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Segment Information
 9 Months Ended
Sep. 30, 2016
Notes To Financial Statements [Abstract]  
Segment Information
Segment Information

As of September 30, 2016, we owned 251 multifamily apartment communities in 15 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations of each of our apartment communities on a Large Market Same Store, Secondary Market Same Store, and Non-Same Store and Other basis, as well as an individual apartment community basis. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. The following are the three reportable operating segments for MAA and the Operating Partnership:

•
Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and have been stabilized for at least a full 12 months.
•
Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months.
•
Non same store communities and other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have had a significant casualty loss resulting in units not available for lease. Also included in non same store communities are non-multifamily activities, which represent less than 1% of our portfolio.

On the first day of each calendar year, we determine the composition of our same store operating segments for that year as well as adjust the previous year, which allows us to evaluate full period-over-period operating comparisons.  Properties in development or lease-up will be added to the same store portfolio on the first day of the calendar year after they have been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% occupancy for 90 days. Communities that have been identified for disposition are excluded from our same store portfolio.

We utilize net operating income, or NOI, in evaluating the performance of the segments.  Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.
A redevelopment community is a community with a specific plan in place to upgrade at least half of the community's units over a period of time with new finishes, fixtures, and appliances, among other upgrades.  These plans include spending a pre-defined amount of capital per unit to achieve a rent increase as a result of the upgrades.  We separately identify redevelopment communities that would cause a material distortion of normal same store operating results. Routine renovations occur at a property as items need to be replaced as a normal part of operations and is done with an expectation to maintain the current level of quality at the property. There is no specified plan in place for routine renovations.

Revenues and NOI for each reportable segment for the three- and nine- month periods ended September 30, 2016 and 2015 were as follows (dollars in thousands):
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Large Market Same Store
$
163,688

 
$
156,947

 
$
483,392

 
$
459,841

Secondary Market Same Store
85,188

 
83,295

 
253,013

 
245,034

Non-Same Store and Other
28,022

 
21,756

 
81,745

 
74,566

Total operating revenues
$
276,898

 
$
261,998

 
$
818,150

 
$
779,441

 
 
 
 
 
 
 
 
NOI:
 

 
 

 
 

 
 

Large Market Same Store
$
100,245

 
$
95,887

 
$
297,943

 
$
280,582

Secondary Market Same Store
52,917

 
51,819

 
158,613

 
152,307

Non-Same Store and Other
17,090

 
12,693

 
51,112

 
43,449

Total NOI
170,252

 
160,399

 
507,668

 
476,338

Depreciation and amortization
(76,959
)
 
(73,098
)
 
(227,829
)
 
(220,606
)
Acquisition expenses
(1,033
)
 
(656
)
 
(2,167
)
 
(2,155
)
Property management expenses
(7,908
)
 
(7,628
)
 
(25,221
)
 
(23,106
)
General and administrative expenses
(6,661
)
 
(5,879
)
 
(20,257
)
 
(19,103
)
Merger-related expenses
(3,901
)
 
—

 
(3,901
)
 
—

Interest and other non-property income (expense)
64

 
(179
)
 
159

 
(359
)
Interest expense
(32,168
)
 
(30,229
)
 
(96,418
)
 
(91,511
)
(Loss) gain on debt extinguishment/modification
—

 
(5
)
 
3

 
(3,384
)
Gain on sale of depreciable real estate assets
47,749

 
54,621

 
48,572

 
190,031

Net casualty (loss) gain after insurance and other settlement proceeds
(75
)
 
(5
)
 
738

 
485

Income tax expense
(454
)
 
(512
)
 
(1,200
)
 
(1,419
)
Gain on sale of non-depreciable real estate assets
—

 
—

 
2,170

 
172

(Loss) gain from real estate joint ventures
—

 
(1
)
 
27

 
(5
)
Net income attributable to noncontrolling interests
(4,627
)
 
(5,094
)
 
(9,508
)
 
(16,078
)
Net income available for MAA common shareholders
$
84,279

 
$
91,734

 
$
172,836

 
$
289,300



Assets for each reportable segment as of September 30, 2016 and December 31, 2015, were as follows (dollars in thousands):

 
September 30, 2016
 
December 31, 2015
Assets:
 
 
 
Large Market Same Store
$
3,653,852

 
$
3,768,455

Secondary Market Same Store
1,570,150

 
1,661,956

Non-Same Store and Other
1,598,139

 
1,344,833

Corporate assets
59,172

 
72,537

Total assets
$
6,881,313

 
$
6,847,781


The decreases in the Large and Secondary Market Same Store categories and the increases in the Non-Same Store category as of September 30, 2016, as compared to December 31, 2015, are due to properties identified for disposition in 2016 being removed from the Same Store categories.