Segment Information

3 Months Ended

Mar. 31, 2012

Notes To Financial Statements [Abstract]

Segment Information

Segment Information

As of March 31, 2012, we owned or had an ownership interest in 167 multifamily apartment communities in 13 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments:

• Large market same store communities are generally communities:

◦ in markets with a population of at least one million and at least 1% of the total public multifamily REIT units; and

◦ that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Secondary market same store communities are generally communities:

◦ in markets with populations of more than one million but less than one percent of the total public multifamily REIT units or in markets with a population of less than one million; and

◦ that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio

On the first day of each calendar year, we determine the composition of our same store operating segments for that year as well as adjusting the previous year, which allows us to evaluate full period-over-period operating comparisons.  We utilize net operating income, or NOI, in evaluating the performance of the segments.  Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Revenues and NOI for each reportable segment for the three month periods ended March 31, 2012 and 2011, were as follows (dollars in thousands):

	Three months ended March 31,
	2012			2011
Revenues
Large Market Same Store	$	55,007		$	52,271
Secondary Market Same Store	47,500			45,857
Non-Same Store and Other	16,855			6,594
Total property revenues	119,362			104,722
Management fee income	269			223
Total operating revenues	$	119,631		$	104,945
NOI
Large Market Same Store	$	32,098		$	30,276
Secondary Market Same Store	27,783			27,051
Non-Same Store and Other	9,635			4,188
Total NOI	69,516			61,515
Discontinued operations NOI included above	4			(1,122		)
Management fee income	269			223
Depreciation and amortization	(30,643		)	(27,216		)
Acquisition credit (expense)	634			(219		)
Property management expense	(5,454		)	(5,144		)
General and administrative expense	(3,447		)	(4,610		)
Interest and other non-property income	108			235
Interest expense	(14,350		)	(13,914		)
Gain on debt extinguishment	20			—
Amortization of deferred financing costs	(771		)	(715		)
Net casualty loss and other settlement proceeds	(4		)	(141		)
Loss on sale of non-depreciable assets	—			(6		)
Loss from real estate joint ventures	(31		)	(245		)
Discontinued operations	9,217			514
Net income attributable to noncontrolling interests	(1,178		)	(311		)
Net income attributable to MAA	$	23,890		$	8,844

Assets for each reportable segment as of March 31, 2012 and December 31, 2011, were as follows (dollars in thousands):

	March 31, 2012		December 31, 2011
Assets
Large Market Same Store	$	1,132,487	$	1,017,015
Secondary Market Same Store	668,910		668,109
Non-Same Store and Other	639,969		760,132
Corporate assets	86,044		85,212
Total assets	$	2,527,410	$	2,530,468