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Earnings Per OP Unit of MAALP (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Diluted Earnings per Common Unit | For the three and nine months ended September 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the three and nine months ended September 30, 2023, MAALP’s diluted earnings per common unit was computed using the treasury stock method, as presented below (dollars and units in thousands, except per unit amounts):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Calculation of Earnings per common unit - basic |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 118,230 |  |  | $ | 113,732 |  |  | $ | 370,502 |  |  | $ | 402,963 |
Unvested restricted units (allocation of earnings) |  |  | (53 | ) |  |  | (44 | ) |  |  | (163 | ) |  |  | (161 | )
Distributions to MAALP Series I preferred unitholders |  | $ | (922 | ) |  | $ | (922 | ) |  | $ | (2,766 | ) |  | $ | (2,766 | )
Net income available for MAALP common unitholders, adjusted |  | $ | 117,255 |  |  | $ | 112,766 |  |  | $ | 367,573 |  |  | $ | 400,036 |
Weighted average common units - basic |  |  | 119,900 |  |  |  | 119,787 |  |  |  | 119,865 |  |  |  | 119,635 |
Earnings per common unit - basic |  | $ | 0.98 |  |  | $ | 0.94 |  |  | $ | 3.07 |  |  | $ | 3.34 |
Calculation of Earnings per common unit - diluted |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 118,230 |  |  | $ | 113,732 |  |  | $ | 370,502 |  |  | $ | 402,963 |
Unvested restricted units (allocation of earnings) |  |  | (53 | ) |  |  | — |  |  |  | (163 | ) |  |  | — |
Distributions to MAALP Series I preferred unitholders |  |  | (922 | ) |  |  | (922 | ) |  |  | (2,766 | ) |  |  | (2,766 | )
Net income available for MAALP common unitholders, adjusted |  | $ | 117,255 |  |  | $ | 112,810 |  |  | $ | 367,573 |  |  | $ | 400,197 |
Weighted average common units - basic |  |  | 119,900 |  |  |  | 119,787 |  |  |  | 119,865 |  |  |  | 119,635 |
Effect of dilutive securities |  |  | — |  |  |  | 78 |  |  |  | — |  |  |  | 134 |
Weighted average common units - diluted |  |  | 119,900 |  |  |  | 119,865 |  |  |  | 119,865 |  |  |  | 119,769 |
Earnings per common unit - diluted |  | $ | 0.98 |  |  | $ | 0.94 |  |  | $ | 3.07 |  |  | $ | 3.34 |

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