Fixed Income Investor Update: AUGUST 2019
Fixed Income Investor Update: AUGUST 2019
Fixed Income Investor Update: AUGUST 2019
INVESTOR UPDATE
AUGUST 2019
A Differentiated Approach, Focus on High Growth Sunbelt Region
Boston
New York
District of Columbia
San Francisco
Suburban Virginia
Oakland-East Bay
San Jose
Los Angeles
Orange County Public Apartment REIT
Inland Empire Market Concentration
San Diego
TOP 10 MARKETS BY %NOI1
OTHER CALIFORNIA MARKETS1
MAA MARKETS
Charleston, SC 2.8%
Richmond, VA 2.2% DIVERSIFIED IN SUBMARKETS2 DIVERSIFIED IN PRICE POINTS2,3
Savannah, GA 2.0%
Greenville, SC 1.5% 22%
Memphis, TN 1.4%
San Antonio, TX 1.3% 53%
49% 47%
Birmingham, AL 1.2% 18%
Source: Company and Company 2Q 2019 Earnings Release Supplemental furnished 2Based on gross asset value at 06/30/2019 for total multifamily portfolio
with the SEC 3 Average effective rent/unit for 2Q 2019 of higher than $1,275 for A to A+ and $1,275 3
1 Ranking of Top 20 Markets based on 2Q 2019 Same Store NOI or lower for B to B+ for total multifamily portfolio
Solid Investment Grade Balance Sheet
RATINGS
STABLE
CREDIT
Ratings Services2
Note: Total Capitalization equals common shares and units outstanding multiplied by the
closing stock price on 6/28/2019 plus preferred shares outstanding at the $50 per share
Fitch Ratings2
F2 BBB+ STABLE
redemption price, plus total debt outstanding.
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Bond Covenant & Other Ratios
Total secured debt / total assets1 <40% 4.7% 4.7% 3.4% 6.6% 6.7%
Consolidated income available for debt >1.5x 4.99x 5.02x 5.07x 5.13x 5.20x
service to total annual debt service
charge1
Total unencumbered assets to total >150% 322% 320% 314% 328% 323%
unsecured debt1
Net debt / recurring adjusted EBITDA n/a 4.92x 4.96x 4.99x 5.00x 5.06x
Unencumbered NOI / total NOI n/a 90.1% 90.2% 92.6% 85.3% 85.3%
Unsecured debt / Total debt n/a 85.5% 85.4% 89.5% 79.5% 79.6%
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Strong Balance Sheet and Manageable Debt Maturity Profile
1 Debt excluding unsecured revolving credit facility and unsecured commercial paper program. At 6/30/19, there was no outstanding balance on the revolving credit facility.
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