Discontinued Operations

3 Months Ended

Mar. 31, 2014

Notes To Financial Statements [Abstract]

Discontinued Operations

Discontinued Operations

In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. We adopted ASU 2014-08 during the period ending March 31, 2014. Due to the early adoption of ASU 2014-08, we did not classify Brookwood Mall, which was sold on March 30, 2014, as a discontinued operation.

Willow Creek, one of the properties that we sold during the three months ended March 31, 2014, as well as the eight properties sold by us during 2013, have been classified as discontinued operations in the Consolidated Statements of Operations. One additional property, Colonial Promenade Nord du Lac, that was classified as held for sale during the first quarter of 2014 was classified as a discontinued operation. Willow Creek and Colonial Promenade Nord du Lac are included in discontinued operations because they were shown in discontinued operations as of December 31, 2013, our latest fiscal year, and thus are not subject to ASU 2014-08.

The following table lists the communities classified as discontinued operations for the three months ended March 31, 2014:

Community	Units/Sq. Ft.	Date Sold	Location	Operating Segment
Willow Creek	285	January 15, 2014	Columbus, Georgia	Secondary market same store
Colonial Promenade Nord du Lac	195,536	Held for Sale	New Orleans, Louisiana	Non-same store and other

The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands):

	Three months ended March 31,
	2014		2013
Income from continuing operations:
Attributable to MAA (1)	$	9,285	$	19,463
Attributable to noncontrolling interest	534		760
Income from continuing operations	$	9,819	$	20,223
Income from discontinued operations:
Attributable to MAA	$	5,581	$	1,717
Attributable to noncontrolling interest	314		65
Income from discontinued operations	$	5,895	$	1,782

⁽¹⁾ Includes $3.1 million of gains related to the sale of real estate which are not included in continuing operations on the Condensed Consolidated Statements of Operations.

The following is a summary of earnings from discontinued operations for MAA for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands):

	Three months ended March 31,
	2014			2013
Revenues
Rental revenues	$	832		$	5,007
Other revenues	(5		)	439
Total revenues	827			5,446
Expenses
Property operating expenses	314			2,256
Depreciation and amortization	42			1,237
Interest expense and other	55			171
Total expense	411			3,664
Income from discontinued operations before gain on sale	416			1,782
Net loss on insurance and other settlement proceeds on discontinued operations	(2		)	—
Gain on sale of discontinued operations	5,481			—
Income from discontinued operations	$	5,895		$	1,782

The following is a summary of earnings from discontinued operations for MAALP for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands):

	Three months ended March 31,
	2014			2013
Revenues:
Rental revenues	$	832		$	4,434
Other revenues	(5		)	391
Total revenues	827			4,825
Expenses:
Property operating expenses	314			1,988
Depreciation and amortization	42			1,096
Interest expense and other	55			171
Total expenses	411			3,255
Income from discontinued operations before gain on sale	416			1,570
Net loss on insurance and other settlement proceeds on discontinued operations	(2		)	—
Gain on sale of discontinued operations	5,481			—
Income from discontinued operations	$	5,895		$	1,570