Earnings Per OP Unit of MAALP (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Unit

For the three and nine months ended September 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 September 30,						Nine months ended September 30,
	2023			2022			2023			2022
Calculation of Earnings per common unit - basic
Net income	$	113,732		$	125,703		$	402,963		$	455,840
Net loss attributable to noncontrolling interests		—			—			—			293
Unvested restricted units (allocation of earnings)		(44	)		(82	)		(161	)		(308	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	112,766		$	124,699		$	400,036		$	453,059
Weighted average common units - basic		119,787			118,564			119,635			118,528
Earnings per common unit - basic	$	0.94		$	1.05		$	3.34		$	3.82
Calculation of Earnings per common unit - diluted
Net income	$	113,732		$	125,703		$	402,963		$	455,840
Net loss attributable to noncontrolling interests		—			—			—			293
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	112,810		$	124,781		$	400,197		$	453,367
Weighted average common units - basic		119,787			118,564			119,635			118,528
Effect of dilutive securities		78			205			134			267
Weighted average common units - diluted		119,865			118,769			119,769			118,795
Earnings per common unit - diluted	$	0.94		$	1.05		$	3.34		$	3.82