XML 83 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Parent Company [Member]
       
Operating revenues:        
Rental revenues $ 222,610 $ 121,128 $ 443,598 $ 238,833
Other property revenues 21,883 10,531 44,285 20,569
Total property revenues 244,493 131,659 487,883 259,402
Management fee income 61 142 158 319
Total operating revenues 244,554 131,801 488,041 259,721
Property operating expenses:        
Personnel 25,183 14,421 50,092 28,402
Building repairs and maintenance 7,184 3,874 13,583 7,003
Real estate taxes and insurance 30,686 15,958 61,817 31,446
Utilities 13,182 6,829 26,660 13,394
Landscaping 5,981 2,835 11,389 5,701
Other operating 15,406 8,904 31,444 17,396
Depreciation and amortization 69,631 32,222 159,644 64,417
Total property operating expenses 167,253 85,043 354,629 167,759
Acquisition expenses 947 489 958 499
Property management expenses 9,579 5,223 16,590 10,331
General and administrative expenses 5,212 3,389 9,554 6,628
Merger related expenses 795 5,737 2,871 5,737
Integration related expenses 3,151 0 6,993 0
Income from continuing operations before non-operating items 57,617 31,920 96,446 68,767
Interest and other non-property income 921 23 1,081 70
Interest expense (30,163) (15,189) (60,839) (30,734)
Loss on debt extinguishment/modification 0 0 0 (169)
Amortization of deferred financing costs (1,174) (803) (2,485) (1,607)
Net casualty (loss) gain and other settlement proceeds (295) 439 (305) 455
Income from continuing operations before income tax expense 26,906 16,390 33,898 36,782
Income Tax Expense (523) (223) (793) (446)
Income from Continuing Operations before Equity Method Investments 26,383 16,167 33,105 36,336
Gain from real estate joint ventures 2,919 47 2,895 101
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest 29,302 16,214 36,000 36,437
Discontinued operations:        
Income from discontinued operations before gain on sale 449 1,697 865 3,479
Net casualty loss on insurance and other settlement proceeds on discontinued operations (1) (4) (3) (4)
Gain on sale of discontinued operations 0 43,121 5,481 43,121
Income before Gain or Loss on Sale of Properties, and Extraordinary Items 29,750 61,028 42,343 83,033
Gain on Disposition of Property Plant Equipment 3,658 0 6,222 0
(Loss) Gain on Disposition of Other Assets (22) 0 535 0
Consolidated net income 33,386 61,028 49,100 83,033
Net Income Attributable to Noncontrolling Interest 1,773 1,939 2,621 2,764
Net income available for MAA common shareholders 31,613 59,089 46,479 80,269
Earnings per common share - basic:        
Income from continuing operations available for common shareholders $ 0.42 $ 0.37 $ 0.54 $ 0.82
Discontinued property operations $ 0.00 $ 1.01 $ 0.08 $ 1.07
Net income available for common shareholders $ 0.42 $ 1.38 $ 0.62 $ 1.89
Earnings per share - diluted:        
Income from continuing operations available for common shareholders $ 0.42 $ 0.36 $ 0.54 $ 0.82
Discontinued property operations $ 0.00 $ 1.01 $ 0.08 $ 1.05
Net income available for common shareholders $ 0.42 $ 1.37 $ 0.62 $ 1.87
Dividends declared per common share $ 0.7300 $ 0.6950 $ 1.4600 $ 1.3900
Distribution Made to Limited Partner, Distributions Declared, Per Unit     $ 1.4600 $ 1.3900
Limited Partner [Member]
       
Operating revenues:        
Rental revenues 222,610 121,128 443,598 238,833
Other property revenues 21,883 10,531 44,285 20,569
Total property revenues 244,493 131,659 487,883 259,402
Management fee income 61 142 158 319
Total operating revenues 244,554 131,801 488,041 259,721
Property operating expenses:        
Personnel 25,183 14,421 50,092 28,402
Building repairs and maintenance 7,184 3,874 13,583 7,003
Real estate taxes and insurance 30,686 15,958 61,817 31,446
Utilities 13,182 6,829 26,660 13,394
Landscaping 5,981 2,835 11,389 5,701
Other operating 15,406 8,904 31,444 17,396
Depreciation and amortization 69,631 32,222 159,644 64,417
Total property operating expenses 167,253 85,043 354,629 167,759
Acquisition expenses 947 489 958 499
Property management expenses 9,579 5,223 16,590 10,331
General and administrative expenses 5,212 3,389 9,554 6,628
Merger related expenses 795 5,737 2,871 5,737
Integration related expenses 3,151 0 6,993 0
Income from continuing operations before non-operating items 57,617 31,920 96,446 68,767
Interest and other non-property income 921 23 1,081 70
Interest expense (30,163) (15,189) (60,839) (30,734)
Loss on debt extinguishment/modification 0 0 0 (169)
Amortization of deferred financing costs (1,174) (803) (2,485) (1,607)
Net casualty (loss) gain and other settlement proceeds (295) 439 (305) 455
Income from continuing operations before income tax expense 26,906 16,390 33,898 36,782
Income Tax Expense (523) (223) (793) (446)
Income from Continuing Operations before Equity Method Investments 26,383 16,167 33,105 36,336
Gain from real estate joint ventures 2,919 47 2,895 101
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest 29,302 16,214 36,000 36,437
Discontinued operations:        
Income from discontinued operations before gain on sale 449 1,511 865 3,081
Net casualty loss on insurance and other settlement proceeds on discontinued operations (1) (4) (3) (4)
Gain on sale of discontinued operations 0 31,779 5,481 31,779
Income before Gain or Loss on Sale of Properties, and Extraordinary Items 29,750 49,500 42,343 71,293
Gain on Disposition of Property Plant Equipment 3,658 0 6,222 0
(Loss) Gain on Disposition of Other Assets (22) 0 535 0
Consolidated net income 33,386 49,500 49,100 71,293
Net Income Available to Common Unitholders, Basic $ 33,386 $ 49,500 $ 49,100 $ 71,293
Earnings per common share - basic:        
Income from continuing operations available for common shareholders $ 0.42 $ 0.36 $ 0.54 $ 0.82
Discontinued property operations $ 0.00 $ 0.75 $ 0.08 $ 0.79
Net income available for common shareholders $ 0.42 $ 1.11 $ 0.62 $ 1.61
Earnings per share - diluted:        
Income from continuing operations available for common shareholders $ 0.42 $ 0.36 $ 0.54 $ 0.82
Discontinued property operations $ 0.00 $ 0.75 $ 0.08 $ 0.79
Net income available for common shareholders $ 0.42 $ 1.11 $ 0.62 $ 1.61
Distribution Made to Limited Partner, Distributions Declared, Per Unit $ 0.7300 $ 0.6950 $ 1.4600 $ 1.3900