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MAALP Capital (Tables)
 9 Months Ended
Sep. 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 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