Earnings from Discontinued Operations

12 Months Ended

Dec. 31, 2013

Notes To Financial Statements [Abstract]

EARNINGS FROM DISCONTINUED OPERATIONS

EARNINGS FROM DISCONTINUED OPERATIONS

The nine properties that we sold in 2013, the nine properties sold during 2012, and the two properties sold during 2011 have been classified as discontinued operations in the Consolidated Statements of Operations. Two additional properties that were classified as held for sale during the fourth quarter of 2013 are classified as discontinued operations as well.

The following table lists the communities classified as discontinued operations for the year ended December 31, 2013:

Community	Number of Units/Sq. Ft.	Date Sold	Location	Operating Segment
Woodbridge at the Lake	188	May 15, 2013	Jacksonville, Florida	Large market same store
Savannahs at James Landing (1)	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
Whispering Pines	216	October 31, 2013	LaGrange, Georgia	Secondary market same store
Willow Creek	285	Held for Sale	Columbus, Georgia	Secondary market same store
Colonial Promenade Nord du Lac	282,946	Held for Sale	New Orleans, Louisiana	Non-same store and other

⁽¹⁾ Note that Savannahs at James Landing was owned by MAA and not MAALP. Based on such, its results of operations are only included in the discontinued operations of MAA, and not those of MAALP.

The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):

	2013		2012		2011
Income from continuing operations:
Attributable to MAA	$	36,146	$	58,790	$	27,435
Attributable to noncontrolling interest	1,131		2,414		1,267
Income from continuing operations	$	37,277	$	61,204	$	28,702
Income from discontinued operations:
Attributable to MAA	$	79,135	$	46,433	$	21,386
Attributable to noncontrolling interest	2,867		2,188		1,143
Income from discontinued operations	$	82,002	$	48,621	$	22,529

The following is a summary of earnings from discontinued operations for MAA for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):

	2013		2012		2011
Revenues:
Rental revenues	$	13,255	$	27,598	$	39,923
Other revenues	1,189		2,706		4,184
Total revenues	14,444		30,304		44,107
Expenses:
Property operating expenses	6,205		14,066		21,274
Depreciation and amortization	2,716		7,433		10,418
Interest expense	458		1,867		2,673
Total expenses	9,379		23,366		34,365
Income from discontinued operations before gain on sale	5,065		6,938		9,742
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	93		48		(12		)
Gain on sale of discontinued operations	76,844		41,635		12,799
Income from discontinued operations	$	82,002	$	48,621	$	22,529

The following is a summary of earnings from discontinued operations for MAALP for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):

	2013		2012		2011
Revenues:
Rental revenues	$	12,202	$	25,374	$	37,760
Other revenues	1,099		2,514		3,990
Total revenues	13,301		27,888		41,750
Expenses:
Property operating expenses	5,709		12,997		20,219
Depreciation and amortization	2,480		6,880		9,854
Interest expense	458		1,858		2,578
Total expenses	8,647		21,735		32,651
Income from discontinued operations before gain on sale	4,654		6,153		9,099
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	93		48		(12		)
Gain on sale of discontinued operations	65,520		41,635		12,799
Income from discontinued operations	$	70,267	$	47,836	$	21,886