Earnings Per OP Unit of MAALP (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Unit

For the three months ended March 31, 2023 and 2022, 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 March 31,
	2023			2022
Calculation of Earnings per common unit - basic
Net income	$	139,574		$	113,577
Net loss attributable to noncontrolling interests		—			293
Unvested restricted units (allocation of earnings)		(60	)		(79	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)
Net income available for MAALP common unitholders, adjusted	$	138,592		$	112,869
Weighted average common units - basic		119,340			118,462
Earnings per common unit - basic	$	1.16		$	0.95
Calculation of Earnings per common unit - diluted
Net income	$	139,574		$	113,577
Net loss attributable to noncontrolling interests		—			293
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)
Net income available for MAALP common unitholders, adjusted	$	138,652		$	112,948
Weighted average common units - basic		119,340			118,462
Effect of dilutive securities		220			459
Weighted average common units - diluted		119,560			118,921
Earnings per common unit - diluted	$	1.16		$	0.95