Earnings Per OP Unit of MAALP (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Diluted Earnings per Common Unit

For the three and six months ended June 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the three and six months ended June 30, 2023, 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,
	2024			2023			2024			2023
Calculation of Earnings per common unit - basic
Net income	$	104,662		$	149,657		$	252,272		$	289,231
Unvested restricted units (allocation of earnings)		(47	)		(58	)		(111	)		(118	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	103,693		$	148,677		$	250,317		$	287,269
Weighted average common units - basic		119,888			119,776			119,848			119,558
Earnings per common unit - basic	$	0.86		$	1.24		$	2.09		$	2.40
Calculation of Earnings per common unit - diluted
Net income	$	104,662		$	149,657		$	252,272		$	289,231
Unvested restricted units (allocation of earnings)		(47	)		—			(111	)		—
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	103,693		$	148,735		$	250,317		$	287,387
Weighted average common units - basic		119,888			119,776			119,848			119,558
Effect of dilutive securities		—			104			—			157
Weighted average common units - diluted		119,888			119,880			119,848			119,715
Earnings per common unit - diluted	$	0.86		$	1.24		$	2.09		$	2.40