Discontinued Operations

9 Months Ended

Sep. 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, Colonial Village at Vista Ridge, Greenbrook, Colonial Village at Inverness, Colonial Village at Charleston Place, Colonial Village at Huntleigh Woods, or Colonial Village at Ashford Place, which were sold during the nine months ended September 30, 2014, as discontinued operations.

Willow Creek, one of the properties that we sold during the nine months ended September 30, 2014, as well as the nine 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, was classified as held for sale as of the end of the third quarter of 2014 and therefore was classified as a discontinued operation in the Consolidated Statements of Operations. We expect to complete the sale of Colonial Promenade Nord du Lac during the fourth 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 nine months ended September 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 nine-month periods ended September 30, 2014 and 2013 (dollars in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
Income from continuing operations:
Attributable to MAA	$	66,609	$	15,665	$	107,083	$	50,761
Attributable to noncontrolling interest	3,722		632		6,005		1,973
Income from continuing operations	$	70,331	$	16,297	$	113,088	$	52,734
Income from discontinued operations:
Attributable to MAA	$	367	$	28,619	$	6,372	$	73,792
Attributable to noncontrolling interest	21		1,140		359		2,563
Income from discontinued operations	$	388	$	29,759	$	6,731	$	76,355

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

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Revenues
Rental revenues	$	795		$	2,295		$	2,384		$	11,830
Other revenues	(2		)	243			(7		)	1,088
Total revenues	793			2,538			2,377			12,918
Expenses
Property operating expenses	256			1,132			856			5,496
Depreciation and amortization	—			342			42			2,553
Interest expense and other	49			92			126			418
Total expense	305			1,566			1,024			8,467
Income from discontinued operations before (loss) gain on sale	488			972			1,353			4,451
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	3			(1		)	—			(5		)
(Loss) gain on sale of discontinued operations	(103		)	28,788			5,378			71,909
Income from discontinued operations	$	388		$	29,759		$	6,731		$	76,355

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

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Revenues:
Rental revenues	$	795		$	2,287		$	2,384		$	10,782
Other revenues	(2		)	243			(7		)	998
Total revenues	793			2,530			2,377			11,780
Expenses:
Property operating expenses	256			1,123			856			4,991
Depreciation and amortization	—			342			42			2,317
Interest expense and other	49			92			126			418
Total expenses	305			1,557			1,024			7,726
Income from discontinued operations before (loss) gain on sale	488			973			1,353			4,054
Net gain (loss) on insurance and other settlement proceeds on discontinued operations	3			(1		)	—			(5		)
(Loss) gain on sale of discontinued operations	(103		)	28,806			5,378			60,585
Income from discontinued operations	$	388		$	29,778		$	6,731		$	64,634