XML 59 R35.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Borrowings (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Borrowings [Abstract] |
Indebtedness | The following table summarizes the Company’s indebtedness at December 31, 2015, (dollars in thousands):
| Borrowed Balance |  | Effective Rate |  | Contract Maturity
Fixed Rate Secured Debt |  |  |  |  |  |  |
Individual property mortgages | $ | 1,012,862 |  |  | 3.9 | % |  | 7/12/2019
Fannie Mae conventional credit facilities | 50,000 |  |  | 4.7 | % |  | 3/31/2017
Total fixed rate secured debt | 1,062,862 |  |  | 3.9 | % |  | 6/2/2019
Variable Rate Secured Debt (1) |  |  |  |  |
Fannie Mae conventional credit facilities | 190,000 |  |  | 0.8 | % |  | 8/26/2017
Total variable rate secured debt | 190,000 |  |  | 0.8 | % |  | 8/26/2017
Fair market value adjustments and debt issuance costs | 33,374 |  |  |  |  |  | 3/13/2019
Total Secured Debt | $ | 1,286,236 |  |  | 3.5 | % |  | 2/25/2019
Unsecured Debt |  |  |  |  |
Variable rate credit facility | 75,000 |  |  | 1.2 | % |  | 4/15/2020
Term loan fixed with swaps | 550,000 |  |  | 3.1 | % |  | 11/10/2017
Fixed rate bonds | 1,535,246 |  |  | 4.2 | % |  | 9/16/2023
Fair market value adjustments, debt issuance costs and discounts | (18,914 | ) |  |  |  |  | 7/2/2025
Total Unsecured Debt | $ | 2,141,332 |  |  | 3.8 | % |  | 1/26/2022
Total Outstanding Debt | $ | 3,427,568 |  |  | 3.7 | % |  | 12/22/2020
(1) Includes capped balances
Interest Rate Ranges, Maturity and Balance of Indebtedness | The following table summarizes interest rate ranges, maturity and balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2015 and the balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2014 (dollars in millions):
|  | At December 31, 2015 |  |
|  | Actual Interest Rates |  | Current Average Interest Rate |  | Maturity |  | Balance |  | Balance at December 31, 2014
Fixed Rate: |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | 1.77 - 6.21% |  | 3.97% |  | 2016-2025 |  | $ | 1,062.9 |  |  | $ | 1,129.5 |
Unsecured |  | 3.15 - 6.05% |  | 4.21% |  | 2016-2025 |  | 1,535.2 |  |  | 1,320.2 |
Interest rate swaps |  | 2.45 - 6.63% |  | 4.19% |  | 2017-2018 |  | 550.0 |  |  | 625.0 |
|  |  |  |  |  |  |  | $ | 3,148.1 |  |  | $ | 3,074.7 |
Variable Rate: (1) |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | 0.80% |  | 0.82% |  | 2017 |  | 65.0 |  |  | 83.5 |
Secured interest rate caps |  | 0.80% |  | 0.82% |  | 2017 |  | 125.0 |  |  | 255.4 |
Unsecured |  | 1.23% |  | 1.23% |  | 2020 |  | 75.0 |  |  | 59.0 |
|  |  |  |  |  |  |  | $ | 265.0 |  |  | $ | 397.9 |
Fair market value adjustments, debt issuance costs and discounts |  |  |  | $ | 14.5 |  |  | $ | 40.1 |
|  |  |  |  |  |  |  | $ | 3,427.6 |  |  | $ | 3,512.7 |
(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2015, and 2014, respectively, which results in the Company paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.
Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments on the borrowings at December 31, 2015, as well as the amortization of the fair market value of debt assumed along with debt discounts and issuance costs (dollars in thousands):
Year | Amortization |  | Maturities |  | Total
2016 | $ | 18,989 |  |  | $ | 188,824 |  |  | $ | 207,813 |
2017 | 17,157 |  |  | 156,170 |  |  | 173,327 |
2018 | 14,663 |  |  | 465,429 |  |  | 480,092 |
2019 | 7,044 |  |  | 539,474 |  |  | 546,518 |
2020 | 3,361 |  |  | 377,456 |  |  | 380,817 |
Thereafter | (1,004 | ) |  | 1,640,005 |  |  | 1,639,001 |
| $ | 60,210 |  |  | $ | 3,367,358 |  |  | $ | 3,427,568 |

X
- Definition Borrowings [Abstract] + References No definition available. + Details
Name: | maa_BorrowingsAbstract
Namespace Prefix: | maa_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration