XML 43 R25.htm IDEA: XBRL DOCUMENT v3.23.2
MAALP Capital (Tables)
 6 Months Ended
Jun. 30, 2023
M A A L P Capital [Abstract]  
Summary of Changes in Total Capital and its Components

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