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Segment Information | 3 Months Ended
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Mar. 31, 2018
Notes To Financial Statements [Abstract] |
Segment Information | Segment Information The Company's segment information presents the measure used by the chief operating decision maker for purposes of assessing each operating segment's performance. The chief operating decision maker is the Company’s President and Chief Executive Officer. As of March 31, 2018, the Company owned or had an ownership interest in 303 multifamily apartment communities in 17 different states and the District of Columbia from which it derived all significant sources of earnings and operating cash flows. The Company's chief operating decision maker evaluates performance and determines resource allocations of each of the apartment communities on a 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 the apartment communities generally has similar economic characteristics, facilities, services, and tenants. The following reflects the two reportable segments for the Company:
• | Same Store communities are communities that the Company has owned and have been stabilized for at least a full 12 months.
• | Non-Same Store and Other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition and communities that have undergone a significant casualty loss. Also included in Non-Same Store and Other are non-multifamily activities.
On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjust the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Properties in development or lease-up are added to the same store portfolio on the first day of the calendar year after it has 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 the Same Store portfolio. The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of its operating 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. Management believes NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. Effective January 1, 2018, the Company revised its reportable segment presentation. The revision eliminated the distinction between large and secondary same store markets and combined the two previously reported segments into the Same Store reportable segment referred to above. The communities acquired in the Merger became eligible for the same store designation on January 1, 2018 as the properties had been owned and stabilized for a full 12 months. The communities acquired from Post Properties are predominantly located in large markets, resulting in a more homogeneous property portfolio in terms of market dynamics. The chief operating decision maker no longer makes decisions about capital resource allocations, and does not assess operating performance, by large and secondary same store markets. Further, the chief operating decision maker no longer reviews financial information segregating the Company’s operating segments into large and secondary same store markets. The change in the Company’s portfolio caused the distinction between large and secondary markets to no longer be meaningful. As a result, the Company now discloses two reportable segments: Same Store and Non-Same Store and Other. There were no changes in the structure of the Company’s internal organization that prompted the change in reportable segments. Prior year amounts have been revised to conform to the current year presentation shown below. Revenues and NOI for each reportable segment for the three months ended March 31, 2018 and 2017 were as follows (in thousands):
| Three months ended March 31,
| 2018 |  | 2017
Revenues: |  |  |
Same Store |  |  |
Rental revenues | $ | 331,683 |  |  | $ | 325,767 |
Reimbursable property revenues | 22,349 |  |  | 21,821 |
Other property revenues | 2,815 |  |  | 3,009 |
Total Same Store revenues | $ | 356,847 |  |  | $ | 350,597 |
Non-Same Store and Other |  |  |
Rental revenues | $ | 27,357 |  |  | $ | 25,098 |
Reimbursable property revenues | 1,338 |  |  | 1,536 |
Other property revenues | 475 |  |  | 1,677 |
Total Non-Same Store and Other revenues | $ | 29,170 |  |  | $ | 28,311 |
Total rental and other property revenues | $ | 386,017 |  |  | $ | 378,908 |
Net Operating Income: |  |  |  |  |
Same Store NOI | $ | 225,350 |  |  | $ | 221,183 |
Non-Same Store and Other NOI | 16,263 |  |  | 16,452 |
Total NOI | 241,613 |  |  | 237,635 |
Depreciation and amortization | (120,744 | ) |  | (129,997 | )
Property management expenses | (12,880 | ) |  | (10,981 | )
General and administrative expenses | (10,132 | ) |  | (12,840 | )
Merger and integration expenses | (3,799 | ) |  | (6,161 | )
Interest expense | (40,905 | ) |  | (36,584 | )
Loss on sale of depreciable real estate assets | — |  |  | (73 | )
Gain on sale of non-depreciable real estate assets | 150 |  |  | — |
Other non-operating (expense) income | (2,341 | ) |  | 2,711 |
Income tax expense | (640 | ) |  | (651 | )
Income from real estate joint venture | 498 |  |  | 357 |
Net income attributable to noncontrolling interests | (1,801 | ) |  | (1,511 | )
Dividends to MAA Series I preferred shareholders | (922 | ) |  | (922 | )
Net income available for MAA common shareholders | $ | 48,097 |  |  | $ | 40,983 |
Assets for each reportable segment as of March 31, 2018 and December 31, 2017 were as follows (in thousands):
| March 31, 2018 |  | December 31, 2017
Assets: |  |  |
Same Store | $ | 9,773,940 |  |  | $ | 9,864,321 |
Non-Same Store and Other | 1,439,424 |  |  | 1,427,778 |
Corporate assets | 204,012 |  |  | 199,820 |
Total assets | $ | 11,417,376 |  |  | $ | 11,491,919 |

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- 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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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