Earnings Per OP Unit of MAALP (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Diluted Earnings per Common Unit

For the year ended December 31, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the years ended December 31, 2023 and 2022, 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):

Calculation of Earnings per common unit - basic	2024			2023			2022
Net income	$	541,576		$	567,831		$	654,776
Net (income) loss attributable to noncontrolling interests		—			(62	)		293
Unvested restricted units (allocation of earnings)		(75	)		(224	)		(438	)
Distributions to MAALP Series I preferred unitholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	537,813		$	563,857		$	650,943
Weighted average common units - basic		119,875			119,674			118,538
Earnings per common unit - basic	$	4.49		$	4.71		$	5.49
Calculation of Earnings per common unit - diluted
Net income	$	541,576		$	567,831		$	654,776
Net (income) loss attributable to noncontrolling interests		—			(62	)		293
Unvested restricted units (allocation of earnings)		(75	)		—			—
Distributions to MAALP Series I preferred unitholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	537,813		$	564,081		$	651,381
Weighted average common units - basic		119,875			119,674			118,538
Effect of dilutive securities		—			124			239
Weighted average common units - diluted		119,875			119,798			118,777
Earnings per common unit - diluted	$	4.49		$	4.71		$	5.48