MAALP Capital

6 Months Ended

Jun. 30, 2020

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, 2020 and 2019 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests- Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2020	$	211,498		$	5,943,891		$	66,840		$	(13,331	)	$	6,648	$	6,215,546
Net income		2,666			74,140			922			—			—		77,728
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		—			(416	)		—			—			—		(416	)
Units repurchased and retired		—			(3,930	)		—			—			—		(3,930	)
Exercise of unit options		—			—			—			—			—		—
General partnership units issued in exchange for limited    partnership units		—			—			—			—			—		—
Redeemable units fair market value adjustment		—			(1,297	)		—			—			—		(1,297	)
Adjustment for limited partners’ capital at redemption value		(211	)		211			—			—			—		—
Amortization of unearned compensation		—			2,864			—			—			—		2,864
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.00 per unit)		(4,059	)		(114,435	)		—			—			—		(118,494	)
Contribution from noncontrolling interest		—			—			—			—			201		201
CAPITAL BALANCE JUNE 30, 2020	$	209,894		$	5,901,028		$	66,840		$	(13,053	)	$	6,849	$	6,171,558

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2019	$	218,011		$	6,038,625		$	66,840		$	(3,362	)	$	5,166	$	6,325,280
Net income		2,224			60,995			922			—			—		64,141
Other comprehensive loss - derivative instruments		—			—			—			(6,004	)		—		(6,004	)
Issuance of units		—			(519	)		—			—			—		(519	)
Units repurchased and retired		—			(701	)		—			—			—		(701	)
Exercise of unit options		—			1,032			—			—			—		1,032
General partnership units issued in exchange for limited    partnership units		(821	)		821			—			—			—		—
Units issued in exchange for redeemable units		—			575			—			—			—		575
Redeemable units fair market value adjustment		—			(835	)		—			—			—		(835	)
Adjustment for limited partners’ capital at redemption value		(85	)		85			—			—			—		—
Amortization of unearned compensation		—			3,452			—			—			—		3,452
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($0.96 per unit)		(3,925	)		(109,557	)		—			—			—		(113,482	)
Contribution from noncontrolling interest		—			—			—			—			490		490
CAPITAL BALANCE JUNE 30, 2019	$	215,404		$	5,993,973		$	66,840		$	(9,366	)	$	5,656	$	6,272,507

Changes in MAALP’s total capital and its components for the six months ended June 30, 2020 and 2019 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests- Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2019	$	214,647		$	6,015,290		$	66,840		$	(13,584	)	$	6,247	$	6,289,440
Net income		3,970			109,866			1,844			—			—		115,680
Other comprehensive income - derivative instruments		—			—			—			531			—		531
Issuance of units		—			(377	)		—			—			—		(377	)
Units repurchased and retired		—			(5,657	)		—			—			—		(5,657	)
Exercise of unit options		—			71			—			—			—		71
General partnership units issued in exchange for limited    partnership units		(450	)		450			—			—			—		—
Redeemable units fair market value adjustment		—			1,814			—			—			—		1,814
Adjustment for limited partners’ capital at redemption value		(155	)		155			—			—			—		—
Amortization of unearned compensation		—			8,153			—			—			—		8,153
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.00 per unit)		(8,118	)		(228,737	)		—			—			—		(236,855	)
Contribution from noncontrolling interest		—			—			—			—			602		602
CAPITAL BALANCE JUNE 30, 2020	$	209,894		$	5,901,028		$	66,840		$	(13,053	)	$	6,849	$	6,171,558

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2018	$	220,043		$	6,083,142		$	66,840		$	(161	)	$	2,306	$	6,372,170
Net income		4,522			123,733			1,844			—			—		130,099
Other comprehensive loss - derivative instruments		—			—			—			(9,205	)		—		(9,205	)
Issuance of units		—			610			—			—			—		610
Units repurchased and retired		—			(3,724	)		—			—			—		(3,724	)
Exercise of unit options		—			1,240			—			—			—		1,240
General partnership units issued in exchange for limited    partnership units		(1,157	)		1,157			—			—			—		—
Units issued in exchange for redeemable units		—			575			—			—			—		575
Redeemable units fair market value adjustment		—			(2,186	)		—			—			—		(2,186	)
Adjustment for limited partners’ capital at redemption value		(138	)		138			—			—			—		—
Amortization of unearned compensation		—			8,237			—			—			—		8,237
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($1.92 per unit)		(7,866	)		(218,949	)		—			—			—		(226,815	)
Contribution from noncontrolling interest		—			—			—			—			3,350		3,350
CAPITAL BALANCE JUNE 30, 2019	$	215,404		$	5,993,973		$	66,840		$	(9,366	)	$	5,656	$	6,272,507