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Segment Information (Tables)
12 Months Ended
Dec. 31, 2021
Notes To Financial Statements [Abstract]  
Revenues and NOI for Reportable Segment

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 Reportable Segment

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