XML 36 R19.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2016
Notes To Financial Statements [Abstract] |
Segment Information | Segment Information As of September 30, 2016, we owned 251 multifamily apartment communities in 15 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations of each of our apartment communities on a Large Market Same Store, Secondary Market Same Store, and Non-Same Store and Other basis, as well as an individual apartment community basis. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. The following are the three reportable operating segments for MAA and the Operating Partnership:
• | Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and have been stabilized for at least a full 12 months.
• | Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months.
• | Non same store communities and other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have had a significant casualty loss resulting in units not available for lease. Also included in non same store communities are non-multifamily activities, which represent less than 1% of our portfolio.
On the first day of each calendar year, we determine the composition of our same store operating segments for that year as well as adjust the previous year, which allows us to evaluate full period-over-period operating comparisons. Properties in development or lease-up will be added to the same store portfolio on the first day of the calendar year after they have been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% occupancy for 90 days. Communities that have been identified for disposition are excluded from our same store portfolio. We utilize net operating income, or NOI, in evaluating the performance of the segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. A redevelopment community is a community with a specific plan in place to upgrade at least half of the community's units over a period of time with new finishes, fixtures, and appliances, among other upgrades. These plans include spending a pre-defined amount of capital per unit to achieve a rent increase as a result of the upgrades. We separately identify redevelopment communities that would cause a material distortion of normal same store operating results. Routine renovations occur at a property as items need to be replaced as a normal part of operations and is done with an expectation to maintain the current level of quality at the property. There is no specified plan in place for routine renovations. Revenues and NOI for each reportable segment for the three- and nine- month periods ended September 30, 2016 and 2015 were as follows (dollars in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Revenues: |  |  |  |  |  |  |
Large Market Same Store | $ | 163,688 |  |  | $ | 156,947 |  |  | $ | 483,392 |  |  | $ | 459,841 |
Secondary Market Same Store | 85,188 |  |  | 83,295 |  |  | 253,013 |  |  | 245,034 |
Non-Same Store and Other | 28,022 |  |  | 21,756 |  |  | 81,745 |  |  | 74,566 |
Total operating revenues | $ | 276,898 |  |  | $ | 261,998 |  |  | $ | 818,150 |  |  | $ | 779,441 |
NOI: |  |  |  |  |  |  |  |  |  |  |
Large Market Same Store | $ | 100,245 |  |  | $ | 95,887 |  |  | $ | 297,943 |  |  | $ | 280,582 |
Secondary Market Same Store | 52,917 |  |  | 51,819 |  |  | 158,613 |  |  | 152,307 |
Non-Same Store and Other | 17,090 |  |  | 12,693 |  |  | 51,112 |  |  | 43,449 |
Total NOI | 170,252 |  |  | 160,399 |  |  | 507,668 |  |  | 476,338 |
Depreciation and amortization | (76,959 | ) |  | (73,098 | ) |  | (227,829 | ) |  | (220,606 | )
Acquisition expenses | (1,033 | ) |  | (656 | ) |  | (2,167 | ) |  | (2,155 | )
Property management expenses | (7,908 | ) |  | (7,628 | ) |  | (25,221 | ) |  | (23,106 | )
General and administrative expenses | (6,661 | ) |  | (5,879 | ) |  | (20,257 | ) |  | (19,103 | )
Merger-related expenses | (3,901 | ) |  | — |  |  | (3,901 | ) |  | — |
Interest and other non-property income (expense) | 64 |  |  | (179 | ) |  | 159 |  |  | (359 | )
Interest expense | (32,168 | ) |  | (30,229 | ) |  | (96,418 | ) |  | (91,511 | )
(Loss) gain on debt extinguishment/modification | — |  |  | (5 | ) |  | 3 |  |  | (3,384 | )
Gain on sale of depreciable real estate assets | 47,749 |  |  | 54,621 |  |  | 48,572 |  |  | 190,031 |
Net casualty (loss) gain after insurance and other settlement proceeds | (75 | ) |  | (5 | ) |  | 738 |  |  | 485 |
Income tax expense | (454 | ) |  | (512 | ) |  | (1,200 | ) |  | (1,419 | )
Gain on sale of non-depreciable real estate assets | — |  |  | — |  |  | 2,170 |  |  | 172 |
(Loss) gain from real estate joint ventures | — |  |  | (1 | ) |  | 27 |  |  | (5 | )
Net income attributable to noncontrolling interests | (4,627 | ) |  | (5,094 | ) |  | (9,508 | ) |  | (16,078 | )
Net income available for MAA common shareholders | $ | 84,279 |  |  | $ | 91,734 |  |  | $ | 172,836 |  |  | $ | 289,300 |
Assets for each reportable segment as of September 30, 2016 and December 31, 2015, were as follows (dollars in thousands):
| September 30, 2016 |  | December 31, 2015
Assets: |  |  |
Large Market Same Store | $ | 3,653,852 |  |  | $ | 3,768,455 |
Secondary Market Same Store | 1,570,150 |  |  | 1,661,956 |
Non-Same Store and Other | 1,598,139 |  |  | 1,344,833 |
Corporate assets | 59,172 |  |  | 72,537 |
Total assets | $ | 6,881,313 |  |  | $ | 6,847,781 |
The decreases in the Large and Secondary Market Same Store categories and the increases in the Non-Same Store category as of September 30, 2016, as compared to December 31, 2015, are due to properties identified for disposition in 2016 being removed from the Same Store categories.

X
- Definition Notes to Financial Statements [Abstract] + References No definition available. + Details
Name: | maa_NotesToFinancialStatementsAbstract
Namespace Prefix: | maa_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration