XML 46 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2017
Notes To Financial Statements [Abstract]  
Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk
As of March 31, 2017, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
Interest Rate Derivative
 
Number of Instruments
 
Notional Amount
Interest Rate Caps
 
2
 
$
50,000,000

  Interest Rate Swaps(1)
 
16
 
$
700,000,000
Effect of Derivative Instruments on Consolidated Statement of Operations
Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

The table below presents the effect of our derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016 (dollars in thousands):
Derivatives in Cash Flow Hedging Relationships
 
Amount of Gain or (Loss)
Recognized in 
OCI on Derivative 
(Effective Portion)
 
Location of Gain or
(Loss) Reclassified 
from Accumulated
OCI into Income
(Effective Portion)
 
Amount of (Loss)
Reclassified from
Accumulated 
OCI into Interest Expense 
(Effective Portion)
 
Location of 
(Loss) Recognized in
Income on Derivative
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing)
 
Amount of (Loss) Recognized in Interest Expense (Ineffective
Portion and Amount
Excluded from
Effectiveness  Testing)
Three months ended March 31,
 
2017
 
2016
 
 
 
2017
 
2016
 
 
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
2,520

 
$
(3,705
)
 
Interest Expense
 
$
(672
)
 
$
(1,186
)
 
Interest Expense
 
$
(3
)
 
$
(43
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
Location of Loss Recognized in Income on Derivative
 
Amount of Loss Recognized in Income on Derivative
Three months ended March 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock embedded derivative
 
 
 
 
 
 
 
 
 
 
 
Interest and other non-property expense
 
$
2,353

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Other Comprehensive Income

MAA's other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The chart below shows the change in the balance for the three months ended March 31, 2017 and 2016 (dollars in thousands):
Changes in Accumulated Other Comprehensive Income (Loss) by Component
 
 
Affected Line Item in the Condensed Consolidated Statements Of Operations
 
Gains and Losses on Cash Flow Hedges
For the three months ended March 31,
 
 
2017
 
2016
Beginning balance
 
 
 
$
1,144

 
$
(1,589
)
Other comprehensive income (loss) before reclassifications
 
 
 
2,520

 
(3,705
)
Amounts reclassified from accumulated other comprehensive income (interest rate contracts)
 
Interest expense
 
672

 
1,186

Net current-period other comprehensive (loss) income attributable to noncontrolling interests
 
 
 
(113
)
 
132

Net current-period other comprehensive income (loss) attributable to MAA
 
 
 
3,079

 
(2,387
)
Ending balance
 
 
 
$
4,223

 
$
(3,976
)