
635,490
|
|
|
$
|
475,888
|
|
|
$
|
409,782
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property operating expenses
|
400,645
|
|
|
393,348
|
|
|
253,633
|
|
|
194,149
|
|
|
173,563
|
|
|||||
Depreciation and amortization
|
294,520
|
|
|
301,812
|
|
|
186,979
|
|
|
121,211
|
|
|
106,009
|
|
|||||
Acquisition expense
|
2,777
|
|
|
2,388
|
|
|
1,393
|
|
|
1,581
|
|
|
3,319
|
|
|||||
Property management and general and administrative expenses
|
56,706
|
|
|
53,004
|
|
|
38,652
|
|
|
35,043
|
|
|
38,096
|
|
|||||
Merger related expenses
|
—
|
|
|
3,152
|
|
|
32,403
|
|
|
—
|
|
|
—
|
|
|||||
Integration related expenses
|
—
|
|
|
8,395
|
|
|
5,102
|
|
|
—
|
|
|
—
|
|
|||||
Income from continuing operations before non-operating items
|
288,131
|
|
|
230,233
|
|
|
117,328
|
|
|
123,904
|
|
|
88,795
|
|
|||||
Interest and other non-property (expense) income
|
(368
|
)
|
|
770
|
|
|
466
|
|
|
430
|
|
|
802
|
|
|||||
Interest expense
|
(122,344
|
)
|
|
(123,953
|
)
|
|
(78,978
|
)
|
|
(61,489
|
)
|
|
(59,285
|
)
|
|||||
Loss on debt extinguishment
|
(3,602
|
)
|
|
(2,586
|
)
|
|
(426
|
)
|
|
(654
|
)
|
|
(755
|
)
|
|||||
Net casualty gain (loss) after insurance and other settlement proceeds
|
473
|
|
|
(476
|
)
|
|
(143
|
)
|
|
(6
|
)
|
|
(619
|
)
|
|||||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
189,958
|
|
|
42,649
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on sale of non-depreciable real estate assets
|
172
|
|
|
350
|
|
|
—
|
|
|
45
|
|
|
1,084
|
|
|||||
Income before income tax expense
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|
62,230
|
|
|
30,022
|
|
|||||
Income tax expense
|
(1,673
|
)
|
|
(2,050
|
)
|
|
(893
|
)
|
|
(803
|
)
|
|
(727
|
)
|
|||||
Income from continuing operations before joint venture activity
|
350,747
|
|
|
144,937
|
|
|
37,354
|
|
|
61,427
|
|
|
29,295
|
|
|||||
(Loss) gain from real estate joint ventures
|
(2
|
)
|
|
6,009
|
|
|
338
|
|
|
(223
|
)
|
|
(593
|
)
|
|||||
Income from continuing operations
|
350,745
|
|
|
150,946
|
|
|
37,692
|
|
|
61,204
|
|
|
28,702
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from discontinued operations before (loss) gain on sale
|
—
|
|
|
(63
|
)
|
|
4,332
|
|
|
6,201
|
|
|
9,087
|
|
|||||
Gain on sale of discontinued operations
|
—
|
|
|
5,394
|
|
|
65,520
|
|
|
41,635
|
|
|
12,799
|
|
|||||
Net income available for Mid-America Apartments, L.P. common unitholders
|
$
|
350,745
|
|
|
$
|
156,277
|
|
|
$
|
107,544
|
|
|
$
|
109,040
|
|
|
$
|
50,588
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Unit Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average units outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
79,361
|
|
|
79,188
|
|
|
53,075
|
|
|
42,911
|
|
|
39,051
|
|
|||||
Effect of dilutive stock options and partnership units (1)
|
—
|
|
|
—
|
|
|
88
|
|
|
64
|
|
|
100
|
|
|||||
Diluted
|
79,361
|
|
|
79,188
|
|
|
53,163
|
|
|
42,975
|
|
|
39,151
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of Earnings per unit - basic:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations, adjusted
|
$
|
349,973
|
|
|
$
|
150,668
|
|
|
$
|
37,659
|
|
|
$
|
61,151
|
|
|
$
|
28,681
|
|
Income from discontinued operations, adjusted
|
—
|
|
|
5,321
|
|
|
69,790
|
|
|
47,795
|
|
|
21,876
|
|
|||||
Net income available for common unitholders
|
$
|
349,973
|
|
|
$
|
155,989
|
|
|
$
|
107,449
|
|
|
$
|
108,946
|
|
|
$
|
50,557
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per unit - basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
|
$
|
1.43
|
|
|
$
|
0.73
|
|
Income from discontinued property operations available for common unitholders
|
—
|
|
|
0.07
|
|
|
1.31
|
|
|
1.11
|
|
|
0.56
|
|
|||||
Net income available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
$
|
2.54
|
|
|
$
|
1.29
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of Earnings per unit - diluted:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations, adjusted
|
$
|
349,973
|
|
|
$
|
150,668
|
|
|
$
|
37,692
|
|
|
$
|
61,204
|
|
|
$
|
28,702
|
|
Income from discontinued operations, adjusted
|
—
|
|
|
5,321
|
|
|
69,852
|
|
|
47,836
|
|
|
21,886
|
|
|||||
Net income available for common unitholders
|
$
|
349,973
|
|
|
$
|
155,989
|
|
|
$
|
107,544
|
|
|
$
|
109,040
|
|
|
$
|
50,588
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per unit - diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
|
$
|
1.43
|
|
|
$
|
0.73
|
|
Discontinued property operations
|
—
|
|
|
0.07
|
|
|
1.31
|
|
|
1.11
|
|
|
0.56
|
|
|||||
Net income available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
$
|
2.54
|
|
|
$
|
1.29
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Distributions declared, per unit (2)
|
$
|
3.1300
|
|
|
$
|
2.9600
|
|
|
$
|
2.8150
|
|
|
$
|
2.6750
|
|
|
$
|
2.5425
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate owned, at cost
|
$
|
8,217,579
|
|
|
$
|
8,071,187
|
|
|
$
|
7,694,618
|
|
|
$
|
3,721,028
|
|
|
$
|
3,383,883
|
|
Real estate assets, net
|
$
|
6,718,366
|
|
|
$
|
6,697,508
|
|
|
$
|
6,556,303
|
|
|
$
|
2,688,549
|
|
|
$
|
2,418,198
|
|
Total assets
|
$
|
6,847,781
|
|
|
$
|
6,821,778
|
|
|
$
|
6,835,012
|
|
|
$
|
2,739,502
|
|
|
$
|
2,520,452
|
|
Total debt
|
$
|
3,427,568
|
|
|
$
|
3,512,699
|
|
|
$
|
3,463,239
|
|
|
$
|
1,668,072
|
|
|
$
|
1,645,415
|
|
Total Operating Partnership capital and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
redeemable units
|
$
|
3,166,054
|
|
|
$
|
3,057,703
|
|
|
$
|
3,118,568
|
|
|
$
|
943,720
|
|
|
$
|
709,871
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Data (at end of period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Number of communities, including joint venture ownership interest (3)
|
254
|
|
|
268
|
|
|
275
|
|
|
165
|
|
|
166
|
|
|||||
Number of apartment units, including joint venture ownership interest (3)
|
79,496
|
|
|
82,316
|
|
|
83,641
|
|
|
49,335
|
|
|
48,877
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Properties
|
254
|
|
|
268
|
|
|
275
|
|
|||
Units
|
79,496
|
|
|
82,316
|
|
|
83,641
|
|
|||
Development Units
|
748
|
|
|
514
|
|
|
1,461
|
|
|||
Average Effective Monthly Rent/Unit, excluding lease-up and development
|
$
|
1,006
|
|
|
$
|
948
|
|
|
$
|
883
|
|
Occupancy, excluding lease-up and development
|
95.6
|
%
|
|
94.1
|
%
|
|
94.9
|
%
|
|
Year ended December 31, 2015
|
|
Year ended December 31, 2014
|
|
Increase
|
|
Percentage Increase
|
|||||||
Large Market Same Store
|
$
|
587,896
|
|
|
$
|
553,038
|
|
|
$
|
34,858
|
|
|
6.3
|
%
|
Secondary Market Same Store
|
324,771
|
|
|
310,281
|
|
|
14,490
|
|
|
4.7
|
%
|
|||
Same Store Portfolio
|
912,667
|
|
|
863,319
|
|
|
49,348
|
|
|
5.7
|
%
|
|||
Non-Same Store and Other
|
130,112
|
|
|
128,859
|
|
|
1,253
|
|
|
1.0
|
%
|
|||
Total
|
$
|
1,042,779
|
|
|
$
|
992,178
|
|
|
$
|
50,601
|
|
|
5.1
|
%
|
|
Year ended December 31, 2015
|
|
Year ended December 31, 2014
|
|
Increase/(Decrease)
|
|
Percentage Increase
|
|||||||
Large Market Same Store
|
$
|
226,611
|
|
|
$
|
218,784
|
|
|
$
|
7,827
|
|
|
3.6
|
%
|
Secondary Market Same Store
|
123,782
|
|
|
119,934
|
|
|
3,848
|
|
|
3.2
|
%
|
|||
Same Store Portfolio
|
350,393
|
|
|
338,718
|
|
|
11,675
|
|
|
3.4
|
%
|
|||
Non-Same Store and Other
|
50,252
|
|
|
54,630
|
|
|
(4,378
|
)
|
|
(8.0
|
)%
|
|||
Total
|
$
|
400,645
|
|
|
$
|
393,348
|
|
|
$
|
7,297
|
|
|
1.9
|
%
|
|
Year ended December 31, 2015
|
|
Year ended December 31, 2014
|
|
Increase
|
|
Percentage Increase
|
|||||||
Large Market Same Store
|
$
|
168,872
|
|
|
$
|
174,957
|
|
|
$
|
(6,085
|
)
|
|
(3.5
|
)%
|
Secondary Market Same Store
|
85,008
|
|
|
86,058
|
|
|
(1,050
|
)
|
|
(1.2
|
)%
|
|||
Same Store Portfolio
|
253,880
|
|
|
261,015
|
|
|
(7,135
|
)
|
|
(2.7
|
)%
|
|||
Non-Same Store and Other
|
40,640
|
|
|
40,797
|
|
|
(157
|
)
|
|
(0.4
|
)%
|
|||
Total
|
$
|
294,520
|
|
|
$
|
301,812
|
|
|
$
|
(7,292
|
)
|
|
(2.4
|
)%
|
|
Year ended December 31, 2014
|
|
Year ended December 31, 2013
|
|
Increase
|
|
Percentage Increase
|
|||||||
Large Market Same Store
|
$
|
252,029
|
|
|
$
|
241,194
|
|
|
$
|
10,835
|
|
|
4.5
|
%
|
Secondary Market Same Store
|
246,800
|
|
|
242,464
|
|
|
4,336
|
|
|
1.8
|
%
|
|||
Same Store Portfolio
|
498,829
|
|
|
483,658
|
|
|
15,171
|
|
|
3.1
|
%
|
|||
Non-Same Store and Other
|
493,349
|
|
|
151,185
|
|
|
342,164
|
|
|
226.3
|
%
|
|||
Total
|
$
|
992,178
|
|
|
$
|
634,843
|
|
|
$
|
357,335
|
|
|
56.3
|
%
|
|
Year ended December 31, 2014
|
|
Year ended December 31, 2013
|
|
Increase
|
|
Percentage Increase
|
|||||||
Large Market Same Store
|
$
|
100,892
|
|
|
$
|
98,190
|
|
|
$
|
2,702
|
|
|
2.8
|
%
|
Secondary Market Same Store
|
98,191
|
|
|
96,141
|
|
|
2,050
|
|
|
2.1
|
%
|
|||
Same Store Portfolio
|
199,083
|
|
|
194,331
|
|
|
4,752
|
|
|
2.4
|
%
|
|||
Non-Same Store and Other
|
194,265
|
|
|
59,302
|
|
|
134,963
|
|
|
227.6
|
%
|
|||
Total
|
$
|
393,348
|
|
|
$
|
253,633
|
|
|
$
|
139,715
|
|
|
55.1
|
%
|
|
Year ended December 31, 2014
|
|
Year ended December 31, 2013
|
|
Increase
|
|
Percentage Increase
|
|||||||
Large Market Same Store
|
$
|
58,356
|
|
|
$
|
57,712
|
|
|
$
|
644
|
|
|
1.1
|
%
|
Secondary Market Same Store
|
59,697
|
|
|
59,339
|
|
|
358
|
|
|
0.6
|
%
|
|||
Same Store Portfolio
|
118,053
|
|
|
117,051
|
|
|
1,002
|
|
|
0.9
|
%
|
|||
Non-Same Store and Other
|
183,759
|
|
|
69,928
|
|
|
113,831
|
|
|
162.8
|
%
|
|||
Total
|
$
|
301,812
|
|
|
$
|
186,979
|
|
|
$
|
114,833
|
|
|
61.4
|
%
|
|
Years ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Net income available for MAA common shareholders
|
$
|
332,287
|
|
|
$
|
147,980
|
|
|
$
|
115,281
|
|
Depreciation and amortization of real estate assets
|
291,572
|
|
|
299,421
|
|
|
184,857
|
|
|||
Depreciation and amortization of real estate assets of discontinued operations
|
—
|
|
|
42
|
|
|
2,703
|
|
|||
Gain on sales of discontinued operations
|
—
|
|
|
(5,394
|
)
|
|
(76,844
|
)
|
|||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
(189,958
|
)
|
|
(42,649
|
)
|
|
—
|
|
|||
Gain on disposition within unconsolidated entities
|
(12
|
)
|
|
(4,007
|
)
|
(1)
|
—
|
|
|||
Depreciation and amortization of real estate assets of real estate joint ventures
|
25
|
|
|
397
|
|
|
1,030
|
|
|||
Net income attributable to noncontrolling interests
|
18,458
|
|
|
8,297
|
|
|
3,998
|
|
|||
Funds from operations attributable to the Company
|
452,372
|
|
|
404,087
|
|
|
231,025
|
|
|||
Acquisition expense
|
2,777
|
|
|
2,388
|
|
|
1,393
|
|
|||
Merger Related Expenses
|
—
|
|
|
3,152
|
|
|
32,403
|
|
|||
Integration related expenses
|
—
|
|
|
8,395
|
|
|
5,102
|
|
|||
Gain on sale of non-depreciable real estate assets
|
(172
|
)
|
|
(350
|
)
|
|
—
|
|
|||
Mark-to-market debt adjustment
|
(19,955
|
)
|
|
(25,079
|
)
|
|
(7,992
|
)
|
|||
Loss on debt extinguishment
|
3,602
|
|
|
3,126
|
|
(2)
|
426
|
|
|||
Core funds from operations
|
$
|
438,624
|
|
|
$
|
395,719
|
|
|
$
|
262,357
|
|
|
Primary drivers of cash (outflow)/inflow during the year ended December 31,
|
|
|
|
Percentage Increase/(Decrease) in Net Cash
|
|||||||||
|
2015
|
|
2014
|
|
Increase/(Decrease) in Net Cash
|
|
||||||||
Purchases of real estate and other assets
|
$
|
(328,193
|
)
|
|
$
|
(309,174
|
)
|
|
$
|
(19,019
|
)
|
|
(6.2
|
)%
|
Proceeds from disposition of real estate assets
|
$
|
358,017
|
|
|
$
|
254,638
|
|
|
$
|
103,379
|
|
|
40.6
|
%
|
Distributions from real estate joint ventures
|
$
|
6
|
|
|
$
|
15,964
|
|
|
$
|
(15,958
|
)
|
|
(100.0
|
)%
|
Return (funding) of escrow for future acquisitions
|
$
|
8
|
|
|
$
|
24,884
|
|
|
$
|
(24,876
|
)
|
|
(100.0
|
)%
|
Development
|
$
|
(38,730
|
)
|
|
$
|
(70,788
|
)
|
|
$
|
32,058
|
|
|
45.3
|
%
|
|
Primary drivers of cash (outflow)/inflow during the year ended December 31,
|
|
|
|
Percentage (Decrease)/Increase in Net Cash
|
|||||||||
|
2015
|
|
2014
|
|
(Decrease)/Increase in Net Cash
|
|
||||||||
Net change in credit lines
|
$
|
(180,900
|
)
|
|
$
|
(157,184
|
)
|
|
$
|
(23,716
|
)
|
|
(15.1
|
)%
|
Principal payments on notes payable
|
$
|
(279,077
|
)
|
|
$
|
(260,347
|
)
|
|
$
|
(18,730
|
)
|
|
(7.2
|
)%
|
Exercise of stock options
|
$
|
420
|
|
|
$
|
12,245
|
|
|
$
|
(11,825
|
)
|
|
(96.6
|
)%
|
Dividends paid on common shares
|
$
|
(232,079
|
)
|
|
$
|
(219,158
|
)
|
|
$
|
(12,921
|
)
|
|
(5.9
|
)%
|
|
Principal
Balance
|
|
Average
Years to
Rate
Maturity
|
|
Effective
Rate
|
||||
SECURED DEBT
|
|
|
|
|
|
|
|
|
|
Conventional - Fixed Rate or Swapped
|
$
|
1,062,862
|
|
|
3.4
|
|
|
4.0
|
%
|
Conventional - Variable Rate - Capped
(1)
|
125,000
|
|
|
1.1
|
|
|
0.8
|
%
|
|
Total Fixed or Hedged Rate Maturity
|
$
|
1,187,862
|
|
|
3.2
|
|
|
3.6
|
%
|
Conventional - Variable Rate
|
$
|
65,000
|
|
|
0.1
|
|
|
0.8
|
%
|
Fair Market Value Adjustments and Debt Issuance Costs
|
33,374
|
|
|
3.2
|
|
|
|
||
Total Secured Rate Maturity
|
$
|
1,286,236
|
|
|
3.0
|
|
|
3.4
|
%
|
UNSECURED DEBT
|
|
|
|
|
|
|
|||
Fixed Rate or Swapped
|
$
|
2,085,246
|
|
|
6.1
|
|
|
3.9
|
%
|
Variable Rate
|
75,000
|
|
|
—
|
|
|
1.2
|
%
|
|
Fair Market Value Adjustments, Debt Issuance Costs and Discounts
|
(18,914
|
)
|
|
9.5
|
|
|
|
||
Total Unsecured Rate Maturity
|
$
|
2,141,332
|
|
|
5.9
|
|
|
3.8
|
%
|
TOTAL DEBT
|
$
|
3,427,568
|
|
|
4.8
|
|
|
3.7
|
%
|
TOTAL FIXED OR HEDGED DEBT
|
$
|
3,287,568
|
|
|
5.0
|
|
|
3.8
|
%
|
(1)
|
The effective rate represents the average rate on the underlying variable debt until LIBOR reaches the cap rates, which average 4.6%
|
|
Amount Borrowed
|
|
|
|
|
|
|
||||||||||||
|
Credit Facilities
|
|
|
|
|
|
|
||||||||||||
|
Fannie Mae
Secured
|
|
Key Bank
Unsecured
|
|
Other
Secured
|
|
Other
Unsecured
|
|
Total
|
||||||||||
2016
|
$
|
80,000
|
|
|
$
|
—
|
|
|
$
|
33,921
|
|
|
$
|
77,000
|
|
|
$
|
190,921
|
|
2017
|
80,000
|
|
|
—
|
|
|
61,005
|
|
|
17,959
|
|
|
158,964
|
|
|||||
2018
|
80,000
|
|
|
—
|
|
|
91,667
|
|
|
300,829
|
|
|
472,496
|
|
|||||
2019
|
—
|
|
|
—
|
|
|
549,273
|
|
|
19,932
|
|
|
569,205
|
|
|||||
2020
|
—
|
|
|
75,000
|
|
|
170,452
|
|
|
149,730
|
|
|
395,182
|
|
|||||
Thereafter
|
—
|
|
|
—
|
|
|
139,918
|
|
|
1,500,882
|
|
|
1,640,800
|
|
|||||
Total
|
$
|
240,000
|
|
|
$
|
75,000
|
|
|
$
|
1,046,236
|
|
|
$
|
2,066,332
|
|
|
$
|
3,427,568
|
|
|
Line
Limit
|
|
Amount Available
|
|
Amount
Borrowed
|
|
Average
Years to
Contract
Maturity
|
|||||||
Fannie Mae Credit Facilities
|
$
|
240,000
|
|
|
$
|
240,000
|
|
|
$
|
240,000
|
|
|
1.6
|
|
Other Secured Borrowings
|
1,046,236
|
|
|
1,046,236
|
|
|
1,046,236
|
|
|
3.5
|
|
|||
Unsecured Credit Facility
|
750,000
|
|
|
746,722
|
|
|
75,000
|
|
|
4.3
|
|
|||
Other Unsecured Borrowings
|
2,066,332
|
|
|
2,066,332
|
|
|
2,066,332
|
|
|
6.1
|
|
|||
Total Debt
|
$
|
4,102,568
|
|
|
$
|
4,099,290
|
|
|
$
|
3,427,568
|
|
|
5.0
|
|
|
|
Fixed Rate Debt
|
|
Interest Rate Swaps
|
|
Total Fixed Rate Balances
|
|
Contract Rate
|
|
Interest Rate Caps
|
|
Total Fixed or Hedged
|
|||||||||||
2016
|
|
$
|
110,921
|
|
|
$
|
—
|
|
|
$
|
110,921
|
|
|
5.9
|
%
|
|
$
|
75,000
|
|
|
$
|
185,921
|
|
2017
|
|
128,963
|
|
|
298,949
|
|
|
427,912
|
|
|
3.0
|
%
|
|
25,000
|
|
|
452,912
|
|
|||||
2018
|
|
141,540
|
|
|
250,956
|
|
|
392,496
|
|
|
3.6
|
%
|
|
25,000
|
|
|
417,496
|
|
|||||
2019
|
|
569,206
|
|
|
—
|
|
|
569,206
|
|
|
5.7
|
%
|
|
—
|
|
|
569,206
|
|
|||||
2020
|
|
170,452
|
|
|
—
|
|
|
170,452
|
|
|
4.8
|
%
|
|
—
|
|
|
170,452
|
|
|||||
Thereafter
|
|
1,491,581
|
|
|
—
|
|
|
1,491,581
|
|
|
4.3
|
%
|
|
—
|
|
|
1,491,581
|
|
|||||
Total
|
|
$
|
2,612,663
|
|
|
$
|
549,905
|
|
|
$
|
3,162,568
|
|
|
4.4
|
%
|
|
$
|
125,000
|
|
|
$
|
3,287,568
|
|
Contractual
Obligations
(1)
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||||||||
Long-Term Debt Obligations
(2)
|
|
$
|
197,066
|
|
|
$
|
165,075
|
|
|
$
|
472,947
|
|
|
$
|
546,804
|
|
|
$
|
383,278
|
|
|
$
|
1,647,938
|
|
|
$
|
3,413,108
|
|
Fixed Rate or Swapped Interest
(3)
|
|
99,410
|
|
|
88,599
|
|
|
79,353
|
|
|
70,597
|
|
|
64,601
|
|
|
193,146
|
|
|
595,706
|
|
|||||||
Purchase Obligations
(4)
|
|
1,125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,125
|
|
|||||||
Operating Lease Obligations
|
|
422
|
|
|
171
|
|
|
32
|
|
|
5
|
|
|
4
|
|
|
—
|
|
|
634
|
|
|||||||
Total
|
|
$
|
298,023
|
|
|
$
|
253,845
|
|
|
$
|
552,332
|
|
|
$
|
617,406
|
|
|
$
|
447,883
|
|
|
$
|
1,841,084
|
|
|
$
|
4,010,573
|
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Total Thereafter
|
|
Total
|
|
Fair
Value
|
||||||||||||||||
Long-term Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed Rate
|
$
|
127,716
|
|
|
$
|
93,105
|
|
|
$
|
200,060
|
|
|
$
|
546,768
|
|
|
$
|
155,988
|
|
|
$
|
1,489,026
|
|
|
$
|
2,612,663
|
|
|
$
|
2,646,088
|
|
Average interest rate
|
4.78
|
%
|
|
4.07
|
%
|
|
4.14
|
%
|
|
3.72
|
%
|
|
4.42
|
%
|
|
4.19
|
%
|
|
4.13
|
%
|
|
|
|
||||||||
Variable Rate
(1)
|
$
|
80,097
|
|
|
$
|
80,221
|
|
|
$
|
280,033
|
|
|
$
|
(250
|
)
|
|
$
|
224,829
|
|
|
$
|
149,975
|
|
|
$
|
814,905
|
|
|
$
|
817,650
|
|
Average interest rate
|
1.97
|
%
|
|
0.82
|
%
|
|
1.33
|
%
|
|
1.35
|
%
|
|
0.92
|
%
|
|
1.33
|
%
|
|
1.23
|
%
|
|
|
|
||||||||
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Variable to Fixed
|
$
|
—
|
|
|
$
|
300,000
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
550,000
|
|
|
$
|
(10,358
|
)
|
Average Pay Rate
|
—
|
%
|
|
1.08
|
%
|
|
2.55
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.75
|
%
|
|
|
|
||||||||
Interest Rate Cap
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Variable to Fixed
|
$
|
75,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
125,000
|
|
|
$
|
6
|
|
Average Pay Rate
|
4.67
|
%
|
|
4.50
|
%
|
|
4.50
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4.60
|
%
|
|
|
|
(a)
|
The following documents are filed as part of this Annual Report on Form 10-K:
|
Exhibit
Number
|
Exhibit Description
|
2.1
|
Agreement and Plan of Merger by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., Martha Merger Sub, L.P., Colonial Properties Trust, and Colonial Realty Limited Partnership, dated as of June 3, 2013 (Filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on June 3, 2013 and incorporated herein by reference).
|
3.1
|
Amended and Restated Charter of Mid-America Apartment Communities, Inc. dated as of January 10, 1994, as filed with the Tennessee Secretary of State on January 25, 1994 (Filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and incorporated herein by reference).
|
3.2
|
Articles of Amendment to the Charter of Mid-America Apartment Communities, Inc. dated as of January 28, 1994, as filed with the Tennessee Secretary of State on January 28, 1994 (Filed as Exhibit 3.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1996 and incorporated herein by reference).
|
3.3
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Preferred Stock dated as of October 9, 1996, as filed with the Tennessee Secretary of State on October 10, 1996 (Filed as Exhibit 1 to the Registrant’s Registration Statement on Form 8-A filed with the Commission on October 11, 1996 and incorporated herein by reference).
|
3.4
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter dated November 17, 1997, as filed with the Tennessee Secretary of State on November 18, 1997 (Filed as Exhibit 3.6 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and incorporated herein by reference).
|
3.5
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of November 17, 1997, as filed with the Tennessee Secretary of State on November 18, 1997 (Filed as Exhibit 4.1 to the Registrant’s Registration Statement on Form 8-A/A filed with the Commission on November 19, 1997 and incorporated herein by reference).
|
3.6
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of June 25, 1998, as filed with the Tennessee Secretary of State on June 30, 1998 (Filed as Exhibit 4.3 to the Registrant’s Registration Statement on Form 8-A/A filed with the Commission on June 26, 1998 and incorporated herein by reference).
|
3.7
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of December 24, 1998, as filed with the Tennessee Secretary of State on December 30, 1998 (Filed as Exhibit 3.7 to the Registrant’s Registration Statement on Form S-3/A (File Number 333-112469) and incorporated herein by reference).
|
3.8
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of October 11, 2002, as filed with the Tennessee Secretary of State on October 14, 2002 (Filed as Exhibit 4.3 to the Registrant’s Registration Statement on Form 8-A/A filed with the Commission on October 11, 2002 and incorporated herein by reference).
|
3.9
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of October 28, 2002, as filed with the Tennessee Secretary of State on October 28, 2002 (Filed as Exhibit 3.9 to the Registrant’s Registration Statement on Form S-3/A (File Number 333-112469) and incorporated herein by reference).
|
3.10
|
Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of August 7, 2003, as filed with the Tennessee Secretary of State on August 7, 2003 (Filed as Exhibit 3.10 to the Registrant’s Registration Statement on Form S-3/A (File Number 333-112469) and incorporated herein by reference).
|
3.11
|
Articles of Amendment to the Charter of Mid-America Apartment Communities, Inc. dated as of May 20, 2008, as filed with the Tennessee Secretary of State on June 2, 2008 (Filed as Exhibit 99.A to the Registrant’s Proxy Statement filed on March 31, 2008 and incorporated herein by reference).
|
3.12
|
Articles of Amendment to the Charter of Mid-America Apartment Communities, Inc. dated as of May 24, 2012, as filed with the Tennessee Secretary of State on May 25, 2012 (Filed as Exhibit 3.1 to the Current Report on Form 8-K filed on May 25, 2012 and incorporated herein by reference).
|
3.13
|
Third Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 3, 2013 (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 4, 2013 and incorporated herein by reference).
|
3.14
|
Composite Certificate of Limited Partnership of Mid-America Apartments, L.P.
|
3.15
|
Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference).
|
4.1
|
Form of Common Share Certificate (Filed as Exhibit 4.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and incorporated herein by reference).
|
4.2
|
Indenture, dated as of October 16, 2013, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference).
|
4.3
|
First Supplemental Indenture, dated as of October 16, 2013, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.300% Senior Notes due 2023 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference).
|
4.4
|
Indenture governing 6.05% Senior Notes due 2016, dated December 13, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 6.05% Senior Notes due 2016 (Filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed on December 19, 2013 and incorporated herein by reference).
|
4.5
|
Registration Rights Agreement related to the 6.05% Senior Notes due 2016, dated December 13, 2013, between Mid-America Apartments, L.P. and J.P. Morgan Securities LLC (Filed as Exhibit 4.9 to the Registrant’s Current Report on Form 8-K filed on December 19, 2013 and incorporated herein by reference).
|
4.6
|
Form of 6.05% Senior Note due 2016 (Included in Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed on December 19, 2013 and incorporated herein by reference).
|
10.6†
|
Employment Agreement between the Registrant and H. Eric Bolton, Jr. dated March 24, 2015 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March 24, 2015 and incorporated herein by reference).
|
10.7†
|
Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended Effective November 20, 2010.
|
10.8†
|
Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement on form DEF 14A filed on April 16, 2014 and incorporated herein by reference).
|
10.9†
|
Non-Qualified Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference).
|
10.10†
|
Form of Restricted Stock Award Agreement under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 1, 2015 and incorporated herein by reference).
|
10.11†
|
Incentive Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.22 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference).
|
10.12
|
MAA Non-Qualified Deferred Executive Compensation Retirement Plan Amended and Restated Effective January 1, 2016.
|
10.13†
|
Form of Change in Control and Termination Agreement (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 2, 2014 and incorporated herein by reference).
|
10.14
|
Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement on form DEF 14A filed on April 16, 2014 and incorporated herein by reference).
|
11
|
Statement re: computation of per share earnings (included within this Annual Report on Form 10-K).
|
12.1
|
Statement re: computation of fixed charge coverage ratio for MAA
|
12.2
|
Statement re: computation of fixed charge coverage ratio for MAALP
|
21
|
List of Subsidiaries
|
23.1
|
Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAA
|
23.2
|
Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAALP
|
31.1
|
MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.3
|
MAA LP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.4
|
MAA LP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1*
|
MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2*
|
MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.3*
|
MAA LP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.4*
|
MAA LP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101
|
The following financial information from Mid-America Apartment Communities, Inc.’s and MAA LP's Annual Report on Form 10-K for the period ended December 31, 2015, filed with the SEC on February 25, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014; (ii) the Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013; (iii) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013; (iv) the Consolidated Statements of Equity for the years ended December 31, 2015, 2014 and 2013; and (v) Notes to Consolidated Financial Statements (Unaudited).
|
(b)
|
Exhibits:
|
(c)
|
Financial Statement Schedule:
|
|
|
MID-AMERICA APARTMENT COMMUNITIES, INC.
|
|
|
|
Date:
|
February 25, 2016
|
/s/ H. Eric Bolton, Jr.
|
|
|
H. Eric Bolton, Jr.
Chairman of the Board of Directors,
President and Chief Executive Officer
(Principal Executive Officer)
|
Date:
|
February 25, 2016
|
/s/ H. Eric Bolton, Jr.
|
|
|
H. Eric Bolton, Jr.
Chairman of the Board of Directors,
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Albert M. Campbell, III
|
|
|
Albert M. Campbell, III
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Alan B. Graf, Jr.
|
|
|
Alan B. Graf, Jr.
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Ralph Horn
|
|
|
Ralph Horn
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ James K. Lowder
|
|
|
James K. Lowder
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Thomas H. Lowder
|
|
|
Thomas H. Lowder
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Claude B. Nielsen
|
|
|
Claude B. Nielsen
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Philip W. Norwood
|
|
|
Philip W. Norwood
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ W. Reid Sanders
|
|
|
W. Reid Sanders
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ William B. Sansom
|
|
|
William B. Sansom
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Gary Shorb
|
|
|
Gary Shorb
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ John W. Spiegel
|
|
|
John W. Spiegel
Director
|
|
|
MID-AMERICA APARTMENTS, L.P.
|
|
|
a Tennessee Limited Partnership
|
|
|
By: Mid-America Apartment Communities, Inc., its general partner
|
|
|
|
Date:
|
February 25, 2016
|
/s/ H. Eric Bolton, Jr.
|
|
|
H. Eric Bolton, Jr.
Chairman of the Board of Directors,
President and Chief Executive Officer
(Principal Executive Officer)
|
Date:
|
February 25, 2016
|
/s/ H. Eric Bolton, Jr.
|
|
|
H. Eric Bolton, Jr.
Chairman of the Board of Directors,
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Albert M. Campbell, III
|
|
|
Albert M. Campbell, III
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Alan B. Graf, Jr.
|
|
|
Alan B. Graf, Jr.
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Ralph Horn
|
|
|
Ralph Horn
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ James K. Lowder
|
|
|
James K. Lowder
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Thomas H. Lowder
|
|
|
Thomas H. Lowder
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Claude B. Nielsen
|
|
|
Claude B. Nielsen
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Philip W. Norwood
|
|
|
Philip W. Norwood
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ W. Reid Sanders
|
|
|
W. Reid Sanders
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ William B. Sansom
|
|
|
William B. Sansom
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ Gary Shorb
|
|
|
Gary Shorb
Director
|
|
|
|
Date:
|
February 25, 2016
|
/s/ John W. Spiegel
|
|
|
John W. Spiegel
Director
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Assets:
|
|
|
|
|
|
||
Real estate assets:
|
|
|
|
|
|
||
Land
|
$
|
926,532
|
|
|
$
|
913,408
|
|
Buildings and improvements
|
6,939,288
|
|
|
6,781,210
|
|
||
Furniture, fixtures and equipment
|
228,157
|
|
|
214,742
|
|
||
Development and capital improvements in progress
|
44,355
|
|
|
80,772
|
|
||
|
8,138,332
|
|
|
7,990,132
|
|
||
Less accumulated depreciation
|
(1,482,368
|
)
|
|
(1,358,400
|
)
|
||
|
6,655,964
|
|
|
6,631,732
|
|
||
|
|
|
|
||||
Undeveloped land
|
51,779
|
|
|
55,997
|
|
||
Corporate properties, net
|
8,812
|
|
|
7,988
|
|
||
Investments in real estate joint ventures
|
1,811
|
|
|
1,791
|
|
||
Real estate assets, net
|
6,718,366
|
|
|
6,697,508
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
37,559
|
|
|
26,653
|
|
||
Restricted cash
|
26,082
|
|
|
28,181
|
|
||
Deferred financing costs, net
|
5,232
|
|
|
5,996
|
|
||
Other assets
|
58,935
|
|
|
61,119
|
|
||
Goodwill
|
1,607
|
|
|
2,321
|
|
||
Total assets
|
$
|
6,847,781
|
|
|
$
|
6,821,778
|
|
|
|
|
|
||||
Liabilities and equity:
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
|
||
Secured notes payable
|
$
|
1,286,236
|
|
|
$
|
1,589,641
|
|
Unsecured notes payable
|
2,141,332
|
|
|
1,923,058
|
|
||
Accounts payable
|
5,922
|
|
|
8,395
|
|
||
Fair market value of interest rate swaps
|
10,358
|
|
|
13,392
|
|
||
Accrued expenses and other liabilities
|
226,237
|
|
|
219,044
|
|
||
Security deposits
|
11,623
|
|
|
10,526
|
|
||
Total liabilities
|
3,681,708
|
|
|
3,764,056
|
|
||
|
|
|
|
||||
Redeemable stock
|
8,250
|
|
|
5,911
|
|
||
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
|
|
||
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 75,408,571 and 75,267,675 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively
(1)
|
753
|
|
|
752
|
|
||
Additional paid-in capital
|
3,627,074
|
|
|
3,619,270
|
|
||
Accumulated distributions in excess of net income
|
(634,141
|
)
|
|
(729,086
|
)
|
||
Accumulated other comprehensive loss
|
(1,589
|
)
|
|
(412
|
)
|
||
Total MAA shareholders' equity
|
2,992,097
|
|
|
2,890,524
|
|
||
Noncontrolling interest
|
165,726
|
|
|
161,287
|
|
||
Total equity
|
3,157,823
|
|
|
3,051,811
|
|
||
Total liabilities and equity
|
$
|
6,847,781
|
|
|
$
|
6,821,778
|
|
(1)
|
Number of shares issued and outstanding represent total shares of common stock regardless of classification on the consolidated balance sheet. The number of shares classified as redeemable stock on the consolidated balance sheet for December 31, 2015 and December 31, 2014 are
90,844
and
87,818
, respectively.
|
|
2015
|
|
2014
|
|
2013
|
||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|||
Rental revenues
|
$
|
952,196
|
|
|
$
|
902,177
|
|
|
$
|
580,963
|
|
Other property revenues
|
90,583
|
|
|
90,001
|
|
|
53,880
|
|
|||
Total property revenues
|
1,042,779
|
|
|
992,178
|
|
|
634,843
|
|
|||
Management fee income
|
—
|
|
|
154
|
|
|
647
|
|
|||
Total operating revenues
|
1,042,779
|
|
|
992,332
|
|
|
635,490
|
|
|||
Property operating expenses:
|
|
|
|
|
|
|
|
|
|||
Personnel
|
103,000
|
|
|
101,591
|
|
|
68,299
|
|
|||
Building repairs and maintenance
|
30,524
|
|
|
30,715
|
|
|
20,308
|
|
|||
Real estate taxes and insurance
|
129,618
|
|
|
123,419
|
|
|
76,922
|
|
|||
Utilities
|
89,769
|
|
|
89,150
|
|
|
51,737
|
|
|||
Landscaping
|
19,458
|
|
|
20,113
|
|
|
13,318
|
|
|||
Other operating
|
28,276
|
|
|
28,360
|
|
|
23,049
|
|
|||
Depreciation and amortization
|
294,520
|
|
|
301,812
|
|
|
186,979
|
|
|||
Total property operating expenses
|
695,165
|
|
|
695,160
|
|
|
440,612
|
|
|||
Acquisition expense
|
2,777
|
|
|
2,388
|
|
|
1,393
|
|
|||
Property management expenses
|
30,990
|
|
|
32,095
|
|
|
23,083
|
|
|||
General and administrative expenses
|
25,716
|
|
|
20,909
|
|
|
15,569
|
|
|||
Merger related expenses
|
—
|
|
|
3,152
|
|
|
32,403
|
|
|||
Integration related expenses
|
—
|
|
|
8,395
|
|
|
5,102
|
|
|||
Income from continuing operations before non-operating items
|
288,131
|
|
|
230,233
|
|
|
117,328
|
|
|||
Interest and other non-property (expense) income
|
(368
|
)
|
|
770
|
|
|
466
|
|
|||
Interest expense
|
(122,344
|
)
|
|
(123,953
|
)
|
|
(78,978
|
)
|
|||
Loss on debt extinguishment
|
(3,602
|
)
|
|
(2,586
|
)
|
|
(426
|
)
|
|||
Net casualty gain (loss) after insurance and other settlement proceeds
|
473
|
|
|
(476
|
)
|
|
(143
|
)
|
|||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
189,958
|
|
|
42,649
|
|
|
—
|
|
|||
Gain on sale of non-depreciable real estate assets
|
172
|
|
|
350
|
|
|
—
|
|
|||
Income before income tax expense
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|||
Income tax expense
|
(1,673
|
)
|
|
(2,050
|
)
|
|
(893
|
)
|
|||
Income from continuing operations before joint venture activity
|
350,747
|
|
|
144,937
|
|
|
37,354
|
|
|||
(Loss) gain from real estate joint ventures
|
(2
|
)
|
|
6,009
|
|
|
338
|
|
|||
Income from continuing operations
|
350,745
|
|
|
150,946
|
|
|
37,692
|
|
|||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|||
(Loss) income from discontinued operations before gain on sale
|
—
|
|
|
(63
|
)
|
|
4,650
|
|
|||
Net casualty gain after insurance and other settlement proceeds on discontinued operations
|
—
|
|
|
—
|
|
|
93
|
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
5,394
|
|
|
76,844
|
|
|||
Consolidated net income
|
350,745
|
|
|
156,277
|
|
|
119,279
|
|
|||
Net income attributable to noncontrolling interests
|
18,458
|
|
|
8,297
|
|
|
3,998
|
|
|||
Net income available for MAA common shareholders
|
$
|
332,287
|
|
|
$
|
147,980
|
|
|
$
|
115,281
|
|
|
|
|
|
|
|
||||||
Earnings per common share - basic:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.72
|
|
Discontinued property operations
|
—
|
|
|
0.07
|
|
|
1.55
|
|
|||
Net income available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.27
|
|
|
|
|
|
|
|
||||||
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
Discontinued property operations
|
—
|
|
|
0.07
|
|
|
1.54
|
|
|||
Net income available for common shareholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.25
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Consolidated net income
|
$
|
350,745
|
|
|
$
|
156,277
|
|
|
$
|
119,279
|
|
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
|||
Unrealized (loss) gain from the effective portion of derivative instruments
|
(8,306
|
)
|
|
(12,335
|
)
|
|
10,684
|
|
|||
Reclassification adjustment for losses included in net income for the
effective portion of derivative instruments
|
7,064
|
|
|
11,785
|
|
|
16,370
|
|
|||
Total Comprehensive Income
|
349,503
|
|
|
155,727
|
|
|
146,333
|
|
|||
Less: comprehensive income attributable to noncontrolling interests
|
(18,393
|
)
|
|
(8,267
|
)
|
|
(4,890
|
)
|
|||
Comprehensive income attributable to MAA
|
$
|
331,110
|
|
|
$
|
147,460
|
|
|
$
|
141,443
|
|
|
Mid-America Apartment Communities, Inc. Shareholders
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Additional Paid-In Capital
|
|
Accumulated
Distributions in Excess of Net Income
|
|
Accumulated
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|||||||||||||||
|
Common Stock
|
|
|
|
|
Noncontrolling Interest
|
|
Total Equity
|
|
Redeemable Stock
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2012
|
42,243
|
|
|
$
|
422
|
|
|
$
|
1,542,999
|
|
|
$
|
(603,315
|
)
|
|
$
|
(26,054
|
)
|
|
$
|
31,058
|
|
|
$
|
945,110
|
|
|
$
|
4,713
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income
|
|
|
|
|
|
|
|
|
|
115,281
|
|
|
|
|
|
3,998
|
|
|
119,279
|
|
|
|
|
|||||||
Other comprehensive income - derivative instruments (cash flow hedges)
|
|
|
|
|
|
|
|
|
|
|
|
|
26,162
|
|
|
892
|
|
|
27,054
|
|
|
|
|
|||||||
Issuance and registration of common shares
|
32,325
|
|
|
325
|
|
|
2,026,913
|
|
|
|
|
|
|
|
|
161,069
|
|
|
2,188,307
|
|
|
692
|
|
|||||||
Shares repurchased and retired
|
(10
|
)
|
|
—
|
|
|
(702
|
)
|
|
|
|
|
|
|
|
|
|
|
(702
|
)
|
|
|
|
|||||||
Exercise of stock options
|
111
|
|
|
—
|
|
|
6,212
|
|
|
|
|
|
|
|
|
|
|
|
6,212
|
|
|
|
|
|||||||
Shares issued in exchange for units
|
79
|
|
|
—
|
|
|
2,519
|
|
|
|
|
|
|
|
|
(2,519
|
)
|
|
—
|
|
|
|
|
|||||||
Redeemable stock fair market value
|
|
|
|
|
|
|
|
|
|
355
|
|
|
|
|
|
|
|
|
355
|
|
|
(355
|
)
|
|||||||
Adjustment for Noncontrolling Interest Correction
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|||||||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership
|
|
|
|
|
|
|
19,340
|
|
|
|
|
|
|
|
(19,340
|
)
|
|
—
|
|
|
|
|
||||||||
Amortization of unearned compensation
|
|
|
|
|
|
|
2,268
|
|
|
|
|
|
|
|
|
|
|
|
2,268
|
|
|
|
|
|||||||
Dividends on common stock ($2.8150 per share)
|
|
|
|
|
|
|
|
|
|
(165,914
|
)
|
|
|
|
|
|
|
(165,914
|
)
|
|
|
|
||||||||
Dividends on noncontrolling interest units ($2.8150 per unit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,432
|
)
|
|
(8,432
|
)
|
|
|
|
|||||||
EQUITY BALANCE DECEMBER 31, 2013
|
74,748
|
|
|
$
|
747
|
|
|
$
|
3,599,549
|
|
|
$
|
(653,593
|
)
|
|
$
|
108
|
|
|
$
|
166,726
|
|
|
$
|
3,113,537
|
|
|
$
|
5,050
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income
|
|
|
|
|
|
|
|
|
|
147,980
|
|
|
|
|
|
8,297
|
|
|
156,277
|
|
|
|
|
|||||||
Other comprehensive income - derivative instruments (cash flow hedges)
|
|
|
|
|
|
|
|
|
|
|
|
|
(520
|
)
|
|
(30
|
)
|
|
(550
|
)
|
|
|
|
|||||||
Issuance and registration of common shares
|
138
|
|
|
2
|
|
|
1,040
|
|
|
|
|
|
|
|
|
|
|
|
1,042
|
|
|
874
|
|
|||||||
Shares repurchased and retired
|
(12
|
)
|
|
—
|
|
|
(465
|
)
|
|
|
|
|
|
|
|
|
|
|
(465
|
)
|
|
|
|
|||||||
Exercise of stock options
|
270
|
|
|
3
|
|
|
12,242
|
|
|
|
|
|
|
|
|
|
|
|
12,245
|
|
|
|
|
|||||||
Shares issued in exchange for units
|
36
|
|
|
—
|
|
|
1,419
|
|
|
|
|
|
|
|
|
(1,419
|
)
|
|
—
|
|
|
|
|
|||||||
Shares issued in exchange for redeemable stock
|
|
|
|
|
|
998
|
|
|
|
|
|
|
|
|
|
|
|
998
|
|
|
(998
|
)
|
||||||||
Redeemable stock fair market value
|
|
|
|
|
|
|
|
|
|
(985
|
)
|
|
|
|
|
|
|
|
(985
|
)
|
|
985
|
|
|||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership
|
|
|
|
|
|
|
(144
|
)
|
|
|
|
|
|
|
|
144
|
|
|
—
|
|
|
|
|
|||||||
Amortization of unearned compensation
|
|
|
|
|
|
|
4,631
|
|
|
|
|
|
|
|
|
|
|
|
4,631
|
|
|
|
|
|||||||
Dividends on common stock ($2.9600 per share)
|
|
|
|
|
|
|
|
|
|
(222,488
|
)
|
|
|
|
|
|
|
(222,488
|
)
|
|
|
|
||||||||
Dividends on noncontrolling interest units ($2.9600 per unit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,431
|
)
|
|
(12,431
|
)
|
|
|
|
|||||||
EQUITY BALANCE DECEMBER 31, 2014
|
75,180
|
|
|
$
|
752
|
|
|
$
|
3,619,270
|
|
|
$
|
(729,086
|
)
|
|
$
|
(412
|
)
|
|
$
|
161,287
|
|
|
$
|
3,051,811
|
|
|
$
|
5,911
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income
|
|
|
|
|
|
|
|
|
|
332,287
|
|
|
|
|
|
18,458
|
|
|
350,745
|
|
|
|
|
|||||||
Other comprehensive income - derivative instruments (cash flow hedges)
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,177
|
)
|
|
(65
|
)
|
|
(1,242
|
)
|
|
|
|
|||||||
Issuance and registration of common shares
|
116
|
|
|
1
|
|
|
621
|
|
|
|
|
|
|
|
|
—
|
|
|
622
|
|
|
924
|
|
|||||||
Shares repurchased and retired
|
(13
|
)
|
|
—
|
|
|
(958
|
)
|
|
|
|
|
|
|
|
|
|
|
(958
|
)
|
|
|
|
|||||||
Exercise of stock options
|
7
|
|
|
—
|
|
|
420
|
|
|
|
|
|
|
|
|
420
|
|
|
|
|||||||||||
Shares issued in exchange for units
|
28
|
|
|
—
|
|
|
1,121
|
|
|
|
|
|
|
|
|
(1,121
|
)
|
|
—
|
|
|
|
|
|||||||
Shares issued in exchange for redeemable stock
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
||||||||||||
Redeemable stock fair market value
|
|
|
|
|
|
|
|
|
|
(1,415
|
)
|
|
|
|
|
|
|
|
(1,415
|
)
|
|
1,415
|
|
|||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership
|
|
|
|
|
|
|
(252
|
)
|
|
|
|
|
|
|
|
252
|
|
|
—
|
|
|
|
|
|||||||
Amortization of unearned compensation
|
|
|
|
|
|
6,852
|
|
|
|
|
|
|
|
|
|
|
|
6,852
|
|
|
|
|
||||||||
Dividends on common stock ($3.1300 per share)
|
|
|
|
|
|
|
|
|
|
(235,927
|
)
|
|
|
|
|
|
|
(235,927
|
)
|
|
|
|
||||||||
Dividends on noncontrolling interest units ($3.1300 per unit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,085
|
)
|
|
(13,085
|
)
|
|
|
|
|||||||
EQUITY BALANCE DECEMBER 31, 2015
|
75,318
|
|
|
$
|
753
|
|
|
$
|
3,627,074
|
|
|
$
|
(634,141
|
)
|
|
$
|
(1,589
|
)
|
|
$
|
165,726
|
|
|
$
|
3,157,823
|
|
|
$
|
8,250
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Consolidated net income
|
$
|
350,745
|
|
|
$
|
156,277
|
|
|
$
|
119,279
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Retail revenue accretion
|
(1,083
|
)
|
|
(27
|
)
|
|
(35
|
)
|
|||
Depreciation and amortization
|
294,897
|
|
|
301,744
|
|
|
189,673
|
|
|||
Stock compensation expense
|
6,147
|
|
|
4,226
|
|
|
2,268
|
|
|||
Redeemable stock issued
|
924
|
|
|
874
|
|
|
692
|
|
|||
Amortization of debt premium and debt issuance costs
|
(15,515
|
)
|
|
(21,282
|
)
|
|
(5,870
|
)
|
|||
Loss (gain) from investments in real estate joint ventures
|
6
|
|
|
(3,142
|
)
|
|
(338
|
)
|
|||
Loss on debt extinguishment
|
2,855
|
|
|
2,586
|
|
|
426
|
|
|||
Derivative interest (credit) expense
|
(2,274
|
)
|
|
(3,084
|
)
|
|
911
|
|
|||
Settlement of forward swaps
|
(1,908
|
)
|
|
(3,625
|
)
|
|
9,617
|
|
|||
Gain on sale of non-depreciable real estate assets
|
(172
|
)
|
|
(350
|
)
|
|
—
|
|
|||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
(189,958
|
)
|
|
(42,649
|
)
|
|
—
|
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
(5,394
|
)
|
|
(76,844
|
)
|
|||
Net casualty (gain) loss and other settlement proceeds
|
(473
|
)
|
|
476
|
|
|
50
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Restricted cash
|
2,091
|
|
|
(8,704
|
)
|
|
(11,844
|
)
|
|||
Other assets
|
12,475
|
|
|
2,013
|
|
|
59,032
|
|
|||
Accounts payable
|
(2,578
|
)
|
|
(3,348
|
)
|
|
(48,674
|
)
|
|||
Accrued expenses and other
|
6,307
|
|
|
7,543
|
|
|
19,890
|
|
|||
Security deposits
|
1,235
|
|
|
1,244
|
|
|
147
|
|
|||
Net cash provided by operating activities
|
463,721
|
|
|
385,378
|
|
|
258,380
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of real estate and other assets
|
(328,193
|
)
|
|
(309,174
|
)
|
|
(139,199
|
)
|
|||
Normal capital improvements
|
(88,486
|
)
|
|
(90,201
|
)
|
|
(53,439
|
)
|
|||
Construction capital and other improvements
|
(7,848
|
)
|
|
(7,998
|
)
|
|
(4,148
|
)
|
|||
Renovations to existing real estate assets
|
(30,957
|
)
|
|
(21,089
|
)
|
|
(11,008
|
)
|
|||
Development
|
(38,730
|
)
|
|
(70,788
|
)
|
|
(53,042
|
)
|
|||
Distributions from real estate joint ventures
|
6
|
|
|
15,964
|
|
|
9,768
|
|
|||
Contributions to real estate joint ventures
|
(32
|
)
|
|
—
|
|
|
(268
|
)
|
|||
Proceeds from disposition of real estate assets
|
358,017
|
|
|
254,638
|
|
|
128,978
|
|
|||
Return (funding) of escrow for future acquisitions
|
8
|
|
|
24,884
|
|
|
(24,884
|
)
|
|||
Cash acquired in connection with Colonial merger
|
—
|
|
|
—
|
|
|
63,454
|
|
|||
Net cash used in investing activities
|
(136,215
|
)
|
|
(203,764
|
)
|
|
(83,788
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Net change in credit lines
|
(180,900
|
)
|
|
(157,184
|
)
|
|
(308,000
|
)
|
|||
Proceeds from notes payable
|
395,960
|
|
|
396,855
|
|
|
347,759
|
|
|||
Principal payments on notes payable
|
(279,077
|
)
|
|
(260,347
|
)
|
|
(11,103
|
)
|
|||
Payment of deferred financing costs
|
(7,690
|
)
|
|
(4,992
|
)
|
|
(6,933
|
)
|
|||
Repurchase of common stock
|
(958
|
)
|
|
(465
|
)
|
|
(702
|
)
|
|||
Proceeds from issuances of common shares
|
622
|
|
|
1,042
|
|
|
25,680
|
|
|||
Exercise of stock options
|
420
|
|
|
12,245
|
|
|
6,212
|
|
|||
Distributions to noncontrolling interests
|
(12,898
|
)
|
|
(12,290
|
)
|
|
(6,550
|
)
|
|||
Dividends paid on common shares
|
(232,079
|
)
|
|
(219,158
|
)
|
|
(140,697
|
)
|
|||
Net cash used in financing activities
|
(316,600
|
)
|
|
(244,294
|
)
|
|
(94,334
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
10,906
|
|
|
(62,680
|
)
|
|
80,258
|
|
|||
Cash and cash equivalents, beginning of period
|
26,653
|
|
|
89,333
|
|
|
9,075
|
|
|||
Cash and cash equivalents, end of period
|
$
|
37,559
|
|
|
$
|
26,653
|
|
|
$
|
89,333
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
140,811
|
|
|
$
|
146,202
|
|
|
$
|
83,628
|
|
Income taxes paid
|
$
|
2,103
|
|
|
$
|
1,596
|
|
|
$
|
803
|
|
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
||||||
Conversion of units to shares of common stock
|
$
|
1,121
|
|
|
$
|
1,419
|
|
|
$
|
2,519
|
|
Accrued construction in progress
|
$
|
5,873
|
|
|
$
|
6,626
|
|
|
$
|
10,165
|
|
Interest capitalized
|
$
|
1,655
|
|
|
$
|
1,722
|
|
|
$
|
2,089
|
|
Marked-to-market adjustment on derivative instruments
|
$
|
2,963
|
|
|
$
|
6,159
|
|
|
$
|
26,143
|
|
Fair value adjustment on debt assumed
|
$
|
—
|
|
|
$
|
5,284
|
|
|
$
|
86,671
|
|
Loan assumption
|
$
|
—
|
|
|
$
|
93,049
|
|
|
$
|
707,716
|
|
Purchase price for Colonial merger
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,162,876
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Assets:
|
|
|
|
||||
Real estate assets:
|
|
|
|
||||
Land
|
$
|
926,532
|
|
|
$
|
913,408
|
|
Buildings and improvements
|
6,939,288
|
|
|
6,781,210
|
|
||
Furniture, fixtures and equipment
|
228,157
|
|
|
214,742
|
|
||
Development and capital improvements in progress
|
44,355
|
|
|
80,772
|
|
||
|
8,138,332
|
|
|
7,990,132
|
|
||
Less accumulated depreciation
|
(1,482,368
|
)
|
|
(1,358,400
|
)
|
||
|
6,655,964
|
|
|
6,631,732
|
|
||
|
|
|
|
||||
Undeveloped land
|
51,779
|
|
|
55,997
|
|
||
Corporate properties, net
|
8,812
|
|
|
7,988
|
|
||
Investments in real estate joint ventures
|
1,811
|
|
|
1,791
|
|
||
Real estate assets, net
|
6,718,366
|
|
|
6,697,508
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
37,559
|
|
|
26,653
|
|
||
Restricted cash
|
26,082
|
|
|
28,181
|
|
||
Deferred financing costs, net
|
5,232
|
|
|
5,996
|
|
||
Other assets
|
58,935
|
|
|
61,119
|
|
||
Goodwill
|
1,607
|
|
|
2,321
|
|
||
Total assets
|
$
|
6,847,781
|
|
|
$
|
6,821,778
|
|
|
|
|
|
||||
Liabilities and Capital:
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
|
||
Secured notes payable
|
$
|
1,286,236
|
|
|
$
|
1,589,641
|
|
Unsecured notes payable
|
2,141,332
|
|
|
1,923,058
|
|
||
Accounts payable
|
5,922
|
|
|
8,395
|
|
||
Fair market value of interest rate swaps
|
10,358
|
|
|
13,392
|
|
||
Accrued expenses and other liabilities
|
226,237
|
|
|
219,044
|
|
||
Security deposits
|
11,623
|
|
|
10,526
|
|
||
Due to general partner
|
19
|
|
|
19
|
|
||
Total liabilities
|
3,681,727
|
|
|
3,764,075
|
|
||
|
|
|
|
||||
Redeemable units
|
8,250
|
|
|
5,911
|
|
||
|
|
|
|
||||
Capital:
|
|
|
|
|
|
||
General partner: 75,408,571 OP Units outstanding at December 31, 2015 and 75,267,675 OP Units outstanding at December 31, 2014
(1)
|
2,993,696
|
|
|
2,890,858
|
|
||
Limited partners: 4,162,996 OP Units outstanding at December 31, 2015 and 4,191,152 OP Units outstanding at December 31, 2014
(1)
|
165,726
|
|
|
161,310
|
|
||
Accumulated other comprehensive loss
|
(1,618
|
)
|
|
(376
|
)
|
||
Total capital
|
3,157,804
|
|
|
3,051,792
|
|
||
Total liabilities and capital
|
$
|
6,847,781
|
|
|
$
|
6,821,778
|
|
(1)
|
Number of units outstanding represent total OP Units regardless of classification on the consolidated balance sheet. The number of units classified as redeemable units on the consolidated balance sheet at
December 31, 2015
and
December 31, 2014
are
90,844
and
87,818
, respectively.
|
|
2015
|
|
2014
|
|
2013
|
||||||
Operating revenues:
|
|
|
|
|
|
||||||
Rental revenues
|
$
|
952,196
|
|
|
$
|
902,177
|
|
|
$
|
580,963
|
|
Other property revenues
|
90,583
|
|
|
90,001
|
|
|
53,880
|
|
|||
Total property revenues
|
1,042,779
|
|
|
992,178
|
|
|
634,843
|
|
|||
Management fee income
|
—
|
|
|
154
|
|
|
647
|
|
|||
Total operating revenues
|
1,042,779
|
|
|
992,332
|
|
|
635,490
|
|
|||
Property operating expenses:
|
|
|
|
|
|
|
|
|
|||
Personnel
|
103,000
|
|
|
101,591
|
|
|
68,299
|
|
|||
Building repairs and maintenance
|
30,524
|
|
|
30,715
|
|
|
20,308
|
|
|||
Real estate taxes and insurance
|
129,618
|
|
|
123,419
|
|
|
76,922
|
|
|||
Utilities
|
89,769
|
|
|
89,150
|
|
|
51,737
|
|
|||
Landscaping
|
19,458
|
|
|
20,113
|
|
|
13,318
|
|
|||
Other operating
|
28,276
|
|
|
28,360
|
|
|
23,049
|
|
|||
Depreciation and amortization
|
294,520
|
|
|
301,812
|
|
|
186,979
|
|
|||
Total property operating expenses
|
695,165
|
|
|
695,160
|
|
|
440,612
|
|
|||
Acquisition expense
|
2,777
|
|
|
2,388
|
|
|
1,393
|
|
|||
Property management expenses
|
30,990
|
|
|
32,095
|
|
|
23,083
|
|
|||
General and administrative expenses
|
25,716
|
|
|
20,909
|
|
|
15,569
|
|
|||
Merger related expenses
|
—
|
|
|
3,152
|
|
|
32,403
|
|
|||
Integration related expenses
|
—
|
|
|
8,395
|
|
|
5,102
|
|
|||
Income from continuing operations before non-operating items
|
288,131
|
|
|
230,233
|
|
|
117,328
|
|
|||
Interest and other non-property (expense) income
|
(368
|
)
|
|
770
|
|
|
466
|
|
|||
Interest expense
|
(122,344
|
)
|
|
(123,953
|
)
|
|
(78,978
|
)
|
|||
Loss on debt extinguishment
|
(3,602
|
)
|
|
(2,586
|
)
|
|
(426
|
)
|
|||
Net casualty gain (loss) after insurance and other settlement proceeds
|
473
|
|
|
(476
|
)
|
|
(143
|
)
|
|||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
189,958
|
|
|
42,649
|
|
|
—
|
|
|||
Gain on sale of non-depreciable real estate assets
|
172
|
|
|
350
|
|
|
—
|
|
|||
Income before income tax expense
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|||
Income tax expense
|
(1,673
|
)
|
|
(2,050
|
)
|
|
(893
|
)
|
|||
Income from continuing operations before joint venture activity
|
350,747
|
|
|
144,937
|
|
|
37,354
|
|
|||
(Loss) gain from real estate joint ventures
|
(2
|
)
|
|
6,009
|
|
|
338
|
|
|||
Income from continuing operations
|
350,745
|
|
|
150,946
|
|
|
37,692
|
|
|||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|||
(Loss) income from discontinued operations before gain on sale
|
—
|
|
|
(63
|
)
|
|
4,239
|
|
|||
Net casualty gain after insurance and other settlement proceeds on discontinued operations
|
—
|
|
|
—
|
|
|
93
|
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
5,394
|
|
|
65,520
|
|
|||
Net income available for Mid-America Apartments, L.P. common unitholders
|
$
|
350,745
|
|
|
$
|
156,277
|
|
|
$
|
107,544
|
|
|
|
|
|
|
|
||||||
Earnings per common unit - basic:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
Income from discontinued operations available for common unitholders
|
—
|
|
|
0.07
|
|
|
1.31
|
|
|||
Net income available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
||||||
Earnings per common unit - diluted:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
Income from discontinued operations available for common unitholders
|
—
|
|
|
0.07
|
|
|
1.31
|
|
|||
Net income available for common unitholders
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Consolidated net income
|
$
|
350,745
|
|
|
$
|
156,277
|
|
|
$
|
107,544
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Unrealized (loss) gain from the effective portion of derivative instruments
|
(8,306
|
)
|
|
(12,335
|
)
|
|
10,684
|
|
|||
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments
|
7,064
|
|
|
11,785
|
|
|
16,370
|
|
|||
Comprehensive income attributable to Mid-America Apartments, L.P.
|
$
|
349,503
|
|
|
$
|
155,727
|
|
|
$
|
134,598
|
|
|
|
|
|
|
|
||||||
See accompanying notes to consolidated financial statements.
|
|
Mid-America Apartments, L.P. Unitholders
|
|
|
|
||||||||||||||
|
Limited Partner
|
|
General Partner
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total Partnership Capital
|
Redeemable Units
|
||||||||||
CAPITAL BALANCE DECEMBER 31, 2012
|
$
|
38,154
|
|
|
$
|
927,734
|
|
|
$
|
(26,881
|
)
|
|
$
|
939,007
|
|
$
|
4,713
|
|
Net income
|
3,979
|
|
|
103,565
|
|
|
—
|
|
|
107,544
|
|
—
|
|
|||||
Other comprehensive income - derivative instruments (cash flow hedges)
|
—
|
|
|
—
|
|
|
27,055
|
|
|
27,055
|
|
—
|
|
|||||
Issuance of units
|
161,069
|
|
|
2,027,237
|
|
|
—
|
|
|
2,188,306
|
|
692
|
|
|||||
Units repurchased and retired
|
—
|
|
|
(702
|
)
|
|
—
|
|
|
(702
|
)
|
—
|
|
|||||
Exercise of unit options
|
—
|
|
|
6,212
|
|
|
—
|
|
|
6,212
|
|
—
|
|
|||||
General partner units issued in exchange for limited partner units
|
(2,519
|
)
|
|
2,519
|
|
|
—
|
|
|
—
|
|
—
|
|
|||||
Redeemable units fair market value adjustment
|
—
|
|
|
355
|
|
|
—
|
|
|
355
|
|
(355
|
)
|
|||||
Adjustment for limited partners' capital at redemption value
|
(25,505
|
)
|
|
43,324
|
|
|
—
|
|
|
17,819
|
|
—
|
|
|||||
Amortization of unearned compensation
|
—
|
|
|
2,268
|
|
|
—
|
|
|
2,268
|
|
—
|
|
|||||
Distributions ($2.8150 per unit)
|
(8,432
|
)
|
|
(165,914
|
)
|
|
—
|
|
|
(174,346
|
)
|
—
|
|
|||||
CAPITAL BALANCE DECEMBER 31, 2013
|
$
|
166,746
|
|
|
$
|
2,946,598
|
|
|
$
|
174
|
|
|
$
|
3,113,518
|
|
$
|
5,050
|
|
Net income
|
8,297
|
|
|
147,980
|
|
|
—
|
|
|
156,277
|
|
—
|
|
|||||
Other comprehensive income - derivative instruments (cash flow hedges)
|
—
|
|
|
—
|
|
|
(550
|
)
|
|
(550
|
)
|
—
|
|
|||||
Issuance of units
|
—
|
|
|
1,042
|
|
|
—
|
|
|
1,042
|
|
874
|
|
|||||
Units repurchased and retired
|
—
|
|
|
(465
|
)
|
|
—
|
|
|
(465
|
)
|
—
|
|
|||||
Exercise of unit options
|
—
|
|
|
12,245
|
|
|
—
|
|
|
12,245
|
|
—
|
|
|||||
General partner units issued in exchange for limited partner units
|
(1,419
|
)
|
|
1,419
|
|
|
—
|
|
|
—
|
|
—
|
|
|||||
Units issued in exchange for redeemable units
|
—
|
|
|
998
|
|
|
—
|
|
|
998
|
|
(998
|
)
|
|||||
Redeemable units fair market value adjustment
|
—
|
|
|
(985
|
)
|
|
—
|
|
|
(985
|
)
|
985
|
|
|||||
Adjustment for limited partners' capital at redemption value
|
117
|
|
|
(117
|
)
|
|
—
|
|
|
—
|
|
—
|
|
|||||
Amortization of unearned compensation
|
—
|
|
|
4,631
|
|
|
—
|
|
|
4,631
|
|
—
|
|
|||||
Distributions ($2.9600 per unit)
|
(12,431
|
)
|
|
(222,488
|
)
|
|
—
|
|
|
(234,919
|
)
|
—
|
|
|||||
CAPITAL BALANCE DECEMBER 31, 2014
|
$
|
161,310
|
|
|
$
|
2,890,858
|
|
|
$
|
(376
|
)
|
|
$
|
3,051,792
|
|
$
|
5,911
|
|
Net income
|
18,458
|
|
|
332,287
|
|
|
—
|
|
|
350,745
|
|
—
|
|
|||||
Other comprehensive income - derivative instruments (cash flow hedges)
|
—
|
|
|
—
|
|
|
(1,242
|
)
|
|
(1,242
|
)
|
—
|
|
|||||
Issuance of units
|
—
|
|
|
622
|
|
|
—
|
|
|
622
|
|
924
|
|
|||||
Units repurchased and retired
|
—
|
|
|
(958
|
)
|
|
—
|
|
|
(958
|
)
|
—
|
|
|||||
Exercise of unit options
|
—
|
|
|
420
|
|
|
—
|
|
|
420
|
|
—
|
|
|||||
General partner units issued in exchange for limited partner units
|
(1,121
|
)
|
|
1,121
|
|
|
—
|
|
|
—
|
|
—
|
|
|||||
Units issued in exchange for redeemable units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|||||
Redeemable units fair market value adjustment
|
—
|
|
|
(1,415
|
)
|
|
—
|
|
|
(1,415
|
)
|
1,415
|
|
|||||
Adjustment for limited partners' capital at redemption value
|
164
|
|
|
(164
|
)
|
|
—
|
|
|
—
|
|
—
|
|
|||||
Amortization of unearned compensation
|
—
|
|
|
6,852
|
|
|
—
|
|
|
6,852
|
|
—
|
|
|||||
Distributions ($3.1300 per unit)
|
(13,085
|
)
|
|
(235,927
|
)
|
|
—
|
|
|
(249,012
|
)
|
—
|
|
|||||
CAPITAL BALANCE DECEMBER 31, 2015
|
$
|
165,726
|
|
|
$
|
2,993,696
|
|
|
$
|
(1,618
|
)
|
|
$
|
3,157,804
|
|
$
|
8,250
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Consolidated net income
|
$
|
350,745
|
|
|
$
|
156,277
|
|
|
$
|
107,544
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Retail revenue accretion
|
(1,083
|
)
|
|
(27
|
)
|
|
(35
|
)
|
|||
Depreciation and amortization
|
294,897
|
|
|
301,744
|
|
|
189,437
|
|
|||
Stock compensation expense
|
6,147
|
|
|
4,226
|
|
|
2,268
|
|
|||
Redeemable units issued
|
924
|
|
|
874
|
|
|
692
|
|
|||
Amortization of debt premium and debt issuance costs
|
(15,515
|
)
|
|
(21,282
|
)
|
|
(5,870
|
)
|
|||
Loss (gain) from investments in real estate joint ventures
|
6
|
|
|
(3,142
|
)
|
|
(338
|
)
|
|||
Loss on debt extinguishment
|
2,855
|
|
|
2,586
|
|
|
426
|
|
|||
Derivative interest (credit) expense
|
(2,274
|
)
|
|
(3,084
|
)
|
|
912
|
|
|||
Settlement of forward swaps
|
(1,908
|
)
|
|
(3,625
|
)
|
|
9,617
|
|
|||
Gain on sale of non-depreciable real estate assets
|
(172
|
)
|
|
(350
|
)
|
|
—
|
|
|||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
(189,958
|
)
|
|
(42,649
|
)
|
|
—
|
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
(5,394
|
)
|
|
(65,520
|
)
|
|||
Net casualty (gain) loss and other settlement proceeds
|
(473
|
)
|
|
476
|
|
|
50
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Restricted cash
|
2,091
|
|
|
(8,704
|
)
|
|
(11,843
|
)
|
|||
Other assets
|
12,475
|
|
|
2,013
|
|
|
58,904
|
|
|||
Accounts payable
|
(2,578
|
)
|
|
(3,348
|
)
|
|
(48,641
|
)
|
|||
Accrued expenses and other
|
6,307
|
|
|
7,543
|
|
|
20,135
|
|
|||
Security deposits
|
1,235
|
|
|
1,244
|
|
|
166
|
|
|||
Net cash provided by operating activities
|
463,721
|
|
|
385,378
|
|
|
257,904
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of real estate and other assets
|
(328,193
|
)
|
|
(309,174
|
)
|
|
(139,199
|
)
|
|||
Normal capital improvements
|
(88,486
|
)
|
|
(90,201
|
)
|
|
(53,357
|
)
|
|||
Construction capital and other improvements
|
(7,848
|
)
|
|
(7,998
|
)
|
|
(4,148
|
)
|
|||
Renovations to existing real estate assets
|
(30,957
|
)
|
|
(21,089
|
)
|
|
(11,008
|
)
|
|||
Development
|
(38,730
|
)
|
|
(70,788
|
)
|
|
(53,042
|
)
|
|||
Distributions from real estate joint ventures
|
6
|
|
|
15,964
|
|
|
9,768
|
|
|||
Contributions to real estate joint ventures
|
(32
|
)
|
|
—
|
|
|
(268
|
)
|
|||
Proceeds from disposition of real estate assets
|
358,017
|
|
|
254,638
|
|
|
112,293
|
|
|||
Return (funding) of escrow for future acquisitions
|
8
|
|
|
24,884
|
|
|
(24,884
|
)
|
|||
Cash acquired in connection with Colonial merger
|
—
|
|
|
—
|
|
|
63,454
|
|
|||
Net cash used in investing activities
|
(136,215
|
)
|
|
(203,764
|
)
|
|
(100,391
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Advances from general partner
|
—
|
|
|
—
|
|
|
17,220
|
|
|||
Net change in credit lines
|
(180,900
|
)
|
|
(157,184
|
)
|
|
(308,000
|
)
|
|||
Proceeds from notes payable
|
395,960
|
|
|
396,855
|
|
|
347,759
|
|
|||
Principal payments on notes payable
|
(279,077
|
)
|
|
(260,347
|
)
|
|
(11,103
|
)
|
|||
Payment of deferred financing costs
|
(7,690
|
)
|
|
(4,992
|
)
|
|
(6,933
|
)
|
|||
Repurchase of common units
|
(958
|
)
|
|
(465
|
)
|
|
(702
|
)
|
|||
Proceeds from issuances of common units
|
622
|
|
|
1,042
|
|
|
25,680
|
|
|||
Exercise of unit options
|
420
|
|
|
12,245
|
|
|
6,212
|
|
|||
Distributions paid on common units
|
(244,977
|
)
|
|
(231,448
|
)
|
|
(147,247
|
)
|
|||
Net cash used in financing activities
|
(316,600
|
)
|
|
(244,294
|
)
|
|
(77,114
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
10,906
|
|
|
(62,680
|
)
|
|
80,399
|
|
|||
Cash and cash equivalents, beginning of period
|
26,653
|
|
|
89,333
|
|
|
8,934
|
|
|||
Cash and cash equivalents, end of period
|
$
|
37,559
|
|
|
$
|
26,653
|
|
|
$
|
89,333
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
140,811
|
|
|
$
|
146,202
|
|
|
$
|
83,628
|
|
Income taxes paid
|
$
|
2,103
|
|
|
$
|
1,596
|
|
|
$
|
803
|
|
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
||||||
Accrued construction in progress
|
$
|
5,873
|
|
|
$
|
6,626
|
|
|
$
|
10,165
|
|
Interest capitalized
|
$
|
1,655
|
|
|
$
|
1,722
|
|
|
$
|
2,089
|
|
Marked-to-market adjustment on derivative instruments
|
$
|
2,963
|
|
|
$
|
6,159
|
|
|
$
|
26,143
|
|
Fair value adjustment on debt assumed
|
$
|
—
|
|
|
$
|
5,284
|
|
|
$
|
86,671
|
|
Loan assumption
|
$
|
—
|
|
|
$
|
93,049
|
|
|
$
|
707,716
|
|
Purchase price for Colonial merger
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,162,876
|
|
1.
|
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
•
|
enhances a readers' understanding of MAA and the Operating Partnership by enabling the reader to view the business as a whole in the same manner that management views and operates the business;
|
•
|
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both MAA and the Operating Partnership.
|
Standard
|
Description
|
Date of Adoption
|
Effect on the Financial Statements or Other Significant Matters
|
Accounting Standards Update (ASU) 2015-03 and ASU 2015-15,
Interest -Imputation of Interest
|
ASU 2015-03, requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement.
|
This ASU is effective for annual periods ending after December 15, 2015; however, early adoption is permitted.
|
We adopted this ASU on December 31, 2015. The adoption of this ASU resulted in the reclassification of $13.3 million and $11.8 million of unamortized debt issuance costs related to the company’s secured property mortgages, senior unsecured notes, and unsecured term loans from Deferred financing costs, net to a reduction in Unsecured and Secured notes payable within its Consolidated Balance Sheets as of December 31, 2015 and 2014, respectively.
|
Land
|
$
|
469,396
|
|
Buildings and improvements
|
3,080,858
|
|
|
Furniture, fixtures and equipment
|
96,377
|
|
|
Development and capital improvements in progress
|
113,368
|
|
|
Undeveloped land
|
58,400
|
|
|
Properties held for sale
|
33,300
|
|
|
Lease intangible assets
|
57,946
|
|
|
Cash and cash equivalents
|
63,454
|
|
|
Restricted cash
|
6,825
|
|
|
Deferred costs and other assets, excluding lease intangible assets
|
86,141
|
|
|
Total assets acquired
|
4,066,065
|
|
|
|
|
||
Notes payable
|
(1,759,550)
|
|
|
Fair market value of interest rate swaps
|
(14,961)
|
|
|
Accounts payable, accrued expenses, and other liabilities
|
(128,678)
|
|
|
Total liabilities assumed, including debt
|
(1,903,189
|
)
|
|
|
|
||
Total purchase price
|
$
|
2,162,876
|
|
(dollars and shares in thousands, except per share amounts)
|
Years ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Shares Outstanding
|
|
|
|
|
|
||||||
Weighted average common shares - basic
|
75,176
|
|
|
74,982
|
|
|
50,677
|
|
|||
Weighted average partnership units outstanding
|
—
|
|
(1)
|
—
|
|
(1)
|
2,351
|
|
|||
Effect of dilutive securities
|
—
|
|
(2)
|
—
|
|
(2)
|
88
|
|
|||
Weighted average common shares - diluted
|
75,176
|
|
|
74,982
|
|
|
53,116
|
|
|||
|
|
|
|
|
|
||||||
Calculation of Earnings per Share - basic
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
Income from continuing operations attributable to noncontrolling interests
|
(18,458
|
)
|
|
(8,013
|
)
|
|
(1,154
|
)
|
|||
Income from continuing operations allocated to unvested restricted shares
|
(772
|
)
|
|
(278
|
)
|
|
(34
|
)
|
|||
Income from continuing operations available for common shareholders, adjusted
|
$
|
331,515
|
|
|
$
|
142,655
|
|
|
$
|
36,504
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
$
|
—
|
|
|
$
|
5,331
|
|
|
$
|
81,587
|
|
Income from discontinued operations attributable to noncontrolling interest
|
—
|
|
|
(284
|
)
|
|
(2,845
|
)
|
|||
Income from discontinued operations allocated to unvested restricted shares
|
—
|
|
|
(10
|
)
|
|
(73
|
)
|
|||
Income from discontinued operations available for common shareholders, adjusted
|
$
|
—
|
|
|
$
|
5,037
|
|
|
$
|
78,669
|
|
|
|
|
|
|
|
||||||
Weighted average common shares - basic
|
75,176
|
|
|
74,982
|
|
|
50,677
|
|
|||
Earnings per share - basic
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.27
|
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Share - diluted
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
Income from continuing operations attributable to noncontrolling interests
|
(18,458
|
)
|
(1)
|
(8,013
|
)
|
(1)
|
—
|
|
|||
Income from continuing operations allocated to unvested restricted shares
|
(772
|
)
|
(2)
|
(278
|
)
|
(2)
|
—
|
|
|||
Income from continuing operations available for common shareholders, adjusted
|
$
|
331,515
|
|
|
$
|
142,655
|
|
|
$
|
37,692
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
$
|
—
|
|
|
$
|
5,331
|
|
|
$
|
81,587
|
|
Income from discontinued operations attributable to noncontrolling interest
|
—
|
|
(1)
|
(284
|
)
|
(1)
|
—
|
|
|||
Income from discontinued operations allocated to unvested restricted shares
|
—
|
|
(2)
|
(10
|
)
|
(2)
|
—
|
|
|||
Income from discontinued operations available for common shareholders, adjusted
|
$
|
—
|
|
|
$
|
5,037
|
|
|
$
|
81,587
|
|
|
|
|
|
|
|
||||||
Weighted average common shares - diluted
|
75,176
|
|
|
74,982
|
|
|
53,116
|
|
|||
Earnings per share - diluted
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.25
|
|
(dollars and units in thousands, except per unit amounts)
|
Years ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Units Outstanding
|
|
|
|
|
|
||||||
Weighted average common units - basic
|
79,361
|
|
|
79,188
|
|
|
53,075
|
|
|||
Effect of dilutive securities
|
—
|
|
(1)
|
—
|
|
(1)
|
88
|
|
|||
Weighted average common units - diluted
|
79,361
|
|
|
79,188
|
|
|
53,163
|
|
|||
|
|
|
|
|
|
||||||
Calculation of Earnings per Unit - basic
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
Income from continuing operations allocated to unvested restricted shares
|
(772
|
)
|
|
(278
|
)
|
|
(33
|
)
|
|||
Income from continuing operations available for common unitholders, adjusted
|
$
|
349,973
|
|
|
$
|
150,668
|
|
|
$
|
37,659
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
$
|
—
|
|
|
$
|
5,331
|
|
|
$
|
69,852
|
|
Income from discontinued operations allocated to unvested restricted shares
|
—
|
|
|
(10
|
)
|
|
(62
|
)
|
|||
Income from discontinued operations available for common unitholders, adjusted
|
$
|
—
|
|
|
$
|
5,321
|
|
|
$
|
69,790
|
|
|
|
|
|
|
|
||||||
Weighted average common units - basic
|
79,361
|
|
|
79,188
|
|
|
53,075
|
|
|||
Earnings per unit - basic:
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Unit - diluted
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
Income from continuing operations allocated to unvested restricted shares
|
(772
|
)
|
(1)
|
(278
|
)
|
(1)
|
—
|
|
|||
Income from continuing operations available for common unitholders, adjusted
|
$
|
349,973
|
|
|
$
|
150,668
|
|
|
$
|
37,692
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
$
|
—
|
|
|
$
|
5,331
|
|
|
$
|
69,852
|
|
Income from discontinued operations allocated to unvested restricted shares
|
—
|
|
(1)
|
(10
|
)
|
(1)
|
—
|
|
|||
Income from discontinued operations available for common unitholders, adjusted
|
$
|
—
|
|
|
$
|
5,321
|
|
|
$
|
69,852
|
|
|
|
|
|
|
|
||||||
Weighted average common units - diluted
|
79,361
|
|
|
79,188
|
|
|
53,163
|
|
|||
Earnings per unit - diluted:
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
Nonvested Shares
|
|
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|||
Nonvested at January 1, 2015
|
|
145,049
|
|
|
$
|
63.25
|
|
Issued
|
|
93,356
|
|
|
72.54
|
|
|
Vested
|
|
(49,156
|
)
|
|
58.08
|
|
|
Forfeited
|
|
(1,308
|
)
|
|
65.88
|
|
|
Nonvested at December 31, 2015
|
|
187,941
|
|
|
$
|
63.36
|
|
|
|
2013
|
Term - minimum
|
|
0.25 years
|
Term - maximum
|
|
5.50 years
|
Risk free rate - minimum
|
|
0.02%
|
Risk free rate - maximum
|
|
1.55%
|
Dividend yield
|
|
4.21%
|
Volatility - minimum
|
|
15.60%
|
Volatility - maximum
|
|
46.29%
|
Stock Options
|
|
Options
|
|
Weighted
Average
Exercise Price
|
|||
Outstanding at January 1, 2015
|
|
74,454
|
|
|
$
|
82.33
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(7,342
|
)
|
|
57.23
|
|
|
Expired
|
|
(9,000
|
)
|
|
76.87
|
|
|
Outstanding at December 31, 2015
|
|
58,112
|
|
|
$
|
86.21
|
|
•
|
$240.0 million
of the Fannie Mae Facility, of which
$240.0 million
has been borrowed as of
December 31, 2015
; and
|
•
|
$310.0 million
of senior unsecured notes, all of which has been borrowed as of
December 31, 2015
.
|
|
Borrowed
Balance
|
|
Effective
Rate
|
|
Contract
Maturity
|
|||
Fixed Rate Secured Debt
|
|
|
|
|
|
|
|
|
Individual property mortgages
|
$
|
1,012,862
|
|
|
3.9
|
%
|
|
7/12/2019
|
Fannie Mae conventional credit facilities
|
50,000
|
|
|
4.7
|
%
|
|
3/31/2017
|
|
Total fixed rate secured debt
|
1,062,862
|
|
|
3.9
|
%
|
|
6/2/2019
|
|
|
|
|
|
|
|
|||
Variable Rate Secured Debt
(1)
|
|
|
|
|
|
|||
Fannie Mae conventional credit facilities
|
190,000
|
|
|
0.8
|
%
|
|
8/26/2017
|
|
Total variable rate secured debt
|
190,000
|
|
|
0.8
|
%
|
|
8/26/2017
|
|
|
|
|
|
|
|
|||
Fair market value adjustments and debt issuance costs
|
33,374
|
|
|
|
|
|
3/13/2019
|
|
Total Secured Debt
|
$
|
1,286,236
|
|
|
3.5
|
%
|
|
2/25/2019
|
|
|
|
|
|
|
|||
Unsecured Debt
|
|
|
|
|
|
|||
Variable rate credit facility
|
75,000
|
|
|
1.2
|
%
|
|
4/15/2020
|
|
Term loan fixed with swaps
|
550,000
|
|
|
3.1
|
%
|
|
11/10/2017
|
|
Fixed rate bonds
|
1,535,246
|
|
|
4.2
|
%
|
|
9/16/2023
|
|
Fair market value adjustments, debt issuance costs and discounts
|
(18,914
|
)
|
|
|
|
|
7/2/2025
|
|
Total Unsecured Debt
|
$
|
2,141,332
|
|
|
3.8
|
%
|
|
1/26/2022
|
|
|
|
|
|
|
|||
Total Outstanding Debt
|
$
|
3,427,568
|
|
|
3.7
|
%
|
|
12/22/2020
|
|
|
At December 31, 2015
|
|
|
||||||||||
|
|
Actual
Interest
Rates
|
|
Current Average
Interest
Rate
|
|
Maturity
|
|
Balance
|
|
Balance at
December 31, 2014 |
||||
Fixed Rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Secured
|
|
1.77 - 6.21%
|
|
3.97%
|
|
2016-2025
|
|
$
|
1,062.9
|
|
|
$
|
1,129.5
|
|
Unsecured
|
|
3.15 - 6.05%
|
|
4.21%
|
|
2016-2025
|
|
1,535.2
|
|
|
1,320.2
|
|
||
Interest rate swaps
|
|
2.45 - 6.63%
|
|
4.19%
|
|
2017-2018
|
|
550.0
|
|
|
625.0
|
|
||
|
|
|
|
|
|
|
|
$
|
3,148.1
|
|
|
$
|
3,074.7
|
|
Variable Rate:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Secured
|
|
0.80%
|
|
0.82%
|
|
2017
|
|
65.0
|
|
|
83.5
|
|
||
Secured interest rate caps
|
|
0.80%
|
|
0.82%
|
|
2017
|
|
125.0
|
|
|
255.4
|
|
||
Unsecured
|
|
1.23%
|
|
1.23%
|
|
2020
|
|
75.0
|
|
|
59.0
|
|
||
|
|
|
|
|
|
|
|
$
|
265.0
|
|
|
$
|
397.9
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair market value adjustments, debt issuance costs and discounts
|
|
|
|
$
|
14.5
|
|
|
$
|
40.1
|
|
||||
|
|
|
|
|
|
|
|
$
|
3,427.6
|
|
|
$
|
3,512.7
|
|
Year
|
Amortization
|
|
Maturities
|
|
Total
|
||||||
2016
|
$
|
18,989
|
|
|
$
|
188,824
|
|
|
$
|
207,813
|
|
2017
|
17,157
|
|
|
156,170
|
|
|
173,327
|
|
|||
2018
|
14,663
|
|
|
465,429
|
|
|
480,092
|
|
|||
2019
|
7,044
|
|
|
539,474
|
|
|
546,518
|
|
|||
2020
|
3,361
|
|
|
377,456
|
|
|
380,817
|
|
|||
Thereafter
|
(1,004
|
)
|
|
1,640,005
|
|
|
1,639,001
|
|
|||
|
$
|
60,210
|
|
|
$
|
3,367,358
|
|
|
$
|
3,427,568
|
|
Interest Rate Derivative
|
Number of Instruments
|
Notional
|
Interest Rate Caps
|
5
|
$125,000,000
|
Interest Rate Swaps
|
7
|
$550,000,000
|
Derivatives in Cash Flow Hedging Relationships
|
|
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
|
|
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|
|
Amount of Gain or (Loss)
Reclassified from Accumulated
OCI into Income (Effective Portion)
|
|
Location of Gain or (Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
|
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness
Testing)
|
||||||||||||||||||||||||||||||
Years ended December 31,
|
|
2015
|
|
2014
|
|
2013
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
Interest rate contracts
|
|
$
|
(8,306
|
)
|
|
$
|
(12,335
|
)
|
|
$
|
10,684
|
|
|
Interest expense
|
|
$
|
(7,064
|
)
|
|
$
|
(11,785
|
)
|
|
$
|
(16,370
|
)
|
|
Interest expense
|
|
$
|
(100
|
)
|
|
$
|
(157
|
)
|
|
$
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total derivatives in cash flow hedging relationships
|
|
$
|
(8,306
|
)
|
|
$
|
(12,335
|
)
|
|
$
|
10,684
|
|
|
|
|
$
|
(7,064
|
)
|
|
$
|
(11,785
|
)
|
|
$
|
(16,370
|
)
|
|
|
|
$
|
(100
|
)
|
|
$
|
(157
|
)
|
|
$
|
37
|
|
Derivatives Not Designated as
Hedging Instruments
|
|
Location of Gain or (Loss) Recognized
in Income on Derivative
|
|
Amount of Gain or (Loss)
Recognized in Income on Derivative
|
||||||||||
For the year ended December 31,
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Interest rate products
|
|
Interest income/(expense)
|
|
$
|
(3
|
)
|
|
$
|
(146
|
)
|
|
$
|
(16
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
|
|
|
$
|
(3
|
)
|
|
$
|
(146
|
)
|
|
$
|
(16
|
)
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component
|
|
Affected Line Item in the Consolidated Statements Of Operations
|
|
Gains and Losses on Cash Flow Hedges
|
||||||||||
For the year ended December 31,
|
|
|
2015
|
|
2014
|
|
2013
|
|||||||
Beginning balance
|
|
|
|
$
|
(412
|
)
|
|
$
|
108
|
|
|
$
|
(26,054
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
|
|
(8,306
|
)
|
|
(12,335
|
)
|
|
10,684
|
|
|||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts)
|
|
Interest (income)/expense
|
|
7,064
|
|
|
11,785
|
|
|
16,370
|
|
|||
Net current-period other comprehensive loss (income) attributable to noncontrolling interest
|
|
|
|
65
|
|
|
30
|
|
|
(892
|
)
|
|||
Net current-period other comprehensive (loss) income attributable to MAA
|
|
|
|
(1,177
|
)
|
|
(520
|
)
|
|
26,162
|
|
|||
Ending balance
|
|
|
|
$
|
(1,589
|
)
|
|
$
|
(412
|
)
|
|
$
|
108
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets and Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance at
December 31, 2015
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative financial instruments
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative financial instruments
|
$
|
—
|
|
|
$
|
10,358
|
|
|
$
|
—
|
|
|
$
|
10,358
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets and Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance at
December 31, 2014
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative financial instruments
|
$
|
—
|
|
|
$
|
78
|
|
|
$
|
—
|
|
|
$
|
78
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative financial instruments
|
$
|
—
|
|
|
$
|
13,392
|
|
|
$
|
—
|
|
|
$
|
13,392
|
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
Amount
|
Percentage
|
|
Amount
|
Percentage
|
|
Amount
|
Percentage
|
|||||||||
Ordinary income
|
$
|
3.07
|
|
99.7
|
%
|
|
$
|
2.76
|
|
94.41
|
%
|
|
$
|
2.36
|
|
84.9
|
%
|
Capital gains
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
0.17
|
|
6.23
|
%
|
|||
Return of capital
|
—
|
|
—
|
%
|
|
0.16
|
|
5.59
|
%
|
|
—
|
|
—
|
%
|
|||
Un-recaptured Section 1250 gain
|
0.01
|
|
0.3
|
%
|
|
—
|
|
—
|
%
|
|
0.25
|
|
8.87
|
%
|
|||
|
$
|
3.08
|
|
100.00
|
%
|
|
$
|
2.92
|
|
100.00
|
%
|
|
$
|
2.78
|
|
100.00
|
%
|
•
|
taxable income in prior carryback years, if carryback is permitted under the tax law;
|
•
|
future reversals of existing taxable temporary differences (i.e., offset gross deferred tax assets against gross deferred tax liabilities);
|
•
|
tax planning strategies; and
|
•
|
future taxable income exclusive of reversing temporary differences and carryforwards.
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Deferred tax assets:
|
|
|
|
||||
Real estate asset basis differences
|
$
|
25,627
|
|
|
$
|
25,561
|
|
Deferred revenue
|
22
|
|
|
18
|
|
||
Deferred expenses
|
14,106
|
|
|
13,923
|
|
||
Net operating loss carryforward
|
28,493
|
|
|
27,215
|
|
||
Accrued liabilities
|
3,951
|
|
|
3,974
|
|
||
|
$
|
72,199
|
|
|
$
|
70,691
|
|
Deferred tax liabilities:
|
|
|
|
||||
Real estate asset basis differences
|
$
|
(145
|
)
|
|
$
|
(913
|
)
|
|
$
|
(145
|
)
|
|
$
|
(913
|
)
|
Net deferred tax assets, before valuation allowance
|
$
|
72,054
|
|
|
$
|
69,778
|
|
Valuation allowance
|
(72,054
|
)
|
|
(69,778
|
)
|
||
Net deferred tax assets, included in other assets
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||
Tax expense/(benefit) at U.S. statutory rates on TRS income subject to tax
|
$
|
2,506
|
|
|
$
|
1,802
|
|
|
$
|
(261
|
)
|
Effect of permanent differences and other
|
(730
|
)
|
|
(1,110
|
)
|
|
1
|
|
|||
(Decrease) increase in valuation allowance
|
(1,776
|
)
|
|
(692
|
)
|
|
260
|
|
|||
TRS income tax provision
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Income from continuing operations:
|
|
|
|
|
|
||||||
Attributable to MAA
|
$
|
332,287
|
|
|
$
|
142,933
|
|
|
$
|
36,539
|
|
Attributable to noncontrolling interest
|
18,458
|
|
|
8,013
|
|
|
1,153
|
|
|||
Income from continuing operations
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations:
|
|
|
|
|
|
|
|
||||
Attributable to MAA
|
$
|
—
|
|
|
$
|
5,047
|
|
|
$
|
78,742
|
|
Attributable to noncontrolling interest
|
—
|
|
|
284
|
|
|
2,845
|
|
|||
Income from discontinued operations
|
$
|
—
|
|
|
$
|
5,331
|
|
|
$
|
81,587
|
|
|
2014
|
|
2013
|
||||
Revenues:
|
|
|
|
|
|
||
Rental revenues
|
$
|
75
|
|
|
$
|
12,499
|
|
Other revenues
|
10
|
|
|
1,189
|
|
||
Total revenues
|
85
|
|
|
13,688
|
|
||
Expenses:
|
|
|
|
|
|
||
Property operating expenses
|
74
|
|
|
5,886
|
|
||
Depreciation and amortization
|
42
|
|
|
2,716
|
|
||
Interest expense
|
32
|
|
|
436
|
|
||
Total expenses
|
148
|
|
|
9,038
|
|
||
Income from discontinued operations before gain on sale
|
(63
|
)
|
|
4,650
|
|
||
Net gain on insurance and other settlement proceeds on discontinued operations
|
—
|
|
|
93
|
|
||
Gain on sale of discontinued operations
|
5,394
|
|
|
76,844
|
|
||
Income from discontinued operations
|
$
|
5,331
|
|
|
$
|
81,587
|
|
|
2014
|
|
2013
|
||||
Revenues:
|
|
|
|
|
|
||
Rental revenues
|
$
|
75
|
|
|
$
|
11,446
|
|
Other revenues
|
10
|
|
|
1,099
|
|
||
Total revenues
|
85
|
|
|
12,545
|
|
||
Expenses:
|
|
|
|
|
|
||
Property operating expenses
|
74
|
|
|
5,390
|
|
||
Depreciation and amortization
|
42
|
|
|
2,480
|
|
||
Interest expense
|
32
|
|
|
436
|
|
||
Total expenses
|
148
|
|
|
8,306
|
|
||
Income from discontinued operations before gain on sale
|
(63
|
)
|
|
4,239
|
|
||
Net gain on insurance and other settlement proceeds on discontinued operations
|
—
|
|
|
93
|
|
||
Gain on sale of discontinued operations
|
5,394
|
|
|
65,520
|
|
||
Income from discontinued operations
|
$
|
5,331
|
|
|
$
|
69,852
|
|
•
|
Large market same store communities are generally communities in markets with a population of at least
1 million
and at least
1%
of the total public multifamily REIT units that we have owned and have been stabilized for at least a full
12
months.
|
•
|
Secondary market same store communities are generally communities in markets with populations of more than
1 million
but less than
1%
of the total public multifamily REIT units or markets with populations of less than
1 million
that we have owned and have been stabilized for at least a full
12
months.
|
•
|
Non same store communities and other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have undergone a significant casualty loss. Also included in non same store communities are non multifamily activities which represent less than
1%
of our portfolio.
|
|
2015
|
|
2014
|
|
2013
(1)
|
||||||
Revenues
|
|
|
|
|
|
|
|
|
|||
Large Market Same Store
|
$
|
587,896
|
|
|
$
|
553,038
|
|
|
$
|
241,194
|
|
Secondary Market Same Store
|
324,771
|
|
|
310,281
|
|
|
242,464
|
|
|||
Non-Same Store and Other
|
130,112
|
|
|
128,859
|
|
|
151,185
|
|
|||
Total property revenues
|
1,042,779
|
|
|
992,178
|
|
|
634,843
|
|
|||
Management fee income
|
—
|
|
|
154
|
|
|
647
|
|
|||
Total operating revenues
|
$
|
1,042,779
|
|
|
$
|
992,332
|
|
|
$
|
635,490
|
|
|
|
|
|
|
|
||||||
NOI
|
|
|
|
|
|
|
|
|
|||
Large Market Same Store
|
$
|
361,285
|
|
|
$
|
334,255
|
|
|
$
|
142,988
|
|
Secondary Market Same Store
|
200,989
|
|
|
190,348
|
|
|
147,607
|
|
|||
Non-Same Store and Other
|
79,860
|
|
|
74,211
|
|
|
98,417
|
|
|||
Total NOI
|
642,134
|
|
|
598,814
|
|
|
389,012
|
|
|||
Discontinued operations NOI included above
|
—
|
|
|
16
|
|
|
(7,802
|
)
|
|||
Management fee income
|
—
|
|
|
154
|
|
|
647
|
|
|||
Depreciation and amortization
|
(294,520
|
)
|
|
(301,812
|
)
|
|
(186,979
|
)
|
|||
Acquisition expense
|
(2,777
|
)
|
|
(2,388
|
)
|
|
(1,393
|
)
|
|||
Property management expense
|
(30,990
|
)
|
|
(32,095
|
)
|
|
(23,083
|
)
|
|||
General and administrative expense
|
(25,716
|
)
|
|
(20,909
|
)
|
|
(15,569
|
)
|
|||
Merger related expenses
|
—
|
|
|
(3,152
|
)
|
|
(32,403
|
)
|
|||
Integration costs
|
—
|
|
|
(8,395
|
)
|
|
(5,102
|
)
|
|||
Interest and other non-property (expense) income
|
(368
|
)
|
|
770
|
|
|
466
|
|
|||
Interest expense
|
(122,344
|
)
|
|
(123,953
|
)
|
|
(78,978
|
)
|
|||
Loss on debt extinguishment/modification
|
(3,602
|
)
|
|
(2,586
|
)
|
|
(426
|
)
|
|||
Net casualty (loss) gain after insurance and other settlement proceeds
|
473
|
|
|
(476
|
)
|
|
(143
|
)
|
|||
Gain on sale of depreciable real estate assets excluded from discontinued operations
|
189,958
|
|
|
42,649
|
|
|
—
|
|
|||
Income tax expense
|
(1,673
|
)
|
|
(2,050
|
)
|
|
(893
|
)
|
|||
Gain on sale of non-depreciable real estate assets
|
172
|
|
|
350
|
|
|
—
|
|
|||
(Loss) gain from real estate joint ventures
|
(2
|
)
|
|
6,009
|
|
|
338
|
|
|||
Discontinued operations
|
—
|
|
|
5,331
|
|
|
81,587
|
|
|||
Net income attributable to noncontrolling interests
|
(18,458
|
)
|
|
(8,297
|
)
|
|
(3,998
|
)
|
|||
Net income available to MAA common shareholders
|
$
|
332,287
|
|
|
$
|
147,980
|
|
|
$
|
115,281
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Assets
|
|
|
|
|
|
||
Large Market Same Store
|
$
|
3,768,455
|
|
|
$
|
3,867,457
|
|
Secondary Market Same Store
|
1,661,956
|
|
|
1,708,389
|
|
||
Non-Same Store and Other
|
1,344,833
|
|
|
1,189,682
|
|
||
Corporate assets
|
72,537
|
|
|
56,250
|
|
||
Total assets
|
$
|
6,847,781
|
|
|
$
|
6,821,778
|
|
Community
|
|
Location
|
|
Units/Acres
|
|
Date Acquired
|
River's Walk (4 outparcels)
|
|
Charleston, South Carolina
|
|
2.5 acres
|
|
Q1/Q2 2015 - various
|
Residences at Burlington Creek
|
|
Kansas City, Missouri-Kansas MSA
|
|
298
|
|
January 15, 2015
|
SkySong
|
|
Scottsdale, Arizona
|
|
325
|
|
June 11, 2015
|
Retreat at West Creek
|
|
Richmond, Virginia
|
|
254
|
|
June 15, 2015
|
Radius
|
|
Norfolk/Hampton/Virgina Beach, Virginia MSA
|
|
252
|
|
July 28, 2015
|
Haven at Prairie Trace
|
|
Kansas City, Missouri-Kansas MSA
|
|
280
|
|
July 30, 2015
|
Retreat at West Creek II
|
|
Richmond, Virginia
|
|
4.4 acres
|
|
October 14, 2015
|
Cityscape at Market Center II
|
|
Dallas, Texas
|
|
318
|
|
November 19, 2015
|
The Denton
|
|
Kansas City, Missouri-Kansas MSA
|
|
55
|
|
December 17, 2015
|
The Denton II
|
|
Kansas City, Missouri-Kansas MSA
|
|
4.51 acres
|
|
December 17, 2015
|
Community
|
|
Location
|
|
Units/Sq. Ft./Acres
|
|
Date Sold
|
Vistas
|
|
Macon, Georgia
|
|
144
|
|
February 26, 2015
|
Austin Chase
|
|
Macon, Georgia
|
|
256
|
|
February 26, 2015
|
Fairways at Hartland
|
|
Bowling Green, Kentucky
|
|
240
|
|
February 26, 2015
|
Fountain Lake
|
|
Brunswick, Georgia
|
|
113
|
|
March 25, 2015
|
Westbury Creek
|
|
Augusta, Georgia
|
|
120
|
|
April 1, 2015
|
Woodwinds
|
|
Aiken, South Carolina
|
|
144
|
|
April 1, 2015
|
Colony at South Park
|
|
Aiken, South Carolina
|
|
184
|
|
April 1, 2015
|
Bradford Pointe
|
|
Augusta, Georgia
|
|
192
|
|
April 1, 2015
|
Colonial Promenade Craft Farms
|
|
Gulf Shores, Alabama
|
|
67,735 sq. ft.
|
|
April 28, 2015
|
Colonial Promenade Craft Farms outparcel
|
|
Gulf Shores, Alabama
|
|
0.23 acres
|
|
April 28, 2015
|
Anatole
|
|
Daytona Beach, Florida
|
|
208
|
|
April 29, 2015
|
Oaks
|
|
Jackson, Tennessee
|
|
100
|
|
April 29, 2015
|
Post House Jackson
|
|
Jackson, Tennessee
|
|
150
|
|
April 29, 2015
|
Woods of Post House
|
|
Jackson, Tennessee
|
|
122
|
|
April 29, 2015
|
Post House North
|
|
Jackson, Tennessee
|
|
145
|
|
April 29, 2015
|
Bradford Chase
|
|
Jackson, Tennessee
|
|
148
|
|
April 29, 2015
|
Sutton Place
|
|
Memphis, Tennessee MSA
|
|
253
|
|
April 29, 2015
|
Southland Station
|
|
Warner Robbins, Georgia
|
|
304
|
|
April 29, 2015
|
Huntington Chase
|
|
Warner Robbins, Georgia
|
|
200
|
|
April 29, 2015
|
Paddock Park
|
|
Ocala, Florida
|
|
480
|
|
April 29, 2015
|
Colonial Grand Wilmington
|
|
Wilmington, North Carolina
|
|
390
|
|
July 1, 2015
|
Savannah Creek
|
|
Memphis, Tennessee MSA
|
|
204
|
|
July 1, 2015
|
Whisperwood
|
|
Columbus, Georgia
|
|
1,008
|
|
July 1, 2015
|
|
Year Ended December 31, 2015
|
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
||||||||
Total operating revenues
|
$
|
258,552
|
|
|
$
|
258,891
|
|
|
$
|
261,998
|
|
|
$
|
263,337
|
|
|
Income from continuing operations before non-operating items
|
$
|
69,393
|
|
|
$
|
68,837
|
|
|
$
|
73,138
|
|
|
$
|
76,763
|
|
|
Interest expense
|
$
|
(30,848
|
)
|
(1)
|
$
|
(30,433
|
)
|
(1)
|
$
|
(30,229
|
)
|
(1)
|
$
|
(30,834
|
)
|
(1)
|
Gain (loss) from real estate joint ventures
|
$
|
19
|
|
|
$
|
(23
|
)
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from discontinued operations before gain (loss) on sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Gain on sale of discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consolidated net income
|
$
|
64,677
|
|
|
$
|
143,873
|
|
|
$
|
96,828
|
|
|
$
|
45,367
|
|
|
Net income attributable to noncontrolling interest
|
$
|
3,410
|
|
|
$
|
7,574
|
|
|
$
|
5,094
|
|
|
$
|
2,380
|
|
|
Net income available for MAA common shareholders
|
$
|
61,267
|
|
|
$
|
136,299
|
|
|
$
|
91,734
|
|
|
$
|
42,987
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available per common share - basic
|
$
|
0.81
|
|
|
$
|
1.81
|
|
|
$
|
1.22
|
|
|
$
|
0.57
|
|
|
Net income available per common share - diluted
|
$
|
0.81
|
|
|
$
|
1.81
|
|
|
$
|
1.22
|
|
|
$
|
0.57
|
|
|
Dividend paid
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
|
Year Ended December 31, 2014
|
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
||||||||
Total operating revenues
|
$
|
244,234
|
|
|
$
|
245,305
|
|
|
$
|
249,574
|
|
|
$
|
253,219
|
|
|
Income from continuing operations before non-operating items
|
$
|
39,311
|
|
|
$
|
58,092
|
|
|
$
|
64,039
|
|
|
$
|
68,791
|
|
|
Interest expense
|
$
|
(31,987
|
)
|
(1)
|
$
|
(31,337
|
)
|
(1)
|
$
|
(29,251
|
)
|
(1)
|
$
|
(31,378
|
)
|
(1)
|
(Loss) gain from real estate joint ventures
|
$
|
(24
|
)
|
|
$
|
2,919
|
|
|
$
|
3,124
|
|
|
$
|
(10
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from discontinued operations before gain on sale
|
$
|
(47
|
)
|
|
$
|
(4
|
)
|
|
$
|
(8
|
)
|
|
$
|
(4
|
)
|
|
Gain on sale of discontinued operations
|
$
|
5,481
|
|
|
$
|
—
|
|
|
$
|
(103
|
)
|
|
$
|
16
|
|
|
Consolidated net income
|
$
|
15,714
|
|
|
$
|
33,386
|
|
|
$
|
70,719
|
|
|
$
|
36,458
|
|
|
Net income attributable to noncontrolling interest
|
$
|
848
|
|
|
$
|
1,773
|
|
|
$
|
3,743
|
|
|
$
|
1,933
|
|
|
Net income available for MAA common shareholders
|
$
|
14,866
|
|
|
$
|
31,613
|
|
|
$
|
66,976
|
|
|
$
|
34,525
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available per common share - basic
|
$
|
0.20
|
|
|
$
|
0.42
|
|
|
$
|
0.89
|
|
|
$
|
0.46
|
|
|
Net income available per common share - diluted
|
$
|
0.20
|
|
|
$
|
0.42
|
|
|
$
|
0.89
|
|
|
$
|
0.46
|
|
|
Dividend paid
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
|
Year Ended December 31, 2015
|
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
||||||||
Total operating revenues
|
$
|
258,552
|
|
|
$
|
258,891
|
|
|
$
|
261,998
|
|
|
$
|
263,337
|
|
|
Income from continuing operations before non-operating items
|
$
|
69,393
|
|
|
$
|
68,837
|
|
|
$
|
73,138
|
|
|
$
|
76,763
|
|
|
Interest expense
|
$
|
(30,848
|
)
|
(1)
|
$
|
(30,433
|
)
|
(1)
|
$
|
(30,229
|
)
|
(1)
|
$
|
(30,834
|
)
|
(1)
|
Gain (loss) from real estate joint ventures
|
$
|
19
|
|
|
$
|
(23
|
)
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
||||||||
Income from discontinued operations before gain (loss) on sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Gain on sale of discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net income available for common unitholders
|
$
|
64,677
|
|
|
$
|
143,873
|
|
|
$
|
96,828
|
|
|
$
|
45,367
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per unit:
|
|
|
|
|
|
|
|
|
||||||||
Net income available per common unit - basic
|
$
|
0.81
|
|
|
$
|
1.81
|
|
|
$
|
1.22
|
|
|
$
|
0.57
|
|
|
Net income available per common unit - diluted
|
$
|
0.81
|
|
|
$
|
1.81
|
|
|
$
|
1.22
|
|
|
$
|
0.57
|
|
|
Distribution paid
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
|
Year Ended December 31, 2014
|
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
||||||||
Total operating revenues
|
$
|
244,234
|
|
|
$
|
245,305
|
|
|
$
|
249,574
|
|
|
$
|
253,219
|
|
|
Income from continuing operations before non-operating items
|
$
|
39,311
|
|
|
$
|
58,092
|
|
|
$
|
64,039
|
|
|
$
|
68,791
|
|
|
Interest expense
|
$
|
(31,987
|
)
|
(1)
|
$
|
(31,337
|
)
|
(1)
|
$
|
(29,251
|
)
|
(1)
|
$
|
(31,378
|
)
|
(1)
|
(Loss) gain from real estate joint ventures
|
$
|
(24
|
)
|
|
$
|
2,919
|
|
|
$
|
3,124
|
|
|
$
|
(10
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations before gain on sale
|
$
|
(47
|
)
|
|
$
|
(4
|
)
|
|
$
|
(8
|
)
|
|
$
|
(4
|
)
|
|
Gain on sale of discontinued operations
|
$
|
5,481
|
|
|
$
|
—
|
|
|
$
|
(103
|
)
|
|
$
|
16
|
|
|
Net income available for common unitholders
|
$
|
15,714
|
|
|
$
|
33,386
|
|
|
$
|
70,719
|
|
|
$
|
36,458
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per unit:
|
|
|
|
|
|
|
|
|
||||||||
Net income available per common unit - basic
|
$
|
0.20
|
|
|
$
|
0.42
|
|
|
$
|
0.89
|
|
|
$
|
0.46
|
|
|
Net income available per common unit - diluted
|
$
|
0.20
|
|
|
$
|
0.42
|
|
|
$
|
0.89
|
|
|
$
|
0.46
|
|
|
Distribution paid
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Birchall at Ross Bridge
|
|
Birmingham, AL
|
|
—
|
|
|
|
|
$
|
2,640
|
|
|
$
|
28,842
|
|
|
$
|
—
|
|
|
$
|
848
|
|
|
$
|
2,640
|
|
|
$
|
29,690
|
|
|
$
|
32,330
|
|
|
$
|
(4,487
|
)
|
|
$
|
27,843
|
|
|
2009
|
|
1 - 40
|
Colonial Grand at Riverchase Trails
|
|
Birmingham, AL
|
|
—
|
|
|
|
|
3,761
|
|
|
22,079
|
|
|
—
|
|
|
1,575
|
|
|
3,761
|
|
|
23,654
|
|
|
27,415
|
|
|
(2,574
|
)
|
|
24,841
|
|
|
2010
|
|
1 - 40
|
|||||||||
Colonial Village at Trussville
|
|
Birmingham, AL
|
|
—
|
|
|
|
|
3,402
|
|
|
31,813
|
|
|
—
|
|
|
1,295
|
|
|
3,402
|
|
|
33,108
|
|
|
36,510
|
|
|
(3,267
|
)
|
|
33,243
|
|
|
1996/97
|
|
1 - 40
|
|||||||||
Eagle Ridge
|
|
Birmingham, AL
|
|
—
|
|
|
(1)
|
|
851
|
|
|
7,667
|
|
|
—
|
|
|
4,376
|
|
|
851
|
|
|
12,043
|
|
|
12,894
|
|
|
(7,454
|
)
|
|
5,440
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Grand at Traditions
|
|
Gulf Shores,AL
|
|
—
|
|
|
|
|
3,211
|
|
|
25,162
|
|
|
—
|
|
|
1,228
|
|
|
3,211
|
|
|
26,390
|
|
|
29,601
|
|
|
(2,834
|
)
|
|
26,767
|
|
|
2007
|
|
1 - 40
|
|||||||||
Abbington Place
|
|
Huntsville, AL
|
|
—
|
|
|
|
|
524
|
|
|
4,724
|
|
|
—
|
|
|
3,047
|
|
|
524
|
|
|
7,771
|
|
|
8,295
|
|
|
(4,901
|
)
|
|
3,394
|
|
|
1987
|
|
1 - 40
|
|||||||||
Colonial Grand at Edgewater
|
|
Huntsville, AL
|
|
27,722
|
|
|
|
|
4,943
|
|
|
38,673
|
|
|
—
|
|
|
3,412
|
|
|
4,943
|
|
|
42,085
|
|
|
47,028
|
|
|
(3,792
|
)
|
|
43,236
|
|
|
1990
|
|
1 - 40
|
|||||||||
Paddock Club Huntsville
|
|
Huntsville, AL
|
|
—
|
|
|
|
|
909
|
|
|
10,152
|
|
|
830
|
|
|
14,197
|
|
|
1,739
|
|
|
24,349
|
|
|
26,088
|
|
|
(13,330
|
)
|
|
12,758
|
|
|
1993
|
|
1 - 40
|
|||||||||
Colonial Grand at Madison
|
|
Madison, AL
|
|
22,500
|
|
|
|
|
3,601
|
|
|
28,934
|
|
|
—
|
|
|
718
|
|
|
3,601
|
|
|
29,652
|
|
|
33,253
|
|
|
(3,053
|
)
|
|
30,200
|
|
|
2000
|
|
1 - 40
|
|||||||||
Paddock Club Montgomery
|
|
Montgomery, AL
|
|
—
|
|
|
|
|
965
|
|
|
13,190
|
|
|
—
|
|
|
2,050
|
|
|
965
|
|
|
15,240
|
|
|
16,205
|
|
|
(7,316
|
)
|
|
8,889
|
|
|
1999
|
|
1 - 40
|
|||||||||
Cypress Village
|
|
Orange Beach, AL
|
|
—
|
|
|
|
|
1,290
|
|
|
12,238
|
|
|
—
|
|
|
468
|
|
|
1,290
|
|
|
12,706
|
|
|
13,996
|
|
|
(1,267
|
)
|
|
12,729
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Liberty Park
|
|
Vestavia Hills, AL
|
|
17,823
|
|
|
|
|
3,922
|
|
|
30,977
|
|
|
—
|
|
|
2,291
|
|
|
3,922
|
|
|
33,268
|
|
|
37,190
|
|
|
(3,279
|
)
|
|
33,911
|
|
|
2000
|
|
1 - 40
|
|||||||||
Edge at Lyon's Gate
|
|
Phoenix, AZ
|
|
—
|
|
|
|
|
7,901
|
|
|
27,182
|
|
|
—
|
|
|
1,632
|
|
|
7,901
|
|
|
28,814
|
|
|
36,715
|
|
|
(7,460
|
)
|
|
29,255
|
|
|
2007
|
|
1 - 40
|
|||||||||
Sky View Ranch
|
|
Gilbert, AZ
|
|
—
|
|
|
|
|
2,668
|
|
|
14,577
|
|
|
—
|
|
|
1,461
|
|
|
2,668
|
|
|
16,038
|
|
|
18,706
|
|
|
(3,737
|
)
|
|
14,969
|
|
|
2007
|
|
1 - 40
|
|||||||||
Talus Ranch
|
|
Phoenix, AZ
|
|
—
|
|
|
|
|
12,741
|
|
|
47,701
|
|
|
—
|
|
|
2,046
|
|
|
12,741
|
|
|
49,747
|
|
|
62,488
|
|
|
(15,984
|
)
|
|
46,504
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Inverness Commons
|
|
Mesa, AZ
|
|
—
|
|
|
|
|
4,219
|
|
|
26,255
|
|
|
—
|
|
|
929
|
|
|
4,219
|
|
|
27,184
|
|
|
31,403
|
|
|
(2,661
|
)
|
|
28,742
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Scottsdale
|
|
Scottsdale, AZ
|
|
—
|
|
|
|
|
3,612
|
|
|
20,273
|
|
|
—
|
|
|
1,344
|
|
|
3,612
|
|
|
21,617
|
|
|
25,229
|
|
|
(2,099
|
)
|
|
23,130
|
|
|
1999
|
|
1 - 40
|
|||||||||
Colonial Grand at OldTown Scottsdale
|
|
Scottsdale, AZ
|
|
—
|
|
|
|
|
7,820
|
|
|
51,627
|
|
|
—
|
|
|
2,664
|
|
|
7,820
|
|
|
54,291
|
|
|
62,111
|
|
|
(5,141
|
)
|
|
56,970
|
|
|
2001
|
|
1 - 40
|
|||||||||
SkySong
|
|
Scottsdale, AZ
|
|
—
|
|
|
|
|
—
|
|
|
55,748
|
|
|
—
|
|
|
296
|
|
|
—
|
|
|
56,044
|
|
|
56,044
|
|
|
(834
|
)
|
|
55,210
|
|
|
2014
|
|
1 - 40
|
|||||||||
Calais Forest
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
1,026
|
|
|
9,244
|
|
|
—
|
|
|
8,401
|
|
|
1,026
|
|
|
17,645
|
|
|
18,671
|
|
|
(11,296
|
)
|
|
7,375
|
|
|
1987
|
|
1 - 40
|
|||||||||
Napa Valley
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
960
|
|
|
8,642
|
|
|
—
|
|
|
5,247
|
|
|
960
|
|
|
13,889
|
|
|
14,849
|
|
|
(8,670
|
)
|
|
6,179
|
|
|
1984
|
|
1 - 40
|
|||||||||
Palisades at Chenal Valley
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
2,560
|
|
|
25,234
|
|
|
—
|
|
|
2,266
|
|
|
2,560
|
|
|
27,500
|
|
|
30,060
|
|
|
(3,962
|
)
|
|
26,098
|
|
|
2006
|
|
1 - 40
|
|||||||||
Ridge at Chenal Valley
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
2,626
|
|
|
—
|
|
|
—
|
|
|
26,917
|
|
|
2,626
|
|
|
26,917
|
|
|
29,543
|
|
|
(2,375
|
)
|
|
27,168
|
|
|
2012
|
|
1 - 40
|
|||||||||
Westside Creek I & II
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
1,271
|
|
|
11,463
|
|
|
—
|
|
|
8,286
|
|
|
1,271
|
|
|
19,749
|
|
|
21,020
|
|
|
(11,414
|
)
|
|
9,606
|
|
|
1984/86
|
|
1 - 40
|
|||||||||
Tiffany Oaks
|
|
Altamonte Springs, FL
|
|
—
|
|
|
(1)
|
|
1,024
|
|
|
9,219
|
|
|
—
|
|
|
6,163
|
|
|
1,024
|
|
|
15,382
|
|
|
16,406
|
|
|
(10,400
|
)
|
|
6,006
|
|
|
1985
|
|
1 - 40
|
|||||||||
Indigo Point
|
|
Brandon, FL
|
|
—
|
|
|
(1)
|
|
1,167
|
|
|
10,500
|
|
|
—
|
|
|
3,754
|
|
|
1,167
|
|
|
14,254
|
|
|
15,421
|
|
|
(8,157
|
)
|
|
7,264
|
|
|
1989
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Paddock Club Brandon
|
|
Brandon, FL
|
|
—
|
|
|
|
|
2,896
|
|
|
26,111
|
|
|
—
|
|
|
5,688
|
|
|
2,896
|
|
|
31,799
|
|
|
34,695
|
|
|
(17,936
|
)
|
|
16,759
|
|
|
1998
|
|
1 - 40
|
|||||||||
Colonial Grand at Lakewood Ranch
|
|
Bradenton, FL
|
|
—
|
|
|
|
|
2,980
|
|
|
40,230
|
|
|
—
|
|
|
1,697
|
|
|
2,980
|
|
|
41,927
|
|
|
44,907
|
|
|
(3,952
|
)
|
|
40,955
|
|
|
1999
|
|
1 - 40
|
|||||||||
Preserve at Coral Square
|
|
Coral Springs, FL
|
|
—
|
|
|
|
|
9,600
|
|
|
40,004
|
|
|
—
|
|
|
9,188
|
|
|
9,600
|
|
|
49,192
|
|
|
58,792
|
|
|
(19,518
|
)
|
|
39,274
|
|
|
1996
|
|
1 - 40
|
|||||||||
Paddock Club Gainesville
|
|
Gainesville, FL
|
|
—
|
|
|
|
|
1,800
|
|
|
15,879
|
|
|
—
|
|
|
4,347
|
|
|
1,800
|
|
|
20,226
|
|
|
22,026
|
|
|
(8,509
|
)
|
|
13,517
|
|
|
1999
|
|
1 - 40
|
|||||||||
The Retreat at Magnolia Park
|
|
Gainesville, FL
|
|
—
|
|
|
|
|
2,040
|
|
|
16,338
|
|
|
—
|
|
|
406
|
|
|
2,040
|
|
|
16,744
|
|
|
18,784
|
|
|
(2,688
|
)
|
|
16,096
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Heathrow
|
|
Heathrow, FL
|
|
20,594
|
|
|
|
|
4,101
|
|
|
35,684
|
|
|
—
|
|
|
1,427
|
|
|
4,101
|
|
|
37,111
|
|
|
41,212
|
|
|
(3,675
|
)
|
|
37,537
|
|
|
1997
|
|
1 - 40
|
|||||||||
220 Riverside
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
2,500
|
|
|
—
|
|
|
—
|
|
|
40,145
|
|
|
2,500
|
|
|
40,145
|
|
|
42,645
|
|
|
(342
|
)
|
|
42,303
|
|
|
2015
|
|
1 - 40
|
|||||||||
Atlantic Crossing
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
4,000
|
|
|
19,495
|
|
|
—
|
|
|
1,246
|
|
|
4,000
|
|
|
20,741
|
|
|
24,741
|
|
|
(3,496
|
)
|
|
21,245
|
|
|
2008
|
|
1 - 40
|
|||||||||
Cooper's Hawk
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
854
|
|
|
7,500
|
|
|
—
|
|
|
3,950
|
|
|
854
|
|
|
11,450
|
|
|
12,304
|
|
|
(7,899
|
)
|
|
4,405
|
|
|
1987
|
|
1 - 40
|
|||||||||
Hunter's Ridge at Deerwood
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
1,533
|
|
|
13,835
|
|
|
—
|
|
|
6,864
|
|
|
1,533
|
|
|
20,699
|
|
|
22,232
|
|
|
(12,756
|
)
|
|
9,476
|
|
|
1987
|
|
1 - 40
|
|||||||||
Lakeside
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
1,430
|
|
|
12,883
|
|
|
—
|
|
|
9,977
|
|
|
1,430
|
|
|
22,860
|
|
|
24,290
|
|
|
(16,129
|
)
|
|
8,161
|
|
|
1985
|
|
1 - 40
|
|||||||||
Lighthouse at Fleming Island
|
|
Jacksonville, FL
|
|
—
|
|
|
(1)
|
|
4,047
|
|
|
35,052
|
|
|
—
|
|
|
5,487
|
|
|
4,047
|
|
|
40,539
|
|
|
44,586
|
|
|
(17,354
|
)
|
|
27,232
|
|
|
2003
|
|
1 - 40
|
|||||||||
Paddock Club Mandarin
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
1,411
|
|
|
14,967
|
|
|
—
|
|
|
2,961
|
|
|
1,411
|
|
|
17,928
|
|
|
19,339
|
|
|
(8,503
|
)
|
|
10,836
|
|
|
1998
|
|
1 - 40
|
|||||||||
St. Augustine
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
2,857
|
|
|
6,475
|
|
|
—
|
|
|
7,585
|
|
|
2,857
|
|
|
14,060
|
|
|
16,917
|
|
|
(9,973
|
)
|
|
6,944
|
|
|
1987
|
|
1 - 40
|
|||||||||
St. Augustine II
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,394
|
|
|
—
|
|
|
13,394
|
|
|
13,394
|
|
|
(2,373
|
)
|
|
11,021
|
|
|
2008
|
|
1 - 40
|
|||||||||
Tattersall at Tapestry Park
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
6,417
|
|
|
36,069
|
|
|
—
|
|
|
611
|
|
|
6,417
|
|
|
36,680
|
|
|
43,097
|
|
|
(5,716
|
)
|
|
37,381
|
|
|
2009
|
|
1 - 40
|
|||||||||
Woodhollow
|
|
Jacksonville, FL
|
|
—
|
|
|
(1)
|
|
1,686
|
|
|
15,179
|
|
|
(8
|
)
|
|
10,222
|
|
|
1,678
|
|
|
25,401
|
|
|
27,079
|
|
|
(16,371
|
)
|
|
10,708
|
|
|
1986
|
|
1 - 40
|
|||||||||
Paddock Club Lakeland
|
|
Lakeland, FL
|
|
—
|
|
|
|
|
2,254
|
|
|
20,452
|
|
|
(1,033
|
)
|
|
8,836
|
|
|
1,221
|
|
|
29,288
|
|
|
30,509
|
|
|
(17,958
|
)
|
|
12,551
|
|
|
1988/90
|
|
1 - 40
|
|||||||||
Colonial Grand at Town Park
|
|
Lake Mary, FL
|
|
32,938
|
|
|
|
|
5,742
|
|
|
56,562
|
|
|
—
|
|
|
1,614
|
|
|
5,742
|
|
|
58,176
|
|
|
63,918
|
|
|
(5,985
|
)
|
|
57,933
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Town Park Reserve
|
|
Lake Mary, FL
|
|
—
|
|
|
|
|
3,481
|
|
|
10,311
|
|
|
—
|
|
|
188
|
|
|
3,481
|
|
|
10,499
|
|
|
13,980
|
|
|
(1,102
|
)
|
|
12,878
|
|
|
2004
|
|
1 - 40
|
|||||||||
Colonial Grand at Lake Mary
|
|
Lake Mary, FL
|
|
—
|
|
|
|
|
3,780
|
|
|
33,543
|
|
|
1,260
|
|
|
12,061
|
|
|
5,040
|
|
|
45,604
|
|
|
50,644
|
|
|
(4,134
|
)
|
|
46,510
|
|
|
2012
|
|
1 - 40
|
|||||||||
CG at Lake Mary III
|
|
Lake Mary, FL
|
|
—
|
|
|
|
|
1,306
|
|
|
7,996
|
|
|
—
|
|
|
10,691
|
|
|
1,306
|
|
|
18,687
|
|
|
19,993
|
|
|
(703
|
)
|
|
19,290
|
|
|
2014
|
|
1 - 40
|
|||||||||
Retreat at Lake Nona
|
|
Orlando, FL
|
|
—
|
|
|
|
|
7,880
|
|
|
41,175
|
|
|
—
|
|
|
2,096
|
|
|
7,880
|
|
|
43,271
|
|
|
51,151
|
|
|
(5,133
|
)
|
|
46,018
|
|
|
2006
|
|
1 - 40
|
|||||||||
Colonial Grand at Heather Glen
|
|
Orlando, FL
|
|
—
|
|
|
|
|
4,662
|
|
|
56,988
|
|
|
—
|
|
|
2,403
|
|
|
4,662
|
|
|
59,391
|
|
|
64,053
|
|
|
(5,553
|
)
|
|
58,500
|
|
|
2000
|
|
1 - 40
|
|||||||||
Colonial Grand at Randal Lakes
|
|
Orlando, FL
|
|
—
|
|
|
|
|
5,659
|
|
|
50,553
|
|
|
—
|
|
|
10,396
|
|
|
5,659
|
|
|
60,949
|
|
|
66,608
|
|
|
(2,926
|
)
|
|
63,682
|
|
|
2013
|
|
1 - 40
|
|||||||||
Park Crest at Innisbrook
|
|
Palm Harbor, FL
|
|
28,419
|
|
|
|
|
6,900
|
|
|
26,613
|
|
|
—
|
|
|
932
|
|
|
6,900
|
|
|
27,545
|
|
|
34,445
|
|
|
(6,576
|
)
|
|
27,869
|
|
|
2000
|
|
1 - 40
|
|||||||||
The Club at Panama Beach
|
|
Panama City, FL
|
|
—
|
|
|
|
|
898
|
|
|
14,276
|
|
|
(5
|
)
|
|
4,100
|
|
|
893
|
|
|
18,376
|
|
|
19,269
|
|
|
(9,512
|
)
|
|
9,757
|
|
|
2000
|
|
1 - 40
|
|||||||||
Colonial Village at Twin Lakes
|
|
Sanford, FL
|
|
25,044
|
|
|
|
|
3,091
|
|
|
47,793
|
|
|
—
|
|
|
976
|
|
|
3,091
|
|
|
48,769
|
|
|
51,860
|
|
|
(4,824
|
)
|
|
47,036
|
|
|
2005
|
|
1 - 40
|
|||||||||
Paddock Club Tallahassee
|
|
Tallahassee, FL
|
|
—
|
|
|
|
|
530
|
|
|
4,805
|
|
|
950
|
|
|
14,695
|
|
|
1,480
|
|
|
19,500
|
|
|
20,980
|
|
|
(11,784
|
)
|
|
9,196
|
|
|
1992
|
|
1 - 40
|
|||||||||
Verandas at Southwood
|
|
Tallahassee, FL
|
|
20,345
|
|
|
|
|
3,600
|
|
|
25,914
|
|
|
—
|
|
|
115
|
|
|
3,600
|
|
|
26,029
|
|
|
29,629
|
|
|
(1,260
|
)
|
|
28,369
|
|
|
2003
|
|
1 - 40
|
|||||||||
Belmere
|
|
Tampa, FL
|
|
—
|
|
|
(1)
|
|
852
|
|
|
7,667
|
|
|
—
|
|
|
6,282
|
|
|
852
|
|
|
13,949
|
|
|
14,801
|
|
|
(9,790
|
)
|
|
5,011
|
|
|
1984
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Links at Carrollwood
|
|
Tampa, FL
|
|
—
|
|
|
|
|
817
|
|
|
7,355
|
|
|
110
|
|
|
5,649
|
|
|
927
|
|
|
13,004
|
|
|
13,931
|
|
|
(8,014
|
)
|
|
5,917
|
|
|
1980
|
|
1 - 40
|
|||||||||
Village Oaks
|
|
Tampa, FL
|
|
—
|
|
|
|
|
2,738
|
|
|
19,055
|
|
|
153
|
|
|
1,997
|
|
|
2,891
|
|
|
21,052
|
|
|
23,943
|
|
|
(5,296
|
)
|
|
18,647
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Hampton Preserve
|
|
Tampa, FL
|
|
—
|
|
|
|
|
6,233
|
|
|
69,535
|
|
|
—
|
|
|
750
|
|
|
6,233
|
|
|
70,285
|
|
|
76,518
|
|
|
(6,483
|
)
|
|
70,035
|
|
|
2012
|
|
1 - 40
|
|||||||||
Colonial Grand at Seven Oaks
|
|
Wesley Chapel, FL
|
|
20,720
|
|
|
|
|
3,051
|
|
|
42,768
|
|
|
—
|
|
|
741
|
|
|
3,051
|
|
|
43,509
|
|
|
46,560
|
|
|
(4,045
|
)
|
|
42,515
|
|
|
2004
|
|
1 - 40
|
|||||||||
Colonial Grand at Windermere
|
|
Windermere, FL
|
|
—
|
|
|
|
|
2,711
|
|
|
36,710
|
|
|
—
|
|
|
492
|
|
|
2,711
|
|
|
37,202
|
|
|
39,913
|
|
|
(3,377
|
)
|
|
36,536
|
|
|
2009
|
|
1 - 40
|
|||||||||
Allure at Brookwood
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
11,168
|
|
|
52,758
|
|
|
—
|
|
|
2,960
|
|
|
11,168
|
|
|
55,718
|
|
|
66,886
|
|
|
(6,650
|
)
|
|
60,236
|
|
|
2008
|
|
1 - 40
|
|||||||||
Allure in Buckhead Village Residential
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
8,633
|
|
|
19,844
|
|
|
—
|
|
|
4,923
|
|
|
8,633
|
|
|
24,767
|
|
|
33,400
|
|
|
(3,370
|
)
|
|
30,030
|
|
|
2002
|
|
1 - 40
|
|||||||||
Sanctuary at Oglethorpe
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
6,875
|
|
|
31,441
|
|
|
—
|
|
|
3,452
|
|
|
6,875
|
|
|
34,893
|
|
|
41,768
|
|
|
(9,621
|
)
|
|
32,147
|
|
|
1994
|
|
1 - 40
|
|||||||||
Terraces at Fieldstone
|
|
Conyers, GA
|
|
—
|
|
|
|
|
1,284
|
|
|
15,819
|
|
|
—
|
|
|
2,877
|
|
|
1,284
|
|
|
18,696
|
|
|
19,980
|
|
|
(8,587
|
)
|
|
11,393
|
|
|
1999
|
|
1 - 40
|
|||||||||
Prescott
|
|
Duluth, GA
|
|
—
|
|
|
(2)
|
|
3,840
|
|
|
24,011
|
|
|
—
|
|
|
3,008
|
|
|
3,840
|
|
|
27,019
|
|
|
30,859
|
|
|
(10,837
|
)
|
|
20,022
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Berkeley Lake
|
|
Duluth, GA
|
|
—
|
|
|
|
|
1,960
|
|
|
15,707
|
|
|
—
|
|
|
870
|
|
|
1,960
|
|
|
16,577
|
|
|
18,537
|
|
|
(1,896
|
)
|
|
16,641
|
|
|
1998
|
|
1 - 40
|
|||||||||
Colonial Grand at River Oaks
|
|
Duluth, GA
|
|
11,680
|
|
|
|
|
4,360
|
|
|
13,579
|
|
|
—
|
|
|
961
|
|
|
4,360
|
|
|
14,540
|
|
|
18,900
|
|
|
(2,105
|
)
|
|
16,795
|
|
|
1992
|
|
1 - 40
|
|||||||||
Colonial Grand at River Plantation
|
|
Duluth, GA
|
|
—
|
|
|
|
|
2,059
|
|
|
19,158
|
|
|
—
|
|
|
1,075
|
|
|
2,059
|
|
|
20,233
|
|
|
22,292
|
|
|
(2,301
|
)
|
|
19,991
|
|
|
1994
|
|
1 - 40
|
|||||||||
Colonial Grand at McDaniel Farm
|
|
Duluth, GA
|
|
—
|
|
|
|
|
3,985
|
|
|
32,206
|
|
|
—
|
|
|
1,816
|
|
|
3,985
|
|
|
34,022
|
|
|
38,007
|
|
|
(3,844
|
)
|
|
34,163
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Grand at Pleasant Hill
|
|
Duluth, GA
|
|
—
|
|
|
|
|
6,753
|
|
|
32,202
|
|
|
—
|
|
|
1,960
|
|
|
6,753
|
|
|
34,162
|
|
|
40,915
|
|
|
(3,725
|
)
|
|
37,190
|
|
|
1996
|
|
1 - 40
|
|||||||||
Colonial Grand at Mount Vernon
|
|
Dunwoody, GA
|
|
15,328
|
|
|
|
|
6,861
|
|
|
23,748
|
|
|
—
|
|
|
1,137
|
|
|
6,861
|
|
|
24,885
|
|
|
31,746
|
|
|
(2,327
|
)
|
|
29,419
|
|
|
1997
|
|
1 - 40
|
|||||||||
Lake Lanier Club I
|
|
Gainesville, GA
|
|
—
|
|
|
|
|
3,560
|
|
|
22,611
|
|
|
—
|
|
|
4,386
|
|
|
3,560
|
|
|
26,997
|
|
|
30,557
|
|
|
(10,294
|
)
|
|
20,263
|
|
|
1998
|
|
1 - 40
|
|||||||||
Lake Lanier Club II
|
|
Gainesville, GA
|
|
—
|
|
|
(2)
|
|
3,150
|
|
|
18,383
|
|
|
—
|
|
|
2,168
|
|
|
3,150
|
|
|
20,551
|
|
|
23,701
|
|
|
(7,717
|
)
|
|
15,984
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Shiloh
|
|
Kennesaw, GA
|
|
30,454
|
|
|
|
|
4,864
|
|
|
45,893
|
|
|
—
|
|
|
1,683
|
|
|
4,864
|
|
|
47,576
|
|
|
52,440
|
|
|
(4,874
|
)
|
|
47,566
|
|
|
2002
|
|
1 - 40
|
|||||||||
Millstead Village
|
|
LaGrange, GA
|
|
—
|
|
|
|
|
3,100
|
|
|
29,240
|
|
|
—
|
|
|
192
|
|
|
3,100
|
|
|
29,432
|
|
|
32,532
|
|
|
(2,998
|
)
|
|
29,534
|
|
|
1998
|
|
1 - 40
|
|||||||||
Colonial Grand at Barrett Creek
|
|
Marietta, GA
|
|
19,257
|
|
|
|
|
5,661
|
|
|
26,186
|
|
|
—
|
|
|
1,246
|
|
|
5,661
|
|
|
27,432
|
|
|
33,093
|
|
|
(3,171
|
)
|
|
29,922
|
|
|
1999
|
|
1 - 40
|
|||||||||
Colonial Grand at Godley Station
|
|
Pooler, GA
|
|
12,777
|
|
|
|
|
1,800
|
|
|
35,454
|
|
|
—
|
|
|
1,344
|
|
|
1,800
|
|
|
36,798
|
|
|
38,598
|
|
|
(3,426
|
)
|
|
35,172
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Godley Lake
|
|
Pooler, GA
|
|
—
|
|
|
|
|
1,750
|
|
|
30,893
|
|
|
—
|
|
|
683
|
|
|
1,750
|
|
|
31,576
|
|
|
33,326
|
|
|
(3,124
|
)
|
|
30,202
|
|
|
2008
|
|
1 - 40
|
|||||||||
Avala at Savannah Quarters
|
|
Savannah, GA
|
|
—
|
|
|
|
|
1,500
|
|
|
24,862
|
|
|
—
|
|
|
818
|
|
|
1,500
|
|
|
25,680
|
|
|
27,180
|
|
|
(4,130
|
)
|
|
23,050
|
|
|
2009
|
|
1 - 40
|
|||||||||
Georgetown Grove
|
|
Savannah, GA
|
|
—
|
|
|
|
|
1,288
|
|
|
11,579
|
|
|
—
|
|
|
3,130
|
|
|
1,288
|
|
|
14,709
|
|
|
15,997
|
|
|
(8,776
|
)
|
|
7,221
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Grand at Hammocks
|
|
Savannah, GA
|
|
—
|
|
|
|
|
2,441
|
|
|
36,863
|
|
|
—
|
|
|
1,630
|
|
|
2,441
|
|
|
38,493
|
|
|
40,934
|
|
|
(3,607
|
)
|
|
37,327
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Village at Greentree
|
|
Savannah, GA
|
|
—
|
|
|
|
|
1,710
|
|
|
10,494
|
|
|
—
|
|
|
611
|
|
|
1,710
|
|
|
11,105
|
|
|
12,815
|
|
|
(1,377
|
)
|
|
11,438
|
|
|
1984
|
|
1 - 40
|
|||||||||
Colonial Village at Huntington
|
|
Savannah, GA
|
|
—
|
|
|
|
|
2,521
|
|
|
8,223
|
|
|
—
|
|
|
300
|
|
|
2,521
|
|
|
8,523
|
|
|
11,044
|
|
|
(931
|
)
|
|
10,113
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Village at Marsh Cove
|
|
Savannah, GA
|
|
—
|
|
|
|
|
5,231
|
|
|
8,555
|
|
|
—
|
|
|
472
|
|
|
5,231
|
|
|
9,027
|
|
|
14,258
|
|
|
(1,161
|
)
|
|
13,097
|
|
|
1983
|
|
1 - 40
|
|||||||||
Oaks at Wilmington Island
|
|
Savannah, GA
|
|
—
|
|
|
|
|
2,910
|
|
|
25,315
|
|
|
—
|
|
|
3,049
|
|
|
2,910
|
|
|
28,364
|
|
|
31,274
|
|
|
(9,317
|
)
|
|
21,957
|
|
|
1999
|
|
1 - 40
|
|||||||||
Highlands of West Village I
|
|
Smyrna, GA
|
|
41,075
|
|
|
|
|
9,052
|
|
|
43,395
|
|
|
—
|
|
|
4,377
|
|
|
9,052
|
|
|
47,772
|
|
|
56,824
|
|
|
(1,897
|
)
|
|
54,927
|
|
|
2006
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Highlands of West Village II
|
|
Smyrna, GA
|
|
—
|
|
|
|
|
5,358
|
|
|
30,338
|
|
|
—
|
|
|
35
|
|
|
5,358
|
|
|
30,373
|
|
|
35,731
|
|
|
(1,196
|
)
|
|
34,535
|
|
|
2012
|
|
1 - 40
|
|||||||||
Terraces at Townelake
|
|
Woodstock, GA
|
|
—
|
|
|
|
|
1,331
|
|
|
11,918
|
|
|
1,688
|
|
|
22,465
|
|
|
3,019
|
|
|
34,383
|
|
|
37,402
|
|
|
(18,398
|
)
|
|
19,004
|
|
|
1999
|
|
1 - 40
|
|||||||||
Haven at Praire Trace
|
|
Overland Park, KS
|
|
—
|
|
|
|
|
3,500
|
|
|
40,614
|
|
|
—
|
|
|
250
|
|
|
3,500
|
|
|
40,864
|
|
|
44,364
|
|
|
(434
|
)
|
|
43,930
|
|
|
2015
|
|
1 - 40
|
|||||||||
Grand Reserve at Pinnacle
|
|
Lexington, KY
|
|
—
|
|
|
(1)
|
|
2,024
|
|
|
31,525
|
|
|
—
|
|
|
4,264
|
|
|
2,024
|
|
|
35,789
|
|
|
37,813
|
|
|
(15,170
|
)
|
|
22,643
|
|
|
2000
|
|
1 - 40
|
|||||||||
Lakepointe
|
|
Lexington, KY
|
|
—
|
|
|
|
|
411
|
|
|
3,699
|
|
|
—
|
|
|
2,613
|
|
|
411
|
|
|
6,312
|
|
|
6,723
|
|
|
(4,434
|
)
|
|
2,289
|
|
|
1986
|
|
1 - 40
|
|||||||||
Mansion, The
|
|
Lexington, KY
|
|
—
|
|
|
(1)
|
|
694
|
|
|
6,242
|
|
|
—
|
|
|
3,725
|
|
|
694
|
|
|
9,967
|
|
|
10,661
|
|
|
(6,972
|
)
|
|
3,689
|
|
|
1989
|
|
1 - 40
|
|||||||||
Village, The
|
|
Lexington, KY
|
|
—
|
|
|
(1)
|
|
900
|
|
|
8,097
|
|
|
—
|
|
|
5,050
|
|
|
900
|
|
|
13,147
|
|
|
14,047
|
|
|
(9,171
|
)
|
|
4,876
|
|
|
1989
|
|
1 - 40
|
|||||||||
Stonemill Village
|
|
Louisville, KY
|
|
—
|
|
|
|
|
1,169
|
|
|
10,518
|
|
|
—
|
|
|
10,049
|
|
|
1,169
|
|
|
20,567
|
|
|
21,736
|
|
|
(13,554
|
)
|
|
8,182
|
|
|
1985
|
|
1 - 40
|
|||||||||
Crosswinds
|
|
Jackson, MS
|
|
—
|
|
|
|
|
1,535
|
|
|
13,826
|
|
|
—
|
|
|
5,748
|
|
|
1,535
|
|
|
19,574
|
|
|
21,109
|
|
|
(12,927
|
)
|
|
8,182
|
|
|
1989
|
|
1 - 40
|
|||||||||
Pear Orchard
|
|
Jackson, MS
|
|
—
|
|
|
|
|
1,351
|
|
|
12,168
|
|
|
—
|
|
|
9,055
|
|
|
1,351
|
|
|
21,223
|
|
|
22,574
|
|
|
(14,512
|
)
|
|
8,062
|
|
|
1985
|
|
1 - 40
|
|||||||||
Reflection Pointe
|
|
Jackson, MS
|
|
—
|
|
|
|
|
710
|
|
|
8,770
|
|
|
138
|
|
|
8,737
|
|
|
848
|
|
|
17,507
|
|
|
18,355
|
|
|
(11,209
|
)
|
|
7,146
|
|
|
1986
|
|
1 - 40
|
|||||||||
Lakeshore Landing
|
|
Ridgeland, MS
|
|
—
|
|
|
|
|
676
|
|
|
6,284
|
|
|
—
|
|
|
2,961
|
|
|
676
|
|
|
9,245
|
|
|
9,921
|
|
|
(4,138
|
)
|
|
5,783
|
|
|
1974
|
|
1 - 40
|
|||||||||
Market Station
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
5,814
|
|
|
46,241
|
|
|
—
|
|
|
752
|
|
|
5,814
|
|
|
46,993
|
|
|
52,807
|
|
|
(5,232
|
)
|
|
47,575
|
|
|
2010
|
|
1 - 40
|
|||||||||
Residences at Burlington Creek
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
4,000
|
|
|
42,144
|
|
|
—
|
|
|
311
|
|
|
4,000
|
|
|
42,455
|
|
|
46,455
|
|
|
(1,086
|
)
|
|
45,369
|
|
|
2013/14
|
|
1 - 40
|
|||||||||
The Denton
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
750
|
|
|
8,795
|
|
|
—
|
|
|
—
|
|
|
750
|
|
|
8,795
|
|
|
9,545
|
|
|
—
|
|
|
9,545
|
|
|
2014
|
|
1 - 40
|
|||||||||
Colonial Grand at Desert Vista
|
|
North Las Vegas, NV
|
|
—
|
|
|
|
|
4,091
|
|
|
29,826
|
|
|
—
|
|
|
633
|
|
|
4,091
|
|
|
30,459
|
|
|
34,550
|
|
|
(3,094
|
)
|
|
31,456
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Palm Vista
|
|
North Las Vegas, NV
|
|
—
|
|
|
|
|
4,909
|
|
|
25,643
|
|
|
—
|
|
|
1,136
|
|
|
4,909
|
|
|
26,779
|
|
|
31,688
|
|
|
(2,806
|
)
|
|
28,882
|
|
|
2007
|
|
1 - 40
|
|||||||||
Colonial Village at Beaver Creek
|
|
Apex, NC
|
|
—
|
|
|
|
|
7,491
|
|
|
34,863
|
|
|
—
|
|
|
963
|
|
|
7,491
|
|
|
35,826
|
|
|
43,317
|
|
|
(3,376
|
)
|
|
39,941
|
|
|
2007
|
|
1 - 40
|
|||||||||
Hermitage at Beechtree
|
|
Cary, NC
|
|
—
|
|
|
(1)
|
|
900
|
|
|
8,099
|
|
|
—
|
|
|
5,352
|
|
|
900
|
|
|
13,451
|
|
|
14,351
|
|
|
(8,341
|
)
|
|
6,010
|
|
|
1988
|
|
1 - 40
|
|||||||||
Waterford Forest
|
|
Cary, NC
|
|
—
|
|
|
(2)
|
|
4,000
|
|
|
20,250
|
|
|
—
|
|
|
3,235
|
|
|
4,000
|
|
|
23,485
|
|
|
27,485
|
|
|
(9,018
|
)
|
|
18,467
|
|
|
1996
|
|
1 - 40
|
|||||||||
1225 South Church I
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
4,780
|
|
|
22,342
|
|
|
4,832
|
|
|
23,562
|
|
|
9,612
|
|
|
45,904
|
|
|
55,516
|
|
|
(4,846
|
)
|
|
50,670
|
|
|
2010
|
|
1 - 40
|
|||||||||
Colonial Grand at Ayrsley
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
1,240
|
|
|
52,119
|
|
|
1,241
|
|
|
12,432
|
|
|
2,481
|
|
|
64,551
|
|
|
67,032
|
|
|
(5,695
|
)
|
|
61,337
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Beverly Crest
|
|
Charlotte, NC
|
|
15,496
|
|
|
|
|
3,161
|
|
|
24,004
|
|
|
—
|
|
|
1,774
|
|
|
3,161
|
|
|
25,778
|
|
|
28,939
|
|
|
(2,412
|
)
|
|
26,527
|
|
|
1996
|
|
1 - 40
|
|||||||||
Colonial Grand at Legacy Park
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,891
|
|
|
28,272
|
|
|
—
|
|
|
1,007
|
|
|
2,891
|
|
|
29,279
|
|
|
32,170
|
|
|
(2,882
|
)
|
|
29,288
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Mallard Creek
|
|
Charlotte, NC
|
|
15,630
|
|
|
|
|
4,591
|
|
|
27,713
|
|
|
—
|
|
|
588
|
|
|
4,591
|
|
|
28,301
|
|
|
32,892
|
|
|
(2,840
|
)
|
|
30,052
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Mallard Lake
|
|
Charlotte, NC
|
|
17,642
|
|
|
|
|
3,250
|
|
|
31,389
|
|
|
—
|
|
|
1,518
|
|
|
3,250
|
|
|
32,907
|
|
|
36,157
|
|
|
(3,284
|
)
|
|
32,873
|
|
|
1998
|
|
1 - 40
|
|||||||||
Colonial Grand at University Center
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
1,620
|
|
|
17,499
|
|
|
—
|
|
|
389
|
|
|
1,620
|
|
|
17,888
|
|
|
19,508
|
|
|
(1,663
|
)
|
|
17,845
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Reserve at South End
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
4,628
|
|
|
44,282
|
|
|
—
|
|
|
10,826
|
|
|
4,628
|
|
|
55,108
|
|
|
59,736
|
|
|
(2,474
|
)
|
|
57,262
|
|
|
2013
|
|
1 - 40
|
|||||||||
Colonial Village at Chancellor Park
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
5,311
|
|
|
28,016
|
|
|
—
|
|
|
1,681
|
|
|
5,311
|
|
|
29,697
|
|
|
35,008
|
|
|
(2,753
|
)
|
|
32,255
|
|
|
1999
|
|
1 - 40
|
|||||||||
Colonial Village at Greystone
|
|
Charlotte, NC
|
|
14,180
|
|
|
|
|
4,120
|
|
|
25,974
|
|
|
—
|
|
|
1,210
|
|
|
4,120
|
|
|
27,184
|
|
|
31,304
|
|
|
(2,467
|
)
|
|
28,837
|
|
|
1998/2000
|
|
1 - 40
|
|||||||||
Colonial Village at South Tryon
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,260
|
|
|
19,489
|
|
|
—
|
|
|
726
|
|
|
2,260
|
|
|
20,215
|
|
|
22,475
|
|
|
(1,998
|
)
|
|
20,477
|
|
|
2002
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Colonial Village at Stone Point
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,141
|
|
|
11,564
|
|
|
—
|
|
|
804
|
|
|
2,141
|
|
|
12,368
|
|
|
14,509
|
|
|
(1,519
|
)
|
|
12,990
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Village at Timber Crest
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,901
|
|
|
17,192
|
|
|
—
|
|
|
769
|
|
|
2,901
|
|
|
17,961
|
|
|
20,862
|
|
|
(1,642
|
)
|
|
19,220
|
|
|
2000
|
|
1 - 40
|
|||||||||
Enclave
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
1,461
|
|
|
18,984
|
|
|
—
|
|
|
353
|
|
|
1,461
|
|
|
19,337
|
|
|
20,798
|
|
|
(1,607
|
)
|
|
19,191
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Cornelius
|
|
Cornelius, NC
|
|
—
|
|
|
|
|
4,571
|
|
|
29,151
|
|
|
—
|
|
|
510
|
|
|
4,571
|
|
|
29,661
|
|
|
34,232
|
|
|
(3,049
|
)
|
|
31,183
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Patterson Place
|
|
Durham, NC
|
|
15,361
|
|
|
|
|
2,590
|
|
|
27,126
|
|
|
—
|
|
|
1,174
|
|
|
2,590
|
|
|
28,300
|
|
|
30,890
|
|
|
(2,704
|
)
|
|
28,186
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Village at Woodlake
|
|
Durham, NC
|
|
—
|
|
|
|
|
2,741
|
|
|
17,686
|
|
|
—
|
|
|
721
|
|
|
2,741
|
|
|
18,407
|
|
|
21,148
|
|
|
(1,927
|
)
|
|
19,221
|
|
|
1996
|
|
1 - 40
|
|||||||||
Colonial Village at Deerfield
|
|
Durham, NC
|
|
—
|
|
|
|
|
3,271
|
|
|
15,609
|
|
|
—
|
|
|
678
|
|
|
3,271
|
|
|
16,287
|
|
|
19,558
|
|
|
(1,919
|
)
|
|
17,639
|
|
|
1985
|
|
1 - 40
|
|||||||||
Colonial Grand at Research Park
|
|
Durham, NC
|
|
—
|
|
|
|
|
4,201
|
|
|
37,682
|
|
|
—
|
|
|
908
|
|
|
4,201
|
|
|
38,590
|
|
|
42,791
|
|
|
(3,865
|
)
|
|
38,926
|
|
|
2002
|
|
1 - 40
|
|||||||||
Colonial Grand at Autumn Park
|
|
Greensboro, NC
|
|
—
|
|
|
|
|
4,182
|
|
|
26,214
|
|
|
—
|
|
|
967
|
|
|
4,182
|
|
|
27,181
|
|
|
31,363
|
|
|
(2,506
|
)
|
|
28,857
|
|
|
2001/04
|
|
1 - 40
|
|||||||||
Colonial Grand at Huntersville
|
|
Huntersville, NC
|
|
14,843
|
|
|
|
|
4,251
|
|
|
31,948
|
|
|
—
|
|
|
862
|
|
|
4,251
|
|
|
32,810
|
|
|
37,061
|
|
|
(3,255
|
)
|
|
33,806
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Village at Matthews
|
|
Matthews, NC
|
|
13,587
|
|
|
|
|
3,071
|
|
|
21,830
|
|
|
—
|
|
|
2,508
|
|
|
3,071
|
|
|
24,338
|
|
|
27,409
|
|
|
(2,611
|
)
|
|
24,798
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Matthews Commons
|
|
Matthews, NC
|
|
—
|
|
|
|
|
3,690
|
|
|
28,536
|
|
|
—
|
|
|
1,012
|
|
|
3,690
|
|
|
29,548
|
|
|
33,238
|
|
|
(2,818
|
)
|
|
30,420
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Arringdon
|
|
Morrisville, NC
|
|
19,319
|
|
|
|
|
6,401
|
|
|
31,134
|
|
|
—
|
|
|
931
|
|
|
6,401
|
|
|
32,065
|
|
|
38,466
|
|
|
(3,169
|
)
|
|
35,297
|
|
|
2003
|
|
1 - 40
|
|||||||||
Colonial Grand at Brier Creek
|
|
Raleigh, NC
|
|
25,490
|
|
|
|
|
7,372
|
|
|
50,202
|
|
|
—
|
|
|
867
|
|
|
7,372
|
|
|
51,069
|
|
|
58,441
|
|
|
(4,812
|
)
|
|
53,629
|
|
|
2010
|
|
1 - 40
|
|||||||||
Colonial Grand at Brier Falls
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
6,572
|
|
|
48,910
|
|
|
—
|
|
|
747
|
|
|
6,572
|
|
|
49,657
|
|
|
56,229
|
|
|
(4,611
|
)
|
|
51,618
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Crabtree Valley
|
|
Raleigh, NC
|
|
10,532
|
|
|
|
|
2,241
|
|
|
18,434
|
|
|
—
|
|
|
925
|
|
|
2,241
|
|
|
19,359
|
|
|
21,600
|
|
|
(1,746
|
)
|
|
19,854
|
|
|
1997
|
|
1 - 40
|
|||||||||
Hue
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
3,690
|
|
|
29,910
|
|
|
—
|
|
|
1,550
|
|
|
3,690
|
|
|
31,460
|
|
|
35,150
|
|
|
(4,923
|
)
|
|
30,227
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Trinity Commons
|
|
Raleigh, NC
|
|
29,725
|
|
|
|
|
5,232
|
|
|
45,138
|
|
|
—
|
|
|
1,477
|
|
|
5,232
|
|
|
46,615
|
|
|
51,847
|
|
|
(4,722
|
)
|
|
47,125
|
|
|
2000/02
|
|
1 - 40
|
|||||||||
Preserve at Brier Creek
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
5,850
|
|
|
21,980
|
|
|
(19
|
)
|
|
24,178
|
|
|
5,831
|
|
|
46,158
|
|
|
51,989
|
|
|
(13,195
|
)
|
|
38,794
|
|
|
2004
|
|
1 - 40
|
|||||||||
Providence at Brier Creek
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
4,695
|
|
|
29,007
|
|
|
—
|
|
|
1,424
|
|
|
4,695
|
|
|
30,431
|
|
|
35,126
|
|
|
(7,898
|
)
|
|
27,228
|
|
|
2007
|
|
1 - 40
|
|||||||||
Corners, The
|
|
Winston-Salem, NC
|
|
—
|
|
|
|
|
685
|
|
|
6,165
|
|
|
—
|
|
|
3,453
|
|
|
685
|
|
|
9,618
|
|
|
10,303
|
|
|
(7,112
|
)
|
|
3,191
|
|
|
1982
|
|
1 - 40
|
|||||||||
Colonial Village at Glen Eagles
|
|
Winston-Salem, NC
|
|
—
|
|
|
|
|
3,400
|
|
|
15,002
|
|
|
—
|
|
|
1,276
|
|
|
3,400
|
|
|
16,278
|
|
|
19,678
|
|
|
(1,649
|
)
|
|
18,029
|
|
|
1990/2000
|
|
1 - 40
|
|||||||||
Colonial Village at Mill Creek
|
|
Winston-Salem, NC
|
|
—
|
|
|
|
|
2,351
|
|
|
7,354
|
|
|
—
|
|
|
546
|
|
|
2,351
|
|
|
7,900
|
|
|
10,251
|
|
|
(876
|
)
|
|
9,375
|
|
|
1984
|
|
1 - 40
|
|||||||||
Tanglewood
|
|
Anderson, SC
|
|
—
|
|
|
|
|
427
|
|
|
3,853
|
|
|
—
|
|
|
3,486
|
|
|
427
|
|
|
7,339
|
|
|
7,766
|
|
|
(5,175
|
)
|
|
2,591
|
|
|
1980
|
|
1 - 40
|
|||||||||
Colonial Grand at Cypress Cove
|
|
Charleston, SC
|
|
—
|
|
|
|
|
3,610
|
|
|
28,645
|
|
|
—
|
|
|
1,092
|
|
|
3,610
|
|
|
29,737
|
|
|
33,347
|
|
|
(2,947
|
)
|
|
30,400
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Village at Hampton Pointe
|
|
Charleston, SC
|
|
—
|
|
|
|
|
3,971
|
|
|
22,790
|
|
|
—
|
|
|
2,123
|
|
|
3,971
|
|
|
24,913
|
|
|
28,884
|
|
|
(2,432
|
)
|
|
26,452
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Grand at Quarterdeck
|
|
Charleston, SC
|
|
—
|
|
|
|
|
920
|
|
|
24,097
|
|
|
—
|
|
|
2,887
|
|
|
920
|
|
|
26,984
|
|
|
27,904
|
|
|
(2,451
|
)
|
|
25,453
|
|
|
1987
|
|
1 - 40
|
|||||||||
Colonial Village at Westchase
|
|
Charleston, SC
|
|
—
|
|
|
|
|
4,571
|
|
|
20,091
|
|
|
—
|
|
|
1,476
|
|
|
4,571
|
|
|
21,567
|
|
|
26,138
|
|
|
(2,416
|
)
|
|
23,722
|
|
|
1985
|
|
1 - 40
|
|||||||||
River's Walk
|
|
Charleston, SC
|
|
—
|
|
|
|
|
5,200
|
|
|
—
|
|
|
—
|
|
|
28,810
|
|
|
5,200
|
|
|
28,810
|
|
|
34,010
|
|
|
(1,573
|
)
|
|
32,437
|
|
|
2013
|
|
1 - 40
|
|||||||||
Fairways, The
|
|
Columbia, SC
|
|
—
|
|
|
|
|
910
|
|
|
8,207
|
|
|
—
|
|
|
3,831
|
|
|
910
|
|
|
12,038
|
|
|
12,948
|
|
|
(8,106
|
)
|
|
4,842
|
|
|
1992
|
|
1 - 40
|
|||||||||
Paddock Club Columbia
|
|
Columbia, SC
|
|
—
|
|
|
|
|
1,840
|
|
|
16,560
|
|
|
—
|
|
|
4,548
|
|
|
1,840
|
|
|
21,108
|
|
|
22,948
|
|
|
(13,117
|
)
|
|
9,831
|
|
|
1991
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Colonial Village at Windsor Place
|
|
Goose Creek, SC
|
|
—
|
|
|
|
|
1,321
|
|
|
14,163
|
|
|
—
|
|
|
1,277
|
|
|
1,321
|
|
|
15,440
|
|
|
16,761
|
|
|
(1,715
|
)
|
|
15,046
|
|
|
1985
|
|
1 - 40
|
||||||||||
Highland Ridge
|
|
Greenville, SC
|
|
—
|
|
|
|
|
482
|
|
|
4,337
|
|
|
—
|
|
|
2,678
|
|
|
482
|
|
|
7,015
|
|
|
7,497
|
|
|
(4,502
|
)
|
|
2,995
|
|
|
1984
|
|
1 - 40
|
||||||||||
Howell Commons
|
|
Greenville, SC
|
|
—
|
|
|
(1)
|
|
1,304
|
|
|
11,740
|
|
|
—
|
|
|
4,439
|
|
|
1,304
|
|
|
16,179
|
|
|
17,483
|
|
|
(10,505
|
)
|
|
6,978
|
|
|
1987
|
|
1 - 40
|
||||||||||
Paddock Club Greenville
|
|
Greenville, SC
|
|
—
|
|
|
(1)
|
|
1,200
|
|
|
10,800
|
|
|
—
|
|
|
2,369
|
|
|
1,200
|
|
|
13,169
|
|
|
14,369
|
|
|
(8,159
|
)
|
|
6,210
|
|
|
1996
|
|
1 - 40
|
||||||||||
Park Haywood
|
|
Greenville, SC
|
|
—
|
|
|
(1)
|
|
325
|
|
|
2,925
|
|
|
35
|
|
|
5,012
|
|
|
360
|
|
|
7,937
|
|
|
8,297
|
|
|
(5,736
|
)
|
|
2,561
|
|
|
1983
|
|
1 - 40
|
||||||||||
Spring Creek
|
|
Greenville, SC
|
|
—
|
|
|
|
|
597
|
|
|
5,374
|
|
|
(14
|
)
|
|
3,577
|
|
|
583
|
|
|
8,951
|
|
|
9,534
|
|
|
(6,011
|
)
|
|
3,523
|
|
|
1985
|
|
1 - 40
|
||||||||||
Runaway Bay
|
|
Mt. Pleasant, SC
|
|
—
|
|
|
|
|
1,085
|
|
|
7,269
|
|
|
12
|
|
|
6,889
|
|
|
1,097
|
|
|
14,158
|
|
|
15,255
|
|
|
(9,350
|
)
|
|
5,905
|
|
|
1988
|
|
1 - 40
|
||||||||||
Colonial Grand at Commerce Park
|
|
North Charleston, SC
|
|
—
|
|
|
|
|
2,780
|
|
|
33,966
|
|
|
—
|
|
|
753
|
|
|
2,780
|
|
|
34,719
|
|
|
37,499
|
|
|
(3,313
|
)
|
|
34,186
|
|
|
2008
|
|
1 - 40
|
||||||||||
535 Brookwood
|
|
Simpsonville, SC
|
|
12,889
|
|
|
|
|
1,216
|
|
|
18,666
|
|
|
—
|
|
|
851
|
|
|
1,216
|
|
|
19,517
|
|
|
20,733
|
|
|
(3,769
|
)
|
|
16,964
|
|
|
2008
|
|
1 - 40
|
||||||||||
Park Place
|
|
Spartanburg, SC
|
|
—
|
|
|
|
|
723
|
|
|
6,504
|
|
|
—
|
|
|
3,374
|
|
|
723
|
|
|
9,878
|
|
|
10,601
|
|
|
(6,336
|
)
|
|
4,265
|
|
|
1987
|
|
1 - 40
|
||||||||||
Farmington Village
|
|
Summerville, SC
|
|
—
|
|
|
|
|
2,800
|
|
|
26,295
|
|
|
—
|
|
|
1,197
|
|
|
2,800
|
|
|
27,492
|
|
|
30,292
|
|
|
(7,772
|
)
|
|
22,520
|
|
|
2007
|
|
1 - 40
|
||||||||||
Colonial Village at Waters Edge
|
|
Summerville, SC
|
|
—
|
|
|
|
|
2,103
|
|
|
9,187
|
|
|
—
|
|
|
1,979
|
|
|
2,103
|
|
|
11,166
|
|
|
13,269
|
|
|
(1,364
|
)
|
|
11,905
|
|
|
1985
|
|
1 - 40
|
||||||||||
Hamilton Pointe
|
|
Chattanooga, TN
|
|
—
|
|
|
|
|
1,131
|
|
|
10,632
|
|
|
—
|
|
|
4,326
|
|
|
1,131
|
|
|
14,958
|
|
|
16,089
|
|
|
(6,593
|
)
|
|
9,496
|
|
|
1989
|
|
1 - 40
|
||||||||||
Hidden Creek
|
|
Chattanooga, TN
|
|
—
|
|
|
(1)
|
|
972
|
|
|
8,954
|
|
|
—
|
|
|
2,877
|
|
|
972
|
|
|
11,831
|
|
|
12,803
|
|
|
(5,329
|
)
|
|
7,474
|
|
|
1987
|
|
1 - 40
|
||||||||||
Steeplechase
|
|
Chattanooga, TN
|
|
—
|
|
|
|
|
217
|
|
|
1,957
|
|
|
—
|
|
|
3,350
|
|
|
217
|
|
|
5,307
|
|
|
5,524
|
|
|
(3,676
|
)
|
|
1,848
|
|
|
1986
|
|
1 - 40
|
||||||||||
Windridge
|
|
Chattanooga, TN
|
|
—
|
|
|
|
|
817
|
|
|
7,416
|
|
|
—
|
|
|
4,462
|
|
|
817
|
|
|
11,878
|
|
|
12,695
|
|
|
(7,363
|
)
|
|
5,332
|
|
|
1984
|
|
1 - 40
|
||||||||||
Kirby Station
|
|
Memphis, TN
|
|
—
|
|
|
|
|
1,148
|
|
|
10,337
|
|
|
—
|
|
|
10,385
|
|
|
1,148
|
|
|
20,722
|
|
|
21,870
|
|
|
(12,916
|
)
|
|
8,954
|
|
|
1978
|
|
1 - 40
|
||||||||||
Lincoln on the Green
|
|
Memphis, TN
|
|
—
|
|
|
(1)
|
|
1,498
|
|
|
20,483
|
|
|
—
|
|
|
15,864
|
|
|
1,498
|
|
|
36,347
|
|
|
37,845
|
|
|
(23,701
|
)
|
|
14,144
|
|
|
1992
|
|
1 - 40
|
||||||||||
Park Estate
|
|
Memphis, TN
|
|
—
|
|
|
|
|
178
|
|
|
1,141
|
|
|
—
|
|
|
5,047
|
|
|
178
|
|
|
6,188
|
|
|
6,366
|
|
|
(4,826
|
)
|
|
1,540
|
|
|
1974
|
|
1 - 40
|
||||||||||
Reserve at Dexter Lake
|
|
Memphis, TN
|
|
—
|
|
|
|
|
1,260
|
|
|
16,043
|
|
|
2,147
|
|
|
39,413
|
|
|
3,407
|
|
|
55,456
|
|
|
58,863
|
|
|
(22,945
|
)
|
|
35,918
|
|
|
2000
|
|
1 - 40
|
||||||||||
Paddock Club Murfreesboro
|
|
Murfreesboro, TN
|
|
—
|
|
|
|
|
915
|
|
|
14,774
|
|
|
—
|
|
|
3,143
|
|
|
915
|
|
|
17,917
|
|
|
18,832
|
|
|
(8,310
|
)
|
|
10,522
|
|
|
1999
|
|
1 - 40
|
||||||||||
Aventura at Indian Lake Village
|
|
Nashville, TN
|
|
—
|
|
|
|
|
4,950
|
|
|
28,053
|
|
|
—
|
|
|
1,035
|
|
|
4,950
|
|
|
29,088
|
|
|
34,038
|
|
|
(4,350
|
)
|
|
29,688
|
|
|
2010
|
|
1 - 40
|
||||||||||
Avondale at Kennesaw
|
|
Nashville, TN
|
|
17,762
|
|
|
|
|
3,456
|
|
|
22,443
|
|
|
—
|
|
|
1,419
|
|
|
3,456
|
|
|
23,862
|
|
|
27,318
|
|
|
(4,607
|
)
|
|
22,711
|
|
|
2008
|
|
1 - 40
|
||||||||||
Brentwood Downs
|
|
Nashville, TN
|
|
—
|
|
|
|
|
1,193
|
|
|
10,739
|
|
|
(2
|
)
|
|
7,368
|
|
|
1,191
|
|
|
18,107
|
|
|
19,298
|
|
|
(12,097
|
)
|
|
7,201
|
|
|
1986
|
|
1 - 40
|
||||||||||
Colonial Grand at Bellevue
|
|
Nashville, TN
|
|
22,086
|
|
|
|
|
8,622
|
|
|
34,229
|
|
|
—
|
|
|
1,204
|
|
|
8,622
|
|
|
35,433
|
|
|
44,055
|
|
|
(3,697
|
)
|
|
40,358
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Grand at Bellevue (Phase II)
|
|
Nashville, TN
|
|
—
|
|
|
|
|
8,656
|
|
|
4,549
|
|
|
—
|
|
|
25,579
|
|
|
8,656
|
|
|
30,128
|
|
|
38,784
|
|
|
(543
|
)
|
|
38,241
|
|
|
2015
|
|
1 - 40
|
||||||||||
Grand View Nashville
|
|
Nashville, TN
|
|
—
|
|
|
|
|
2,963
|
|
|
33,673
|
|
|
—
|
|
|
6,820
|
|
|
2,963
|
|
|
40,493
|
|
|
43,456
|
|
|
(16,705
|
)
|
|
26,751
|
|
|
2001
|
|
1 - 40
|
||||||||||
Monthaven Park
|
|
Nashville, TN
|
|
—
|
|
|
|
|
2,736
|
|
|
28,902
|
|
|
—
|
|
|
5,467
|
|
|
2,736
|
|
|
34,369
|
|
|
37,105
|
|
|
(14,612
|
)
|
|
22,493
|
|
|
2000
|
|
1 - 40
|
||||||||||
Park at Hermitage
|
|
Nashville, TN
|
|
—
|
|
|
|
|
1,524
|
|
|
14,800
|
|
|
—
|
|
|
9,574
|
|
|
1,524
|
|
|
24,374
|
|
|
25,898
|
|
|
(16,152
|
)
|
|
9,746
|
|
|
1987
|
|
1 - 40
|
||||||||||
Venue at Cool Springs
|
|
Nashville, TN
|
|
—
|
|
|
|
|
6,670
|
|
|
—
|
|
|
—
|
|
|
50,396
|
|
|
6,670
|
|
|
50,396
|
|
|
57,066
|
|
|
(4,376
|
)
|
|
52,690
|
|
|
2012
|
|
1 - 40
|
||||||||||
Verandas at Sam Ridley
|
|
Nashville, TN
|
|
21,861
|
|
|
|
|
3,350
|
|
|
28,308
|
|
|
—
|
|
|
1,346
|
|
|
3,350
|
|
|
29,654
|
|
|
33,004
|
|
|
(5,565
|
)
|
|
27,439
|
|
|
2009
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Northwood
|
|
Arlington, TX
|
|
—
|
|
|
|
|
886
|
|
|
8,051
|
|
|
—
|
|
|
2,869
|
|
|
886
|
|
|
10,920
|
|
|
11,806
|
|
|
(4,826
|
)
|
|
6,980
|
|
|
1980
|
|
1 - 40
|
||||||||||
Balcones Woods
|
|
Austin, TX
|
|
—
|
|
|
|
|
1,598
|
|
|
14,398
|
|
|
—
|
|
|
11,475
|
|
|
1,598
|
|
|
25,873
|
|
|
27,471
|
|
|
(16,712
|
)
|
|
10,759
|
|
|
1983
|
|
1 - 40
|
||||||||||
Colonial Grand at Canyon Creek
|
|
Austin, TX
|
|
15,159
|
|
|
|
|
3,621
|
|
|
32,137
|
|
|
—
|
|
|
1,095
|
|
|
3,621
|
|
|
33,232
|
|
|
36,853
|
|
|
(3,309
|
)
|
|
33,544
|
|
|
2008
|
|
1 - 40
|
||||||||||
Colonial Grand at Canyon Ranch
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,778
|
|
|
20,201
|
|
|
—
|
|
|
1,150
|
|
|
3,778
|
|
|
21,351
|
|
|
25,129
|
|
|
(2,339
|
)
|
|
22,790
|
|
|
2003
|
|
1 - 40
|
||||||||||
Colonial Grand at Double Creek
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,131
|
|
|
29,375
|
|
|
—
|
|
|
292
|
|
|
3,131
|
|
|
29,667
|
|
|
32,798
|
|
|
(3,030
|
)
|
|
29,768
|
|
|
2013
|
|
1 - 40
|
||||||||||
Colonial Grand at Onion Creek
|
|
Austin, TX
|
|
—
|
|
|
|
|
4,902
|
|
|
33,010
|
|
|
—
|
|
|
799
|
|
|
4,902
|
|
|
33,809
|
|
|
38,711
|
|
|
(3,437
|
)
|
|
35,274
|
|
|
2009
|
|
1 - 40
|
||||||||||
Grand Reserve at Sunset Valley
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,150
|
|
|
11,393
|
|
|
—
|
|
|
3,488
|
|
|
3,150
|
|
|
14,881
|
|
|
18,031
|
|
|
(6,087
|
)
|
|
11,944
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Village at Quarry Oaks
|
|
Austin, TX
|
|
26,832
|
|
|
|
|
4,621
|
|
|
34,461
|
|
|
—
|
|
|
3,763
|
|
|
4,621
|
|
|
38,224
|
|
|
42,845
|
|
|
(3,881
|
)
|
|
38,964
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Grand at Wells Branch
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,094
|
|
|
32,283
|
|
|
294
|
|
|
871
|
|
|
3,388
|
|
|
33,154
|
|
|
36,542
|
|
|
(3,118
|
)
|
|
33,424
|
|
|
2008
|
|
1 - 40
|
||||||||||
Legacy at Western Oaks
|
|
Austin, TX
|
|
29,672
|
|
|
|
|
9,100
|
|
|
49,339
|
|
|
—
|
|
|
(2,348
|
)
|
|
9,100
|
|
|
46,991
|
|
|
56,091
|
|
|
(6,084
|
)
|
|
50,007
|
|
|
2001
|
|
1 - 40
|
||||||||||
Silverado
|
|
Austin, TX
|
|
—
|
|
|
|
|
2,900
|
|
|
24,009
|
|
|
—
|
|
|
2,770
|
|
|
2,900
|
|
|
26,779
|
|
|
29,679
|
|
|
(9,211
|
)
|
|
20,468
|
|
|
2003
|
|
1 - 40
|
||||||||||
Stassney Woods
|
|
Austin, TX
|
|
—
|
|
|
|
|
1,621
|
|
|
7,501
|
|
|
—
|
|
|
8,615
|
|
|
1,621
|
|
|
16,116
|
|
|
17,737
|
|
|
(9,615
|
)
|
|
8,122
|
|
|
1985
|
|
1 - 40
|
||||||||||
Travis Station
|
|
Austin, TX
|
|
—
|
|
|
|
|
2,281
|
|
|
6,169
|
|
|
—
|
|
|
7,526
|
|
|
2,281
|
|
|
13,695
|
|
|
15,976
|
|
|
(8,840
|
)
|
|
7,136
|
|
|
1987
|
|
1 - 40
|
||||||||||
Woods, The
|
|
Austin, TX
|
|
—
|
|
|
|
|
1,405
|
|
|
12,769
|
|
|
—
|
|
|
7,855
|
|
|
1,405
|
|
|
20,624
|
|
|
22,029
|
|
|
(8,796
|
)
|
|
13,233
|
|
|
1977
|
|
1 - 40
|
||||||||||
Colonial Village at Shoal Creek
|
|
Bedford, TX
|
|
22,807
|
|
|
|
|
4,982
|
|
|
27,377
|
|
|
—
|
|
|
1,614
|
|
|
4,982
|
|
|
28,991
|
|
|
33,973
|
|
|
(3,095
|
)
|
|
30,878
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Village at Willow Creek
|
|
Bedford, TX
|
|
26,429
|
|
|
|
|
3,109
|
|
|
33,488
|
|
|
—
|
|
|
3,700
|
|
|
3,109
|
|
|
37,188
|
|
|
40,297
|
|
|
(3,652
|
)
|
|
36,645
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Grand at Hebron
|
|
Carrollton, TX
|
|
—
|
|
|
|
|
4,231
|
|
|
42,237
|
|
|
—
|
|
|
505
|
|
|
4,231
|
|
|
42,742
|
|
|
46,973
|
|
|
(3,884
|
)
|
|
43,089
|
|
|
2011
|
|
1 - 40
|
||||||||||
Colonial Grand at Silverado
|
|
Cedar Park, TX
|
|
—
|
|
|
|
|
3,282
|
|
|
24,935
|
|
|
—
|
|
|
737
|
|
|
3,282
|
|
|
25,672
|
|
|
28,954
|
|
|
(2,524
|
)
|
|
26,430
|
|
|
2005
|
|
1 - 40
|
||||||||||
Colonial Grand at Silverado Reserve
|
|
Cedar Park, TX
|
|
—
|
|
|
|
|
3,951
|
|
|
31,705
|
|
|
—
|
|
|
1,005
|
|
|
3,951
|
|
|
32,710
|
|
|
36,661
|
|
|
(3,145
|
)
|
|
33,516
|
|
|
2005
|
|
1 - 40
|
||||||||||
Grand Cypress
|
|
Cypress, TX
|
|
16,598
|
|
|
|
|
3,881
|
|
|
24,267
|
|
|
—
|
|
|
677
|
|
|
3,881
|
|
|
24,944
|
|
|
28,825
|
|
|
(1,731
|
)
|
|
27,094
|
|
|
2008
|
|
1 - 40
|
||||||||||
Courtyards at Campbell
|
|
Dallas, TX
|
|
—
|
|
|
|
|
988
|
|
|
8,893
|
|
|
—
|
|
|
4,013
|
|
|
988
|
|
|
12,906
|
|
|
13,894
|
|
|
(7,793
|
)
|
|
6,101
|
|
|
1986
|
|
1 - 40
|
||||||||||
Deer Run
|
|
Dallas, TX
|
|
—
|
|
|
|
|
1,252
|
|
|
11,271
|
|
|
—
|
|
|
5,160
|
|
|
1,252
|
|
|
16,431
|
|
|
17,683
|
|
|
(10,022
|
)
|
|
7,661
|
|
|
1985
|
|
1 - 40
|
||||||||||
Grand Courtyard
|
|
Dallas, TX
|
|
—
|
|
|
|
|
2,730
|
|
|
22,240
|
|
|
—
|
|
|
2,620
|
|
|
2,730
|
|
|
24,860
|
|
|
27,590
|
|
|
(8,665
|
)
|
|
18,925
|
|
|
2000
|
|
1 - 40
|
||||||||||
Legends at Lowe's Farm
|
|
Dallas, TX
|
|
—
|
|
|
|
|
5,016
|
|
|
41,091
|
|
|
—
|
|
|
1,341
|
|
|
5,016
|
|
|
42,432
|
|
|
47,448
|
|
|
(6,373
|
)
|
|
41,075
|
|
|
2008
|
|
1 - 40
|
||||||||||
Colonial Reserve at Medical District
|
|
Dallas, TX
|
|
—
|
|
|
|
|
4,050
|
|
|
33,779
|
|
|
—
|
|
|
888
|
|
|
4,050
|
|
|
34,667
|
|
|
38,717
|
|
|
(2,997
|
)
|
|
35,720
|
|
|
2007
|
|
1 - 40
|
||||||||||
Watermark
|
|
Dallas, TX
|
|
—
|
|
|
(2)
|
|
960
|
|
|
14,438
|
|
|
—
|
|
|
2,119
|
|
|
960
|
|
|
16,557
|
|
|
17,517
|
|
|
(6,799
|
)
|
|
10,718
|
|
|
2002
|
|
1 - 40
|
||||||||||
Colonial Village at Main Park
|
|
Duncanville, TX
|
|
—
|
|
|
|
|
1,821
|
|
|
10,960
|
|
|
—
|
|
|
1,204
|
|
|
1,821
|
|
|
12,164
|
|
|
13,985
|
|
|
(1,390
|
)
|
|
12,595
|
|
|
1984
|
|
1 - 40
|
||||||||||
Colonial Grand at Bear Creek
|
|
Euless, TX
|
|
24,082
|
|
|
|
|
6,453
|
|
|
30,048
|
|
|
—
|
|
|
1,876
|
|
|
6,453
|
|
|
31,924
|
|
|
38,377
|
|
|
(3,494
|
)
|
|
34,883
|
|
|
1998
|
|
1 - 40
|
||||||||||
Colonial Grand at Fairview
|
|
Fairview, TX
|
|
—
|
|
|
|
|
2,171
|
|
|
35,077
|
|
|
—
|
|
|
421
|
|
|
2,171
|
|
|
35,498
|
|
|
37,669
|
|
|
(3,195
|
)
|
|
34,474
|
|
|
2012
|
|
1 - 40
|
||||||||||
La Valencia at Starwood
|
|
Frisco, TX
|
|
20,931
|
|
|
|
|
3,240
|
|
|
26,069
|
|
|
—
|
|
|
1,014
|
|
|
3,240
|
|
|
27,083
|
|
|
30,323
|
|
|
(5,045
|
)
|
|
25,278
|
|
|
2009
|
|
1 - 40
|
||||||||||
Colonial Reserve at Frisco Bridges
|
|
Frisco, TX
|
|
—
|
|
|
|
|
1,968
|
|
|
34,018
|
|
|
—
|
|
|
831
|
|
|
1,968
|
|
|
34,849
|
|
|
36,817
|
|
|
(3,069
|
)
|
|
33,748
|
|
|
2013
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Colonial Village at Grapevine
|
|
Grapevine, TX
|
|
—
|
|
|
|
|
2,351
|
|
|
29,757
|
|
|
—
|
|
|
2,958
|
|
|
2,351
|
|
|
32,715
|
|
|
35,066
|
|
|
(3,153
|
)
|
|
31,913
|
|
|
1985/1986
|
|
1 - 40
|
||||||||||
Greenwood Forest
|
|
Houston, TX
|
|
—
|
|
|
|
|
3,465
|
|
|
23,482
|
|
|
—
|
|
|
(159
|
)
|
|
3,465
|
|
|
23,323
|
|
|
26,788
|
|
|
(2,180
|
)
|
|
24,608
|
|
|
1994
|
|
1 - 40
|
||||||||||
Legacy Pines
|
|
Houston, TX
|
|
—
|
|
|
(2)
|
|
2,157
|
|
|
19,066
|
|
|
(15
|
)
|
|
3,705
|
|
|
2,142
|
|
|
22,771
|
|
|
24,913
|
|
|
(10,576
|
)
|
|
14,337
|
|
|
1999
|
|
1 - 40
|
||||||||||
Park Place (Houston)
|
|
Houston, TX
|
|
—
|
|
|
|
|
2,061
|
|
|
15,830
|
|
|
—
|
|
|
3,299
|
|
|
2,061
|
|
|
19,129
|
|
|
21,190
|
|
|
(6,454
|
)
|
|
14,736
|
|
|
1996
|
|
1 - 40
|
||||||||||
Ranchstone
|
|
Houston, TX
|
|
—
|
|
|
|
|
1,480
|
|
|
14,807
|
|
|
—
|
|
|
2,368
|
|
|
1,480
|
|
|
17,175
|
|
|
18,655
|
|
|
(5,521
|
)
|
|
13,134
|
|
|
1996
|
|
1 - 40
|
||||||||||
Reserve at Woodwind Lakes
|
|
Houston, TX
|
|
—
|
|
|
|
|
1,968
|
|
|
19,928
|
|
|
—
|
|
|
3,246
|
|
|
1,968
|
|
|
23,174
|
|
|
25,142
|
|
|
(7,948
|
)
|
|
17,194
|
|
|
1999
|
|
1 - 40
|
||||||||||
Retreat at Vintage Park
|
|
Houston, TX
|
|
—
|
|
|
|
|
8,211
|
|
|
40,352
|
|
|
—
|
|
|
392
|
|
|
8,211
|
|
|
40,744
|
|
|
48,955
|
|
|
(1,124
|
)
|
|
47,831
|
|
|
2014
|
|
1 - 40
|
||||||||||
Cascade at Fall Creek
|
|
Humble, TX
|
|
—
|
|
|
|
|
3,230
|
|
|
19,926
|
|
|
—
|
|
|
1,228
|
|
|
3,230
|
|
|
21,154
|
|
|
24,384
|
|
|
(6,034
|
)
|
|
18,350
|
|
|
2007
|
|
1 - 40
|
||||||||||
Chalet at Fall Creek
|
|
Humble, TX
|
|
—
|
|
|
|
|
2,755
|
|
|
20,085
|
|
|
—
|
|
|
860
|
|
|
2,755
|
|
|
20,945
|
|
|
23,700
|
|
|
(6,337
|
)
|
|
17,363
|
|
|
2006
|
|
1 - 40
|
||||||||||
Bella Casita
|
|
Irving, TX
|
|
—
|
|
|
(2)
|
|
2,521
|
|
|
26,432
|
|
|
—
|
|
|
1,392
|
|
|
2,521
|
|
|
27,824
|
|
|
30,345
|
|
|
(4,912
|
)
|
|
25,433
|
|
|
2007
|
|
1 - 40
|
||||||||||
Remington Hills
|
|
Irving, TX
|
|
—
|
|
|
|
|
4,390
|
|
|
21,822
|
|
|
—
|
|
|
4,804
|
|
|
4,390
|
|
|
26,626
|
|
|
31,016
|
|
|
(2,609
|
)
|
|
28,407
|
|
|
1984
|
|
1 - 40
|
||||||||||
Colonial Reserve at Las Colinas
|
|
Irving, TX
|
|
—
|
|
|
|
|
3,902
|
|
|
40,691
|
|
|
—
|
|
|
998
|
|
|
3,902
|
|
|
41,689
|
|
|
45,591
|
|
|
(3,645
|
)
|
|
41,946
|
|
|
2006
|
|
1 - 40
|
||||||||||
Colonial Grand at Valley Ranch
|
|
Irving, TX
|
|
25,044
|
|
|
|
|
5,072
|
|
|
37,397
|
|
|
—
|
|
|
5,970
|
|
|
5,072
|
|
|
43,367
|
|
|
48,439
|
|
|
(4,188
|
)
|
|
44,251
|
|
|
1997
|
|
1 - 40
|
||||||||||
Lane at Towne Crossing
|
|
Mesquite, TX
|
|
—
|
|
|
|
|
1,311
|
|
|
11,867
|
|
|
(8
|
)
|
|
3,481
|
|
|
1,303
|
|
|
15,348
|
|
|
16,651
|
|
|
(6,885
|
)
|
|
9,766
|
|
|
1983
|
|
1 - 40
|
||||||||||
Colonial Village at Oakbend
|
|
Lewisville, TX
|
|
21,667
|
|
|
|
|
5,598
|
|
|
28,616
|
|
|
—
|
|
|
2,246
|
|
|
5,598
|
|
|
30,862
|
|
|
36,460
|
|
|
(3,113
|
)
|
|
33,347
|
|
|
1997
|
|
1 - 40
|
||||||||||
Times Square at Craig Ranch
|
|
McKinney, TX
|
|
—
|
|
|
|
|
1,130
|
|
|
28,058
|
|
|
—
|
|
|
2,992
|
|
|
1,130
|
|
|
31,050
|
|
|
32,180
|
|
|
(6,079
|
)
|
|
26,101
|
|
|
2009
|
|
1 - 40
|
||||||||||
Venue at Stonebridge Ranch
|
|
McKinney, TX
|
|
14,767
|
|
|
|
|
4,034
|
|
|
19,528
|
|
|
—
|
|
|
247
|
|
|
4,034
|
|
|
19,775
|
|
|
23,809
|
|
|
(1,342
|
)
|
|
22,467
|
|
|
2000
|
|
1 - 40
|
||||||||||
Cityscape at Market Center
|
|
Plano, TX
|
|
—
|
|
|
|
|
8,626
|
|
|
60,407
|
|
|
—
|
|
|
538
|
|
|
8,626
|
|
|
60,945
|
|
|
69,571
|
|
|
(2,481
|
)
|
|
67,090
|
|
|
2013
|
|
1 - 40
|
||||||||||
Cityscape at Market Center II
|
|
Plano, TX
|
|
—
|
|
|
|
|
8,268
|
|
|
50,298
|
|
|
—
|
|
|
20
|
|
|
8,268
|
|
|
50,318
|
|
|
58,586
|
|
|
(107
|
)
|
|
58,479
|
|
|
2015
|
|
1 - 40
|
||||||||||
Highwood
|
|
Plano, TX
|
|
—
|
|
|
|
|
864
|
|
|
7,783
|
|
|
—
|
|
|
3,915
|
|
|
864
|
|
|
11,698
|
|
|
12,562
|
|
|
(7,422
|
)
|
|
5,140
|
|
|
1983
|
|
1 - 40
|
||||||||||
Los Rios Park
|
|
Plano, TX
|
|
—
|
|
|
|
|
3,273
|
|
|
28,823
|
|
|
—
|
|
|
5,005
|
|
|
3,273
|
|
|
33,828
|
|
|
37,101
|
|
|
(14,858
|
)
|
|
22,243
|
|
|
2000
|
|
1 - 40
|
||||||||||
Boulder Ridge
|
|
Roanoke, TX
|
|
—
|
|
|
|
|
3,382
|
|
|
26,930
|
|
|
—
|
|
|
5,835
|
|
|
3,382
|
|
|
32,765
|
|
|
36,147
|
|
|
(12,218
|
)
|
|
23,929
|
|
|
1999
|
|
1 - 40
|
||||||||||
Copper Ridge
|
|
Roanoke, TX
|
|
—
|
|
|
|
|
4,166
|
|
|
—
|
|
|
—
|
|
|
21,358
|
|
|
4,166
|
|
|
21,358
|
|
|
25,524
|
|
|
(3,950
|
)
|
|
21,574
|
|
|
2009
|
|
1 - 40
|
||||||||||
Colonial Grand at Ashton Oaks
|
|
Round Rock, TX
|
|
—
|
|
|
|
|
5,511
|
|
|
36,241
|
|
|
—
|
|
|
899
|
|
|
5,511
|
|
|
37,140
|
|
|
42,651
|
|
|
(3,655
|
)
|
|
38,996
|
|
|
2009
|
|
1 - 40
|
||||||||||
Colonial Grand at Round Rock
|
|
Round Rock, TX
|
|
24,484
|
|
|
|
|
4,691
|
|
|
45,379
|
|
|
—
|
|
|
1,249
|
|
|
4,691
|
|
|
46,628
|
|
|
51,319
|
|
|
(4,425
|
)
|
|
46,894
|
|
|
1997
|
|
1 - 40
|
||||||||||
Colonial Village at Sierra Vista
|
|
Round Rock, TX
|
|
10,900
|
|
|
|
|
2,561
|
|
|
16,488
|
|
|
—
|
|
|
1,842
|
|
|
2,561
|
|
|
18,330
|
|
|
20,891
|
|
|
(1,836
|
)
|
|
19,055
|
|
|
1999
|
|
1 - 40
|
||||||||||
Alamo Ranch
|
|
San Antonio, TX
|
|
—
|
|
|
|
|
2,380
|
|
|
26,982
|
|
|
—
|
|
|
1,804
|
|
|
2,380
|
|
|
28,786
|
|
|
31,166
|
|
|
(5,067
|
)
|
|
26,099
|
|
|
2009
|
|
1 - 40
|
||||||||||
Bulverde Oaks
|
|
San Antonio, TX
|
|
—
|
|
|
|
|
4,257
|
|
|
36,759
|
|
|
—
|
|
|
479
|
|
|
4,257
|
|
|
37,238
|
|
|
41,495
|
|
|
(1,119
|
)
|
|
40,376
|
|
|
2014
|
|
1 - 40
|
||||||||||
Haven at Blanco
|
|
San Antonio, TX
|
|
—
|
|
|
|
|
5,450
|
|
|
45,958
|
|
|
—
|
|
|
1,839
|
|
|
5,450
|
|
|
47,797
|
|
|
53,247
|
|
|
(5,586
|
)
|
|
47,661
|
|
|
2010
|
|
1 - 40
|
||||||||||
Stone Ranch at Westover Hills
|
|
San Antonio, TX
|
|
18,499
|
|
|
|
|
4,000
|
|
|
24,992
|
|
|
—
|
|
|
1,982
|
|
|
4,000
|
|
|
26,974
|
|
|
30,974
|
|
|
(5,693
|
)
|
|
25,281
|
|
|
2009
|
|
1 - 40
|
||||||||||
Cypresswood Court
|
|
Spring, TX
|
|
—
|
|
|
(2)
|
|
576
|
|
|
5,190
|
|
|
—
|
|
|
3,809
|
|
|
576
|
|
|
8,999
|
|
|
9,575
|
|
|
(6,289
|
)
|
|
3,286
|
|
|
1984
|
|
1 - 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Villages at Kirkwood
|
|
Stafford, TX
|
|
—
|
|
|
|
|
1,918
|
|
|
15,846
|
|
|
—
|
|
|
2,803
|
|
|
1,918
|
|
|
18,649
|
|
|
20,567
|
|
|
(7,615
|
)
|
|
12,952
|
|
|
1996
|
|
1 - 40
|
||||||||||
Green Tree Place
|
|
Woodlands, TX
|
|
—
|
|
|
(2)
|
|
539
|
|
|
4,850
|
|
|
—
|
|
|
3,606
|
|
|
539
|
|
|
8,456
|
|
|
8,995
|
|
|
(5,777
|
)
|
|
3,218
|
|
|
1984
|
|
1 - 40
|
||||||||||
Stonefield Commons
|
|
Charlottesville, VA
|
|
—
|
|
|
|
|
11,044
|
|
|
36,689
|
|
|
—
|
|
|
293
|
|
|
11,044
|
|
|
36,982
|
|
|
48,026
|
|
|
(1,507
|
)
|
|
46,519
|
|
|
2013
|
|
1 - 40
|
||||||||||
Adalay Bay
|
|
Chesapeake, VA
|
|
—
|
|
|
|
|
5,280
|
|
|
31,341
|
|
|
—
|
|
|
1,773
|
|
|
5,280
|
|
|
33,114
|
|
|
38,394
|
|
|
(4,385
|
)
|
|
34,009
|
|
|
2002
|
|
1 - 40
|
||||||||||
Colonial Village at Greenbrier
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
4,842
|
|
|
21,677
|
|
|
—
|
|
|
745
|
|
|
4,842
|
|
|
22,422
|
|
|
27,264
|
|
|
(2,065
|
)
|
|
25,199
|
|
|
1980
|
|
1 - 40
|
||||||||||
Seasons at Celebrate Virginia I
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
6,960
|
|
|
32,083
|
|
|
7,530
|
|
|
38,468
|
|
|
14,490
|
|
|
70,551
|
|
|
85,041
|
|
|
(6,686
|
)
|
|
78,355
|
|
|
2011
|
|
1 - 40
|
||||||||||
Station Square at Cosner's Corner
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
8,580
|
|
|
35,700
|
|
|
—
|
|
|
354
|
|
|
8,580
|
|
|
36,054
|
|
|
44,634
|
|
|
(2,412
|
)
|
|
42,222
|
|
|
2013
|
|
1 - 40
|
||||||||||
Colonial Village at Hampton Glen
|
|
Glen Allen, VA
|
|
—
|
|
|
|
|
4,851
|
|
|
21,678
|
|
|
—
|
|
|
1,059
|
|
|
4,851
|
|
|
22,737
|
|
|
27,588
|
|
|
(2,229
|
)
|
|
25,359
|
|
|
1986
|
|
1 - 40
|
||||||||||
Colonial Village at West End
|
|
Glen Allen, VA
|
|
12,611
|
|
|
|
|
4,661
|
|
|
18,908
|
|
|
—
|
|
|
1,258
|
|
|
4,661
|
|
|
20,166
|
|
|
24,827
|
|
|
(1,882
|
)
|
|
22,945
|
|
|
1987
|
|
1 - 40
|
||||||||||
Township
|
|
Hampton, VA
|
|
—
|
|
|
|
|
1,509
|
|
|
8,189
|
|
|
—
|
|
|
9,404
|
|
|
1,509
|
|
|
17,593
|
|
|
19,102
|
|
|
(10,817
|
)
|
|
8,285
|
|
|
1987
|
|
1 - 40
|
||||||||||
Colonial Village at Tradewinds
|
|
Hampton, VA
|
|
—
|
|
|
|
|
5,631
|
|
|
15,660
|
|
|
—
|
|
|
1,348
|
|
|
5,631
|
|
|
17,008
|
|
|
22,639
|
|
|
(1,697
|
)
|
|
20,942
|
|
|
1988
|
|
1 - 40
|
||||||||||
Colonial Village at Waterford
|
|
Midlothian, VA
|
|
—
|
|
|
|
|
6,733
|
|
|
29,221
|
|
|
—
|
|
|
1,819
|
|
|
6,733
|
|
|
31,040
|
|
|
37,773
|
|
|
(3,153
|
)
|
|
34,620
|
|
|
1989
|
|
1 - 40
|
||||||||||
Ashley Park
|
|
Richmond, VA
|
|
—
|
|
|
|
|
4,761
|
|
|
13,365
|
|
|
—
|
|
|
1,004
|
|
|
4,761
|
|
|
14,369
|
|
|
19,130
|
|
|
(1,618
|
)
|
|
17,512
|
|
|
1988
|
|
1 - 40
|
||||||||||
Colonial Village at Chase Gayton
|
|
Richmond, VA
|
|
—
|
|
|
|
|
6,021
|
|
|
29,004
|
|
|
—
|
|
|
1,808
|
|
|
6,021
|
|
|
30,812
|
|
|
36,833
|
|
|
(3,108
|
)
|
|
33,725
|
|
|
1984
|
|
1 - 40
|
||||||||||
Hamptons at Hunton Park
|
|
Richmond, VA
|
|
—
|
|
|
|
|
4,930
|
|
|
35,598
|
|
|
—
|
|
|
2,561
|
|
|
4,930
|
|
|
38,159
|
|
|
43,089
|
|
|
(6,237
|
)
|
|
36,852
|
|
|
2003
|
|
1 - 40
|
||||||||||
Retreat at West Creek
|
|
Richmond, VA
|
|
—
|
|
|
|
|
7,112
|
|
|
36,136
|
|
|
—
|
|
|
246
|
|
|
7,112
|
|
|
36,382
|
|
|
43,494
|
|
|
(542
|
)
|
|
42,952
|
|
|
2015
|
|
1 - 40
|
||||||||||
Colonial Village at Harbour Club
|
|
Virginia Beach, VA
|
|
—
|
|
|
|
|
3,483
|
|
|
14,796
|
|
|
—
|
|
|
843
|
|
|
3,483
|
|
|
15,639
|
|
|
19,122
|
|
|
(1,503
|
)
|
|
17,619
|
|
|
1988
|
|
1 - 40
|
||||||||||
Radius
|
|
Newport News, VA
|
|
—
|
|
|
|
|
5,040
|
|
|
36,481
|
|
|
—
|
|
|
98
|
|
|
5,040
|
|
|
36,579
|
|
|
41,619
|
|
|
(389
|
)
|
|
41,230
|
|
|
2012
|
|
1 - 40
|
||||||||||
Total Residential Properties
|
|
|
|
923,561
|
|
|
|
|
878,643
|
|
|
6,061,011
|
|
|
20,116
|
|
|
1,081,694
|
|
|
898,759
|
|
|
7,142,705
|
|
|
8,041,464
|
|
|
(1,479,667
|
)
|
|
6,561,797
|
|
|
|
|
|
||||||||||
Allure at Buckhead
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
867
|
|
|
3,465
|
|
|
—
|
|
|
8
|
|
|
867
|
|
|
3,473
|
|
|
4,340
|
|
|
(424
|
)
|
|
3,916
|
|
|
2012
|
|
1 - 40
|
||||||||||
Highlands of West Village
|
|
Smyrna, GA
|
|
—
|
|
|
|
|
2,500
|
|
|
8,446
|
|
|
—
|
|
|
772
|
|
|
2,500
|
|
|
9,218
|
|
|
11,718
|
|
|
(370
|
)
|
|
11,348
|
|
|
2012
|
|
1 - 40
|
||||||||||
Colonial Promenade Nord du Lac
|
|
Covington, LA
|
|
—
|
|
|
|
|
5,810
|
|
|
19,138
|
|
|
—
|
|
|
—
|
|
|
5,810
|
|
|
19,138
|
|
|
24,948
|
|
|
(1,505
|
)
|
|
23,443
|
|
|
2010
|
|
1 - 40
|
||||||||||
The Denton
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
700
|
|
|
4,439
|
|
|
—
|
|
|
—
|
|
|
700
|
|
|
4,439
|
|
|
5,139
|
|
|
—
|
|
|
5,139
|
|
|
2014
|
|
1 - 40
|
||||||||||
1225 South Church
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
43
|
|
|
199
|
|
|
9
|
|
|
242
|
|
|
52
|
|
|
441
|
|
|
493
|
|
|
(67
|
)
|
|
426
|
|
|
2010
|
|
1 - 40
|
||||||||||
Bella Casita at Las Colinas
|
|
Irving, TX
|
|
—
|
|
|
(2)
|
|
46
|
|
|
186
|
|
|
—
|
|
|
126
|
|
|
46
|
|
|
312
|
|
|
358
|
|
|
(54
|
)
|
|
304
|
|
|
2007
|
|
1 - 40
|
||||||||||
Times Square at Craig Ranch
|
|
McKinney, TX
|
|
—
|
|
|
|
|
253
|
|
|
1,310
|
|
|
—
|
|
|
1,294
|
|
|
253
|
|
|
2,604
|
|
|
2,857
|
|
|
(279
|
)
|
|
2,578
|
|
|
2009
|
|
1 - 40
|
||||||||||
Total Commercial Properties
|
|
|
|
—
|
|
|
|
|
10,219
|
|
|
37,183
|
|
|
9
|
|
|
2,442
|
|
|
10,228
|
|
|
39,625
|
|
|
49,853
|
|
|
(2,699
|
)
|
|
47,154
|
|
|
|
|
|
||||||||||
Colonial Promenade Huntsville
|
|
Huntsville, AL
|
|
—
|
|
|
|
|
2,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,700
|
|
|
—
|
|
|
2,700
|
|
|
—
|
|
|
2,700
|
|
|
N/A
|
|
N/A
|
||||||||||
Colonial Grand at Randall Lakes (Phase II)
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
3,200
|
|
|
—
|
|
|
—
|
|
|
7,822
|
|
|
3,200
|
|
|
7,822
|
|
|
11,022
|
|
|
(2
|
)
|
|
11,020
|
|
|
N/A
|
|
N/A
|
||||||||||
The Denton (Phase II)
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
770
|
|
|
—
|
|
|
—
|
|
|
734
|
|
|
770
|
|
|
734
|
|
|
1,504
|
|
|
—
|
|
|
1,504
|
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement (4)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2015 (3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
River's Walk (Phase II)
|
|
Charleston, SC
|
|
—
|
|
|
|
|
3,630
|
|
|
—
|
|
|
—
|
|
|
6,026
|
|
|
3,630
|
|
|
6,026
|
|
|
9,656
|
|
|
—
|
|
|
9,656
|
|
|
N/A
|
|
N/A
|
||||||||||
Station Square at Cosner's Corner
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
4,245
|
|
|
—
|
|
|
—
|
|
|
14,256
|
|
|
4,245
|
|
|
14,256
|
|
|
18,501
|
|
|
—
|
|
|
18,501
|
|
|
N/A
|
|
N/A
|
||||||||||
Retreat at West Creek (Phase II)
|
|
Richmond, VA
|
|
—
|
|
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|
632
|
|
|
3,000
|
|
|
632
|
|
|
3,632
|
|
|
—
|
|
|
3,632
|
|
|
N/A
|
|
N/A
|
||||||||||
Total Active Development Properties
|
|
|
|
—
|
|
|
|
|
17,545
|
|
|
—
|
|
|
—
|
|
|
29,470
|
|
|
17,545
|
|
|
29,470
|
|
|
47,015
|
|
|
(2
|
)
|
|
47,013
|
|
|
|
|
|
||||||||||
Total Properties
|
|
|
|
923,561
|
|
|
|
|
906,407
|
|
|
6,098,194
|
|
|
20,125
|
|
|
1,113,606
|
|
|
926,532
|
|
|
7,211,800
|
|
|
8,138,332
|
|
|
(1,482,368
|
)
|
|
6,655,964
|
|
|
|
|
|
||||||||||
Total Land Held for Future Developments
|
|
—
|
|
|
|
|
51,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,779
|
|
|
—
|
|
|
51,779
|
|
|
—
|
|
|
51,779
|
|
|
N/A
|
|
N/A
|
||||||||||||
Corporate Properties
|
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,657
|
|
|
—
|
|
|
25,657
|
|
|
25,657
|
|
|
(16,845
|
)
|
|
8,812
|
|
|
Various
|
|
1-40
|
||||||||||
Total Other
|
|
|
|
|
|
|
51,779
|
|
|
—
|
|
|
—
|
|
|
25,657
|
|
|
51,779
|
|
|
25,657
|
|
|
77,436
|
|
|
(16,845
|
)
|
|
60,591
|
|
|
|
|
|
||||||||||||
Total Real Estate Assets, net of Joint Ventures
|
|
$
|
923,561
|
|
|
|
|
$
|
958,186
|
|
|
$
|
6,098,194
|
|
|
$
|
20,125
|
|
|
$
|
1,139,263
|
|
|
$
|
978,311
|
|
|
$
|
7,237,457
|
|
|
$
|
8,215,768
|
|
|
$
|
(1,499,213
|
)
|
|
$
|
6,716,555
|
|
|
|
|
|
(1)
|
Encumbered by a $240.0 million Fannie Mae facility, with $240.0 million available and outstanding with a variable interest rate of 0.80% on which there exists five interest rate caps totaling $125 million at an average rate of 4.60% at December 31, 2015.
|
(2)
|
Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021.
|
(3)
|
The aggregate cost for Federal income tax purposes was approximately $7.22 billion at December 31, 2015. The aggregate cost for book purposes exceeds the total gross amount of real estate assets for Federal income tax purposes, principally due to purchase accounting adjustments recorded under accounting principles generally accepted in the United States of America.
|
(4)
|
Depreciation is on a straight line basis over the estimated useful asset life which ranges from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 6 months for fair market value of residential leases.
|
Mid-America Apartment Communities, Inc.
|
||||||||||
Mid-America Apartments, L.P.
|
||||||||||
Schedule III
|
||||||||||
Real Estate Investments and Accumulated Depreciation
|
||||||||||
A summary of activity for real estate investments and accumulated depreciation is as follows (dollars in thousands):
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Real estate investments:
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of year
|
$
|
8,069,395
|
|
|
$
|
7,722,181
|
|
|
$
|
3,729,706
|
|
Acquisitions (1)
|
316,151
|
|
|
407,889
|
|
|
4,032,957
|
|
|||
Less: FMV of Leases included in Acquisitions
|
(4,438
|
)
|
|
(4,968
|
)
|
|
(51,728
|
)
|
|||
Improvement and development
|
165,000
|
|
|
186,043
|
|
|
130,824
|
|
|||
Assets held for sale
|
—
|
|
|
—
|
|
|
(4,897
|
)
|
|||
Disposition of real estate assets (2)
|
(330,340
|
)
|
|
(241,750
|
)
|
|
(114,681
|
)
|
|||
Balance at end of year
|
$
|
8,215,768
|
|
|
$
|
8,069,395
|
|
|
$
|
7,722,181
|
|
|
|
|
|
|
|
||||||
Accumulated depreciation:
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of year
|
$
|
1,373,678
|
|
|
$
|
1,138,315
|
|
|
$
|
1,040,473
|
|
Depreciation
|
289,177
|
|
|
276,991
|
|
|
165,885
|
|
|||
Assets held for sale
|
—
|
|
|
—
|
|
|
(6,164
|
)
|
|||
Disposition of real estate assets (2)
|
(163,642
|
)
|
|
(41,628
|
)
|
|
(61,879
|
)
|
|||
Balance at end of year
|
$
|
1,499,213
|
|
|
$
|
1,373,678
|
|
|
$
|
1,138,315
|
|
1.
|
The name of the limited partnership is Mid-America Apartments, L.P.
|
2.
|
The Complete address of the principal office is:
|
3.
|
The complete address of the registered office in Tennessee is:
|
4.
|
The name of the registered agent, to be located at the address listed as No. 3, is:
|
5.
|
The name and address of the sole general partner is:
|
1(a).
|
Deferred Compensation Contributions
: Eligible directors may elect to defer all or any portion (in multiples of 25%) of the director’s fees otherwise payable in cash each year. Such election must be made on forms supplied by MAA on or before the dates enumerated in section 2 below. The amounts deferred by a director shall be credited to the director’s deferred compensation account, which shall be segregated from other accounts on the books and
|
1(b).
|
Deferred Stock Awards
: Eligible directors may elect Deferred Stock Awards in lieu of Restricted Stock Awards that the director may otherwise be entitled to each year under the Stock Plan. For this purpose, a Deferred Stock Award shall mean an award, grant or issuance of Common Stock of the Company pursuant to the Compensation Committee’s authority and discretion as set forth in Section 8 of the Stock Plan that may be deferred at the election of the director until such time as the individual ceases to be a director. Such Deferred Stock Awards shall be subject to such conditions and restrictions, if any, as may be established by the Compensation Committee, in the Award Agreement (hereinafter, the “Deferred Stock Award Agreement”) executed by the director.
|
2.
|
When Deferral Election Must be Made
The election to (i) defer compensation, (ii) to change the amount of compensation to be deferred or (iii) to elect Deferred Stock Awards must be made no later than the dates specified in Section 409A of the Code and the regulations promulgated thereunder as follows:
|
1.
|
Crediting of Plan Earnings on Deferred Compensation Contributions
: Immediately following each regularly scheduled Board of Directors meeting, MAA will credit the deferred compensation account with the accumulated cash fees owed to the directors participating in the Plan since the previous regularly scheduled Board of Directors meeting. MAA shall not be liable for, and it makes no warranty with respect to, the results of said investments. It is expressly understood that all assets in these accounts shall at all times remain the unrestricted property of MAA and shall not be held in trust for the directors nor shall any such asset be deemed collateral security for the performance of the obligations of MAA. MAA may invest contributions only in the common stock of Mid-America Apartment Communities, Inc. (NYSE: MAA). Each director participating in the Plan will receive annual statements reflecting the value of his or her accounts as reflected on MAA’s records.
|
2.
|
When Benefits Become Payable
: The director or his beneficiary designated in writing by the director shall begin receiving distributions from his deferred compensation accounts under the Plan on the 90th day following the end of the calendar year in which the individual ceases to be a director of MAA. The vesting and exercise date of the director’s Deferred Stock Awards shall be governed by the Deferred Stock Award Agreement executed by the director. Notwithstanding the foregoing, in the event that the cessation of services as a director does not constitute a separation from service under this Plan for purposes of Code Section 409A, then the director shall begin receiving distributions from his deferred compensation accounts under
|
5.
|
Payment of Deferred Compensation Contributions
: At the time benefits from the director’s deferred compensation account begin as described above, the amount of benefits will be calculated as follows:
|
6.
|
Payment of Deferred Stock Awards
: The exercise and payment of Deferred Stock Awards shall be governed by the Deferred Stock Award Agreement executed by the director.
|
1.
|
Information to be Furnished
: Participants shall provide MAA with such information and evidence, and shall sign such documents, as may reasonably be requested from time to time for the purpose of administration of the Plan.
|
2.
|
Deferral Election Changes
: Once a deferral election is made, the percentage to be deferred will continue unchanged throughout each Plan year. In order to change the percentage, a director must complete a new election form prior to the beginning of a Plan year. The new election change will only be effective beginning with director fees payable during the following calendar year.
|
3.
|
Spendthrift Clause
: No participant or beneficiary shall have the right to transfer, assign, alienate, anticipate, pledge or encumber any part of the benefits provided by this Plan, nor shall such benefits be subject to seizure by legal process by any creditor of such participant or beneficiary.
|
4.
|
Governing Law
: This Plan shall be construed, administered and enforced according to the laws of Tennessee.
|
5.
|
Construction
: A pronoun or adjective in the masculine gender includes the feminine gender and the singular includes the plural, unless the context clearly indicates otherwise.
|
6.
|
Successors
: This Plan shall not be terminated by a transfer or sale of the assets of MAA or by merger or consolidation of MAA into or with any other corporation or entity, but the Plan shall be continued after such sale, merger or consolidation, and the transferee, purchaser, or successor entity shall be required as part of the sale, merger, or consolidation to agree to such continuation.
|
a.
|
At Normal Retirement Age;
|
b.
|
At death of the Participant;
|
c.
|
At the date the Participant becomes Disabled;
|
d.
|
Change in Control Event;
|
e.
|
Based on the number of his Years of Service, in accordance with the following vesting schedule:
|
Less than
|
1
0%
|
1
|
20%
|
2
|
40%
|
3
|
60%
|
4
|
80%
|
5
|
100%
|
|
Year ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
|
$
|
61,204
|
|
|
$
|
28,702
|
|
Equity in loss (income) of unconsolidated entities
|
2
|
|
|
(6,009
|
)
|
|
(338
|
)
|
|
223
|
|
|
593
|
|
|||||
Income tax expense
|
1,673
|
|
|
2,050
|
|
|
893
|
|
|
803
|
|
|
727
|
|
|||||
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|
62,230
|
|
|
30,022
|
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Distribution of income from investments in unconsolidated entities
|
6
|
|
|
15,964
|
|
|
9,768
|
|
|
12,164
|
|
|
1,402
|
|
|||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries
|
123,999
|
|
|
125,675
|
|
|
81,067
|
|
|
63,807
|
|
|
60,441
|
|
|||||
Deduct:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capitalized interest
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|
2,318
|
|
|
1,156
|
|
|||||
Total Earnings (A)
|
$
|
474,770
|
|
|
$
|
286,904
|
|
|
$
|
126,993
|
|
|
$
|
135,883
|
|
|
$
|
90,709
|
|
Fixed charges and preferred dividends:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
122,344
|
|
|
$
|
123,953
|
|
|
$
|
78,978
|
|
|
$
|
61,489
|
|
|
$
|
59,285
|
|
Capitalized interest
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|
2,318
|
|
|
1,156
|
|
|||||
Total Fixed Charges (B)
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
|
$
|
63,807
|
|
|
$
|
60,441
|
|
Preferred dividends, including redemption costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Fixed Charges and Stock Dividends (C)
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
|
$
|
63,807
|
|
|
$
|
60,441
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges (A/B)
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
|
2.1 x
|
|
|
1.5 x
|
|
|||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
|
2.1 x
|
|
|
1.5 x
|
|
|
|
Year ended December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
|
$
|
61,204
|
|
|
$
|
28,702
|
|
Equity in loss (income) of unconsolidated entities
|
|
2
|
|
|
(6,009
|
)
|
|
(338
|
)
|
|
223
|
|
|
593
|
|
|||||
Income tax expense
|
|
1,673
|
|
|
2,050
|
|
|
893
|
|
|
803
|
|
|
727
|
|
|||||
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense
|
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|
62,230
|
|
|
30,022
|
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Distribution of income from investments in unconsolidated entities
|
|
6
|
|
|
15,964
|
|
|
9,768
|
|
|
12,164
|
|
|
1,402
|
|
|||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries
|
|
123,999
|
|
|
125,675
|
|
|
81,067
|
|
|
63,807
|
|
|
60,441
|
|
|||||
Deduct:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capitalized interest
|
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|
2,318
|
|
|
1,156
|
|
|||||
Total Earnings (A)
|
|
$
|
474,770
|
|
|
$
|
286,904
|
|
|
$
|
126,993
|
|
|
$
|
135,883
|
|
|
$
|
90,709
|
|
Fixed charges and preferred dividends:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
$
|
122,344
|
|
|
$
|
123,953
|
|
|
$
|
78,978
|
|
|
$
|
61,489
|
|
|
$
|
59,285
|
|
Capitalized interest
|
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|
2,318
|
|
|
1,156
|
|
|||||
Total Fixed Charges (B)
|
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
|
$
|
63,807
|
|
|
$
|
60,441
|
|
Preferred dividends, including redemption costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Fixed Charges and Stock Dividends (C)
|
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
|
$
|
63,807
|
|
|
$
|
60,441
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges (A/B)
|
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
|
2.1 x
|
|
|
1.5 x
|
|
|||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
|
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
|
2.1 x
|
|
|
1.5 x
|
|
(1)
|
Registration Statements (Form S-3 Nos. 33-96852, 333-82526, 333-191243 and 333-208398) of Mid-America Apartment Communities, Inc.,
|
(2)
|
Registration Statement (Form S-3 No. 333-202905) pertaining to the Dividend and Distribution Reinvestment and Share Purchase Plan of Mid-America Apartment Communities, Inc.,
|
(3)
|
Registration Statement (Form S-8 No. 333-123945) pertaining to the Non-Qualified Deferred Compensation Plan for Outside Company Directors of Mid-America Apartment Communities, Inc.,
|
(4)
|
Registration Statement (Form S-8 No. 333-115834) pertaining to the Fourth Amended and Restated 1994 Restricted Stock and Stock Option Plan and the 2004 Stock Plan of Mid-America Apartment Communities, Inc.,
|
(5)
|
Registration Statement (Form S-8 No. 33-91416) pertaining to the 1994 Employee Stock Purchase Plan of Mid-America Apartment Communities, Inc.;
|
(6)
|
Registration Statement (Form S-8 No.333-191541) pertaining to the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan, Colonial Properties Trust 2008 Omnibus Incentive Plan and Colonial Properties Trust Third Amended and Restated Shares Option and Restricted Shares Plan;
|
(7)
|
Registration Statement (Form S-3 No. 333-190028) of Mid-America Apartment Communities, Inc.; and
|
(8)
|
Registration Statement (Form S-8 No. 333-196250) pertaining to the Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan.
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 25, 2016
|
/s/ H. Eric Bolton, Jr.
|
|
|
H. Eric Bolton, Jr.
|
|
|
Chief Executive Officer
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 25, 2016
|
/s/ Albert M. Campbell, III
|
|
|
Albert M. Campbell, III
|
|
|
Chief Financial Officer
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 25, 2016
|
/s/ H. Eric Bolton, Jr.
|
|
|
H. Eric Bolton, Jr.
|
|
|
Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 25, 2016
|
/s/ Albert M. Campbell, III
|
|
|
Albert M. Campbell, III
|
|
|
Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ H. Eric Bolton, Jr.
|
H. Eric Bolton, Jr.
|
Chief Executive Officer
|
February 25, 2016
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Albert M. Campbell, III
|
Albert M. Campbell, III
|
Chief Financial Officer
|
February 25, 2016
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.
|
/s/ H. Eric Bolton, Jr.
|
H. Eric Bolton, Jr.
|
Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.
|
February 25, 2016
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.
|
/s/ Albert M. Campbell, III
|
Albert M. Campbell, III
|
Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.
|
February 25, 2016
|