Earnings from Discontinued Operations

12 Months Ended

Dec. 31, 2014

Notes To Financial Statements [Abstract]

EARNINGS FROM DISCONTINUED OPERATIONS

EARNINGS FROM 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, none of the wholly owned multifamily real estate dispositions for the years ended December 31, 2016 and December 31, 2015 were classified as discontinued operations, and the majority of the wholly owned multifamily real estate dispositions for the year ended December 31, 2014 were not classified as discontinued operations.

One of the ten properties that we sold during 2014, Willow Creek, was classified as discontinued operations in the accompanying Consolidated Statements of Operations. Willow Creek was included in discontinued operations because it had been designated as held for sale and was shown in discontinued operations as of December 31, 2013, and thus was not subject to ASU 2014-08.

As a result of the adoption of ASU No. 2014-08, the Company did not report any discontinued operations for the year ended December 31, 2016 or the year ended December 31, 2015. The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands):

	2016		2015		2014
Income from continuing operations:
Net Income available for shareholders	$	212,222	$	332,287	$	142,933
Attributable to noncontrolling interest	12,180		18,458		8,013
Income from continuing operations	$	224,402	$	350,745	$	150,946
Income from discontinued operations:
Attributable to MAA	$	—	$	—	$	5,047
Attributable to noncontrolling interest	—		—		284
Income from discontinued operations	$	—	$	—	$	5,331

The following is a summary of earnings from discontinued operations for MAA and MAALP for the year ended December 31, 2014 (dollars in thousands):

	2014
Revenues:
Rental revenues	$	75
Other revenues	10
Total revenues	85
Expenses:
Property operating expenses	74
Depreciation and amortization	42
Interest expense	32
Total expenses	148
Income from discontinued operations before gain on sale	(63		)
Gain on sale of discontinued operations	5,394
Income from discontinued operations	$	5,331