XML 36 R25.htm IDEA: XBRL DOCUMENT v3.24.3
MAALP Capital (Tables)
 9 Months Ended
Sep. 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 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