Segment Information

12 Months Ended

Dec. 31, 2021

Notes To Financial Statements [Abstract]

Segment Information

13.Segment Information

As of December 31, 2021, the Company owned and operated 290 multifamily apartment communities (which does not include development communities under construction) in 15 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a 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 the apartment communities generally has similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

•Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year.

•Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities.

On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% average physical occupancy for 90 days. Communities that have been identified for disposition are excluded from the Same Store segment.

The chief operating decision maker utilizes NOI in evaluating the performance of its operating 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. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.

Revenues and NOI for each reportable segment for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):

Revenues:	2021			2020			2019
Same Store
Rental revenues	$	1,690,770		$	1,601,812		$	1,526,101
Other property revenues		11,971			11,557			12,174
Total Same Store revenues		1,702,741			1,613,369			1,538,275
Non-Same Store and Other
Rental revenues		74,432			64,401			101,503
Other property revenues		909			214			1,239
Total Non-Same Store and Other revenues		75,341			64,615			102,742
Total rental and other property revenues	$	1,778,082		$	1,677,984		$	1,641,017
Net Operating Income:
Same Store NOI	$	1,064,308		$	1,001,919		$	968,190
Non-Same Store and Other NOI		42,609			35,594			59,982
Total NOI		1,106,917			1,037,513			1,028,172
Depreciation and amortization		(533,433	)		(510,842	)		(496,843	)
Property management expenses		(55,732	)		(52,300	)		(55,011	)
General and administrative expenses		(52,884	)		(46,858	)		(43,845	)
Interest expense		(156,881	)		(167,562	)		(179,847	)
Gain on sale of depreciable real estate assets		220,428			9			80,988
Gain on sale of non-depreciable real estate assets		811			1,024			12,047
Other non-operating income		33,902			4,857			22,999
Income tax expense		(13,637	)		(3,327	)		(3,696	)
Income from real estate joint venture		1,211			1,501			1,654
Net income attributable to noncontrolling interests		(16,911	)		(9,053	)		(12,807	)
Dividends to MAA Series I preferred shareholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders	$	530,103		$	251,274		$	350,123

Assets for each reportable segment as of December 31, 2021 and 2020 were as follows (in thousands):

Assets:	December 31, 2021		December 31, 2020
Same Store	$	9,832,347	$	10,076,511
Non-Same Store and Other		1,181,432		937,375
Corporate assets		271,403		180,905
Total assets	$	11,285,182	$	11,194,791