MAALP Capital

9 Months Ended

Sep. 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 September 30, 2020 and 2019 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partners			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests- Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2020	$	209,894		$	5,901,028		$	66,840		$	(13,053	)	$	6,849	$	6,171,558
Net income		2,126			58,988			922			—			—		62,036
Other comprehensive income - derivative instruments		—			—			—			279			—		279
Issuance of units		—			33			—			—			—		33
General partnership units issued in exchange for limited    partnership units		(21	)		21			—			—			—		—
Redeemable units fair market value adjustment		—			(155	)		—			—			—		(155	)
Adjustment for limited partners’ capital at redemption value		(61	)		61			—			—			—		—
Amortization of unearned compensation		—			4,380			—			—			—		4,380
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.00 per unit)		(3,866	)		(114,369	)		—			—			—		(118,235	)
Contribution from noncontrolling interest		—			—			—			—			262		262
CAPITAL BALANCE SEPTEMBER 30, 2020	$	208,072		$	5,849,987		$	66,840		$	(12,774	)	$	7,111	$	6,119,236

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partners			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2019	$	215,404		$	5,993,973		$	66,840		$	(9,366	)	$	5,656	$	6,272,507
Net income		2,814			77,723			922			—			—		81,459
Other comprehensive loss - derivative instruments		—			—			—			(5,973	)		—		(5,973	)
Issuance of units		—			140			—			—			—		140
Exercise of unit options		—			(204	)		—			—			—		(204	)
General partnership units issued in exchange for limited    partnership units		(836	)		836			—			—			—		—
Redeemable units fair market value adjustment		—			(1,269	)		—			—			—		(1,269	)
Adjustment for limited partners’ capital at redemption value		77			(77	)		—			—			—		—
Amortization of unearned compensation		—			3,313			—			—			—		3,313
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($0.96 per unit)		(3,912	)		(109,503	)		—			—			—		(113,415	)
Contribution from noncontrolling interest		—			—			—			—			955		955
CAPITAL BALANCE SEPTEMBER 30, 2019	$	213,547		$	5,964,932		$	66,840		$	(15,339	)	$	6,611	$	6,236,591

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

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partners			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		6,096			168,854			2,766			—			—		177,716
Other comprehensive income - derivative instruments		—			—			—			810			—		810
Issuance of units		—			(344	)		—			—			—		(344	)
Units repurchased and retired		—			(5,657	)		—			—			—		(5,657	)
Exercise of unit options		—			71			—			—			—		71
General partnership units issued in exchange for limited    partnership units		(471	)		471			—			—			—		—
Redeemable units fair market value adjustment		—			1,659			—			—			—		1,659
Adjustment for limited partners’ capital at redemption value		(216	)		216			—			—			—		—
Amortization of unearned compensation		—			12,533			—			—			—		12,533
Distributions to preferred unitholders		—			—			(2,766	)		—			—		(2,766	)
Distributions to common unitholders ($3.00 per unit)		(11,984	)		(343,106	)		—			—			—		(355,090	)
Contribution from noncontrolling interest		—			—			—			—			864		864
CAPITAL BALANCE SEPTEMBER 30, 2020	$	208,072		$	5,849,987		$	66,840		$	(12,774	)	$	7,111	$	6,119,236

	Mid-America Apartments, L.P. Unitholders’ Capital
	Limited Partners			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		7,336			201,456			2,766			—			—		211,558
Other comprehensive loss - derivative instruments		—			—			—			(15,178	)		—		(15,178	)
Issuance of units		—			750			—			—			—		750
Units repurchased and retired		—			(3,724	)		—			—			—		(3,724	)
Exercise of unit options		—			1,036			—			—			—		1,036
General partnership units issued in exchange for limited    partnership units		(1,993	)		1,993			—			—			—		—
Units issued in exchange for redeemable units		—			575			—			—			—		575
Redeemable units fair market value adjustment		—			(3,455	)		—			—			—		(3,455	)
Adjustment for limited partners’ capital at redemption value		(61	)		61			—			—			—		—
Amortization of unearned compensation		—			11,550			—			—			—		11,550
Distributions to preferred unitholders		—			—			(2,766	)		—			—		(2,766	)
Distributions to common unitholders ($2.88 per unit)		(11,778	)		(328,452	)		—			—			—		(340,230	)
Contribution from noncontrolling interest		—			—			—			—			4,305		4,305
CAPITAL BALANCE SEPTEMBER 30, 2019	$	213,547		$	5,964,932		$	66,840		$	(15,339	)	$	6,611	$	6,236,591