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MAALP Capital
 6 Months Ended
Jun. 30, 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 June 30, 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 MARCH 31, 2025

 

$

5,889,484

 

 

$

154,810

 

 

$

66,840

 

 

$

(6,635

)

 

$

28,952

 

 

$

6,133,451

 

Net income

 

 

107,205

 

 

 

2,748

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

110,875

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

429

 

 

 

—

 

 

 

429

 

Issuance of units

 

 

(1,106

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,106

)

Units repurchased and retired

 

 

(1,769

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,769

)

General partner units issued in exchange for limited
    partner units

 

 

5,609

 

 

 

(5,609

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,109

 

Redeemable units fair market value adjustment

 

 

2,724

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,724

 

Adjustment for limited partners’ capital at redemption value

 

 

41

 

 

 

(41

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,815

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.5150 per unit)

 

 

(177,411

)

 

 

(4,469

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(181,880

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,520

 

 

 

1,520

 

CAPITAL BALANCE JUNE 30, 2025

 

$

5,830,701

 

 

$

147,439

 

 

$

66,840

 

 

$

(6,206

)

 

$

30,472

 

 

$

6,069,246

 

 

 

 

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 MARCH 31, 2024

 

$

6,014,015

 

 

$

161,909

 

 

$

66,840

 

 

$

(8,425

)

 

$

23,032

 

 

$

6,257,371

 

Net income

 

 

101,031

 

 

 

2,709

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

104,662

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

503

 

 

 

—

 

 

 

503

 

Issuance of units

 

 

(890

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(890

)

Units repurchased and retired

 

 

(4,132

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,132

)

General partner units issued in exchange for limited
    partner units

 

 

2,009

 

 

 

(2,009

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable units fair market value adjustment

 

 

(1,445

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,445

)

Adjustment for limited partners’ capital at redemption value

 

 

191

 

 

 

(191

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,805

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,805

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.4700 per unit)

 

 

(171,925

)

 

 

(4,513

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(176,438

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,630

 

 

 

1,630

 

CAPITAL BALANCE JUNE 30, 2024

 

$

5,944,728

 

 

$

157,905

 

 

$

66,840

 

 

$

(7,922

)

 

$

24,662

 

 

$

6,186,213

 

 

Changes in MAALP’s total capital and its components for the six months ended June 30, 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

 

 

287,956

 

 

 

7,481

 

 

 

1,844

 

 

 

—

 

 

 

—

 

 

 

297,281

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

858

 

 

 

—

 

 

 

858

 

Issuance of units

 

 

(949

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(949

)

Units repurchased and retired

 

 

(3,071

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,071

)

Exercise of unit options

 

 

38

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

General partner units issued in exchange for limited
    partner units

 

 

6,368

 

 

 

(6,368

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,109

 

Redeemable units fair market value adjustment

 

 

829

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

829

 

Adjustment for limited partners’ capital at redemption value

 

 

(23

)

 

 

23

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

9,676

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,676

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

(1,844

)

Distributions to common unitholders ($3.0300 per unit)

 

 

(354,568

)

 

 

(9,106

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(363,674

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,578

 

 

 

2,578

 

CAPITAL BALANCE JUNE 30, 2025

 

$

5,830,701

 

 

$

147,439

 

 

$

66,840

 

 

$

(6,206

)

 

$

30,472

 

 

$

6,069,246

 

 

 

 

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

 

 

243,858

 

 

 

6,570

 

 

 

1,844

 

 

 

—

 

 

 

—

 

 

 

252,272

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,020

 

 

 

—

 

 

 

1,020

 

Issuance of units

 

 

(797

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(797

)

Units repurchased and retired

 

 

(4,974

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,974

)

General partner units issued in exchange for limited
    partner units

 

 

2,603

 

 

 

(2,603

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable units fair market value adjustment

 

 

(1,043

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,043

)

Adjustment for limited partners’ capital at redemption value

 

 

73

 

 

 

(73

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

10,330

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,330

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

(1,844

)

Distributions to common unitholders ($2.9400 per unit)

 

 

(343,545

)

 

 

(9,117

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(352,662

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,906

 

 

 

1,906

 

CAPITAL BALANCE JUNE 30, 2024

 

$

5,944,728

 

 

$

157,905

 

 

$

66,840

 

 

$

(7,922

)

 

$

24,662

 

 

$

6,186,213