Discontinued Operations

9 Months Ended

Sep. 30, 2012

Notes To Financial Statements [Abstract]

Discontinued Operations

Discontinued Operations

As part of our portfolio strategy to selectively dispose of mature assets that no longer meet our investment criteria and long-term strategic objectives, and in accordance with accounting standards governing the disposal of long-lived assets, the 320-unit Kenwood Club apartments in Katy (Houston), Texas, the 276-unit Cedar Mill apartments in Memphis, Tennessee, the 410-unit Celery Stalk apartments in Dallas, Texas, the 150-unit Westbury Springs apartments in Lilburn (Atlanta), Georgia, the 320-unit Hidden Lake apartments in Atlanta, Georgia, the 124-unit Park Walk apartments in Atlanta, Georgia, the 200-unit TPC Florence apartments in Florence (Louisville), Kentucky, the 214-unit Fairways at Royal Oak apartments in Cincinnati, Ohio, and the 240-unit Walden Run apartments in McDonough (Atlanta), Georgia are presented as discontinued operations in the accompanying condensed consolidated financial statements. The first eight properties were sold on January 12, 2012, February 9, 2012, June 7, 2012, July 25, 2012, July 25, 2012, July 26, 2012, August 1, 2012, and August 7, 2012, respectively, and resulted in a net gain of approximately 38.5 million, which is included in discontinued operations. Walden Run is considered held for sale since earnest money was received and was non-refundable as of September 11, 2012. Income from continuing operations attributable to MAA was $15.8 million and $45.7 million for the three and nine month periods ended September 30, 2012 compared to $8.4 million and $22.8 million for the three and nine month periods ended September 30, 2011. Income from discontinued operations attributable to MAA was $15.1 million and $37.2 million for the three and nine month periods ended September 30, 2012 compared to $5.4 million and $7.3 million for the three and nine month periods ended September 30, 2011. Income from continuing operations attributable to noncontrolling interest was $0.5 million and $1.9 million for the three and nine month periods ended September 30, 2012 compared to $0.4 million and $0.8 million for the three and nine month periods ended September 30, 2011. Income from discontinued operations attributable to noncontrolling interest was $0.7 million and $1.8 million for the three and nine month periods ended September 30, 2012 compared with $0.3 million and $0.4 million for the three and nine month periods ended September 30, 2011

The following is a summary of discontinued operations for the three and nine month periods ended September 30, 2012 and 2011, (dollars in thousands):

	Three months ended September 30,					Nine months ended September 30,
	2012			2011		2012		2011
Revenues
Rental revenues	$	1,155		$	5,584	$	7,791	$	15,745
Other revenues	128			675		907		1,909
Total revenues	1,283			6,259		8,698		17,654
Expenses
Property operating expenses	1,176			3,632		5,150		9,697
Depreciation and amortization	416			1,516		2,414		4,227
Interest expense	142			306		634		953
Total expense	1,734			5,454		8,198		14,877
Income from discontinued operations before gain on sale	(451		)	805		500		2,777
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	99			—		43		(7		)
Gain on sale of discontinued operations	16,092			4,927		38,474		4,927
Income from discontinued operations	$	15,740		$	5,732	$	39,017	$	7,697