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MAALP Capital | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and 2023 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, 2023 |  | $ | 6,036,154 |  |  | $ | 163,128 |  |  | $ | 66,840 |  |  | $ | (8,942 | ) |  | $ | 22,756 |  |  | $ | 6,279,936 |
Net income |  |  | 142,827 |  |  |  | 3,861 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 147,610 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 517 |  |  |  | — |  |  |  | 517 |
Issuance of units |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 93 |
Units repurchased and retired |  |  | (842 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (842 | )
General partner units issued in exchange for limited partner units |  |  | 594 |  |  |  | (594 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | 402 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 402 |
Adjustment for limited partners’ capital at redemption value |  |  | (118 | ) |  |  | 118 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | 6,525 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,525 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($1.4700 per unit) |  |  | (171,620 | ) |  |  | (4,604 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (176,224 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 276 |  |  |  | 276 |
CAPITAL BALANCE MARCH 31, 2024 |  | $ | 6,014,015 |  |  | $ | 161,909 |  |  | $ | 66,840 |  |  | $ | (8,425 | ) |  | $ | 23,032 |  |  | $ | 6,257,371 |
|  | 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 |  |  | 134,988 |  |  |  | 3,664 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 139,574 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 278 |  |  |  | — |  |  |  | 278 |
Issuance of units |  |  | 203,897 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 203,897 |
Units repurchased and retired |  |  | (1,920 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,920 | )
General partner units issued in exchange for limited partner units |  |  | 479 |  |  |  | (479 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Units issued in exchange for redeemable stock |  |  | 581 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 581 |
Redeemable units fair market value adjustment |  |  | 793 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 793 |
Adjustment for limited partners’ capital at redemption value |  |  | (3,945 | ) |  |  | 3,945 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | 6,379 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,379 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($1.4000 per unit) |  |  | (163,252 | ) |  |  | (4,416 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (167,668 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 256 |  |  |  | 256 |
CAPITAL BALANCE MARCH 31, 2023 |  | $ | 6,126,498 |  |  | $ | 166,309 |  |  | $ | 66,840 |  |  | $ | (9,990 | ) |  | $ | 21,320 |  |  | $ | 6,370,977 |

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