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Segment Information | 12 Months Ended
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Dec. 31, 2022
Notes To Financial Statements [Abstract] |
Segment Information | 13. Segment Information As of December 31, 2022, the Company owned and operated 290 multifamily apartment communities (which does not include development communities under construction) in 15 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents. The following reflects the two reportable segments for the Company: • Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year. • Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and storm related expenses related to hurricanes. On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. The chief operating decision maker utilizes NOI in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance. Revenues and NOI for each reportable segment for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Revenues: |  |  |  |  |  |  |  |  |
Same Store |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 1,912,626 |  |  | $ | 1,683,380 |  |  | $ | 1,601,812 |
Other property revenues |  |  | 12,083 |  |  |  | 11,854 |  |  |  | 11,557 |
Total Same Store revenues |  |  | 1,924,709 |  |  |  | 1,695,234 |  |  |  | 1,613,369 |
Non-Same Store and Other |  |  |  |  |  |  |  |  |
Rental revenues |  |  | 93,512 |  |  |  | 81,822 |  |  |  | 64,401 |
Other property revenues |  |  | 1,645 |  |  |  | 1,026 |  |  |  | 214 |
Total Non-Same Store and Other revenues |  |  | 95,157 |  |  |  | 82,848 |  |  |  | 64,615 |
Total rental and other property revenues |  | $ | 2,019,866 |  |  | $ | 1,778,082 |  |  | $ | 1,677,984 |
Net Operating Income: |  |  |  |  |  |  |  |  |
Same Store NOI |  | $ | 1,242,695 |  |  | $ | 1,061,572 |  |  | $ | 1,001,919 |
Non-Same Store and Other NOI |  |  | 53,477 |  |  |  | 45,345 |  |  |  | 35,594 |
Total NOI |  |  | 1,296,172 |  |  |  | 1,106,917 |  |  |  | 1,037,513 |
Depreciation and amortization |  |  | (542,998 | ) |  |  | (533,433 | ) |  |  | (510,842 | )
Property management expenses |  |  | (65,463 | ) |  |  | (55,732 | ) |  |  | (52,300 | )
General and administrative expenses |  |  | (58,833 | ) |  |  | (52,884 | ) |  |  | (46,858 | )
Interest expense |  |  | (154,747 | ) |  |  | (156,881 | ) |  |  | (167,562 | )
Gain on sale of depreciable real estate assets |  |  | 214,762 |  |  |  | 220,428 |  |  |  | 9 |
Gain on sale of non-depreciable real estate assets |  |  | 809 |  |  |  | 811 |  |  |  | 1,024 |
Other non-operating (expense) income |  |  | (42,713 | ) |  |  | 33,902 |  |  |  | 4,857 |
Income tax benefit (expense) |  |  | 6,208 |  |  |  | (13,637 | ) |  |  | (3,327 | )
Income from real estate joint venture |  |  | 1,579 |  |  |  | 1,211 |  |  |  | 1,501 |
Net income attributable to noncontrolling interests |  |  | (17,340 | ) |  |  | (16,911 | ) |  |  | (9,053 | )
Dividends to MAA Series I preferred shareholders |  |  | (3,688 | ) |  |  | (3,688 | ) |  |  | (3,688 | )
Net income available for MAA common shareholders |  | $ | 633,748 |  |  | $ | 530,103 |  |  | $ | 251,274 |
Assets for each reportable segment as of December 31, 2022 and 2021 were as follows (in thousands):
|  | December 31, 2022 |  |  | December 31, 2021 |
Assets: |  |  |  |  |  |
Same Store |  | $ | 9,692,674 |  |  | $ | 9,907,740 |
Non-Same Store and Other |  |  | 1,375,936 |  |  |  | 1,106,039 |
Corporate |  |  | 172,555 |  |  |  | 271,403 |
Total assets |  | $ | 11,241,165 |  |  | $ | 11,285,182 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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