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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Notes To Financial Statements [Abstract] |
Revenues and NOI for Reportable Segment | Revenues and NOI for each reportable segment for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Same Store |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 518,235 |  |  | $ | 514,364 |  |  | $ | 1,035,180 |  |  | $ | 1,023,964 |
Other property revenues |  |  | 3,305 |  |  |  | 3,622 |  |  |  | 5,989 |  |  |  | 6,453 |
Total Same Store revenues |  |  | 521,540 |  |  |  | 517,986 |  |  |  | 1,041,169 |  |  |  | 1,030,417 |
Non-Same Store and Other |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  |  | 24,555 |  |  |  | 17,037 |  |  |  | 47,427 |  |  |  | 33,529 |
Other property revenues |  |  | 340 |  |  |  | 123 |  |  |  | 1,461 |  |  |  | 233 |
Total Non-Same Store and Other revenues |  |  | 24,895 |  |  |  | 17,160 |  |  |  | 48,888 |  |  |  | 33,762 |
Total rental and other property revenues |  | $ | 546,435 |  |  | $ | 535,146 |  |  | $ | 1,090,057 |  |  | $ | 1,064,179 |
Net Operating Income: |  |  |  |  |  |  |  |  |  |  |  |
Same Store NOI |  | $ | 328,280 |  |  | $ | 331,611 |  |  | $ | 662,863 |  |  | $ | 668,540 |
Non-Same Store and Other NOI |  |  | 12,359 |  |  |  | 9,202 |  |  |  | 23,596 |  |  |  | 18,503 |
Total NOI |  |  | 340,639 |  |  |  | 340,813 |  |  |  | 686,459 |  |  |  | 687,043 |
Depreciation and amortization |  |  | (145,022 | ) |  |  | (138,972 | ) |  |  | (288,042 | ) |  |  | (277,473 | )
Property management expenses |  |  | (17,201 | ) |  |  | (16,091 | ) |  |  | (37,196 | ) |  |  | (34,019 | )
General and administrative expenses |  |  | (12,671 | ) |  |  | (13,882 | ) |  |  | (29,716 | ) |  |  | (29,805 | )
Interest expense |  |  | (41,265 | ) |  |  | (36,723 | ) |  |  | (81,626 | ) |  |  | (74,004 | )
(Loss) gain on sale of depreciable real estate assets |  |  | (23 | ) |  |  | (1 | ) |  |  | (25 | ) |  |  | 14 |
Gain on sale of non-depreciable real estate assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 54 |
Other non-operating (expense) income |  |  | (19,244 | ) |  |  | 16,992 |  |  |  | 4,282 |  |  |  | 20,459 |
Income tax expense |  |  | (1,020 | ) |  |  | (2,861 | ) |  |  | (2,815 | ) |  |  | (3,805 | )
Income from real estate joint venture |  |  | 469 |  |  |  | 382 |  |  |  | 951 |  |  |  | 767 |
Net income attributable to noncontrolling interests |  |  | (2,709 | ) |  |  | (3,969 | ) |  |  | (6,570 | ) |  |  | (7,633 | )
Dividends to MAA Series I preferred shareholders |  |  | (922 | ) |  |  | (922 | ) |  |  | (1,844 | ) |  |  | (1,844 | )
Net income available for MAA common shareholders |  | $ | 101,031 |  |  | $ | 144,766 |  |  | $ | 243,858 |  |  | $ | 279,754 |
Assets for Reportable Segment | Assets for each reportable segment as of June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |
Same Store |  | $ | 9,766,749 |  |  | $ | 9,893,858 |
Non-Same Store and Other |  |  | 1,588,360 |  |  |  | 1,391,777 |
Corporate |  |  | 207,758 |  |  |  | 198,868 |
Total assets |  | $ | 11,562,867 |  |  | $ | 11,484,503 |

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