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MAALP Capital | 9 Months Ended
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Sep. 30, 2022
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 September 30, 2022 and 2021 were as follows (dollars in thousands):
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | Preferred Units |  |  | General Partner |  |  | Limited Partners |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE JUNE 30, 2022 |  | $ | 66,840 |  |  | $ | 5,927,241 |  |  | $ | 165,062 |  |  | $ | (10,826 | ) |  | $ | 19,780 |  |  | $ | 6,168,097 |
Net income |  |  | 922 |  |  |  | 121,389 |  |  |  | 3,392 |  |  |  | — |  |  |  | — |  |  |  | 125,703 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 279 |  |  |  | — |  |  |  | 279 |
Issuance of units |  |  | — |  |  |  | 156 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 156 |
Units repurchased and retired |  |  | — |  |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | )
General partnership units issued in exchange for limited partnership units |  |  | — |  |  |  | 307 |  |  |  | (307 | ) |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | 2,537 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,537 |
Adjustment for limited partners’ capital at redemption value |  |  | — |  |  |  | (79 | ) |  |  | 79 |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 4,203 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,203 |
Distributions to preferred unitholders |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($1.2500 per unit) |  |  | — |  |  |  | (144,309 | ) |  |  | (3,996 | ) |  |  | — |  |  |  | — |  |  |  | (148,305 | )
CAPITAL BALANCE SEPTEMBER 30, 2022 |  | $ | 66,840 |  |  | $ | 5,911,433 |  |  | $ | 164,230 |  |  | $ | (10,547 | ) |  | $ | 19,780 |  |  | $ | 6,151,736 |
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | Preferred Units |  |  | General Partner |  |  | Limited Partners |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE JUNE 30, 2021 |  | $ | 66,840 |  |  | $ | 5,863,795 |  |  | $ | 185,340 |  |  | $ | (11,939 | ) |  | $ | 16,612 |  |  | $ | 6,120,648 |
Net income |  |  | 922 |  |  |  | 83,557 |  |  |  | 2,568 |  |  |  | — |  |  |  | — |  |  |  | 87,047 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 278 |  |  |  | — |  |  |  | 278 |
Issuance of units |  |  | — |  |  |  | (103 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (103 | )
Exercise of unit options |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |
General partnership units issued in exchange for limited partnership units |  |  | — |  |  |  | 11,108 |  |  |  | (11,108 | ) |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | (2,356 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,356 | )
Adjustment for limited partners’ capital at redemption value |  |  | — |  |  |  | (52 | ) |  |  | 52 |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 4,007 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,007 |
Distributions to preferred unitholders |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($1.0250 per unit) |  |  | — |  |  |  | (118,018 | ) |  |  | (3,486 | ) |  |  | — |  |  |  | — |  |  |  | (121,504 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,204 |  |  |  | 3,204 |
CAPITAL BALANCE SEPTEMBER 30, 2021 |  | $ | 66,840 |  |  | $ | 5,841,950 |  |  | $ | 173,366 |  |  | $ | (11,661 | ) |  | $ | 19,816 |  |  | $ | 6,090,311 |
Changes in MAALP’s total capital and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands):
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | Preferred Units |  |  | General Partner |  |  | Limited Partners |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE DECEMBER 31, 2021 |  | $ | 66,840 |  |  | $ | 5,909,700 |  |  | $ | 165,116 |  |  | $ | (11,382 | ) |  | $ | 23,614 |  |  | $ | 6,153,888 |
Net income (loss) |  |  | 2,766 |  |  |  | 441,049 |  |  |  | 12,318 |  |  |  | — |  |  |  | (293 | ) |  |  | 455,840 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 835 |  |  |  | — |  |  |  | 835 |
Issuance of units |  |  | — |  |  |  | (276 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (276 | )
Units repurchased and retired |  |  | — |  |  |  | (14,043 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,043 | )
Exercise of unit options |  |  | — |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28 |
General partnership units issued in exchange for limited partnership units |  |  | — |  |  |  | 500 |  |  |  | (500 | ) |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | 9,297 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,297 |
Adjustment for limited partners’ capital at redemption value |  |  | — |  |  |  | 1,227 |  |  |  | (1,227 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 15,532 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,532 |
Distributions to preferred unitholders |  |  | (2,766 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,766 | )
Distributions to common unitholders ($3.5875 per unit) |  |  | — |  |  |  | (414,138 | ) |  |  | (11,477 | ) |  |  | — |  |  |  | — |  |  |  | (425,615 | )
Acquisition of noncontrolling interest |  |  | — |  |  |  | (37,443 | ) |  |  | — |  |  |  | — |  |  |  | (5,627 | ) |  |  | (43,070 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,086 |  |  |  | 2,086 |
CAPITAL BALANCE SEPTEMBER 30, 2022 |  | $ | 66,840 |  |  | $ | 5,911,433 |  |  | $ | 164,230 |  |  | $ | (10,547 | ) |  | $ | 19,780 |  |  | $ | 6,151,736 |
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | Preferred Units |  |  | General Partner |  |  | Limited Partners |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE DECEMBER 31, 2020 |  | $ | 66,840 |  |  | $ | 5,817,270 |  |  | $ | 206,927 |  |  | $ | (12,496 | ) |  | $ | 9,848 |  |  | $ | 6,088,389 |
Net income |  |  | 2,766 |  |  |  | 345,384 |  |  |  | 11,636 |  |  |  | — |  |  |  | — |  |  |  | 359,786 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 835 |  |  |  | — |  |  |  | 835 |
Issuance of units |  |  | — |  |  |  | (436 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (436 | )
Units repurchased and retired |  |  | — |  |  |  | (9,043 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,043 | )
Exercise of unit options |  |  | — |  |  |  | 1,478 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,478 |
General partnership units issued in exchange for limited partnership units |  |  | — |  |  |  | 33,272 |  |  |  | (33,272 | ) |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | — |  |  |  | (7,545 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,545 | )
Adjustment for limited partners’ capital at redemption value |  |  | — |  |  |  | 587 |  |  |  | (587 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | — |  |  |  | 14,151 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,151 |
Distributions to preferred unitholders |  |  | (2,766 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,766 | )
Distributions to common unitholders ($3.0750 per unit) |  |  | — |  |  |  | (353,168 | ) |  |  | (11,338 | ) |  |  | — |  |  |  | — |  |  |  | (364,506 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,968 |  |  |  | 9,968 |
CAPITAL BALANCE SEPTEMBER 30, 2021 |  | $ | 66,840 |  |  | $ | 5,841,950 |  |  | $ | 173,366 |  |  | $ | (11,661 | ) |  | $ | 19,816 |  |  | $ | 6,090,311 |

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