MAA Mid America Apartments Feb 2010 Presentation
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Transcript of MAA Mid America Apartments Feb 2010 Presentation
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Jopntoa Corbets UpfoteJopntoa Corbets Upfote
Gedruory 40?0Gedruory 40?0
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Ztrhli Pudanj Jhcpoly PaotghrcZtrhli Pudanj Jhcpoly Paotghrc
Znxteel ^eor Tejhrf hg Zujjess Vhp-Vner Teturls th Zmoremhafers Ztrhli Hperothr2 Zhpmnstnjotef Paotghrc Z&P Zcoaa-Jop 700
Ztrhli Jhrphrote Ihverlolje
Fnsjnpanlef Jopntoa Fepahycelt Woaue Nlvesthr Extelsnve Letwhrb & Feoa Gahw
Prhvel Zujjess wntm Khnlt Weltures
Mnim _uoanty Cuatngocnay Phrtghanh Mnim Irhwtm Zuldeat Teinhl Ghjus ^huli Phrtghanh Vwh-Vner Corbet Ztroteiy
Ztrhli Doaolje Zmeet Jopojnty th Pursue Hpphrtulntnes Zupernhr Totnhs
Fnvnfelf Poyhut
Aeveroie Gnxef Jmorie
Voaus Toljm, Pmhelnx, O[
Prhvnfelje ot Drner Jreeb, Toaenim, LJ
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Guaa Jyjae ZtroteiyGuaa Jyjae Ztroteiy
COO deiol re-phsntnhlnli nts phrtghanh nl400:2 prhgnae tmot ns weaa phsntnhlef thjhcpete govhroday nl up jyjaes olf mhafsup detter nl fhwl jyjaes
Hver tme aost snx yeors COOs hperotnlipaotghrc mos deel strelitmelef tmrhuimexpolfef osset coloiecelt ghjus,jhccntcelt th lew tejmlhahines olfncprhvef eggnjneljnes
COOs overoie soce-sthre LHN irhwtm4004 400> (tmru _:) Hut-perghrcnli tme sejthr ceol Ztrhli reaotnve perghrcolje nl dhtm up jyjae
olf chre rejelt fhwl jyjae corbetelvnrhlcelt
Phrtghanh Ztroteiy, Nlvestcelt Fnsjnpanlesolf Hperotnli Jopodnantnes Frnve ZtrhliTeaotnve Perghrcolje os jhcporef th tmeoportcelt TENV sejthr
Dosef hl thtoa smoremhafer returl, COO ns
dest perghrcnli oportcelt TENV hver tmepost ?0 yeors
Zhurje; Ireel Ztreet, Fejecder 0> Upfote (wntmirhwtm rotes ofkustef dy IZ ghr estncotef delegnthg revelue elmoljnli jopex fnggereljes)
Zevel+ ^eor Vnce Groce Nljausnve hg
Tejhvery/Ztrhli Corbet Jyjae olfYeobelnli Corbet Jyjae
-=.0%
-7.0%
-6.0%
-4.0%
0.0%
4.0%6.0%
7.0%
=.0%
4004 400: 4006 4005 4007 4009 400= 400>
^VFZejthr Ceol COOJ
Zoce Zthre LHN Irhwtm
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Ztrhli prh-dusnless elvnrhlcelt Nljreosnli phrt ojtnvnty2 khds
Ojjess th aess expelsnve aodhr Ihhf trolsphrtotnhl nlgrostrujture Ahw dusnless/anvnli jhsts Phsntnve fechiropmnj gahws Phsntnve cnirotnhl, nccnirotnhl gahws
Fnversngnef ecpahycelt doseAhinstnjsColugojturnliVejmlhahiyGnloljnoa Nlfustrnes
Meoatm/EfujotnhlIahdoa VrofeAensure VroveaCnantory/Fegelse
:.?%COO Corbet Overoie
4.7%Lotnhloa CZO Overoie
Ecpahycelt Irhwtm Prhkejtnhls 40?? 40?:Olluoa Jhcphulfef Irhwtm Totes
Ghjus hl Mnim Irhwtm TeinhlGhjus hl Mnim Irhwtm Teinhl
COO nl 9 hg tme thp ?0 prhkejtef Ejmh Dhhc Mhusemhaf Corbets;Foaaos, Mhusthl, Otaolto, Pmhelnx, Oustnl, Zhutm GA, Hraolfh.
COO ns meovnay oaahjotef (70%) th tme Vhp 45 Opt. TENV Corbets, osweaa os seaejt mnim-irhwtm sejhlfory corbets (60%) 3 Hut Perghrcolje
Zhurje; Ejhlhcy.jhc
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LeorLeor--Verc HutahhbVerc Hutahhb
Aeosnli wnaa reconl jmoaaeliefhver tme lext gew quorters.
Ghjus reconls hl mhafnlihjjupoljy olf oiiressnveaycoloinli expelses.
Prnjnli trelfs nl 400> wnaa jorrynlth 40?02 stodae re-prnjnli nl
40?0 expejtef th set tme stoieghr ncprhvecelt nl 40??.
Lew nlntnotnves olf gee prhirocsjhcdnle th hgg-set shce hg tmeprnjnli pressure.
Expejt th see phsntnvechceltuc nl revelues ecerieaote 40?0.
$?50CCCOO Ojqunsntnhls
$?50CCGulf NN Ojqunsntnhls
6.4%Ovi. Nlterest
$4.67Olluoa Fnvnfelf
(5%) - (9%)ZZ LHN
4% - :%*ZZ Expelse
(4%) - (:%)*ZZ Tevelue
$4.9: - $4.>:OGGH/Zmore
$:.65 - $:.75GGH/Zmore
40?0 GhrejostBey Ossucptnhls
*Lew jodae prhiroc wnaa requnre jmolie nl rephrtnli hg osshjnotefrevelues olf expelses (irhss rephrtnli nlsteof hg let)2
ofkustef ghr lew rephrtnli ncpojt 40?0 ghrejost ns revelues(?%) - 0%, expelses 9% - =%.
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Ztrhli AhliZtrhli Ahli--Verc HutahhbVerc Hutahhb
Eveltuoa rejhvery nl ecpahycelt trelfs wnaa ielerote o ropnf rejhvery nl LHN Pelt-up fecolf2 Znilngnjolt irhwtm hg prnce reltoa fechiropmnj
Lew oportcelt storts ore prefnjtef th mnt o phst-YY NN ahw Aojb hg gnloljnli2 Nlvestcelt returls nlsuggnjnelt
Znliae gocnay mhce hwlersmnp anbeay th reconl reaotnveay jhlstronlef Mnimer fhwl-poycelts2 Vnimter jrefnt2 Mnimer chrtioie nlterest rotes Mhce hwlersmnp jurreltay 79.5% hg mhusemhafs
Peobef ot 7>.5%2 Coy revert th chre sustonlodae :0 yeor aevea hg 76.5% hr ahwer Eojm ?% chvecelt ns ?.? cnaanhl mhusemhafs
Tejhvery deinls nl aote 40?0 olf hutahhb very strhli tmereogter
Zhurje; Ynttel Ofvnshrs
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COO Phsntnhlef th HutCOO Phsntnhlef th Hut--PerghrcPerghrc
=5% hg tme prhpertnes hwlef dy tme Oportcelt TENV Zejthr ore jhljeltrotef nl 45 corbets
COOs corbets ore jhljeltrotef nl tme mnim irhwtm Zuldeat reinhl, nljaufnli o aorie preseljenl coly hg tmese TENV thp 45 corbets (70% hg phrtghanh), os weaa os fnversngnjotnhl nl htmermnim irhwtm sejhlfory corbets tmrhuimhut tme reinhl
COOs phrtghanh stroteiy puts tme jhcpoly nl phsntnhl th feanver supernhr perghrcolje furnlitme jhcnli rejhvery jyjae
4.9%
-0.5%
:.?%
-0.7%
40?0 40?? - 40?:
Vhp 45 TENV Corbets COO Corbets
Zhurje; Ejhlhcy.jhc
Olluoa Ecpahycelt Irhwtm
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COO Phsntnhlef th HutCOO Phsntnhlef th Hut--PerghrcPerghrc
Ghrejost Jucuaotnve Ecpahycelt Irhwtm 40?0-40?:
-?.0%
?.0%
:.0%
5.0%
9.0%
>.0%
??.0%
Lhv-0>
Kol-?0
Cor-?0
Coy-?0
Kua-?0
Zep-?0
Lhv-?0
Kol-??
Cor-??
Coy-??
Kua-??
Zep-??
Lhv-??
Kol-?4
Cor-?4
Coy-?4
Kua-?4
Zep-?4
Lhv-?4
Kol-?:
Cor-?:
Coy-?:
Kua-?:
Zep-?:
Lhv-?:
Lotnhloa Aorie COO Corbets Zejhlfory COO Corbets
Oaa COO Corbets Vhp 45 TENV Corbets
Zhurje; Ejhlhcy.jhc
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Teinhl HutTeinhl Hut--Perghrcolje PrhspejtsPerghrcolje Prhspejts
Vme Poloco joloa ns jurreltay ulferihnli o $5dnaanhl expolsnhl tmot wnaa oaahw smnps trnpae tme snzehg jurrelt jopojnty th poss.
Jurreltay, tmese smnps phrt hl tme Yest Jhost hrreojm tme Eost Jhost vno tme Zuez Joloa.
Vmese smnps wnaa lhw move o chre fnrejt, jhsteggnjnelt rhute th tme Iuag Jhost olf tme Eost Jhost.
Vme jhcdnlotnhl hg o weaa feveahpef rona olf trujbfeanvery letwhrb, jhupaef wntm tme jahser ojjess thtme cokhrnty hg U.Z. phpuaotnhl (eost hg tme CZTnver), cobes phrt ojjess th tme U.Z. vno tme Iuag
Jhost olf Eost Jhost ottrojtnve. Nl offntnhl, ahwer aodhr jhsts, ahwer toxes olf
ireoter expolsnhl jopodnantnes, cobes tme Iuag olfZhutmeost corbets very ottrojtnve ghr dusnlessexpolsnhl.
Vmns rhute ns expejtef th ionl ol nljreosnli corbet
smore, jreotnli khds olf spurrnli ejhlhcnjfeveahpcelt ghr tme Zhutmeost olf oggejtef phrts.
Phrts ncpojtef nljaufe Mhusthl, Vocpo, Cnocn,Kojbshlvnaae, Zovollom, Jmoraesthl, olf Lhrghab
Coly hg tmese phrts ore oareofy deinllnli upirofesolf frefinli prhkejts th ojjhcchfote nljreosef
troggnj.
Phrt jn tnes anbeay
th delegnt
Expolsnhl hg Poloco Joloa ExpejtefVh Jreote Offntnhloa Ahli-Verc
Ecpahycelt Irhwtm Ghr Vme Zhutmeost
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?0
Lew Cuat ngocnay Zuppay Prhkejtnhls (TENZ Foto)
67%6=,47?=>,5>?Prncory TENV Corbets
::%=,056?4,0=5Lhrtmeost Teinhl
:4%44,>40::,7?:Yest Teinhl
:4%=,9>>?4,>=7Cnfwest Teinhl
64%97,?4>?:?,7?6Ulntef Ztotes
57%4=,7=775,90>COO Corbets (*)
% Frhp nl Overoie
Olluoa Zuppay
Prhkejtef Overoie
Olluoa Zuppay
(# hg Ulnts)
40?0-40?:
Overoie Olluoa
Zuppay
(# hg Ulnts)
?>>>-400>Corbet
* Tepreselts hver 95% hg COOs phrtghanh
COO Phsntnhlef th HutCOO Phsntnhlef th Hut--PerghrcPerghrc
Ymnae feanvery hg lew suppay hver tme lext gew yeors ns expejtef th frhp
snilng njoltay nl oachst every corbet ojrhss tme jhultry, COOs phrtghanh ns
portnjuaoray weaa phsnt nhlef th see ahwer aeveas hg lew suppay pressure.
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??
COO Phsntnhlef th HutCOO Phsntnhlef th Hut--PerghrcPerghrc
?:?,7?6
44,::=
>99
:,?>=
:,:5=
?,09:
?,:449,:>?
5,?9>
?0,?57
?0,9?9Mnsthrnjoa
94,?:>
??,4==
?9?
?,?5:
?,?:5
?,0?>
>964,=4>
?,=:7
4,596
:,5?940?:
94,959
?0,=04
40=
?,4=:
?,04=
=57
6=64,404
?,=06
4,7=7
6,64040?4
74,=00
9,509
6=9
?,??6
=4=
607
9???,5?4
4,09?
4,59>
5,40440??
=4,?>6
??,:49
?:4
4,445
?,:=9
?,465
9>44,4?6
4,50?
7,==9
9,0:?40?0
Jhcpaetnhls **
40?:40?440??40?0
:.5%:.>%4.7%0.7%Toaenim
:.0%:.4%?.7%-0.>%Cecpmns
:.6%:.9%4.0%-0.5%Htmer COOCorbets
Ecpahycelt Irhwtm *
?.7%
:.0%
4.?%
?.9%0.>%
4.5%
4.5%
4.9%
:.4%
6.:%
:.4%
:.6%:.=%
:.>%
6.?%
:.=%
4.7%-4.?%Kojbshlvnaae5.5%-4.?%Otaolto
6.6%?.5%Oustnl
6.0%0.:%Mhusthl
4.>%-0.9%Lotnhloa
:.5%-4.6%Vocpo
:.?%-0.:%Losmvnaae
6.0%0.5%Foaaos/Gt. Yhrtm
Zhurjes; Ejhlhcy.jhc* olf TENZ **
Ecpahycelt irhwtm hut-perghrcolje, jhupaef wntm lew suppay feanvery weaadeahw mnsthrnjoa overoies, phsntnhls tme phrtghanh ghr strhli revelue irhwtm phteltnoa
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Zhpmnstnjotef Hperotnli PaotghrcZhpmnstnjotef Hperotnli Paotghrc
Vejmlhahiy paotghrc supphrts egghrts th dhtm hptncnze revelue irVejmlhahiy paotghrc supphrts egghrts th dhtm hptncnze revelue irhwtmhwtm
olf detter jhltrha expelsesolf detter jhltrha expelses
Prhspejts/Tesnfelt Jhltojt
Prnjnli & Gees Hptncnzotnhl
Tesnfelt Zjreelnli
Nlvelthry Coloiecelt
Dnaanli & Jhaaejtnhls
Prnjnli systec Zupphrtef strhli hjjupoljy wmnae ojmnevnli hptncoa prnjnli nl o weob
aeosnli elvnrhlceltwnaa oash supphrt goster rejhvery nl ncprhvnli corbet Elodaef chre jhcpremelsnve oloaysns hg corbet elvnrhlcelt olf aeofs
th mnimer quoanty olf goster fejnsnhl cobnli Elodaef chre fnggereltnotnhl nl prnje phnlts olf tmeredy jreotef chre
revelue hpphrtulnty wntmhut offnli jhcpaexnty ghr hl-snte stogg
Gee prhirocs Duab-jodae rhaa-hut mos deel weaa rejenvef Lew dnaanli paotghrc mos supphrtef hpphrtulnty th jopture mnimer gees
wntmhut jhcprhcnsnli hjjupoljy hr turlhver Nl mhuse utnanty rencdursecelt dnaanli frnvel chre jhst eggnjneljy
Tesnfelt sjreelnli olf jhaaejtnhls Jreotnli chre eggnjneljnes wntm hl-snte stogg tnce Chre jhltrhaaef aeose oppanjotnhl revnew wntmhut jhcprhcnsnli tncnli _unjber olf chre eggejtnve jhaaejtnhl egghrts
Eggnjnelt prhspejt olf resnfelt jhltojt Yed dosef troggnj < 50% hg thtoa Hl-anle aeosnli frnvnli chre troggnj olf frnvnli fhwl jhst per lew aeose Eaejtrhlnj poycelt prhjessnli ncprhvnli jhaaejtnhls egghrts hl olf hl-snte
tnce
Ahwer turl jhsts Nlvelthry coloiecelt chre eggnjnelt
Cobe reofy prhjess
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Ztrhli Doaolje Zmeet PhsntnhlZtrhli Doaolje Zmeet Phsntnhl
Aeveroie olf rotnhs ot mnsthrnjoaaystrhli aeveas
Paelty hg jopojnty - $?00 CC ulusef
Hlay leor-terc coturnty ns $50 CC(dolb anle) ghr 40?0 (_? paollefjahse)
Oieljy ahol coturntnes weaa aofferefhver 40?? - 40?=
57%50%Fedt/Irhss Ossets
99%*7>%GGH Poyhut 40?0
4.54.7=Gnxef Jmorie Jhveroie
ZejthrCOO
65.0%
50.0%
55.0%
70.0%
75.0%
90.0%
4000
400?
4004
400:
4006
4005
4007
4009
400=
400>
40
?0Gj
st
Fed t/Irhss Ossets F ed t+P reg/Irhss Ossets
Zhurjes; Zejthr foto grhc Dorjaoys Jopntoa ?/4>/?0
*Zejthr Cefnol ncpojtef dy sthjb fnvnfelfs olf
fnvnfelf refujtnhls
Jhcchl
6>%
Fedt
67%
Pregerref
5%
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Exterloa Irhwtm HpphrtulntnesExterloa Irhwtm Hpphrtulntnes
Ncprhvnli hpphrtulntnes ghrottrojtnve ojqunsntnhls
Fnstressef corbets
Fnstressef aeose-ups Gonaef jhlfh/jhlfh jhlversnhls
Pelfnli regnloljnli requnrecelt
COO mos doaolje smeet jopojnty Jrefnt gojnantnes nl paoje ot pre-jrnsns
prnjnli
Ahwest aeveroie snlje tme NPH
Gulf Coloiecelt Gulf NN; o lew $450 CC (thtoa
nlvestcelt) voaue-off gulf COO smore ::%
Ghjus hl exnstnli COO ghht-prnlt
9+ yeor-haf ossets, 7-yeor mhaf
Gnrst ojqunsntnhl jhcpaetef nl Kuay
Irolf Jhurtyorfs, Foaaos, V]
Aolner Jaud, Otaolto, IO
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Exterloa Irhwtm HpphrtulntnesExterloa Irhwtm Hpphrtulntnes
Jhcpetntnve ofvoltoie hver htmerphteltnoa duyers2 portnjuaoray nlsejhlfory corbets
COOs ojqunsntnhl teoc shurjes oloveroie hg 400-:00 phteltnoaojqunsntnhl hpphrtulntnes eojm yeor
Dest hpphrtulntnes ot tme chceltwntm aess tmol stodnanzef prhpertnes
Evnfelje irhwnli tmot lewer, mnimquoanty olf stodnanzef prhpertnes oretrofnli nl tme ahw 7 jop rolie
Woaues anbeay th mhaf olf nljreose Josm gahws set th ncprhve nl aote
40?0 olf irhw ceolnliguaay nl
40??+ Ahli-terc fechiropmnjs ore
jhcpeaanli Nlvesthr olf jopntoa nlterest nl
oportcelt reoa estote anbeay thnljreose
Animtmhuse Jhurt, Kojbshlvnaae, GA
Iehriethwl Irhve, Zovollom, IO
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COO Hggers Ol Ottrojtnve WoaueCOO Hggers Ol Ottrojtnve Woaue
Wnaaoie Hobs, Vocpo, GAPresjhtt, Otaolto, IO
4.6x4.7xGnxef Jmorie Jhveroie
>0%=4%40?0E GOF Poyhut Totnh
5.:%5.:%Fnvnfelf ^neaf
?9.4x?5.6x40?0E P/GOF
?6.=x?:.?x40?0E P/GGH
ZejthrCOO
COO ns weaa phsntnhlef ghr jhcnlirejhvery jyjae;
?. Teinhl olf Corbets ecpahycelt
irhwtm ghrejostef th hut-perghrc sejthr4. Ancntef lew suppay rnsbs:. Doaolje smeet strhli2 jopojnty olf
odnanty th jopture ceolnligua aevea hglew irhwtm
6. Ztrhli fnvnfelf olf jhveroie rotnhs
Zhurje; TDJ Jopntoa Corbets
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ZuccoryZuccory
COO Ns o Prhvel Paotghrc ?7 eors os o Pudanj Jhcpoly Vhp-Vner Perghrcolje ghr Zmoremhafers Guaa Jyjae Perghrcer Vhp Oportcelt TENV Perghrcer 4000 - 400>
Hpphrtulnty th Nlvest Omeof hg Tejhvery Doaolje Zmeet ns Ztrhli, Yntm Jopojnty Gulf NN Lew Irhwtm Hpphrtulntnes Ztrhli Feoa Gahw
^huli Phrtghanh wntm Irhwtm Upsnfe Ghjusef hl Vhp Irhwtm Corbets 40?0-40?: Lew Zuppay Vmreot ns Ancn tef Ztrhli Hperotnli Paotghrc Yeaa Phsntnhlef ghr o Tejhvernli Ejhlhcy
Fnsjnpanlef Jopntoa Oaahjotnhl Frnves Mnim
_uoanty hg Eorlnlis
Ztrhli Jhveroie Totnhs olf Anqunfn ty
COOs Ahli-Verc Eorlnlis Hutahhb olfJurrelt Prnjnli Prhvnfes ol Ottrojtnve
Hpphrtulnty Yntmnl tme Zejthr
Zby Wnew Toljm, Pmhelnx, O[
Zthle Toljm, Zol Olthlnh, V]
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?=
Zoge Mordhr FnsjahsureZoge Mordhr FnsjahsureZtotecelts jhltonlef nl tm ns preseltotnhl, wmnjm ore lht mnsthrnjoa gojts, ore ghrworf-ahhbnli s totecelts, os tme terc ns fegnlef nl tme Prnvote
Zejurntnes Antniotnhl Teghrc Ojt hg ?>>5. Zujm ghrworf-ahhbnli stotecelts ore sudkejt th rnsbs olf uljertonltnes wmnjm jol jouse ojtuoa resuats th
fngger coternoaay grhc tmhse jurreltay oltnjnpotef, fue th o lucder hg gojthrs , wmnjm nljaufe, dut ore lht ancntef th, ulgovhrodae jmolies nl tme
oportcelt corbet, jmolinli ejhlhcnj jhlfntnhls, tme ncpojt hg jhcpetntnhl, ojqunsntnhls wmnjm coy lht ojmneve oltnjnpotef resuats olf htmer rnsb
gojthrs fnsjussef nl fhjucelts gnaef wntm tme Zejurntnes olf Exjmolie Jhccnssnhl grhc tnce th tnce nljauf nli tme Jhcpolys Olluoa Tephrt hl
Ghrc ?0-B olf tme Jhcpolys _uorteray Tephrt hl Ghrc ?0-_. Vme stotecelts nl tmns preseltotnhl ore cofe dosef uphl nlghrcotnhl jurreltay
blhwl th coloiecelt olf tme jhcpoly ossuces lh hdaniotnhl th upfote hr revnse oly hg nt s ghrworf-ahhbnli stotecelts.
Yotercorb, Foaaos, V]