Earnings Per OP Unit of MAALP (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Diluted Earnings per Common Unit

For the three and nine months ended September 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the three and nine months ended September 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 September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Calculation of Earnings per common unit - basic
Net income	$	118,230		$	113,732		$	370,502		$	402,963
Unvested restricted units (allocation of earnings)		(53	)		(44	)		(163	)		(161	)
Distributions to MAALP Series I preferred unitholders	$	(922	)	$	(922	)	$	(2,766	)	$	(2,766	)
Net income available for MAALP common unitholders, adjusted	$	117,255		$	112,766		$	367,573		$	400,036
Weighted average common units - basic		119,900			119,787			119,865			119,635
Earnings per common unit - basic	$	0.98		$	0.94		$	3.07		$	3.34
Calculation of Earnings per common unit - diluted
Net income	$	118,230		$	113,732		$	370,502		$	402,963
Unvested restricted units (allocation of earnings)		(53	)		—			(163	)		—
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	117,255		$	112,810		$	367,573		$	400,197
Weighted average common units - basic		119,900			119,787			119,865			119,635
Effect of dilutive securities		—			78			—			134
Weighted average common units - diluted		119,900			119,865			119,865			119,769
Earnings per common unit - diluted	$	0.98		$	0.94		$	3.07		$	3.34