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MAALP Capital | 3 Months Ended
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Mar. 31, 2025
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, 2025 and 2024 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, 2024 |  | $ | 5,882,336 |  |  | $ | 155,409 |  |  | $ | 66,840 |  |  | $ | (7,064 | ) |  | $ | 27,894 |  |  | $ | 6,125,415 |
Net income |  |  | 180,751 |  |  |  | 4,733 |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 186,406 |
Other comprehensive income - derivative instruments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 429 |  |  |  | — |  |  |  | 429 |
Issuance of units |  |  | 157 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157 |
Units repurchased and retired |  |  | (1,302 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,302 | )
Exercise of unit options |  |  | 38 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38 |
General partner units issued in exchange for limited partner units |  |  | 759 |  |  |  | (759 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redeemable units fair market value adjustment |  |  | (1,895 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,895 | )
Adjustment for limited partners’ capital at redemption value |  |  | (64 | ) |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unearned compensation |  |  | 5,861 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,861 |
Distributions to preferred unitholders |  |  | — |  |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Distributions to common unitholders ($1.5150 per unit) |  |  | (177,157 | ) |  |  | (4,637 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (181,794 | )
Contribution from noncontrolling interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,058 |  |  |  | 1,058 |
CAPITAL BALANCE MARCH 31, 2025 |  | $ | 5,889,484 |  |  | $ | 154,810 |  |  | $ | 66,840 |  |  | $ | (6,635 | ) |  | $ | 28,952 |  |  | $ | 6,133,451 |
|  | 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 |

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