Earnings Per OP Unit of MAALP (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Unit

For the three and nine months ended September 30, 2022 and 2021, 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):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common unit - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Unvested restricted units (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,699		$	86,045		$	453,059		$	356,661
Weighted average common units - basic		118,564			118,430			118,528			118,389
Earnings per common unit - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common unit - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,781		$	86,125		$	453,367		$	357,020
Weighted average common units - basic		118,564			118,430			118,528			118,389
Effect of dilutive securities		205			296			267			305
Weighted average common units - diluted		118,769			118,726			118,795			118,694
Earnings per common unit - diluted	$	1.05		$	0.73		$	3.82		$	3.01