Discontinued Operations

6 Months Ended

Jun. 30, 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, Ansley Village, Colonial Village at North Arlington, or Colonial Village at Vista Ridge, which were sold during the six months ended June 30, 2014, as discontinued operations.

Willow Creek, one of the properties that we sold during the six months ended June 30, 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 second quarter of 2014 was classified as a discontinued operation. We expect to complete the sale of Colonial Promenade Nord du Lac during the third quarter of 2014. 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 six months ended June 30, 2014:

Community	Units/Sq. Ft.	Date Sold	Location	Operating Segment
Willow Creek	285	January 15, 2014	Columbus, Georgia	Non-same store and other
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- and six-month periods ended June 30, 2014 and 2013 (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
Income from continuing operations:
Attributable to MAA (1)	$	31,189	$	15,634	$	40,474	$	35,096
Attributable to noncontrolling interest	1,749		580		2,283		1,341
Income from continuing operations	$	32,938	$	16,214	$	42,757	$	36,437
Income from discontinued operations:
Attributable to MAA	$	424	$	43,455	$	6,005	$	45,173
Attributable to noncontrolling interest	24		1,359		338		1,423
Income from discontinued operations	$	448	$	44,814	$	6,343	$	46,596

⁽¹⁾ The three and six month periods ended June 30, 2014 include $3.6 million and $6.8 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- and six-month periods ended June 30, 2014 and 2013 (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Revenues
Rental revenues	$	757		$	4,528		$	1,589		$	9,535
Other revenues	—			406			(5		)	845
Total revenues	757			4,934			1,584			10,380
Expenses
Property operating expenses	286			2,108			600			4,364
Depreciation and amortization	—			974			42			2,211
Interest expense and other	22			155			77			326
Total expense	308			3,237			719			6,901
Income from discontinued operations before gain on sale	449			1,697			865			3,479
Net loss on insurance and other settlement proceeds on discontinued operations	(1		)	(4		)	(3		)	(4		)
Gain on sale of discontinued operations	—			43,121			5,481			43,121
Income from discontinued operations	$	448		$	44,814		$	6,343		$	46,596

The following is a summary of earnings from discontinued operations for MAALP for the three- and six-month periods ended June 30, 2014 and 2013 (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Revenues:
Rental revenues	$	757		$	4,061		$	1,589		$	8,495
Other revenues	—			364			(5		)	755
Total revenues	757			4,425			1,584			9,250
Expenses:
Property operating expenses	286			1,880			600			3,868
Depreciation and amortization	—			879			42			1,975
Interest expense and other	22			155			77			326
Total expenses	308			2,914			719			6,169
Income from discontinued operations before gain on sale	449			1,511			865			3,081
Net loss on insurance and other settlement proceeds on discontinued operations	(1		)	(4		)	(3		)	(4		)
Gain on sale of discontinued operations	—			31,779			5,481			31,779
Income from discontinued operations	$	448		$	33,286		$	6,343		$	34,856