MAALP Capital

6 Months Ended

Jun. 30, 2023

M A A L P Capital [Abstract]

MAALP Capital

5. MAALP Capital

Changes in MAALP’s total capital and its components for the three months ended June 30, 2023 and 2022 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2023	$	6,126,498		$	166,309		$	66,840		$	(9,990	)	$	21,320	$	6,370,977
Net income		144,766			3,969			922			—			—		149,657
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		(841	)		—			—			—			—		(841	)
Units repurchased and retired		(5,920	)		—			—			—			—		(5,920	)
General partnership units issued in exchange for limited     partnership units		52			(52	)		—			—			—		—
Redeemable units fair market value adjustment		(129	)		—			—			—			—		(129	)
Adjustment for limited partners’ capital at redemption value		182			(182	)		—			—			—		—
Amortization of unearned compensation		3,792			—			—			—			—		3,792
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4000 per unit)		(163,430	)		(4,418	)		—			—			—		(167,848	)
Contribution from noncontrolling interest		—			—			—			—			1,009		1,009
CAPITAL BALANCE JUNE 30, 2023	$	6,104,970		$	165,626		$	66,840		$	(9,712	)	$	22,329	$	6,350,053

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities			Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2022	$	5,864,191		$	163,566		$	66,840		$	(11,103	)	$	19,849		$	6,103,343
Net income		209,780			5,858			922			—			—			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	$	5,927,241		$	165,062		$	66,840		$	(10,826	)	$	19,780		$	6,168,097

Changes in MAALP’s total capital and its components for the six months ended June 30, 2023 and 2022 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2022	$	5,948,498		$	163,595		$	66,840		$	(10,268	)	$	21,064	$	6,189,729
Net income		279,754			7,633			1,844			—			—		289,231
Other comprehensive income - derivative instruments		—			—			—			556			—		556
Issuance of units		203,056			—			—			—			—		203,056
Units repurchased and retired		(7,840	)		—			—			—			—		(7,840	)
General partnership units issued in exchange for limited     partnership units		531			(531	)		—			—			—		—
Units issued in exchange for redeemable stock		581			—			—			—			—		581
Redeemable units fair market value adjustment		664			—			—			—			—		664
Adjustment for limited partners’ capital at redemption value		(3,763	)		3,763			—			—			—		—
Amortization of unearned compensation		10,171			—			—			—			—		10,171
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.8000 per unit)		(326,682	)		(8,834	)		—			—			—		(335,516	)
Contribution from noncontrolling interest		—			—			—			—			1,265		1,265
CAPITAL BALANCE JUNE 30, 2023	$	6,104,970		$	165,626		$	66,840		$	(9,712	)	$	22,329	$	6,350,053

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities			Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2021	$	5,909,700		$	165,116		$	66,840		$	(11,382	)	$	23,614		$	6,153,888
Net income (loss)		319,660			8,926			1,844			—			(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	$	5,927,241		$	165,062		$	66,840		$	(10,826	)	$	19,780		$	6,168,097