Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2012

Real Estate Joint Ventures [Abstract]

REAL ESTATE JOINT VENTURES

REAL ESTATE JOINT VENTURES

In 2007, MAA entered into a joint venture, Mid-America Multifamily Fund I, LLC, or Fund I, with institutional capital in which we own a 33.33% interest. In 2008, Fund I owned two properties with a combined total of 626 units. MAA does not expect to make further investments through Fund I.

In 2009, MAA entered into a joint venture, Mid-America Multifamily Fund II, LLC, or Fund II, with institutional capital in which we also own a 33.33% interest. As of December 31, 2012, Fund II had owned four properties with a combined total of 1,156 units.

In 2012, MAA entered into a joint venture, Mid-America Multifamily Fund III, LLC, or Fund III, with institutional capital in which we also own a 33.33% interest. As of December 31, 2012, Fund III had not acquired any properties.

The income, contributions, distributions and ending investment balances related to MAA’s joint ventures consisted of the following for the years ended December 31, 2012, 2011, and 2010 (dollars in thousands): 

	2012
	Fund I			Fund II			Fund III			Total
Joint venture (loss) gain	$	(413	)	$	190		$	—		$	(223	)
Gain on joint venture asset dispositions	—			4,146			—			4,146
Management fee income	281			618			—			899
Asset and acquisition fees	225			121			—			346
Contributions to joint venture	(74		)	(139		)	(5		)	(218		)
Distributions from joint venture	183			12,167			—			12,350
Investment in at December 31	4,727			105			5			4,837
Advances to at December 31	—			—			—			—

	2011
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(419	)	$	(188	)	$	—	$	(607	)
Gain on joint venture asset dispositions	—			14			—		14
Management fee income	275			742			—		1,017
Asset and acquisition fees	231			322			—		553
Contributions to joint venture	(85		)	(1,425		)	—		(1,510		)
Distributions from joint venture	164			1,238			—		1,402
Investment in at December 31	5,249			11,757			—		17,006
Advances to at December 31	—			—			—		—

	2010
	Fund I			Fund II			Fund III		Total
Joint venture (loss) gain	$	(555	)	$	(594	)	$	—	$	(1,149	)
Gain (loss) on joint venture asset dispositions	1			(359		)	—		(358		)
Management fee income	259			421			—		680
Asset and acquisition fees	235			573			—		808
Contributions to joint venture	(88		)	(12,042		)	—		(12,130		)
Distributions from joint venture	93			1,642			—		1,735
Investment in at December 31	5,747			11,758			—		17,505
Advances to at December 31	—			—			—		—