XML 75 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Parent Company [Member]        
Operating revenues:        
Rental revenues $ 236,165 $ 223,361 $ 471,106 $ 445,111
Other property revenues 22,726 21,883 46,337 44,285
Total property revenues 258,891 245,244 517,443 489,396
Management fee income 0 61 0 143
Total operating revenues 258,891 245,305 517,443 489,539
Property operating expenses:        
Personnel 25,872 25,195 51,533 50,118
Building repairs and maintenance 7,778 7,533 14,403 14,298
Real estate taxes and insurance 32,805 30,829 66,126 62,103
Utilities 21,596 21,559 43,673 43,141
Landscaping 5,687 6,040 11,132 11,489
Other operating 7,118 6,742 14,638 14,377
Depreciation and amortization 74,396 69,631 147,508 159,644
Total property operating expenses 175,252 167,529 349,013 355,170
Acquisition expense 1,159 947 1,499 958
Property management expenses 6,986 9,579 15,478 16,590
General and administrative expenses 6,657 5,212 13,224 9,554
Merger related expenses 0 795 0 2,871
Integration related expenses 0 3,151 0 6,993
Income from continuing operations before non-operating items 68,837 58,092 138,229 97,403
Interest and other non-property (expense) income 29 899 (180) 1,040
Interest expense (29,528) (30,163) (59,459) (60,839)
Loss on debt extinguishment (3) 0 (3,379) 0
Amortization of deferred financing costs (905) (1,174) (1,822) (2,485)
Net casualty loss after insurance and other settlement proceeds 510 (295) 490 (305)
Gain on sale of depreciable real estate assets excluded from discontinued operations 105,182 3,658 135,410 6,222
Gain on sale of non-depreciable real estate assets 172 (22) 172 535
Income before income tax expense 144,294 30,995 209,461 41,571
Income tax expense (398) (523) (907) (793)
Income from continuing operations before joint venture activity 143,896 30,472 208,554 40,778
Gain (loss) from real estate joint ventures (23) 2,919 (4) 2,895
Income from continuing operations 143,873 33,391 208,550 43,673
Discontinued operations:        
Income from discontinued operations before gain on sale 0 (4) 0 (51)
Loss from Insurance Settlement and Other, Discontinued Operations 0 (1) 0 (3)
Gain on sale of discontinued operations 0 0 0 5,481
Consolidated net income 143,873 33,386 208,550 49,100
Net income attributable to noncontrolling interests 7,574 1,773 10,984 2,621
Net income available for MAA common shareholders $ 136,299 $ 31,613 $ 197,566 $ 46,479
Earnings per common share - basic:        
Income from continuing operations available for common shareholders $ 1.81 $ 0.42 $ 2.62 $ 0.55
Discontinued property operations 0.00 0.00 0.00 0.07
Net income available for common shareholders 1.81 0.42 2.62 0.62
Earnings per common share - diluted:        
Income from continuing operations available for common shareholders 1.81 0.42 2.62 0.55
Discontinued property operations 0.00 0.00 0.00 0.07
Net income available for common shareholders 1.81 0.42 2.62 0.62
Dividends declared per common share $ 0.77 $ 0.73 1.54 1.46
Distribution Made to Limited Partner, Distributions Declared, Per Unit     $ 1.54 $ 1.46
Limited Partner [Member]        
Operating revenues:        
Rental revenues $ 236,165 $ 223,361 $ 471,106 $ 445,111
Other property revenues 22,726 21,883 46,337 44,285
Total property revenues 258,891 245,244 517,443 489,396
Management fee income 0 61 0 143
Total operating revenues 258,891 245,305 517,443 489,539
Property operating expenses:        
Personnel 25,872 25,195 51,533 50,118
Building repairs and maintenance 7,778 7,533 14,403 14,298
Real estate taxes and insurance 32,805 30,829 66,126 62,103
Utilities 21,596 21,559 43,673 43,141
Landscaping 5,687 6,040 11,132 11,489
Other operating 7,118 6,742 14,638 14,377
Depreciation and amortization 74,396 69,631 147,508 159,644
Total property operating expenses 175,252 167,529 349,013 355,170
Acquisition expense 1,159 947 1,499 958
Property management expenses 6,986 9,579 15,478 16,590
General and administrative expenses 6,657 5,212 13,224 9,554
Merger related expenses 0 795 0 2,871
Integration related expenses 0 3,151 0 6,993
Income from continuing operations before non-operating items 68,837 58,092 138,229 97,403
Interest and other non-property (expense) income 29 899 (180) 1,040
Interest expense (29,528) (30,163) (59,459) (60,839)
Loss on debt extinguishment (3) 0 (3,379) 0
Amortization of deferred financing costs (905) (1,174) (1,822) (2,485)
Net casualty loss after insurance and other settlement proceeds 510 (295) 490 (305)
Gain on sale of depreciable real estate assets excluded from discontinued operations 105,182 3,658 135,410 6,222
Gain on sale of non-depreciable real estate assets 172 (22) 172 535
Income before income tax expense 144,294 30,995 209,461 41,571
Income tax expense (398) (523) (907) (793)
Income from continuing operations before joint venture activity 143,896 30,472 208,554 40,778
Gain (loss) from real estate joint ventures (23) 2,919 (4) 2,895
Income from continuing operations 143,873 33,391 208,550 43,673
Discontinued operations:        
Income from discontinued operations before gain on sale 0 (4) 0 (51)
Loss from Insurance Settlement and Other, Discontinued Operations 0 (1) 0 (3)
Gain on sale of discontinued operations 0 0 0 5,481
Consolidated net income 143,873 33,386 208,550 49,100
Net income available for Mid-America Apartments, L.P. common unitholders $ 143,873 $ 33,386 $ 208,550 $ 49,100
Earnings per common share - basic:        
Income from continuing operations available for common shareholders $ 1.81 $ 0.42 $ 2.62 $ 0.55
Discontinued property operations 0.00 0.00 0.00 0.07
Net income available for common shareholders 1.81 0.42 2.62 0.62
Earnings per common share - diluted:        
Income from continuing operations available for common shareholders 1.81 0.42 2.62 0.55
Discontinued property operations 0.00 0.00 0.00 0.07
Net income available for common shareholders 1.81 0.42 2.62 0.62
Distribution Made to Limited Partner, Distributions Declared, Per Unit $ 0.77 $ 0.73 $ 1.54 $ 1.46