Discontinued Operations

3 Months Ended

Mar. 31, 2015

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, 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, Colonial Village at Ashford Place, or Colonial Promenade Huntsville, which were sold during the year ended December 31, 2014, as discontinued operations. We also did not classify Vistas, Austin Chase, Fairways at Hartland, or Fountain Lake, which were sold during the three months ended March 31, 2015, as discontinued operations.

Willow Creek, one of the properties that we sold during the three months ended March 31, 2014, has 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 March 31, 2015 and 2014 and is classified as discontinued operations as well. We expect to complete the sale of Colonial Promenade Nord du Lac during the second quarter of 2015. 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, and thus are not subject to ASU 2014-08.

The following table lists the communities classified as discontinued operations in the Consolidated Statements of Operations:

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	Covington, 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, 2015 and 2014 (dollars in thousands):

	Three months ended March 31,
	2015		2014
Income from continuing operations:
Attributable to MAA	$	60,857	$	9,285
Attributable to noncontrolling interest	3,387		534
Income from continuing operations	$	64,244	$	9,819
Income from discontinued operations:
Attributable to MAA	$	410	$	5,581
Attributable to noncontrolling interest	23		314
Income from discontinued operations	$	433	$	5,895

The following is a summary of earnings from discontinued operations for MAA and MAALP for the three-month periods ended March 31, 2015 and 2014 (dollars in thousands):

	Three months ended March 31,
	2015		2014
Revenues
Rental revenues	$	742	$	832
Other revenues	—		(5		)
Total revenues	$	742	$	827
Expenses
Property operating expenses	$	256	$	314
Depreciation and amortization	—		42
Interest expense and other	53		55
Total expense	$	309	$	411
Income from discontinued operations before gain on sale	$	433	$	416
Net loss on insurance and other settlement proceeds on discontinued operations	—		(2		)
Gain on sale of discontinued operations	—		5,481
Income from discontinued operations	$	433	$	5,895