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MAALP Capital
 9 Months Ended
Sep. 30, 2024
M A A L P Capital [Abstract]  
MAALP Capital

5. MAALP Capital

Changes in MAALP’s total capital and its components for the three months ended September 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 JUNE 30, 2024

 

$

5,944,728

 

 

$

157,905

 

 

$

66,840

 

 

$

(7,922

)

 

$

24,662

 

 

$

6,186,213

 

Net income

 

 

114,273

 

 

 

3,035

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

118,230

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

428

 

 

 

—

 

 

 

428

 

Issuance of units

 

 

8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

General partner units issued in exchange for limited
    partner units

 

 

926

 

 

 

(926

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

(2,282

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,282

)

Adjustment for limited partners’ capital at redemption value

 

 

(69

)

 

 

69

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,539

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.4700 per unit)

 

 

(171,814

)

 

 

(4,521

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(176,335

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,696

 

 

 

2,696

 

CAPITAL BALANCE SEPTEMBER 30, 2024

 

$

5,889,309

 

 

$

155,562

 

 

$

66,840

 

 

$

(7,494

)

 

$

27,358

 

 

$

6,131,575

 

 

 

 

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 JUNE 30, 2023

 

$

6,104,970

 

 

$

165,626

 

 

$

66,840

 

 

$

(9,712

)

 

$

22,329

 

 

$

6,350,053

 

Net income

 

 

109,810

 

 

 

3,000

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

113,732

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

279

 

 

 

—

 

 

 

279

 

Issuance of units

 

 

158

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

158

 

Units repurchased and retired

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(26

)

General partner units issued in exchange for limited
    partner units

 

 

363

 

 

 

(363

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

3,242

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,242

 

Adjustment for limited partners’ capital at redemption value

 

 

(95

)

 

 

95

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

4,128

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,128

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.4000 per unit)

 

 

(163,362

)

 

 

(4,408

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(167,770

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

696

 

 

 

696

 

CAPITAL BALANCE SEPTEMBER 30, 2023

 

$

6,059,188

 

 

$

163,950

 

 

$

66,840

 

 

$

(9,433

)

 

$

23,025

 

 

$

6,303,570

 

 

Changes in MAALP’s total capital and its components for the nine months ended September 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

 

 

358,131

 

 

 

9,605

 

 

 

2,766

 

 

 

—

 

 

 

—

 

 

 

370,502

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,448

 

 

 

—

 

 

 

1,448

 

Issuance of units

 

 

(789

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(789

)

Units repurchased and retired

 

 

(4,974

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,974

)

General partner units issued in exchange for limited
    partner units

 

 

3,529

 

 

 

(3,529

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable units fair market value adjustment

 

 

(3,325

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,325

)

Adjustment for limited partners’ capital at redemption value

 

 

4

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

13,869

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,869

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

(2,766

)

Distributions to common unitholders ($4.4100 per unit)

 

 

(515,359

)

 

 

(13,638

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(528,997

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,602

 

 

 

4,602

 

CAPITAL BALANCE SEPTEMBER 30, 2024

 

$

5,889,309

 

 

$

155,562

 

 

$

66,840

 

 

$

(7,494

)

 

$

27,358

 

 

$

6,131,575

 

 

 

 

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

 

 

389,564

 

 

 

10,633

 

 

 

2,766

 

 

 

—

 

 

 

—

 

 

 

402,963

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

835

 

 

 

—

 

 

 

835

 

Issuance of units

 

 

203,214

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

203,214

 

Units repurchased and retired

 

 

(7,866

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,866

)

General partner units issued in exchange for limited
    partner units

 

 

894

 

 

 

(894

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

581

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

581

 

Redeemable units fair market value adjustment

 

 

3,906

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,906

 

Adjustment for limited partners’ capital at redemption value

 

 

(3,858

)

 

 

3,858

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

14,299

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,299

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

(2,766

)

Distributions to common unitholders ($4.2000 per unit)

 

 

(490,044

)

 

 

(13,242

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(503,286

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,961

 

 

 

1,961

 

CAPITAL BALANCE SEPTEMBER 30, 2023

 

$

6,059,188

 

 

$

163,950

 

 

$

66,840

 

 

$

(9,433

)

 

$

23,025

 

 

$

6,303,570