Earnings Per OP Unit of MAALP (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Diluted Earnings per Common Unit

For the years ended December 31, 2021, 2020 and 2019, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts):

Calculation of Earnings per common unit – basic	2021			2020			2019
Net income	$	550,702		$	264,015		$	366,618
Net income attributable to noncontrolling interests		—			—			(136	)
Unvested restricted units (allocation of earnings)		(539	)		(338	)		(519	)
Preferred unit distributions		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	546,475		$	259,989		$	362,275
Weighted average common units – basic		118,400			118,248			117,944
Earnings per common unit – basic	$	4.62		$	2.20		$	3.07
Calculation of Earnings per common unit – diluted
Net income	$	550,702		$	264,015		$	366,618
Net income attributable to noncontrolling interests		—			—			(136	)
Preferred unit distributions		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	547,014		$	260,327		$	362,794
Weighted average common units – basic		118,400			118,248			117,944
Effect of dilutive securities		322			312			259
Weighted average common units – diluted		118,722			118,560			118,203
Earnings per common unit – diluted	$	4.61		$	2.20		$	3.07