Segment Information

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

As of December 31, 2012, MAALP owned or had an ownership interest in 151 multifamily apartment communities in 12 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 1 million and at least 1% of the total public multifamily REIT units 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 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million 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, which allows us to evaluate full period-over-period operating comparisons. We utilize NOI, in evaluating the performance. 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 years ended December 31, 2012, 2011 and 2010, were as follows (dollars in thousands):

	2012			2011			2010
Revenues
Large Market Same Store	$	205,191		$	192,858		$	175,725
Secondary Market Same Store	165,867			160,274			152,194
Non-Same Store and Other	74,592			31,471			8,319
Total property revenues	445,650			384,603			336,238
Management fee income	899			1,017			680
Total operating revenues	$	446,549		$	385,620		$	336,918
NOI
Large Market Same Store	$	119,964		$	110,154		$	100,529
Secondary Market Same Store	96,480			91,844			86,879
Non-Same Store and Other	50,285			29,163			13,806
Total NOI	266,729			231,161			201,214
Discontinued operations NOI included above	(4,137		)	(10,912		)	(10,985		)
Management fee income	899			1,017			680
Depreciation and amortization	(114,139		)	(100,648		)	(88,651		)
Acquisition expense	(2,236		)	(3,319		)	(2,035		)
Property management expense	(19,761		)	(18,436		)	(15,968		)
General and administrative expense	(11,479		)	(14,488		)	(11,189		)
Interest and other non-property income	318			689			789
Interest expense	(52,249		)	(51,202		)	(53,803		)
Loss on debt extinguishment	(654		)	(754		)	—
Amortization of deferred financing costs	(3,097		)	(2,598		)	(2,300		)
Net casualty (loss) gain and other settlement proceeds	(13		)	(475		)	48
Gain on sale of non-depreciable assets	45			1,084			—
Gain on properties contributed to joint ventures	—			—			752
Loss from real estate joint ventures	(223		)	(593		)	(1,149		)
Discontinued operations	42,260			16,412			2,049
Net income attributable to noncontrolling interests	(3,525		)	(421		)	(473		)
Net income attributable to Mid-America Apartments, L.P.	$	98,738		$	46,517		$	18,979

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

	December 31, 2012		December 31, 2011
Assets
Large Market Same Store	$	1,108,827	$	1,140,317
Secondary Market Same Store	654,315		673,620
Non-Same Store and Other	728,209		407,629
Corporate assets	38,520		99,969
Total assets	$	2,529,871	$	2,321,535