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Earnings Per OP Unit of MAALP (Tables)
 6 Months Ended
Jun. 30, 2014
Earnings Per OP Unit of MAALP [Abstract]  
Schedule of Earnings Per Unit, Basic and Diluted [Table Text Block]
Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units.


















































A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three and six months ended June 30, 2014 and 2013 is presented below:

(dollars and units in thousands, except per unit amounts)
Three months ended June 30,
 
Six months ended June 30,
 
2014
 
2013
 
2014
 
2013
Units Outstanding
 
 
 
 
 
 
 
Weighted average common units - basic
79,156

 
44,398

 
79,090

 
44,234

Effect of dilutive securities
—

(1) 
—

(1) 
162

 
60

Weighted average common units - diluted
79,156

 
44,398

 
79,252

 
44,294

 
 
 
 
 
 
 
 
Calculation of Earnings per Unit - basic
 
 
 
 
 

 
 

Income from continuing operations
$
29,302

 
$
16,214

 
$
36,000

 
$
36,437

Gain on sale of depreciable assets excluded from discontinued operations
3,658

 
—

 
6,222

 
—

(Loss) gain on sale of non-depreciable assets
(22
)
 
—

 
535

 
—

Income from continuing operations allocated to unvested restricted shares
(63
)
 
(14
)
 
(79
)
 
(32
)
Income from continuing operations available for common unitholders, adjusted
$
32,875

 
$
16,200

 
$
42,678

 
$
36,405

 
 
 
 
 
 
 
 
Income from discontinued operations
$
448

 
$
33,286

 
$
6,343

 
$
34,856

Income from discontinued operations allocated to unvested restricted shares
(1
)
 
(29
)
 
—

 
—

Income from discontinued operations available for common unitholders, adjusted
$
447

 
$
33,257

 
$
6,343

 
$
34,856

 
 
 
 
 
 
 
 
Weighted average common units - basic
79,156

 
44,398

 
79,090

 
44,234

Earnings per unit - basic:
$
0.42

 
$
1.11

 
$
0.62

 
$
1.61

 
 
 
 
 
 
 
 
Calculation of Earnings per Unit - diluted
 
 
 
 
 

 
 

Income from continuing operations
$
29,302

 
$
16,214

 
$
36,000

 
$
36,437

Gain on sale of depreciable assets
3,658

 
—

 
6,222

 
—

(Loss) gain on sale of non-depreciable assets
(22
)
 
—

 
535

 
—

Income from continuing operations allocated to unvested restricted shares
(63
)
(1) 
(14
)
(1) 
—

 
—

Income from continuing operations available for common unitholders, adjusted
$
32,875

 
$
16,200

 
$
42,757

 
$
36,437

 
 
 
 
 
 
 
 
Income from discontinued operations
$
448

 
$
33,286

 
$
6,343

 
$
34,856

Income from discontinued operations allocated to unvested restricted shares
(1
)
(1) 
(29
)
(1) 
—

 
—

Income from discontinued operations available for common unitholders, adjusted
$
447

 
$
33,257

 
$
6,343

 
$
34,856

 
 
 
 
 
 
 
 
Weighted average common units - diluted
79,156

 
44,398

 
79,252

 
44,294

Earnings per unit - diluted:
$
0.42

 
$
1.11

 
$
0.62

 
$
1.61


(1) Dilutive securities and the related income are not included in the diluted earnings per unit calculations as they were not dilutive.