Segment Information

3 Months Ended

Mar. 31, 2013

Notes To Financial Statements [Abstract]

Segment Information

Segment Information

As of March 31, 2013, we owned or had an ownership interest in 166 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 1% 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. Properties in development or lease-up will be added to the same store portfolio on the first day of the calendar year after they have been owned and stabilized for at least a full 12 months.  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, 2013 and 2012, were as follows (dollars in thousands):

	Three months ended March 31,
	2013			2012
Revenues
Large Market Same Store	$	62,703		$	59,254
Secondary Market Same Store	51,342			49,647
Non-Same Store and Other	19,145			7,116
Total property revenues	133,190			116,017
Management fee income	177			269
Total operating revenues	$	133,367		$	116,286
NOI
Large Market Same Store	$	37,755		$	34,599
Secondary Market Same Store	31,049			29,312
Non-Same Store and Other	11,609			5,605
Total NOI	80,413			69,516
Discontinued operations NOI included above	—			(1,837		)
Management fee income	177			269
Depreciation and amortization	(33,433		)	(29,718		)
Acquisition (expense) credit	(10		)	634
Property management expense	(5,331		)	(5,454		)
General and administrative expense	(3,239		)	(3,447		)
Interest and other non-property income	47			142
Interest expense	(15,716		)	(14,110		)
(Loss) gain on debt extinguishment	(169		)	20
Amortization of deferred financing costs	(804		)	(771		)
Net casualty gain (loss) after insurance and other settlement proceeds	16			(4		)
Gain (loss) from real estate joint ventures	54			(31		)
Discontinued operations	—			9,859
Net income attributable to noncontrolling interests	(825		)	(1,178		)
Net income attributable to MAA	$	21,180		$	23,890

Assets for each reportable segment as of March 31, 2013 and December 31, 2012, were as follows (dollars in thousands):

	March 31, 2013		December 31, 2012
Assets
Large Market Same Store	$	1,279,957	$	1,108,827
Secondary Market Same Store	812,641		654,315
Non-Same Store and Other	643,028		949,398
Corporate assets	39,382		38,528
Total assets	$	2,775,008	$	2,751,068