XML 40 R24.htm IDEA: XBRL DOCUMENT v3.19.2
MAALP Capital (Tables)
 6 Months Ended
Jun. 30, 2019
M A A L P Capital [Abstract]  
Summary of Changes in Total Capital and its Components

Changes in total capital and its components for the three months ended June 30, 2019 and 2018 were as follows (dollars in thousands):

 

 

 

Mid-America Apartments, L.P. Unitholders' Capital

 

 

 

 

 

 

 

 

 

 

 

Limited

Partner

 

 

General

Partner

 

 

Preferred

Units

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Noncontrolling

Interests-

Consolidated

Real Estate

Entities

 

 

Total

Partnership

Capital

 

CAPITAL BALANCE MARCH 31, 2019

 

$

218,011

 

 

$

6,038,625

 

 

$

66,840

 

 

$

(3,362

)

 

$

5,166

 

 

$

6,325,280

 

Net income

 

 

2,224

 

 

 

60,995

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

64,141

 

Other comprehensive loss - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,004

)

 

 

—

 

 

 

(6,004

)

Issuance of units

 

 

—

 

 

 

(519

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(519

)

Units repurchased and retired

 

 

—

 

 

 

(701

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(701

)

Exercise of unit options

 

 

—

 

 

 

1,032

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,032

 

General partnership units issued in exchange for limited partnership units

 

 

(821

)

 

 

821

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable units

 

 

—

 

 

 

575

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

575

 

Redeemable units fair market value adjustment

 

 

—

 

 

 

(835

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(835

)

Adjustment for limited partners' capital at redemption value

 

 

(85

)

 

 

85

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

3,452

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,452

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($0.9600 per unit)

 

 

(3,925

)

 

 

(109,557

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(113,482

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

490

 

 

 

490

 

CAPITAL BALANCE JUNE 30, 2019

 

$

215,404

 

 

$

5,993,973

 

 

$

66,840

 

 

$

(9,366

)

 

$

5,656

 

 

$

6,272,507

 

 

 

 

Mid-America Apartments, L.P. Unitholders' Capital

 

 

 

 

 

 

 

 

 

 

 

Limited

Partner

 

 

General

Partner

 

 

Preferred

Units

 

 

Accumulated

Other

Comprehensive

Income

 

 

Noncontrolling

Interests -

Consolidated

Real Estate

Entities

 

 

Total

Partnership

Capital

 

CAPITAL BALANCE MARCH 31, 2018

 

$

226,815

 

 

$

6,221,216

 

 

$

66,840

 

 

$

3,167

 

 

$

2,306

 

 

$

6,520,344

 

Net income

 

 

2,174

 

 

 

58,885

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

61,981

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,165

 

 

 

—

 

 

 

5,165

 

Issuance of units

 

 

—

 

 

 

(341

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(341

)

General partnership units issued in exchange for limited partnership units

 

 

(338

)

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

—

 

 

 

(892

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(892

)

Adjustment for limited partners' capital at redemption value

 

 

(24

)

 

 

24

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

2,963

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,963

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($0.9225 per unit)

 

 

(3,814

)

 

 

(105,023

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(108,837

)

CAPITAL BALANCE JUNE 30, 2018

 

$

224,813

 

 

$

6,177,170

 

 

$

66,840

 

 

$

8,332

 

 

$

2,306

 

 

$

6,479,461

 

 

Changes in total capital and its components for the six months ended June 30, 2019 and 2018 were as follows (dollars in thousands):

 

 

 

Mid-America Apartments, L.P. Unitholders' Capital

 

 

 

 

 

 

 

 

 

 

 

Limited

Partner

 

 

General

Partner

 

 

Preferred

Units

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Noncontrolling

Interests-

Consolidated

Real Estate

Entities

 

 

Total

Partnership

Capital

 

CAPITAL BALANCE DECEMBER 31, 2018

 

$

220,043

 

 

$

6,083,142

 

 

$

66,840

 

 

$

(161

)

 

$

2,306

 

 

$

6,372,170

 

Net income

 

 

4,522

 

 

 

123,733

 

 

 

1,844

 

 

 

—

 

 

 

—

 

 

 

130,099

 

Other comprehensive loss - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,205

)

 

 

—

 

 

 

(9,205

)

Issuance of units

 

 

—

 

 

 

610

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

610

 

Units repurchased and retired

 

 

—

 

 

 

(3,724

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,724

)

Exercise of unit options

 

 

—

 

 

 

1,240

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,240

 

General partnership units issued in exchange for limited partnership units

 

 

(1,157

)

 

 

1,157

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable units

 

 

—

 

 

 

575

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

575

 

Redeemable units fair market value adjustment

 

 

—

 

 

 

(2,186

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,186

)

Adjustment for limited partners' capital at redemption value

 

 

(138

)

 

 

138

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

8,237

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,237

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

(1,844

)

Distributions to common unitholders ($1.9200 per unit)

 

 

(7,866

)

 

 

(218,949

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(226,815

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,350

 

 

 

3,350

 

CAPITAL BALANCE JUNE 30, 2019

 

$

215,404

 

 

$

5,993,973

 

 

$

66,840

 

 

$

(9,366

)

 

$

5,656

 

 

$

6,272,507

 

 

 

 

Mid-America Apartments, L.P. Unitholders' Capital

 

 

 

 

 

 

 

 

 

 

 

Limited

Partner

 

 

General

Partner

 

 

Preferred

Units

 

 

Accumulated

Other

Comprehensive

Income

 

 

Noncontrolling

Interests -

Consolidated

Real Estate

Entities

 

 

Total

Partnership

Capital

 

CAPITAL BALANCE DECEMBER 31, 2017

 

$

231,676

 

 

$

6,270,758

 

 

$

66,840

 

 

$

2,295

 

 

$

2,306

 

 

$

6,573,875

 

Net income

 

 

3,975

 

 

 

106,982

 

 

 

1,844

 

 

 

—

 

 

 

—

 

 

 

112,801

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,804

 

 

 

—

 

 

 

5,804

 

Issuance of units

 

 

—

 

 

 

(236

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(236

)

Units repurchased and retired

 

 

—

 

 

 

(2,912

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,912

)

Exercise of unit options

 

 

—

 

 

 

625

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

625

 

General partnership units issued in exchange for limited partnership units

 

 

(3,118

)

 

 

3,118

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable units

 

 

—

 

 

 

1,915

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,915

 

Redeemable units fair market value adjustment

 

 

—

 

 

 

73

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

73

 

Adjustment for limited partners' capital at redemption value

 

 

(87

)

 

 

87

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cumulative adjustment due to adoption of ASU 2017-12

 

 

—

 

 

 

(233

)

 

 

—

 

 

 

233

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

6,987

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,987

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(1,844

)

 

 

—

 

 

 

—

 

 

 

(1,844

)

Distributions to common unitholders ($1.8450 per unit)

 

 

(7,633

)

 

 

(209,994

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(217,627

)

CAPITAL BALANCE JUNE 30, 2018

 

$

224,813

 

 

$

6,177,170

 

 

$

66,840

 

 

$

8,332

 

 

$

2,306

 

 

$

6,479,461