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v3.23.3

MAALP Capital | 9 Months Ended
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Sep. 30, 2023
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, 2023 and 2022 were as follows (dollars in thousands):
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | General Partner |  |  | Limited Partners |  |  | Preferred Units |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE JUNE 30, 2023 |  | $ | 6,104,970 |  |  | $ | 165,626 |  |  | $ | 66,840 |  |  | $ | (9,712 | ) |  | $ | 22,329 |  |  | $ | 6,350,053 |
Net income |  |  | 109,810 |  |  |  | 3,000 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 113,732 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 279 |  |  |  | — |  |  |  | 279 |
Issuance of units |  |  | 158 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 158 |
Units repurchased and retired |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26 | )
General partner units issued in exchange for limited partner units |  |  | 363 |  |  |  | (363 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | 3,242 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,242 |
Adjustment for limited partners’ capital at redemption value |  |  | (95 | ) |  |  | 95 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | 4,128 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,128 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($1.4000 per unit) |  |  | (163,362 | ) |  |  | (4,408 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (167,770 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 696 |  |  |  | 696 |
CAPITAL BALANCE SEPTEMBER 30, 2023 |  | $ | 6,059,188 |  |  | $ | 163,950 |  |  | $ | 66,840 |  |  | $ | (9,433 | ) |  | $ | 23,025 |  |  | $ | 6,303,570 |
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | General Partner |  |  | Limited Partners |  |  | Preferred Units |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE JUNE 30, 2022 |  | $ | 5,927,241 |  |  | $ | 165,062 |  |  | $ | 66,840 |  |  | $ | (10,826 | ) |  | $ | 19,780 |  |  | $ | 6,168,097 |
Net income |  |  | 121,389 |  |  |  | 3,392 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 125,703 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 279 |  |  |  | — |  |  |  | 279 |
Issuance of units |  |  | 156 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 156 |
Units repurchased and retired |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | )
General partner units issued in exchange for limited partner 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 |  | $ | 5,911,433 |  |  | $ | 164,230 |  |  | $ | 66,840 |  |  | $ | (10,547 | ) |  | $ | 19,780 |  |  | $ | 6,151,736 |
Changes in MAALP’s total capital and its components for the nine months ended September 30, 2023 and 2022 were as follows (dollars in thousands):
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | General Partner |  |  | Limited Partners |  |  | Preferred Units |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE DECEMBER 31, 2022 |  | $ | 5,948,498 |  |  | $ | 163,595 |  |  | $ | 66,840 |  |  | $ | (10,268 | ) |  | $ | 21,064 |  |  | $ | 6,189,729 |
Net income |  |  | 389,564 |  |  |  | 10,633 |  |  |  | 2,766 |  |  |  | — |  |  |  | — |  |  |  | 402,963 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 835 |  |  |  | — |  |  |  | 835 |
Issuance of units |  |  | 203,214 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 203,214 |
Units repurchased and retired |  |  | (7,866 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,866 | )
General partner units issued in exchange for limited partner units |  |  | 894 |  |  |  | (894 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Units issued in exchange for redeemable stock |  |  | 581 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 581 |
Redeemable units fair market value adjustment |  |  | 3,906 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,906 |
Adjustment for limited partners’ capital at redemption value |  |  | (3,858 | ) |  |  | 3,858 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | 14,299 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,299 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (2,766 | ) |  |  | — |  |  |  | — |  |  |  | (2,766 | )
Distributions to common unitholders ($4.2000 per unit) |  |  | (490,044 | ) |  |  | (13,242 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (503,286 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,961 |  |  |  | 1,961 |
CAPITAL BALANCE SEPTEMBER 30, 2023 |  | $ | 6,059,188 |  |  | $ | 163,950 |  |  | $ | 66,840 |  |  | $ | (9,433 | ) |  | $ | 23,025 |  |  | $ | 6,303,570 |
|  | Mid-America Apartments, L.P. Unitholders’ Capital |  |  |  |  |  |  |
|  | General Partner |  |  | Limited Partners |  |  | Preferred Units |  |  | Accumulated Other Comprehensive Loss |  |  | Noncontrolling Interests - Consolidated Real Estate Entities |  |  | Total Partnership Capital |
CAPITAL BALANCE DECEMBER 31, 2021 |  | $ | 5,909,700 |  |  | $ | 165,116 |  |  | $ | 66,840 |  |  | $ | (11,382 | ) |  | $ | 23,614 |  |  | $ | 6,153,888 |
Net income (loss) |  |  | 441,049 |  |  |  | 12,318 |  |  |  | 2,766 |  |  |  | — |  |  |  | (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 partner units issued in exchange for limited partner 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 |  | $ | 5,911,433 |  |  | $ | 164,230 |  |  | $ | 66,840 |  |  | $ | (10,547 | ) |  | $ | 19,780 |  |  | $ | 6,151,736 |

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