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Real Estate Acquisition and Disposition
9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
Real Estate Acquisitions and Dispositions

12. Real Estate Acquisitions and Dispositions

During the nine months ended September 30, 2022, the Company acquired a 196-unit multifamily apartment community located in the Tampa, Florida market for approximately $73 million and a 344-unit multifamily apartment community located in the Charlotte, North Carolina market for approximately $140 million. The following table reflects the Company’s acquisition activity for the nine months ended September 30, 2022:

Multifamily Acquisitions

 

Market

 

Units

 

Date Acquired

MAA Hampton Preserve II

 

Tampa, FL

 

196

 

July 2022

MAA LoSo

 

Charlotte, NC

 

344

 

September 2022

 

 

 

 

 

 

 

Land Acquisitions

 

Market

 

Acres

 

Date Acquired

MAA Florida Street Station

 

Denver, CO

 

4

 

March 2022

MAA Packing District

 

Orlando, FL

 

4

 

May 2022

MAA Panorama

 

Denver, CO

 

6

 

July 2022

During the nine months ended September 30, 2022, the Company closed on two dispositions in the Fort Worth, Texas market and received combined gross proceeds of approximately $167 million and recognized a combined gain on the sale of depreciable real estate assets of approximately $132 million. The following table reflects the Company’s disposition activity for the nine months ended September 30, 2022:

Multifamily Dispositions

 

Market

 

Units

 

Date Sold

MAA Deer Run

 

Fort Worth, TX

 

304

 

June 2022

MAA Oakbend

 

Fort Worth, TX

 

426

 

June 2022

 

 

 

 

 

 

 

Land Dispositions

 

Market

 

Acres

 

Date Sold

Colonial Promenade

 

Huntsville, AL

 

2

 

April 2022

Colonial Promenade

 

Huntsville, AL

 

3

 

August 2022

As of September 30, 2022, a 396-unit multifamily apartment community located in Maryland was classified as held for sale. The criteria for classifying the community as held for sale were met during September 2022, and the property remained in our portfolio as of September 30, 2022. As a result, the assets and liabilities associated with the community were presented as “Assets held for sale” in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2022. Subsequent to the September 30, 2022 balance sheet date, but prior to the filing date of this Quarterly Report on Form 10-Q, the Company closed on the disposition of the community and received gross proceeds of approximately $104 million, resulting in an expected gain on the sale of depreciable real estate assets of approximately $37 million that will be recorded in the fourth quarter of 2022.