Earnings Per OP Unit of MAALP (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Unit

For the years ended December 31, 2023, 2022 and 2021, 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):

Calculation of Earnings per common unit - basic	2023			2022			2021
Net income	$	567,831		$	654,776		$	550,702
Net (income) loss attributable to noncontrolling interests		(62	)		293			—
Unvested restricted units (allocation of earnings)		(224	)		(438	)		(539	)
Distributions to MAALP Series I preferred unitholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	563,857		$	650,943		$	546,475
Weighted average common units - basic		119,674			118,538			118,400
Earnings per common unit - basic	$	4.71		$	5.49		$	4.62
Calculation of Earnings per common unit - diluted
Net income	$	567,831		$	654,776		$	550,702
Net (income) loss attributable to noncontrolling interests		(62	)		293			—
Distributions to MAALP Series I preferred unitholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	564,081		$	651,381		$	547,014
Weighted average common units - basic		119,674			118,538			118,400
Effect of dilutive securities		124			239			322
Weighted average common units - diluted		119,798			118,777			118,722
Earnings per common unit - diluted	$	4.71		$	5.48		$	4.61