Discontinued Operations

9 Months Ended

Sep. 30, 2013

Notes To Financial Statements [Abstract]

Discontinued Operations

Discontinued Operations

The eight properties that we sold during the nine months ended September 30, 2013 as well as the nine properties sold by us during 2012 have been classified as discontinued operations in the Consolidated Statement of Operations.

The following table lists the communities classified as discontinued operations for the nine months ended September 30, 2013:

Community	Number of Units	Date Sold	Location	Operating Segment
Woodbridge at the Lake	188	May 15, 2013	Jacksonville, Florida	Large market same store
Savannahs at James Landing	256	June 13, 2013	Melbourne, Florida	Secondary market same store
High Ridge	160	June 13, 2013	Athens, Georgia	Secondary market same store
TPC Jacksonville	440	June 20, 2013	Jacksonville, Florida	Large market same store
Marsh Oaks	120	August 15, 2013	Jacksonville, Florida	Large market same store
Three Oaks	240	September 11, 2013	Valdosta, Georgia	Secondary market same store
Wildwood	216	September 11, 2013	Thomasville, Georgia	Secondary market same store
Shenandoah Ridge	272	September 30, 2013	Augusta, Georgia	Secondary market same store

During the three months ended June 30, 2013, we reported the 113-unit Fountain Lake apartment community as held for sale in the Condensed Consolidated Balance Sheet and in discontinued operations in our Condensed Consolidated Statement of Operations. As of September 30, 2013, we are no longer actively marketing this community and as a result Fountain Lake was classified as held for use and therefore is not included in the discontinued operation line in the Consolidated Statement of Operations as of September 30, 2013. Fountain Lake is valued at its carrying amount before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held for use, on the Condensed Consolidated Balance Sheet.

The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the three- and nine-month periods ended September 30, 2013 and 2012 (dollars in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Income from continuing operations:
Attributable to MAA	$	15,974	$	14,668	$	52,211	$	42,164
Attributable to noncontrolling interest	645		466		1,535		1,731
Income from continuing operations	$	16,619	$	15,134	$	53,746	$	43,895
Income from discontinued operations:
Attributable to MAA	$	28,310	$	16,198	$	72,342	$	40,752
Attributable to noncontrolling interest	1,127		746		3,001		1,971
Income from discontinued operations	$	29,437	$	16,944	$	75,343	$	42,723

The following is a summary of discontinued operations for the three- and nine-month periods ended September 30, 2013 and 2012 (dollars in thousands):

	Three months ended September 30,					Nine months ended September 30,
	2013			2012		2013			2012
Revenues
Rental revenues	$	1,386		$	5,108	$	9,084		$	19,659
Other revenues	119			449		709			1,834
Total revenues	1,505			5,557		9,793			21,493
Expenses
Property operating expenses	680			3,073		4,147			10,702
Depreciation and amortization	110			1,421		1,856			5,401
Interest expense	65			310		351			1,184
Total expense	855			4,804		6,354			17,287
Income from discontinued operations before gain on sale	650			753		3,439			4,206
Net (loss) gain on insurance and other settlement proceeds on discontinued operations	(1		)	99		(5		)	43
Gain on sale of discontinued operations	28,788			16,092		71,909			38,474
Income from discontinued operations	$	29,437		$	16,944	$	75,343		$	42,723