XML 39 R24.htm IDEA: XBRL DOCUMENT v3.22.2
MAALP Capital (Tables)
 6 Months Ended
Jun. 30, 2022
M A A L P Capital [Abstract]  
Summary of Changes in Total Capital and its Components

Changes in MAALP’s total capital and its components for the three months ended June 30, 2022 and 2021 were as follows (dollars in thousands):

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

Preferred
Units

 

 

General
Partner

 

 

Limited
Partners

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE MARCH 31, 2022

 

$

66,840

 

 

$

5,864,191

 

 

$

163,566

 

 

$

(11,103

)

 

$

19,849

 

 

$

6,103,343

 

Net income

 

 

922

 

 

 

209,780

 

 

 

5,858

 

 

 

—

 

 

 

—

 

 

 

216,560

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

277

 

 

 

—

 

 

 

277

 

Issuance of units

 

 

—

 

 

 

(453

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(453

)

Units repurchased and retired

 

 

—

 

 

 

(10,869

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,869

)

Redeemable units fair market value adjustment

 

 

—

 

 

 

4,227

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,227

 

Adjustment for limited partners’ capital at redemption value

 

 

—

 

 

 

360

 

 

 

(360

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

4,401

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,401

 

Distributions to preferred unitholders

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.2500 per unit)

 

 

—

 

 

 

(144,396

)

 

 

(4,002

)

 

 

—

 

 

 

—

 

 

 

(148,398

)

Distribution to noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(69

)

 

 

(69

)

CAPITAL BALANCE JUNE 30, 2022

 

$

66,840

 

 

$

5,927,241

 

 

$

165,062

 

 

$

(10,826

)

 

$

19,780

 

 

$

6,168,097

 

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

Preferred
Units

 

 

General
Partner

 

 

Limited
Partners

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE MARCH 31, 2021

 

$

66,840

 

 

$

5,750,074

 

 

$

204,336

 

 

$

(12,217

)

 

$

10,481

 

 

$

6,019,514

 

Net income

 

 

922

 

 

 

215,556

 

 

 

7,397

 

 

 

—

 

 

 

—

 

 

 

223,875

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

278

 

 

 

—

 

 

 

278

 

Issuance of units

 

 

—

 

 

 

(467

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(467

)

Units repurchased and retired

 

 

—

 

 

 

(7,313

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,313

)

General partnership units issued in exchange for limited
    partnership units

 

 

—

 

 

 

21,932

 

 

 

(21,932

)

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

—

 

 

 

(3,031

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,031

)

Adjustment for limited partners’ capital at redemption value

 

 

—

 

 

 

765

 

 

 

(765

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

4,151

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,151

 

Distributions to preferred unitholders

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.0250 per unit)

 

 

—

 

 

 

(117,872

)

 

 

(3,696

)

 

 

—

 

 

 

—

 

 

 

(121,568

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,131

 

 

 

6,131

 

CAPITAL BALANCE JUNE 30, 2021

 

$

66,840

 

 

$

5,863,795

 

 

$

185,340

 

 

$

(11,939

)

 

$

16,612

 

 

$

6,120,648

 

 

Changes in MAALP’s total capital and its components for the six months ended June 30, 2022 and 2021 were as follows (dollars in thousands):

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

Preferred
Units

 

 

General
Partner

 

 

Limited
Partners

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE DECEMBER 31, 2021

 

$

66,840

 

 

$

5,909,700

 

 

$

165,116

 

 

$

(11,382

)

 

$

23,614

 

 

$

6,153,888

 

Net income (loss)

 

 

1,844

 

 

 

319,660

 

 

 

8,926

 

 

 

—

 

 

 

(293

)

 

 

330,137

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

556

 

 

 

—

 

 

 

556

 

Issuance of units

 

 

—

 

 

 

(432

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(432

)

Units repurchased and retired

 

 

—

 

 

 

(14,031

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,031

)

Exercise of unit options

 

 

—

 

 

 

28

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28

 

General partnership units issued in exchange for limited
    partnership units

 

 

—

 

 

 

193

 

 

 

(193

)

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

—

 

 

 

6,760

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,760

 

Adjustment for limited partners’ capital at redemption value

 

 

—

 

 

 

1,306

 

 

 

(1,306

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

11,329

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,329

 

Distributions to preferred unitholders

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,844

)

Distributions to common unitholders ($2.3375 per unit)

 

 

—

 

 

 

(269,829

)

 

 

(7,481

)

 

 

—

 

 

 

—

 

 

 

(277,310

)

Acquisition of noncontrolling interest

 

 

—

 

 

 

(37,443

)

 

 

—

 

 

 

—

 

 

 

(5,627

)

 

 

(43,070

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,086

 

 

 

2,086

 

CAPITAL BALANCE JUNE 30, 2022

 

$

66,840

 

 

$

5,927,241

 

 

$

165,062

 

 

$

(10,826

)

 

$

19,780

 

 

$

6,168,097

 

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

Preferred
Units

 

 

General
Partner

 

 

Limited
Partners

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE DECEMBER 31, 2020

 

$

66,840

 

 

$

5,817,270

 

 

$

206,927

 

 

$

(12,496

)

 

$

9,848

 

 

$

6,088,389

 

Net income

 

 

1,844

 

 

 

261,827

 

 

 

9,068

 

 

 

—

 

 

 

—

 

 

 

272,739

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

557

 

 

 

—

 

 

 

557

 

Issuance of units

 

 

—

 

 

 

(333

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(333

)

Units repurchased and retired

 

 

—

 

 

 

(9,043

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,043

)

Exercise of unit options

 

 

—

 

 

 

1,466

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,466

 

General partnership units issued in exchange for limited
    partnership units

 

 

—

 

 

 

22,164

 

 

 

(22,164

)

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

—

 

 

 

(5,189

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,189

)

Adjustment for limited partners’ capital at redemption value

 

 

—

 

 

 

639

 

 

 

(639

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

10,144

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,144

 

Distributions to preferred unitholders

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,844

)

Distributions to common unitholders ($2.0500 per unit)

 

 

—

 

 

 

(235,150

)

 

 

(7,852

)

 

 

—

 

 

 

—

 

 

 

(243,002

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,764

 

 

 

6,764

 

CAPITAL BALANCE JUNE 30, 2021

 

$

66,840

 

 

$

5,863,795

 

 

$

185,340

 

 

$

(11,939

)

 

$

16,612

 

 

$

6,120,648