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MAALP Capital | 6 Months Ended
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Jun. 30, 2020
M A A L P Capital [Abstract] |
MAALP Capital | 5.MAALP Capital Changes in MAALP’s total capital and its components for the three months ended June 30, 2020 and 2019 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, 2020 |  | $ | 211,498 |  |  | $ | 5,943,891 |  |  | $ | 66,840 |  |  | $ | (13,331 | ) |  | $ | 6,648 |  |  | $ | 6,215,546 |
Net income |  |  | 2,666 |  |  |  | 74,140 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 77,728 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 278 |  |  |  | — |  |  |  | 278 |
Issuance of units |  |  | — |  |  |  | (416 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (416 | )
Units repurchased and retired |  |  | — |  |  |  | (3,930 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,930 | )
Exercise of unit options |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
General partnership units issued in exchange for limited partnership units |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | (1,297 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,297 | )
Adjustment for limited partners’ capital at redemption value |  |  | (211 | ) |  |  | 211 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 2,864 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,864 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($1.00 per unit) |  |  | (4,059 | ) |  |  | (114,435 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (118,494 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 201 |  |  |  | 201 |
CAPITAL BALANCE JUNE 30, 2020 |  | $ | 209,894 |  |  | $ | 5,901,028 |  |  | $ | 66,840 |  |  | $ | (13,053 | ) |  | $ | 6,849 |  |  | $ | 6,171,558 |
|  | 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 ($0.96 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 |
Changes in MAALP’s total capital and its components for the six months ended June 30, 2020 and 2019 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, 2019 |  | $ | 214,647 |  |  | $ | 6,015,290 |  |  | $ | 66,840 |  |  | $ | (13,584 | ) |  | $ | 6,247 |  |  | $ | 6,289,440 |
Net income |  |  | 3,970 |  |  |  | 109,866 |  |  |  | 1,844 |  |  |  | — |  |  |  | — |  |  |  | 115,680 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 531 |  |  |  | — |  |  |  | 531 |
Issuance of units |  |  | — |  |  |  | (377 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (377 | )
Units repurchased and retired |  |  | — |  |  |  | (5,657 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,657 | )
Exercise of unit options |  |  | — |  |  |  | 71 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 71 |
General partnership units issued in exchange for limited partnership units |  |  | (450 | ) |  |  | 450 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | 1,814 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,814 |
Adjustment for limited partners’ capital at redemption value |  |  | (155 | ) |  |  | 155 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 8,153 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,153 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (1,844 | ) |  |  | — |  |  |  | — |  |  |  | (1,844 | )
Distributions to common unitholders ($2.00 per unit) |  |  | (8,118 | ) |  |  | (228,737 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (236,855 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 602 |  |  |  | 602 |
CAPITAL BALANCE JUNE 30, 2020 |  | $ | 209,894 |  |  | $ | 5,901,028 |  |  | $ | 66,840 |  |  | $ | (13,053 | ) |  | $ | 6,849 |  |  | $ | 6,171,558 |
|  | 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 ($1.92 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 |

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