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MAALP Capital
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and 2024 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, 2024

 

$

5,882,336

 

 

$

155,409

 

 

$

66,840

 

 

$

(7,064

)

 

$

27,894

 

 

$

6,125,415

 

Net income

 

 

180,751

 

 

 

4,733

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

186,406

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

429

 

 

 

—

 

 

 

429

 

Issuance of units

 

 

157

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

157

 

Units repurchased and retired

 

 

(1,302

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,302

)

Exercise of unit options

 

 

38

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

General partner units issued in exchange for limited
    partner units

 

 

759

 

 

 

(759

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

(1,895

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,895

)

Adjustment for limited partners’ capital at redemption value

 

 

(64

)

 

 

64

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

5,861

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,861

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.5150 per unit)

 

 

(177,157

)

 

 

(4,637

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(181,794

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,058

 

 

 

1,058

 

CAPITAL BALANCE MARCH 31, 2025

 

$

5,889,484

 

 

$

154,810

 

 

$

66,840

 

 

$

(6,635

)

 

$

28,952

 

 

$

6,133,451

 

 

 

 

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

 

 

142,827

 

 

 

3,861

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

147,610

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

517

 

 

 

—

 

 

 

517

 

Issuance of units

 

 

93

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

Units repurchased and retired

 

 

(842

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(842

)

General partner units issued in exchange for limited
    partner units

 

 

594

 

 

 

(594

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

402

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

402

 

Adjustment for limited partners’ capital at redemption value

 

 

(118

)

 

 

118

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

6,525

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,525

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.4700 per unit)

 

 

(171,620

)

 

 

(4,604

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(176,224

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

276

 

 

 

276

 

CAPITAL BALANCE MARCH 31, 2024

 

$

6,014,015

 

 

$

161,909

 

 

$

66,840

 

 

$

(8,425

)

 

$

23,032

 

 

$

6,257,371