XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.2.u1
MAALP Capital (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024 and 2023 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, 2024

 

$

6,014,015

 

 

$

161,909

 

 

$

66,840

 

 

$

(8,425

)

 

$

23,032

 

 

$

6,257,371

 

Net income

 

 

101,031

 

 

 

2,709

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

104,662

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

503

 

 

 

—

 

 

 

503

 

Issuance of units

 

 

(890

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(890

)

Units repurchased and retired

 

 

(4,132

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,132

)

General partner units issued in exchange for limited
    partner units

 

 

2,009

 

 

 

(2,009

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable units fair market value adjustment

 

 

(1,445

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,445

)

Adjustment for limited partners’ capital at redemption value

 

 

191

 

 

 

(191

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,805

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,805

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.4700 per unit)

 

 

(171,925

)

 

 

(4,513

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(176,438

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,630

 

 

 

1,630

 

CAPITAL BALANCE JUNE 30, 2024

 

$

5,944,728

 

 

$

157,905

 

 

$

66,840

 

 

$

(7,922

)

 

$

24,662

 

 

$

6,186,213

 

 

 

 

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 partner units issued in exchange for limited
    partner 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

 

 

Changes in MAALP’s total capital and its components for the six months ended June 30, 2024 and 2023 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, 2023

 

$

6,036,154

 

 

$

163,128

 

 

$

66,840

 

 

$

(8,942

)

 

$

22,756

 

 

$

6,279,936

 

Net income

 

 

243,858

 

 

 

6,570

 

 

 

1,844

 

 

 

—

 

 

 

—

 

 

 

252,272

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,020

 

 

 

—

 

 

 

1,020

 

Issuance of units

 

 

(797

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(797

)

Units repurchased and retired

 

 

(4,974

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,974

)

General partner units issued in exchange for limited
    partner units

 

 

2,603

 

 

 

(2,603

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable units fair market value adjustment

 

 

(1,043

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,043

)

Adjustment for limited partners’ capital at redemption value

 

 

73

 

 

 

(73

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

10,330

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,330

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

(1,844

)

Distributions to common unitholders ($2.9400 per unit)

 

 

(343,545

)

 

 

(9,117

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(352,662

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,906

 

 

 

1,906

 

CAPITAL BALANCE JUNE 30, 2024

 

$

5,944,728

 

 

$

157,905

 

 

$

66,840

 

 

$

(7,922

)

 

$

24,662

 

 

$

6,186,213

 

 

 

 

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 partner units issued in exchange for limited
    partner 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