MAALP Capital

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020 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 MARCH 31, 2021	$	204,336		$	5,750,074		$	66,840		$	(12,217	)	$	10,481	$	6,019,514
Net income		7,397			215,556			922			—			—		223,875
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		—			(467	)		—			—			—		(467	)
Units repurchased and retired		—			(7,313	)		—			—			—		(7,313	)
General partnership units issued in exchange for limited    partnership units		(21,932	)		21,932			—			—			—		—
Redeemable units fair market value adjustment		—			(3,031	)		—			—			—		(3,031	)
Adjustment for limited partners’ capital at redemption value		(765	)		765			—			—			—		—
Amortization of unearned compensation		—			4,151			—			—			—		4,151
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.0250 per unit)		(3,696	)		(117,872	)		—			—			—		(121,568	)
Contribution from noncontrolling interest		—			—			—			—			6,131		6,131
CAPITAL BALANCE JUNE 30, 2021	$	185,340		$	5,863,795		$	66,840		$	(11,939	)	$	16,612	$	6,120,648

	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 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	)
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 ($1.0000 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

Changes in MAALP’s total capital and its components for the six months ended June 30, 2021 and 2020 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, 2020	$	206,927		$	5,817,270		$	66,840		$	(12,496	)	$	9,848	$	6,088,389
Net income		9,068			261,827			1,844			—			—		272,739
Other comprehensive income - derivative instruments		—			—			—			557			—		557
Issuance of units		—			(333	)		—			—			—		(333	)
Units repurchased and retired		—			(9,043	)		—			—			—		(9,043	)
Exercise of unit options		—			1,466			—			—			—		1,466
General partnership units issued in exchange for limited    partnership units		(22,164	)		22,164			—			—			—		—
Redeemable units fair market value adjustment		—			(5,189	)		—			—			—		(5,189	)
Adjustment for limited partners’ capital at redemption value		(639	)		639			—			—			—		—
Amortization of unearned compensation		—			10,144			—			—			—		10,144
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.05 per unit)		(7,852	)		(235,150	)		—			—			—		(243,002	)
Contribution from noncontrolling interest		—			—			—			—			6,764		6,764
CAPITAL BALANCE JUNE 30, 2021	$	185,340		$	5,863,795		$	66,840		$	(11,939	)	$	16,612	$	6,120,648

	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		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