Earnings Per OP Unit of MAALP (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Unit

For the three and six months ended June 30, 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 June 30,						Six months ended June 30,
	2023			2022			2023			2022
Calculation of Earnings per common unit - basic
Net income	$	149,657		$	216,560		$	289,231		$	330,137
Net loss attributable to noncontrolling interests		—			—			—			293
Unvested restricted units (allocation of earnings)		(58	)		(149	)		(118	)		(228	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	148,677		$	215,489		$	287,269		$	328,358
Weighted average common units - basic		119,776			118,555			119,558			118,509
Earnings per common unit - basic	$	1.24		$	1.82		$	2.40		$	2.77
Calculation of Earnings per common unit - diluted
Net income	$	149,657		$	216,560		$	289,231		$	330,137
Net loss attributable to noncontrolling interests		—			—			—			293
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	148,735		$	215,638		$	287,387		$	328,586
Weighted average common units - basic		119,776			118,555			119,558			118,509
Effect of dilutive securities		104			203			157			336
Weighted average common units - diluted		119,880			118,758			119,715			118,845
Earnings per common unit - diluted	$	1.24		$	1.82		$	2.40		$	2.76