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MAALP Capital
 9 Months Ended
Sep. 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 September 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 JUNE 30, 2025

 

$

5,830,701

 

 

$

147,439

 

 

$

66,840

 

 

$

(6,206

)

 

$

30,472

 

 

$

6,069,246

 

Net income

 

 

98,616

 

 

 

2,506

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

102,044

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

430

 

 

 

—

 

 

 

430

 

Issuance of units

 

 

144

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144

 

Units repurchased and retired

 

 

(29

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29

)

General partner units issued in exchange for limited
    partner units

 

 

391

 

 

 

(391

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

1,189

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,189

 

Adjustment for limited partners’ capital at redemption value

 

 

(68

)

 

 

68

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,620

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,620

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.5150 per unit)

 

 

(177,377

)

 

 

(4,457

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(181,834

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

172

 

 

 

172

 

CAPITAL BALANCE SEPTEMBER 30, 2025

 

$

5,757,187

 

 

$

145,165

 

 

$

66,840

 

 

$

(5,776

)

 

$

30,644

 

 

$

5,994,060

 

 

 

 

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

 

 

Changes in MAALP’s total capital and its components for the nine months ended September 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

 

 

386,572

 

 

 

9,987

 

 

 

2,766

 

 

 

—

 

 

 

—

 

 

 

399,325

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,288

 

 

 

—

 

 

 

1,288

 

Issuance of units

 

 

(805

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(805

)

Units repurchased and retired

 

 

(3,100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,100

)

Exercise of unit options

 

 

38

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

General partner units issued in exchange for limited
    partner units

 

 

6,759

 

 

 

(6,759

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,109

 

Redeemable units fair market value adjustment

 

 

2,018

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,018

 

Adjustment for limited partners’ capital at redemption value

 

 

(91

)

 

 

91

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

13,296

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,296

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

(2,766

)

Distributions to common unitholders ($4.5450 per unit)

 

 

(531,945

)

 

 

(13,563

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(545,508

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,750

 

 

 

2,750

 

CAPITAL BALANCE SEPTEMBER 30, 2025

 

$

5,757,187

 

 

$

145,165

 

 

$

66,840

 

 

$

(5,776

)

 

$

30,644

 

 

$

5,994,060

 

 

 

 

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