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MAALP Capital | 9 Months Ended
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Sep. 30, 2019
M A A L P Capital [Abstract] |
MAALP Capital | 5.MAALP Capital Changes in total capital and its components for the three months ended September 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 JUNE 30, 2019 |  | $ | 215,404 |  |  | $ | 5,993,973 |  |  | $ | 66,840 |  |  | $ | (9,366 | ) |  | $ | 5,656 |  |  | $ | 6,272,507 |
Net income |  |  | 2,814 |  |  |  | 77,723 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 81,459 |
Other comprehensive loss - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,973 | ) |  |  | — |  |  |  | (5,973 | )
Issuance of units |  |  | — |  |  |  | 140 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 140 |
Exercise of unit options |  |  | — |  |  |  | (204 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (204 | )
General partnership units issued in exchange for limited partnership units |  |  | (836 | ) |  |  | 836 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | (1,269 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,269 | )
Adjustment for limited partners' capital at redemption value |  |  | 77 |  |  |  | (77 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 3,313 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,313 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($0.9600 per unit) |  |  | (3,912 | ) |  |  | (109,503 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (113,415 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | 955 |
CAPITAL BALANCE SEPTEMBER 30, 2019 |  | $ | 213,547 |  |  | $ | 5,964,932 |  |  | $ | 66,840 |  |  | $ | (15,339 | ) |  | $ | 6,611 |  |  | $ | 6,236,591 |
|  | 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 JUNE 30, 2018 |  | $ | 224,813 |  |  | $ | 6,177,170 |  |  | $ | 66,840 |  |  | $ | 8,332 |  |  | $ | 2,306 |  |  | $ | 6,479,461 |
Net income |  |  | 1,913 |  |  |  | 51,869 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 54,704 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,697 |  |  |  | — |  |  |  | 3,697 |
Issuance of units |  |  | — |  |  |  | (35 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (35 | )
Exercise of unit options |  |  | — |  |  |  | 291 |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 291 |
General partnership units issued in exchange for limited partnership units |  |  | (1,165 | ) |  |  | 1,165 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |
Adjustment for limited partners' capital at redemption value |  |  | (139 | ) |  |  | 139 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 2,890 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,890 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($0.9225 per unit) |  |  | (3,581 | ) |  |  | (105,018 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (108,599 | )
CAPITAL BALANCE SEPTEMBER 30, 2018 |  | $ | 221,841 |  |  | $ | 6,128,519 |  |  | $ | 66,840 |  |  | $ | 12,029 |  |  | $ | 2,306 |  |  | $ | 6,431,535 |
Changes in total capital and its components for the nine months ended September 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 |  |  | 7,336 |  |  |  | 201,456 |  |  |  | 2,766 |  |  |  | — |  |  |  | — |  |  |  | 211,558 |
Other comprehensive loss - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15,178 | ) |  |  | — |  |  |  | (15,178 | )
Issuance of units |  |  | — |  |  |  | 750 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 750 |
Units repurchased and retired |  |  | — |  |  |  | (3,724 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,724 | )
Exercise of unit options |  |  | — |  |  |  | 1,036 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,036 |
General partnership units issued in exchange for limited partnership units |  |  | (1,993 | ) |  |  | 1,993 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Units issued in exchange for redeemable units |  |  | — |  |  |  | 575 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 575 |
Redeemable units fair market value adjustment |  |  | — |  |  |  | (3,455 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,455 | )
Adjustment for limited partners' capital at redemption value |  |  | (61 | ) |  |  | 61 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 11,550 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,550 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (2,766 | ) |  |  | — |  |  |  | — |  |  |  | (2,766 | )
Distributions to common unitholders ($2.8800 per unit) |  |  | (11,778 | ) |  |  | (328,452 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (340,230 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,305 |  |  |  | 4,305 |
CAPITAL BALANCE SEPTEMBER 30, 2019 |  | $ | 213,547 |  |  | $ | 5,964,932 |  |  | $ | 66,840 |  |  | $ | (15,339 | ) |  | $ | 6,611 |  |  | $ | 6,236,591 |
|  | 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 |  |  | 5,888 |  |  |  | 158,851 |  |  |  | 2,766 |  |  |  | — |  |  |  | — |  |  |  | 167,505 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,501 |  |  |  | — |  |  |  | 9,501 |
Issuance of units |  |  | — |  |  |  | (271 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (271 | )
Units repurchased and retired |  |  | — |  |  |  | (2,912 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,912 | )
Exercise of unit options |  |  | — |  |  |  | 916 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 916 |
General partnership units issued in exchange for limited partnership units |  |  | (4,283 | ) |  |  | 4,283 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Units issued in exchange for redeemable units |  |  | — |  |  |  | 1,915 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,915 |
Redeemable units fair market value adjustment |  |  | — |  |  |  | 121 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 121 |
Adjustment for limited partners' capital at redemption value |  |  | (226 | ) |  |  | 226 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cumulative adjustment due to adoption of ASU 2017-12 |  |  | — |  |  |  | (233 | ) |  |  | — |  |  |  | 233 |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 9,877 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,877 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (2,766 | ) |  |  | — |  |  |  | — |  |  |  | (2,766 | )
Distributions to common unitholders ($2.7675 per unit) |  |  | (11,214 | ) |  |  | (315,012 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (326,226 | )
CAPITAL BALANCE SEPTEMBER 30, 2018 |  | $ | 221,841 |  |  | $ | 6,128,519 |  |  | $ | 66,840 |  |  | $ | 12,029 |  |  | $ | 2,306 |  |  | $ | 6,431,535 |

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