XML 43 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Operating revenues:        
Rental revenues $ 116,968 $ 101,004 $ 335,091 $ 289,630
Other property revenues 9,933 9,052 28,965 26,354
Total property revenues 126,901 110,056 364,056 315,984
Management fee income 209 265 687 751
Total operating revenues 127,110 110,321 364,743 316,735
Property operating expenses:        
Personnel 14,714 13,366 42,639 38,428
Building repairs and maintenance 4,503 4,401 12,130 10,978
Real estate taxes and insurance 14,595 12,403 42,313 36,163
Utilities 7,658 7,084 20,461 18,778
Landscaping 2,781 2,647 8,304 7,763
Other operating 8,581 8,081 24,724 22,917
Depreciation and amortization 31,984 28,052 92,687 81,103
Total property operating expenses 84,816 76,034 243,258 216,130
Acquisition (credit) expenses 1,343 592 1,574 2,331
Property management expenses 5,460 4,904 16,484 15,242
General and administrative expenses 3,527 3,996 10,436 14,045
Income from continuing operations before non-operating items 31,964 24,795 92,991 68,987
Interest and other non-property income 89 140 343 599
Interest expense (14,698) (15,183) (42,978) (42,681)
Gain on debt extinguishment 0 (63) 5 (111)
Amortization of deferred financing costs (971) (724) (2,611) (2,146)
Net casualty loss and other settlement proceeds (22) (286) (24) (692)
Loss on sale of non-depreciable assets 48 147 45 163
Income from continuing operations before loss from real estate joint ventures 16,410 8,826 47,771 24,119
Loss from real estate joint ventures (72) (107) (170) (530)
Income from continuing operations 16,338 8,719 47,601 23,589
Discontinued operations:        
(Loss) income from discontinued operations before gain on sale (451) 805 500 2,777
Net casualty loss on insurance and other settlement proceeds on discontinued operations 99 0 43 (7)
Gain on sale of discontinued operations 16,092 4,927 38,474 4,927
Consolidated net income 32,078 14,451 86,618 31,286
Net income attributable to noncontrolling interests 1,212 [1] 660 3,702 [1] 1,223
Net income attributable to MAA 30,866 13,791 82,916 30,063
Net income available for common shareholders $ 30,866 $ 13,791 $ 82,916 $ 30,063
Earnings per common share - basic:        
Income from continuing operations available for common shareholders $ 0.36 $ 0.22 $ 1.08 $ 0.61
Discontinued property operations $ 0.38 $ 0.15 $ 0.96 $ 0.21
Net income available for common shareholders $ 0.74 $ 0.37 $ 2.04 $ 0.82
Earnings per share - diluted:        
Income from continuing operations available for common shareholders $ 0.38 $ 0.22 $ 1.11 $ 0.61
Discontinued property operations $ 0.36 $ 0.15 $ 0.92 $ 0.20
Net income available for common shareholders $ 0.74 $ 0.37 $ 2.03 $ 0.81
Dividends declared per common share $ 0.6600 $ 0.6275 $ 1.9800 $ 1.8825
[1] Text selection found with no content.