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Segment Information | 6 Months Ended
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Jun. 30, 2019
Notes To Financial Statements [Abstract] |
Segment Information | 11.Segment Information As of June 30, 2019, the Company owned and operated 303 multifamily apartment communities in 17 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company's chief operating decision maker, which is the Company’s Chief Executive Officer, 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 incurred 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 adjusts 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 that 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. Revenues and NOI for each reportable segment for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same Store |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 376,977 |  |  | $ | 342,775 |  |  | $ | 749,418 |  |  | $ | 683,870 |
Reimbursable property revenues (1) |  |  | — |  |  |  | 22,605 |  |  |  | — |  |  |  | 45,607 |
Other property revenues |  |  | 3,632 |  |  |  | 3,349 |  |  |  | 6,731 |  |  |  | 6,223 |
Total Same Store revenues |  |  | 380,609 |  |  |  | 368,729 |  |  |  | 756,149 |  |  |  | 735,700 |
Non-Same Store and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  |  | 26,602 |  |  |  | 20,400 |  |  |  | 52,101 |  |  |  | 38,345 |
Reimbursable property revenues (1) |  |  | — |  |  |  | 591 |  |  |  | — |  |  |  | 1,276 |
Other property revenues |  |  | 179 |  |  |  | 353 |  |  |  | 318 |  |  |  | 769 |
Total Non-Same Store and Other revenues |  |  | 26,781 |  |  |  | 21,344 |  |  |  | 52,419 |  |  |  | 40,390 |
Total rental and other property revenues |  | $ | 407,390 |  |  | $ | 390,073 |  |  | $ | 808,568 |  |  | $ | 776,090 |
Net Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same Store NOI |  | $ | 237,305 |  |  | $ | 230,414 |  |  | $ | 474,744 |  |  | $ | 462,069 |
Non-Same Store and Other NOI |  |  | 15,943 |  |  |  | 10,929 |  |  |  | 30,305 |  |  |  | 20,887 |
Total NOI |  |  | 253,248 |  |  |  | 241,343 |  |  |  | 505,049 |  |  |  | 482,956 |
Depreciation and amortization |  |  | (123,944 | ) |  |  | (122,925 | ) |  |  | (246,733 | ) |  |  | (243,669 | )
Property management expenses |  |  | (13,454 | ) |  |  | (11,396 | ) |  |  | (27,296 | ) |  |  | (24,276 | )
General and administrative expenses |  |  | (10,598 | ) |  |  | (9,211 | ) |  |  | (23,751 | ) |  |  | (19,343 | )
Merger and integration expenses |  |  | — |  |  |  | (2,826 | ) |  |  | — |  |  |  | (6,625 | )
Interest expense |  |  | (45,936 | ) |  |  | (43,585 | ) |  |  | (91,636 | ) |  |  | (84,490 | )
Gain (loss) on sale of depreciable real estate assets |  |  | — |  |  |  | 2 |  |  |  | (13 | ) |  |  | 2 |
Gain on sale of non-depreciable real estate assets |  |  | 297 |  |  |  | 2,761 |  |  |  | 9,260 |  |  |  | 2,911 |
Other non-operating income |  |  | 4,775 |  |  |  | 8,032 |  |  |  | 5,710 |  |  |  | 5,691 |
Income tax expense |  |  | (682 | ) |  |  | (570 | ) |  |  | (1,323 | ) |  |  | (1,210 | )
Income from real estate joint venture |  |  | 435 |  |  |  | 356 |  |  |  | 832 |  |  |  | 854 |
Net income attributable to noncontrolling interests |  |  | (2,224 | ) |  |  | (2,174 | ) |  |  | (4,522 | ) |  |  | (3,975 | )
Dividends to MAA Series I preferred shareholders |  |  | (922 | ) |  |  | (922 | ) |  |  | (1,844 | ) |  |  | (1,844 | )
Net income available for MAA common shareholders |  | $ | 60,995 |  |  | $ | 58,885 |  |  | $ | 123,733 |  |  | $ | 106,982 |
(1) | As a result of the adoption of ASC Topic 842 referenced in Note 1, for the three months ended June 30, 2019, Same Store and Non-Same Store reimbursable property revenues of $23.1 million and $0.8 million, respectively, are reflected as rental revenues. For the six months ended June 30, 2019, Same Store and Non-Same Store reimbursable property revenues of $46.1 million and $1.6 million, respectively, are reflected as rental revenues.
Assets for each reportable segment as of June 30, 2019 and December 31, 2018 were as follows (in thousands):
|  | June 30, 2019 |  |  | December 31, 2018 |
Assets: |  |  |  |  |  |  |  |
Same Store |  | $ | 9,849,840 |  |  | $ | 9,991,538 |
Non-Same Store and Other |  |  | 1,233,089 |  |  |  | 1,163,083 |
Corporate assets |  |  | 191,901 |  |  |  | 169,160 |
Total assets |  | $ | 11,274,830 |  |  | $ | 11,323,781 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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