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
o
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No
ý
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Mid-America Apartments, L.P.
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Yes
o
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No
ý
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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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1A.
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1B.
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2.
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3.
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4.
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PART II
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5.
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6.
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7.
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7A.
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||
8.
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9.
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9A.
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9B.
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PART III
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10.
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11.
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12.
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13.
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14.
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PART IV
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15.
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16.
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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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•
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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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•
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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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•
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the selected financial data in Item 6 of this report;
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•
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the consolidated financial statements in Item 8 of this report;
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•
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certain accompanying notes to the consolidated financial statements, including Note 3 - Earnings per Common Share of MAA and Note 4 - Earnings per OP Unit of MAALP; Note 9 - Shareholders' Equity of MAA and Note 10 - Partners' Capital of MAALP; and Note 16 - Selected Quarterly Financial Information of MAA (Unaudited) and Note 17 - Selected Quarterly Financial
Information of MAALP (Unaudited);
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•
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the controls and procedures in Item 9A of this report; and
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•
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the certifications included as Exhibits 31 and 32 to this report.
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•
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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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•
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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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•
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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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•
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failure of new acquisitions to achieve anticipated results or be efficiently integrated;
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•
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failure of development communities to be completed within budget and on a timely basis or to lease-up as anticipated, if at all;
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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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•
|
difficulty in integrating MAA's and Post Properties' businesses;
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•
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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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•
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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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•
|
cyberliability or potential liability for breaches of our privacy or information security systems;
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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 associated with laws requiring access for disabled persons; 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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•
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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, developing and renovating apartment communities;
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•
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diversify investment capital across markets in which we operate to achieve a balanced portfolio and minimize volatile operating performance; and
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•
|
actively manage our capital structure to enhance predictability of earnings to fund our dividends and distributions.
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•
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providing management information and improved customer services through technology innovations;
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•
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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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•
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implementing programs to control expenses through investment in cost-saving initiatives;
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•
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analyzing individual asset productivity performances to identify best practices and improvement areas;
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•
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maintaining the physical condition of each property through ongoing capital investments;
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•
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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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•
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managing lease expirations to align with peak leasing traffic patterns and to maximize productivity of property staffing;
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•
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allocating additional capital, including capital for selective interior and exterior improvements;
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•
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compensating employees through performance-based compensation and stock ownership programs; and
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•
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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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•
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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 have been stabilized for at least a full 12 months.
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•
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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 have been stabilized for at least a full 12 months.
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•
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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.
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Community
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Market
|
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Units
|
|
Closing Date
|
Charlotte at Midtown
|
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Nashville, TN
|
|
279
|
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March 16, 2017
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Acklen West End
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Nashville, TN
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320
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December 28, 2017
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Project:
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Market
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Total Units
|
|
Units Completed
|
|
Cost to Date
|
|
Budgeted Cost
|
Estimated Cost Per Unit
|
Expected Completion
|
Post River North
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Denver, CO
|
359
|
|
240
|
|
$81,195
|
|
$88,200
|
$246
|
1st Quarter 2018
|
1201 Midtown II
|
Charleston, SC
|
140
|
|
—
|
|
12,624
|
|
29,500
|
211
|
4th Quarter 2018
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Post Centennial Park
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Atlanta, GA
|
438
|
|
—
|
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73,837
|
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96,300
|
220
|
3rd Quarter 2018
|
|
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937
|
|
240
|
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$167,656
|
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$214,000
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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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•
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scalable operating and support systems, which include automated systems to meet the changing technological needs of our residents;
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•
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access to a wide variety of debt and equity capital sources;
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•
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geographic diversification with a presence in approximately 37 defined Metropolitan Statistical Areas, or MSAs, across the Southeast and Southwest regions of the United States; and
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•
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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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•
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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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•
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low mortgage interest rates and home pricing, making alternative housing more affordable;
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•
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government or builder incentives with respect to home ownership, making alternative housing options more attractive; and
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•
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regional economic downturns which affect one or more of our geographical markets.
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•
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competition from other apartment communities;
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•
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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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•
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conversion of condominiums and single family houses to rental use or the increase in the number condominiums and single family homes available for sale;
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•
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weakness in the overall economy which lowers job growth and the associated demand for apartment housing;
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•
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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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•
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inability to initially, or subsequently after lease terminations, rent apartments on favorable economic terms;
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•
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failure of development communities to be completed within budget and on a timely basis or to lease-up as anticipated, if at all;
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•
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changes in governmental regulations and the related costs of compliance;
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•
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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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•
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withdrawal of government support of apartment financing through its financial backing of the Federal National Mortgage Association, or Fannie Mae, or the Federal Home Loan Mortgage Corporation, or Freddie Mac;
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•
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an uninsured loss, including those resulting from a catastrophic storm, earthquake, or act of terrorism;
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•
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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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•
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the relative illiquidity of real estate investments.
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•
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we may be unable to obtain financing for acquisitions on favorable terms or at all;
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•
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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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•
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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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•
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we may incur significant costs and divert management's 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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•
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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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•
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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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•
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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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•
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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. In addition, if a transaction intended to qualify as a Section 1031 exchange is later determined to be taxable, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis. Intermediary agents of Section 1031 exchange transactions typically handle large sums of money in trusts. Misappropriation of funds by one of these agents could have a material negative impact on our results of operations. Additionally, misappropriation of funds could result in the disposal of the property not qualifying for a tax deferred basis and adversely affect our financial condition. It is also possible the qualification of a transaction as a Section 1031 exchange could be successfully challenged and determined to be currently taxable. In such case, our taxable income and earnings and profits would increase, which could increase the dividend income to our shareholders by reducing any return of capital they received. In some circumstances, we may be required to pay additional dividends or, in lieu of additional dividends, corporate income tax, possibly including interest and penalties. As a result, we may be required to borrow funds in order to pay additional dividends or taxes and the payment of such taxes could cause us to have less cash available to distribute to our shareholders. In addition, if a Section 1031 exchange were later to be determined to be taxable, we
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•
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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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•
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all or the full extent of potential environmental liabilities;
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•
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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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•
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that a material environmental condition does not otherwise exist as to any one or more of such apartment communities; or
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•
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that environmental matters will not have a material adverse effect on us and our ability to make distributions and pay amounts due on our debt.
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•
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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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•
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we may be unable to obtain financing for development activities under favorable terms, which could cause a delay in
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•
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yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget, higher than expected concessions for lease-up and lower rents than initially estimated;
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•
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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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•
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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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•
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we may be unable to complete construction and lease-up of an apartment 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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•
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occupancy rates and rents at a newly developed apartment community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our profitability goals for that community;
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•
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when we sell to third parties apartment 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; and
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•
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our failure to successfully enter into a joint venture agreement may prohibit an otherwise advantageous investment if we cannot raise the money through other means.
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•
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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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•
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debt service obligations will reduce funds available for distribution and funds available for acquisitions, development and redevelopment;
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•
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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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•
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we may be limited in our ability to respond to changing business and economic conditions;
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•
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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; and
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•
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if one of our subsidiaries defaults, it could trigger a cross default or cross acceleration provision under other indebtedness, which could cause an immediate default or could allow the lenders to declare all funds borrowed thereunder to be due and payable.
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•
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will consider the transfer to be null and void;
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•
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will not reflect the transaction on its books;
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•
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may institute legal action to enjoin the transaction;
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•
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will not pay dividends or other distributions with respect to those shares;
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•
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will not recognize any voting rights for those shares;
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•
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will consider the shares held in trust for its benefit; and
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•
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will either direct the holder to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, the holder 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 the 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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•
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the holder may lose its power to dispose of the shares;
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•
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the holder may not recognize profit from the sale of such shares if the market price of the shares increases; and
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•
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the holder may be required to recognize a loss from the sale of such shares if the market price decreases.
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•
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our financial condition and operating performance and the performance of other similar companies;
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•
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actual or anticipated differences in our quarterly and annual operating results;
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•
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changes in our revenues or earnings estimates or recommendations by securities analysts;
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•
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publication of research reports about us or our industry by securities analysts;
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•
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additions and departures of key personnel;
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•
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inability to access the capital markets;
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•
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strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy;
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•
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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;
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•
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the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;
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•
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the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);
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•
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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;
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•
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the passage of legislation or other regulatory developments that adversely affect us or our industry;
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•
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speculation in the press or investment community;
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•
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actions by institutional shareholders or hedge funds;
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•
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changes in accounting principles;
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•
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terrorist acts; and
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•
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general market conditions, including factors unrelated to our performance.
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•
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MAA would be required to pay U.S. federal income tax at regular corporate rates on the taxable income of such Merged REIT without the benefit of the dividends paid deduction for the taxable years that the Merged REIT did not qualify as a REIT and for which the statute of limitations period remains open; and
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•
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MAA would be required to pay any federal alternative minimum tax liability of the Merged REIT and any applicable state and local tax liability, in each case, for all taxable years that remain open under the applicable statute of limitations periods.
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•
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temporarily reducing individual U.S. federal income tax rates on ordinary income; the highest individual U.S. federal income tax rate will be reduced from 39.6% to 37% (through taxable years ending in 2025);
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•
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reducing the maximum corporate income tax rate from 35% to 21%;
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•
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permitting a deduction for certain pass-through business income, including dividends received from REITs that are not designated as capital gain dividends or qualified dividend income, which generally will allow individuals, trusts and estates to deduct up to 20% of such amounts, resulting in an effective maximum U.S. federal income tax rate of 29.6% on such dividends (through taxable years ending in 2025);
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•
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reducing the highest rate of withholding with respect to distributions to non-U.S. shareholders attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;
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•
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limiting the deduction for net operating losses to 80% of taxable income (prior to the application of dividends paid deduction);
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•
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amending the limitation on the deduction of net interest expense for all businesses, other than certain electing businesses, including real estate businesses (which could adversely affect the taxation of any taxable REIT subsidiaries); and
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•
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eliminating the corporate alternative minimum tax.
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|
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Number of Communities
|
|
Number of Units
(1)
|
|
Average Unit Size (Square Footage)
|
|
Average Occupancy
(2)
|
||||
Atlanta, GA
|
|
15
|
|
|
5,259
|
|
|
1,106.5
|
|
|
97.2
|
%
|
Dallas, TX
|
|
14
|
|
|
4,359
|
|
|
924.7
|
|
|
96.7
|
%
|
Austin, TX
|
|
18
|
|
|
5,838
|
|
|
928.2
|
|
|
96.8
|
%
|
Charlotte, NC
|
|
16
|
|
|
4,401
|
|
|
965.6
|
|
|
97.2
|
%
|
Orlando, FL
|
|
9
|
|
|
3,190
|
|
|
1,044.8
|
|
|
97.2
|
%
|
Tampa, FL
|
|
9
|
|
|
2,878
|
|
|
1,041.8
|
|
|
97.4
|
%
|
Raleigh/ Durham, NC
|
|
14
|
|
|
4,397
|
|
|
1,016.5
|
|
|
97.5
|
%
|
Houston, TX
|
|
11
|
|
|
3,232
|
|
|
907.5
|
|
|
98.2
|
%
|
Nashville, TN
|
|
10
|
|
|
3,776
|
|
|
1,019.6
|
|
|
96.2
|
%
|
Fort Worth, TX
|
|
11
|
|
|
4,249
|
|
|
902.9
|
|
|
96.2
|
%
|
Washington, DC
|
|
2
|
|
|
741
|
|
|
944.5
|
|
|
97.6
|
%
|
Phoenix, AZ
|
|
7
|
|
|
2,301
|
|
|
981.1
|
|
|
97.9
|
%
|
South Florida, FL
|
|
1
|
|
|
480
|
|
|
1,189.4
|
|
|
97.7
|
%
|
Large Market Same Store
|
|
137
|
|
|
45,101
|
|
|
985.9
|
|
|
97.1
|
%
|
Jacksonville, FL
|
|
10
|
|
|
3,496
|
|
|
964.4
|
|
|
97.7
|
%
|
Charleston, SC
|
|
10
|
|
|
2,648
|
|
|
958.6
|
|
|
96.9
|
%
|
Savannah, GA
|
|
9
|
|
|
2,219
|
|
|
1,021.3
|
|
|
97.3
|
%
|
Greenville, SC
|
|
8
|
|
|
1,748
|
|
|
902.0
|
|
|
97.0
|
%
|
Richmond, VA
|
|
6
|
|
|
1,668
|
|
|
862.3
|
|
|
97.0
|
%
|
Memphis, TN
|
|
4
|
|
|
1,811
|
|
|
974.2
|
|
|
95.1
|
%
|
San Antonio, TX
|
|
4
|
|
|
1,504
|
|
|
910.3
|
|
|
96.3
|
%
|
Birmingham, AL
|
|
5
|
|
|
1,462
|
|
|
1,054.8
|
|
|
95.6
|
%
|
Little Rock, AR
|
|
5
|
|
|
1,368
|
|
|
981.5
|
|
|
96.8
|
%
|
Jackson, MS
|
|
4
|
|
|
1,241
|
|
|
970.1
|
|
|
96.9
|
%
|
Huntsville, AL
|
|
3
|
|
|
1,228
|
|
|
1,089.9
|
|
|
96.9
|
%
|
Chattanooga, TN
|
|
4
|
|
|
943
|
|
|
905.7
|
|
|
96.1
|
%
|
Lexington, KY
|
|
4
|
|
|
924
|
|
|
914.4
|
|
|
96.7
|
%
|
Norfolk / Hampton / Virginia Beach, VA
|
|
3
|
|
|
788
|
|
|
924.5
|
|
|
97.8
|
%
|
Las Vegas, NV
|
|
2
|
|
|
721
|
|
|
953.5
|
|
|
97.1
|
%
|
Tallahassee, FL
|
|
2
|
|
|
604
|
|
|
1,111.2
|
|
|
97.0
|
%
|
Kansas City, MO
|
|
2
|
|
|
603
|
|
|
965.9
|
|
|
95.4
|
%
|
Columbia, SC
|
|
2
|
|
|
576
|
|
|
1,028.6
|
|
|
96.4
|
%
|
Gainesville, FL
|
|
2
|
|
|
468
|
|
|
1,137.7
|
|
|
97.4
|
%
|
Louisville, KY
|
|
1
|
|
|
384
|
|
|
845.7
|
|
|
96.4
|
%
|
Gulf Shores, AL
|
|
1
|
|
|
324
|
|
|
993.0
|
|
|
98.2
|
%
|
Panama City, FL
|
|
1
|
|
|
254
|
|
|
1,117.5
|
|
|
97.6
|
%
|
Charlottesville, VA
|
|
1
|
|
|
251
|
|
|
943.5
|
|
|
96.4
|
%
|
Secondary Market Same Store
|
|
93
|
|
|
27,233
|
|
|
969.9
|
|
|
96.8
|
%
|
Atlanta, GA
|
|
14
|
|
|
5,737
|
|
|
973.2
|
|
|
92.6
|
%
|
Dallas, TX
|
|
16
|
|
|
5,406
|
|
|
856.5
|
|
|
95.8
|
%
|
Washington, DC
|
|
9
|
|
|
3,608
|
|
|
919.4
|
|
|
96.3
|
%
|
Tampa, FL
|
|
5
|
|
|
2,342
|
|
|
983.6
|
|
|
96.8
|
%
|
Orlando, FL
|
|
4
|
|
|
2,084
|
|
|
985.7
|
|
|
96.9
|
%
|
Charlotte, NC
|
|
5
|
|
|
1,748
|
|
|
963.6
|
|
|
96.1
|
%
|
Houston, TX
|
|
4
|
|
|
1,635
|
|
|
829.2
|
|
|
96.1
|
%
|
Austin, TX
|
|
4
|
|
|
1,279
|
|
|
896.2
|
|
|
94.8
|
%
|
Raleigh/Durham, NC
|
|
1
|
|
|
803
|
|
|
892.6
|
|
|
97.5
|
%
|
Nashville, TN
|
|
2
|
|
|
599
|
|
|
811.2
|
|
|
88.3
|
%
|
Kansas City, MO
|
|
2
|
|
|
507
|
|
|
1,383.8
|
|
|
73.0
|
%
|
Charleston, SC
|
|
1
|
|
|
380
|
|
|
932.3
|
|
|
96.1
|
%
|
Greenville, SC
|
|
1
|
|
|
336
|
|
|
1,029.4
|
|
|
95.5
|
%
|
Richmond, VA
|
|
1
|
|
|
336
|
|
|
994.2
|
|
|
96.1
|
%
|
Phoenix, AZ
|
|
1
|
|
|
322
|
|
|
901.3
|
|
|
96.3
|
%
|
Denver, CO
|
|
1
|
|
|
240
|
|
|
819.5
|
|
|
33.4
|
%
|
Gulf Shores, AL
|
|
1
|
|
|
96
|
|
|
2,145.8
|
|
|
95.8
|
%
|
Non-Same Store
|
|
72
|
|
|
27,458
|
|
|
936.2
|
|
|
94.3
|
%
|
Total
|
|
302
|
|
|
99,792
|
|
|
|
|
|
|
|
(1)
|
Number of Units excludes development units not yet delivered.
|
(2)
|
Average Occupancy is calculated by dividing the number of units occupied by the total number of units at each property.
|
|
Sales Prices
|
|
Dividends
Paid
|
|
Dividends Declared
|
|
||||||||||
|
High
|
|
Low
|
|
|
|
||||||||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter
|
$
|
103.64
|
|
|
$
|
92.50
|
|
|
$
|
0.8700
|
|
|
$
|
0.8700
|
|
|
Second Quarter
|
110.95
|
|
|
96.20
|
|
|
0.8700
|
|
|
0.8700
|
|
|
||||
Third Quarter
|
109.25
|
|
|
99.06
|
|
|
0.8700
|
|
|
0.8700
|
|
|
||||
Fourth Quarter
|
110.24
|
|
|
98.54
|
|
|
0.8700
|
|
|
0.9225
|
|
(1)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter
|
$
|
102.42
|
|
|
$
|
82.91
|
|
|
$
|
0.8200
|
|
|
$
|
0.8200
|
|
|
Second Quarter
|
106.68
|
|
|
94.57
|
|
|
0.8200
|
|
|
0.8200
|
|
|
||||
Third Quarter
|
110.01
|
|
|
91.77
|
|
|
0.8200
|
|
|
0.8200
|
|
|
||||
Fourth Quarter
|
98.35
|
|
|
85.04
|
|
|
0.8200
|
|
|
0.8700
|
|
|
(1)
|
Generally, MAA's Board of Directors declares dividends prior to the quarter in which they are paid. The dividend declared in the fourth quarter of
2017
was paid on
January 31, 2018
to shareholders of record on
January 12, 2018
.
|
|
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
|
108,438
|
|
|
$
|
72.93
|
|
|
224,393
|
|
Equity compensation plans not approved by security holders
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Total
|
108,438
|
|
|
$
|
72.93
|
|
|
224,393
|
|
(1)
|
Columns (a) and (b) do not include
180,692
shares of restricted common stock that are subject to vesting requirements which were issued through our 2004 Stock Plan or the Amended and Restated 2013 Stock Incentive Plan or
127,711
shares of common stock that have been purchased by employees through the Employee Stock Purchase Plan.
|
(2)
|
Column (c) includes
202,104
shares available to be issued under our 2013 Stock Incentive Plan and
22,289
shares available to be issued under our Employee Stock Purchase Plan.
|
|
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, 2017 - October 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,000,000
|
November 1, 2017 - November 30, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,000,000
|
December 1, 2017 - December 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,000,000
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,000,000
|
(1)
|
This column reflects the number of shares of MAA's common stock that were available for purchase under the 4.0 million share repurchase program authorized by MAA's Board of Directors in December 2015.
|
|
|
Year Ending December 31,
|
||||||||||||||||||||||
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||
MAA
|
|
$
|
100.00
|
|
|
$
|
97.81
|
|
|
$
|
125.60
|
|
|
$
|
158.84
|
|
|
$
|
177.25
|
|
|
$
|
188.37
|
|
S&P 500
|
|
100.00
|
|
|
132.39
|
|
|
150.51
|
|
|
152.59
|
|
|
170.84
|
|
|
208.14
|
|
||||||
FTSE NAREIT Equity REIT Index
|
|
100.00
|
|
|
102.47
|
|
|
133.35
|
|
|
137.61
|
|
|
149.33
|
|
|
157.14
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rental and other property revenues
|
$
|
1,528,987
|
|
|
$
|
1,125,348
|
|
|
$
|
1,042,779
|
|
|
$
|
992,332
|
|
|
$
|
635,490
|
|
Income from continuing operations
|
340,536
|
|
|
224,402
|
|
|
350,745
|
|
|
150,946
|
|
|
37,692
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from discontinued operations before (loss) gain on sale
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|
4,743
|
|
|||||
Gain on sale of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
5,394
|
|
|
76,844
|
|
|||||
Net income
|
340,536
|
|
|
224,402
|
|
|
350,745
|
|
|
156,277
|
|
|
119,279
|
|
|||||
Net income attributable to noncontrolling interests
|
12,157
|
|
|
12,180
|
|
|
18,458
|
|
|
8,297
|
|
|
3,998
|
|
|||||
Dividends to MAA Series I preferred shareholders
|
3,688
|
|
|
307
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income available for MAA common shareholders
|
$
|
324,691
|
|
|
$
|
211,915
|
|
|
$
|
332,287
|
|
|
$
|
147,980
|
|
|
$
|
115,281
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Common Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
113,407
|
|
|
78,502
|
|
|
75,176
|
|
|
74,982
|
|
|
50,677
|
|
|||||
Effect of dilutive securities and partnership units
(1)
|
280
|
|
|
298
|
|
|
—
|
|
|
—
|
|
|
2,439
|
|
|||||
Diluted
|
113,687
|
|
|
78,800
|
|
|
75,176
|
|
|
74,982
|
|
|
53,116
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share - basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common shareholders
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.72
|
|
Discontinued property operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.07
|
|
|
1.55
|
|
|||||
Net income available for common shareholders
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.27
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common shareholders
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
Discontinued property operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.07
|
|
|
1.54
|
|
|||||
Net income available for common shareholders
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.25
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per common share
(2)
|
$
|
3.5325
|
|
|
$
|
3.3300
|
|
|
$
|
3.1300
|
|
|
$
|
2.9600
|
|
|
$
|
2.8150
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate owned, at cost
|
$
|
13,336,995
|
|
|
$
|
13,016,663
|
|
|
$
|
8,217,579
|
|
|
$
|
8,071,187
|
|
|
$
|
7,694,618
|
|
Real estate assets, net
|
11,261,924
|
|
|
11,341,862
|
|
|
6,718,366
|
|
|
6,697,508
|
|
|
6,556,303
|
|
|||||
Total assets
|
11,491,919
|
|
|
11,604,491
|
|
|
6,847,781
|
|
|
6,821,778
|
|
|
6,835,012
|
|
|||||
Total debt
|
4,502,057
|
|
|
4,499,712
|
|
|
3,427,568
|
|
|
3,512,699
|
|
|
3,463,239
|
|
|||||
Noncontrolling interest
|
233,982
|
|
|
238,282
|
|
|
165,726
|
|
|
161,287
|
|
|
166,726
|
|
|||||
Total MAA shareholders' equity and redeemable stock
|
6,350,320
|
|
|
6,413,892
|
|
|
3,000,347
|
|
|
2,896,435
|
|
|
2,951,861
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Data (at end of period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Funds from operations
|
$
|
699,561
|
|
|
$
|
463,385
|
|
|
$
|
452,372
|
|
|
$
|
404,087
|
|
|
$
|
231,025
|
|
Market capitalization (shares and units)
(3)
|
$
|
11,849,463
|
|
|
$
|
11,528,965
|
|
|
$
|
7,225,894
|
|
|
$
|
5,933,985
|
|
|
$
|
4,801,990
|
|
Ratio of total debt to total capitalization
(4)
|
27.5
|
%
|
|
28.1
|
%
|
|
32.2
|
%
|
|
37.3
|
%
|
|
42.0
|
%
|
|||||
Number of multifamily properties, including joint venture ownership interest
(5)
|
302
|
|
|
303
|
|
|
254
|
|
|
268
|
|
|
275
|
|
|||||
Number of multifamily units, including joint venture ownership interest
(5)
|
99,792
|
|
|
99,393
|
|
|
79,496
|
|
|
82,316
|
|
|
83,641
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rental and other property revenues
|
$
|
1,528,987
|
|
|
$
|
1,125,348
|
|
|
$
|
1,042,779
|
|
|
$
|
992,332
|
|
|
$
|
635,490
|
|
Income from continuing operations
|
340,536
|
|
|
224,402
|
|
|
350,745
|
|
|
150,946
|
|
|
37,692
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from discontinued operations before (loss) gain on sale
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|
4,332
|
|
|||||
Gain on sale of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
5,394
|
|
|
65,520
|
|
|||||
Net income
|
340,536
|
|
|
224,402
|
|
|
350,745
|
|
|
156,277
|
|
|
107,544
|
|
|||||
Dividends to preferred unitholders
|
3,688
|
|
|
307
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income available for common unitholders
|
$
|
336,848
|
|
|
$
|
224,095
|
|
|
$
|
350,745
|
|
|
$
|
156,277
|
|
|
$
|
107,544
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Common Unit Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average units outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
117,617
|
|
|
82,661
|
|
|
79,361
|
|
|
79,188
|
|
|
53,075
|
|
|||||
Effect of dilutive securities
(1)
|
280
|
|
|
298
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|||||
Diluted
|
117,897
|
|
|
82,959
|
|
|
79,361
|
|
|
79,188
|
|
|
53,163
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common unit - basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common unitholders
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
Discontinued property operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.07
|
|
|
1.31
|
|
|||||
Net income available for common unitholders
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common unit - diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations available for common unitholders
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
$
|
1.90
|
|
|
$
|
0.71
|
|
Discontinued property operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.07
|
|
|
1.31
|
|
|||||
Net income available for common unitholders
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Distributions declared per common unit
(2)
|
$
|
3.5325
|
|
|
$
|
3.3300
|
|
|
$
|
3.1300
|
|
|
$
|
2.9600
|
|
|
$
|
2.8150
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate owned, at cost
|
$
|
13,336,995
|
|
|
$
|
13,016,663
|
|
|
$
|
8,217,579
|
|
|
$
|
8,071,187
|
|
|
$
|
7,694,618
|
|
Real estate assets, net
|
11,261,924
|
|
|
11,341,862
|
|
|
6,718,366
|
|
|
6,697,508
|
|
|
6,556,303
|
|
|||||
Total assets
|
11,491,919
|
|
|
11,604,491
|
|
|
6,847,781
|
|
|
6,821,778
|
|
|
6,835,012
|
|
|||||
Total debt
|
4,502,057
|
|
|
4,499,712
|
|
|
3,427,568
|
|
|
3,512,699
|
|
|
3,463,239
|
|
|||||
Total Operating Partnership capital and redeemable units
|
6,581,977
|
|
|
6,649,849
|
|
|
3,166,054
|
|
|
3,057,703
|
|
|
3,118,568
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Data (at end of period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Number of multifamily properties, including joint venture ownership interest
(3)
|
302
|
|
|
303
|
|
|
254
|
|
|
268
|
|
|
275
|
|
|||||
Number of multifamily units, including joint venture ownership interest
(3)
|
99,792
|
|
|
99,393
|
|
|
79,496
|
|
|
82,316
|
|
|
83,641
|
|
•
|
effectively and efficiently operate our existing properties with an intense property and asset management focus and a decentralized structure;
|
•
|
manage real estate cycles by taking an opportunistic approach to buying, selling, renovating and developing apartment communities;
|
•
|
diversify investment capital across markets in which we operate to achieve a balanced portfolio with less volatile operating performance; and
|
•
|
actively manage our capital structure to enhance predictability of earnings to fund our dividends and distributions.
|
|
December 31, 2017
|
|
December 31, 2016
|
|
Increase
|
|
% Increase
|
|||||||
Large Market Same Store
|
$
|
672,131
|
|
|
$
|
652,560
|
|
|
$
|
19,571
|
|
|
3.0
|
%
|
Secondary Market Same Store
|
349,007
|
|
|
340,161
|
|
|
8,846
|
|
|
2.6
|
%
|
|||
Same Store Portfolio
|
1,021,138
|
|
|
992,721
|
|
|
28,417
|
|
|
2.9
|
%
|
|||
Non-Same Store and Other
|
507,849
|
|
|
132,627
|
|
|
375,222
|
|
|
282.9
|
%
|
|||
Total
|
$
|
1,528,987
|
|
|
$
|
1,125,348
|
|
|
$
|
403,639
|
|
|
35.9
|
%
|
|
December 31, 2017
|
|
December 31, 2016
|
|
Increase
|
|
% Increase
|
|||||||
Large Market Same Store
|
$
|
250,056
|
|
|
$
|
245,266
|
|
|
$
|
4,790
|
|
|
2.0
|
%
|
Secondary Market Same Store
|
130,334
|
|
|
126,888
|
|
|
3,446
|
|
|
2.7
|
%
|
|||
Same Store Portfolio
|
380,390
|
|
|
372,154
|
|
|
8,236
|
|
|
2.2
|
%
|
|||
Non-Same Store and Other
|
196,341
|
|
|
51,202
|
|
|
145,139
|
|
|
283.5
|
%
|
|||
Total
|
$
|
576,731
|
|
|
$
|
423,356
|
|
|
$
|
153,375
|
|
|
36.2
|
%
|
|
December 31, 2016
|
|
December 31, 2015
|
|
Increase
|
|
% Increase
|
|||||||
Large Market Same Store
|
$
|
642,679
|
|
|
$
|
612,934
|
|
|
$
|
29,745
|
|
|
4.9
|
%
|
Secondary Market Same Store
|
337,883
|
|
|
327,700
|
|
|
10,183
|
|
|
3.1
|
%
|
|||
Same Store Portfolio
|
980,562
|
|
|
940,634
|
|
|
39,928
|
|
|
4.2
|
%
|
|||
Non-Same Store and Other
|
144,786
|
|
|
102,145
|
|
|
42,641
|
|
|
41.7
|
%
|
|||
Total
|
$
|
1,125,348
|
|
|
$
|
1,042,779
|
|
|
$
|
82,569
|
|
|
7.9
|
%
|
|
December 31, 2016
|
|
December 31, 2015
|
|
Increase
|
|
% Increase
|
|||||||
Large Market Same Store
|
$
|
243,392
|
|
|
$
|
235,909
|
|
|
$
|
7,483
|
|
|
3.2
|
%
|
Secondary Market Same Store
|
125,830
|
|
|
123,318
|
|
|
2,512
|
|
|
2.0
|
%
|
|||
Same Store Portfolio
|
369,222
|
|
|
359,227
|
|
|
9,995
|
|
|
2.8
|
%
|
|||
Non-Same Store and Other
|
54,134
|
|
|
41,418
|
|
|
12,716
|
|
|
30.7
|
%
|
|||
Total
|
$
|
423,356
|
|
|
$
|
400,645
|
|
|
$
|
22,711
|
|
|
5.7
|
%
|
|
Year ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income available for MAA common shareholders
|
$
|
324,691
|
|
|
$
|
211,915
|
|
|
$
|
332,287
|
|
Depreciation and amortization of real estate assets
|
489,503
|
|
|
319,528
|
|
|
291,572
|
|
|||
Gain on sale of depreciable real estate assets
|
(127,386
|
)
|
|
(80,397
|
)
|
|
(189,958
|
)
|
|||
Loss (gain) on disposition within unconsolidated entities
|
—
|
|
|
98
|
|
|
(12
|
)
|
|||
Depreciation and amortization of real estate assets of real estate joint ventures
|
596
|
|
|
61
|
|
|
25
|
|
|||
Net income attributable to noncontrolling interests
|
12,157
|
|
|
12,180
|
|
|
18,458
|
|
|||
Funds from operations attributable to the Company
|
$
|
699,561
|
|
|
$
|
463,385
|
|
|
$
|
452,372
|
|
|
Primary drivers of cash inflow (outflow)
|
|
Increase (Decrease) in Net Cash
|
|
Percentage Increase (Decrease) in Net Cash
|
|||||||||
|
during the year ended December 31,
|
|||||||||||||
|
2017
|
|
2016
|
|||||||||||
Purchases of real estate and other assets
|
$
|
(136,065
|
)
|
|
$
|
(339,186
|
)
|
|
$
|
203,121
|
|
|
59.9
|
%
|
Capital improvements, development and other
|
(343,890
|
)
|
|
(183,977
|
)
|
|
(159,913
|
)
|
|
(86.9
|
)%
|
|||
Proceeds from disposition of real estate assets
|
187,429
|
|
|
296,700
|
|
|
(109,271
|
)
|
|
(36.8
|
)%
|
|||
Return (funding) of escrow for future acquisitions
|
10,591
|
|
|
(58,259
|
)
|
|
68,850
|
|
|
118.2
|
%
|
|||
Acquisition of Post Properties, net of cash acquired
|
—
|
|
|
(427,764
|
)
|
|
427,764
|
|
|
(100.0
|
)%
|
|
Primary drivers of cash inflow (outflow)
|
|
Increase (Decrease) in Net Cash
|
|
Percentage Increase (Decrease) in Net Cash
|
|||||||||
|
during the year ended December 31,
|
|||||||||||||
|
2017
|
|
2016
|
|||||||||||
Net change in credit lines
|
$
|
(160,000
|
)
|
|
$
|
335,000
|
|
|
$
|
(495,000
|
)
|
|
(147.8
|
)%
|
Proceeds from notes payable
|
597,480
|
|
|
300,000
|
|
|
297,480
|
|
|
99.2
|
%
|
|||
Principal payments on notes payable
|
(413,557
|
)
|
|
(146,026
|
)
|
|
(267,531
|
)
|
|
(183.2
|
)%
|
|||
Dividends paid on common shares
|
(395,294
|
)
|
|
(247,652
|
)
|
|
(147,642
|
)
|
|
(59.6
|
)%
|
|
Principal
Balance
|
|
Average Years to Maturity
|
|
Effective
Rate
|
||||
Unsecured debt
|
|
|
|
|
|
||||
Fixed rate or swapped
|
$
|
2,842,000
|
|
|
5.5
|
|
|
3.8
|
%
|
Variable rate
|
710,000
|
|
|
0.1
|
|
|
2.4
|
%
|
|
Fair market value adjustments, debt issuance costs and discounts
|
(26,235
|
)
|
|
|
|
|
|||
Total unsecured rate maturity
|
$
|
3,525,765
|
|
|
4.9
|
|
|
3.5
|
%
|
Secured debt
|
|
|
|
|
|
|
|
|
|
Conventional - fixed rate or swapped
|
$
|
882,752
|
|
|
1.8
|
|
|
4.0
|
%
|
Conventional - variable rate - capped
(1)
|
25,000
|
|
|
0.1
|
|
|
1.8
|
%
|
|
Total fixed or hedged rate maturity
|
$
|
907,752
|
|
|
1.7
|
|
|
3.9
|
%
|
Conventional - variable rate
|
55,000
|
|
|
0.1
|
|
|
1.8
|
%
|
|
Fair market value adjustments and debt issuance costs
|
13,540
|
|
|
|
|
|
|
||
Total secured rate maturity
|
$
|
976,292
|
|
|
1.6
|
|
|
3.8
|
%
|
Total debt
|
$
|
4,502,057
|
|
|
3.9
|
|
|
3.6
|
%
|
Total fixed or hedged debt
|
$
|
3,737,763
|
|
|
4.7
|
|
|
3.8
|
%
|
(1)
|
The effective rate represents the average rate on the underlying variable debt unless the cap rate of 4.5% of the London Interbank Offered Rate, or LIBOR, is reached.
|
|
Key Bank Unsecured Credit Facility
|
|
Public Bonds
|
|
Other Unsecured
|
|
Secured
|
|
Total
|
||||||||||
2018
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
300,261
|
|
|
$
|
118,658
|
|
|
$
|
418,919
|
|
2019
|
—
|
|
|
—
|
|
|
19,967
|
|
|
559,378
|
|
|
579,345
|
|
|||||
2020
|
410,000
|
|
|
—
|
|
|
149,773
|
|
|
163,054
|
|
|
722,827
|
|
|||||
2021
|
—
|
|
|
—
|
|
|
222,091
|
|
|
124,711
|
|
|
346,802
|
|
|||||
2022
|
—
|
|
|
248,144
|
|
|
415,798
|
|
|
—
|
|
|
663,942
|
|
|||||
Thereafter
|
—
|
|
|
1,727,590
|
|
|
32,141
|
|
|
10,491
|
|
|
1,770,222
|
|
|||||
Total
|
$
|
410,000
|
|
|
$
|
1,975,734
|
|
|
$
|
1,140,031
|
|
|
$
|
976,292
|
|
|
$
|
4,502,057
|
|
|
|
Fixed Rate Debt
|
|
Interest Rate Swaps
|
|
Total Fixed Rate Balances
|
|
Contract Rate
|
|
Interest Rate Cap
|
|
Total Fixed or Hedged
|
|||||||||||
2018
|
|
$
|
88,633
|
|
|
$
|
250,286
|
|
|
$
|
338,919
|
|
|
3.1
|
%
|
|
$
|
25,000
|
|
|
$
|
363,919
|
|
2019
|
|
579,345
|
|
|
—
|
|
|
579,345
|
|
|
5.9
|
%
|
|
—
|
|
|
579,345
|
|
|||||
2020
|
|
163,054
|
|
|
299,148
|
|
|
462,202
|
|
|
3.7
|
%
|
|
—
|
|
|
462,202
|
|
|||||
2021
|
|
197,281
|
|
|
—
|
|
|
197,281
|
|
|
5.2
|
%
|
|
—
|
|
|
197,281
|
|
|||||
2022
|
|
364,794
|
|
|
—
|
|
|
364,794
|
|
|
3.6
|
%
|
|
—
|
|
|
364,794
|
|
|||||
Thereafter
|
|
1,770,222
|
|
|
—
|
|
|
1,770,222
|
|
|
3.7
|
%
|
|
—
|
|
|
1,770,222
|
|
|||||
Total
|
|
$
|
3,163,329
|
|
|
$
|
549,434
|
|
|
$
|
3,712,763
|
|
|
4.0
|
%
|
|
$
|
25,000
|
|
|
$
|
3,737,763
|
|
Contractual Obligations
(1)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Long-term debt obligations
(2)
|
|
$
|
428,942
|
|
|
$
|
570,114
|
|
|
$
|
718,281
|
|
|
$
|
342,903
|
|
|
$
|
668,401
|
|
|
$
|
1,786,111
|
|
|
$
|
4,514,752
|
|
Fixed rate or swapped interest
(3)
|
|
145,867
|
|
|
113,339
|
|
|
98,021
|
|
|
89,454
|
|
|
82,771
|
|
|
196,190
|
|
|
725,642
|
|
|||||||
Purchase obligations
(4)
|
|
672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
672
|
|
|||||||
Operating lease obligations
(5)
|
|
882
|
|
|
724
|
|
|
708
|
|
|
718
|
|
|
733
|
|
|
62,788
|
|
|
66,553
|
|
|||||||
Total
|
|
$
|
576,363
|
|
|
$
|
684,177
|
|
|
$
|
817,010
|
|
|
$
|
433,075
|
|
|
$
|
751,905
|
|
|
$
|
2,045,089
|
|
|
$
|
5,307,619
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Total Thereafter
|
|
Total
|
|
Fair
Value
|
||||||||||||||||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
$
|
98,942
|
|
|
$
|
570,114
|
|
|
$
|
158,281
|
|
|
$
|
192,903
|
|
|
$
|
368,401
|
|
|
$
|
1,786,111
|
|
|
$
|
3,174,752
|
|
|
$
|
3,289,428
|
|
Average interest rate
|
4.06
|
%
|
|
4.43
|
%
|
|
4.40
|
%
|
|
5.19
|
%
|
|
3.63
|
%
|
|
3.88
|
%
|
|
4.06
|
%
|
|
|
|
||||||||
Variable rate
(1)
|
$
|
55,000
|
|
|
$
|
—
|
|
|
$
|
560,000
|
|
|
$
|
150,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
765,000
|
|
|
$
|
1,346,309
|
|
Average interest rate
|
1.76
|
%
|
|
—
|
%
|
|
2.43
|
%
|
|
2.31
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.36
|
%
|
|
|
|
||||||||
Interest rate swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Variable to fixed
|
$
|
550,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
550,000
|
|
|
$
|
2,235
|
|
Average pay rate
|
2.00
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.00
|
%
|
|
|
|
||||||||
Interest rate cap
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Variable to fixed
|
$
|
25,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,000
|
|
|
$
|
—
|
|
Average pay rate
|
4.50
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4.50
|
%
|
|
|
|
(a)
|
The following documents are filed as part of this Annual Report on Form 10-K:
|
1.
|
||
|
|
|
|
Financial Statements of Mid-America Apartment Communities, Inc.:
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
Financial Statements of Mid-America Apartments, L.P.:
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
|
|
2.
|
Financial Statement Schedule required to be filed by Item 8 and Paragraph (b) of this Item 15:
|
|
|
||
|
|
|
3.
|
The exhibits required by Item 601 of Regulation S-K, except as otherwise noted, have been filed with previous reports by the registrant and are herein incorporated by reference.
|
|
|
|
|
Exhibit
Number
|
Exhibit Description
|
2.1
|
|
3.1
|
|
3.2
|
|
3.3
|
|
3.4
|
|
3.5
|
|
4.1
|
|
4.2
|
4.3
|
|
4.4
|
|
4.5
|
|
4.6
|
|
4.7
|
|
4.8
|
|
4.9
|
|
4.10
|
|
4.11
|
|
10.1
|
|
10.2
|
|
10.3
|
|
10.4
|
|
10.5
|
|
10.6†
|
|
10.7†
|
|
10.8†
|
|
10.9†
|
|
10.10†
|
|
10.11†
|
|
10.12†
|
|
10.13†
|
|
10.14
|
|
10.15
|
|
10.16†
|
|
10.17†
|
|
11.1
|
|
11.2
|
|
12.1
|
|
12.2
|
|
21.1
|
|
23.1
|
|
23.2
|
|
31.1
|
|
31.2
|
|
31.3
|
|
31.4
|
|
32.1*
|
|
32.2*
|
|
32.3*
|
|
32.4*
|
|
101
|
The following financial information from Mid-America Apartment Communities, Inc.’s and Mid-America Apartments, L.P.'s Annual Report on Form 10-K for the period ended December 31, 2017, filed with the SEC on February 22, 2018, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets as of December 31, 2017 and December 31, 2016; (ii) the Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015; (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015; (iv) the Consolidated Statements of Equity/Changes in Capital for the years ended December 31, 2017, 2016 and 2015; (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015; (vi) Notes to Consolidated Financial Statements; and (vii) Schedule III - Real Estate Investments and Accumulated Depreciation as of December 31, 2017.
|
(b)
|
Exhibits: See Item 15(a)(3) above.
|
(c)
|
Financial Statement Schedule: See Item 15(a)(2) above.
|
|
|
MID-AMERICA APARTMENT COMMUNITIES, INC.
|
|
|
|
Date:
|
February 22, 2018
|
/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 22, 2018
|
/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 22, 2018
|
/s/ Albert M. Campbell, III
|
|
|
Albert M. Campbell, III
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
|
|
|
Date:
|
February 22, 2018
|
/s/ A. Clay Holder
|
|
|
A. Clay Holder
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |
|
|
|
Date:
|
February 22, 2018
|
/s/ Russell R. French
|
|
|
Russell R. French
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ Alan B. Graf, Jr.
|
|
|
Alan B. Graf, Jr.
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ Toni Jennings
|
|
|
Toni Jennings
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ James K. Lowder
|
|
|
James K. Lowder
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ Thomas H. Lowder
|
|
|
Thomas H. Lowder
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ Monica McGurk
|
|
|
Monica McGurk
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ Claude B. Nielsen
|
|
|
Claude B. Nielsen
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ Philip W. Norwood
|
|
|
Philip W. Norwood
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ W. Reid Sanders
|
|
|
W. Reid Sanders
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ Gary Shorb
|
|
|
Gary Shorb
Director |
|
|
|
Date:
|
February 22, 2018
|
/s/ David P. Stockert
|
|
|
David P. Stockert
Director |
|
|
MID-AMERICA APARTMENTS, L.P.
|
|
|
a Tennessee Limited Partnership
|
|
|
By: Mid-America Apartment Communities, Inc., its general partner
|
|
|
|
Date:
|
February 22, 2018
|
/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 22, 2018
|
/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 22, 2018
|
/s/ Albert M. Campbell, III
|
|
|
Albert M. Campbell, III
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
Date:
|
February 22, 2018
|
/s/ A. Clay Holder
|
|
|
A. Clay Holder
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |
|
|
|
Date:
|
February 22, 2018
|
/s/ Russell R. French
|
|
|
Russell R. French
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ Alan B. Graf, Jr.
|
|
|
Alan B. Graf, Jr.
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ Toni Jennings
|
|
|
Toni Jennings
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ James K. Lowder
|
|
|
James K. Lowder
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ Thomas H. Lowder
|
|
|
Thomas H. Lowder
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ Monica McGurk
|
|
|
Monica McGurk
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ Claude B. Nielsen
|
|
|
Claude B. Nielsen
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ Philip W. Norwood
|
|
|
Philip W. Norwood
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ W. Reid Sanders
|
|
|
W. Reid Sanders
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ Gary Shorb
|
|
|
Gary Shorb
Director
|
|
|
|
Date:
|
February 22, 2018
|
/s/ David P. Stockert
|
|
|
David P. Stockert
Director
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
|
|
||
Real estate assets:
|
|
|
|
|
|
||
Land
|
$
|
1,836,417
|
|
|
$
|
1,816,008
|
|
Buildings and improvements and other
|
11,281,504
|
|
|
10,853,474
|
|
||
Development and capital improvements in progress
|
116,833
|
|
|
231,224
|
|
||
|
13,234,754
|
|
|
12,900,706
|
|
||
Less: Accumulated depreciation
|
(2,075,071
|
)
|
|
(1,674,801
|
)
|
||
|
11,159,683
|
|
|
11,225,905
|
|
||
Undeveloped land
|
57,285
|
|
|
71,464
|
|
||
Investment in real estate joint venture
|
44,956
|
|
|
44,493
|
|
||
Real estate assets, net
|
11,261,924
|
|
|
11,341,862
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
10,750
|
|
|
33,536
|
|
||
Restricted cash
|
78,117
|
|
|
88,264
|
|
||
Other assets
|
135,807
|
|
|
140,829
|
|
||
Assets held for sale
|
5,321
|
|
|
—
|
|
||
Total assets
|
$
|
11,491,919
|
|
|
$
|
11,604,491
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
|
||
Unsecured notes payable
|
$
|
3,525,765
|
|
|
$
|
3,180,624
|
|
Secured notes payable
|
976,292
|
|
|
1,319,088
|
|
||
Accrued expenses and other liabilities
|
405,560
|
|
|
452,605
|
|
||
Total liabilities
|
4,907,617
|
|
|
4,952,317
|
|
||
|
|
|
|
||||
Redeemable common stock
|
10,408
|
|
|
10,073
|
|
||
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
|
|
||
Preferred stock,
$0.01 par value per share, 20,000,000 shares authorized; 8.50% Series I Cumulative Redeemable Shares, liquidation preference $50 per share, 867,846 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively.
|
9
|
|
|
9
|
|
||
Common stock
, $0.01 par value per share, 145,000,000 shares authorized; 113,643,166 and 113,518,212 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively
(1)
|
1,134
|
|
|
1,133
|
|
||
Additional paid-in capital
|
7,121,112
|
|
|
7,109,012
|
|
||
Accumulated distributions in excess of net income
|
(784,500
|
)
|
|
(707,479
|
)
|
||
Accumulated other comprehensive income
|
2,157
|
|
|
1,144
|
|
||
Total MAA shareholders' equity
|
6,339,912
|
|
|
6,403,819
|
|
||
Noncontrolling interest - Operating Partnership units
|
231,676
|
|
|
235,976
|
|
||
Total Company's shareholders' equity
|
6,571,588
|
|
|
6,639,795
|
|
||
Noncontrolling interest - consolidated real estate entity
|
2,306
|
|
|
2,306
|
|
||
Total equity
|
6,573,894
|
|
|
6,642,101
|
|
||
Total liabilities and equity
|
$
|
11,491,919
|
|
|
$
|
11,604,491
|
|
(1)
|
Number of shares issued and outstanding represent total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets for
December 31, 2017
and
December 31, 2016
are
103,504
and
103,578
, respectively.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Rental and other property revenues
|
$
|
1,528,987
|
|
|
$
|
1,125,348
|
|
|
$
|
1,042,779
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|||
Operating expense, excluding real estate taxes and insurance
|
364,190
|
|
|
280,572
|
|
|
271,027
|
|
|||
Real estate taxes and insurance
|
212,541
|
|
|
142,784
|
|
|
129,618
|
|
|||
Depreciation and amortization
|
493,708
|
|
|
322,958
|
|
|
294,520
|
|
|||
Total property operating expenses
|
1,070,439
|
|
|
746,314
|
|
|
695,165
|
|
|||
Property management expenses
|
43,588
|
|
|
34,093
|
|
|
30,990
|
|
|||
General and administrative expenses
|
40,194
|
|
|
29,040
|
|
|
25,716
|
|
|||
Merger and integration related expenses
|
19,990
|
|
|
40,823
|
|
|
—
|
|
|||
Income before non-operating items
|
354,776
|
|
|
275,078
|
|
|
290,908
|
|
|||
Interest expense
|
(154,751
|
)
|
|
(129,947
|
)
|
|
(122,344
|
)
|
|||
Gain on sale of depreciable real estate assets
|
127,386
|
|
|
80,397
|
|
|
189,958
|
|
|||
Gain on sale of non-depreciable real estate assets
|
21
|
|
|
2,171
|
|
|
172
|
|
|||
Other non-operating income (expense)
|
14,353
|
|
|
(1,839
|
)
|
|
(6,274
|
)
|
|||
Income before income tax expense
|
341,785
|
|
|
225,860
|
|
|
352,420
|
|
|||
Income tax expense
|
(2,619
|
)
|
|
(1,699
|
)
|
|
(1,673
|
)
|
|||
Income from continuing operations before joint venture activity
|
339,166
|
|
|
224,161
|
|
|
350,747
|
|
|||
Gain (loss) from real estate joint ventures
|
1,370
|
|
|
241
|
|
|
(2
|
)
|
|||
Net income
|
340,536
|
|
|
224,402
|
|
|
350,745
|
|
|||
Net income attributable to noncontrolling interests
|
12,157
|
|
|
12,180
|
|
|
18,458
|
|
|||
Net income available for shareholders
|
328,379
|
|
|
212,222
|
|
|
332,287
|
|
|||
Dividends to MAA Series I preferred shareholders
|
3,688
|
|
|
307
|
|
|
—
|
|
|||
Net income available for MAA common shareholders
|
$
|
324,691
|
|
|
$
|
211,915
|
|
|
$
|
332,287
|
|
|
|
|
|
|
|
||||||
Earnings per common share - basic:
|
|
|
|
|
|
|
|
|
|||
Net income available for common shareholders
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
|
|
|
|
|
||||||
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
|
|||
Net income available for common shareholders
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
|
|
|
|
|
||||||
Dividends declared per common share
|
$
|
3.5325
|
|
|
$
|
3.3300
|
|
|
$
|
3.1300
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|||
Unrealized gain (loss) from the effective portion of derivative instruments
|
319
|
|
|
(1,500
|
)
|
|
(8,306
|
)
|
|||
Reclassification adjustment for losses included in net income for the
effective portion of derivative instruments
|
730
|
|
|
4,364
|
|
|
7,064
|
|
|||
Total comprehensive income
|
341,585
|
|
|
227,266
|
|
|
349,503
|
|
|||
Less: Comprehensive income attributable to noncontrolling interests
|
(12,193
|
)
|
|
(12,311
|
)
|
|
(18,393
|
)
|
|||
Comprehensive income attributable to MAA
|
$
|
329,392
|
|
|
$
|
214,955
|
|
|
$
|
331,110
|
|
|
Mid-America Apartment Communities, Inc. Shareholders
|
|
Noncontrolling Interests - Operating Partnership
|
|
Noncontrolling Interest - Consolidated Real Estate Entity
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Additional Paid-In Capital
|
|
Accumulated Distributions in Excess of Net Income
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
Total Equity
|
|
Redeemable Stock
|
|||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2014
|
—
|
|
|
$
|
—
|
|
|
75,180
|
|
|
$
|
752
|
|
|
$
|
3,619,270
|
|
|
$
|
(729,086
|
)
|
|
$
|
(412
|
)
|
|
$
|
161,287
|
|
|
$
|
—
|
|
|
$
|
3,051,811
|
|
|
$
|
5,911
|
|
Net income attributable to controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
332,287
|
|
|
—
|
|
|
18,458
|
|
|
—
|
|
|
350,745
|
|
|
—
|
|
|||||||||
Other comprehensive income - derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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 common units
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
1,121
|
|
|
—
|
|
|
—
|
|
|
(1,121
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Redeemable stock fair market value adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,415
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,415
|
)
|
|
1,415
|
|
|||||||||
Adjustment for noncontrolling interests in Operating Partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(252
|
)
|
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Amortization of unearned compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,852
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,852
|
|
|
—
|
|
|||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(235,927
|
)
|
|
—
|
|
|
|
|
—
|
|
|
(235,927
|
)
|
|
—
|
|
||||||||||
Dividends on noncontrolling interests units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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
|
|
Net income attributable to controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
212,222
|
|
|
—
|
|
|
12,180
|
|
|
—
|
|
|
224,402
|
|
|
—
|
|
|||||||||
Other comprehensive income - derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,733
|
|
|
131
|
|
|
—
|
|
|
2,864
|
|
|
—
|
|
|||||||||
Issuance and registration of common shares
|
—
|
|
|
—
|
|
|
38,097
|
|
|
380
|
|
|
3,406,150
|
|
|
—
|
|
|
—
|
|
|
72,759
|
|
|
—
|
|
|
3,479,289
|
|
|
1,240
|
|
|||||||||
Issuance and registration of preferred shares
|
868
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
64,824
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,833
|
|
|
—
|
|
|||||||||
Shares repurchased and retired
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(2,019
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,019
|
)
|
|
—
|
|
|||||||||
Shares issued in exchange for common units
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
902
|
|
|
—
|
|
|
—
|
|
|
(902
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Shares issued in exchange for redeemable stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122
|
|
|
(122
|
)
|
|||||||||
Redeemable stock fair market value adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(705
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(705
|
)
|
|
705
|
|
|||||||||
Adjustment for noncontrolling interests in Operating Partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(192
|
)
|
|
—
|
|
|
—
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of unearned compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,151
|
|
|
—
|
|
|||||||||
Noncontrolling interests distribution
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(226
|
)
|
|
—
|
|
|
(226
|
)
|
|
—
|
|
|||||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(307
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(307
|
)
|
|
—
|
|
|||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(284,548
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(284,548
|
)
|
|
—
|
|
|||||||||
Dividends on noncontrolling interests units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,884
|
)
|
|
—
|
|
|
(13,884
|
)
|
|
—
|
|
|||||||||
Acquired capital from noncontrolling interest - consolidated real estate entity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,306
|
|
|
2,306
|
|
|
—
|
|
|||||||||
EQUITY BALANCE DECEMBER 31, 2016
|
868
|
|
|
$
|
9
|
|
|
113,415
|
|
|
$
|
1,133
|
|
|
$
|
7,109,012
|
|
|
$
|
(707,479
|
)
|
|
$
|
1,144
|
|
|
$
|
235,976
|
|
|
$
|
2,306
|
|
|
$
|
6,642,101
|
|
|
$
|
10,073
|
|
Net income attributable to controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
328,379
|
|
|
—
|
|
|
12,157
|
|
|
—
|
|
|
340,536
|
|
|
—
|
|
|||||||||
Other comprehensive income - derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,013
|
|
|
36
|
|
|
—
|
|
|
1,049
|
|
|
—
|
|
|||||||||
Issuance and registration of common shares
|
—
|
|
|
—
|
|
|
137
|
|
|
1
|
|
|
615
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
616
|
|
|
1,588
|
|
|||||||||
Issuance and registration of preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,007
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,007
|
|
|
—
|
|
|||||||||
Shares repurchased and retired
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
(4,782
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,782
|
)
|
|
—
|
|
|||||||||
Exercise of stock options
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
218
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
218
|
|
|
—
|
|
|||||||||
Shares issued in exchange for common units
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
1,602
|
|
|
—
|
|
|
—
|
|
|
(1,602
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Shares issued in exchange for redeemable stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,482
|
|
|
(1,482
|
)
|
|||||||||
Redeemable stock fair market value adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229
|
)
|
|
229
|
|
|||||||||
Adjustment for noncontrolling interests in Operating Partnership
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of unearned compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,916
|
|
|
(114
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,802
|
|
|
—
|
|
|||||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,688
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,688
|
)
|
|
—
|
|
|||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(401,369
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(401,369
|
)
|
|
—
|
|
|||||||||
Dividends on noncontrolling interests units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,849
|
)
|
|
—
|
|
|
(14,849
|
)
|
|
—
|
|
|||||||||
EQUITY BALANCE DECEMBER 31, 2017
|
868
|
|
|
$
|
9
|
|
|
113,540
|
|
|
$
|
1,134
|
|
|
$
|
7,121,112
|
|
|
$
|
(784,500
|
)
|
|
$
|
2,157
|
|
|
$
|
231,676
|
|
|
$
|
2,306
|
|
|
$
|
6,573,894
|
|
|
$
|
10,408
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
494,540
|
|
|
323,283
|
|
|
294,897
|
|
|||
Gain on sale of depreciable real estate assets
|
(127,386
|
)
|
|
(80,397
|
)
|
|
(189,958
|
)
|
|||
Gain on sale of non-depreciable real estate assets
|
(21
|
)
|
|
(2,171
|
)
|
|
(172
|
)
|
|||
Stock compensation expense
|
10,570
|
|
|
11,486
|
|
|
6,147
|
|
|||
Amortization of debt premium and debt issuance costs
|
(9,810
|
)
|
|
(9,820
|
)
|
|
(15,515
|
)
|
|||
Net change in operating accounts and other
|
(49,916
|
)
|
|
17,256
|
|
|
17,577
|
|
|||
Net cash provided by operating activities
|
658,513
|
|
|
484,039
|
|
|
463,721
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of real estate and other assets
|
(136,065
|
)
|
|
(339,186
|
)
|
|
(328,193
|
)
|
|||
Capital improvements, development and other
|
(343,890
|
)
|
|
(183,977
|
)
|
|
(166,021
|
)
|
|||
Distributions from real estate joint ventures
|
—
|
|
|
1,999
|
|
|
6
|
|
|||
Contributions to affiliates, including joint ventures
|
(1,500
|
)
|
|
—
|
|
|
(32
|
)
|
|||
Proceeds from disposition of real estate assets
|
187,429
|
|
|
296,700
|
|
|
358,017
|
|
|||
Return (funding) of escrow for future acquisitions
|
10,591
|
|
|
(58,259
|
)
|
|
8
|
|
|||
Acquisition of Post Properties, net of cash acquired
|
—
|
|
|
(427,764
|
)
|
|
—
|
|
|||
Net cash used in investing activities
|
(283,435
|
)
|
|
(710,487
|
)
|
|
(136,215
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Net change in credit lines
|
(160,000
|
)
|
|
335,000
|
|
|
(180,900
|
)
|
|||
Proceeds from notes payable
|
597,480
|
|
|
300,000
|
|
|
395,960
|
|
|||
Principal payments on notes payable
|
(413,557
|
)
|
|
(146,026
|
)
|
|
(279,077
|
)
|
|||
Payment of deferred financing costs
|
(5,358
|
)
|
|
(2,395
|
)
|
|
(7,690
|
)
|
|||
Repurchase of common stock
|
(4,782
|
)
|
|
(2,019
|
)
|
|
(958
|
)
|
|||
Dividends paid on preferred shares
|
(3,688
|
)
|
|
(924
|
)
|
|
—
|
|
|||
Proceeds from issuances of common shares
|
1,557
|
|
|
291
|
|
|
622
|
|
|||
Exercise of stock options
|
432
|
|
|
—
|
|
|
420
|
|
|||
Distributions to noncontrolling interests
|
(14,654
|
)
|
|
(13,850
|
)
|
|
(12,898
|
)
|
|||
Dividends paid on common shares
|
(395,294
|
)
|
|
(247,652
|
)
|
|
(232,079
|
)
|
|||
Net cash (used in) provided by financing activities
|
(397,864
|
)
|
|
222,425
|
|
|
(316,600
|
)
|
|||
|
|
|
|
|
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(22,786
|
)
|
|
(4,023
|
)
|
|
10,906
|
|
|||
Cash and cash equivalents, beginning of period
|
33,536
|
|
|
37,559
|
|
|
26,653
|
|
|||
Cash and cash equivalents, end of period
|
$
|
10,750
|
|
|
$
|
33,536
|
|
|
$
|
37,559
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
166,757
|
|
|
$
|
144,843
|
|
|
$
|
140,811
|
|
Income taxes paid
|
2,366
|
|
|
1,582
|
|
|
2,103
|
|
|||
|
|
|
|
|
|
||||||
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
||||||
Conversion of OP Units to shares of common stock
|
$
|
1,602
|
|
|
$
|
902
|
|
|
$
|
1,121
|
|
Accrued construction in progress
|
7,852
|
|
|
31,491
|
|
|
5,873
|
|
|||
Interest capitalized
|
7,238
|
|
|
2,073
|
|
|
1,655
|
|
|||
Mark-to-market adjustment on derivative instruments
|
17,806
|
|
|
5,670
|
|
|
2,963
|
|
|||
Fair value adjustment on debt assumed from the Post Properties merger
|
—
|
|
|
8,864
|
|
|
—
|
|
|||
Loan assumption from the Post Properties merger
|
—
|
|
|
586,744
|
|
|
—
|
|
|||
Purchase price for the Post Properties merger
|
—
|
|
|
4,006,586
|
|
|
—
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Real estate assets:
|
|
|
|
||||
Land
|
$
|
1,836,417
|
|
|
$
|
1,816,008
|
|
Buildings and improvements and other
|
11,281,504
|
|
|
10,853,474
|
|
||
Development and capital improvements in progress
|
116,833
|
|
|
231,224
|
|
||
|
13,234,754
|
|
|
12,900,706
|
|
||
Less: Accumulated depreciation
|
(2,075,071
|
)
|
|
(1,674,801
|
)
|
||
|
11,159,683
|
|
|
11,225,905
|
|
||
Undeveloped land
|
57,285
|
|
|
71,464
|
|
||
Investment in real estate joint venture
|
44,956
|
|
|
44,493
|
|
||
Real estate assets, net
|
11,261,924
|
|
|
11,341,862
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
10,750
|
|
|
33,536
|
|
||
Restricted cash
|
78,117
|
|
|
88,264
|
|
||
Other assets
|
135,807
|
|
|
140,829
|
|
||
Assets held for sale
|
5,321
|
|
|
—
|
|
||
Total assets
|
$
|
11,491,919
|
|
|
$
|
11,604,491
|
|
|
|
|
|
||||
Liabilities and capital
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
|
||
Unsecured notes payable
|
$
|
3,525,765
|
|
|
$
|
3,180,624
|
|
Secured notes payable
|
976,292
|
|
|
1,319,088
|
|
||
Accrued expenses and other liabilities
|
405,560
|
|
|
452,605
|
|
||
Due to general partner
|
19
|
|
|
19
|
|
||
Total liabilities
|
4,907,636
|
|
|
4,952,336
|
|
||
|
|
|
|
||||
Redeemable common units
|
10,408
|
|
|
10,073
|
|
||
|
|
|
|
||||
Operating Partnership capital:
|
|
|
|
|
|
||
Preferred units, 867,846 preferred units outstanding at December 31, 2017 and at December 31, 2016
|
66,840
|
|
|
64,833
|
|
||
Common Units:
|
|
|
|
||||
General partner, 113,643,166 and 113,518,212 OP Units outstanding at December 31, 2017 and December 31, 2016, respectively
(1)
|
6,270,758
|
|
|
6,337,721
|
|
||
Limited partners, 4,191,586 and 4,220,403 OP Units outstanding at December 31, 2017 and December 31, 2016, respectively
(1)
|
231,676
|
|
|
235,976
|
|
||
Accumulated other comprehensive income
|
2,295
|
|
|
1,246
|
|
||
Total operating partners' capital
|
6,571,569
|
|
|
6,639,776
|
|
||
Noncontrolling interest - consolidated real estate entity
|
2,306
|
|
|
2,306
|
|
||
Total capital
|
6,573,875
|
|
|
6,642,082
|
|
||
Total liabilities and capital
|
$
|
11,491,919
|
|
|
$
|
11,604,491
|
|
(1)
|
Number of units outstanding represent total OP Units regardless of classification on the Consolidated Balance Sheets. The number of units classified as redeemable common units on the Consolidated Balance Sheets at
December 31, 2017
and
December 31, 2016
are
103,504
and
103,578
, respectively.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and other property revenues
|
$
|
1,528,987
|
|
|
$
|
1,125,348
|
|
|
$
|
1,042,779
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|||
Operating expense, excluding real estate taxes and insurance
|
364,190
|
|
|
280,572
|
|
|
271,027
|
|
|||
Real estate taxes and insurance
|
212,541
|
|
|
142,784
|
|
|
129,618
|
|
|||
Depreciation and amortization
|
493,708
|
|
|
322,958
|
|
|
294,520
|
|
|||
Total property operating expenses
|
1,070,439
|
|
|
746,314
|
|
|
695,165
|
|
|||
Property management expenses
|
43,588
|
|
|
34,093
|
|
|
30,990
|
|
|||
General and administrative expenses
|
40,194
|
|
|
29,040
|
|
|
25,716
|
|
|||
Merger and integration related expenses
|
19,990
|
|
|
40,823
|
|
|
—
|
|
|||
Income before non-operating items
|
354,776
|
|
|
275,078
|
|
|
290,908
|
|
|||
Interest expense
|
(154,751
|
)
|
|
(129,947
|
)
|
|
(122,344
|
)
|
|||
Gain on sale of depreciable real estate assets
|
127,386
|
|
|
80,397
|
|
|
189,958
|
|
|||
Gain on sale of non-depreciable real estate assets
|
21
|
|
|
2,171
|
|
|
172
|
|
|||
Other non-operating income (expense)
|
14,353
|
|
|
(1,839
|
)
|
|
(6,274
|
)
|
|||
Income before income tax expense
|
341,785
|
|
|
225,860
|
|
|
352,420
|
|
|||
Income tax expense
|
(2,619
|
)
|
|
(1,699
|
)
|
|
(1,673
|
)
|
|||
Income from continuing operations before joint venture activity
|
339,166
|
|
|
224,161
|
|
|
350,747
|
|
|||
Gain (loss) from real estate joint ventures
|
1,370
|
|
|
241
|
|
|
(2
|
)
|
|||
Net income
|
340,536
|
|
|
224,402
|
|
|
350,745
|
|
|||
Dividends to preferred unitholders
|
3,688
|
|
|
307
|
|
|
—
|
|
|||
Net income available for MAALP common unitholders
|
$
|
336,848
|
|
|
$
|
224,095
|
|
|
$
|
350,745
|
|
|
|
|
|
|
|
||||||
Earnings per common unit - basic:
|
|
|
|
|
|
|
|
|
|||
Net income available for common unitholders
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
|
|
|
|
|
||||||
Earnings per common unit - diluted:
|
|
|
|
|
|
|
|
|
|||
Net income available for common unitholders
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
|
|
|
|
|
||||||
Distributions declared per common unit
|
$
|
3.5325
|
|
|
$
|
3.3300
|
|
|
$
|
3.1300
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Unrealized gain (loss) from the effective portion of derivative instruments
|
319
|
|
|
(1,500
|
)
|
|
(8,306
|
)
|
|||
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments
|
730
|
|
|
4,364
|
|
|
7,064
|
|
|||
Comprehensive income attributable to MAALP
|
$
|
341,585
|
|
|
$
|
227,266
|
|
|
$
|
349,503
|
|
|
|
|
|
|
|
||||||
See accompanying notes to consolidated financial statements.
|
|
|
Mid-America Apartments, L.P. Unitholders
|
|
Noncontrolling Interest - Consolidated Real Estate Entity
|
|
Total Partnership Capital
|
|
Redeemable Units
|
||||||||||||||||||||
|
|
Limited Partner
|
|
General Partner
|
|
Preferred Units
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|||||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2014
|
|
$
|
161,310
|
|
|
$
|
2,890,858
|
|
|
$
|
—
|
|
|
$
|
(376
|
)
|
|
$
|
—
|
|
|
$
|
3,051,792
|
|
|
$
|
5,911
|
|
Net income attributable to controlling interest
|
|
18,458
|
|
|
332,287
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350,745
|
|
|
—
|
|
|||||||
Other comprehensive income - derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
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 to common unitholders
|
|
(13,085
|
)
|
|
(235,927
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(249,012
|
)
|
|
—
|
|
|||||||
CAPITAL BALANCE DECEMBER 31, 2015
|
|
$
|
165,726
|
|
|
$
|
2,993,696
|
|
|
$
|
—
|
|
|
$
|
(1,618
|
)
|
|
$
|
—
|
|
|
$
|
3,157,804
|
|
|
$
|
8,250
|
|
Net income attributable to controlling interest
|
|
12,180
|
|
|
211,915
|
|
|
307
|
|
|
—
|
|
|
—
|
|
|
224,402
|
|
|
—
|
|
|||||||
Other comprehensive income - derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,864
|
|
|
—
|
|
|
2,864
|
|
|
—
|
|
|||||||
Issuance of units
|
|
72,759
|
|
|
3,406,530
|
|
|
64,833
|
|
|
—
|
|
|
—
|
|
|
3,544,122
|
|
|
1,240
|
|
|||||||
Units repurchased and retired
|
|
—
|
|
|
(2,019
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,019
|
)
|
|
—
|
|
|||||||
General partner units issued in exchange for limited partner units
|
|
(902
|
)
|
|
902
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Units issued in exchange for redeemable units
|
|
—
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122
|
|
|
(122
|
)
|
|||||||
Redeemable units fair market value adjustment
|
|
—
|
|
|
(705
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(705
|
)
|
|
705
|
|
|||||||
Adjustment for limited partners' capital at redemption value
|
|
323
|
|
|
(323
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Amortization of unearned compensation
|
|
—
|
|
|
12,151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,151
|
|
|
—
|
|
|||||||
Noncontrolling interest distribution
|
|
(226
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(226
|
)
|
|
—
|
|
|||||||
Distributions to preferred unitholders
|
|
—
|
|
|
—
|
|
|
(307
|
)
|
|
—
|
|
|
—
|
|
|
(307
|
)
|
|
—
|
|
|||||||
Distributions to common unitholders
|
|
(13,884
|
)
|
|
(284,548
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(298,432
|
)
|
|
—
|
|
|||||||
Acquired capital from noncontrolling interest - consolidated real estate entity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,306
|
|
|
2,306
|
|
|
—
|
|
|||||||
CAPITAL BALANCE DECEMBER 31, 2016
|
|
$
|
235,976
|
|
|
$
|
6,337,721
|
|
|
$
|
64,833
|
|
|
$
|
1,246
|
|
|
$
|
2,306
|
|
|
$
|
6,642,082
|
|
|
$
|
10,073
|
|
Net income attributable to controlling interest
|
|
12,157
|
|
|
324,691
|
|
|
3,688
|
|
|
—
|
|
|
—
|
|
|
340,536
|
|
|
—
|
|
|||||||
Other comprehensive income - derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,049
|
|
|
—
|
|
|
1,049
|
|
|
—
|
|
|||||||
Issuance of units
|
|
—
|
|
|
616
|
|
|
2,007
|
|
|
—
|
|
|
—
|
|
|
2,623
|
|
|
1,588
|
|
|||||||
Units repurchased and retired
|
|
—
|
|
|
(4,782
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,782
|
)
|
|
—
|
|
|||||||
Exercise of unit options
|
|
—
|
|
|
218
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
218
|
|
|
—
|
|
|||||||
General partner units issued in exchange for limited partner units
|
|
(1,602
|
)
|
|
1,602
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Units issued in exchange for redeemable units
|
|
—
|
|
|
1,482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,482
|
|
|
(1,482
|
)
|
|||||||
Redeemable units fair market value adjustment
|
|
—
|
|
|
(229
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229
|
)
|
|
229
|
|
|||||||
Adjustment for limited partners' capital at redemption value
|
|
(6
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Amortization of unearned compensation
|
|
—
|
|
|
10,802
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,802
|
|
|
—
|
|
|||||||
Distributions to preferred unitholders
|
|
—
|
|
|
—
|
|
|
(3,688
|
)
|
|
—
|
|
|
—
|
|
|
(3,688
|
)
|
|
—
|
|
|||||||
Distributions to common unitholders
|
|
(14,849
|
)
|
|
(401,369
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(416,218
|
)
|
|
—
|
|
|||||||
CAPITAL BALANCE DECEMBER 31, 2017
|
|
$
|
231,676
|
|
|
$
|
6,270,758
|
|
|
$
|
66,840
|
|
|
$
|
2,295
|
|
|
$
|
2,306
|
|
|
$
|
6,573,875
|
|
|
$
|
10,408
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
494,540
|
|
|
323,283
|
|
|
294,897
|
|
|||
Gain on sale of depreciable real estate assets
|
(127,386
|
)
|
|
(80,397
|
)
|
|
(189,958
|
)
|
|||
Gain on sale of non-depreciable real estate assets
|
(21
|
)
|
|
(2,171
|
)
|
|
(172
|
)
|
|||
Stock compensation expense
|
10,570
|
|
|
11,486
|
|
|
6,147
|
|
|||
Amortization of debt premium and debt issuance costs
|
(9,810
|
)
|
|
(9,820
|
)
|
|
(15,515
|
)
|
|||
Net change in operating accounts and other
|
(49,916
|
)
|
|
17,256
|
|
|
17,577
|
|
|||
Net cash provided by operating activities
|
658,513
|
|
|
484,039
|
|
|
463,721
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of real estate and other assets
|
(136,065
|
)
|
|
(339,186
|
)
|
|
(328,193
|
)
|
|||
Capital improvements, development and other
|
(343,890
|
)
|
|
(183,977
|
)
|
|
(166,021
|
)
|
|||
Distributions from real estate joint ventures
|
—
|
|
|
1,999
|
|
|
6
|
|
|||
Contributions to affiliates, including joint ventures
|
(1,500
|
)
|
|
—
|
|
|
(32
|
)
|
|||
Proceeds from disposition of real estate assets
|
187,429
|
|
|
296,700
|
|
|
358,017
|
|
|||
Return (funding) of escrow for future acquisitions
|
10,591
|
|
|
(58,259
|
)
|
|
8
|
|
|||
Acquisition of Post Properties, net of cash acquired
|
—
|
|
|
(427,764
|
)
|
|
—
|
|
|||
Net cash used in investing activities
|
(283,435
|
)
|
|
(710,487
|
)
|
|
(136,215
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Net change in credit lines
|
(160,000
|
)
|
|
335,000
|
|
|
(180,900
|
)
|
|||
Proceeds from notes payable
|
597,480
|
|
|
300,000
|
|
|
395,960
|
|
|||
Principal payments on notes payable
|
(413,557
|
)
|
|
(146,026
|
)
|
|
(279,077
|
)
|
|||
Payment of deferred financing costs
|
(5,358
|
)
|
|
(2,395
|
)
|
|
(7,690
|
)
|
|||
Repurchase of common units
|
(4,782
|
)
|
|
(2,019
|
)
|
|
(958
|
)
|
|||
Distributions paid on preferred units
|
(3,688
|
)
|
|
(924
|
)
|
|
—
|
|
|||
Proceeds from issuances of common units
|
1,557
|
|
|
291
|
|
|
622
|
|
|||
Exercise of unit options
|
432
|
|
|
—
|
|
|
420
|
|
|||
Distributions paid on common units
|
(409,948
|
)
|
|
(261,502
|
)
|
|
(244,977
|
)
|
|||
Net cash (used in) provided by financing activities
|
(397,864
|
)
|
|
222,425
|
|
|
(316,600
|
)
|
|||
|
|
|
|
|
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(22,786
|
)
|
|
(4,023
|
)
|
|
10,906
|
|
|||
Cash and cash equivalents, beginning of period
|
33,536
|
|
|
37,559
|
|
|
26,653
|
|
|||
Cash and cash equivalents, end of period
|
$
|
10,750
|
|
|
$
|
33,536
|
|
|
$
|
37,559
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
166,757
|
|
|
$
|
144,843
|
|
|
$
|
140,811
|
|
Income taxes paid
|
2,366
|
|
|
1,582
|
|
|
2,103
|
|
|||
|
|
|
|
|
|
||||||
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
||||||
Accrued construction in progress
|
$
|
7,852
|
|
|
$
|
31,491
|
|
|
$
|
5,873
|
|
Interest capitalized
|
7,238
|
|
|
2,073
|
|
|
1,655
|
|
|||
Mark-to-market adjustment on derivative instruments
|
17,806
|
|
|
5,670
|
|
|
2,963
|
|
|||
Fair value adjustment on debt assumed from the Post Properties merger
|
—
|
|
|
8,864
|
|
|
—
|
|
|||
Loan assumption from the Post Properties merger
|
—
|
|
|
586,744
|
|
|
—
|
|
|||
Purchase price for the Post Properties merger
|
—
|
|
|
4,006,586
|
|
|
—
|
|
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; and
|
•
|
creates time and cost efficiencies through the preparation of one combined set of notes instead of two separate sets
|
Standard
|
Description
|
Date of Adoption
|
Effect on the Financial Statements or Other Significant Matters
|
ASU 2014-09,
Revenue from Contracts with Customers
|
The ASU establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services as outlined in a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. Income from lease contracts is specifically excluded from this ASU.
|
The ASU is effective for annual reporting periods beginning after December 15, 2017 Early adoption is permitted.
|
The amendments may be applied using the full retrospective transition method or by using the modified retrospective transition method with a cumulative effect recognized as of the date of initial application. The Company adopted ASU 2014-09 effective January 1, 2018, using the modified retrospective approach. The majority of the Company's revenue is derived from real estate lease contracts, which falls outside the scope of the ASU. The Company has completed its analysis of non-lease related revenues. The adoption of the ASU does not have a material impact on the Company's consolidated financial statements or to the Company's internal accounting policies. The guidance does require additional disclosures regarding the nature and timing of the Company's revenue transactions upon adoption.
|
ASU 2016-02,
Leases
|
The ASU amends existing accounting standards for lease accounting and establishes the principles for lease accounting for both the lessee and lessor. The amendment requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendment also requires certain quantitative and qualitative disclosures about leasing arrangements.
|
The ASU is effective for annual reporting periods beginning after December 15, 2018; however, early adoption is permitted.
|
The standard must be adopted using a modified retrospective transition and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. Management is currently evaluating the impact the standard will have on the consolidated financial statements and related disclosures upon adoption. The Company plans to adopt the ASU effective January 1, 2019.
|
|
December 1, 2016
|
||
Land
|
$
|
874,616
|
|
Buildings and improvements and other
|
3,479,483
|
|
|
Development and capital improvements in progress
|
183,881
|
|
|
Undeveloped land
|
24,200
|
|
|
Investment in real estate joint venture
|
44,435
|
|
|
Cash and cash equivalents
|
34,292
|
|
|
Restricted cash
|
3,608
|
|
|
Other assets
|
94,899
|
|
|
Total assets acquired
|
4,739,414
|
|
|
|
|
||
Notes payable
|
(595,609)
|
|
|
Accrued expenses and other liabilities
|
(132,906)
|
|
|
Total liabilities assumed, including debt
|
(728,515
|
)
|
|
|
|
||
Noncontrolling interests - consolidated real estate entity
|
(2,306
|
)
|
|
|
|
||
Total purchase price
|
$
|
4,008,593
|
|
|
2017
|
|
2016
|
|
2015
|
|
||||||
Common Shares Outstanding
|
|
|
|
|
|
|
||||||
Weighted average common shares - basic
|
113,407
|
|
|
78,502
|
|
|
75,176
|
|
|
|||
Effect of dilutive securities
|
280
|
|
|
298
|
|
|
—
|
|
(1)
|
|||
Weighted average common shares - diluted
|
113,687
|
|
|
78,800
|
|
|
75,176
|
|
|
|||
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Common Share - basic
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
|
Net income attributable to noncontrolling interests
|
(12,157
|
)
|
|
(12,180
|
)
|
|
(18,458
|
)
|
|
|||
Unvested restricted stock (allocation of earnings)
|
(535
|
)
|
|
(572
|
)
|
|
(772
|
)
|
|
|||
Preferred dividends
|
(3,688
|
)
|
|
(307
|
)
|
|
—
|
|
|
|||
Net income available for common shareholders, adjusted
|
$
|
324,156
|
|
|
$
|
211,343
|
|
|
$
|
331,515
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares - basic
|
113,407
|
|
|
78,502
|
|
|
75,176
|
|
|
|||
Earnings per common share - basic
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Common Share - diluted
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
|
Net income attributable to noncontrolling interests
|
(12,157
|
)
|
(2)
|
(12,180
|
)
|
(2)
|
(18,458
|
)
|
(2)
|
|||
Unvested restricted stock (allocation of earnings)
|
—
|
|
|
—
|
|
|
(772
|
)
|
(1)
|
|||
Preferred dividends
|
(3,688
|
)
|
|
(307
|
)
|
|
—
|
|
|
|||
Net income available for common shareholders, adjusted
|
$
|
324,691
|
|
|
$
|
211,915
|
|
|
$
|
331,515
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares - diluted
|
113,687
|
|
|
78,800
|
|
|
75,176
|
|
|
|||
Earnings per common share - diluted
|
$
|
2.86
|
|
|
$
|
2.69
|
|
|
$
|
4.41
|
|
|
|
2017
|
|
2016
|
|
2015
|
|
||||||
Common Units Outstanding
|
|
|
|
|
|
|
||||||
Weighted average common units - basic
|
117,617
|
|
|
82,661
|
|
|
79,361
|
|
|
|||
Effect of dilutive securities
|
280
|
|
|
298
|
|
|
—
|
|
(1)
|
|||
Weighted average common units - diluted
|
117,897
|
|
|
82,959
|
|
|
79,361
|
|
|
|||
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Common Unit - basic
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
|
Unvested restricted stock (allocation of earnings)
|
(535
|
)
|
|
(574
|
)
|
|
(772
|
)
|
|
|||
Preferred unit distributions
|
(3,688
|
)
|
|
(307
|
)
|
|
—
|
|
|
|||
Net income available for common unitholders, adjusted
|
$
|
336,313
|
|
|
$
|
223,521
|
|
|
$
|
349,973
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average common units - basic
|
117,617
|
|
|
82,661
|
|
|
79,361
|
|
|
|||
Earnings per common unit - basic:
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Common Unit - diluted
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
|
Unvested restricted stock (allocation of earnings)
|
—
|
|
|
—
|
|
|
(772
|
)
|
(1)
|
|||
Preferred unit distributions
|
(3,688
|
)
|
|
(307
|
)
|
|
—
|
|
|
|||
Net income available for common unitholders, adjusted
|
$
|
336,848
|
|
|
$
|
224,095
|
|
|
$
|
349,973
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average common units - diluted
|
117,897
|
|
|
82,959
|
|
|
79,361
|
|
|
|||
Earnings per common unit - diluted:
|
$
|
2.86
|
|
|
$
|
2.70
|
|
|
$
|
4.41
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
Risk free rate
|
|
0.65% - 1.57%
|
|
0.49% - 1.27%
|
|
0.10% - 1.05%
|
Dividend yield
|
|
3.573%
|
|
3.634%
|
|
3.932%
|
Volatility
|
|
20.43% - 21.85%
|
|
18.41% - 19.45%
|
|
15.41% - 16.04%
|
Requisite service period
|
|
3 years
|
|
3 years
|
|
3 years
|
Nonvested Shares
|
|
Shares
|
|
Weighted Average Grant-Date Fair Value
|
|||
Nonvested at January 1, 2017
|
|
225,624
|
|
|
$
|
71.61
|
|
Issued
|
|
106,113
|
|
|
87.09
|
|
|
Vested
|
|
(147,687
|
)
|
|
70.90
|
|
|
Forfeited
|
|
(3,358
|
)
|
|
84.97
|
|
|
Nonvested at December 31, 2017
|
|
180,692
|
|
|
$
|
81.13
|
|
|
|
2016
|
Risk free rate
|
|
0.64% - 2.63%
|
Dividend yield
|
|
3.81%
|
Volatility
|
|
21.02% - 21.57%
|
Expected term
|
|
1.11 - 2.11 years
|
Stock Options
|
|
Options
|
|
Weighted Average Exercise Price
|
|||
Outstanding at January 1, 2017
|
|
147,282
|
|
|
$
|
76.16
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(21,006
|
)
|
|
64.92
|
|
|
Expired
|
|
(17,838
|
)
|
|
109.05
|
|
|
Outstanding at December 31, 2017
|
|
108,438
|
|
|
$
|
72.93
|
|
|
Borrowed
Balance |
|
Effective
Rate |
|
Contract
Maturity |
|||
Unsecured debt
|
|
|
|
|
|
|
|
|
Variable rate revolving credit facility
|
$
|
410,000
|
|
|
2.5
|
%
|
|
4/15/2020
|
Fixed rate senior notes
|
2,292,000
|
|
|
4.0
|
%
|
|
11/13/2024
|
|
Term loans fixed with swaps
|
550,000
|
|
|
3.0
|
%
|
|
4/17/2018
|
|
Variable rate term loans
|
300,000
|
|
|
2.3
|
%
|
|
8/29/2020
|
|
Fair market value adjustments, debt issuance costs and discounts
|
(26,235
|
)
|
|
|
|
|
|
|
Total unsecured debt
|
$
|
3,525,765
|
|
|
3.5
|
%
|
|
12/19/2022
|
|
|
|
|
|
|
|||
Fixed rate secured debt
|
|
|
|
|
|
|||
Individual property mortgages
|
$
|
882,752
|
|
|
4.0
|
%
|
|
10/9/2019
|
|
|
|
|
|
|
|||
Variable rate secured debt
(1)
|
|
|
|
|
|
|||
Fannie Mae Facility
|
80,000
|
|
|
1.8
|
%
|
|
12/1/2018
|
|
|
|
|
|
|
|
|||
Fair market value adjustments and debt issuance costs
|
13,540
|
|
|
|
|
|
|
|
Total secured debt
|
$
|
976,292
|
|
|
3.8
|
%
|
|
9/13/2019
|
|
|
|
|
|
|
|||
Total outstanding debt
|
$
|
4,502,057
|
|
|
3.6
|
%
|
|
3/11/2022
|
|
|
December 31, 2017
|
|
|
||||||||||
|
|
Actual
Interest
Rates
|
|
Current Average
Interest
Rate
|
|
Maturity
|
|
Balance
|
|
Balance as of
December 31, 2016 |
||||
Fixed rate
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Unsecured
|
|
3.38 - 5.57%
|
|
3.97%
|
|
2018-2027
|
|
$
|
2,292.0
|
|
|
$
|
1,860.0
|
|
Secured
|
|
3.00 - 5.49%
|
|
3.97%
|
|
2018-2025
|
|
882.8
|
|
|
1,128.3
|
|
||
Interest rate swaps
|
|
2.45 - 3.55%
|
|
2.96%
|
|
2018
|
|
550.0
|
|
|
850.0
|
|
||
|
|
|
|
|
|
|
|
$
|
3,724.8
|
|
|
$
|
3,838.3
|
|
Variable rate
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Unsecured
|
|
2.31 - 2.47%
|
|
2.41%
|
|
2020-2021
|
|
$
|
710.0
|
|
|
$
|
490.0
|
|
Secured
|
|
1.76%
|
|
1.76%
|
|
2018
|
|
55.0
|
|
|
110.0
|
|
||
Secured interest rate cap
|
|
1.76%
|
|
1.76%
|
|
2018
|
|
25.0
|
|
|
50.0
|
|
||
|
|
|
|
|
|
|
|
$
|
790.0
|
|
|
$
|
650.0
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair market value adjustments, debt issuance costs and discounts
|
|
|
|
(12.7
|
)
|
|
11.4
|
|
||||||
|
|
|
|
|
|
|
|
$
|
4,502.1
|
|
|
$
|
4,499.7
|
|
Year
|
|
Amortization
|
|
Maturities
|
|
Total
|
||||||
2018
|
|
$
|
19,016
|
|
|
$
|
418,141
|
|
|
$
|
437,157
|
|
2019
|
|
4,653
|
|
|
562,784
|
|
|
567,437
|
|
|||
2020
|
|
1,967
|
|
|
712,456
|
|
|
714,423
|
|
|||
2021
|
|
(1,462
|
)
|
|
340,618
|
|
|
339,156
|
|
|||
2022
|
|
(2,037
|
)
|
|
667,000
|
|
|
664,963
|
|
|||
Thereafter
|
|
(3,468
|
)
|
|
1,782,389
|
|
|
1,778,921
|
|
|||
|
|
$
|
18,669
|
|
|
$
|
4,483,388
|
|
|
$
|
4,502,057
|
|
•
|
$80.0 million
of the Fannie Mae Facility, all of which has been borrowed as of
December 31, 2017
; and
|
•
|
$292.0 million
of the privately placed senior unsecured notes.
|
Interest Rate Derivative
|
|
Number of Instruments
|
|
Notional
|
Interest rate cap
|
|
1
|
|
$25,000,000
|
Interest rate swaps
|
|
10
|
|
$550,000,000
|
Derivatives in Cash Flow Hedging Relationships
|
|
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
|
|
Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)
|
|
Amount of Gain (Loss)
Reclassified from Accumulated
OCI into Interest Expense (Effective Portion)
|
|
Location of Gain (Loss) Recognized in Earnings on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
|
Amount of Gain (Loss) Recognized in Interest Expense (Ineffective Portion and Amount Excluded from Effectiveness
Testing)
|
||||||||||||||||||||||||||||||
Year ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
|
2017
|
|
2016
|
|
2015
|
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||
Interest rate contracts
|
|
$
|
319
|
|
|
$
|
(1,500
|
)
|
|
$
|
(8,306
|
)
|
|
Interest expense
|
|
$
|
(730
|
)
|
|
$
|
(4,364
|
)
|
|
$
|
(7,064
|
)
|
|
Interest expense
|
|
$
|
197
|
|
|
$
|
(54
|
)
|
|
$
|
(100
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives Not Designated as
Hedging Instruments
|
|
Location of Gain (Loss) Recognized
in Income on Derivative
|
|
Amount of Gain (Loss)
Recognized in Earnings on Derivative
|
||||||||||
For the year ended December 31,
|
|
|
2017
|
|
2016
|
|
2015
|
|||||||
|
|
|
|
|
|
|
|
|
||||||
Interest rate products
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Preferred stock embedded derivative
|
|
Non-operating income
|
|
8,807
|
|
|
—
|
|
|
—
|
|
|||
Total derivatives not designated as hedging instruments
|
|
|
|
$
|
8,807
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Changes in Accumulated Other Comprehensive Income (Loss) from Cash Flow Hedges by Component
|
||||||||||||||
|
|
Affected Line Item in the Consolidated Statements of Operations
|
|
|
||||||||||
|
|
|
2017
|
|
2016
|
|
2015
|
|||||||
Beginning balance
|
|
|
|
$
|
1,144
|
|
|
$
|
(1,589
|
)
|
|
$
|
(412
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
|
|
319
|
|
|
(1,500
|
)
|
|
(8,306
|
)
|
|||
Amounts reclassified from Accumulated other comprehensive income (interest rate contracts)
|
|
Interest expense
|
|
730
|
|
|
4,364
|
|
|
7,064
|
|
|||
Net current period other comprehensive (income) loss attributable to noncontrolling interests
|
|
|
|
(36
|
)
|
|
(131
|
)
|
|
65
|
|
|||
Net current period other comprehensive income (loss) attributable to MAA
|
|
|
|
1,013
|
|
|
2,733
|
|
|
(1,177
|
)
|
|||
Ending balance
|
|
|
|
$
|
2,157
|
|
|
$
|
1,144
|
|
|
$
|
(1,589
|
)
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Deferred tax assets
|
|
|
|
||||
Real estate asset basis differences
|
$
|
—
|
|
|
$
|
13,387
|
|
Deferred expenses
|
—
|
|
|
12,481
|
|
||
Net operating loss carryforward
|
—
|
|
|
32,585
|
|
||
Accrued liabilities
|
—
|
|
|
102
|
|
||
|
$
|
—
|
|
|
$
|
58,555
|
|
Deferred tax liabilities
|
|
|
|
||||
Real estate asset basis differences
|
$
|
—
|
|
|
$
|
(311
|
)
|
|
|
|
|
||||
Net deferred tax assets, before valuation allowance
|
$
|
—
|
|
|
$
|
58,244
|
|
Valuation allowance
|
—
|
|
|
(58,244
|
)
|
||
Net deferred tax assets
|
$
|
—
|
|
|
$
|
—
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Tax expense at U.S. statutory rates on TRS income subject to tax
|
$
|
2,177
|
|
|
$
|
3,185
|
|
|
$
|
2,506
|
|
Effect of permanent differences and other
|
—
|
|
|
—
|
|
|
(730
|
)
|
|||
Decrease in valuation allowance
|
(2,177
|
)
|
|
(3,185
|
)
|
|
(1,776
|
)
|
|||
TRS income tax provision
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|||||||||
Ordinary income
|
|
$
|
2.79
|
|
|
80.2
|
%
|
|
$
|
3.28
|
|
|
100
|
%
|
|
$
|
3.07
|
|
|
99.7
|
%
|
Capital gain
|
|
0.31
|
|
|
8.9
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Un-recaptured Section 1250 gain
|
|
0.38
|
|
|
10.9
|
%
|
|
—
|
|
|
—
|
%
|
|
0.01
|
|
|
0.3
|
%
|
|||
|
|
$
|
3.48
|
|
|
100.00
|
%
|
|
$
|
3.28
|
|
|
100.00
|
%
|
|
$
|
3.08
|
|
|
100.00
|
%
|
Description
|
|
Outstanding Shares
|
|
Liquidation Preference
(1)
|
|
Optional Redemption Date
|
|
Redemption Price
(2)
|
|
Stated Dividend Yield
|
|
Approximate Dividend Rate
|
Series I
|
|
867,846
|
|
$50.00
|
|
10/1/2026
|
|
$50.00
|
|
8.50%
|
|
$4.25
|
|
Minimum Lease Payments
|
||
2018
|
$
|
882
|
|
2019
|
724
|
|
|
2020
|
708
|
|
|
2021
|
718
|
|
|
2022
|
733
|
|
|
Thereafter
|
62,788
|
|
|
Total
|
$
|
66,553
|
|
•
|
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 the Company has owned and has 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 the Company has owned and has been stabilized for at least a full
12
months.
|
•
|
Non-Same Store 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.
|
|
2017
|
|
2016
|
|
2015
(1)
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Large Market Same Store
|
$
|
672,131
|
|
|
$
|
652,560
|
|
|
$
|
612,934
|
|
Secondary Market Same Store
|
349,007
|
|
|
340,161
|
|
|
327,700
|
|
|||
Non-Same Store and Other
|
507,849
|
|
|
132,627
|
|
|
102,145
|
|
|||
Total rental and other property revenues
|
$
|
1,528,987
|
|
|
$
|
1,125,348
|
|
|
$
|
1,042,779
|
|
|
|
|
|
|
|
||||||
NOI:
|
|
|
|
|
|
|
|
|
|||
Large Market Same Store
|
$
|
422,075
|
|
|
$
|
407,294
|
|
|
$
|
377,025
|
|
Secondary Market Same Store
|
218,673
|
|
|
213,273
|
|
|
204,382
|
|
|||
Non-Same Store and Other
|
311,508
|
|
|
81,425
|
|
|
60,727
|
|
|||
Total NOI
|
952,256
|
|
|
701,992
|
|
|
642,134
|
|
|||
Depreciation and amortization
|
(493,708
|
)
|
|
(322,958
|
)
|
|
(294,520
|
)
|
|||
Property management expenses
|
(43,588
|
)
|
|
(34,093
|
)
|
|
(30,990
|
)
|
|||
General and administrative expenses
|
(40,194
|
)
|
|
(29,040
|
)
|
|
(25,716
|
)
|
|||
Merger and integration expenses
|
(19,990
|
)
|
|
(40,823
|
)
|
|
—
|
|
|||
Interest expense
|
(154,751
|
)
|
|
(129,947
|
)
|
|
(122,344
|
)
|
|||
Gain on sale of depreciable real estate assets
|
127,386
|
|
|
80,397
|
|
|
189,958
|
|
|||
Income tax expense
|
(2,619
|
)
|
|
(1,699
|
)
|
|
(1,673
|
)
|
|||
Gain on sale of non-depreciable real estate assets
|
21
|
|
|
2,171
|
|
|
172
|
|
|||
Other non-operating income (expense)
|
14,353
|
|
|
(1,839
|
)
|
|
(6,274
|
)
|
|||
Gain (loss) from real estate joint ventures
|
1,370
|
|
|
241
|
|
|
(2
|
)
|
|||
Net income attributable to noncontrolling interests
|
(12,157
|
)
|
|
(12,180
|
)
|
|
(18,458
|
)
|
|||
Dividends to MAA Series I preferred shareholders
|
(3,688
|
)
|
|
(307
|
)
|
|
—
|
|
|||
Net income available for MAA common shareholders
|
$
|
324,691
|
|
|
$
|
211,915
|
|
|
$
|
332,287
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
|
|
||
Large Market Same Store
|
$
|
4,003,859
|
|
|
$
|
4,126,885
|
|
Secondary Market Same Store
|
1,718,237
|
|
|
1,768,183
|
|
||
Non-Same Store and Other
|
5,570,003
|
|
|
5,479,780
|
|
||
Corporate assets
|
199,820
|
|
|
229,643
|
|
||
Total assets
|
$
|
11,491,919
|
|
|
$
|
11,604,491
|
|
Community
|
|
Market
|
|
Units
|
|
Date Acquired
|
Charlotte at Midtown
|
|
Nashville, TN
|
|
279
|
|
March 16, 2017
|
Acklen West End
|
|
Nashville, TN
|
|
320
|
|
December 28, 2017
|
Community
|
|
Market
|
|
Units/Acres
|
|
Date Sold
|
Lakewood Ranch - Outparcel
|
|
Tampa, FL
|
|
12 acres
|
|
April 7, 2017
|
Post Alexander - Outparcel
|
|
Atlanta, GA
|
|
1 acre
|
|
June 12, 2017
|
Paddock Club Lakeland
|
|
Lakeland, FL
|
|
464 units
|
|
July 13, 2017
|
Paddock Club Lakeland - Outparcel
|
|
Lakeland, FL
|
|
9 acres
|
|
July 13, 2017
|
Paddock Club Montgomery
|
|
Montgomery, AL
|
|
208 units
|
|
July 20, 2017
|
Northwood Place
|
|
Fort Worth, TX
|
|
270 units
|
|
July 20, 2017
|
Town Park Lot 12
|
|
Orlando, FL
|
|
1 acre
|
|
August 7, 2017
|
Terraces at Fieldstone
|
|
Atlanta, GA
|
|
316 units
|
|
November 30, 2017
|
Terraces at Towne Lake
|
|
Atlanta, GA
|
|
502 units
|
|
November 30, 2017
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Rental and other property revenues
|
$
|
378,908
|
|
|
$
|
382,791
|
|
|
$
|
384,550
|
|
|
$
|
382,738
|
|
Income before non-operating items
|
77,656
|
|
|
85,976
|
|
|
94,671
|
|
|
96,473
|
|
||||
Net income
|
43,416
|
|
|
50,155
|
|
|
118,958
|
|
|
128,007
|
|
||||
Net income available for MAA common shareholders
|
40,983
|
|
|
47,393
|
|
|
113,787
|
|
|
122,528
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per common share - basic
|
$
|
0.36
|
|
|
$
|
0.42
|
|
|
$
|
1.00
|
|
|
$
|
1.08
|
|
Earnings per common share - diluted
|
0.36
|
|
|
0.42
|
|
|
1.00
|
|
|
1.08
|
|
|
Year Ended December 31, 2016
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Rental and other property revenues
|
$
|
269,016
|
|
|
$
|
272,236
|
|
|
$
|
276,898
|
|
|
$
|
307,198
|
|
Income before non-operating items
|
77,422
|
|
|
78,215
|
|
|
74,823
|
|
|
44,618
|
|
||||
Net income
|
45,808
|
|
|
47,630
|
|
|
88,906
|
|
|
42,058
|
|
||||
Net income available for MAA common shareholders
|
43,413
|
|
|
45,144
|
|
|
84,279
|
|
|
39,079
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per common share - basic
|
$
|
0.58
|
|
|
$
|
0.60
|
|
|
$
|
1.12
|
|
|
$
|
0.44
|
|
Earnings per common share - diluted
|
0.58
|
|
|
0.60
|
|
|
1.12
|
|
|
0.44
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Rental and other property revenues
|
$
|
378,908
|
|
|
$
|
382,791
|
|
|
$
|
384,550
|
|
|
$
|
382,738
|
|
Income before non-operating items
|
77,656
|
|
|
85,976
|
|
|
94,671
|
|
|
96,473
|
|
||||
Net income
|
43,416
|
|
|
50,155
|
|
|
118,958
|
|
|
128,007
|
|
||||
Net income available for MAALP common unitholders
|
42,494
|
|
|
49,233
|
|
|
118,036
|
|
|
127,085
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Per unit:
|
|
|
|
|
|
|
|
||||||||
Earnings per common unit - basic
|
$
|
0.36
|
|
|
$
|
0.42
|
|
|
$
|
1.00
|
|
|
$
|
1.08
|
|
Earnings per common unit - diluted
|
0.36
|
|
|
0.42
|
|
|
1.00
|
|
|
1.08
|
|
|
Year Ended December 31, 2016
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Rental and other property revenues
|
$
|
269,016
|
|
|
$
|
272,236
|
|
|
$
|
276,898
|
|
|
$
|
307,198
|
|
Income before non-operating items
|
77,422
|
|
|
78,215
|
|
|
74,823
|
|
|
44,618
|
|
||||
Net income
|
45,808
|
|
|
47,630
|
|
|
88,906
|
|
|
42,058
|
|
||||
Net income available for MAALP common unitholders
|
45,808
|
|
|
47,630
|
|
|
88,906
|
|
|
41,751
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Per unit:
|
|
|
|
|
|
|
|
||||||||
Earnings per common unit - basic
|
$
|
0.61
|
|
|
$
|
0.60
|
|
|
$
|
1.12
|
|
|
$
|
0.45
|
|
Earnings per common unit - diluted
|
0.61
|
|
|
0.60
|
|
|
1.12
|
|
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life used to compute depreciation in latest income statement
(4)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized subsequent to Acquisition
|
|
Gross Amount carried at December 31, 2017
(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
|
|
|
$
|
—
|
|
|
$
|
1,254
|
|
|
$
|
2,640
|
|
|
$
|
30,096
|
|
|
$
|
32,736
|
|
|
$
|
(6,688
|
)
|
|
$
|
26,048
|
|
|
2009
|
|
1 - 40
|
Colonial Grand at Riverchase Trails
|
|
Birmingham, AL
|
|
—
|
|
|
|
|
3,761
|
|
|
22,079
|
|
|
—
|
|
|
3,261
|
|
|
3,761
|
|
|
25,340
|
|
|
29,101
|
|
|
(5,289
|
)
|
|
23,812
|
|
|
2010
|
|
1 - 40
|
|||||||||
Colonial Village at Trussville
|
|
Birmingham, AL
|
|
—
|
|
|
|
|
3,402
|
|
|
31,813
|
|
|
—
|
|
|
2,284
|
|
|
3,402
|
|
|
34,097
|
|
|
37,499
|
|
|
(6,552
|
)
|
|
30,947
|
|
|
1996/97
|
|
1 - 40
|
|||||||||
Eagle Ridge
|
|
Birmingham, AL
|
|
—
|
|
|
|
|
851
|
|
|
7,667
|
|
|
—
|
|
|
3,896
|
|
|
851
|
|
|
11,563
|
|
|
12,414
|
|
|
(7,362
|
)
|
|
5,052
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Grand at Traditions
|
|
Gulf Shores,AL
|
|
—
|
|
|
|
|
3,211
|
|
|
25,162
|
|
|
—
|
|
|
2,106
|
|
|
3,211
|
|
|
27,268
|
|
|
30,479
|
|
|
(5,623
|
)
|
|
24,856
|
|
|
2007
|
|
1 - 40
|
|||||||||
Colonial Grand at Edgewater
|
|
Huntsville, AL
|
|
—
|
|
|
|
|
4,943
|
|
|
38,673
|
|
|
—
|
|
|
4,291
|
|
|
4,943
|
|
|
42,964
|
|
|
47,907
|
|
|
(7,608
|
)
|
|
40,299
|
|
|
1990
|
|
1 - 40
|
|||||||||
Colonial Promenade at Huntsville
|
|
Huntsville, AL
|
|
—
|
|
|
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2,000
|
|
|
2
|
|
|
2,002
|
|
|
(1
|
)
|
|
2,001
|
|
|
2017
|
|
1 - 40
|
|||||||||
Paddock Club at Providence
|
|
Huntsville, AL
|
|
—
|
|
|
|
|
909
|
|
|
10,152
|
|
|
830
|
|
|
13,817
|
|
|
1,739
|
|
|
23,969
|
|
|
25,708
|
|
|
(13,490
|
)
|
|
12,218
|
|
|
1993
|
|
1 - 40
|
|||||||||
Colonial Grand at Madison
|
|
Madison, AL
|
|
—
|
|
|
|
|
3,601
|
|
|
28,934
|
|
|
—
|
|
|
1,413
|
|
|
3,601
|
|
|
30,347
|
|
|
33,948
|
|
|
(5,973
|
)
|
|
27,975
|
|
|
2000
|
|
1 - 40
|
|||||||||
Cypress Village
|
|
Orange Beach, AL
|
|
—
|
|
|
|
|
1,290
|
|
|
12,238
|
|
|
—
|
|
|
1,588
|
|
|
1,290
|
|
|
13,826
|
|
|
15,116
|
|
|
(2,472
|
)
|
|
12,644
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Liberty Park
|
|
Vestavia Hills, AL
|
|
16,404
|
|
|
|
|
3,922
|
|
|
30,977
|
|
|
—
|
|
|
4,564
|
|
|
3,922
|
|
|
35,541
|
|
|
39,463
|
|
|
(6,857
|
)
|
|
32,606
|
|
|
2000
|
|
1 - 40
|
|||||||||
Edge at Lyon's Gate
|
|
Phoenix, AZ
|
|
—
|
|
|
|
|
7,901
|
|
|
27,182
|
|
|
—
|
|
|
2,355
|
|
|
7,901
|
|
|
29,537
|
|
|
37,438
|
|
|
(9,643
|
)
|
|
27,795
|
|
|
2007
|
|
1 - 40
|
|||||||||
Residences at Fountainhead
|
|
Phoenix, AZ
|
|
—
|
|
|
|
|
12,212
|
|
|
56,705
|
|
|
—
|
|
|
797
|
|
|
12,212
|
|
|
57,502
|
|
|
69,714
|
|
|
(2,683
|
)
|
|
67,031
|
|
|
2015
|
|
1 - 40
|
|||||||||
Sky View Ranch
|
|
Gilbert, AZ
|
|
—
|
|
|
|
|
2,668
|
|
|
14,577
|
|
|
—
|
|
|
2,179
|
|
|
2,668
|
|
|
16,756
|
|
|
19,424
|
|
|
(5,147
|
)
|
|
14,277
|
|
|
2007
|
|
1 - 40
|
|||||||||
Talus Ranch
|
|
Phoenix, AZ
|
|
—
|
|
|
|
|
12,741
|
|
|
47,701
|
|
|
—
|
|
|
2,758
|
|
|
12,741
|
|
|
50,459
|
|
|
63,200
|
|
|
(19,329
|
)
|
|
43,871
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Inverness Commons
|
|
Mesa, AZ
|
|
—
|
|
|
|
|
4,219
|
|
|
26,255
|
|
|
—
|
|
|
1,409
|
|
|
4,219
|
|
|
27,664
|
|
|
31,883
|
|
|
(5,232
|
)
|
|
26,651
|
|
|
2002
|
|
1 - 40
|
|||||||||
Colonial Grand at Scottsdale
|
|
Scottsdale, AZ
|
|
—
|
|
|
|
|
3,612
|
|
|
20,273
|
|
|
—
|
|
|
1,934
|
|
|
3,612
|
|
|
22,207
|
|
|
25,819
|
|
|
(4,217
|
)
|
|
21,602
|
|
|
1999
|
|
1 - 40
|
|||||||||
Colonial Grand at OldTown Scottsdale
|
|
Scottsdale, AZ
|
|
—
|
|
|
|
|
7,820
|
|
|
51,627
|
|
|
—
|
|
|
4,414
|
|
|
7,820
|
|
|
56,041
|
|
|
63,861
|
|
|
(10,256
|
)
|
|
53,605
|
|
|
1994/95
|
|
1 - 40
|
|||||||||
SkySong
|
|
Scottsdale, AZ
|
|
—
|
|
|
|
|
—
|
|
|
55,748
|
|
|
—
|
|
|
1,176
|
|
|
—
|
|
|
56,924
|
|
|
56,924
|
|
|
(3,827
|
)
|
|
53,097
|
|
|
2014
|
|
1 - 40
|
|||||||||
Calais Forest
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
1,026
|
|
|
9,244
|
|
|
—
|
|
|
7,741
|
|
|
1,026
|
|
|
16,985
|
|
|
18,011
|
|
|
(11,422
|
)
|
|
6,589
|
|
|
1987
|
|
1 - 40
|
|||||||||
Napa Valley
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
960
|
|
|
8,642
|
|
|
—
|
|
|
5,361
|
|
|
960
|
|
|
14,003
|
|
|
14,963
|
|
|
(9,166
|
)
|
|
5,797
|
|
|
1984
|
|
1 - 40
|
|||||||||
Palisades at Chenal Valley
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
2,560
|
|
|
25,234
|
|
|
—
|
|
|
3,395
|
|
|
2,560
|
|
|
28,629
|
|
|
31,189
|
|
|
(6,366
|
)
|
|
24,823
|
|
|
2006
|
|
1 - 40
|
|||||||||
Ridge at Chenal Valley
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
2,626
|
|
|
—
|
|
|
—
|
|
|
27,537
|
|
|
2,626
|
|
|
27,537
|
|
|
30,163
|
|
|
(3,935
|
)
|
|
26,228
|
|
|
2012
|
|
1 - 40
|
|||||||||
Westside Creek
|
|
Little Rock, AR
|
|
—
|
|
|
|
|
1,271
|
|
|
11,463
|
|
|
—
|
|
|
8,285
|
|
|
1,271
|
|
|
19,748
|
|
|
21,019
|
|
|
(12,205
|
)
|
|
8,814
|
|
|
1984/86
|
|
1 - 40
|
|||||||||
Tiffany Oaks
|
|
Altamonte Springs, FL
|
|
—
|
|
|
|
|
1,024
|
|
|
9,219
|
|
|
—
|
|
|
5,389
|
|
|
1,024
|
|
|
14,608
|
|
|
15,632
|
|
|
(9,658
|
)
|
|
5,974
|
|
|
1985
|
|
1 - 40
|
|||||||||
Indigo Point
|
|
Brandon, FL
|
|
—
|
|
|
(1)
|
|
1,167
|
|
|
10,500
|
|
|
—
|
|
|
3,514
|
|
|
1,167
|
|
|
14,014
|
|
|
15,181
|
|
|
(8,515
|
)
|
|
6,666
|
|
|
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, 2017
(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
|
|
|
—
|
|
|
6,192
|
|
|
2,896
|
|
|
32,303
|
|
|
35,199
|
|
|
(19,400
|
)
|
|
15,799
|
|
|
1998
|
|
1 - 40
|
|||||||||
Colonial Grand at Lakewood Ranch
|
|
Bradenton, FL
|
|
—
|
|
|
|
|
2,980
|
|
|
40,230
|
|
|
—
|
|
|
3,072
|
|
|
2,980
|
|
|
43,302
|
|
|
46,282
|
|
|
(7,910
|
)
|
|
38,372
|
|
|
1999
|
|
1 - 40
|
|||||||||
The Preserve at Coral Square
|
|
Coral Springs, FL
|
|
—
|
|
|
|
|
9,600
|
|
|
40,004
|
|
|
—
|
|
|
9,175
|
|
|
9,600
|
|
|
49,179
|
|
|
58,779
|
|
|
(22,555
|
)
|
|
36,224
|
|
|
1996
|
|
1 - 40
|
|||||||||
Paddock Club Gainesville
|
|
Gainesville, FL
|
|
—
|
|
|
|
|
1,800
|
|
|
15,879
|
|
|
—
|
|
|
4,689
|
|
|
1,800
|
|
|
20,568
|
|
|
22,368
|
|
|
(9,467
|
)
|
|
12,901
|
|
|
1999
|
|
1 - 40
|
|||||||||
The Retreat at Magnolia Park
|
|
Gainesville, FL
|
|
—
|
|
|
|
|
2,040
|
|
|
16,338
|
|
|
—
|
|
|
745
|
|
|
2,040
|
|
|
17,083
|
|
|
19,123
|
|
|
(3,920
|
)
|
|
15,203
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Heathrow
|
|
Heathrow, FL
|
|
20,310
|
|
|
|
|
4,101
|
|
|
35,684
|
|
|
—
|
|
|
2,667
|
|
|
4,101
|
|
|
38,351
|
|
|
42,452
|
|
|
(7,306
|
)
|
|
35,146
|
|
|
1997
|
|
1 - 40
|
|||||||||
220 Riverside
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
2,500
|
|
|
38,416
|
|
|
—
|
|
|
2,753
|
|
|
2,500
|
|
|
41,169
|
|
|
43,669
|
|
|
(2,388
|
)
|
|
41,281
|
|
|
2015
|
|
1 - 40
|
|||||||||
Atlantic Crossing
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
4,000
|
|
|
19,495
|
|
|
—
|
|
|
1,546
|
|
|
4,000
|
|
|
21,041
|
|
|
25,041
|
|
|
(5,022
|
)
|
|
20,019
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Randall Lakes II
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
3,200
|
|
|
—
|
|
|
—
|
|
|
36,696
|
|
|
3,200
|
|
|
36,696
|
|
|
39,896
|
|
|
(982
|
)
|
|
38,914
|
|
|
2017
|
|
1 - 40
|
|||||||||
Cooper's Hawk
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
854
|
|
|
7,500
|
|
|
—
|
|
|
3,494
|
|
|
854
|
|
|
10,994
|
|
|
11,848
|
|
|
(7,952
|
)
|
|
3,896
|
|
|
1987
|
|
1 - 40
|
|||||||||
Hunter's Ridge at Deerwood
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
1,533
|
|
|
13,835
|
|
|
—
|
|
|
5,369
|
|
|
1,533
|
|
|
19,204
|
|
|
20,737
|
|
|
(12,455
|
)
|
|
8,282
|
|
|
1987
|
|
1 - 40
|
|||||||||
Lakeside
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
1,430
|
|
|
12,883
|
|
|
—
|
|
|
8,093
|
|
|
1,430
|
|
|
20,976
|
|
|
22,406
|
|
|
(14,894
|
)
|
|
7,512
|
|
|
1985
|
|
1 - 40
|
|||||||||
Lighthouse at Fleming Island
|
|
Jacksonville, FL
|
|
—
|
|
|
(1)
|
|
4,047
|
|
|
35,052
|
|
|
—
|
|
|
5,170
|
|
|
4,047
|
|
|
40,222
|
|
|
44,269
|
|
|
(19,570
|
)
|
|
24,699
|
|
|
2003
|
|
1 - 40
|
|||||||||
Paddock Club Mandarin
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
1,411
|
|
|
14,967
|
|
|
—
|
|
|
2,924
|
|
|
1,411
|
|
|
17,891
|
|
|
19,302
|
|
|
(8,887
|
)
|
|
10,415
|
|
|
1998
|
|
1 - 40
|
|||||||||
St. Augustine
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
2,857
|
|
|
6,475
|
|
|
—
|
|
|
19,684
|
|
|
2,857
|
|
|
26,159
|
|
|
29,016
|
|
|
(12,327
|
)
|
|
16,689
|
|
|
1987
|
|
1 - 40
|
|||||||||
St. Augustine II
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
2008
|
|
1 - 40
|
|||||||||
Tattersall at Tapestry Park
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
6,417
|
|
|
36,069
|
|
|
—
|
|
|
1,056
|
|
|
6,417
|
|
|
37,125
|
|
|
43,542
|
|
|
(8,354
|
)
|
|
35,188
|
|
|
2009
|
|
1 - 40
|
|||||||||
Woodhollow
|
|
Jacksonville, FL
|
|
—
|
|
|
|
|
1,686
|
|
|
15,179
|
|
|
(8
|
)
|
|
8,795
|
|
|
1,678
|
|
|
23,974
|
|
|
25,652
|
|
|
(16,277
|
)
|
|
9,375
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Grand at Town Park
|
|
Lake Mary, FL
|
|
—
|
|
|
|
|
5,742
|
|
|
56,562
|
|
|
—
|
|
|
3,455
|
|
|
5,742
|
|
|
60,017
|
|
|
65,759
|
|
|
(11,755
|
)
|
|
54,004
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Town Park Reserve
|
|
Lake Mary, FL
|
|
—
|
|
|
|
|
3,481
|
|
|
10,311
|
|
|
—
|
|
|
353
|
|
|
3,481
|
|
|
10,664
|
|
|
14,145
|
|
|
(2,132
|
)
|
|
12,013
|
|
|
2004
|
|
1 - 40
|
|||||||||
Colonial Grand at Lake Mary
|
|
Lake Mary, FL
|
|
—
|
|
|
|
|
6,346
|
|
|
41,539
|
|
|
—
|
|
|
23,107
|
|
|
6,346
|
|
|
64,646
|
|
|
70,992
|
|
|
(9,528
|
)
|
|
61,464
|
|
|
2012
|
|
1 - 40
|
|||||||||
Retreat at Lake Nona
|
|
Orlando, FL
|
|
—
|
|
|
|
|
7,880
|
|
|
41,175
|
|
|
—
|
|
|
3,708
|
|
|
7,880
|
|
|
44,883
|
|
|
52,763
|
|
|
(8,533
|
)
|
|
44,230
|
|
|
2006
|
|
1 - 40
|
|||||||||
Colonial Grand at Heather Glen
|
|
Orlando, FL
|
|
—
|
|
|
|
|
4,662
|
|
|
56,988
|
|
|
—
|
|
|
4,428
|
|
|
4,662
|
|
|
61,416
|
|
|
66,078
|
|
|
(11,119
|
)
|
|
54,959
|
|
|
2000
|
|
1 - 40
|
|||||||||
Colonial Grand at Randal Lakes
|
|
Orlando, FL
|
|
—
|
|
|
|
|
5,659
|
|
|
50,553
|
|
|
—
|
|
|
10,643
|
|
|
5,659
|
|
|
61,196
|
|
|
66,855
|
|
|
(6,052
|
)
|
|
60,803
|
|
|
2013
|
|
1 - 40
|
|||||||||
Post Lake at Baldwin Park
|
|
Orlando, FL
|
|
—
|
|
|
|
|
18,101
|
|
|
144,200
|
|
|
—
|
|
|
496
|
|
|
18,101
|
|
|
144,696
|
|
|
162,797
|
|
|
(6,212
|
)
|
|
156,585
|
|
|
2011
|
|
1 - 40
|
|||||||||
Post Lakeside
|
|
Orlando, FL
|
|
—
|
|
|
|
|
7,046
|
|
|
52,585
|
|
|
—
|
|
|
166
|
|
|
7,046
|
|
|
52,751
|
|
|
59,797
|
|
|
(2,097
|
)
|
|
57,700
|
|
|
2013
|
|
1 - 40
|
|||||||||
Post Parkside
|
|
Orlando, FL
|
|
—
|
|
|
|
|
5,669
|
|
|
49,754
|
|
|
—
|
|
|
665
|
|
|
5,669
|
|
|
50,419
|
|
|
56,088
|
|
|
(2,187
|
)
|
|
53,901
|
|
|
1999
|
|
1 - 40
|
|||||||||
Park Crest at Innisbrook
|
|
Palm Harbor, FL
|
|
27,159
|
|
|
|
|
6,900
|
|
|
26,613
|
|
|
—
|
|
|
2,229
|
|
|
6,900
|
|
|
28,842
|
|
|
35,742
|
|
|
(9,123
|
)
|
|
26,619
|
|
|
2000
|
|
1 - 40
|
|||||||||
The Club at Panama Beach
|
|
Panama City, FL
|
|
—
|
|
|
|
|
898
|
|
|
14,276
|
|
|
(5
|
)
|
|
3,952
|
|
|
893
|
|
|
18,228
|
|
|
19,121
|
|
|
(9,868
|
)
|
|
9,253
|
|
|
2000
|
|
1 - 40
|
|||||||||
Colonial Village at Twin Lakes
|
|
Sanford, FL
|
|
23,246
|
|
|
|
|
3,091
|
|
|
47,793
|
|
|
—
|
|
|
1,777
|
|
|
3,091
|
|
|
49,570
|
|
|
52,661
|
|
|
(9,338
|
)
|
|
43,323
|
|
|
2005
|
|
1 - 40
|
|||||||||
Paddock Club Tallahassee
|
|
Tallahassee, FL
|
|
—
|
|
|
|
|
530
|
|
|
4,805
|
|
|
950
|
|
|
14,458
|
|
|
1,480
|
|
|
19,263
|
|
|
20,743
|
|
|
(12,330
|
)
|
|
8,413
|
|
|
1992
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Verandas at Southwood
|
|
Tallahassee, FL
|
|
—
|
|
|
|
|
3,600
|
|
|
25,914
|
|
|
—
|
|
|
731
|
|
|
3,600
|
|
|
26,645
|
|
|
30,245
|
|
|
(3,219
|
)
|
|
27,026
|
|
|
2003
|
|
1 - 40
|
|||||||||
Belmere
|
|
Tampa, FL
|
|
—
|
|
|
|
|
852
|
|
|
7,667
|
|
|
—
|
|
|
6,725
|
|
|
852
|
|
|
14,392
|
|
|
15,244
|
|
|
(9,850
|
)
|
|
5,394
|
|
|
1984
|
|
1 - 40
|
|||||||||
Links at Carrollwood
|
|
Tampa, FL
|
|
—
|
|
|
|
|
817
|
|
|
7,355
|
|
|
110
|
|
|
5,168
|
|
|
927
|
|
|
12,523
|
|
|
13,450
|
|
|
(7,945
|
)
|
|
5,505
|
|
|
1980
|
|
1 - 40
|
|||||||||
Post Bay at Rocky Point
|
|
Tampa, FL
|
|
—
|
|
|
|
|
4,541
|
|
|
28,381
|
|
|
—
|
|
|
366
|
|
|
4,541
|
|
|
28,747
|
|
|
33,288
|
|
|
(1,197
|
)
|
|
32,091
|
|
|
1997
|
|
1 - 40
|
|||||||||
Post Harbour Place
|
|
Tampa, FL
|
|
—
|
|
|
|
|
16,296
|
|
|
116,193
|
|
|
—
|
|
|
2,031
|
|
|
16,296
|
|
|
118,224
|
|
|
134,520
|
|
|
(5,209
|
)
|
|
129,311
|
|
|
1997
|
|
1 - 40
|
|||||||||
Post Hyde Park
|
|
Tampa, FL
|
|
42,050
|
|
|
|
|
16,891
|
|
|
95,259
|
|
|
—
|
|
|
975
|
|
|
16,891
|
|
|
96,234
|
|
|
113,125
|
|
|
(4,263
|
)
|
|
108,862
|
|
|
1994
|
|
1 - 40
|
|||||||||
Post Rocky Point
|
|
Tampa, FL
|
|
—
|
|
|
|
|
35,260
|
|
|
153,102
|
|
|
—
|
|
|
2,994
|
|
|
35,260
|
|
|
156,096
|
|
|
191,356
|
|
|
(6,618
|
)
|
|
184,738
|
|
|
1994-1996
|
|
1 - 40
|
|||||||||
Post Soho Square
|
|
Tampa, FL
|
|
—
|
|
|
|
|
5,190
|
|
|
56,296
|
|
|
—
|
|
|
96
|
|
|
5,190
|
|
|
56,392
|
|
|
61,582
|
|
|
(2,224
|
)
|
|
59,358
|
|
|
2012
|
|
1 - 40
|
|||||||||
Village Oaks
|
|
Tampa, FL
|
|
—
|
|
|
|
|
2,738
|
|
|
19,055
|
|
|
153
|
|
|
2,334
|
|
|
2,891
|
|
|
21,389
|
|
|
24,280
|
|
|
(6,969
|
)
|
|
17,311
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Hampton Preserve
|
|
Tampa, FL
|
|
—
|
|
|
|
|
6,233
|
|
|
69,535
|
|
|
—
|
|
|
1,264
|
|
|
6,233
|
|
|
70,799
|
|
|
77,032
|
|
|
(12,363
|
)
|
|
64,669
|
|
|
2012
|
|
1 - 40
|
|||||||||
Colonial Grand at Seven Oaks
|
|
Wesley Chapel, FL
|
|
—
|
|
|
|
|
3,051
|
|
|
42,768
|
|
|
—
|
|
|
1,879
|
|
|
3,051
|
|
|
44,647
|
|
|
47,698
|
|
|
(7,910
|
)
|
|
39,788
|
|
|
2004
|
|
1 - 40
|
|||||||||
Colonial Grand at Windermere
|
|
Windermere, FL
|
|
—
|
|
|
|
|
2,711
|
|
|
36,710
|
|
|
—
|
|
|
1,023
|
|
|
2,711
|
|
|
37,733
|
|
|
40,444
|
|
|
(6,520
|
)
|
|
33,924
|
|
|
2009
|
|
1 - 40
|
|||||||||
Allure at Brookwood
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
11,168
|
|
|
52,758
|
|
|
—
|
|
|
4,313
|
|
|
11,168
|
|
|
57,071
|
|
|
68,239
|
|
|
(11,027
|
)
|
|
57,212
|
|
|
2008
|
|
1 - 40
|
|||||||||
Allure in Buckhead Village Residential
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
8,633
|
|
|
19,844
|
|
|
—
|
|
|
5,931
|
|
|
8,633
|
|
|
25,775
|
|
|
34,408
|
|
|
(5,890
|
)
|
|
28,518
|
|
|
2002
|
|
1 - 40
|
|||||||||
The High Rise at Post Alexander
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
8,435
|
|
|
92,294
|
|
|
—
|
|
|
157
|
|
|
8,435
|
|
|
92,451
|
|
|
100,886
|
|
|
(5,333
|
)
|
|
95,553
|
|
|
2015
|
|
1 - 40
|
|||||||||
Post Alexander
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
15,440
|
|
|
73,278
|
|
|
—
|
|
|
887
|
|
|
15,440
|
|
|
74,165
|
|
|
89,605
|
|
|
(2,495
|
)
|
|
87,110
|
|
|
2006
|
|
1 - 40
|
|||||||||
Post Briarcliff
|
|
Atlanta, GA
|
|
54,386
|
|
|
|
|
24,645
|
|
|
114,921
|
|
|
—
|
|
|
1,142
|
|
|
24,645
|
|
|
116,063
|
|
|
140,708
|
|
|
(4,774
|
)
|
|
135,934
|
|
|
1996
|
|
1 - 40
|
|||||||||
Post Brookhaven
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
29,048
|
|
|
106,463
|
|
|
—
|
|
|
1,519
|
|
|
29,048
|
|
|
107,982
|
|
|
137,030
|
|
|
(4,724
|
)
|
|
132,306
|
|
|
1989-1992
|
|
1 - 40
|
|||||||||
Post Chastain
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
30,223
|
|
|
82,964
|
|
|
—
|
|
|
578
|
|
|
30,223
|
|
|
83,542
|
|
|
113,765
|
|
|
(3,428
|
)
|
|
110,337
|
|
|
1990
|
|
1 - 40
|
|||||||||
Post Crossing
|
|
Atlanta, GA
|
|
24,418
|
|
|
|
|
15,799
|
|
|
48,054
|
|
|
—
|
|
|
812
|
|
|
15,799
|
|
|
48,866
|
|
|
64,665
|
|
|
(2,075
|
)
|
|
62,590
|
|
|
1995
|
|
1 - 40
|
|||||||||
Post Gardens
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
17,907
|
|
|
56,093
|
|
|
—
|
|
|
894
|
|
|
17,907
|
|
|
56,987
|
|
|
74,894
|
|
|
(2,525
|
)
|
|
72,369
|
|
|
1996
|
|
1 - 40
|
|||||||||
Post Glen
|
|
Atlanta, GA
|
|
25,370
|
|
|
|
|
13,878
|
|
|
51,079
|
|
|
—
|
|
|
889
|
|
|
13,878
|
|
|
51,968
|
|
|
65,846
|
|
|
(2,167
|
)
|
|
63,679
|
|
|
1996
|
|
1 - 40
|
|||||||||
Post Midtown
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
7,000
|
|
|
44,000
|
|
|
—
|
|
|
39,542
|
|
|
7,000
|
|
|
83,542
|
|
|
90,542
|
|
|
(1,008
|
)
|
|
89,534
|
|
|
2017
|
|
1 - 40
|
|||||||||
Post Parkside
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
11,025
|
|
|
34,277
|
|
|
—
|
|
|
282
|
|
|
11,025
|
|
|
34,559
|
|
|
45,584
|
|
|
(1,359
|
)
|
|
44,225
|
|
|
1999
|
|
1 - 40
|
|||||||||
Post Peachtree Hills
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
11,974
|
|
|
55,264
|
|
|
—
|
|
|
168
|
|
|
11,974
|
|
|
55,432
|
|
|
67,406
|
|
|
(2,252
|
)
|
|
65,154
|
|
|
1992-1994/2009
|
|
1 - 40
|
|||||||||
Post Riverside
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
23,765
|
|
|
89,369
|
|
|
—
|
|
|
1,785
|
|
|
23,765
|
|
|
91,154
|
|
|
114,919
|
|
|
(4,224
|
)
|
|
110,695
|
|
|
1996
|
|
1 - 40
|
|||||||||
Post Spring
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
18,596
|
|
|
57,819
|
|
|
—
|
|
|
974
|
|
|
18,596
|
|
|
58,793
|
|
|
77,389
|
|
|
(2,652
|
)
|
|
74,737
|
|
|
1999
|
|
1 - 40
|
|||||||||
Post Stratford
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
—
|
|
|
30,051
|
|
|
—
|
|
|
1,071
|
|
|
—
|
|
|
31,122
|
|
|
31,122
|
|
|
(1,374
|
)
|
|
29,748
|
|
|
1999
|
|
1 - 40
|
|||||||||
Sanctuary at Oglethorpe
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
6,875
|
|
|
31,441
|
|
|
—
|
|
|
3,089
|
|
|
6,875
|
|
|
34,530
|
|
|
41,405
|
|
|
(11,742
|
)
|
|
29,663
|
|
|
1994
|
|
1 - 40
|
|||||||||
Prescott
|
|
Duluth, GA
|
|
—
|
|
|
(2)
|
|
3,840
|
|
|
24,011
|
|
|
—
|
|
|
3,801
|
|
|
3,840
|
|
|
27,812
|
|
|
31,652
|
|
|
(12,505
|
)
|
|
19,147
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Berkeley Lake
|
|
Duluth, GA
|
|
—
|
|
|
|
|
1,960
|
|
|
15,707
|
|
|
—
|
|
|
1,690
|
|
|
1,960
|
|
|
17,397
|
|
|
19,357
|
|
|
(3,853
|
)
|
|
15,504
|
|
|
1998
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Colonial Grand at River Oaks
|
|
Duluth, GA
|
|
—
|
|
|
|
|
4,360
|
|
|
13,579
|
|
|
—
|
|
|
1,647
|
|
|
4,360
|
|
|
15,226
|
|
|
19,586
|
|
|
(4,196
|
)
|
|
15,390
|
|
|
1992
|
|
1 - 40
|
|||||||||
Colonial Grand at River Plantation
|
|
Duluth, GA
|
|
—
|
|
|
|
|
2,059
|
|
|
19,158
|
|
|
—
|
|
|
1,789
|
|
|
2,059
|
|
|
20,947
|
|
|
23,006
|
|
|
(4,601
|
)
|
|
18,405
|
|
|
1994
|
|
1 - 40
|
|||||||||
Colonial Grand at McDaniel Farm
|
|
Duluth, GA
|
|
—
|
|
|
|
|
3,985
|
|
|
32,206
|
|
|
—
|
|
|
3,419
|
|
|
3,985
|
|
|
35,625
|
|
|
39,610
|
|
|
(7,730
|
)
|
|
31,880
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Grand at Pleasant Hill
|
|
Duluth, GA
|
|
—
|
|
|
|
|
6,753
|
|
|
32,202
|
|
|
—
|
|
|
3,538
|
|
|
6,753
|
|
|
35,740
|
|
|
42,493
|
|
|
(7,468
|
)
|
|
35,025
|
|
|
1996
|
|
1 - 40
|
|||||||||
Colonial Grand at Mount Vernon
|
|
Dunwoody, GA
|
|
15,430
|
|
|
|
|
6,861
|
|
|
23,748
|
|
|
—
|
|
|
2,898
|
|
|
6,861
|
|
|
26,646
|
|
|
33,507
|
|
|
(4,792
|
)
|
|
28,715
|
|
|
1997
|
|
1 - 40
|
|||||||||
Lake Lanier Club I
|
|
Gainesville, GA
|
|
—
|
|
|
|
|
3,560
|
|
|
22,611
|
|
|
—
|
|
|
5,243
|
|
|
3,560
|
|
|
27,854
|
|
|
31,414
|
|
|
(12,146
|
)
|
|
19,268
|
|
|
1998
|
|
1 - 40
|
|||||||||
Lake Lanier Club II
|
|
Gainesville, GA
|
|
—
|
|
|
(2)
|
|
3,150
|
|
|
18,383
|
|
|
—
|
|
|
2,369
|
|
|
3,150
|
|
|
20,752
|
|
|
23,902
|
|
|
(9,008
|
)
|
|
14,894
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Shiloh
|
|
Kennesaw, GA
|
|
29,518
|
|
|
|
|
4,864
|
|
|
45,893
|
|
|
—
|
|
|
3,323
|
|
|
4,864
|
|
|
49,216
|
|
|
54,080
|
|
|
(9,697
|
)
|
|
44,383
|
|
|
2002
|
|
1 - 40
|
|||||||||
Millstead Village
|
|
LaGrange, GA
|
|
—
|
|
|
|
|
3,100
|
|
|
29,240
|
|
|
—
|
|
|
793
|
|
|
3,100
|
|
|
30,033
|
|
|
33,133
|
|
|
(5,314
|
)
|
|
27,819
|
|
|
1998
|
|
1 - 40
|
|||||||||
Colonial Grand at Barrett Creek
|
|
Marietta, GA
|
|
—
|
|
|
|
|
5,661
|
|
|
26,186
|
|
|
—
|
|
|
2,565
|
|
|
5,661
|
|
|
28,751
|
|
|
34,412
|
|
|
(6,365
|
)
|
|
28,047
|
|
|
1999
|
|
1 - 40
|
|||||||||
Colonial Grand at Godley Station
|
|
Pooler, GA
|
|
10,151
|
|
|
|
|
1,800
|
|
|
35,454
|
|
|
—
|
|
|
2,764
|
|
|
1,800
|
|
|
38,218
|
|
|
40,018
|
|
|
(6,821
|
)
|
|
33,197
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Godley Lake
|
|
Pooler, GA
|
|
—
|
|
|
|
|
1,750
|
|
|
30,893
|
|
|
—
|
|
|
1,030
|
|
|
1,750
|
|
|
31,923
|
|
|
33,673
|
|
|
(6,025
|
)
|
|
27,648
|
|
|
2008
|
|
1 - 40
|
|||||||||
Avala at Savannah Quarters
|
|
Savannah, GA
|
|
—
|
|
|
|
|
1,500
|
|
|
24,862
|
|
|
—
|
|
|
1,854
|
|
|
1,500
|
|
|
26,716
|
|
|
28,216
|
|
|
(5,954
|
)
|
|
22,262
|
|
|
2009
|
|
1 - 40
|
|||||||||
Georgetown Grove
|
|
Savannah, GA
|
|
—
|
|
|
|
|
1,288
|
|
|
11,579
|
|
|
—
|
|
|
3,332
|
|
|
1,288
|
|
|
14,911
|
|
|
16,199
|
|
|
(9,397
|
)
|
|
6,802
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Grand at Hammocks
|
|
Savannah, GA
|
|
—
|
|
|
|
|
2,441
|
|
|
36,863
|
|
|
—
|
|
|
3,623
|
|
|
2,441
|
|
|
40,486
|
|
|
42,927
|
|
|
(7,210
|
)
|
|
35,717
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Village at Greentree
|
|
Savannah, GA
|
|
—
|
|
|
|
|
1,710
|
|
|
10,494
|
|
|
—
|
|
|
1,268
|
|
|
1,710
|
|
|
11,762
|
|
|
13,472
|
|
|
(2,729
|
)
|
|
10,743
|
|
|
1984
|
|
1 - 40
|
|||||||||
Colonial Village at Huntington
|
|
Savannah, GA
|
|
—
|
|
|
|
|
2,521
|
|
|
8,223
|
|
|
—
|
|
|
905
|
|
|
2,521
|
|
|
9,128
|
|
|
11,649
|
|
|
(1,867
|
)
|
|
9,782
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Village at Marsh Cove
|
|
Savannah, GA
|
|
—
|
|
|
|
|
5,231
|
|
|
8,555
|
|
|
—
|
|
|
902
|
|
|
5,231
|
|
|
9,457
|
|
|
14,688
|
|
|
(2,289
|
)
|
|
12,399
|
|
|
1983
|
|
1 - 40
|
|||||||||
Oaks at Wilmington Island
|
|
Savannah, GA
|
|
—
|
|
|
|
|
2,910
|
|
|
25,315
|
|
|
(46
|
)
|
|
4,169
|
|
|
2,864
|
|
|
29,484
|
|
|
32,348
|
|
|
(11,378
|
)
|
|
20,970
|
|
|
1999
|
|
1 - 40
|
|||||||||
Highlands of West Village I
|
|
Smyrna, GA
|
|
38,390
|
|
|
|
|
9,052
|
|
|
43,395
|
|
|
—
|
|
|
6,354
|
|
|
9,052
|
|
|
49,749
|
|
|
58,801
|
|
|
(5,779
|
)
|
|
53,022
|
|
|
2006
|
|
1 - 40
|
|||||||||
Highlands of West Village II
|
|
Smyrna, GA
|
|
—
|
|
|
|
|
5,358
|
|
|
30,338
|
|
|
—
|
|
|
75
|
|
|
5,358
|
|
|
30,413
|
|
|
35,771
|
|
|
(3,263
|
)
|
|
32,508
|
|
|
2012
|
|
1 - 40
|
|||||||||
Haven at Praire Trace
|
|
Overland Park, KS
|
|
—
|
|
|
|
|
3,500
|
|
|
40,614
|
|
|
—
|
|
|
1,037
|
|
|
3,500
|
|
|
41,651
|
|
|
45,151
|
|
|
(2,682
|
)
|
|
42,469
|
|
|
2015
|
|
1 - 40
|
|||||||||
Grand Reserve at Pinnacle
|
|
Lexington, KY
|
|
—
|
|
|
|
|
2,024
|
|
|
31,525
|
|
|
—
|
|
|
5,178
|
|
|
2,024
|
|
|
36,703
|
|
|
38,727
|
|
|
(17,027
|
)
|
|
21,700
|
|
|
2000
|
|
1 - 40
|
|||||||||
Lakepointe
|
|
Lexington, KY
|
|
—
|
|
|
|
|
411
|
|
|
3,699
|
|
|
—
|
|
|
2,523
|
|
|
411
|
|
|
6,222
|
|
|
6,633
|
|
|
(4,483
|
)
|
|
2,150
|
|
|
1986
|
|
1 - 40
|
|||||||||
Mansion, The
|
|
Lexington, KY
|
|
—
|
|
|
|
|
694
|
|
|
6,242
|
|
|
—
|
|
|
3,619
|
|
|
694
|
|
|
9,861
|
|
|
10,555
|
|
|
(7,114
|
)
|
|
3,441
|
|
|
1989
|
|
1 - 40
|
|||||||||
Village, The
|
|
Lexington, KY
|
|
—
|
|
|
|
|
900
|
|
|
8,097
|
|
|
—
|
|
|
4,625
|
|
|
900
|
|
|
12,722
|
|
|
13,622
|
|
|
(9,221
|
)
|
|
4,401
|
|
|
1989
|
|
1 - 40
|
|||||||||
Stonemill Village
|
|
Louisville, KY
|
|
—
|
|
|
|
|
1,169
|
|
|
10,518
|
|
|
—
|
|
|
9,404
|
|
|
1,169
|
|
|
19,922
|
|
|
21,091
|
|
|
(13,816
|
)
|
|
7,275
|
|
|
1985
|
|
1 - 40
|
|||||||||
Crosswinds
|
|
Jackson, MS
|
|
—
|
|
|
|
|
1,535
|
|
|
13,826
|
|
|
—
|
|
|
5,097
|
|
|
1,535
|
|
|
18,923
|
|
|
20,458
|
|
|
(12,940
|
)
|
|
7,518
|
|
|
1989
|
|
1 - 40
|
|||||||||
Pear Orchard
|
|
Jackson, MS
|
|
—
|
|
|
|
|
1,351
|
|
|
12,168
|
|
|
—
|
|
|
8,521
|
|
|
1,351
|
|
|
20,689
|
|
|
22,040
|
|
|
(14,664
|
)
|
|
7,376
|
|
|
1985
|
|
1 - 40
|
|||||||||
Reflection Pointe
|
|
Jackson, MS
|
|
—
|
|
|
|
|
710
|
|
|
8,770
|
|
|
138
|
|
|
8,575
|
|
|
848
|
|
|
17,345
|
|
|
18,193
|
|
|
(11,865
|
)
|
|
6,328
|
|
|
1986
|
|
1 - 40
|
|||||||||
Lakeshore Landing
|
|
Ridgeland, MS
|
|
—
|
|
|
|
|
676
|
|
|
6,284
|
|
|
—
|
|
|
3,232
|
|
|
676
|
|
|
9,516
|
|
|
10,192
|
|
|
(4,628
|
)
|
|
5,564
|
|
|
1974
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
||||||||||||||||||||
Market Station
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
5,814
|
|
|
46,241
|
|
|
—
|
|
|
1,934
|
|
|
5,814
|
|
|
48,175
|
|
|
53,989
|
|
|
(8,671
|
)
|
|
45,318
|
|
|
2010
|
|
1 - 40
|
|||||||||
Residences at Burlington Creek
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
4,000
|
|
|
42,144
|
|
|
—
|
|
|
767
|
|
|
4,000
|
|
|
42,911
|
|
|
46,911
|
|
|
(3,348
|
)
|
|
43,563
|
|
|
2013/14
|
|
1 - 40
|
|||||||||
The Denton
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
750
|
|
|
8,795
|
|
|
—
|
|
|
339
|
|
|
750
|
|
|
9,134
|
|
|
9,884
|
|
|
(465
|
)
|
|
9,419
|
|
|
2014
|
|
1 - 40
|
|||||||||
The Denton II
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
770
|
|
|
—
|
|
|
—
|
|
|
23,932
|
|
|
770
|
|
|
23,932
|
|
|
24,702
|
|
|
(112
|
)
|
|
24,590
|
|
|
2017
|
|
1 - 40
|
|||||||||
Colonial Grand at Desert Vista
|
|
North Las Vegas, NV
|
|
—
|
|
|
|
|
4,091
|
|
|
29,826
|
|
|
—
|
|
|
1,276
|
|
|
4,091
|
|
|
31,102
|
|
|
35,193
|
|
|
(6,026
|
)
|
|
29,167
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Palm Vista
|
|
North Las Vegas, NV
|
|
—
|
|
|
|
|
4,909
|
|
|
25,643
|
|
|
—
|
|
|
2,308
|
|
|
4,909
|
|
|
27,951
|
|
|
32,860
|
|
|
(5,614
|
)
|
|
27,246
|
|
|
2007
|
|
1 - 40
|
|||||||||
Colonial Village at Beaver Creek
|
|
Apex, NC
|
|
—
|
|
|
|
|
7,491
|
|
|
34,863
|
|
|
—
|
|
|
1,496
|
|
|
7,491
|
|
|
36,359
|
|
|
43,850
|
|
|
(6,608
|
)
|
|
37,242
|
|
|
2007
|
|
1 - 40
|
|||||||||
Hermitage at Beechtree
|
|
Cary, NC
|
|
—
|
|
|
(1)
|
|
900
|
|
|
8,099
|
|
|
—
|
|
|
4,798
|
|
|
900
|
|
|
12,897
|
|
|
13,797
|
|
|
(8,071
|
)
|
|
5,726
|
|
|
1988
|
|
1 - 40
|
|||||||||
Waterford Forest
|
|
Cary, NC
|
|
—
|
|
|
(2)
|
|
4,000
|
|
|
20,250
|
|
|
—
|
|
|
3,518
|
|
|
4,000
|
|
|
23,768
|
|
|
27,768
|
|
|
(10,446
|
)
|
|
17,322
|
|
|
1996
|
|
1 - 40
|
|||||||||
1225 South Church I
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
9,612
|
|
|
22,342
|
|
|
—
|
|
|
28,236
|
|
|
9,612
|
|
|
50,578
|
|
|
60,190
|
|
|
(7,567
|
)
|
|
52,623
|
|
|
2010
|
|
1 - 40
|
|||||||||
Colonial Grand at Ayrsley
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,481
|
|
|
52,119
|
|
|
—
|
|
|
13,417
|
|
|
2,481
|
|
|
65,536
|
|
|
68,017
|
|
|
(10,937
|
)
|
|
57,080
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Beverly Crest
|
|
Charlotte, NC
|
|
16,462
|
|
|
|
|
3,161
|
|
|
24,004
|
|
|
—
|
|
|
2,515
|
|
|
3,161
|
|
|
26,519
|
|
|
29,680
|
|
|
(4,865
|
)
|
|
24,815
|
|
|
1996
|
|
1 - 40
|
|||||||||
Colonial Grand at Legacy Park
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,891
|
|
|
28,272
|
|
|
—
|
|
|
1,944
|
|
|
2,891
|
|
|
30,216
|
|
|
33,107
|
|
|
(5,735
|
)
|
|
27,372
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Grand at Mallard Creek
|
|
Charlotte, NC
|
|
14,520
|
|
|
|
|
4,591
|
|
|
27,713
|
|
|
—
|
|
|
1,407
|
|
|
4,591
|
|
|
29,120
|
|
|
33,711
|
|
|
(5,561
|
)
|
|
28,150
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Grand at Mallard Lake
|
|
Charlotte, NC
|
|
19,942
|
|
|
|
|
3,250
|
|
|
31,389
|
|
|
—
|
|
|
3,208
|
|
|
3,250
|
|
|
34,597
|
|
|
37,847
|
|
|
(6,630
|
)
|
|
31,217
|
|
|
1998
|
|
1 - 40
|
|||||||||
Colonial Grand at University Center
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
1,620
|
|
|
17,499
|
|
|
—
|
|
|
638
|
|
|
1,620
|
|
|
18,137
|
|
|
19,757
|
|
|
(3,229
|
)
|
|
16,528
|
|
|
2005
|
|
1 - 40
|
|||||||||
Colonial Reserve at South End
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
4,628
|
|
|
44,282
|
|
|
—
|
|
|
11,365
|
|
|
4,628
|
|
|
55,647
|
|
|
60,275
|
|
|
(5,287
|
)
|
|
54,988
|
|
|
2013
|
|
1 - 40
|
|||||||||
Colonial Village at Chancellor Park
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
5,311
|
|
|
28,016
|
|
|
—
|
|
|
3,594
|
|
|
5,311
|
|
|
31,610
|
|
|
36,921
|
|
|
(5,693
|
)
|
|
31,228
|
|
|
1999
|
|
1 - 40
|
|||||||||
Colonial Village at South Tryon
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,260
|
|
|
19,489
|
|
|
—
|
|
|
1,623
|
|
|
2,260
|
|
|
21,112
|
|
|
23,372
|
|
|
(3,961
|
)
|
|
19,411
|
|
|
2002
|
|
1 - 40
|
|||||||||
Colonial Village at Timber Crest
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
2,901
|
|
|
17,192
|
|
|
—
|
|
|
2,073
|
|
|
2,901
|
|
|
19,265
|
|
|
22,166
|
|
|
(3,350
|
)
|
|
18,816
|
|
|
2000
|
|
1 - 40
|
|||||||||
Enclave
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
1,461
|
|
|
18,984
|
|
|
—
|
|
|
935
|
|
|
1,461
|
|
|
19,919
|
|
|
21,380
|
|
|
(3,169
|
)
|
|
18,211
|
|
|
2008
|
|
1 - 40
|
|||||||||
Post Ballantyne
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
16,216
|
|
|
44,817
|
|
|
—
|
|
|
998
|
|
|
16,216
|
|
|
45,815
|
|
|
62,031
|
|
|
(1,879
|
)
|
|
60,152
|
|
|
2004
|
|
1 - 40
|
|||||||||
Post Gateway Place
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
17,528
|
|
|
57,444
|
|
|
—
|
|
|
1,487
|
|
|
17,528
|
|
|
58,931
|
|
|
76,459
|
|
|
(2,609
|
)
|
|
73,850
|
|
|
2000
|
|
1 - 40
|
|||||||||
Post Park at Phillips Place
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
20,869
|
|
|
65,517
|
|
|
—
|
|
|
1,524
|
|
|
20,869
|
|
|
67,041
|
|
|
87,910
|
|
|
(2,840
|
)
|
|
85,070
|
|
|
1996
|
|
1 - 40
|
|||||||||
Post South End
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
18,835
|
|
|
58,795
|
|
|
—
|
|
|
815
|
|
|
18,835
|
|
|
59,610
|
|
|
78,445
|
|
|
(2,298
|
)
|
|
76,147
|
|
|
2009
|
|
1 - 40
|
|||||||||
Post Uptown Place
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
10,888
|
|
|
30,078
|
|
|
—
|
|
|
779
|
|
|
10,888
|
|
|
30,857
|
|
|
41,745
|
|
|
(1,318
|
)
|
|
40,427
|
|
|
2000
|
|
1 - 40
|
|||||||||
Colonial Grand at Cornelius
|
|
Cornelius, NC
|
|
—
|
|
|
|
|
4,571
|
|
|
29,151
|
|
|
—
|
|
|
1,128
|
|
|
4,571
|
|
|
30,279
|
|
|
34,850
|
|
|
(5,908
|
)
|
|
28,942
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Patterson Place
|
|
Durham, NC
|
|
13,343
|
|
|
|
|
2,590
|
|
|
27,126
|
|
|
—
|
|
|
2,318
|
|
|
2,590
|
|
|
29,444
|
|
|
32,034
|
|
|
(5,415
|
)
|
|
26,619
|
|
|
1997
|
|
1 - 40
|
|||||||||
Colonial Village at Deerfield
|
|
Durham, NC
|
|
—
|
|
|
|
|
3,271
|
|
|
15,609
|
|
|
—
|
|
|
1,193
|
|
|
3,271
|
|
|
16,802
|
|
|
20,073
|
|
|
(3,766
|
)
|
|
16,307
|
|
|
1985
|
|
1 - 40
|
|||||||||
Colonial Grand at Research Park
|
|
Durham, NC
|
|
—
|
|
|
|
|
4,201
|
|
|
37,682
|
|
|
—
|
|
|
1,951
|
|
|
4,201
|
|
|
39,633
|
|
|
43,834
|
|
|
(7,551
|
)
|
|
36,283
|
|
|
2002
|
|
1 - 40
|
|||||||||
Colonial Grand at Huntersville
|
|
Huntersville, NC
|
|
—
|
|
|
|
|
4,251
|
|
|
31,948
|
|
|
—
|
|
|
1,931
|
|
|
4,251
|
|
|
33,879
|
|
|
38,130
|
|
|
(6,387
|
)
|
|
31,743
|
|
|
2008
|
|
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, 2017
(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 Matthews
|
|
Matthews, NC
|
|
—
|
|
|
|
|
3,071
|
|
|
21,830
|
|
|
—
|
|
|
4,142
|
|
|
3,071
|
|
|
25,972
|
|
|
29,043
|
|
|
(5,473
|
)
|
|
23,570
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Matthews Commons
|
|
Matthews, NC
|
|
—
|
|
|
|
|
3,690
|
|
|
28,536
|
|
|
—
|
|
|
1,917
|
|
|
3,690
|
|
|
30,453
|
|
|
34,143
|
|
|
(5,634
|
)
|
|
28,509
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Arringdon
|
|
Morrisville, NC
|
|
22,153
|
|
|
|
|
6,401
|
|
|
31,134
|
|
|
—
|
|
|
2,313
|
|
|
6,401
|
|
|
33,447
|
|
|
39,848
|
|
|
(6,286
|
)
|
|
33,562
|
|
|
2003
|
|
1 - 40
|
|||||||||
Colonial Grand at Brier Creek
|
|
Raleigh, NC
|
|
28,856
|
|
|
|
|
7,372
|
|
|
50,202
|
|
|
—
|
|
|
1,931
|
|
|
7,372
|
|
|
52,133
|
|
|
59,505
|
|
|
(9,311
|
)
|
|
50,194
|
|
|
2010
|
|
1 - 40
|
|||||||||
Colonial Grand at Brier Falls
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
6,572
|
|
|
48,910
|
|
|
—
|
|
|
1,428
|
|
|
6,572
|
|
|
50,338
|
|
|
56,910
|
|
|
(8,905
|
)
|
|
48,005
|
|
|
2008
|
|
1 - 40
|
|||||||||
Colonial Grand at Crabtree Valley
|
|
Raleigh, NC
|
|
12,219
|
|
|
|
|
2,241
|
|
|
18,434
|
|
|
—
|
|
|
1,381
|
|
|
2,241
|
|
|
19,815
|
|
|
22,056
|
|
|
(3,451
|
)
|
|
18,605
|
|
|
1997
|
|
1 - 40
|
|||||||||
Hue
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
3,690
|
|
|
29,910
|
|
|
—
|
|
|
2,324
|
|
|
3,690
|
|
|
32,234
|
|
|
35,924
|
|
|
(6,690
|
)
|
|
29,234
|
|
|
2009
|
|
1 - 40
|
|||||||||
Colonial Grand at Trinity Commons
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
5,232
|
|
|
45,138
|
|
|
—
|
|
|
2,447
|
|
|
5,232
|
|
|
47,585
|
|
|
52,817
|
|
|
(9,293
|
)
|
|
43,524
|
|
|
2000/02
|
|
1 - 40
|
|||||||||
Post Parkside at Wade
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
7,196
|
|
|
51,972
|
|
|
—
|
|
|
207
|
|
|
7,196
|
|
|
52,179
|
|
|
59,375
|
|
|
(2,136
|
)
|
|
57,239
|
|
|
2011
|
|
1 - 40
|
|||||||||
Post Parkside at Wade II
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
9,450
|
|
|
46,316
|
|
|
587
|
|
|
1,485
|
|
|
10,037
|
|
|
47,801
|
|
|
57,838
|
|
|
(2,927
|
)
|
|
54,911
|
|
|
2017
|
|
1 - 40
|
|||||||||
Preserve at Brier Creek
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
5,850
|
|
|
21,980
|
|
|
(19
|
)
|
|
24,756
|
|
|
5,831
|
|
|
46,736
|
|
|
52,567
|
|
|
(16,187
|
)
|
|
36,380
|
|
|
2004
|
|
1 - 40
|
|||||||||
Providence at Brier Creek
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
4,695
|
|
|
29,007
|
|
|
—
|
|
|
1,684
|
|
|
4,695
|
|
|
30,691
|
|
|
35,386
|
|
|
(10,093
|
)
|
|
25,293
|
|
|
2007
|
|
1 - 40
|
|||||||||
Tanglewood
|
|
Anderson, SC
|
|
—
|
|
|
|
|
427
|
|
|
3,853
|
|
|
—
|
|
|
3,119
|
|
|
427
|
|
|
6,972
|
|
|
7,399
|
|
|
(5,131
|
)
|
|
2,268
|
|
|
1980
|
|
1 - 40
|
|||||||||
Colonial Grand at Cypress Cove
|
|
Charleston, SC
|
|
—
|
|
|
|
|
3,610
|
|
|
28,645
|
|
|
—
|
|
|
1,875
|
|
|
3,610
|
|
|
30,520
|
|
|
34,130
|
|
|
(5,807
|
)
|
|
28,323
|
|
|
2001
|
|
1 - 40
|
|||||||||
Colonial Village at Hampton Pointe
|
|
Charleston, SC
|
|
—
|
|
|
|
|
3,971
|
|
|
22,790
|
|
|
—
|
|
|
4,148
|
|
|
3,971
|
|
|
26,938
|
|
|
30,909
|
|
|
(5,047
|
)
|
|
25,862
|
|
|
1986
|
|
1 - 40
|
|||||||||
Colonial Grand at Quarterdeck
|
|
Charleston, SC
|
|
—
|
|
|
|
|
920
|
|
|
24,097
|
|
|
—
|
|
|
5,458
|
|
|
920
|
|
|
29,555
|
|
|
30,475
|
|
|
(5,278
|
)
|
|
25,197
|
|
|
1987
|
|
1 - 40
|
|||||||||
Colonial Village at Westchase
|
|
Charleston, SC
|
|
—
|
|
|
|
|
4,571
|
|
|
20,091
|
|
|
—
|
|
|
2,714
|
|
|
4,571
|
|
|
22,805
|
|
|
27,376
|
|
|
(4,917
|
)
|
|
22,459
|
|
|
1985
|
|
1 - 40
|
|||||||||
River's Walk
|
|
Charleston, SC
|
|
—
|
|
|
|
|
5,200
|
|
|
28,682
|
|
|
—
|
|
|
487
|
|
|
5,200
|
|
|
29,169
|
|
|
34,369
|
|
|
(3,074
|
)
|
|
31,295
|
|
|
2013
|
|
1 - 40
|
|||||||||
River's Walk II
|
|
Charleston, SC
|
|
—
|
|
|
|
|
3,631
|
|
|
10,748
|
|
|
—
|
|
|
958
|
|
|
3,631
|
|
|
11,706
|
|
|
15,337
|
|
|
(409
|
)
|
|
14,928
|
|
|
2016
|
|
1 - 40
|
|||||||||
1201 Midtown
|
|
Charleston, SC
|
|
—
|
|
|
|
|
11,929
|
|
|
57,885
|
|
|
—
|
|
|
470
|
|
|
11,929
|
|
|
58,355
|
|
|
70,284
|
|
|
(1,841
|
)
|
|
68,443
|
|
|
2015
|
|
1 - 40
|
|||||||||
Fairways, The
|
|
Columbia, SC
|
|
—
|
|
|
|
|
910
|
|
|
8,207
|
|
|
—
|
|
|
3,396
|
|
|
910
|
|
|
11,603
|
|
|
12,513
|
|
|
(8,360
|
)
|
|
4,153
|
|
|
1992
|
|
1 - 40
|
|||||||||
Paddock Club Columbia
|
|
Columbia, SC
|
|
—
|
|
|
|
|
1,840
|
|
|
16,560
|
|
|
—
|
|
|
4,623
|
|
|
1,840
|
|
|
21,183
|
|
|
23,023
|
|
|
(13,619
|
)
|
|
9,404
|
|
|
1991
|
|
1 - 40
|
|||||||||
Colonial Village at Windsor Place
|
|
Goose Creek, SC
|
|
—
|
|
|
|
|
1,321
|
|
|
14,163
|
|
|
—
|
|
|
2,437
|
|
|
1,321
|
|
|
16,600
|
|
|
17,921
|
|
|
(3,543
|
)
|
|
14,378
|
|
|
1985
|
|
1 - 40
|
|||||||||
Highland Ridge
|
|
Greenville, SC
|
|
—
|
|
|
|
|
482
|
|
|
4,337
|
|
|
—
|
|
|
2,720
|
|
|
482
|
|
|
7,057
|
|
|
7,539
|
|
|
(4,598
|
)
|
|
2,941
|
|
|
1984
|
|
1 - 40
|
|||||||||
Howell Commons
|
|
Greenville, SC
|
|
—
|
|
|
|
|
1,304
|
|
|
11,740
|
|
|
—
|
|
|
3,554
|
|
|
1,304
|
|
|
15,294
|
|
|
16,598
|
|
|
(10,353
|
)
|
|
6,245
|
|
|
1987
|
|
1 - 40
|
|||||||||
Paddock Club Greenville
|
|
Greenville, SC
|
|
—
|
|
|
|
|
1,200
|
|
|
10,800
|
|
|
—
|
|
|
2,003
|
|
|
1,200
|
|
|
12,803
|
|
|
14,003
|
|
|
(8,381
|
)
|
|
5,622
|
|
|
1996
|
|
1 - 40
|
|||||||||
Park Haywood
|
|
Greenville, SC
|
|
—
|
|
|
|
|
325
|
|
|
2,925
|
|
|
35
|
|
|
4,513
|
|
|
360
|
|
|
7,438
|
|
|
7,798
|
|
|
(5,403
|
)
|
|
2,395
|
|
|
1983
|
|
1 - 40
|
|||||||||
Spring Creek
|
|
Greenville, SC
|
|
—
|
|
|
|
|
597
|
|
|
5,374
|
|
|
(14
|
)
|
|
3,034
|
|
|
583
|
|
|
8,408
|
|
|
8,991
|
|
|
(5,861
|
)
|
|
3,130
|
|
|
1985
|
|
1 - 40
|
|||||||||
Innovation Apartment Homes
|
|
Greenville, SC
|
|
—
|
|
|
|
|
4,437
|
|
|
52,026
|
|
|
—
|
|
|
998
|
|
|
4,437
|
|
|
53,024
|
|
|
57,461
|
|
|
(2,272
|
)
|
|
55,189
|
|
|
2015
|
|
1 - 40
|
|||||||||
Runaway Bay
|
|
Mt. Pleasant, SC
|
|
—
|
|
|
|
|
1,085
|
|
|
7,269
|
|
|
12
|
|
|
6,362
|
|
|
1,097
|
|
|
13,631
|
|
|
14,728
|
|
|
(8,793
|
)
|
|
5,935
|
|
|
1988
|
|
1 - 40
|
|||||||||
Colonial Grand at Commerce Park
|
|
North Charleston, SC
|
|
—
|
|
|
|
|
2,780
|
|
|
33,966
|
|
|
—
|
|
|
1,596
|
|
|
2,780
|
|
|
35,562
|
|
|
38,342
|
|
|
(6,498
|
)
|
|
31,844
|
|
|
2008
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
535 Brookwood
|
|
Simpsonville, SC
|
|
12,317
|
|
|
|
|
1,216
|
|
|
18,666
|
|
|
—
|
|
|
1,392
|
|
|
1,216
|
|
|
20,058
|
|
|
21,274
|
|
|
(5,264
|
)
|
|
16,010
|
|
|
2008
|
|
1 - 40
|
||||||||||
Park Place
|
|
Spartanburg, SC
|
|
—
|
|
|
|
|
723
|
|
|
6,504
|
|
|
—
|
|
|
3,114
|
|
|
723
|
|
|
9,618
|
|
|
10,341
|
|
|
(6,383
|
)
|
|
3,958
|
|
|
1987
|
|
1 - 40
|
||||||||||
Farmington Village
|
|
Summerville, SC
|
|
—
|
|
|
|
|
2,800
|
|
|
26,295
|
|
|
—
|
|
|
2,058
|
|
|
2,800
|
|
|
28,353
|
|
|
31,153
|
|
|
(9,829
|
)
|
|
21,324
|
|
|
2007
|
|
1 - 40
|
||||||||||
Colonial Village at Waters Edge
|
|
Summerville, SC
|
|
—
|
|
|
|
|
2,103
|
|
|
9,187
|
|
|
—
|
|
|
3,408
|
|
|
2,103
|
|
|
12,595
|
|
|
14,698
|
|
|
(3,026
|
)
|
|
11,672
|
|
|
1985
|
|
1 - 40
|
||||||||||
Hamilton Pointe
|
|
Chattanooga, TN
|
|
—
|
|
|
|
|
1,131
|
|
|
10,632
|
|
|
—
|
|
|
4,637
|
|
|
1,131
|
|
|
15,269
|
|
|
16,400
|
|
|
(7,385
|
)
|
|
9,015
|
|
|
1989
|
|
1 - 40
|
||||||||||
Hidden Creek
|
|
Chattanooga, TN
|
|
—
|
|
|
|
|
972
|
|
|
8,954
|
|
|
—
|
|
|
5,524
|
|
|
972
|
|
|
14,478
|
|
|
15,450
|
|
|
(5,866
|
)
|
|
9,584
|
|
|
1987
|
|
1 - 40
|
||||||||||
Steeplechase
|
|
Chattanooga, TN
|
|
—
|
|
|
|
|
217
|
|
|
1,957
|
|
|
—
|
|
|
3,208
|
|
|
217
|
|
|
5,165
|
|
|
5,382
|
|
|
(3,559
|
)
|
|
1,823
|
|
|
1986
|
|
1 - 40
|
||||||||||
Windridge
|
|
Chattanooga, TN
|
|
—
|
|
|
|
|
817
|
|
|
7,416
|
|
|
—
|
|
|
4,049
|
|
|
817
|
|
|
11,465
|
|
|
12,282
|
|
|
(7,558
|
)
|
|
4,724
|
|
|
1984
|
|
1 - 40
|
||||||||||
Kirby Station
|
|
Memphis, TN
|
|
—
|
|
|
|
|
1,148
|
|
|
10,337
|
|
|
—
|
|
|
10,379
|
|
|
1,148
|
|
|
20,716
|
|
|
21,864
|
|
|
(13,511
|
)
|
|
8,353
|
|
|
1978
|
|
1 - 40
|
||||||||||
Lincoln on the Green
|
|
Memphis, TN
|
|
—
|
|
|
|
|
1,498
|
|
|
20,483
|
|
|
—
|
|
|
15,626
|
|
|
1,498
|
|
|
36,109
|
|
|
37,607
|
|
|
(25,025
|
)
|
|
12,582
|
|
|
1992
|
|
1 - 40
|
||||||||||
Park Estate
|
|
Memphis, TN
|
|
—
|
|
|
|
|
178
|
|
|
1,141
|
|
|
—
|
|
|
4,850
|
|
|
178
|
|
|
5,991
|
|
|
6,169
|
|
|
(4,701
|
)
|
|
1,468
|
|
|
1974
|
|
1 - 40
|
||||||||||
Reserve at Dexter Lake
|
|
Memphis, TN
|
|
—
|
|
|
|
|
1,260
|
|
|
16,043
|
|
|
2,147
|
|
|
39,943
|
|
|
3,407
|
|
|
55,986
|
|
|
59,393
|
|
|
(25,518
|
)
|
|
33,875
|
|
|
2000
|
|
1 - 40
|
||||||||||
Paddock Club Murfreesboro
|
|
Murfreesboro, TN
|
|
—
|
|
|
|
|
915
|
|
|
14,774
|
|
|
—
|
|
|
3,313
|
|
|
915
|
|
|
18,087
|
|
|
19,002
|
|
|
(9,080
|
)
|
|
9,922
|
|
|
1999
|
|
1 - 40
|
||||||||||
Acklen West End
|
|
Nashville, TN
|
|
—
|
|
|
|
|
12,761
|
|
|
58,906
|
|
|
—
|
|
|
22
|
|
|
12,761
|
|
|
58,928
|
|
|
71,689
|
|
|
—
|
|
|
71,689
|
|
|
2015
|
|
1 - 40
|
||||||||||
Aventura at Indian Lake Village
|
|
Nashville, TN
|
|
—
|
|
|
|
|
4,950
|
|
|
28,053
|
|
|
—
|
|
|
1,436
|
|
|
4,950
|
|
|
29,489
|
|
|
34,439
|
|
|
(6,560
|
)
|
|
27,879
|
|
|
2010
|
|
1 - 40
|
||||||||||
Avondale at Kennesaw
|
|
Nashville, TN
|
|
16,974
|
|
|
|
|
3,456
|
|
|
22,443
|
|
|
—
|
|
|
2,314
|
|
|
3,456
|
|
|
24,757
|
|
|
28,213
|
|
|
(6,530
|
)
|
|
21,683
|
|
|
2008
|
|
1 - 40
|
||||||||||
Brentwood Downs
|
|
Nashville, TN
|
|
—
|
|
|
|
|
1,193
|
|
|
10,739
|
|
|
(2
|
)
|
|
6,436
|
|
|
1,191
|
|
|
17,175
|
|
|
18,366
|
|
|
(11,551
|
)
|
|
6,815
|
|
|
1986
|
|
1 - 40
|
||||||||||
Charlotte at Midtown
|
|
Nashville, TN
|
|
—
|
|
|
|
|
7,898
|
|
|
54,480
|
|
|
—
|
|
|
485
|
|
|
7,898
|
|
|
54,965
|
|
|
62,863
|
|
|
(1,174
|
)
|
|
61,689
|
|
|
2016
|
|
1 - 40
|
||||||||||
Colonial Grand at Bellevue
|
|
Nashville, TN
|
|
20,500
|
|
|
|
|
8,622
|
|
|
34,229
|
|
|
—
|
|
|
2,437
|
|
|
8,622
|
|
|
36,666
|
|
|
45,288
|
|
|
(7,283
|
)
|
|
38,005
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Grand at Bellevue (Phase II)
|
|
Nashville, TN
|
|
—
|
|
|
|
|
8,656
|
|
|
29,967
|
|
|
(2
|
)
|
|
79
|
|
|
8,654
|
|
|
30,046
|
|
|
38,700
|
|
|
(2,049
|
)
|
|
36,651
|
|
|
2015
|
|
1 - 40
|
||||||||||
Grand View Nashville
|
|
Nashville, TN
|
|
—
|
|
|
|
|
2,963
|
|
|
33,673
|
|
|
—
|
|
|
7,363
|
|
|
2,963
|
|
|
41,036
|
|
|
43,999
|
|
|
(18,536
|
)
|
|
25,463
|
|
|
2001
|
|
1 - 40
|
||||||||||
Monthaven Park
|
|
Nashville, TN
|
|
—
|
|
|
|
|
2,736
|
|
|
28,902
|
|
|
—
|
|
|
5,528
|
|
|
2,736
|
|
|
34,430
|
|
|
37,166
|
|
|
(16,247
|
)
|
|
20,919
|
|
|
2000
|
|
1 - 40
|
||||||||||
Park at Hermitage
|
|
Nashville, TN
|
|
—
|
|
|
|
|
1,524
|
|
|
14,800
|
|
|
—
|
|
|
8,876
|
|
|
1,524
|
|
|
23,676
|
|
|
25,200
|
|
|
(16,508
|
)
|
|
8,692
|
|
|
1987
|
|
1 - 40
|
||||||||||
Venue at Cool Springs
|
|
Nashville, TN
|
|
—
|
|
|
|
|
6,670
|
|
|
—
|
|
|
—
|
|
|
51,315
|
|
|
6,670
|
|
|
51,315
|
|
|
57,985
|
|
|
(7,208
|
)
|
|
50,777
|
|
|
2012
|
|
1 - 40
|
||||||||||
Verandas at Sam Ridley
|
|
Nashville, TN
|
|
20,891
|
|
|
|
|
3,350
|
|
|
28,308
|
|
|
—
|
|
|
1,835
|
|
|
3,350
|
|
|
30,143
|
|
|
33,493
|
|
|
(7,833
|
)
|
|
25,660
|
|
|
2009
|
|
1 - 40
|
||||||||||
Balcones Woods
|
|
Austin, TX
|
|
—
|
|
|
|
|
1,598
|
|
|
14,398
|
|
|
—
|
|
|
8,967
|
|
|
1,598
|
|
|
23,365
|
|
|
24,963
|
|
|
(15,439
|
)
|
|
9,524
|
|
|
1983
|
|
1 - 40
|
||||||||||
Colonial Grand at Canyon Creek
|
|
Austin, TX
|
|
13,662
|
|
|
|
|
3,621
|
|
|
32,137
|
|
|
—
|
|
|
1,521
|
|
|
3,621
|
|
|
33,658
|
|
|
37,279
|
|
|
(6,430
|
)
|
|
30,849
|
|
|
2008
|
|
1 - 40
|
||||||||||
Colonial Grand at Canyon Ranch
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,778
|
|
|
20,201
|
|
|
—
|
|
|
1,860
|
|
|
3,778
|
|
|
22,061
|
|
|
25,839
|
|
|
(4,653
|
)
|
|
21,186
|
|
|
2003
|
|
1 - 40
|
||||||||||
Colonial Grand at Double Creek
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,131
|
|
|
29,375
|
|
|
—
|
|
|
628
|
|
|
3,131
|
|
|
30,003
|
|
|
33,134
|
|
|
(5,805
|
)
|
|
27,329
|
|
|
2013
|
|
1 - 40
|
||||||||||
Colonial Grand at Onion Creek
|
|
Austin, TX
|
|
—
|
|
|
|
|
4,902
|
|
|
33,010
|
|
|
—
|
|
|
1,471
|
|
|
4,902
|
|
|
34,481
|
|
|
39,383
|
|
|
(6,685
|
)
|
|
32,698
|
|
|
2009
|
|
1 - 40
|
||||||||||
Grand Reserve at Sunset Valley
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,150
|
|
|
11,393
|
|
|
—
|
|
|
3,466
|
|
|
3,150
|
|
|
14,859
|
|
|
18,009
|
|
|
(6,730
|
)
|
|
11,279
|
|
|
1996
|
|
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, 2017
(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 Quarry Oaks
|
|
Austin, TX
|
|
30,417
|
|
|
|
|
4,621
|
|
|
34,461
|
|
|
—
|
|
|
5,455
|
|
|
4,621
|
|
|
39,916
|
|
|
44,537
|
|
|
(8,254
|
)
|
|
36,283
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Grand at Wells Branch
|
|
Austin, TX
|
|
—
|
|
|
|
|
3,094
|
|
|
32,283
|
|
|
294
|
|
|
1,355
|
|
|
3,388
|
|
|
33,638
|
|
|
37,026
|
|
|
(6,078
|
)
|
|
30,948
|
|
|
2008
|
|
1 - 40
|
||||||||||
Legacy at Western Oaks
|
|
Austin, TX
|
|
—
|
|
|
|
|
9,100
|
|
|
49,339
|
|
|
—
|
|
|
(172
|
)
|
|
9,100
|
|
|
49,167
|
|
|
58,267
|
|
|
(9,860
|
)
|
|
48,407
|
|
|
2001
|
|
1 - 40
|
||||||||||
Post Barton Creek
|
|
Austin, TX
|
|
—
|
|
|
|
|
8,683
|
|
|
21,497
|
|
|
—
|
|
|
608
|
|
|
8,683
|
|
|
22,105
|
|
|
30,788
|
|
|
(1,043
|
)
|
|
29,745
|
|
|
1998
|
|
1 - 40
|
||||||||||
Post Park Mesa
|
|
Austin, TX
|
|
—
|
|
|
|
|
4,653
|
|
|
19,828
|
|
|
—
|
|
|
316
|
|
|
4,653
|
|
|
20,144
|
|
|
24,797
|
|
|
(845
|
)
|
|
23,952
|
|
|
1992
|
|
1 - 40
|
||||||||||
Post South Lamar
|
|
Austin, TX
|
|
—
|
|
|
|
|
11,542
|
|
|
41,293
|
|
|
—
|
|
|
380
|
|
|
11,542
|
|
|
41,673
|
|
|
53,215
|
|
|
(2,190
|
)
|
|
51,025
|
|
|
2011
|
|
1 - 40
|
||||||||||
Post South Lamar II
|
|
Austin, TX
|
|
—
|
|
|
|
|
9,000
|
|
|
32,800
|
|
|
—
|
|
|
19,352
|
|
|
9,000
|
|
|
52,152
|
|
|
61,152
|
|
|
(632
|
)
|
|
60,520
|
|
|
2017
|
|
1 - 40
|
||||||||||
Post West Austin
|
|
Austin, TX
|
|
—
|
|
|
|
|
7,805
|
|
|
48,843
|
|
|
—
|
|
|
772
|
|
|
7,805
|
|
|
49,615
|
|
|
57,420
|
|
|
(2,516
|
)
|
|
54,904
|
|
|
2009
|
|
1 - 40
|
||||||||||
Silverado
|
|
Austin, TX
|
|
—
|
|
|
|
|
2,900
|
|
|
24,009
|
|
|
—
|
|
|
3,732
|
|
|
2,900
|
|
|
27,741
|
|
|
30,641
|
|
|
(11,160
|
)
|
|
19,481
|
|
|
2003
|
|
1 - 40
|
||||||||||
Stassney Woods
|
|
Austin, TX
|
|
—
|
|
|
|
|
1,621
|
|
|
7,501
|
|
|
—
|
|
|
8,181
|
|
|
1,621
|
|
|
15,682
|
|
|
17,303
|
|
|
(9,736
|
)
|
|
7,567
|
|
|
1985
|
|
1 - 40
|
||||||||||
Travis Station
|
|
Austin, TX
|
|
—
|
|
|
|
|
2,281
|
|
|
6,169
|
|
|
—
|
|
|
7,563
|
|
|
2,281
|
|
|
13,732
|
|
|
16,013
|
|
|
(8,652
|
)
|
|
7,361
|
|
|
1987
|
|
1 - 40
|
||||||||||
Woods, The
|
|
Austin, TX
|
|
—
|
|
|
|
|
1,405
|
|
|
12,769
|
|
|
—
|
|
|
8,148
|
|
|
1,405
|
|
|
20,917
|
|
|
22,322
|
|
|
(9,518
|
)
|
|
12,804
|
|
|
1977
|
|
1 - 40
|
||||||||||
Colonial Village at Shoal Creek
|
|
Bedford, TX
|
|
18,662
|
|
|
|
|
4,982
|
|
|
27,377
|
|
|
—
|
|
|
2,916
|
|
|
4,982
|
|
|
30,293
|
|
|
35,275
|
|
|
(6,180
|
)
|
|
29,095
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Village at Willow Creek
|
|
Bedford, TX
|
|
22,424
|
|
|
|
|
3,109
|
|
|
33,488
|
|
|
—
|
|
|
6,321
|
|
|
3,109
|
|
|
39,809
|
|
|
42,918
|
|
|
(7,830
|
)
|
|
35,088
|
|
|
1996
|
|
1 - 40
|
||||||||||
Colonial Grand at Hebron
|
|
Carrollton, TX
|
|
—
|
|
|
|
|
4,231
|
|
|
42,237
|
|
|
—
|
|
|
1,050
|
|
|
4,231
|
|
|
43,287
|
|
|
47,518
|
|
|
(7,470
|
)
|
|
40,048
|
|
|
2011
|
|
1 - 40
|
||||||||||
Colonial Grand at Silverado
|
|
Cedar Park, TX
|
|
—
|
|
|
|
|
3,282
|
|
|
24,935
|
|
|
—
|
|
|
1,118
|
|
|
3,282
|
|
|
26,053
|
|
|
29,335
|
|
|
(4,926
|
)
|
|
24,409
|
|
|
2005
|
|
1 - 40
|
||||||||||
Colonial Grand at Silverado Reserve
|
|
Cedar Park, TX
|
|
—
|
|
|
|
|
3,951
|
|
|
31,705
|
|
|
—
|
|
|
1,489
|
|
|
3,951
|
|
|
33,194
|
|
|
37,145
|
|
|
(6,140
|
)
|
|
31,005
|
|
|
2005
|
|
1 - 40
|
||||||||||
Grand Cypress
|
|
Cypress, TX
|
|
—
|
|
|
|
|
3,881
|
|
|
24,267
|
|
|
—
|
|
|
1,115
|
|
|
3,881
|
|
|
25,382
|
|
|
29,263
|
|
|
(3,587
|
)
|
|
25,676
|
|
|
2008
|
|
1 - 40
|
||||||||||
Courtyards at Campbell
|
|
Dallas, TX
|
|
—
|
|
|
|
|
988
|
|
|
8,893
|
|
|
—
|
|
|
3,664
|
|
|
988
|
|
|
12,557
|
|
|
13,545
|
|
|
(8,061
|
)
|
|
5,484
|
|
|
1986
|
|
1 - 40
|
||||||||||
Deer Run
|
|
Dallas, TX
|
|
—
|
|
|
|
|
1,252
|
|
|
11,271
|
|
|
—
|
|
|
4,789
|
|
|
1,252
|
|
|
16,060
|
|
|
17,312
|
|
|
(10,211
|
)
|
|
7,101
|
|
|
1985
|
|
1 - 40
|
||||||||||
Grand Courtyard
|
|
Dallas, TX
|
|
—
|
|
|
|
|
2,730
|
|
|
22,240
|
|
|
—
|
|
|
3,054
|
|
|
2,730
|
|
|
25,294
|
|
|
28,024
|
|
|
(10,396
|
)
|
|
17,628
|
|
|
2000
|
|
1 - 40
|
||||||||||
Legends at Lowe's Farm
|
|
Dallas, TX
|
|
—
|
|
|
|
|
5,016
|
|
|
41,091
|
|
|
—
|
|
|
2,186
|
|
|
5,016
|
|
|
43,277
|
|
|
48,293
|
|
|
(9,655
|
)
|
|
38,638
|
|
|
2008
|
|
1 - 40
|
||||||||||
Colonial Reserve at Medical District
|
|
Dallas, TX
|
|
—
|
|
|
|
|
4,050
|
|
|
33,779
|
|
|
—
|
|
|
1,831
|
|
|
4,050
|
|
|
35,610
|
|
|
39,660
|
|
|
(5,855
|
)
|
|
33,805
|
|
|
2007
|
|
1 - 40
|
||||||||||
Post Abbey
|
|
Dallas, TX
|
|
—
|
|
|
|
|
2,711
|
|
|
4,369
|
|
|
—
|
|
|
61
|
|
|
2,711
|
|
|
4,430
|
|
|
7,141
|
|
|
(194
|
)
|
|
6,947
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Addison Circle
|
|
Dallas, TX
|
|
—
|
|
|
|
|
12,308
|
|
|
189,419
|
|
|
—
|
|
|
2,234
|
|
|
12,308
|
|
|
191,653
|
|
|
203,961
|
|
|
(8,081
|
)
|
|
195,880
|
|
|
1998-2000
|
|
1 - 40
|
||||||||||
Post Cole's Corner
|
|
Dallas, TX
|
|
—
|
|
|
|
|
13,030
|
|
|
14,383
|
|
|
—
|
|
|
607
|
|
|
13,030
|
|
|
14,990
|
|
|
28,020
|
|
|
(714
|
)
|
|
27,306
|
|
|
1998
|
|
1 - 40
|
||||||||||
Post Eastside
|
|
Dallas, TX
|
|
—
|
|
|
|
|
7,134
|
|
|
58,095
|
|
|
—
|
|
|
271
|
|
|
7,134
|
|
|
58,366
|
|
|
65,500
|
|
|
(2,721
|
)
|
|
62,779
|
|
|
2008
|
|
1 - 40
|
||||||||||
Post Gallery
|
|
Dallas, TX
|
|
—
|
|
|
|
|
4,391
|
|
|
7,910
|
|
|
—
|
|
|
351
|
|
|
4,391
|
|
|
8,261
|
|
|
12,652
|
|
|
(431
|
)
|
|
12,221
|
|
|
1999
|
|
1 - 40
|
||||||||||
Post Heights
|
|
Dallas, TX
|
|
—
|
|
|
|
|
26,245
|
|
|
37,922
|
|
|
—
|
|
|
356
|
|
|
26,245
|
|
|
38,278
|
|
|
64,523
|
|
|
(1,753
|
)
|
|
62,770
|
|
|
1998-1999/2009
|
|
1 - 40
|
||||||||||
Post Katy Trail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
10,333
|
|
|
32,456
|
|
|
—
|
|
|
430
|
|
|
10,333
|
|
|
32,886
|
|
|
43,219
|
|
|
(1,280
|
)
|
|
41,939
|
|
|
2010
|
|
1 - 40
|
||||||||||
Post Legacy
|
|
Dallas, TX
|
|
—
|
|
|
|
|
6,575
|
|
|
55,277
|
|
|
—
|
|
|
996
|
|
|
6,575
|
|
|
56,273
|
|
|
62,848
|
|
|
(2,316
|
)
|
|
60,532
|
|
|
2000
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Post Meridian
|
|
Dallas, TX
|
|
—
|
|
|
|
|
8,780
|
|
|
13,654
|
|
|
—
|
|
|
104
|
|
|
8,780
|
|
|
13,758
|
|
|
22,538
|
|
|
(657
|
)
|
|
21,881
|
|
|
1991
|
|
1 - 40
|
||||||||||
Post Sierra at Frisco Bridges
|
|
Dallas, TX
|
|
—
|
|
|
|
|
6,777
|
|
|
32,553
|
|
|
—
|
|
|
254
|
|
|
6,777
|
|
|
32,807
|
|
|
39,584
|
|
|
(1,692
|
)
|
|
37,892
|
|
|
2009
|
|
1 - 40
|
||||||||||
Post Square
|
|
Dallas, TX
|
|
—
|
|
|
|
|
13,178
|
|
|
24,048
|
|
|
—
|
|
|
515
|
|
|
13,178
|
|
|
24,563
|
|
|
37,741
|
|
|
(1,005
|
)
|
|
36,736
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Uptown Village
|
|
Dallas, TX
|
|
—
|
|
|
|
|
34,974
|
|
|
33,213
|
|
|
—
|
|
|
2,017
|
|
|
34,974
|
|
|
35,230
|
|
|
70,204
|
|
|
(1,543
|
)
|
|
68,661
|
|
|
1995-2000
|
|
1 - 40
|
||||||||||
Post Vineyard
|
|
Dallas, TX
|
|
—
|
|
|
|
|
7,966
|
|
|
7,471
|
|
|
—
|
|
|
345
|
|
|
7,966
|
|
|
7,816
|
|
|
15,782
|
|
|
(332
|
)
|
|
15,450
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Vintage
|
|
Dallas, TX
|
|
—
|
|
|
|
|
13,621
|
|
|
8,608
|
|
|
—
|
|
|
276
|
|
|
13,621
|
|
|
8,884
|
|
|
22,505
|
|
|
(414
|
)
|
|
22,091
|
|
|
1993
|
|
1 - 40
|
||||||||||
Post Worthington
|
|
Dallas, TX
|
|
—
|
|
|
|
|
13,713
|
|
|
43,268
|
|
|
—
|
|
|
440
|
|
|
13,713
|
|
|
43,708
|
|
|
57,421
|
|
|
(1,841
|
)
|
|
55,580
|
|
|
1993/2008
|
|
1 - 40
|
||||||||||
Watermark
|
|
Dallas, TX
|
|
—
|
|
|
(2)
|
|
960
|
|
|
14,438
|
|
|
—
|
|
|
2,735
|
|
|
960
|
|
|
17,173
|
|
|
18,133
|
|
|
(7,909
|
)
|
|
10,224
|
|
|
2002
|
|
1 - 40
|
||||||||||
Colonial Grand at Bear Creek
|
|
Euless, TX
|
|
22,568
|
|
|
|
|
6,453
|
|
|
30,048
|
|
|
—
|
|
|
2,426
|
|
|
6,453
|
|
|
32,474
|
|
|
38,927
|
|
|
(6,868
|
)
|
|
32,059
|
|
|
1998
|
|
1 - 40
|
||||||||||
Colonial Grand at Fairview
|
|
Fairview, TX
|
|
—
|
|
|
|
|
2,171
|
|
|
35,077
|
|
|
—
|
|
|
734
|
|
|
2,171
|
|
|
35,811
|
|
|
37,982
|
|
|
(6,128
|
)
|
|
31,854
|
|
|
2012
|
|
1 - 40
|
||||||||||
La Valencia at Starwood
|
|
Frisco, TX
|
|
—
|
|
|
|
|
3,240
|
|
|
26,069
|
|
|
—
|
|
|
1,505
|
|
|
3,240
|
|
|
27,574
|
|
|
30,814
|
|
|
(7,080
|
)
|
|
23,734
|
|
|
2009
|
|
1 - 40
|
||||||||||
Colonial Reserve at Frisco Bridges
|
|
Frisco, TX
|
|
—
|
|
|
|
|
1,968
|
|
|
34,018
|
|
|
—
|
|
|
1,159
|
|
|
1,968
|
|
|
35,177
|
|
|
37,145
|
|
|
(5,929
|
)
|
|
31,216
|
|
|
2013
|
|
1 - 40
|
||||||||||
Colonial Village at Grapevine
|
|
Grapevine, TX
|
|
—
|
|
|
|
|
2,351
|
|
|
29,757
|
|
|
—
|
|
|
4,665
|
|
|
2,351
|
|
|
34,422
|
|
|
36,773
|
|
|
(6,590
|
)
|
|
30,183
|
|
|
1985/1986
|
|
1 - 40
|
||||||||||
Greenwood Forest
|
|
Houston, TX
|
|
—
|
|
|
|
|
3,465
|
|
|
23,482
|
|
|
—
|
|
|
271
|
|
|
3,465
|
|
|
23,753
|
|
|
27,218
|
|
|
(3,996
|
)
|
|
23,222
|
|
|
1994
|
|
1 - 40
|
||||||||||
Legacy Pines
|
|
Houston, TX
|
|
—
|
|
|
(2)
|
|
2,157
|
|
|
19,066
|
|
|
(15
|
)
|
|
3,625
|
|
|
2,142
|
|
|
22,691
|
|
|
24,833
|
|
|
(11,275
|
)
|
|
13,558
|
|
|
1999
|
|
1 - 40
|
||||||||||
Park Place (Houston)
|
|
Houston, TX
|
|
—
|
|
|
|
|
2,061
|
|
|
15,830
|
|
|
—
|
|
|
3,126
|
|
|
2,061
|
|
|
18,956
|
|
|
21,017
|
|
|
(7,396
|
)
|
|
13,621
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Midtown Square
|
|
Houston, TX
|
|
—
|
|
|
|
|
19,038
|
|
|
89,570
|
|
|
—
|
|
|
706
|
|
|
19,038
|
|
|
90,276
|
|
|
109,314
|
|
|
(4,086
|
)
|
|
105,228
|
|
|
1999/2013
|
|
1 - 40
|
||||||||||
Post 510
|
|
Houston, TX
|
|
—
|
|
|
|
|
7,227
|
|
|
33,366
|
|
|
—
|
|
|
182
|
|
|
7,227
|
|
|
33,548
|
|
|
40,775
|
|
|
(1,632
|
)
|
|
39,143
|
|
|
2014
|
|
1 - 40
|
||||||||||
Post Afton Oaks
|
|
Houston, TX
|
|
—
|
|
|
|
|
11,503
|
|
|
65,469
|
|
|
—
|
|
|
3,371
|
|
|
11,503
|
|
|
68,840
|
|
|
80,343
|
|
|
(3,332
|
)
|
|
77,011
|
|
|
2017
|
|
1 - 40
|
||||||||||
Ranchstone
|
|
Houston, TX
|
|
—
|
|
|
|
|
1,480
|
|
|
14,807
|
|
|
—
|
|
|
2,437
|
|
|
1,480
|
|
|
17,244
|
|
|
18,724
|
|
|
(6,546
|
)
|
|
12,178
|
|
|
1996
|
|
1 - 40
|
||||||||||
Reserve at Woodwind Lakes
|
|
Houston, TX
|
|
—
|
|
|
|
|
1,968
|
|
|
19,928
|
|
|
—
|
|
|
3,545
|
|
|
1,968
|
|
|
23,473
|
|
|
25,441
|
|
|
(9,338
|
)
|
|
16,103
|
|
|
1999
|
|
1 - 40
|
||||||||||
Retreat at Vintage Park
|
|
Houston, TX
|
|
—
|
|
|
|
|
8,211
|
|
|
40,352
|
|
|
—
|
|
|
704
|
|
|
8,211
|
|
|
41,056
|
|
|
49,267
|
|
|
(3,295
|
)
|
|
45,972
|
|
|
2014
|
|
1 - 40
|
||||||||||
Yale at 6th
|
|
Houston, TX
|
|
—
|
|
|
|
|
13,107
|
|
|
62,764
|
|
|
—
|
|
|
774
|
|
|
13,107
|
|
|
63,538
|
|
|
76,645
|
|
|
(2,447
|
)
|
|
74,198
|
|
|
2015
|
|
1 - 40
|
||||||||||
Cascade at Fall Creek
|
|
Humble, TX
|
|
—
|
|
|
|
|
5,985
|
|
|
40,011
|
|
|
—
|
|
|
2,249
|
|
|
5,985
|
|
|
42,260
|
|
|
48,245
|
|
|
(15,069
|
)
|
|
33,176
|
|
|
2007
|
|
1 - 40
|
||||||||||
Bella Casita
|
|
Irving, TX
|
|
—
|
|
|
(2)
|
|
2,521
|
|
|
26,432
|
|
|
—
|
|
|
2,228
|
|
|
2,521
|
|
|
28,660
|
|
|
31,181
|
|
|
(7,073
|
)
|
|
24,108
|
|
|
2007
|
|
1 - 40
|
||||||||||
Remington Hills
|
|
Irving, TX
|
|
—
|
|
|
|
|
4,390
|
|
|
21,822
|
|
|
—
|
|
|
10,259
|
|
|
4,390
|
|
|
32,081
|
|
|
36,471
|
|
|
(5,714
|
)
|
|
30,757
|
|
|
1984
|
|
1 - 40
|
||||||||||
Colonial Reserve at Las Colinas
|
|
Irving, TX
|
|
—
|
|
|
|
|
3,902
|
|
|
40,691
|
|
|
—
|
|
|
1,389
|
|
|
3,902
|
|
|
42,080
|
|
|
45,982
|
|
|
(7,052
|
)
|
|
38,930
|
|
|
2006
|
|
1 - 40
|
||||||||||
Colonial Grand at Valley Ranch
|
|
Irving, TX
|
|
23,246
|
|
|
|
|
5,072
|
|
|
37,397
|
|
|
—
|
|
|
10,559
|
|
|
5,072
|
|
|
47,956
|
|
|
53,028
|
|
|
(9,148
|
)
|
|
43,880
|
|
|
1997
|
|
1 - 40
|
||||||||||
Colonial Village at Oakbend
|
|
Lewisville, TX
|
|
—
|
|
|
|
|
5,598
|
|
|
28,616
|
|
|
—
|
|
|
3,400
|
|
|
5,598
|
|
|
32,016
|
|
|
37,614
|
|
|
(6,326
|
)
|
|
31,288
|
|
|
1997
|
|
1 - 40
|
||||||||||
Times Square at Craig Ranch
|
|
McKinney, TX
|
|
—
|
|
|
|
|
1,130
|
|
|
28,058
|
|
|
—
|
|
|
3,946
|
|
|
1,130
|
|
|
32,004
|
|
|
33,134
|
|
|
(8,610
|
)
|
|
24,524
|
|
|
2009
|
|
1 - 40
|
||||||||||
Venue at Stonebridge Ranch
|
|
McKinney, TX
|
|
—
|
|
|
|
|
4,034
|
|
|
19,528
|
|
|
—
|
|
|
892
|
|
|
4,034
|
|
|
20,420
|
|
|
24,454
|
|
|
(2,929
|
)
|
|
21,525
|
|
|
2000
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Cityscape at Market Center
|
|
Plano, TX
|
|
—
|
|
|
|
|
8,626
|
|
|
60,407
|
|
|
—
|
|
|
912
|
|
|
8,626
|
|
|
61,319
|
|
|
69,945
|
|
|
(5,746
|
)
|
|
64,199
|
|
|
2013
|
|
1 - 40
|
||||||||||
Cityscape at Market Center II
|
|
Plano, TX
|
|
—
|
|
|
|
|
8,268
|
|
|
50,298
|
|
|
—
|
|
|
712
|
|
|
8,268
|
|
|
51,010
|
|
|
59,278
|
|
|
(2,779
|
)
|
|
56,499
|
|
|
2015
|
|
1 - 40
|
||||||||||
Highwood
|
|
Plano, TX
|
|
—
|
|
|
|
|
864
|
|
|
7,783
|
|
|
—
|
|
|
3,424
|
|
|
864
|
|
|
11,207
|
|
|
12,071
|
|
|
(7,131
|
)
|
|
4,940
|
|
|
1983
|
|
1 - 40
|
||||||||||
Los Rios Park
|
|
Plano, TX
|
|
—
|
|
|
|
|
3,273
|
|
|
28,823
|
|
|
—
|
|
|
6,093
|
|
|
3,273
|
|
|
34,916
|
|
|
38,189
|
|
|
(16,711
|
)
|
|
21,478
|
|
|
2000
|
|
1 - 40
|
||||||||||
Boulder Ridge
|
|
Roanoke, TX
|
|
—
|
|
|
|
|
3,382
|
|
|
26,930
|
|
|
—
|
|
|
6,074
|
|
|
3,382
|
|
|
33,004
|
|
|
36,386
|
|
|
(14,140
|
)
|
|
22,246
|
|
|
1999
|
|
1 - 40
|
||||||||||
Copper Ridge
|
|
Roanoke, TX
|
|
—
|
|
|
|
|
4,166
|
|
|
—
|
|
|
—
|
|
|
21,641
|
|
|
4,166
|
|
|
21,641
|
|
|
25,807
|
|
|
(5,222
|
)
|
|
20,585
|
|
|
2009
|
|
1 - 40
|
||||||||||
Colonial Grand at Ashton Oaks
|
|
Round Rock, TX
|
|
—
|
|
|
|
|
5,511
|
|
|
36,241
|
|
|
—
|
|
|
1,875
|
|
|
5,511
|
|
|
38,116
|
|
|
43,627
|
|
|
(7,149
|
)
|
|
36,478
|
|
|
2009
|
|
1 - 40
|
||||||||||
Colonial Grand at Round Rock
|
|
Round Rock, TX
|
|
23,752
|
|
|
|
|
4,691
|
|
|
45,379
|
|
|
—
|
|
|
1,970
|
|
|
4,691
|
|
|
47,349
|
|
|
52,040
|
|
|
(8,687
|
)
|
|
43,353
|
|
|
1997
|
|
1 - 40
|
||||||||||
Colonial Village at Sierra Vista
|
|
Round Rock, TX
|
|
11,594
|
|
|
|
|
2,561
|
|
|
16,488
|
|
|
—
|
|
|
3,158
|
|
|
2,561
|
|
|
19,646
|
|
|
22,207
|
|
|
(3,973
|
)
|
|
18,234
|
|
|
1999
|
|
1 - 40
|
||||||||||
Alamo Ranch
|
|
San Antonio, TX
|
|
—
|
|
|
|
|
2,380
|
|
|
26,982
|
|
|
—
|
|
|
2,496
|
|
|
2,380
|
|
|
29,478
|
|
|
31,858
|
|
|
(7,349
|
)
|
|
24,509
|
|
|
2009
|
|
1 - 40
|
||||||||||
Bulverde Oaks
|
|
San Antonio, TX
|
|
—
|
|
|
|
|
4,257
|
|
|
36,759
|
|
|
—
|
|
|
1,067
|
|
|
4,257
|
|
|
37,826
|
|
|
42,083
|
|
|
(3,193
|
)
|
|
38,890
|
|
|
2014
|
|
1 - 40
|
||||||||||
Haven at Blanco
|
|
San Antonio, TX
|
|
—
|
|
|
|
|
5,450
|
|
|
45,958
|
|
|
—
|
|
|
2,652
|
|
|
5,450
|
|
|
48,610
|
|
|
54,060
|
|
|
(9,271
|
)
|
|
44,789
|
|
|
2010
|
|
1 - 40
|
||||||||||
Stone Ranch at Westover Hills
|
|
San Antonio, TX
|
|
17,874
|
|
|
|
|
4,000
|
|
|
24,992
|
|
|
—
|
|
|
2,487
|
|
|
4,000
|
|
|
27,479
|
|
|
31,479
|
|
|
(7,802
|
)
|
|
23,677
|
|
|
2009
|
|
1 - 40
|
||||||||||
Cypresswood Court
|
|
Spring, TX
|
|
—
|
|
|
(2)
|
|
576
|
|
|
5,190
|
|
|
—
|
|
|
3,305
|
|
|
576
|
|
|
8,495
|
|
|
9,071
|
|
|
(5,839
|
)
|
|
3,232
|
|
|
1984
|
|
1 - 40
|
||||||||||
Villages at Kirkwood
|
|
Stafford, TX
|
|
—
|
|
|
|
|
1,918
|
|
|
15,846
|
|
|
—
|
|
|
2,857
|
|
|
1,918
|
|
|
18,703
|
|
|
20,621
|
|
|
(8,500
|
)
|
|
12,121
|
|
|
1996
|
|
1 - 40
|
||||||||||
Green Tree Place
|
|
Woodlands, TX
|
|
—
|
|
|
(2)
|
|
539
|
|
|
4,850
|
|
|
—
|
|
|
3,435
|
|
|
539
|
|
|
8,285
|
|
|
8,824
|
|
|
(5,787
|
)
|
|
3,037
|
|
|
1984
|
|
1 - 40
|
||||||||||
Stonefield Commons
|
|
Charlottesville, VA
|
|
—
|
|
|
|
|
11,044
|
|
|
36,689
|
|
|
—
|
|
|
539
|
|
|
11,044
|
|
|
37,228
|
|
|
48,272
|
|
|
(3,479
|
)
|
|
44,793
|
|
|
2013
|
|
1 - 40
|
||||||||||
Adalay Bay
|
|
Chesapeake, VA
|
|
—
|
|
|
|
|
5,280
|
|
|
31,341
|
|
|
—
|
|
|
2,835
|
|
|
5,280
|
|
|
34,176
|
|
|
39,456
|
|
|
(7,059
|
)
|
|
32,397
|
|
|
2002
|
|
1 - 40
|
||||||||||
Colonial Village at Greenbrier
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
4,842
|
|
|
21,677
|
|
|
—
|
|
|
1,334
|
|
|
4,842
|
|
|
23,011
|
|
|
27,853
|
|
|
(4,043
|
)
|
|
23,810
|
|
|
1980
|
|
1 - 40
|
||||||||||
Seasons at Celebrate Virginia I
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
14,490
|
|
|
32,083
|
|
|
—
|
|
|
39,037
|
|
|
14,490
|
|
|
71,120
|
|
|
85,610
|
|
|
(11,022
|
)
|
|
74,588
|
|
|
2011
|
|
1 - 40
|
||||||||||
Station Square at Cosner's Corner
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
8,580
|
|
|
35,700
|
|
|
—
|
|
|
669
|
|
|
8,580
|
|
|
36,369
|
|
|
44,949
|
|
|
(4,370
|
)
|
|
40,579
|
|
|
2013
|
|
1 - 40
|
||||||||||
Station Square at Cosner's Corner II
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
4,245
|
|
|
15,378
|
|
|
—
|
|
|
238
|
|
|
4,245
|
|
|
15,616
|
|
|
19,861
|
|
|
(724
|
)
|
|
19,137
|
|
|
2016
|
|
1 - 40
|
||||||||||
Apartments at Cobblestone Square
|
|
Fredericksburg, VA
|
|
—
|
|
|
|
|
10,990
|
|
|
48,696
|
|
|
—
|
|
|
2,034
|
|
|
10,990
|
|
|
50,730
|
|
|
61,720
|
|
|
(3,467
|
)
|
|
58,253
|
|
|
2012
|
|
1 - 40
|
||||||||||
Colonial Village at Hampton Glen
|
|
Glen Allen, VA
|
|
—
|
|
|
|
|
4,851
|
|
|
21,678
|
|
|
—
|
|
|
2,102
|
|
|
4,851
|
|
|
23,780
|
|
|
28,631
|
|
|
(4,448
|
)
|
|
24,183
|
|
|
1986
|
|
1 - 40
|
||||||||||
Colonial Village at West End
|
|
Glen Allen, VA
|
|
11,425
|
|
|
|
|
4,661
|
|
|
18,908
|
|
|
—
|
|
|
2,488
|
|
|
4,661
|
|
|
21,396
|
|
|
26,057
|
|
|
(3,874
|
)
|
|
22,183
|
|
|
1987
|
|
1 - 40
|
||||||||||
Township
|
|
Hampton, VA
|
|
—
|
|
|
|
|
1,509
|
|
|
8,189
|
|
|
—
|
|
|
8,077
|
|
|
1,509
|
|
|
16,266
|
|
|
17,775
|
|
|
(10,055
|
)
|
|
7,720
|
|
|
1987
|
|
1 - 40
|
||||||||||
Colonial Village at Waterford
|
|
Midlothian, VA
|
|
—
|
|
|
|
|
6,733
|
|
|
29,221
|
|
|
—
|
|
|
3,304
|
|
|
6,733
|
|
|
32,525
|
|
|
39,258
|
|
|
(6,355
|
)
|
|
32,903
|
|
|
1989
|
|
1 - 40
|
||||||||||
Ashley Park
|
|
Richmond, VA
|
|
—
|
|
|
|
|
4,761
|
|
|
13,365
|
|
|
—
|
|
|
1,627
|
|
|
4,761
|
|
|
14,992
|
|
|
19,753
|
|
|
(3,292
|
)
|
|
16,461
|
|
|
1988
|
|
1 - 40
|
||||||||||
Colonial Village at Chase Gayton
|
|
Richmond, VA
|
|
—
|
|
|
|
|
6,021
|
|
|
29,004
|
|
|
—
|
|
|
2,902
|
|
|
6,021
|
|
|
31,906
|
|
|
37,927
|
|
|
(6,098
|
)
|
|
31,829
|
|
|
1984
|
|
1 - 40
|
||||||||||
Hamptons at Hunton Park
|
|
Richmond, VA
|
|
—
|
|
|
|
|
4,930
|
|
|
35,598
|
|
|
—
|
|
|
3,573
|
|
|
4,930
|
|
|
39,171
|
|
|
44,101
|
|
|
(9,201
|
)
|
|
34,900
|
|
|
2003
|
|
1 - 40
|
||||||||||
Retreat at West Creek
|
|
Richmond, VA
|
|
—
|
|
|
|
|
7,112
|
|
|
36,136
|
|
|
—
|
|
|
1,206
|
|
|
7,112
|
|
|
37,342
|
|
|
44,454
|
|
|
(2,534
|
)
|
|
41,920
|
|
|
2015
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Retreat at West Creek II
|
|
Richmond, VA
|
|
—
|
|
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|
12,082
|
|
|
3,000
|
|
|
12,082
|
|
|
15,082
|
|
|
(254
|
)
|
|
14,828
|
|
|
2017
|
|
1 - 40
|
||||||||||
Radius
|
|
Newport News, VA
|
|
—
|
|
|
|
|
5,040
|
|
|
36,481
|
|
|
—
|
|
|
1,696
|
|
|
5,040
|
|
|
38,177
|
|
|
43,217
|
|
|
(2,473
|
)
|
|
40,744
|
|
|
2012
|
|
1 - 40
|
||||||||||
Post Carlyle Square
|
|
Washington D.C.
|
|
—
|
|
|
|
|
29,728
|
|
|
154,309
|
|
|
—
|
|
|
556
|
|
|
29,728
|
|
|
154,865
|
|
|
184,593
|
|
|
(6,333
|
)
|
|
178,260
|
|
|
2006/2013
|
|
1 - 40
|
||||||||||
Post Corners at Trinity Centre
|
|
Washington D.C.
|
|
36,946
|
|
|
|
|
7,664
|
|
|
70,012
|
|
|
—
|
|
|
922
|
|
|
7,664
|
|
|
70,934
|
|
|
78,598
|
|
|
(2,875
|
)
|
|
75,723
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Fallsgrove
|
|
Washington D.C.
|
|
—
|
|
|
|
|
17,524
|
|
|
58,896
|
|
|
—
|
|
|
659
|
|
|
17,524
|
|
|
59,555
|
|
|
77,079
|
|
|
(2,528
|
)
|
|
74,551
|
|
|
2003
|
|
1 - 40
|
||||||||||
Post Park
|
|
Washington D.C.
|
|
—
|
|
|
|
|
5,355
|
|
|
79,842
|
|
|
—
|
|
|
366
|
|
|
5,355
|
|
|
80,208
|
|
|
85,563
|
|
|
(4,293
|
)
|
|
81,270
|
|
|
2010
|
|
1 - 40
|
||||||||||
Post Pentagon Row
|
|
Washington D.C.
|
|
—
|
|
|
|
|
30,452
|
|
|
125,091
|
|
|
—
|
|
|
1,182
|
|
|
30,452
|
|
|
126,273
|
|
|
156,725
|
|
|
(5,352
|
)
|
|
151,373
|
|
|
2001
|
|
1 - 40
|
||||||||||
Post Tysons Corner
|
|
Washington D.C.
|
|
—
|
|
|
|
|
30,776
|
|
|
82,021
|
|
|
—
|
|
|
819
|
|
|
30,776
|
|
|
82,840
|
|
|
113,616
|
|
|
(3,427
|
)
|
|
110,189
|
|
|
1990
|
|
1 - 40
|
||||||||||
Total Residential Properties
|
|
|
|
757,579
|
|
|
|
|
1,764,973
|
|
|
9,805,837
|
|
|
5,145
|
|
|
1,258,299
|
|
|
1,770,118
|
|
|
11,064,136
|
|
|
12,834,254
|
|
|
(2,044,805
|
)
|
|
10,789,449
|
|
|
|
|
|
||||||||||
Allure at Buckhead
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
867
|
|
|
3,465
|
|
|
—
|
|
|
54
|
|
|
867
|
|
|
3,519
|
|
|
4,386
|
|
|
(663
|
)
|
|
3,723
|
|
|
2012
|
|
1 - 40
|
||||||||||
Highlands of West Village
|
|
Smyrna, GA
|
|
—
|
|
|
|
|
2,500
|
|
|
8,446
|
|
|
908
|
|
|
1,045
|
|
|
3,408
|
|
|
9,491
|
|
|
12,899
|
|
|
(1,044
|
)
|
|
11,855
|
|
|
2012
|
|
1 - 40
|
||||||||||
The Denton
|
|
Kansas City, MO
|
|
—
|
|
|
|
|
700
|
|
|
4,439
|
|
|
—
|
|
|
21
|
|
|
700
|
|
|
4,460
|
|
|
5,160
|
|
|
(266
|
)
|
|
4,894
|
|
|
2014
|
|
1 - 40
|
||||||||||
1225 South Church
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
43
|
|
|
199
|
|
|
9
|
|
|
245
|
|
|
52
|
|
|
444
|
|
|
496
|
|
|
(104
|
)
|
|
392
|
|
|
2010
|
|
1 - 40
|
||||||||||
Bella Casita at Las Colinas
|
|
Irving, TX
|
|
—
|
|
|
(2)
|
|
46
|
|
|
186
|
|
|
—
|
|
|
126
|
|
|
46
|
|
|
312
|
|
|
358
|
|
|
(76
|
)
|
|
282
|
|
|
2007
|
|
1 - 40
|
||||||||||
Times Square at Craig Ranch
|
|
McKinney, TX
|
|
—
|
|
|
|
|
253
|
|
|
1,310
|
|
|
—
|
|
|
1,933
|
|
|
253
|
|
|
3,243
|
|
|
3,496
|
|
|
(480
|
)
|
|
3,016
|
|
|
2009
|
|
1 - 40
|
||||||||||
Post Rocky Point
|
|
Tampa, FL
|
|
—
|
|
|
|
|
34
|
|
|
51
|
|
|
—
|
|
|
270
|
|
|
34
|
|
|
321
|
|
|
355
|
|
|
(22
|
)
|
|
333
|
|
|
1994-1996
|
|
1 - 40
|
||||||||||
Post Training Facility
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
1,092
|
|
|
968
|
|
|
—
|
|
|
3
|
|
|
1,092
|
|
|
971
|
|
|
2,063
|
|
|
(86
|
)
|
|
1,977
|
|
|
1999
|
|
1 - 40
|
||||||||||
Post Riverside Office
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
9,680
|
|
|
22,108
|
|
|
—
|
|
|
3,539
|
|
|
9,680
|
|
|
25,647
|
|
|
35,327
|
|
|
(1,457
|
)
|
|
33,870
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Riverside Retail
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
889
|
|
|
2,340
|
|
|
—
|
|
|
29
|
|
|
889
|
|
|
2,369
|
|
|
3,258
|
|
|
(171
|
)
|
|
3,087
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Harbour Place
|
|
Tampa, FL
|
|
—
|
|
|
|
|
386
|
|
|
4,315
|
|
|
—
|
|
|
121
|
|
|
386
|
|
|
4,436
|
|
|
4,822
|
|
|
(206
|
)
|
|
4,616
|
|
|
1997
|
|
1 - 40
|
||||||||||
Post Soho Square Retail
|
|
Tampa, FL
|
|
—
|
|
|
|
|
268
|
|
|
4,033
|
|
|
—
|
|
|
3
|
|
|
268
|
|
|
4,036
|
|
|
4,304
|
|
|
(236
|
)
|
|
4,068
|
|
|
2012
|
|
1 - 40
|
||||||||||
Post Parkside Atlanta Retail
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
426
|
|
|
1,089
|
|
|
—
|
|
|
3
|
|
|
426
|
|
|
1,092
|
|
|
1,518
|
|
|
(51
|
)
|
|
1,467
|
|
|
1999
|
|
1 - 40
|
||||||||||
Post Uptown Place Retail
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
319
|
|
|
1,144
|
|
|
—
|
|
|
3
|
|
|
319
|
|
|
1,147
|
|
|
1,466
|
|
|
(63
|
)
|
|
1,403
|
|
|
1998
|
|
1 - 40
|
||||||||||
Post Uptown Leasing Center
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
1,290
|
|
|
1,488
|
|
|
—
|
|
|
75
|
|
|
1,290
|
|
|
1,563
|
|
|
2,853
|
|
|
(55
|
)
|
|
2,798
|
|
|
1998
|
|
1 - 40
|
||||||||||
Post Park Maryland Retail
|
|
Washington DC, MD
|
|
—
|
|
|
|
|
25
|
|
|
137
|
|
|
—
|
|
|
3
|
|
|
25
|
|
|
140
|
|
|
165
|
|
|
(5
|
)
|
|
160
|
|
|
2007
|
|
1 - 40
|
||||||||||
Post South End Retail
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
470
|
|
|
1,289
|
|
|
—
|
|
|
120
|
|
|
470
|
|
|
1,409
|
|
|
1,879
|
|
|
(75
|
)
|
|
1,804
|
|
|
2009
|
|
1 - 40
|
||||||||||
Post Gateway Place Retail
|
|
Charlotte, NC
|
|
—
|
|
|
|
|
318
|
|
|
1,430
|
|
|
—
|
|
|
3
|
|
|
318
|
|
|
1,433
|
|
|
1,751
|
|
|
(87
|
)
|
|
1,664
|
|
|
2000
|
|
1 - 40
|
||||||||||
Post Parkside at Wade Retail
|
|
Raleigh, NC
|
|
—
|
|
|
|
|
317
|
|
|
4,552
|
|
|
—
|
|
|
63
|
|
|
317
|
|
|
4,615
|
|
|
4,932
|
|
|
(270
|
)
|
|
4,662
|
|
|
2011
|
|
1 - 40
|
||||||||||
Post Parkside Orlando Retail
|
|
Orlando, FL
|
|
—
|
|
|
|
|
742
|
|
|
11,924
|
|
|
—
|
|
|
224
|
|
|
742
|
|
|
12,148
|
|
|
12,890
|
|
|
(578
|
)
|
|
12,312
|
|
|
1999
|
|
1 - 40
|
||||||||||
Post Carlyle Square Retail
|
|
Washington DC, VA
|
|
—
|
|
|
|
|
1,048
|
|
|
7,930
|
|
|
—
|
|
|
5
|
|
|
1,048
|
|
|
7,935
|
|
|
8,983
|
|
|
(354
|
)
|
|
8,629
|
|
|
2006/2016
|
|
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, 2017
(3)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Property
|
|
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Land
|
|
Buildings and Fixtures
|
|
Total
|
|
Accumulated Depreciation
|
|
Net
|
|
Date of Construction
|
|
|||||||||||||||||||||
Post Coles Corner Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
347
|
|
|
716
|
|
|
—
|
|
|
17
|
|
|
347
|
|
|
733
|
|
|
1,080
|
|
|
(42
|
)
|
|
1,038
|
|
|
1998
|
|
1 - 40
|
||||||||||
Post Square Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
1,581
|
|
|
5,982
|
|
|
—
|
|
|
42
|
|
|
1,581
|
|
|
6,024
|
|
|
7,605
|
|
|
(314
|
)
|
|
7,291
|
|
|
1996
|
|
1 - 40
|
||||||||||
Post Worthington Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
108
|
|
|
495
|
|
|
—
|
|
|
18
|
|
|
108
|
|
|
513
|
|
|
621
|
|
|
(19
|
)
|
|
602
|
|
|
1993/2008
|
|
1 - 40
|
||||||||||
Post Heights Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
1,066
|
|
|
3,314
|
|
|
—
|
|
|
2
|
|
|
1,066
|
|
|
3,316
|
|
|
4,382
|
|
|
(174
|
)
|
|
4,208
|
|
|
1997
|
|
1 - 40
|
||||||||||
Post Eastside Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
682
|
|
|
10,645
|
|
|
—
|
|
|
15
|
|
|
682
|
|
|
10,660
|
|
|
11,342
|
|
|
(507
|
)
|
|
10,835
|
|
|
2008
|
|
1 - 40
|
||||||||||
Post Addison Circle Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
448
|
|
|
21,386
|
|
|
—
|
|
|
577
|
|
|
448
|
|
|
21,963
|
|
|
22,411
|
|
|
(1,271
|
)
|
|
21,140
|
|
|
1998-2000
|
|
1 - 40
|
||||||||||
Post Addison Circle Office
|
|
Dallas, TX
|
|
—
|
|
|
|
|
1,395
|
|
|
4,280
|
|
|
—
|
|
|
284
|
|
|
1,395
|
|
|
4,564
|
|
|
5,959
|
|
|
(326
|
)
|
|
5,633
|
|
|
1998-2000
|
|
1 - 40
|
||||||||||
Post Sierra Frisco Br Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
779
|
|
|
6,593
|
|
|
—
|
|
|
218
|
|
|
779
|
|
|
6,811
|
|
|
7,590
|
|
|
(340
|
)
|
|
7,250
|
|
|
2009
|
|
1 - 40
|
||||||||||
Post Katy Trail Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
465
|
|
|
4,883
|
|
|
—
|
|
|
5
|
|
|
465
|
|
|
4,888
|
|
|
5,353
|
|
|
(206
|
)
|
|
5,147
|
|
|
2010
|
|
1 - 40
|
||||||||||
Post Midtown Square Retail
|
|
Houston, TX
|
|
—
|
|
|
|
|
1,327
|
|
|
16,005
|
|
|
—
|
|
|
43
|
|
|
1,327
|
|
|
16,048
|
|
|
17,375
|
|
|
(702
|
)
|
|
16,673
|
|
|
1999/2013
|
|
1 - 40
|
||||||||||
Rise Condo Devel LP Retail
|
|
Houston, TX
|
|
—
|
|
|
|
|
—
|
|
|
2,280
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
2,283
|
|
|
2,283
|
|
|
(115
|
)
|
|
2,168
|
|
|
1999/2013
|
|
1 - 40
|
||||||||||
Post Legacy Retail
|
|
Dallas, TX
|
|
—
|
|
|
|
|
150
|
|
|
3,334
|
|
|
—
|
|
|
10
|
|
|
150
|
|
|
3,344
|
|
|
3,494
|
|
|
(152
|
)
|
|
3,342
|
|
|
2000
|
|
1 - 40
|
||||||||||
Post South Lamar Retail
|
|
Austin, TX
|
|
—
|
|
|
|
|
421
|
|
|
3,072
|
|
|
—
|
|
|
13
|
|
|
421
|
|
|
3,085
|
|
|
3,506
|
|
|
(157
|
)
|
|
3,349
|
|
|
2011
|
|
1 - 40
|
||||||||||
Total Commercial Properties
|
|
|
|
—
|
|
|
|
|
30,482
|
|
|
165,828
|
|
|
917
|
|
|
9,135
|
|
|
31,399
|
|
|
174,963
|
|
|
206,362
|
|
|
(10,674
|
)
|
|
195,688
|
|
|
|
|
|
||||||||||
Post River North
|
|
Denver, CO
|
|
—
|
|
|
|
|
14,500
|
|
|
28,900
|
|
|
—
|
|
|
37,795
|
|
|
14,500
|
|
|
66,695
|
|
|
81,195
|
|
|
(176
|
)
|
|
81,019
|
|
|
N/A
|
|
N/A
|
||||||||||
Post Centennial Park
|
|
Atlanta, GA
|
|
—
|
|
|
|
|
13,650
|
|
|
10,950
|
|
|
—
|
|
|
42,756
|
|
|
13,650
|
|
|
53,706
|
|
|
67,356
|
|
|
—
|
|
|
67,356
|
|
|
N/A
|
|
N/A
|
||||||||||
1201 Midtown II
|
|
Charleston, SC
|
|
—
|
|
|
|
|
6,750
|
|
|
5,874
|
|
|
—
|
|
|
1,580
|
|
|
6,750
|
|
|
7,454
|
|
|
14,204
|
|
|
—
|
|
|
14,204
|
|
|
N/A
|
|
N/A
|
||||||||||
Total Active Development Properties
|
|
|
|
—
|
|
|
|
|
34,900
|
|
|
45,724
|
|
|
—
|
|
|
82,131
|
|
|
34,900
|
|
|
127,855
|
|
|
162,755
|
|
|
(176
|
)
|
|
162,579
|
|
|
|
|
|
||||||||||
Total Properties
|
|
|
|
757,579
|
|
|
|
|
1,830,355
|
|
|
10,017,389
|
|
|
6,062
|
|
|
1,349,565
|
|
|
1,836,417
|
|
|
11,366,954
|
|
|
13,203,371
|
|
|
(2,055,655
|
)
|
|
11,147,716
|
|
|
|
|
|
||||||||||
Total Land Held for Future Developments
|
|
—
|
|
|
|
|
57,285
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57,285
|
|
|
—
|
|
|
57,285
|
|
|
—
|
|
|
57,285
|
|
|
N/A
|
|
N/A
|
||||||||||||
Corporate Properties
|
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,383
|
|
|
—
|
|
|
31,383
|
|
|
31,383
|
|
|
(19,416
|
)
|
|
11,967
|
|
|
Various
|
|
1-40
|
||||||||||
Total Other
|
|
|
|
|
|
|
57,285
|
|
|
—
|
|
|
—
|
|
|
31,383
|
|
|
57,285
|
|
|
31,383
|
|
|
88,668
|
|
|
(19,416
|
)
|
|
69,252
|
|
|
|
|
|
||||||||||||
Total Real Estate Assets, net of Joint Ventures
|
|
$
|
757,579
|
|
|
|
|
$
|
1,887,640
|
|
|
$
|
10,017,389
|
|
|
$
|
6,062
|
|
|
$
|
1,380,948
|
|
|
$
|
1,893,702
|
|
|
$
|
11,398,337
|
|
|
$
|
13,292,039
|
|
|
$
|
(2,075,071
|
)
|
|
$
|
11,216,968
|
|
|
|
|
|
(1)
|
Encumbered by $80.0 million Fannie Mae facility, with $80.0 million available and outstanding with a variable interest rate of 1.8% on which there exists one interest rate cap for $25 million at a rate of 4.50% at December 31, 2017.
|
(2)
|
Encumbered by a $125.2 million loan with a fixed interest rate of 5.08% which matures on June 10, 2021.
|
(3)
|
The aggregate cost for federal income tax purposes was approximately $10.8 billion at December 31, 2017. 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,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Real estate investments:
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of year
|
$
|
12,972,170
|
|
|
$
|
8,215,768
|
|
|
$
|
8,069,395
|
|
Acquisitions
(1)
|
127,710
|
|
|
4,961,140
|
|
|
316,151
|
|
|||
Less: FMV of leases included in acquisitions
|
(1,488
|
)
|
|
(51,588
|
)
|
|
(4,438
|
)
|
|||
Improvement and development
|
322,829
|
|
|
202,614
|
|
|
165,000
|
|
|||
Assets held for sale
|
(5,321
|
)
|
|
—
|
|
|
—
|
|
|||
Disposition of real estate assets
(2)
|
(123,861
|
)
|
|
(355,764
|
)
|
|
(330,340
|
)
|
|||
Balance at end of year
|
$
|
13,292,039
|
|
|
$
|
12,972,170
|
|
|
$
|
8,215,768
|
|
|
|
|
|
|
|
||||||
Accumulated depreciation:
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of year
|
$
|
1,674,801
|
|
|
$
|
1,499,213
|
|
|
$
|
1,373,678
|
|
Depreciation
|
463,590
|
|
|
314,076
|
|
|
289,177
|
|
|||
Assets held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|||
Disposition of real estate assets
(2)
|
(63,320
|
)
|
|
(138,488
|
)
|
|
(163,642
|
)
|
|||
Balance at end of year
|
$
|
2,075,071
|
|
|
$
|
1,674,801
|
|
|
$
|
1,499,213
|
|
|
Year ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
Equity in (income) loss of unconsolidated entities
|
(1,370
|
)
|
|
(241
|
)
|
|
2
|
|
|
(6,009
|
)
|
|
(338
|
)
|
|||||
Income tax expense
|
2,619
|
|
|
1,699
|
|
|
1,673
|
|
|
2,050
|
|
|
893
|
|
|||||
Net income before equity in (income) loss of unconsolidated entities and income tax expense
|
341,785
|
|
|
225,860
|
|
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Distribution of income from investments in unconsolidated entities
|
907
|
|
|
1,999
|
|
|
6
|
|
|
15,964
|
|
|
9,768
|
|
|||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries
|
161,989
|
|
|
132,020
|
|
|
123,999
|
|
|
125,675
|
|
|
81,067
|
|
|||||
Deduct:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capitalized interest
|
7,238
|
|
|
2,073
|
|
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|||||
Total earnings (A)
|
$
|
497,443
|
|
|
$
|
357,806
|
|
|
$
|
474,770
|
|
|
$
|
286,904
|
|
|
$
|
126,993
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges and preferred dividends
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
154,751
|
|
|
$
|
129,947
|
|
|
$
|
122,344
|
|
|
$
|
123,953
|
|
|
$
|
78,978
|
|
Capitalized interest
|
7,238
|
|
|
2,073
|
|
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|||||
Total fixed charges (B)
|
$
|
161,989
|
|
|
$
|
132,020
|
|
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
Preferred dividends, including redemption costs
|
3,688
|
|
|
307
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total fixed charges and preferred dividends (C)
|
$
|
165,677
|
|
|
$
|
132,327
|
|
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges (A/B)
|
3.1 x
|
|
|
2.7 x
|
|
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
|||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
|
3.0 x
|
|
|
2.7 x
|
|
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
|
Year ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
340,536
|
|
|
$
|
224,402
|
|
|
$
|
350,745
|
|
|
$
|
150,946
|
|
|
$
|
37,692
|
|
Equity in (income) loss of unconsolidated entities
|
(1,370
|
)
|
|
(241
|
)
|
|
2
|
|
|
(6,009
|
)
|
|
(338
|
)
|
|||||
Income tax expense
|
2,619
|
|
|
1,699
|
|
|
1,673
|
|
|
2,050
|
|
|
893
|
|
|||||
Net income before equity in (income) loss of unconsolidated entities and income tax expense
|
341,785
|
|
|
225,860
|
|
|
352,420
|
|
|
146,987
|
|
|
38,247
|
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Distribution of income from investments in unconsolidated entities
|
907
|
|
|
1,999
|
|
|
6
|
|
|
15,964
|
|
|
9,768
|
|
|||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries
|
161,989
|
|
|
132,020
|
|
|
123,999
|
|
|
125,675
|
|
|
81,067
|
|
|||||
Deduct:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capitalized interest
|
7,238
|
|
|
2,073
|
|
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|||||
Total earnings (A)
|
$
|
497,443
|
|
|
$
|
357,806
|
|
|
$
|
474,770
|
|
|
$
|
286,904
|
|
|
$
|
126,993
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges and preferred dividends
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
154,751
|
|
|
$
|
129,947
|
|
|
$
|
122,344
|
|
|
$
|
123,953
|
|
|
$
|
78,978
|
|
Capitalized interest
|
7,238
|
|
|
2,073
|
|
|
1,655
|
|
|
1,722
|
|
|
2,089
|
|
|||||
Total fixed charges (B)
|
$
|
161,989
|
|
|
$
|
132,020
|
|
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
Preferred dividends, including redemption costs
|
3,688
|
|
|
307
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total fixed charges and preferred dividends (C)
|
$
|
165,677
|
|
|
$
|
132,327
|
|
|
$
|
123,999
|
|
|
$
|
125,675
|
|
|
$
|
81,067
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges (A/B)
|
3.1 x
|
|
|
2.7 x
|
|
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
|||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
|
3.0 x
|
|
|
2.7 x
|
|
|
3.8 x
|
|
|
2.3 x
|
|
|
1.6 x
|
|
(1)
|
Registration Statements (Form S-3 Nos. 33-96852, 333-82526, 333-190028, 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-8 No. 333-196250) pertaining to the Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan, and
|
(8)
|
Registration Statement (Form S-8 No. 333-214993) pertaining to the Amended and Restated Post Properties, Inc. 2003 Incentive Stock 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 22, 2018
|
/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 22, 2018
|
/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 22, 2018
|
/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 22, 2018
|
/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 22, 2018
|
(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 22, 2018
|
(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 22, 2018
|
(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 22, 2018
|