XML 36 R25.htm IDEA: XBRL DOCUMENT v3.25.2
MAALP Capital (Tables)
 6 Months Ended
Jun. 30, 2025
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 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