Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Apr. 28, 2014 | Jun. 30, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'MAA | ' | ' |
Entity Registrant Name | 'MID AMERICA APARTMENT COMMUNITIES INC | ' | ' |
Entity Central Index Key | '0000912595 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 75,009,068 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,896,227,801.18 |
Limited Partner [Member] | ' | ' | ' |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'MID-AMERICA APARTMENTS, L.P. | ' | ' |
Entity Central Index Key | '0001581776 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
MAA_Condensed_Consolidated_Bal
MAA Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Total assets | $6,785,663 | $6,841,925 |
Liabilities: | ' | ' |
Fair market value of interest rate swaps | 17,937 | 20,015 |
Shareholders' equity: | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,691 | 108 |
Parent Company [Member] | ' | ' |
Assets: | ' | ' |
Land | 862,833 | 871,316 |
Buildings and improvements | 6,467,714 | 6,366,701 |
Furniture, fixtures and equipment | 201,361 | 199,573 |
Capital improvements in progress | 103,100 | 166,048 |
Real Estate Investment Property, at Cost, Total | 7,635,008 | 7,603,638 |
Less accumulated depreciation | -1,191,115 | -1,124,207 |
Real Estate Investment Property, Net, Total | 6,443,893 | 6,479,431 |
Land Available for Development | 59,191 | 63,850 |
Commercial properties, net | 7,919 | 7,523 |
Investments in real estate joint ventures | 2,982 | 5,499 |
Real estate assets, net | 6,513,985 | 6,556,303 |
Cash and cash equivalents | 121,901 | 89,333 |
Restricted cash | 37,876 | 44,361 |
Deferred financing costs, net | 16,304 | 17,424 |
Other assets | 57,356 | 91,637 |
Goodwill | 4,106 | 4,106 |
Real Estate Held-for-sale | 34,135 | 38,761 |
Total assets | 6,785,663 | 6,841,925 |
Liabilities: | ' | ' |
Secured notes payable | 1,785,161 | 1,790,935 |
Unsecured notes payable | 1,677,898 | 1,681,783 |
Accounts payable | 15,174 | 15,067 |
Fair market value of interest rate swaps | 17,937 | 20,015 |
Accrued expenses and other liabilities | 197,997 | 206,190 |
Security deposits | 9,522 | 9,270 |
Liabilities associated with assets held for sale | 0 | 78 |
Total liabilities | 3,703,689 | 3,723,338 |
Redeemable stock | 4,828 | 5,050 |
Shareholders' equity: | ' | ' |
Common stock | 749 | 747 |
Additional paid-in capital | 3,604,117 | 3,599,549 |
Accumulated distributions in excess of net income | -694,150 | -653,593 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,691 | 108 |
Total MAA shareholders' equity | 2,913,407 | 2,946,811 |
Noncontrolling interest | 163,739 | 166,726 |
Total equity | 3,077,146 | 3,113,537 |
Liabilities and Equity | $6,785,663 | $6,841,925 |
Redeemable stock, shares issued and outstanding | 77,312 | 83,139 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets MAALP Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Assets | $6,785,663,000 | $6,841,925,000 |
Liabilities: | ' | ' |
Fair market value of interest rate swaps | 17,937,000 | 20,015,000 |
Capital [Abstract] | ' | ' |
Limited Partners' Capital Account | 287,316,070 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,691,000 | 108,000 |
Limited Partner [Member] | ' | ' |
Assets: | ' | ' |
Land | 862,833,000 | 871,316,000 |
Buildings and improvements | 6,467,714,000 | 6,366,701,000 |
Furniture, fixtures and equipment | 201,361,000 | 199,573,000 |
Capital improvements in progress | 103,100,000 | 166,048,000 |
Real Estate Investment Property, at Cost | 7,635,008,000 | 7,603,638,000 |
Real Estate Investment Property, Accumulated Depreciation | 1,191,115,000 | 1,124,207,000 |
Real Estate Investment Property, Net | 6,443,893,000 | 6,479,431,000 |
Land Available for Development | 59,191,000 | 63,850,000 |
Commercial properties, net | 7,919,000 | 7,523,000 |
Investments in real estate joint ventures | 2,982,000 | 5,499,000 |
Real Estate Assets Net | 6,513,985,000 | 6,556,303,000 |
Cash and cash equivalents | 121,901,000 | 89,333,000 |
Restricted cash | 37,876,000 | 44,361,000 |
Deferred financing costs, net | 16,304,000 | 17,424,000 |
Other assets | 57,356,000 | 91,637,000 |
Goodwill | 4,106,000 | 4,106,000 |
Real Estate Held-for-sale | 34,135,000 | 38,761,000 |
Assets | 6,785,663,000 | 6,841,925,000 |
Liabilities: | ' | ' |
Secured notes payable | 1,785,161,000 | 1,790,935,000 |
Unsecured notes payable | 1,677,898,000 | 1,681,783,000 |
Accounts payable | 15,174,000 | 15,067,000 |
Fair market value of interest rate swaps | 17,937,000 | 20,015,000 |
Accrued expenses and other liabilities | 197,997,000 | 206,190,000 |
Security Deposit Liability | 9,522,000 | 9,270,000 |
Due to Related Parties, Current | 19,000 | 19,000 |
Liabilities associated with assets held for sale | 0 | 78,000 |
Total liabilities | 3,703,708,000 | 3,723,357,000 |
Redeemable stock | 4,828,000 | 5,050,000 |
Capital [Abstract] | ' | ' |
General Partners' Capital Account | 2,910,649,000 | 2,946,598,000 |
Limited Partners' Capital Account | 163,577,000 | 166,746,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,901,000 | 174,000 |
Capital | 3,077,127,000 | 3,113,518,000 |
Liabilities and Equity | $6,785,663,000 | $6,841,925,000 |
Temporary Equity, Shares Outstanding | 77,312 | 83,139 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Parent Company [Member] | Parent Company [Member] | Limited Partner [Member] | Limited Partner [Member] | |
General Partners' Capital Account, Units Outstanding | ' | ' | 75,009,303 | 74,830,726 |
Common stock, par value per share | $0.01 | $0.01 | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' |
Common stock, shares issued | 75,009,303 | 74,830,726 | ' | ' |
Common stock, shares outstanding | 75,009,303 | 74,830,726 | ' | ' |
Redeemable stock, shares issued and outstanding | 77,312 | 83,139 | 77,312 | 83,139 |
Limited Partners' Capital Account, Units Outstanding | ' | ' | 4,208,526 | 4,227,384 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating revenues: | ' | ' |
Total property revenues | $243,390 | $127,743 |
Total operating revenues | 243,487 | 127,920 |
Property operating expenses: | ' | ' |
Depreciation and amortization | 90,013 | 32,195 |
Acquisition (credit) expenses | 11 | 10 |
Property management expenses | 7,011 | 5,108 |
General and administrative expenses | 4,342 | 3,239 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 9,819 | 20,223 |
Discontinued operations: | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 848 | 825 |
Earnings per share - diluted: | ' | ' |
Dividends declared per common share | ' | $0.70 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.73 | $0.70 |
Parent Company [Member] | ' | ' |
Operating revenues: | ' | ' |
Rental revenues | 220,988 | 117,705 |
Other property revenues | 22,402 | 10,038 |
Total property revenues | 243,390 | 127,743 |
Management fee income | 97 | 177 |
Total operating revenues | 243,487 | 127,920 |
Property operating expenses: | ' | ' |
Personnel | 24,909 | 13,981 |
Building repairs and maintenance | 6,399 | 3,129 |
Real estate taxes and insurance | 31,131 | 15,488 |
Utilities | 13,478 | 6,565 |
Landscaping | 5,408 | 2,866 |
Other operating | 16,038 | 8,492 |
Depreciation and amortization | 90,013 | 32,195 |
Total property operating expenses | 187,376 | 82,716 |
Acquisition (credit) expenses | 11 | 10 |
Property management expenses | 7,011 | 5,108 |
General and administrative expenses | 4,342 | 3,239 |
Merger related expenses | 2,076 | 0 |
Integration related expenses | 3,842 | 0 |
Income from continuing operations before non-operating items | 38,829 | 36,847 |
Interest and other non-property income | 160 | 47 |
Interest expense | -30,676 | -15,545 |
Loss on debt extinguishment/modification | 0 | -169 |
Amortization of deferred financing costs | -1,311 | -804 |
Net casualty loss and other settlement proceeds | -10 | 16 |
Income from continuing operations before income tax expense | 6,992 | 20,392 |
Income Tax Expense | -270 | -223 |
Income (Loss) from Continuing Operations before Equity Method Investments | 6,722 | 20,169 |
Loss from real estate joint ventures | -24 | 54 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,698 | 20,223 |
Discontinued operations: | ' | ' |
(Loss) income from discontinued operations before gain on sale | 416 | 1,782 |
Net casualty loss on insurance and other settlement proceeds on discontinued operations | -2 | 0 |
Gain on sale of discontinued operations | 5,481 | 0 |
Income (Loss) before Gain or Loss on Sale of Properties, and Extraordinary Items | 12,593 | 22,005 |
Gain (Loss) on Disposition of Property Plant Equipment | 2,564 | 0 |
Gain (Loss) on Disposition of Other Assets | 557 | 0 |
Consolidated net income | 15,714 | 22,005 |
Net Income (Loss) Attributable to Noncontrolling Interest | 848 | 825 |
Net Income (Loss) Available to Common Stockholders, Basic | 14,866 | 21,180 |
Earnings per common share - basic: | ' | ' |
Income from continuing operations available for common shareholders | $0.12 | $0.46 |
Discontinued property operations | $0.08 | $0.04 |
Net income available for common shareholders | $0.20 | $0.50 |
Earnings per share - diluted: | ' | ' |
Income from continuing operations available for common shareholders | $0.12 | $0.46 |
Discontinued property operations | $0.08 | $0.04 |
Net income available for common shareholders | $0.20 | $0.50 |
Dividends declared per common share | $0.73 | $0.70 |
Limited Partner [Member] | ' | ' |
Operating revenues: | ' | ' |
Rental revenues | 220,988 | 117,705 |
Other property revenues | 22,402 | 10,038 |
Total property revenues | 243,390 | 127,743 |
Management fee income | 97 | 177 |
Total operating revenues | 243,487 | 127,920 |
Property operating expenses: | ' | ' |
Personnel | 24,909 | 13,981 |
Building repairs and maintenance | 6,399 | 3,129 |
Real estate taxes and insurance | 31,131 | 15,488 |
Utilities | 13,478 | 6,565 |
Landscaping | 5,408 | 2,866 |
Other operating | 16,038 | 8,492 |
Depreciation and amortization | 90,013 | 32,195 |
Total property operating expenses | 187,376 | 82,716 |
Acquisition (credit) expenses | 11 | 10 |
Property management expenses | 7,011 | 5,108 |
General and administrative expenses | 4,342 | 3,239 |
Merger related expenses | 2,076 | 0 |
Integration related expenses | 3,842 | 0 |
Income from continuing operations before non-operating items | 38,829 | 36,847 |
Interest and other non-property income | 160 | 47 |
Interest expense | -30,676 | -15,545 |
Loss on debt extinguishment/modification | 0 | -169 |
Amortization of deferred financing costs | -1,311 | -804 |
Net casualty loss and other settlement proceeds | -10 | 16 |
Income from continuing operations before income tax expense | 6,992 | 20,392 |
Income Tax Expense | -270 | -223 |
Income (Loss) from Continuing Operations before Equity Method Investments | 6,722 | 20,169 |
Loss from real estate joint ventures | -24 | 54 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,698 | 20,223 |
Discontinued operations: | ' | ' |
(Loss) income from discontinued operations before gain on sale | 416 | 1,570 |
Net casualty loss on insurance and other settlement proceeds on discontinued operations | -2 | 0 |
Gain on sale of discontinued operations | 5,481 | 0 |
Income (Loss) before Gain or Loss on Sale of Properties, and Extraordinary Items | 12,593 | 21,793 |
Gain (Loss) on Disposition of Property Plant Equipment | 2,564 | 0 |
Gain (Loss) on Disposition of Other Assets | 557 | 0 |
Consolidated net income | 15,714 | 21,793 |
Net Income (Loss) Available to Common Stockholders, Basic | $15,714 | $21,793 |
Earnings per common share - basic: | ' | ' |
Income from continuing operations available for common shareholders | $0.12 | $0.46 |
Discontinued property operations | $0.08 | $0.03 |
Net income available for common shareholders | $0.20 | $0.49 |
Earnings per share - diluted: | ' | ' |
Income from continuing operations available for common shareholders | $0.12 | $0.46 |
Discontinued property operations | $0.08 | $0.03 |
Net income available for common shareholders | $0.20 | $0.49 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.73 | $0.70 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Unrealized losses from the effective portion of derivative instruments | ($997) | ($179) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 3,725 | 4,545 |
Parent Company [Member] | ' | ' |
Consolidated net income | 15,714 | 22,005 |
Unrealized losses from the effective portion of derivative instruments | -997 | -179 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 3,725 | 4,545 |
Total comprehensive income | 18,442 | 26,371 |
Comprehensive Income Attributable to Noncontrolling Interest | -992 | -1,003 |
Comprehensive income attributable to MAA | 17,450 | 25,368 |
Limited Partner [Member] | ' | ' |
Consolidated net income | 15,714 | 21,793 |
Unrealized losses from the effective portion of derivative instruments | -997 | -179 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 3,725 | 4,545 |
Comprehensive Income, Net of Tax, Attributable to Parent | $18,442 | $26,159 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Limited Partner [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Consolidated net income | $15,714 | $21,793 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, Amortization and Accretion, Net | -6 | -10 |
Depreciation and amortization | 91,469 | 34,095 |
Stock compensation expense | 948 | 630 |
Proceeds from Stock Options Exercised | 1,775 | 0 |
Gain on Sale of Non-Depreciable Assets | 557 | 0 |
Gain on sale of depreciable assets | -2,564 | 0 |
Redeemable stock issued | 145 | 159 |
Amortization of debt premium | -7,402 | -225 |
Gains (Losses) on Extinguishment of Debt, Including Discontinued Operations | 0 | -169 |
Loss from investments in real estate joint ventures | 24 | -54 |
Derivative interest expense | 427 | 261 |
Gain on sale of discontinued operations | -5,481 | 0 |
Net casualty loss and other settlement proceeds | 12 | -16 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | 16,783 | 160 |
Other assets | 5,664 | -2,339 |
Accounts payable | 106 | 1,097 |
Accrued expenses and other | -3,465 | -14,837 |
Security deposits | 240 | 160 |
Net cash provided by operating activities | 113,832 | 41,043 |
Cash flows from investing activities: | ' | ' |
Purchases of real estate and other assets | -49,450 | -32,561 |
Improvements to existing real estate assets | -10,502 | -8,667 |
Construction Capital and Other Improvements | -1,843 | -576 |
Renovations to Existing Real Estate Assets | 1,356 | 2,187 |
Development | -16,279 | -12,240 |
Distributions from real estate joint ventures | 8,865 | 4,964 |
Contributions to real estate joint ventures | 0 | -16 |
Proceeds from disposition of real estate assets | 93,127 | 76 |
Funding of escrow for future acquisitions | -10,298 | 0 |
Net cash used in investing activities | 12,264 | -51,207 |
Advances from General Partner | 0 | 1,180 |
Cash flows from financing activities: | ' | ' |
Net change in credit lines | -17,936 | 19,000 |
Proceeds from Notes Payable | 344 | 0 |
Principal payments on notes payable | -17,986 | -1,370 |
Payment of deferred financing costs | -145 | -120 |
Net cash (used in) provided by financing activities | -93,528 | 9,453 |
Net (decrease) increase in cash and cash equivalents | 32,568 | -711 |
Cash and cash equivalents, beginning of period | 89,333 | 8,934 |
Cash and cash equivalents, end of period | 121,901 | 8,223 |
Payments for Repurchase of Common Units | 285 | 673 |
Proceeds from Issuance of Common Limited Partners Units | 227 | 22,058 |
Distributions Paid on Common Units | 57,747 | 30,622 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 30,408 | 16,400 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' |
Accrued construction in progress | 9,971 | 7,126 |
Interest capitalized | 513 | 448 |
Marked-to-market adjustment on derivative instruments | 2,300 | 4,096 |
Fair value adjustment on debt assumed | 1,651 | 0 |
Notes Assumed | 31,692 | 0 |
Parent Company [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Consolidated net income | 15,714 | 22,005 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, Amortization and Accretion, Net | -6 | -10 |
Depreciation and amortization | 91,469 | 34,237 |
Stock compensation expense | 948 | 630 |
Proceeds from Stock Options Exercised | 1,775 | 0 |
Gain on Sale of Non-Depreciable Assets | 557 | 0 |
Gain on sale of depreciable assets | -2,564 | 0 |
Redeemable stock issued | 145 | 159 |
Amortization of debt premium | -7,402 | -225 |
Gains (Losses) on Extinguishment of Debt, Including Discontinued Operations | 0 | -169 |
Loss from investments in real estate joint ventures | 24 | -54 |
Derivative interest expense | 427 | 267 |
Gain on sale of discontinued operations | -5,481 | 0 |
Net casualty loss and other settlement proceeds | 12 | -16 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | 16,783 | 159 |
Other assets | 5,664 | -3,466 |
Accounts payable | 106 | 1,086 |
Accrued expenses and other | -3,465 | -12,985 |
Security deposits | 240 | 161 |
Net cash provided by operating activities | 113,832 | 42,117 |
Cash flows from investing activities: | ' | ' |
Purchases of real estate and other assets | -49,450 | -32,561 |
Improvements to existing real estate assets | -10,502 | -8,701 |
Construction Capital and Other Improvements | -1,843 | -576 |
Renovations to Existing Real Estate Assets | 1,356 | 2,187 |
Development | -16,279 | -12,240 |
Distributions from real estate joint ventures | 8,865 | 4,964 |
Contributions to real estate joint ventures | 0 | -16 |
Proceeds from disposition of real estate assets | 93,127 | 76 |
Funding of escrow for future acquisitions | -10,298 | 0 |
Net cash used in investing activities | 12,264 | -51,241 |
Cash flows from financing activities: | ' | ' |
Net change in credit lines | -17,936 | 19,000 |
Proceeds from Notes Payable | 344 | 0 |
Principal payments on notes payable | -17,986 | -1,370 |
Payment of deferred financing costs | -145 | -120 |
Repurchase of common stock | -285 | -673 |
Proceeds from issuances of common shares | 227 | 22,058 |
Distributions to noncontrolling interests | -3,086 | -1,204 |
Dividends paid on common shares | -54,661 | -29,418 |
Net cash (used in) provided by financing activities | -93,528 | 8,273 |
Net (decrease) increase in cash and cash equivalents | 32,568 | -851 |
Cash and cash equivalents, beginning of period | 89,333 | 9,075 |
Cash and cash equivalents, end of period | 121,901 | 8,224 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 30,408 | 16,400 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' |
Conversion of units to shares of common stock | 744 | 443 |
Accrued construction in progress | 9,971 | 7,126 |
Interest capitalized | 513 | 448 |
Marked-to-market adjustment on derivative instruments | 2,300 | 4,096 |
Fair value adjustment on debt assumed | 1,651 | 0 |
Notes Assumed | $31,692 | $0 |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation and Significant Accounting Policies Consolidation and Basis of Presentation and Significant Accounting Policies (Notes) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Consolidation and Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ||||
Consolidation and Basis of Presentation and Significant Accounting Policies | ' | ||||
Basis of Presentation and Principles of Consolidation and Significant Accounting Policies | |||||
Unless the context otherwise requires, all references to "we," "us," "our," or the "Company" refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references to “MAA” refers only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, the references to the “Operating Partnership” or “MAALP” refer to Mid-America Apartments, L.P. together with its consolidated subsidiaries. “Common stock” refers to the common stock of MAA and “shareholders” means the holders of shares of MAA’s common stock. The limited partnership interests of the Operating Partnership are referred to as “OP Units” and the holders of the OP Units are referred to as “unitholders”. | |||||
As of March 31, 2014, MAA owned 75,009,303 units (or approximately 94.7%) of the limited partnership interests of the Operating Partnership. MAA conducts substantially all of its business and holds substantially all of its assets through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership's sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership. | |||||
We believe combining the notes to the consolidated financial statements results in the following benefits: | |||||
• | enhances a readers' understanding of MAA and the Operating Partnership by enabling the reader to view the business as a whole in the same manner that management views and operates the business; | ||||
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both MAA and the Operating Partnership. | ||||
Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. We believe it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an "umbrella partnership REIT," or UPREIT. MAA's interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA's percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the limited partners. MAA's only material asset is its ownership of limited partner interests in the Operating Partnership; therefore, MAA does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. The Operating Partnership holds, directly or indirectly, all of our real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates the capital required by our business through the Operating Partnership's operations, direct or indirect incurrence of indebtedness and issuance of partnership units. | |||||
The presentation of MAA's shareholders' equity and the Operating Partnership's capital are the principal areas of difference between the consolidated financial statements of MAA and those of the Operating Partnership. MAA's shareholders' equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interest, preferred units, treasury shares, accumulated other comprehensive income and redeemable common units. The Operating Partnership's capital may include common capital and preferred capital of the general partner (MAA), limited partners' preferred capital, limited partners' noncontrolling interest, accumulated other comprehensive income and redeemable common units. Redeemable common units represent the number of outstanding OP Units as of the date of the applicable balance sheet, valued for conversion at the greater of the closing market price of MAA's common stock or the aggregate value of the individual partners' capital balances. Each redeemable OP Unit may be redeemed by the holder thereof for either cash equal to the fair market value of one share of common stock of MAA at the time of such redemption or, at the option of MAA, one share of common stock of MAA. | |||||
Organization and Formation of Mid-America Apartment Communities, Inc. | |||||
On October 1, 2013, MAA acquired Colonial Properties Trust, or Colonial, when Colonial was merged with and into MAA, with MAA being the surviving entity of the merger, pursuant to an agreement and plan of merger, which is referred to as the parent merger and Martha Merger Sub, LP, or OP Merger Sub, a wholly-owned indirect subsidiary of MAALP, merged with and into Colonial Realty Limited Partnership, or Colonial LP, with Colonial LP being the surviving entity of the merger and becoming a wholly-owned indirect subsidiary of MAALP, which is referred to as the partnership merger. Under the terms of the merger agreement, each Colonial common share was converted into the right to receive 0.36 of a newly issued share of MAA common stock. In addition, each limited partner interest in Colonial LP designated as a “Class A Unit” and a “Partnership Unit” under the limited partnership agreement of Colonial LP, which we refer to in this filing as Colonial LP units, issued and outstanding immediately prior to the effectiveness of the partnership merger was converted into common units in MAALP at the 0.36 conversion rate. The net assets and results of operations of Colonial are included in our consolidated financial statements from the closing date, October 1, 2013 going forward. | |||||
As of March 31, 2014, we owned and operated 269 apartment communities comprising 82,730 apartments located in 14 states principally through the Operating Partnership and we also owned an interest in the following unconsolidated real estate joint ventures: | |||||
Percent Owned | Number of Units/Square Feet | ||||
Multifamily: | |||||
Mid-America Multifamily Fund II, LLC (Fund II) | 33.33% | 594 | (1) | ||
Belterra | 10.00% | 288 | (2) | ||
McKinney | 25.00% | — | (3) | ||
Commercial: | |||||
Land Title Building | 33.30% | 29,971 | |||
(1) This joint venture is comprised of two apartment communities. | |||||
(2) This joint venture is not managed by MAA and is not included in our property totals. | |||||
(3) This joint venture consists of undeveloped land. | |||||
As of March 31, 2014, we had four development communities under construction totaling 999 units, with 305 units completed. Total expected costs for the development projects are $146.0 million, of which $98.7 million has been incurred to date. We expect to complete construction on all four projects by the first quarter of 2015. Four of our multifamily properties include retail components with approximately 100,000 square feet of gross leasable area. We also have three wholly owned commercial properties, which we acquired through our merger with Colonial with approximately 287,000 square feet of gross leasable area, excluding tenant owned anchor stores, and one partially owned commercial property with approximately 30,000 square feet of gross leasable area. | |||||
Basis of Presentation and Principles of Consolidation | |||||
The accompanying condensed consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership, and all other subsidiaries in which MAA has a controlling financial interest. MAA owns approximately 95% to 100% of all consolidated subsidiaries. The consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 100% of all consolidated subsidiaries. In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||
We invest in entities which may qualify as variable interest entities, or VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. We consolidate all VIEs for which we are the primary beneficiary and use the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities. | |||||
We use the equity method of accounting for our investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that we do not have the ability to exercise control include ownership of voting interests and participatory rights of investors. |
Business_Combinations_Notes
Business Combinations (Notes) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
Business Combinations | ||||
Merger of MAA and Colonial | ||||
On October 1, 2013, we completed our merger with Colonial. Pursuant to the merger agreement, Martha Merger Sub, LP, or OP Merger Sub, a wholly-owned indirect subsidiary of our Operating Partnership, merged with and into Colonial LP, with Colonial LP being the surviving entity of the merger and becoming a wholly-owned indirect subsidiary of our Operating Partnership, which is referred to as the partnership merger. The partnership merger was part of the transactions contemplated by the agreement and plan of merger entered into on June 3, 2013 among MAA, our Operating Partnership, OP Merger Sub, Colonial, and Colonial LP pursuant to which MAA and Colonial combined through a merger of Colonial with and into MAA, with MAA surviving the merger, which is referred to as the parent merger. Under the terms of the merger agreement, each Colonial common share was converted into the right to receive 0.36 of a newly issued share of MAA common stock. In addition, each limited partner interest in Colonial LP designated as a “Class A Unit” and a “Partnership Unit” under the limited partnership agreement of Colonial LP, which we refer to in this filing as Colonial LP units, issued and outstanding immediately prior to the effectiveness of the partnership merger was converted into common units in our Operating Partnership at the 0.36 conversion rate. | ||||
As part of the merger, we acquired 115 wholly owned apartment communities encompassing 34,370 units principally located in the Southeast and Southwest regions of the United States. In addition to the apartment communities, we also acquired four commercial properties totaling approximately 806,000 square feet. The additions have caused us to nearly double in size as a result of the merger. The net assets and results of operations of Colonial are included in our consolidated financial statements from the closing date, October 1, 2013, going forward. | ||||
The total purchase price of approximately $2.2 billion was determined based on the number of Colonial shares of common stock and Colonial OP Units outstanding, as of October 1, 2013. In all cases in which MAA’s stock price was a determining factor in arriving at final consideration for the merger, the stock price used to determine the purchase price was the opening price of MAA’s common stock on October 1, 2013 ($62.56 per share). The total purchase price includes $7.3 million of other consideration, a majority of which relates to assumed stock compensation plans. As a result of the Merger, we issued approximately 31.9 million shares of MAA common stock and approximately 2.6 million OP units. | ||||
The acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805, Business Combinations, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair values. | ||||
For larger, portfolio style acquisitions, like the Merger, management engages a third party valuation specialist to assist with the fair value assessment, which includes an allocation of the purchase price. Similar to management's methods, the third party uses cash flow analysis as well as an income approach and a market approach to determine the fair value of assets acquired. The third party uses stabilized NOI and a market specific capitalization and discount rates. Management reviews the inputs used by the third party specialist as well as the allocation of the purchase price provided by the third party to ensure reasonableness and that the procedures are performed in accordance with management's policy. The allocation of the purchase price is based on management’s assessment, which may differ as more information becomes available. Subsequent adjustments made to the purchase price allocation, if any, are made within the allocation period, which typically does not exceed one year. | ||||
The allocation of the purchase price described above requires a significant amount of judgment. The following purchase price allocation was based on our valuation, estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed. While the current allocation of the purchase price is substantially complete, the valuation of the real estate properties and certain other assets and liabilities is in the process of being finalized. We do not expect future revisions, if any, to have a significant impact on our financial position or results of operations. | ||||
The purchase price was allocated as follows (in thousands): | ||||
Land | $ | 469,396 | ||
Buildings and improvements | 3,075,642 | |||
Furniture, fixtures and equipment | 96,377 | |||
Development and capital improvements in progress | 113,368 | |||
Undeveloped land | 58,400 | |||
Properties held for sale | 33,300 | |||
Lease intangible assets | 57,946 | |||
Cash and cash equivalents | 63,454 | |||
Restricted cash | 6,825 | |||
Deferred costs and other assets, excluding lease intangible assets | 87,713 | |||
Total assets acquired | 4,062,421 | |||
Notes payable | -1,759,550 | |||
Fair market value of interest rate swaps | -14,961 | |||
Accounts payable, accrued expenses, and other liabilities | -125,034 | |||
Total liabilities assumed, including debt | (1,899,545 | ) | ||
Total purchase price | $ | 2,162,876 | ||
We incurred merger and integration related expenses of $5.9 million for the three months ended March 31, 2014. These amounts were expensed as incurred and are included in the Consolidated Statement of Operations in the items titled Merger related expenses and Integration related expenses. | ||||
The allocation of fair values of the assets acquired and liabilities assumed has changed from the allocation reported in Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements, Note 2 of our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 21, 2014. The changes were based on information concerning the subject assets and liabilities that was not yet available at the time of the 10-K filing. These adjustments had no material impact on the results of operations. |
Earnings_Per_Common_Share_of_M
Earnings Per Common Share of MAA Earnings Per Common Share of MAA (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Common Share of MAA [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
Earnings per Common Share of MAA | ||||||||
Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. Operating partnership units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the three months ended March 31, 2014 and 2013, MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: | ||||||||
(dollars and shares in thousands, except per share amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Shares Outstanding | ||||||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Weighted average partnership units outstanding | — | (1) | 1,715 | |||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Calculation of Earnings per Share - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (760 | ) | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 19,445 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (65 | ) | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (2 | ) | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,715 | ||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Earnings per share - basic | $ | 0.2 | $ | 0.5 | ||||
Calculation of Earnings per Share - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (1) | — | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (1) | — | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,782 | ||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Earnings per share - diluted | $ | 0.2 | $ | 0.5 | ||||
(1) Operating partnership units, other dilutive securities, and the related income with each are not included in the diluted earnings per share calculations as they were not dilutive. | ||||||||
Earnings per OP Unit of MAALP | ||||||||
Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. | ||||||||
A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three months ended March 31, 2014 and 2013 is presented below: | ||||||||
(dollars and units in thousands, except per unit amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Units Outstanding | ||||||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Calculation of Earnings per Unit - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,205 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1 | ) | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,569 | ||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Earnings per unit - basic: | $ | 0.2 | $ | 0.49 | ||||
Calculation of Earnings per Unit - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,570 | ||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Earnings per unit - diluted: | $ | 0.2 | $ | 0.49 | ||||
(1) Dilutive securities and the related income are not included in the diluted earnings per unit calculations as they were not dilutive. |
Earnings_Per_OP_Unit_of_MAALP_
Earnings Per OP Unit of MAALP Earnings Per OP Unit of MAALP (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per OP Unit of MAALP [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
Earnings per Common Share of MAA | ||||||||
Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. Operating partnership units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the three months ended March 31, 2014 and 2013, MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: | ||||||||
(dollars and shares in thousands, except per share amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Shares Outstanding | ||||||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Weighted average partnership units outstanding | — | (1) | 1,715 | |||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Calculation of Earnings per Share - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (760 | ) | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 19,445 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (65 | ) | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (2 | ) | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,715 | ||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Earnings per share - basic | $ | 0.2 | $ | 0.5 | ||||
Calculation of Earnings per Share - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (1) | — | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (1) | — | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,782 | ||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Earnings per share - diluted | $ | 0.2 | $ | 0.5 | ||||
(1) Operating partnership units, other dilutive securities, and the related income with each are not included in the diluted earnings per share calculations as they were not dilutive. | ||||||||
Earnings per OP Unit of MAALP | ||||||||
Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. | ||||||||
A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three months ended March 31, 2014 and 2013 is presented below: | ||||||||
(dollars and units in thousands, except per unit amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Units Outstanding | ||||||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Calculation of Earnings per Unit - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,205 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1 | ) | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,569 | ||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Earnings per unit - basic: | $ | 0.2 | $ | 0.49 | ||||
Calculation of Earnings per Unit - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,570 | ||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Earnings per unit - diluted: | $ | 0.2 | $ | 0.49 | ||||
(1) Dilutive securities and the related income are not included in the diluted earnings per unit calculations as they were not dilutive. |
MAA_Equity_Notes
MAA Equity (Notes) (USD $) | 3 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||||||||||||||
MAA Equity [Abstract] | ' | ' | |||||||||||||||||||||||
Net income attributable to MAA | $14,866 | $21,180 | |||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ' | |||||||||||||||||||||||
MAA Equity | |||||||||||||||||||||||||
Total equity and its components for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands, except per share and per unit data): | |||||||||||||||||||||||||
Mid-America Apartment Communities, Inc. Shareholders | |||||||||||||||||||||||||
Common | Additional | Accumulated | Accumulated | Noncontrolling | Total | ||||||||||||||||||||
Stock | Paid-In | Distributions | Other | Interest | Equity | ||||||||||||||||||||
Amount | Capital | in Excess of | Comprehensive | ||||||||||||||||||||||
Net Income | Income (Loss) | ||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2013 | $ | 747 | $ | 3,599,549 | $ | (653,593 | ) | $ | 108 | $ | 166,726 | $ | 3,113,537 | ||||||||||||
Net income | 14,866 | 848 | 15,714 | ||||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 2,583 | 144 | 2,727 | ||||||||||||||||||||||
Issuance and registration of common shares | 1 | 226 | 227 | ||||||||||||||||||||||
Shares repurchased and retired | — | (285 | ) | (285 | ) | ||||||||||||||||||||
Exercise of stock options | 1 | 1,774 | 1,775 | ||||||||||||||||||||||
Shares issued in exchange for units | — | 744 | (744 | ) | — | ||||||||||||||||||||
Shares issued in exchange from redeemable stock | 998 | 998 | |||||||||||||||||||||||
Redeemable stock fair market value | (631 | ) | (631 | ) | |||||||||||||||||||||
Adjustment for noncontrolling interest ownership in operating partnership | 163 | (163 | ) | — | |||||||||||||||||||||
Amortization of unearned compensation | 948 | 948 | |||||||||||||||||||||||
Dividends on common stock ($0.7300 per share) | (54,792 | ) | — | (54,792 | ) | ||||||||||||||||||||
Dividends on noncontrolling interest units ($0.7300 per unit) | (3,072 | ) | (3,072 | ) | |||||||||||||||||||||
EQUITY BALANCE MARCH 31, 2014 | $ | 749 | $ | 3,604,117 | $ | (694,150 | ) | $ | 2,691 | $ | 163,739 | $ | 3,077,146 | ||||||||||||
Mid-America Apartment Communities, Inc. Shareholders | |||||||||||||||||||||||||
Common | Additional | Accumulated | Accumulated | Noncontrolling | Total | ||||||||||||||||||||
Stock | Paid-In | Distributions | Other | Interest | Equity | ||||||||||||||||||||
Amount | Capital | in Excess of | Comprehensive | ||||||||||||||||||||||
Net Income | Income (Loss) | ||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2012 | $ | 422 | $ | 1,542,999 | $ | (603,315 | ) | $ | (26,054 | ) | $ | 31,058 | $ | 945,110 | |||||||||||
Net income | 21,180 | 825 | 22,005 | ||||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 4,185 | 178 | 4,363 | ||||||||||||||||||||||
Issuance and registration of common shares | 3 | 22,055 | 22,058 | ||||||||||||||||||||||
Shares repurchased and retired | — | (673 | ) | (673 | ) | ||||||||||||||||||||
Shares issued in exchange for units | 1 | 442 | (443 | ) | — | ||||||||||||||||||||
Redeemable stock fair market value | (319 | ) | (319 | ) | |||||||||||||||||||||
Adjustment for noncontrolling interest ownership in operating partnership | 302 | (302 | ) | — | |||||||||||||||||||||
Amortization of unearned compensation | 630 | 630 | |||||||||||||||||||||||
Dividends on common stock ($0.6950 per share) | (29,674 | ) | — | (29,674 | ) | ||||||||||||||||||||
Dividends on noncontrolling interest units ($0.6950 per unit) | (1,187 | ) | (1,187 | ) | |||||||||||||||||||||
EQUITY BALANCE MARCH 31, 2013 | $ | 426 | $ | 1,565,755 | $ | (612,128 | ) | $ | (21,869 | ) | $ | 30,129 | $ | 962,313 | |||||||||||
MAALP_Capital_Notes
MAALP Capital (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
MAALP Capital [Abstract] | ' | |||||||||||||||
Partners' Capital Notes Disclosure [Text Block] | ' | |||||||||||||||
MAALP Capital | ||||||||||||||||
Total capital and its components for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands, except per unit data): | ||||||||||||||||
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2013 | $ | 166,746 | $ | 2,946,598 | $ | 174 | $ | 3,113,518 | ||||||||
Net income | 848 | 14,866 | 15,714 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 2,727 | 2,727 | ||||||||||||||
Issuance of units | — | 227 | 227 | |||||||||||||
Units repurchased and retired | (285 | ) | (285 | ) | ||||||||||||
Exercise of unit options | 1,775 | 1,775 | ||||||||||||||
General partner units issued in exchange for limited partner units | (744 | ) | 744 | — | ||||||||||||
Units issued in exchange from redeemable units | 998 | 998 | ||||||||||||||
Redeemable units fair market value adjustment | (631 | ) | (631 | ) | ||||||||||||
Adjustment for limited partners' capital at redemption value | (201 | ) | 201 | — | ||||||||||||
Amortization of unearned compensation | 948 | 948 | ||||||||||||||
Distributions ($0.7300 per unit) | (3,072 | ) | (54,792 | ) | (57,864 | ) | ||||||||||
CAPITAL BALANCE MARCH 31, 2014 | $ | 163,577 | $ | 2,910,649 | $ | 2,901 | $ | 3,077,127 | ||||||||
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2012 | $ | 38,154 | $ | 927,734 | $ | (26,881 | ) | $ | 939,007 | |||||||
Net income | 855 | 20,938 | 21,793 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 4,357 | 4,357 | ||||||||||||||
Issuance of units | 22,057 | 22,057 | ||||||||||||||
Units repurchased and retired | (673 | ) | (673 | ) | ||||||||||||
General partner units issued in exchange for limited partner units | (443 | ) | 443 | — | ||||||||||||
Redeemable units fair market value adjustment | (319 | ) | (319 | ) | ||||||||||||
Adjustment for limited partners capital at redemption value | 2,812 | (1,450 | ) | 1,362 | ||||||||||||
Amortization of unearned compensation | 630 | 630 | ||||||||||||||
Distributions ($0.6950 per unit) | (1,187 | ) | (29,674 | ) | (30,861 | ) | ||||||||||
CAPITAL BALANCE MARCH 31, 2013 | $ | 40,191 | $ | 939,686 | $ | (22,524 | ) | $ | 957,353 | |||||||
Shareholders' Equity of MAA | ||||||||||||||||
On March 31, 2014, 75,009,303 shares of common stock of MAA and 4,208,526 partnership units in the Operating Partnership were issued and outstanding, representing a total of 79,217,829 shares and units. At March 31, 2013, 42,683,322 shares of common stock of MAA and 1,707,660 partnership units in the Operating Partnership were outstanding, representing a total of 44,390,982 shares and units. There were 296,583 outstanding options as of March 31, 2014 compared to zero outstanding options as of March 31, 2013. The primary reason for the increase in shares and units is due to the merger with Colonial. In connection with the merger, on October 1, 2013, we issued 31,916,765 shares and 2,574,631 partnership units. | ||||||||||||||||
On August 26, 2010, we and our Operating Partnership entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 shares of our common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program, or ATM. We terminated this ATM program, and on February 25, 2013, we and our Operating Partnership entered into sales agreements with J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC to sell up to 4,500,000 shares of our common stock with materially the same terms as our previous sales agreements. | ||||||||||||||||
During the three-month period ended March 31, 2014, we issued no shares through our ATM programs. During the three-month period ended March 31, 2013, we issued 325,166 shares through our ATM programs for net proceeds of $22.0 million. The gross proceeds for these issuances were $22.3 million. We have 4,134,989 shares remaining under our ATM program as of March 31, 2014. | ||||||||||||||||
During the three-month period ended March 31, 2014, we issued 340 shares of common stock through the optional cash purchase feature of our Dividend and Distribution Reinvestment and Share Purchase Program, or DRSPP. The issuances resulted in gross proceeds of approximately $23,000. During the three-month period ended March 31, 2013, we issued 141 shares of common stock through the optional cash purchase feature of our DRSPP resulting in gross proceeds of approximately $10,000. | ||||||||||||||||
During the three months ended March 31, 2014, 6,554 shares of our common stock were acquired from employees to satisfy minimum tax withholding obligations that arose upon vesting of restricted stock granted pursuant to approved plans. During the three months ended March 31, 2013, 4,582 shares were acquired for these purposes. | ||||||||||||||||
Partners' Capital of Mid-America Apartments, L.P. | ||||||||||||||||
Interests in MAALP are represented by OP Units. As of March 31, 2014, there were 79,217,829 OP Units outstanding, 75,009,303 or 94.7% of which were owned by MAA, MAALP's general partner. The remaining 4,208,526 OP Units were owned by non-affiliated limited partners ("Class A Limited Partners"). As of March 31, 2013, there were 44,390,982 OP Units outstanding, 42,683,322 or 96.2% of which were owned by MAA and 1,707,660 of which were owned by the Class A Limited Partners. The increase in OP Units was due primarily to the merger with Colonial Properties Trust. In order to complete the merger, on October 1, 2013, we issued 34,491,396 OP Units. | ||||||||||||||||
MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Partnership Agreement of MAALP, this power includes, but is not limited to, acquiring, leasing, or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness, and securing such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership's assets; and distribution of Operating Partnership cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee. | ||||||||||||||||
Under the Partnership Agreement, the Operating Partnership may issue Class A OP Units and Class B OP Units. Class A OP Units may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of the Operating Partnership, while Class B OP Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of March 31, 2014, a total of 4,208,526 Class A OP Units in the Operating Partnership were held by limited partners unaffiliated with MAA, while a total of 75,009,303 Class B OP Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement. | ||||||||||||||||
Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the Operating Partnership. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed. | ||||||||||||||||
At March 31, 2014, a total of 4,208,526 Class A OP Units were outstanding and redeemable for 4,208,526 shares of MAA common stock or approximately $287,316,070, based on the closing price of MAA’s common stock on March 31, 2014 of $68.27 per share, at MAA’s option. At March 31, 2013, a total of 1,707,660 Class A OP Units were outstanding and redeemable for 1,707,660 shares of MAA common stock or approximately $117,931,000, based on the closing price of MAA’s common stock on March 31, 2013 of $69.06 per share, at MAA’s option. | ||||||||||||||||
The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock. |
Notes_Payable
Notes Payable | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||
Notes Payable | ' | ||||||||
Borrowings | |||||||||
On March 31, 2014 and December 31, 2013, we had total indebtedness of approximately $3.46 billion and $3.47 billion, respectively. Our indebtedness as of March 31, 2014 consisted of both conventional and tax exempt debt. Borrowings were made through individual property mortgages as well as company-wide credit facilities. We utilize both secured and unsecured debt. | |||||||||
On August 7, 2013, our Operating Partnership entered into a $500 million unsecured revolving credit facility agreement with KeyBank National Association and thirteen other banks. This agreement amends our Operating Partnership's previous unsecured credit facility with KeyBank. Interest is paid using an investment grade pricing grid using LIBOR plus a spread of 0.90% to 1.70%. As of March 31, 2014, we had no borrowings under this facility. | |||||||||
On October 16, 2013, MAALP issued $350 million in aggregate principal amount of notes, maturing on October 15, 2023 with an interest rate of 4.3% per annum (the "2023 Notes"). The purchase price paid by the initial purchasers was 99.047% of the principal amount. The 2023 Notes are general unsecured senior obligations of MAALP and rank equally in right of payment with all other senior unsecured indebtedness of MAALP. Interest on the 2023 Notes is payable on April 15 and October 15 of each year, beginning on April 15, 2014. The net proceeds from the offering after deducting the original issue discount of approximately $3.3 million and underwriting commissions and expenses of approximately $2.3 million was approximately $344.4 million. The 2023 Notes have been reflected net of discount in the consolidated balance sheet. The Company entered into three forward swaps totaling $150 million, which resulted in a total effective interest rate of 4.15%. | |||||||||
On December 13, 2013, MAALP completed a series of exchange offers (the “Exchange Offers”) pursuant to which it exchanged $154,235,000 aggregate principal amount of 6.25% Senior Notes due 2014, $169,161,000 aggregate principal amount of 5.50% Senior Notes due 2015 and $68,130,000 aggregate principal amount of 6.05% Senior Notes due 2016 (collectively, the “Existing Notes”) issued by Colonial Realty Limited Partnership, a Delaware limited partnership and wholly owned subsidiary of MAALP, for $154,235,000 aggregate principal amount of MAALP’s new 6.25% Senior Notes due 2014 (the “2014 Notes”), $169,112,000 aggregate principal amount of MAALP’s new 5.50% Senior Notes due 2015 (the “2015 Notes”) and $68,130,000 aggregate principal amount of MAALP’s new 6.05% Senior Notes due 2016 (the “2016 Notes” and together with the 2014 Notes and the 2015 Notes, the “Exchange Notes”), plus approximately $975,000 in cash. | |||||||||
The Exchange Notes are senior unsecured obligations of MAALP and will rank equally in right of payment with all of MAALP’s other existing and future senior unsecured indebtedness. Interest on the 2014 Notes will accrue from, and including, December 15, 2013 and will be payable on June 15, 2014, which will also be the maturity date for the 2014 Notes. Interest on the 2015 Notes will accrue from, and including, October 1, 2013 and will be payable semiannually on April 1 and October 1 of each year, beginning on April 1, 2014. Interest on the 2016 Notes accrued from, and including, September 1, 2013 and was paid on March 1, 2014. Interest payments will be payable semiannually on March 1 and September 1 of each year, beginning on March 1, 2014. In certain circumstances described below MAALP may be required to pay additional interest on the Exchange Notes. | |||||||||
The Indenture under which the 2023 notes were issued and the Indentures contain certain covenants that, among other things, limit the ability of MAALP and its subsidiaries to incur secured and unsecured indebtedness if not in pro forma compliance with the following negative covenants: (1) total leverage not to exceed 60% of adjusted total assets, (2) secured leverage not to exceed 40% of adjusted total assets and (3) a fixed charge coverage ratio of at least 1.50 to 1. In addition, MAALP is required to maintain at all times unencumbered consolidated total assets of not less than 150% of the aggregate principal amount of its outstanding unsecured debt. At March 31, 2014, MAALP was in compliance with each of these financial covenants. | |||||||||
All of the Existing Notes tendered into the Exchange Offers were cancelled in connection with the settlement of the Exchange Offers. In connection with the issuance and sale of the Exchange Notes, MAALP also entered into three separate registration rights agreements, each dated as of December 13, 2013, and each with J.P. Morgan Securities LLC, the dealer manager in the Exchange Offers (the “Registration Rights Agreements”). Under the Registration Rights Agreements, MAALP agreed to use commercially reasonable efforts to complete exchange offers registered under the Securities Act pursuant to which MAALP will offer to issue new exchange notes containing terms substantially similar in all material respects to the Exchange Notes (except that the exchange notes will not contain terms with respect to transfer restrictions or any increase in annual interest rate) in exchange for the Exchange Notes. MAALP also agreed, if it determines that a registered exchange offer is not available or specified other circumstances occur, to use commercially reasonable efforts to file and have become effective a shelf registration statement relating to resales of the Exchange Notes. MAALP will be obligated to pay additional interest of up to 0.50% per annum on the Exchange Notes if it does not complete the exchange offers within 270 days after the issue date of the Exchange Notes and in other specified circumstances. | |||||||||
As of March 31, 2014, approximately 18% of our outstanding debt was borrowed through secured credit facility relationships with Prudential Mortgage Capital, which are credit enhanced by the Federal National Mortgage Association, or FNMA, and Financial Federal, which are credit enhanced by Federal Home Loan Mortgage Corporation, or Freddie Mac. | |||||||||
We utilize interest rate swaps and interest rate caps to help manage our current and future interest rate risk and entered into 14 interest rate swaps and 7 interest rate caps as of March 31, 2014, representing notional amounts totaling $717.0 million and $180.0 million, respectively. We also held 15 non-designated interest rate caps with notional amounts totaling $134.3 million as of March 31, 2014. | |||||||||
The following table summarizes our outstanding debt structure as of March 31, 2014 (dollars in thousands): | |||||||||
Borrowed | Effective | Contract | |||||||
Balance | Rate | Maturity | |||||||
Fixed Rate Secured Debt | |||||||||
Individual property mortgages | $ | 1,124,500 | 4 | % | 4/11/19 | ||||
FNMA conventional credit facilities | 50,000 | 4.7 | % | 3/31/17 | |||||
Credit facility balances with: | |||||||||
LIBOR-based interest rate swaps | 167,000 | 5.2 | % | 10/27/14 | |||||
Total fixed rate secured debt | $ | 1,341,500 | 4.2 | % | 8/24/18 | ||||
Variable Rate Secured Debt (1) | |||||||||
FNMA conventional credit facilities | $ | 171,785 | 0.7 | % | 1/31/17 | ||||
FNMA tax-free credit facilities | 88,370 | 0.9 | % | 7/23/31 | |||||
Freddie Mac credit facilities | 156,247 | 0.7 | % | 7/1/14 | |||||
Freddie Mac mortgage | 27,259 | 3.3 | % | 10/31/15 | |||||
Total variable rate secured debt | $ | 443,661 | 0.9 | % | 12/24/18 | ||||
Total Secured Debt | $ | 1,785,161 | 3.4 | % | 9/23/18 | ||||
Unsecured Debt | |||||||||
Term loan fixed with swaps | 550,000 | 3.1 | % | 11/10/17 | |||||
Fixed rate senior bonds | 1,127,898 | 5 | % | 9/23/19 | |||||
Total Unsecured Debt | $ | 1,677,898 | 4.3 | % | 2/11/19 | ||||
Total Outstanding Debt | $ | 3,463,059 | 3.8 | % | 6/24/18 | ||||
(1) Includes capped balances. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||||||||||
Derivatives and Hedging Activities | |||||||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||||||||||||||
We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future contractual and forecasted cash amounts, principally related to our borrowings, the value of which are determined by changing interest rates, related cash flows and other factors. | |||||||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||||||||||
Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and interest rate caps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up front premium. | |||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2014 and 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2014 and 2013, we recorded ineffectiveness of $4,000 (increase to interest expense) and $4,000 (decrease to interest expense), respectively, mainly attributable to a mismatch in the underlying indices of the derivatives and the hedged interest payments made on our variable-rate debt. | |||||||||||||||||||||||||||||
Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate or fixed-rate debt. During the next 12 months, we estimate that an additional $9.7 million will be reclassified to earnings as an increase to interest expense, which primarily represents the difference between our fixed interest rate swap payments and the projected variable interest rate swap payments. | |||||||||||||||||||||||||||||
As of March 31, 2014, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest Rate Caps | 7 | $ | 180,000,000 | ||||||||||||||||||||||||||
Interest Rate Swaps (1) | 14 | $ | 717,000,000 | ||||||||||||||||||||||||||
(1) Excludes four forward rate swaps totaling $200 million where the debt has not yet been issued. These swaps are not included in our debt discussion in MD&A or Item 1. Financial Statements – Notes to Consolidated Financial Statements, Note 7. | |||||||||||||||||||||||||||||
Non-Designated Hedges | |||||||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of $69,000 for the three months ended March 31, 2014 and a loss of $13,000 for the three months ended March 31, 2013. | |||||||||||||||||||||||||||||
As of March 31, 2014, we had the following outstanding interest rate derivatives that were not designated as hedges: | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 15 | $ | 134,326,000 | ||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||
The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments on the Consolidated Balance Sheet as of March 31, 2014 and | |||||||||||||||||||||||||||||
December 31, 2013 (dollars in thousands) | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | Fair Value | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 441 | $ | 396 | Fair market value of interest rate swaps | $ | 17,937 | $ | 20,015 | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 441 | $ | 396 | $ | 17,937 | $ | 20,015 | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 83 | $ | 49 | $ | — | $ | — | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 83 | $ | 49 | $ | — | $ | — | |||||||||||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Operations | |||||||||||||||||||||||||||||
The table below presents the effect of our derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations for the | |||||||||||||||||||||||||||||
Three months ended March 31, 2014 and 2013 (dollars in thousands) | |||||||||||||||||||||||||||||
Derivatives in Cash Flow | Amount of | Location of Gain or | Amount of | Location of Gain or | Amount of Gain or (Loss) Recognized in Income on | ||||||||||||||||||||||||
Hedging Relationships | Gain or (Loss) | (Loss) Reclassified | Gain or (Loss) | (Loss) Recognized in | Derivative (Ineffective | ||||||||||||||||||||||||
Recognized in | from Accumulated | Reclassified from | Income on Derivative | Portion and Amount | |||||||||||||||||||||||||
OCI on Derivative | OCI into Income | Accumulated | (Ineffective Portion and | Excluded from | |||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | OCI into Income | Amount Excluded from | Effectiveness Testing) | |||||||||||||||||||||||||
(Effective Portion) | Effectiveness Testing) | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Interest rate contracts | $ | (997 | ) | $ | (179 | ) | Interest expense | $ | (3,725 | ) | $ | (4,545 | ) | Interest expense | $ | (4 | ) | $ | 4 | ||||||||||
Total derivatives in cash flow hedging relationships | $ | (997 | ) | $ | (179 | ) | $ | (3,725 | ) | $ | (4,545 | ) | $ | (4 | ) | $ | 4 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Three months ended March 31, | Location of Gain or (Loss) Recognized in Income | 2014 | 2013 | ||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | (69 | ) | $ | (13 | ) | ||||||||||||||||||||||
Total | $ | (69 | ) | $ | (13 | ) | |||||||||||||||||||||||
Credit-Risk-Related Contingent Features | |||||||||||||||||||||||||||||
As of March 31, 2014, derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of $19.6 million, which includes accrued interest but excludes any adjustment for nonperformance risk. These derivatives had a fair value, gross of asset positions, of $17.9 million at March 31, 2014. | |||||||||||||||||||||||||||||
Certain of our derivative contracts contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of March 31, 2014, we had not breached the provisions of these agreements. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value of $3.4 million. | |||||||||||||||||||||||||||||
Certain of our derivative contracts contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of March 31, 2014, we had not breached the provisions of these agreements. If we had breached theses provisions, we could have been required to settle our obligations under the agreements at the termination value of $14.9 million. | |||||||||||||||||||||||||||||
Certain of our derivative contracts are credit enhanced by either FNMA or Freddie Mac. These derivative contracts require that our credit enhancing party maintain credit ratings above a certain level. If our credit support providers were downgraded below Baa1 by Moody’s or BBB+ by Standard & Poor’s, or S&P, we may be required to either post 100 percent collateral or settle the obligations at their termination value of $4.7 million as of March 31, 2014. Both FNMA and Freddie Mac are currently rated Aaa by Moody’s and AA+ by S&P, and therefore, the provisions of this agreement have not been breached, and no collateral has been posted related to these agreements as of March 31, 2014. | |||||||||||||||||||||||||||||
Although our derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both us and our counterparties under certain situations, we do not net our derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheet. | |||||||||||||||||||||||||||||
The table below presents a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2014 and December 31, 2013. The net amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheet (dollars in thousands): | |||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 524 | $ | — | $ | 524 | $ | (97 | ) | $ | — | $ | 427 | ||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 17,937 | $ | — | $ | 17,937 | $ | (97 | ) | $ | — | $ | 17,840 | ||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 444 | $ | — | $ | 444 | $ | — | $ | — | $ | 444 | |||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 20,015 | $ | — | $ | 20,015 | $ | — | $ | — | $ | 20,015 | |||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||
Our other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The chart below shows the change in the balance for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | |||||||||||||||||||||||||||||
Affected Line Item in the Consolidated Statements Of Operations | Gains and Losses on Cash Flow Hedges | ||||||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning balance | $ | 108 | $ | (26,054 | ) | ||||||||||||||||||||||||
Other comprehensive income before reclassifications | (997 | ) | (179 | ) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | Interest (income)/expense | 3,725 | 4,545 | ||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to noncontrolling interest | (145 | ) | (181 | ) | |||||||||||||||||||||||||
Net current-period other comprehensive income attributable to MAA | 2,583 | 4,185 | |||||||||||||||||||||||||||
Ending balance | $ | 2,691 | $ | (21,869 | ) | ||||||||||||||||||||||||
See also discussions in Item 1. Financial Statements – Notes to Consolidated Financial Statements, Note 9. |
Fair_Value_Disclosure_of_Finan
Fair Value Disclosure of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Fair Value Disclosure of Financial Instruments | ' | |||||||||||||||
Fair Value Disclosure of Financial Instruments | ||||||||||||||||
Cash and cash equivalents, restricted cash, accounts payable, accrued expenses and other liabilities and security deposits are carried at amounts that reasonably approximate their fair value due to their short term nature. | ||||||||||||||||
On January 1, 2008, we adopted Financial Accounting Standards Board, or FASB, ASC 820 Fair Value Measurements and Disclosures, or ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. | ||||||||||||||||
ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | ||||||||||||||||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||||
Fixed rate notes payable at March 31, 2014 and December 31, 2013, totaled $2.30 billion and $2.29 billion, respectively, and had estimated fair values of $2.33 billion and $2.30 billion (excluding prepayment penalties), respectively, as of March 31, 2014 and December 31, 2013. The carrying value of variable rate notes payable (excluding the effect of interest rate swap and cap agreements) at March 31, 2014 and December 31, 2013, totaled $1.16 billion and $1.18 billion, respectively, and had estimated fair values of $1.07 billion and $1.12 billion (excluding prepayment penalties), respectively, as of March 31, 2014 and December 31, 2013. The valuation of our debt is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each debt instrument. This analysis reflects the contractual terms of the debt, and uses observable market-based inputs, including interest rate curves and credit spreads. The fair values of fixed debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The fair values of variable debt are determined using the stated variable rate plus the current market credit spread. Our variable rates reset every 30 to 90 days and we conclude that these rates reasonably estimate current market rates. We have determined that inputs used to value our debt fall within Level 2 of the fair value hierarchy and therefore our fair market valuation of debt is considered Level 2 in the fair value hierarchy. | ||||||||||||||||
Currently, we use interest rate swaps and interest rate caps (options) to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | ||||||||||||||||
The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. | ||||||||||||||||
To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In conjunction with the FASB's fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. | ||||||||||||||||
We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, and as a result, all of our derivatives held as of March 31, 2014 and December 31, 2013 were classified as Level 2 of the fair value hierarchy. | ||||||||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2014 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs (Level 3) | ||||||||||||||
and Liabilities | Inputs (Level 2) | |||||||||||||||
(Level 1) | March 31, 2014 | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 524 | $ | — | $ | 524 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 17,937 | $ | — | $ | 17,937 | ||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2013 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs (Level 3) | ||||||||||||||
and Liabilities | Inputs (Level 2) | |||||||||||||||
(Level 1) | December 31, 2013 | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 444 | $ | — | $ | 444 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 20,015 | $ | — | $ | 20,015 | ||||||||
The fair value estimates presented herein are based on information available to management as of March 31, 2014 and December 31, 2013. These estimates are not necessarily indicative of the amounts we could ultimately realize. See also discussions in Item 1. Financial Statements – Notes to Consolidated Financial Statements, Note 8. |
Shareholders_Equity_of_MAA_Sha
Shareholders' Equity of MAA Shareholders' Equity of MAA (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Shareholders' Equity of MAA [Abstract] | ' | |||||||||||||||
Partners' Capital Notes Disclosure [Text Block] | ' | |||||||||||||||
MAALP Capital | ||||||||||||||||
Total capital and its components for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands, except per unit data): | ||||||||||||||||
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2013 | $ | 166,746 | $ | 2,946,598 | $ | 174 | $ | 3,113,518 | ||||||||
Net income | 848 | 14,866 | 15,714 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 2,727 | 2,727 | ||||||||||||||
Issuance of units | — | 227 | 227 | |||||||||||||
Units repurchased and retired | (285 | ) | (285 | ) | ||||||||||||
Exercise of unit options | 1,775 | 1,775 | ||||||||||||||
General partner units issued in exchange for limited partner units | (744 | ) | 744 | — | ||||||||||||
Units issued in exchange from redeemable units | 998 | 998 | ||||||||||||||
Redeemable units fair market value adjustment | (631 | ) | (631 | ) | ||||||||||||
Adjustment for limited partners' capital at redemption value | (201 | ) | 201 | — | ||||||||||||
Amortization of unearned compensation | 948 | 948 | ||||||||||||||
Distributions ($0.7300 per unit) | (3,072 | ) | (54,792 | ) | (57,864 | ) | ||||||||||
CAPITAL BALANCE MARCH 31, 2014 | $ | 163,577 | $ | 2,910,649 | $ | 2,901 | $ | 3,077,127 | ||||||||
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2012 | $ | 38,154 | $ | 927,734 | $ | (26,881 | ) | $ | 939,007 | |||||||
Net income | 855 | 20,938 | 21,793 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 4,357 | 4,357 | ||||||||||||||
Issuance of units | 22,057 | 22,057 | ||||||||||||||
Units repurchased and retired | (673 | ) | (673 | ) | ||||||||||||
General partner units issued in exchange for limited partner units | (443 | ) | 443 | — | ||||||||||||
Redeemable units fair market value adjustment | (319 | ) | (319 | ) | ||||||||||||
Adjustment for limited partners capital at redemption value | 2,812 | (1,450 | ) | 1,362 | ||||||||||||
Amortization of unearned compensation | 630 | 630 | ||||||||||||||
Distributions ($0.6950 per unit) | (1,187 | ) | (29,674 | ) | (30,861 | ) | ||||||||||
CAPITAL BALANCE MARCH 31, 2013 | $ | 40,191 | $ | 939,686 | $ | (22,524 | ) | $ | 957,353 | |||||||
Shareholders' Equity of MAA | ||||||||||||||||
On March 31, 2014, 75,009,303 shares of common stock of MAA and 4,208,526 partnership units in the Operating Partnership were issued and outstanding, representing a total of 79,217,829 shares and units. At March 31, 2013, 42,683,322 shares of common stock of MAA and 1,707,660 partnership units in the Operating Partnership were outstanding, representing a total of 44,390,982 shares and units. There were 296,583 outstanding options as of March 31, 2014 compared to zero outstanding options as of March 31, 2013. The primary reason for the increase in shares and units is due to the merger with Colonial. In connection with the merger, on October 1, 2013, we issued 31,916,765 shares and 2,574,631 partnership units. | ||||||||||||||||
On August 26, 2010, we and our Operating Partnership entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 shares of our common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program, or ATM. We terminated this ATM program, and on February 25, 2013, we and our Operating Partnership entered into sales agreements with J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC to sell up to 4,500,000 shares of our common stock with materially the same terms as our previous sales agreements. | ||||||||||||||||
During the three-month period ended March 31, 2014, we issued no shares through our ATM programs. During the three-month period ended March 31, 2013, we issued 325,166 shares through our ATM programs for net proceeds of $22.0 million. The gross proceeds for these issuances were $22.3 million. We have 4,134,989 shares remaining under our ATM program as of March 31, 2014. | ||||||||||||||||
During the three-month period ended March 31, 2014, we issued 340 shares of common stock through the optional cash purchase feature of our Dividend and Distribution Reinvestment and Share Purchase Program, or DRSPP. The issuances resulted in gross proceeds of approximately $23,000. During the three-month period ended March 31, 2013, we issued 141 shares of common stock through the optional cash purchase feature of our DRSPP resulting in gross proceeds of approximately $10,000. | ||||||||||||||||
During the three months ended March 31, 2014, 6,554 shares of our common stock were acquired from employees to satisfy minimum tax withholding obligations that arose upon vesting of restricted stock granted pursuant to approved plans. During the three months ended March 31, 2013, 4,582 shares were acquired for these purposes. | ||||||||||||||||
Partners' Capital of Mid-America Apartments, L.P. | ||||||||||||||||
Interests in MAALP are represented by OP Units. As of March 31, 2014, there were 79,217,829 OP Units outstanding, 75,009,303 or 94.7% of which were owned by MAA, MAALP's general partner. The remaining 4,208,526 OP Units were owned by non-affiliated limited partners ("Class A Limited Partners"). As of March 31, 2013, there were 44,390,982 OP Units outstanding, 42,683,322 or 96.2% of which were owned by MAA and 1,707,660 of which were owned by the Class A Limited Partners. The increase in OP Units was due primarily to the merger with Colonial Properties Trust. In order to complete the merger, on October 1, 2013, we issued 34,491,396 OP Units. | ||||||||||||||||
MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Partnership Agreement of MAALP, this power includes, but is not limited to, acquiring, leasing, or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness, and securing such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership's assets; and distribution of Operating Partnership cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee. | ||||||||||||||||
Under the Partnership Agreement, the Operating Partnership may issue Class A OP Units and Class B OP Units. Class A OP Units may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of the Operating Partnership, while Class B OP Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of March 31, 2014, a total of 4,208,526 Class A OP Units in the Operating Partnership were held by limited partners unaffiliated with MAA, while a total of 75,009,303 Class B OP Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement. | ||||||||||||||||
Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the Operating Partnership. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed. | ||||||||||||||||
At March 31, 2014, a total of 4,208,526 Class A OP Units were outstanding and redeemable for 4,208,526 shares of MAA common stock or approximately $287,316,070, based on the closing price of MAA’s common stock on March 31, 2014 of $68.27 per share, at MAA’s option. At March 31, 2013, a total of 1,707,660 Class A OP Units were outstanding and redeemable for 1,707,660 shares of MAA common stock or approximately $117,931,000, based on the closing price of MAA’s common stock on March 31, 2013 of $69.06 per share, at MAA’s option. | ||||||||||||||||
The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock. |
Partners_Capital_of_MidAmerica
Partners' Capital of Mid-America Apartments, L.P. (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Partners' Capital of Mid-America Apartments, L.P. [Abstract] | ' | |||||||||||||||
Partners' Capital Notes Disclosure [Text Block] | ' | |||||||||||||||
MAALP Capital | ||||||||||||||||
Total capital and its components for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands, except per unit data): | ||||||||||||||||
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2013 | $ | 166,746 | $ | 2,946,598 | $ | 174 | $ | 3,113,518 | ||||||||
Net income | 848 | 14,866 | 15,714 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 2,727 | 2,727 | ||||||||||||||
Issuance of units | — | 227 | 227 | |||||||||||||
Units repurchased and retired | (285 | ) | (285 | ) | ||||||||||||
Exercise of unit options | 1,775 | 1,775 | ||||||||||||||
General partner units issued in exchange for limited partner units | (744 | ) | 744 | — | ||||||||||||
Units issued in exchange from redeemable units | 998 | 998 | ||||||||||||||
Redeemable units fair market value adjustment | (631 | ) | (631 | ) | ||||||||||||
Adjustment for limited partners' capital at redemption value | (201 | ) | 201 | — | ||||||||||||
Amortization of unearned compensation | 948 | 948 | ||||||||||||||
Distributions ($0.7300 per unit) | (3,072 | ) | (54,792 | ) | (57,864 | ) | ||||||||||
CAPITAL BALANCE MARCH 31, 2014 | $ | 163,577 | $ | 2,910,649 | $ | 2,901 | $ | 3,077,127 | ||||||||
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2012 | $ | 38,154 | $ | 927,734 | $ | (26,881 | ) | $ | 939,007 | |||||||
Net income | 855 | 20,938 | 21,793 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 4,357 | 4,357 | ||||||||||||||
Issuance of units | 22,057 | 22,057 | ||||||||||||||
Units repurchased and retired | (673 | ) | (673 | ) | ||||||||||||
General partner units issued in exchange for limited partner units | (443 | ) | 443 | — | ||||||||||||
Redeemable units fair market value adjustment | (319 | ) | (319 | ) | ||||||||||||
Adjustment for limited partners capital at redemption value | 2,812 | (1,450 | ) | 1,362 | ||||||||||||
Amortization of unearned compensation | 630 | 630 | ||||||||||||||
Distributions ($0.6950 per unit) | (1,187 | ) | (29,674 | ) | (30,861 | ) | ||||||||||
CAPITAL BALANCE MARCH 31, 2013 | $ | 40,191 | $ | 939,686 | $ | (22,524 | ) | $ | 957,353 | |||||||
Shareholders' Equity of MAA | ||||||||||||||||
On March 31, 2014, 75,009,303 shares of common stock of MAA and 4,208,526 partnership units in the Operating Partnership were issued and outstanding, representing a total of 79,217,829 shares and units. At March 31, 2013, 42,683,322 shares of common stock of MAA and 1,707,660 partnership units in the Operating Partnership were outstanding, representing a total of 44,390,982 shares and units. There were 296,583 outstanding options as of March 31, 2014 compared to zero outstanding options as of March 31, 2013. The primary reason for the increase in shares and units is due to the merger with Colonial. In connection with the merger, on October 1, 2013, we issued 31,916,765 shares and 2,574,631 partnership units. | ||||||||||||||||
On August 26, 2010, we and our Operating Partnership entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 shares of our common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program, or ATM. We terminated this ATM program, and on February 25, 2013, we and our Operating Partnership entered into sales agreements with J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC to sell up to 4,500,000 shares of our common stock with materially the same terms as our previous sales agreements. | ||||||||||||||||
During the three-month period ended March 31, 2014, we issued no shares through our ATM programs. During the three-month period ended March 31, 2013, we issued 325,166 shares through our ATM programs for net proceeds of $22.0 million. The gross proceeds for these issuances were $22.3 million. We have 4,134,989 shares remaining under our ATM program as of March 31, 2014. | ||||||||||||||||
During the three-month period ended March 31, 2014, we issued 340 shares of common stock through the optional cash purchase feature of our Dividend and Distribution Reinvestment and Share Purchase Program, or DRSPP. The issuances resulted in gross proceeds of approximately $23,000. During the three-month period ended March 31, 2013, we issued 141 shares of common stock through the optional cash purchase feature of our DRSPP resulting in gross proceeds of approximately $10,000. | ||||||||||||||||
During the three months ended March 31, 2014, 6,554 shares of our common stock were acquired from employees to satisfy minimum tax withholding obligations that arose upon vesting of restricted stock granted pursuant to approved plans. During the three months ended March 31, 2013, 4,582 shares were acquired for these purposes. | ||||||||||||||||
Partners' Capital of Mid-America Apartments, L.P. | ||||||||||||||||
Interests in MAALP are represented by OP Units. As of March 31, 2014, there were 79,217,829 OP Units outstanding, 75,009,303 or 94.7% of which were owned by MAA, MAALP's general partner. The remaining 4,208,526 OP Units were owned by non-affiliated limited partners ("Class A Limited Partners"). As of March 31, 2013, there were 44,390,982 OP Units outstanding, 42,683,322 or 96.2% of which were owned by MAA and 1,707,660 of which were owned by the Class A Limited Partners. The increase in OP Units was due primarily to the merger with Colonial Properties Trust. In order to complete the merger, on October 1, 2013, we issued 34,491,396 OP Units. | ||||||||||||||||
MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Partnership Agreement of MAALP, this power includes, but is not limited to, acquiring, leasing, or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness, and securing such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership's assets; and distribution of Operating Partnership cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee. | ||||||||||||||||
Under the Partnership Agreement, the Operating Partnership may issue Class A OP Units and Class B OP Units. Class A OP Units may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of the Operating Partnership, while Class B OP Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of March 31, 2014, a total of 4,208,526 Class A OP Units in the Operating Partnership were held by limited partners unaffiliated with MAA, while a total of 75,009,303 Class B OP Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement. | ||||||||||||||||
Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the Operating Partnership. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed. | ||||||||||||||||
At March 31, 2014, a total of 4,208,526 Class A OP Units were outstanding and redeemable for 4,208,526 shares of MAA common stock or approximately $287,316,070, based on the closing price of MAA’s common stock on March 31, 2014 of $68.27 per share, at MAA’s option. At March 31, 2013, a total of 1,707,660 Class A OP Units were outstanding and redeemable for 1,707,660 shares of MAA common stock or approximately $117,931,000, based on the closing price of MAA’s common stock on March 31, 2013 of $69.06 per share, at MAA’s option. | ||||||||||||||||
The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock. |
Legal_Proceedings_Notes
Legal Proceedings (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Legal Proceedings [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
Legal Proceedings | |
The Company (by virtue of its merger with Colonial) and Colonial LP along with multiple other parties, are named defendants in lawsuits arising out of alleged construction deficiencies with respect to condominium units at Regatta at James Island in Charleston, South Carolina. Regatta at James Island property was developed by certain of the Company's subsidiaries and constructed by Colonial Construction Services, LLC. The condominiums were constructed in 2006 and all 212 units were sold. The lawsuits, one filed on behalf of the condominium homeowners association and one filed by three of the unit owners (purportedly on behalf of all unit owners), were filed in South Carolina state court (Charleston County) in August 2012, against various parties involved in the development and construction of the Regatta at James Island property, including the contractors, subcontractors, architect, developer, and product manufacturers. The plaintiffs are seeking damages resulting primarily from alleged construction deficiencies, but the amount plaintiffs seek to recover has not been disclosed. The lawsuits are currently in discovery. The Company is continuing to investigate the matter and evaluate its options and intends to vigorously defend itself against these claims. No assurance can be given that the matter will be resolved favorably to the Company. The Company has included in its loss contingency an estimate of probable loss in connection with this matter, but currently cannot reasonably estimate any further possible loss, or any range of reasonably possible loss, in connection with this matter. | |
The Company (by virtue of its merger with Colonial) and Colonial LP along with multiple other parties, are named defendants in a lawsuit arising out of alleged construction deficiencies with respect to condominium units at Plantation Point in Bluffton, South Carolina. Plantation Point was previously owned and operated by Colonial LP as a multi-family rental project by the name of the Ashley Plantation apartments. Colonial LP sold the property in 2005 to a third party, which then converted the property to condominiums and sold all 414 units. The lawsuit, filed on behalf of the condominium homeowners association and a class of unit owners, was filed in South Carolina state court (Beaufort County) in September 2011, against various parties involved in the development, construction and conversion of the Plantation Point property, including the contractors, subcontractors, architect, developer, and product manufacturers. The plaintiffs are seeking $24.7 million in damages resulting from, among other things, alleged construction deficiencies and misleading sales practices attributed to the third-party seller. The lawsuit is currently in discovery. The Company is continuing to investigate the matter and evaluate its options and intends to vigorously defend itself against these claims. No assurance can be given that the matter will be resolved favorably to the Company. The Company has included in its loss contingency an estimate of probable loss in connection with this matter, but currently cannot reasonably estimate any further possible loss, or any range of reasonably possible loss, in connection with this matter. | |
On June 19, 2013, a putative class action was filed in the Circuit Court for Jefferson County, Alabama captioned Williams v. Colonial Properties Trust, et al., No. 01-CV-2013-902416.00 (the “Williams Litigation”), seeking, among other things, to enjoin the previously announced combination of MAA and Colonial in accordance with the terms of the Agreement and Plan of Merger, dated June 3, 2013, by and among MAA, the Operating Partnership, Martha Merger Sub, LP, Colonial and Colonial LP. On March 6, 2014 the Court approved the final settlement of the Williams litigation and the Company made the Court-approved immaterial payment to the Plaintiff's attorneys. | |
In addition, the Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these other matters cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or cash flows of the Company. | |
Loss Contingencies | |
The outcomes of the claims, disputes and legal proceedings described or referenced above are subject to significant uncertainty. The Company records an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. The Company reviews these accruals quarterly and makes revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, the Company does not accrue the loss. However, if the loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then the Company discloses a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible loss, or range of loss, then that is disclosed. | |
The assessment of whether a loss is probable or a reasonable possibility, and whether the loss or range of loss is reasonably estimable, often involve a series of complex judgments about future events. Among the factors that the Company considers in this assessment, including with respect to the matters disclosed in this Note, are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if reasonably estimable), the progress of the matter, existing law and precedent, the opinions or views of legal counsel and other advisers, the Company's experience in similar matters, the facts available to the Company at the time of assessment, and how the Company intends to respond, or has responded, to the proceeding or claim. The Company's assessment of these factors may change over time as individual proceedings or claims progress. For matters where the Company is not currently able to reasonably estimate a range of reasonably possible loss, the factors that have contributed to this determination include the following: (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, (iii) the matters involve novel or unsettled legal theories or a large or uncertain number of actual or potential cases or parties, and/or (iv) discussions with the parties in matters that are expected ultimately to be resolved through negotiation and settlement have not reached the point where the Company believes a reasonable estimate of loss, or range of loss, can be made. In such instances, the Company believes that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
Discontinued Operations | ||||||||
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. We adopted ASU 2014-08 during the period ending March 31, 2014. Due to the early adoption of ASU 2014-08, we did not classify Brookwood Mall, which was sold on March 30, 2014, as a discontinued operation. | ||||||||
Willow Creek, one of the properties that we sold during the three months ended March 31, 2014, as well as the eight properties sold by us during 2013, have been classified as discontinued operations in the Consolidated Statements of Operations. One additional property, Colonial Promenade Nord du Lac, that was classified as held for sale during the first quarter of 2014 was classified as a discontinued operation. Willow Creek and Colonial Promenade Nord du Lac are included in discontinued operations because they were shown in discontinued operations as of December 31, 2013, our latest fiscal year, and thus are not subject to ASU 2014-08. | ||||||||
The following table lists the communities classified as discontinued operations for the three months ended March 31, 2014: | ||||||||
Community | Units/Sq. Ft. | Date Sold | Location | Operating Segment | ||||
Willow Creek | 285 | January 15, 2014 | Columbus, Georgia | Secondary market same store | ||||
Colonial Promenade Nord du Lac | 195,536 | Held for Sale | New Orleans, Louisiana | Non-same store and other | ||||
The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Income from continuing operations: | ||||||||
Attributable to MAA (1) | $ | 9,285 | $ | 19,463 | ||||
Attributable to noncontrolling interest | 534 | 760 | ||||||
Income from continuing operations | $ | 9,819 | $ | 20,223 | ||||
Income from discontinued operations: | ||||||||
Attributable to MAA | $ | 5,581 | $ | 1,717 | ||||
Attributable to noncontrolling interest | 314 | 65 | ||||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
(1) Includes $3.1 million of gains related to the sale of real estate which are not included in continuing operations on the Condensed Consolidated Statements of Operations. | ||||||||
The following is a summary of earnings from discontinued operations for MAA for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | ||||||||
Rental revenues | $ | 832 | $ | 5,007 | ||||
Other revenues | (5 | ) | 439 | |||||
Total revenues | 827 | 5,446 | ||||||
Expenses | ||||||||
Property operating expenses | 314 | 2,256 | ||||||
Depreciation and amortization | 42 | 1,237 | ||||||
Interest expense and other | 55 | 171 | ||||||
Total expense | 411 | 3,664 | ||||||
Income from discontinued operations before gain on sale | 416 | 1,782 | ||||||
Net loss on insurance and other settlement proceeds on discontinued operations | (2 | ) | — | |||||
Gain on sale of discontinued operations | 5,481 | — | ||||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
The following is a summary of earnings from discontinued operations for MAALP for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues: | ||||||||
Rental revenues | $ | 832 | $ | 4,434 | ||||
Other revenues | (5 | ) | 391 | |||||
Total revenues | 827 | 4,825 | ||||||
Expenses: | ||||||||
Property operating expenses | 314 | 1,988 | ||||||
Depreciation and amortization | 42 | 1,096 | ||||||
Interest expense and other | 55 | 171 | ||||||
Total expenses | 411 | 3,255 | ||||||
Income from discontinued operations before gain on sale | 416 | 1,570 | ||||||
Net loss on insurance and other settlement proceeds on discontinued operations | (2 | ) | — | |||||
Gain on sale of discontinued operations | 5,481 | — | ||||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
As of March 31, 2014, we owned or had an ownership interest in 271 multifamily apartment communities in 14 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments: | ||||||||
• | Large market same store communities are generally communities: | |||||||
◦ | in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units; and | |||||||
◦ | that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale. | |||||||
• | Secondary market same store communities are generally communities: | |||||||
◦ | in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or in markets with a population of less than 1 million; and | |||||||
◦ | that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale. | |||||||
• | Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been identified for disposition. Also included in non same store communities are non multifamily activities, which represent less than 1% of our portfolio. | |||||||
On the first day of each calendar year, we determine the composition of our same store operating segments for that year as well as adjusting the previous year, which allows us to evaluate full period-over-period operating comparisons. Properties in development or lease-up will be added to the same store portfolio on the first day of the calendar year after they have been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% occupancy for 90 days. Communities that have been identified for disposition are excluded from our same store portfolio. We utilize net operating income, or NOI, a non-GAAP financial measure, in evaluating the performance of the segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. | ||||||||
Revenues and NOI for each reportable segment for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | ||||||||
Large Market Same Store | $ | 60,453 | $ | 58,125 | ||||
Secondary Market Same Store | 61,531 | 60,399 | ||||||
Non-Same Store and Other | 121,406 | 9,219 | ||||||
Total property revenues | 243,390 | 127,743 | ||||||
Management fee income | 97 | 177 | ||||||
Total operating revenues | $ | 243,487 | $ | 127,920 | ||||
NOI | ||||||||
Large Market Same Store | $ | 35,789 | $ | 34,749 | ||||
Secondary Market Same Store | 37,577 | 37,074 | ||||||
Non-Same Store and Other | 74,260 | 8,590 | ||||||
Total NOI | 147,626 | 80,413 | ||||||
Discontinued operations NOI included above | (1,599 | ) | (3,191 | ) | ||||
Management fee income | 97 | 177 | ||||||
Depreciation and amortization | (90,013 | ) | (32,195 | ) | ||||
Acquisition expense | (11 | ) | (10 | ) | ||||
Property management expense | (7,011 | ) | (5,108 | ) | ||||
General and administrative expense | (4,342 | ) | (3,239 | ) | ||||
Merger related expenses | (2,076 | ) | — | |||||
Integration costs | (3,842 | ) | — | |||||
Interest and other non-property income | 160 | 47 | ||||||
Interest expense | (30,676 | ) | (15,545 | ) | ||||
Loss on debt extinguishment/modification | — | (169 | ) | |||||
Amortization of deferred financing costs | (1,311 | ) | (804 | ) | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Net casualty (loss) gain after insurance and other settlement proceeds | (10 | ) | 16 | |||||
Income tax expense | (270 | ) | (223 | ) | ||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
(Loss) gain from real estate joint ventures | (24 | ) | 54 | |||||
Discontinued operations | 5,895 | 1,782 | ||||||
Net income attributable to noncontrolling interests | (848 | ) | (825 | ) | ||||
Net income attributable to MAA | $ | 14,866 | $ | 21,180 | ||||
Assets for each reportable segment as of March 31, 2014 and December 31, 2013, were as follows (dollars in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Large Market Same Store | $ | 1,239,787 | $ | 1,252,575 | ||||
Secondary Market Same Store | 786,393 | 796,697 | ||||||
Non-Same Store and Other | 4,564,689 | 4,638,892 | ||||||
Corporate assets | 194,794 | 153,761 | ||||||
Total assets | $ | 6,785,663 | $ | 6,841,925 | ||||
Real_Estate_Acquisitions_and_D
Real Estate Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2014 | |
Notes To Financial Statements [Abstract] | ' |
Real Estate Acquisitions and Dispositions | ' |
Real Estate Acquisitions and Dispositions | |
On January 15, 2014, we closed on the purchase of the 312-unit Grand Cypress apartment community located in Cypress (Houston), Texas. This property was previously a part of our Fund II Joint Venture. | |
On January 31, 2014, we closed on the purchase of the 250-unit Venue at Stonebridge Ranch apartment community located in McKinney (Dallas), Texas. This property was previously a part of our Fund II Joint Venture. | |
On March 28, 2014, we closed on the sale of two properties, Colonial Brookwood Village, a retail mall, and the CC Brookwood Village office space, both located in Birmingham, Alabama. These properties were acquired as part of the merger with Colonial. | |
During the three months ended March 31, 2014, we closed on the sale of two parcels of land located in Birmingham, Alabama, two parcels of land located in Orlando, Florida, and one parcel of land located in Covington, Louisiana. These parcels were acquired as part of the merger with Colonial. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Notes To Financial Statements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Impact of Recently Issued Accounting Standards | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 raises the threshold for disposals to qualify as discontinued operations. It also requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The ASU is effective for fiscal years beginning after December 15, 2014, and interim periods within those years; however, early adoption is permitted beginning in the first quarter of 2014. We adopted ASU 2014-08 during the period ending March 31, 2014. The adoption of ASU 2014-08 required us to not classify certain disposals occurring during the first quarter of 2014 as discontinued operations. | |
In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 clarifies that the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, would apply to derivatives accounted for in accordance with FASB ASC 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for fiscal years beginning on or after January 1, 2013 and interim periods within those annual periods. We adopted ASU 2013-01 during the period ended March 31, 2013. The adoption of ASU 2013-01 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Financing | |
On April 10, 2014, we entered into a forward interest rate swap agreement to effectively lock an additional $50 million in planned future debt transactions. This forward swap had an interest rate of 2.8%. |
Basis_of_Presentation_and_Prin1
Basis of Presentation and Principles of Consolidation and Significant Accounting Policies Basis of Presentation and Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation and Principles of Consolidation [Abstract] | ' |
Basis Of Presentation And Principles Of Consolidation Policy [Text Block] | ' |
Basis of Presentation and Principles of Consolidation | |
The accompanying condensed consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership, and all other subsidiaries in which MAA has a controlling financial interest. MAA owns approximately 95% to 100% of all consolidated subsidiaries. The consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 100% of all consolidated subsidiaries. In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
We invest in entities which may qualify as variable interest entities, or VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. We consolidate all VIEs for which we are the primary beneficiary and use the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities. | |
We use the equity method of accounting for our investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that we do not have the ability to exercise control include ownership of voting interests and participatory rights of investors. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities Derivatives and Hedging Activities (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Derivatives and Hedging Activities [Abstract] | ' |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | ' |
Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of $69,000 for the three months ended March 31, 2014 and a loss of $13,000 for the three months ended March 31, 2013. |
Consolidation_and_Basis_of_Pre
Consolidation and Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Real Estate Properties [Line Items] | ' | ||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||
As of March 31, 2014, we owned and operated 269 apartment communities comprising 82,730 apartments located in 14 states principally through the Operating Partnership and we also owned an interest in the following unconsolidated real estate joint ventures: | |||||
Percent Owned | Number of Units/Square Feet | ||||
Multifamily: | |||||
Mid-America Multifamily Fund II, LLC (Fund II) | 33.33% | 594 | (1) | ||
Belterra | 10.00% | 288 | (2) | ||
McKinney | 25.00% | — | (3) | ||
Commercial: | |||||
Land Title Building | 33.30% | 29,971 | |||
(1) This joint venture is comprised of two apartment communities. | |||||
(2) This joint venture is not managed by MAA and is not included in our property totals. | |||||
(3) This joint venture consists of undeveloped land. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Purchase Price Allocation [Abstract] | ' | |||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||
The allocation of the purchase price described above requires a significant amount of judgment. The following purchase price allocation was based on our valuation, estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed. While the current allocation of the purchase price is substantially complete, the valuation of the real estate properties and certain other assets and liabilities is in the process of being finalized. We do not expect future revisions, if any, to have a significant impact on our financial position or results of operations. | ||||
The purchase price was allocated as follows (in thousands): | ||||
Land | $ | 469,396 | ||
Buildings and improvements | 3,075,642 | |||
Furniture, fixtures and equipment | 96,377 | |||
Development and capital improvements in progress | 113,368 | |||
Undeveloped land | 58,400 | |||
Properties held for sale | 33,300 | |||
Lease intangible assets | 57,946 | |||
Cash and cash equivalents | 63,454 | |||
Restricted cash | 6,825 | |||
Deferred costs and other assets, excluding lease intangible assets | 87,713 | |||
Total assets acquired | 4,062,421 | |||
Notes payable | -1,759,550 | |||
Fair market value of interest rate swaps | -14,961 | |||
Accounts payable, accrued expenses, and other liabilities | -125,034 | |||
Total liabilities assumed, including debt | (1,899,545 | ) | ||
Total purchase price | $ | 2,162,876 | ||
Earnings_Per_Common_Share_of_M1
Earnings Per Common Share of MAA Earnings Per Common Share of MAA (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Common Share of MAA [Abstract] | ' | |||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | |||||||
(dollars and shares in thousands, except per share amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Shares Outstanding | ||||||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Weighted average partnership units outstanding | — | (1) | 1,715 | |||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Calculation of Earnings per Share - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (760 | ) | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 19,445 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (65 | ) | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (2 | ) | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,715 | ||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Earnings per share - basic | $ | 0.2 | $ | 0.5 | ||||
Calculation of Earnings per Share - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (1) | — | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (1) | — | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,782 | ||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Earnings per share - diluted | $ | 0.2 | $ | 0.5 | ||||
(1) Operating partnership units, other dilutive securities, and the related income with each are not included in the diluted earnings per share calculations as they were not dilutive. | ||||||||
A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three months ended March 31, 2014 and 2013 is presented below: | ||||||||
(dollars and units in thousands, except per unit amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Units Outstanding | ||||||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Calculation of Earnings per Unit - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,205 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1 | ) | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,569 | ||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Earnings per unit - basic: | $ | 0.2 | $ | 0.49 | ||||
Calculation of Earnings per Unit - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,570 | ||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Earnings per unit - diluted: | $ | 0.2 | $ | 0.49 | ||||
(1) Dilutive securities and the related income are not included in the diluted earnings per unit calculations as they were not dilutive. |
Earnings_Per_OP_Unit_of_MAALP_1
Earnings Per OP Unit of MAALP Earnings Per OP Unit of MAALP (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per OP Unit of MAALP [Abstract] | ' | |||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | |||||||
(dollars and shares in thousands, except per share amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Shares Outstanding | ||||||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Weighted average partnership units outstanding | — | (1) | 1,715 | |||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Calculation of Earnings per Share - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (760 | ) | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 19,445 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (65 | ) | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (2 | ) | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,715 | ||||
Weighted average common shares - basic | 74,803 | 42,354 | ||||||
Earnings per share - basic | $ | 0.2 | $ | 0.5 | ||||
Calculation of Earnings per Share - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations attributable to noncontrolling interests | (534 | ) | (1) | — | ||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 9,268 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Income from discontinued operations attributable to noncontrolling interest | (314 | ) | (1) | — | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common shareholders, adjusted | $ | 5,571 | $ | 1,782 | ||||
Weighted average common shares - diluted | 74,803 | 44,149 | ||||||
Earnings per share - diluted | $ | 0.2 | $ | 0.5 | ||||
(1) Operating partnership units, other dilutive securities, and the related income with each are not included in the diluted earnings per share calculations as they were not dilutive. | ||||||||
A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three months ended March 31, 2014 and 2013 is presented below: | ||||||||
(dollars and units in thousands, except per unit amounts) | Three months ended March 31, | |||||||
2014 | 2013 | |||||||
Units Outstanding | ||||||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Effect of dilutive securities | — | (1) | 80 | |||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Calculation of Earnings per Unit - basic | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (18 | ) | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,205 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1 | ) | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,569 | ||||
Weighted average common units - basic | 79,023 | 44,109 | ||||||
Earnings per unit - basic: | $ | 0.2 | $ | 0.49 | ||||
Calculation of Earnings per Unit - diluted | ||||||||
Income from continuing operations | $ | 6,698 | $ | 20,223 | ||||
Gain on sale of depreciable assets | 2,564 | — | ||||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
Income from continuing operations allocated to unvested restricted shares | (17 | ) | (1) | — | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 9,802 | $ | 20,223 | ||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Income from discontinued operations allocated to unvested restricted shares | (10 | ) | (1) | — | ||||
Income from discontinued operations available for common unitholders, adjusted | $ | 5,885 | $ | 1,570 | ||||
Weighted average common units - diluted | 79,023 | 44,189 | ||||||
Earnings per unit - diluted: | $ | 0.2 | $ | 0.49 | ||||
(1) Dilutive securities and the related income are not included in the diluted earnings per unit calculations as they were not dilutive. |
MAA_Equity_Tables
MAA Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
MAA Equity [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Total equity and its components for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands, except per share and per unit data): | ||||||||||||||||||||||||||||||||||||||||||||||||
Mid-America Apartment Communities, Inc. Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||
Common | Additional | Accumulated | Accumulated | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||
Mid-America Apartment Communities, Inc. Shareholders | Stock | Paid-In | Distributions | Other | Interest | Equity | ||||||||||||||||||||||||||||||||||||||||||
Common | Additional | Accumulated | Accumulated | Noncontrolling | Total | Amount | Capital | in Excess of | Comprehensive | |||||||||||||||||||||||||||||||||||||||
Stock | Paid-In | Distributions | Other | Interest | Equity | Net Income | Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Amount | Capital | in Excess of | Comprehensive | EQUITY BALANCE DECEMBER 31, 2012 | $ | 422 | $ | 1,542,999 | $ | (603,315 | ) | $ | (26,054 | ) | $ | 31,058 | $ | 945,110 | ||||||||||||||||||||||||||||||
Net Income | Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2013 | $ | 747 | $ | 3,599,549 | $ | (653,593 | ) | $ | 108 | $ | 166,726 | $ | 3,113,537 | Net income | 21,180 | 825 | 22,005 | |||||||||||||||||||||||||||||||
Net income | 14,866 | 848 | 15,714 | Other comprehensive income - derivative instruments (cash flow hedges) | 4,185 | 178 | 4,363 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 2,583 | 144 | 2,727 | Issuance and registration of common shares | 3 | 22,055 | 22,058 | |||||||||||||||||||||||||||||||||||||||||
Issuance and registration of common shares | 1 | 226 | 227 | Shares repurchased and retired | — | (673 | ) | (673 | ) | |||||||||||||||||||||||||||||||||||||||
Shares repurchased and retired | — | (285 | ) | (285 | ) | Shares issued in exchange for units | 1 | 442 | (443 | ) | — | |||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1 | 1,774 | 1,775 | Redeemable stock fair market value | (319 | ) | (319 | ) | ||||||||||||||||||||||||||||||||||||||||
Shares issued in exchange for units | — | 744 | (744 | ) | — | Adjustment for noncontrolling interest ownership in operating partnership | 302 | (302 | ) | — | ||||||||||||||||||||||||||||||||||||||
Shares issued in exchange from redeemable stock | 998 | 998 | Amortization of unearned compensation | 630 | 630 | |||||||||||||||||||||||||||||||||||||||||||
Redeemable stock fair market value | (631 | ) | (631 | ) | Dividends on common stock ($0.6950 per share) | (29,674 | ) | — | (29,674 | ) | ||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interest ownership in operating partnership | 163 | (163 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on noncontrolling interest units ($0.6950 per unit) | (1,187 | ) | (1,187 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unearned compensation | 948 | 948 | ||||||||||||||||||||||||||||||||||||||||||||||
EQUITY BALANCE MARCH 31, 2013 | $ | 426 | $ | 1,565,755 | $ | (612,128 | ) | $ | (21,869 | ) | $ | 30,129 | $ | 962,313 | ||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.7300 per share) | (54,792 | ) | — | (54,792 | ) | |||||||||||||||||||||||||||||||||||||||||||
Dividends on noncontrolling interest units ($0.7300 per unit) | (3,072 | ) | (3,072 | ) | ||||||||||||||||||||||||||||||||||||||||||||
EQUITY BALANCE MARCH 31, 2014 | $ | 749 | $ | 3,604,117 | $ | (694,150 | ) | $ | 2,691 | $ | 163,739 | $ | 3,077,146 | |||||||||||||||||||||||||||||||||||
MAALP_Capital_Tables
MAALP Capital (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||||||||||||||||||||||
MAALP Capital [Abstract] | ' | ' | ||||||||||||||||||||||||||||||
Partners' Capital [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||
Total capital and its components for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands, except per unit data): | ||||||||||||||||||||||||||||||||
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||||||||||||||||||
Mid-America Apartments, L.P. Unitholders | Other | |||||||||||||||||||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | Comprehensive | ||||||||||||||||||||||||||||
Other | Income (Loss) | |||||||||||||||||||||||||||||||
Comprehensive | CAPITAL BALANCE DECEMBER 31, 2012 | $ | 38,154 | $ | 927,734 | $ | (26,881 | ) | $ | 939,007 | ||||||||||||||||||||||
Income (Loss) | ||||||||||||||||||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2013 | $ | 166,746 | $ | 2,946,598 | $ | 174 | $ | 3,113,518 | Net income | 855 | 20,938 | 21,793 | ||||||||||||||||||||
Net income | 848 | 14,866 | 15,714 | Other comprehensive income - derivative instruments (cash flow hedges) | 4,357 | 4,357 | ||||||||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 2,727 | 2,727 | Issuance of units | 22,057 | 22,057 | |||||||||||||||||||||||||||
Issuance of units | — | 227 | 227 | Units repurchased and retired | (673 | ) | (673 | ) | ||||||||||||||||||||||||
General partner units issued in exchange for limited partner units | (443 | ) | 443 | — | ||||||||||||||||||||||||||||
Units repurchased and retired | (285 | ) | (285 | ) | ||||||||||||||||||||||||||||
Exercise of unit options | 1,775 | 1,775 | Redeemable units fair market value adjustment | (319 | ) | (319 | ) | |||||||||||||||||||||||||
Adjustment for limited partners capital at redemption value | 2,812 | (1,450 | ) | 1,362 | ||||||||||||||||||||||||||||
General partner units issued in exchange for limited partner units | (744 | ) | 744 | — | ||||||||||||||||||||||||||||
Amortization of unearned compensation | 630 | 630 | ||||||||||||||||||||||||||||||
Units issued in exchange from redeemable units | 998 | 998 | ||||||||||||||||||||||||||||||
Distributions ($0.6950 per unit) | (1,187 | ) | (29,674 | ) | (30,861 | ) | ||||||||||||||||||||||||||
Redeemable units fair market value adjustment | (631 | ) | (631 | ) | CAPITAL BALANCE MARCH 31, 2013 | $ | 40,191 | $ | 939,686 | $ | (22,524 | ) | $ | 957,353 | ||||||||||||||||||
Adjustment for limited partners' capital at redemption value | (201 | ) | 201 | — | ||||||||||||||||||||||||||||
Amortization of unearned compensation | 948 | 948 | ||||||||||||||||||||||||||||||
Distributions ($0.7300 per unit) | (3,072 | ) | (54,792 | ) | (57,864 | ) | ||||||||||||||||||||||||||
CAPITAL BALANCE MARCH 31, 2014 | $ | 163,577 | $ | 2,910,649 | $ | 2,901 | $ | 3,077,127 | ||||||||||||||||||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||
Debt Structure [Table Text Block] | ' | ||||||||
The following table summarizes our outstanding debt structure as of March 31, 2014 (dollars in thousands): | |||||||||
Borrowed | Effective | Contract | |||||||
Balance | Rate | Maturity | |||||||
Fixed Rate Secured Debt | |||||||||
Individual property mortgages | $ | 1,124,500 | 4 | % | 4/11/19 | ||||
FNMA conventional credit facilities | 50,000 | 4.7 | % | 3/31/17 | |||||
Credit facility balances with: | |||||||||
LIBOR-based interest rate swaps | 167,000 | 5.2 | % | 10/27/14 | |||||
Total fixed rate secured debt | $ | 1,341,500 | 4.2 | % | 8/24/18 | ||||
Variable Rate Secured Debt (1) | |||||||||
FNMA conventional credit facilities | $ | 171,785 | 0.7 | % | 1/31/17 | ||||
FNMA tax-free credit facilities | 88,370 | 0.9 | % | 7/23/31 | |||||
Freddie Mac credit facilities | 156,247 | 0.7 | % | 7/1/14 | |||||
Freddie Mac mortgage | 27,259 | 3.3 | % | 10/31/15 | |||||
Total variable rate secured debt | $ | 443,661 | 0.9 | % | 12/24/18 | ||||
Total Secured Debt | $ | 1,785,161 | 3.4 | % | 9/23/18 | ||||
Unsecured Debt | |||||||||
Term loan fixed with swaps | 550,000 | 3.1 | % | 11/10/17 | |||||
Fixed rate senior bonds | 1,127,898 | 5 | % | 9/23/19 | |||||
Total Unsecured Debt | $ | 1,677,898 | 4.3 | % | 2/11/19 | ||||
Total Outstanding Debt | $ | 3,463,059 | 3.8 | % | 6/24/18 | ||||
(1) Includes capped balances. |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||
The chart below shows the change in the balance for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | |||||||||||||||||||||||||||||
Affected Line Item in the Consolidated Statements Of Operations | Gains and Losses on Cash Flow Hedges | ||||||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning balance | $ | 108 | $ | (26,054 | ) | ||||||||||||||||||||||||
Other comprehensive income before reclassifications | (997 | ) | (179 | ) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | Interest (income)/expense | 3,725 | 4,545 | ||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to noncontrolling interest | (145 | ) | (181 | ) | |||||||||||||||||||||||||
Net current-period other comprehensive income attributable to MAA | 2,583 | 4,185 | |||||||||||||||||||||||||||
Ending balance | $ | 2,691 | $ | (21,869 | ) | ||||||||||||||||||||||||
Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk | ' | ||||||||||||||||||||||||||||
As of March 31, 2014, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest Rate Caps | 7 | $ | 180,000,000 | ||||||||||||||||||||||||||
Interest Rate Swaps (1) | 14 | $ | 717,000,000 | ||||||||||||||||||||||||||
(1) Excludes four forward rate swaps totaling $200 million where the debt has not yet been issued. These swaps are not included in our debt discussion in MD&A or Item 1. Financial Statements – Notes to Consolidated Financial Statements, Note 7. | |||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||||||||||
As of March 31, 2014, we had the following outstanding interest rate derivatives that were not designated as hedges: | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 15 | $ | 134,326,000 | ||||||||||||||||||||||||||
Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||
The table below presents a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2014 and December 31, 2013. The net amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheet (dollars in thousands): | |||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 524 | $ | — | $ | 524 | $ | (97 | ) | $ | — | $ | 427 | ||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 17,937 | $ | — | $ | 17,937 | $ | (97 | ) | $ | — | $ | 17,840 | ||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 444 | $ | — | $ | 444 | $ | — | $ | — | $ | 444 | |||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
Derivatives | $ | 20,015 | $ | — | $ | 20,015 | $ | — | $ | — | $ | 20,015 | |||||||||||||||||
The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments on the Consolidated Balance Sheet as of March 31, 2014 and | |||||||||||||||||||||||||||||
December 31, 2013 (dollars in thousands) | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | Fair Value | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 441 | $ | 396 | Fair market value of interest rate swaps | $ | 17,937 | $ | 20,015 | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 441 | $ | 396 | $ | 17,937 | $ | 20,015 | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 83 | $ | 49 | $ | — | $ | — | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 83 | $ | 49 | $ | — | $ | — | |||||||||||||||||||||
Effect of Derivative Instruments on Consolidated Statement of Operations | ' | ||||||||||||||||||||||||||||
The table below presents the effect of our derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations for the | |||||||||||||||||||||||||||||
Three months ended March 31, 2014 and 2013 (dollars in thousands) | |||||||||||||||||||||||||||||
Derivatives in Cash Flow | Amount of | Location of Gain or | Amount of | Location of Gain or | Amount of Gain or (Loss) Recognized in Income on | ||||||||||||||||||||||||
Hedging Relationships | Gain or (Loss) | (Loss) Reclassified | Gain or (Loss) | (Loss) Recognized in | Derivative (Ineffective | ||||||||||||||||||||||||
Recognized in | from Accumulated | Reclassified from | Income on Derivative | Portion and Amount | |||||||||||||||||||||||||
OCI on Derivative | OCI into Income | Accumulated | (Ineffective Portion and | Excluded from | |||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | OCI into Income | Amount Excluded from | Effectiveness Testing) | |||||||||||||||||||||||||
(Effective Portion) | Effectiveness Testing) | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Interest rate contracts | $ | (997 | ) | $ | (179 | ) | Interest expense | $ | (3,725 | ) | $ | (4,545 | ) | Interest expense | $ | (4 | ) | $ | 4 | ||||||||||
Total derivatives in cash flow hedging relationships | $ | (997 | ) | $ | (179 | ) | $ | (3,725 | ) | $ | (4,545 | ) | $ | (4 | ) | $ | 4 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Three months ended March 31, | Location of Gain or (Loss) Recognized in Income | 2014 | 2013 | ||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | (69 | ) | $ | (13 | ) | ||||||||||||||||||||||
Total | $ | (69 | ) | $ | (13 | ) |
Fair_Value_Disclosure_of_Finan1
Fair Value Disclosure of Financial Instruments (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ' | ||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. | Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2013 | |||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2014 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | |||||||||||||||||||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | Identical Assets | Observable | Inputs (Level 3) | ||||||||||||||||||||||||||
Active Markets for | Other | Unobservable | and Liabilities | Inputs (Level 2) | ||||||||||||||||||||||||||||
Identical Assets | Observable | Inputs (Level 3) | (Level 1) | December 31, 2013 | ||||||||||||||||||||||||||||
and Liabilities | Inputs (Level 2) | Assets | ||||||||||||||||||||||||||||||
(Level 1) | March 31, 2014 | |||||||||||||||||||||||||||||||
Assets | Derivative financial instruments | $ | — | $ | 444 | $ | — | $ | 444 | |||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 524 | $ | — | $ | 524 | Liabilities | |||||||||||||||||||||||
Liabilities | Derivative financial instruments | $ | — | $ | 20,015 | $ | — | $ | 20,015 | |||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 17,937 | $ | — | $ | 17,937 | ||||||||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Schedule of Discontinued Operation Properties Sold [Table Text Block] | ' | |||||||
The following table lists the communities classified as discontinued operations for the three months ended March 31, 2014: | ||||||||
Community | Units/Sq. Ft. | Date Sold | Location | Operating Segment | ||||
Willow Creek | 285 | January 15, 2014 | Columbus, Georgia | Secondary market same store | ||||
Colonial Promenade Nord du Lac | 195,536 | Held for Sale | New Orleans, Louisiana | Non-same store and other | ||||
Schedule of Income from Continuing and Discontinued Operations Attributable to MAA and Noncontrolling Interest [Table Text Block] | ' | |||||||
The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Income from continuing operations: | ||||||||
Attributable to MAA (1) | $ | 9,285 | $ | 19,463 | ||||
Attributable to noncontrolling interest | 534 | 760 | ||||||
Income from continuing operations | $ | 9,819 | $ | 20,223 | ||||
Income from discontinued operations: | ||||||||
Attributable to MAA | $ | 5,581 | $ | 1,717 | ||||
Attributable to noncontrolling interest | 314 | 65 | ||||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Parent Company [Member] | ' | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Summary of Discontinued Operations | ' | |||||||
The following is a summary of earnings from discontinued operations for MAA for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | ||||||||
Rental revenues | $ | 832 | $ | 5,007 | ||||
Other revenues | (5 | ) | 439 | |||||
Total revenues | 827 | 5,446 | ||||||
Expenses | ||||||||
Property operating expenses | 314 | 2,256 | ||||||
Depreciation and amortization | 42 | 1,237 | ||||||
Interest expense and other | 55 | 171 | ||||||
Total expense | 411 | 3,664 | ||||||
Income from discontinued operations before gain on sale | 416 | 1,782 | ||||||
Net loss on insurance and other settlement proceeds on discontinued operations | (2 | ) | — | |||||
Gain on sale of discontinued operations | 5,481 | — | ||||||
Income from discontinued operations | $ | 5,895 | $ | 1,782 | ||||
Limited Partner [Member] | ' | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Summary of Discontinued Operations | ' | |||||||
The following is a summary of earnings from discontinued operations for MAALP for the three-month periods ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues: | ||||||||
Rental revenues | $ | 832 | $ | 4,434 | ||||
Other revenues | (5 | ) | 391 | |||||
Total revenues | 827 | 4,825 | ||||||
Expenses: | ||||||||
Property operating expenses | 314 | 1,988 | ||||||
Depreciation and amortization | 42 | 1,096 | ||||||
Interest expense and other | 55 | 171 | ||||||
Total expenses | 411 | 3,255 | ||||||
Income from discontinued operations before gain on sale | 416 | 1,570 | ||||||
Net loss on insurance and other settlement proceeds on discontinued operations | (2 | ) | — | |||||
Gain on sale of discontinued operations | 5,481 | — | ||||||
Income from discontinued operations | $ | 5,895 | $ | 1,570 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Revenues and NOI for Reportable Segment | ' | |||||||
Revenues and NOI for each reportable segment for the three-month periods ended March 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | ||||||||
Large Market Same Store | $ | 60,453 | $ | 58,125 | ||||
Secondary Market Same Store | 61,531 | 60,399 | ||||||
Non-Same Store and Other | 121,406 | 9,219 | ||||||
Total property revenues | 243,390 | 127,743 | ||||||
Management fee income | 97 | 177 | ||||||
Total operating revenues | $ | 243,487 | $ | 127,920 | ||||
NOI | ||||||||
Large Market Same Store | $ | 35,789 | $ | 34,749 | ||||
Secondary Market Same Store | 37,577 | 37,074 | ||||||
Non-Same Store and Other | 74,260 | 8,590 | ||||||
Total NOI | 147,626 | 80,413 | ||||||
Discontinued operations NOI included above | (1,599 | ) | (3,191 | ) | ||||
Management fee income | 97 | 177 | ||||||
Depreciation and amortization | (90,013 | ) | (32,195 | ) | ||||
Acquisition expense | (11 | ) | (10 | ) | ||||
Property management expense | (7,011 | ) | (5,108 | ) | ||||
General and administrative expense | (4,342 | ) | (3,239 | ) | ||||
Merger related expenses | (2,076 | ) | — | |||||
Integration costs | (3,842 | ) | — | |||||
Interest and other non-property income | 160 | 47 | ||||||
Interest expense | (30,676 | ) | (15,545 | ) | ||||
Loss on debt extinguishment/modification | — | (169 | ) | |||||
Amortization of deferred financing costs | (1,311 | ) | (804 | ) | ||||
Gain on sale of depreciable assets excluded from discontinued operations | 2,564 | — | ||||||
Net casualty (loss) gain after insurance and other settlement proceeds | (10 | ) | 16 | |||||
Income tax expense | (270 | ) | (223 | ) | ||||
Gain on sale of non-depreciable assets | 557 | — | ||||||
(Loss) gain from real estate joint ventures | (24 | ) | 54 | |||||
Discontinued operations | 5,895 | 1,782 | ||||||
Net income attributable to noncontrolling interests | (848 | ) | (825 | ) | ||||
Net income attributable to MAA | $ | 14,866 | $ | 21,180 | ||||
Assets for Reportable Segment | ' | |||||||
Assets for each reportable segment as of March 31, 2014 and December 31, 2013, were as follows (dollars in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Large Market Same Store | $ | 1,239,787 | $ | 1,252,575 | ||||
Secondary Market Same Store | 786,393 | 796,697 | ||||||
Non-Same Store and Other | 4,564,689 | 4,638,892 | ||||||
Corporate assets | 194,794 | 153,761 | ||||||
Total assets | $ | 6,785,663 | $ | 6,841,925 | ||||
Consolidation_and_Basis_of_Pre1
Consolidation and Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Communities | |||
Property | |||
States | |||
Real Estate Properties [Line Items] | ' | ' | |
General Partners' Capital Account, Units Outstanding | 75,009,303 | 42,683,322 | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.70% | 96.20% | |
Number of Wholly Owned Real Estate Properties | 269 | ' | |
Number of owned or owned interests of apartment communities | 271 | ' | |
Number of apartments included in a community | 82,730 | ' | |
Number of states in which apartment units are located | 14 | ' | |
Percentage Of Ownership Interests | 100.00% | ' | |
Conversion of Stock, Shares Converted | 0.36 | ' | |
Commercial Real Estate [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Number of owned or owned interests of apartment communities | 3 | ' | |
Square Footage of Real Estate Property | 287,000 | ' | |
Development Properties [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Number of units under development community | 999 | ' | |
Number of owned or owned interests of apartment communities | 4 | ' | |
Number of apartments included in a community | 305 | ' | |
Under Development | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Number of owned or owned interests of apartment communities | 4 | ' | |
Square Footage of Real Estate Property | 100,000 | ' | |
Expected Costs [Member] | Development Properties [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Capital improvements in progress | 146,000 | ' | |
Costs Incurred to Date [Member] | Development Properties [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Capital improvements in progress | 98,700 | ' | |
Maximum [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Percentage Of Ownership Interests | 100.00% | ' | |
Minimum [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Percentage Of Ownership Interests | 95.00% | ' | |
Belterra [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Equity Method Investment, Ownership Percentage | 10.00% | ' | |
Real Estate Acquired, Number of Units | 288 | [1] | ' |
Mid America Multifamily Fund I I L L C [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Equity Method Investment, Ownership Percentage | 33.33% | ' | |
Real Estate Acquired, Number of Units | 594 | [2] | ' |
Colonial Grand at McKinney [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Equity Method Investment, Ownership Percentage | 25.00% | ' | |
Real Estate Acquired, Number of Units | 0 | [3] | ' |
Building Partnership 600 [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Equity Method Investment, Ownership Percentage | 33.30% | ' | |
Number of owned or owned interests of apartment communities | 1 | ' | |
Square Footage of Real Estate Property | 29,971 | ' | |
[1] | (2) This joint venture is not managed by MAA and is not included in our property totals. | ||
[2] | (1) This joint venture is comprised of two apartment communities. | ||
[3] | (3) This joint venture consists of undeveloped land. |
Business_Combinations_Textual_
Business Combinations (Textual) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Business Acquisition [Line Items] | ' |
Business Combinations, Conversion Rate of Shares and Units | 36.00% |
Business Combinations, Other Consideration | $7,300,000 |
Stock Issued During Period, Shares, Acquisitions | 31,916,765 |
Parent Company [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Combination, Merger and Integration Related Expenses | 5,900,000 |
Parent Company [Member] | Colonial [Member] | ' |
Business Acquisition [Line Items] | ' |
Real Estate Acquired, Number of Units | 34,370 |
Number of Apartment Communities Acquired in Real Estate Property | 115 |
Number of Commercial Properties Acquired in Real Estate Property | 4 |
Business Acquisition, Cost of Acquired Entity, Purchase Price | $2,162,876,000 |
Share Price | $62.56 |
Stock Issued During Period, Shares, Acquisitions | 31,900,000 |
Noncontrolling Interest [Member] | ' |
Business Acquisition [Line Items] | ' |
Stock Issued During Period, Shares, Acquisitions | 2,574,631 |
Commercial [Member] | Parent Company [Member] | ' |
Business Acquisition [Line Items] | ' |
Square Footage of Real Estate Property | 806,000 |
Business_Combinations_Purchase
Business Combinations Purchase Price Allocation (Details) (Parent Company [Member], Colonial [Member], USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | $4,062,421 |
Business Acquisition, PPA, Liabilities Assumed | 1,899,545 |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 2,162,876 |
Land [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 469,396 |
Building and Building Improvements [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 3,075,642 |
Furniture Fixtures And Equipment [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 96,377 |
Construction in Progress [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 113,368 |
Unimproved Land [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 58,400 |
Assets Held-for-sale [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 33,300 |
Finite-Lived Intangible Assets, Major Class Name [Domain] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 57,946 |
Cash and Cash Equivalents [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 63,454 |
Restricted Cash [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 6,825 |
Other assets | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Assets Acquired | 87,713 |
Debt [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Liabilities Assumed | 1,759,550 |
Interest Rate Cash Flow Hedge Liability at Fair Value [Domain] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Liabilities Assumed | 14,961 |
Other Liabilities [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, PPA, Liabilities Assumed | $125,034 |
Earnings_Per_Common_Share_of_M2
Earnings Per Common Share of MAA (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $9,819 | $20,223 | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 534 | 760 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 314 | 65 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 5,895 | 1,782 | |
Parent Company [Member] | ' | ' | |
Earnings Per Share Disclosure [Line Items] | ' | ' | |
Weighted average partnership units outstanding | 0 | [1] | 1,715 |
Effect of dilutive securities | 0 | [1] | 80 |
Weighted Average Number of Shares Outstanding, Diluted | 74,803 | 44,149 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,698 | 20,223 | |
Gain (Loss) on Disposition of Property Plant Equipment | 2,564 | 0 | |
Gain (Loss) on Disposition of Other Assets | 557 | 0 | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | -534 | [1] | -760 |
Income from continuing operations allocated to unvested restricted shares | -17 | -18 | |
Adjusted Income (Loss) from Continuing Operations Available for Common Shareholders, Basic | 9,268 | 19,445 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | -314 | [1] | -65 |
Income from discontinued operations allocated to unvested restricted shares | -10 | -2 | |
Adjusted Income (Loss) from Discontinued Operations Available for Common Shareholders, Basic | 5,571 | 1,715 | |
Weighted Average Number of Shares Outstanding, Basic | 74,803 | 42,354 | |
Earnings Per Share, Basic | $0.20 | $0.50 | |
Income from Continuing Operations Allocated to Unvested Restricted Shares, Diluted | -17 | [1] | ' |
Adjusted Income (Loss) from Continuing Operations Available for Common Shareholders, Diluted | 9,268 | ' | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 5,895 | 1,782 | |
Income from Discontinued Operations Allocated to Unvested Restricted Shares, Diluted | -10 | [1] | ' |
Adjusted Income (Loss) from Discontinued Operations Available for Common Shareholders, Diluted | 5,571 | ' | |
Earnings Per Share, Diluted | $0.20 | $0.50 | |
Antidilutive [Member] | Parent Company [Member] | ' | ' | |
Earnings Per Share Disclosure [Line Items] | ' | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | 20,223 | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | ' | 0 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | ' | 0 | |
Income from Continuing Operations Allocated to Unvested Restricted Shares, Diluted | ' | 0 | |
Adjusted Income (Loss) from Continuing Operations Available for Common Shareholders, Diluted | ' | 20,223 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | 1,782 | |
Income from Discontinued Operations Allocated to Unvested Restricted Shares, Diluted | ' | 0 | |
Adjusted Income (Loss) from Discontinued Operations Available for Common Shareholders, Diluted | ' | $1,782 | |
[1] | (1) Operating partnership units, other dilutive securities, and the related income with each are not included in the diluted earnings per share calculations as they were not dilutive. |
Earnings_Per_OP_Unit_of_MAALP_2
Earnings Per OP Unit of MAALP Statement (details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $9,819 | $20,223 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 5,895 | 1,782 | |
Limited Partner [Member] | ' | ' | |
Earnings Per Share Disclosure [Line Items] | ' | ' | |
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 79,023 | 44,109 | |
Effect of dilutive securities | 0 | [1] | 80 |
Weighted Average Number of Shares Outstanding, Diluted | 79,023 | 44,189 | |
Earnings Per Share, Basic | $0.20 | $0.49 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,698 | 20,223 | |
Gain (Loss) on Disposition of Property Plant Equipment | 2,564 | 0 | |
Gain (Loss) on Disposition of Other Assets | 557 | 0 | |
Income from continuing operations allocated to unvested restricted shares | -17 | -18 | |
Income from Continuing Operations Allocated to Unvested Restricted Shares, Diluted | -17 | [1] | 0 |
Adjusted Income (loss) from continuing operations available for common unitholders, basic and diluted | 9,802 | 20,205 | |
Adjusted Income (loss) from Continuing Operations Available for Common Unitholders, diluted | 9,802 | 20,223 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 5,895 | 1,570 | |
Income from discontinued operations allocated to unvested restricted shares | -10 | -1 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest, diluted | -10 | [1] | 0 |
Adjusted Income (loss) from discontinued operations available for common unitholders, diluted | 5,885 | 1,570 | |
Adjusted Income (loss) from discontinued operations available for common unitholders, basic and diluted | $5,885 | $1,569 | |
Income (Loss) from Continuing Operations, Per Basic Share | $0.12 | $0.46 | |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.12 | $0.46 | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.08 | $0.03 | |
Earnings Per Share, Diluted | $0.20 | $0.49 | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.08 | $0.03 | |
[1] | (1) Dilutive securities and the related income are not included in the diluted earnings per unit calculations as they were not dilutive. |
MAA_Equity_Details
MAA Equity (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Line Items] | ' | ' | ' | ' |
Net income attributable to MAA | $14,866,000 | $21,180,000 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,077,146,000 | 962,313,000 | 3,113,537,000 | 945,110,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,714,000 | 22,005,000 | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 2,727,000 | 4,363,000 | ' | ' |
Stock Issued During Period, Value, New Issues | 227,000 | 22,058,000 | ' | ' |
Stock Repurchased and Retired During Period, Value | -285,000 | -673,000 | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 1,775,000 | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | ' | ' |
Stock Issued in Exchange for Redeemable Stock | 998,000 | ' | ' | ' |
Effect On Retained Earnings Accumulated Deficit Due To Fair Value Option And Measurement | -631,000 | -319,000 | ' | ' |
Noncontrolling Interest, Period Increase (Decrease) | 0 | 0 | ' | ' |
Amortization Unearned Compensation | 948,000 | 630,000 | ' | ' |
Dividends, Common Stock | -54,792,000 | -29,674,000 | ' | ' |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | -3,072,000 | -1,187,000 | ' | ' |
Parent Company [Member] | Common Stock [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 749,000 | 426,000 | 747,000 | 422,000 |
Stock Issued During Period, Value, New Issues | 1,000 | 3,000 | ' | ' |
Stock Repurchased and Retired During Period, Value | 0 | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 1,000 | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 0 | 1,000 | ' | ' |
Parent Company [Member] | Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,604,117,000 | 1,565,755,000 | 3,599,549,000 | 1,542,999,000 |
Stock Issued During Period, Value, New Issues | 226,000 | 22,055,000 | ' | ' |
Stock Repurchased and Retired During Period, Value | 285,000 | -673,000 | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 1,774,000 | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 744,000 | 442,000 | ' | ' |
Stock Issued in Exchange for Redeemable Stock | 998,000 | ' | ' | ' |
Noncontrolling Interest, Period Increase (Decrease) | 163,000 | 302,000 | ' | ' |
Amortization Unearned Compensation | 948,000 | 630,000 | ' | ' |
Parent Company [Member] | Accumulated Distributions in Excess of Net Income [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -694,150,000 | -612,128,000 | -653,593,000 | -603,315,000 |
Net income attributable to MAA | 14,866,000 | 21,180,000 | ' | ' |
Effect On Retained Earnings Accumulated Deficit Due To Fair Value Option And Measurement | 631,000 | -319,000 | ' | ' |
Dividends, Common Stock | 54,792,000 | 29,674,000 | ' | ' |
Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,691,000 | -21,869,000 | 108,000 | -26,054,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 2,583,000 | 4,185,000 | ' | ' |
Parent Company [Member] | Noncontrolling Interest [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 163,739,000 | 30,129,000 | 166,726,000 | 31,058,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 848,000 | 825,000 | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 144,000 | 178,000 | ' | ' |
Stock Issued During Period, Value, Conversion of Units | -744,000 | -443,000 | ' | ' |
Noncontrolling Interest, Period Increase (Decrease) | -163,000 | -302,000 | ' | ' |
Dividends, Common Stock | 0 | 0 | ' | ' |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | ($3,072,000) | ($1,187,000) | ' | ' |
MAA_Equity_Parenthetical_Detai
MAA Equity Parenthetical (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Disclosure [Line Items] | ' | ' |
Common Stock, Dividends, Per Share, Declared | ' | $0.70 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.73 | $0.70 |
Parent Company [Member] | ' | ' |
Equity Disclosure [Line Items] | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.73 | $0.70 |
MAALP_Capital_Details
MAALP Capital (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Disclosure [Line Items] | ' | ' | ' | ' |
Partnership units issued in exchange for redeemable units | $998 | ' | ' | ' |
Limited Partner [Member] | ' | ' | ' | ' |
Capital Disclosure [Line Items] | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,714 | 21,793 | ' | ' |
Limited Partners' Capital Account [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Capital Disclosure [Line Items] | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 163,577 | 40,191 | 166,746 | ' |
Income (Loss), Including Portion Attributable to Noncontrolling Interest | 848 | 855 | ' | ' |
Units Issued During Period, Value, New Issues | 0 | ' | ' | ' |
General Partnership Units Issued in Exchange for Limited Partnership Units | -744 | -443 | ' | ' |
Noncontrolling Interest, Period Increase (Decrease) | -201 | 2,812 | ' | ' |
Distributions | -3,072 | -1,187 | ' | ' |
General Partners' Capital Account [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Capital Disclosure [Line Items] | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 2,910,649 | 939,686 | 2,946,598 | 927,734 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 14,866 | 20,938 | ' | ' |
Units Issued During Period, Value, New Issues | 227 | 22,057 | ' | ' |
Units Repurchased and Retired During Period, Value | -285 | -673 | ' | ' |
Units Issued During Period, Value, Unit Options Exercised | -1,775 | ' | ' | ' |
General Partnership Units Issued in Exchange for Limited Partnership Units | 744 | 443 | ' | ' |
Effect On Retained Earnings Accumulated Deficit Due To Fair Value Option And Measurement | -631 | -319 | ' | ' |
Noncontrolling Interest, Period Increase (Decrease) | 201 | -1,450 | ' | ' |
Amortization Unearned Compensation | 948 | 630 | ' | ' |
Distributions | -54,792 | -29,674 | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Capital Disclosure [Line Items] | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 2,901 | -22,524 | 174 | -26,881 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 2,727 | 4,357 | ' | ' |
Total Partnership Capital [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Capital Disclosure [Line Items] | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 3,077,127 | 957,353 | 3,113,518 | 939,007 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,714 | 21,793 | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 2,727 | 4,357 | ' | ' |
Units Issued During Period, Value, New Issues | 227 | 22,057 | ' | ' |
Units Repurchased and Retired During Period, Value | -285 | -673 | ' | ' |
Units Issued During Period, Value, Unit Options Exercised | -1,775 | ' | ' | ' |
General Partnership Units Issued in Exchange for Limited Partnership Units | 0 | 0 | ' | ' |
Effect On Retained Earnings Accumulated Deficit Due To Fair Value Option And Measurement | -631 | -319 | ' | ' |
Noncontrolling Interest, Period Increase (Decrease) | 0 | 1,362 | ' | ' |
Amortization Unearned Compensation | 948 | 630 | ' | ' |
Distributions | ($57,864) | ($30,861) | ' | ' |
MAALP_Capital_Parenthetical_De
MAALP Capital Parenthetical (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Capital Disclosure [Line Items] | ' | ' |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.73 | $0.70 |
Limited Partner [Member] | ' | ' |
Capital Disclosure [Line Items] | ' | ' |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.73 | $0.70 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Oct. 16, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Oct. 16, 2013 | Aug. 07, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 13, 2013 | Mar. 31, 2014 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Oct. 16, 2013 | Mar. 31, 2014 | Oct. 16, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Interest Rate Forward Swap [Member] | Interest Rate Forward Swap [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | Colonial [Member] | Colonial [Member] | Colonial [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||
Contract | Senior Guaranteed Notes | Senior Guaranteed Notes | $500 million unsecured revolving credit faciltiy [Member] [Member] | Variable Rate Debt | Fixed Rate Debt | Variable Rate Debt | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Interest Rate Swap [Member] | Interest Rate Caps | Interest Rate Caps | ||||||||||
6.25% Senior Notes due 2014 [Domain] | 5.5% Senior Notes due 2015 [Domain] | 6.05% Senior Notes due 2016 [Domain] | Exchange Notes [Domain] | 6.25% Senior Notes due 2014 [Domain] | 5.5% Senior Notes due 2015 [Domain] | 6.05% Senior Notes due 2016 [Domain] | Senior Guaranteed Notes | $500 million unsecured revolving credit faciltiy [Member] [Member] | Senior Guaranteed Notes | $500 million unsecured revolving credit faciltiy [Member] [Member] | Contract | Contract | Contract | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | $3,463,059,000 | $3,470,000,000 | ' | ' | ' | ' | ' | ' | $0 | $1,785,161,000 | $1,341,500,000 | $443,661,000 | $1,677,898,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 350,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | 6.25% | 5.50% | 6.05% | ' | ' | ' | ' | 6.25% | 5.50% | 6.05% | ' | ' | ' | ' | ' | ' | ' |
Cash Received from Notes Exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Obligation, Debt to Total Asset Value | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Obligation, Secured Debt to Total Asset Value Ratio | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Obligation, Fixed Charge Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | 100.00% | ' | ' | ' | ' |
Covenant Obligation, Unencumbered Leverage Ratio | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Additional Interest, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issue Price | ' | ' | ' | ' | ' | ' | 0.99047 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Notes Payable | ' | ' | ' | ' | ' | 344,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | ' | 1.70% | ' | ' | ' |
Secured credit facility as a Percentage of outstanding debt | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 7 | 15 |
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | ' | ' | 4.15% | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Principal Amount of Notes Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,235,000 | 169,161,000 | 68,130,000 | ' | ' | ' | ' | 154,235,000 | 169,112,000 | 68,130,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $717,000,000 | $180,000,000 | $134,326,000 |
Debt_Structure_Detail
Debt Structure (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | $3,463,059 | $3,470,000 |
Effective Rate | 3.80% | ' |
Contract Maturity | 24-Jun-18 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective Rate | 4.30% | ' |
Contract Maturity | 11-Feb-19 | ' |
Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective Rate | 3.40% | ' |
Contract Maturity | 23-Sep-18 | ' |
Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 1,785,161 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 1,677,898 | ' |
Fixed Rate Debt | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective Rate | 4.20% | ' |
Contract Maturity | 24-Aug-18 | ' |
Fixed Rate Debt | Term Fixed Loan With Swaps [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 550,000 | ' |
Effective Rate | 3.10% | ' |
Contract Maturity | 10-Nov-17 | ' |
Fixed Rate Debt | Senior Notes [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 1,127,898 | ' |
Effective Rate | 5.00% | ' |
Contract Maturity | 23-Sep-19 | ' |
Fixed Rate Debt | L I B O R [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 167,000 | ' |
Effective Rate | 5.20% | ' |
Contract Maturity | 27-Oct-14 | ' |
Fixed Rate Debt | Individual Property Mortgages [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 1,124,500 | ' |
Effective Rate | 4.00% | ' |
Contract Maturity | 11-Apr-19 | ' |
Fixed Rate Debt | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 1,341,500 | ' |
Variable Rate Debt | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 0 | ' |
Variable Rate Debt | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective Rate | 0.90% | ' |
Contract Maturity | 24-Dec-18 | ' |
Variable Rate Debt | Mortgages [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 27,259 | ' |
Effective Rate | 3.30% | ' |
Variable Rate Debt | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 443,661 | ' |
FNMA | Fixed Rate Debt | Conventional Credit Facility [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 50,000 | ' |
Effective Rate | 4.70% | ' |
Contract Maturity | 31-Mar-17 | ' |
FNMA | Variable Rate Debt | Conventional Credit Facility [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 171,785 | ' |
Effective Rate | 0.70% | ' |
Contract Maturity | 31-Jan-17 | ' |
FNMA | Variable Rate Debt | Tax Free Credit Facility [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 88,370 | ' |
Effective Rate | 0.90% | ' |
Contract Maturity | 23-Jul-31 | ' |
Freddie Mac | Variable Rate Debt | Conventional Credit Facility [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | $156,247 | ' |
Effective Rate | 0.70% | ' |
Contract Maturity | 1-Jul-14 | ' |
Freddie Mac | Variable Rate Debt | Mortgages [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Contract Maturity | 31-Oct-15 | ' |
Minimum [Member] | $500 million unsecured revolving credit faciltiy [Member] [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ' |
Maximum [Member] | $500 million unsecured revolving credit faciltiy [Member] [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.70% | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Credit Risk Related Contingent Features, Existence and Nature | 'Certain of our derivative contracts contain a provision where if we default on any of our indebtedness, includingB default where repaymentB of the indebtedness has not been accelerated by the lender,B then we could also be declared in default on our derivative obligations. As of September 30, 2013, we had not breached the provisions of these agreements.B B If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value of $6.7 million. | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $2,691,000 | ($21,869,000) | $108,000 | ($26,054,000) |
Unrealized losses from the effective portion of derivative instruments | 997,000 | 179,000 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 3,725,000 | 4,545,000 | ' | ' |
Derivative contracts, collateral | 'Certain of our derivative contracts are credit enhanced by either FNMA or Freddie Mac.B B These derivative contracts require that our credit enhancing party maintain credit ratings above a certain level.B B If our credit support providers were downgraded below Baa1 by Moodybs or BBB+ by Standard & Poorbs, or S&P, we may be required to either post 100 percent collateral or settle the obligations at their termination value of $9.7 million as of September 30, 2013.B B Both FNMA and Freddie Mac are currently rated Aaa by Moodybs and AA+ by S&P, and therefore, the provisions of this agreement have not been breached and no collateral has been posted related to these agreements as of September 30, 2013. | ' | ' | ' |
Credit Risk Related Contingent Features Termination Value | 4,700,000 | ' | ' | ' |
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | 3,725,000 | 4,545,000 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | -145,000 | -181,000 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,583,000 | 4,185,000 | ' | ' |
Credit Default Option [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Credit Risk Related Contingent Features Termination Value | 14,900,000 | ' | ' | ' |
Other Credit Enhancements | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Credit Risk Related Contingent Features Termination Value | 3,400,000 | ' | ' | ' |
Termination | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair Value of Credit Risk Derivatives | 17,900,000 | ' | ' | ' |
Interest Expense | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Change in Fair Value of Derivatives, Ineffective portion | -4,000 | 4,000 | ' | ' |
Interest Expense | Cash Flow Hedging [Member] | Interest Rate Caps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months | 9,700,000 | ' | ' | ' |
Interest Expense | Interest rate contracts | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | 3,725,000 | 4,545,000 | ' | ' |
net liability position [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Credit Risk Related Contingent Features Termination Value | 19,600,000 | ' | ' | ' |
Designated as Hedging Instrument [Member] | Interest Rate Caps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 7 | ' | ' | ' |
Derivative, Notional Amount | 180,000,000 | ' | ' | ' |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 14 | ' | ' | ' |
Derivative, Notional Amount | 717,000,000 | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -69,000 | -13,000 | ' | ' |
Not Designated as Hedging Instrument [Member] | Interest Rate Caps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 15 | ' | ' | ' |
Derivative, Notional Amount | 134,326,000 | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | Interest Expense | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -69,000 | -13,000 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,691,000 | ' | 108,000 | ' |
Unrealized losses from the effective portion of derivative instruments | 997,000 | 179,000 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | $3,725,000 | $4,545,000 | ' | ' |
Outstanding_Interest_Rate_Deri
Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) (Designated as Hedging Instrument [Member], USD $) | Mar. 31, 2014 |
Contract | |
Interest Rate Caps | ' |
Derivative [Line Items] | ' |
Derivative, Number of Instruments Held | 7 |
Derivative, Notional Amount | $180,000,000 |
Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Number of Instruments Held | 14 |
Derivative, Notional Amount | 717,000,000 |
Interest Rate Forward Swap [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Number of Instruments Held | 4 |
Derivative, Notional Amount | $200,000,000 |
Fair_Values_of_Derivative_Inst
Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $441 | $396 |
Derivative financial instruments, Liability | 17,937 | 20,015 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 83 | 49 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 0 |
Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 441 | 396 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 83 | 49 |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative financial instruments, Liability | 17,937 | 20,015 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $0 | $0 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | ($997,000) | ($179,000) |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 3,725,000 | 4,545,000 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | -4,000 | 4,000 |
Interest rate contracts | Interest Expense | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 3,725,000 | 4,545,000 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | -4,000 | 4,000 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -69,000 | -13,000 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -69,000 | -13,000 |
Not Designated as Hedging Instrument [Member] | Interest Expense | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($69,000) | ($13,000) |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Interest Rate Cash Flow Hedge Asset at Fair Value | $524 | $444 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Asset, Fair Value, Net | 524 | 444 |
Derivative, Fair Value, Net | -97 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 17,937 | 20,015 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Net | 17,937 | 20,015 |
Assets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Fair Value, Net | 427 | 444 |
Liability [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Fair Value, Net | $17,840 | $20,015 |
Fair_Value_Disclosure_of_Finan2
Fair Value Disclosure of Financial Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Billions, unless otherwise specified | Fixed Rate Debt | Fixed Rate Debt | Variable Rate Debt | Variable Rate Debt | Minimum [Member] | Maximum [Member] |
Secured Debt [Member] | Secured Debt [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Notes Payable, fair value | $2.33 | $2.30 | $1.07 | $1.12 | ' | ' |
Notes Payable Excluding Interest Rate Swaps and Cap Agreements | $2.30 | $2.29 | $1.16 | $1.18 | ' | ' |
Debt Renewal Period | ' | ' | ' | ' | '30 days | '90 days |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest Rate Derivative Assets, at Fair Value | $524 | $444 |
Derivative financial instruments, Liability | 17,937 | 20,015 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Derivative financial instruments, Liability | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest Rate Derivative Assets, at Fair Value | 524 | 444 |
Derivative financial instruments, Liability | 17,937 | 20,015 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Derivative financial instruments, Liability | $0 | $0 |
Shareholders_Equity_of_MAA_Add
Shareholders' Equity of MAA - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 26, 2010 | |
At Market A T M Programs [Member] | At Market A T M Programs [Member] | At The Market ATM Programs [Member] | At The Market ATM Programs [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Maximum [Member] | ||||
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 4,208,526 | 1,707,660 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 75,009,303 | 42,683,322 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Shares Issuable Upon Conversion Of Convertible Stock | ' | ' | ' | ' | ' | ' | ' | 4,208,526 | 1,707,660 | ' |
Total common shares and operating partnership units outstanding | 79,217,829 | 44,390,982 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, outstanding option | 296,583 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | 31,916,765 | ' | ' | ' | ' | ' | ' | 2,574,631 | ' | ' |
Agreement to sell common stock with financial service companies, shares | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | 6,000,000 |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 0 | 325,166 | 4,134,989 | ' | ' | ' | ' |
proceeds from issuance of common stock, net of applicable fees | ' | ' | ' | ' | ' | ' | $22,000,000 | ' | ' | ' |
Proceeds from Issuance of common stock | ' | ' | ' | ' | ' | ' | 22,300,000 | ' | ' | ' |
Common stock issued, Dividend and Distribution Reinvestment and Share Purchase Program | 340 | 141 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of common stock, Dividend and Distribution Reinvestment and Share Purchase Program | $23,000 | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | 6,554 | 4,582 | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Capital_of_MidAmerica1
Partners' Capital of Mid-America Apartments, L.P. (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Capital Structure [Line Items] | ' | ' |
Limited Partners' Capital Account | $287,316,070 | $117,931,000 |
Redeemable Capital Shares Par Or Stated Value Per Share | ' | $69.06 |
Operating partnership units outstanding | 79,217,829 | 44,390,982 |
General Partners' Capital Account, Units Outstanding | 75,009,303 | 42,683,322 |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.70% | 96.20% |
Limited Partners' Capital Account, Units Outstanding | 4,208,526 | 1,707,660 |
Units Issued During Period, Acquisitions | 34,491,396 | ' |
Noncontrolling Interest [Member] | ' | ' |
Schedule of Capital Structure [Line Items] | ' | ' |
Redeemable Capital Shares Par Or Stated Value Per Share | $68.27 | ' |
Common Shares Issuable Upon Conversion Of Convertible Stock | 4,208,526 | 1,707,660 |
Legal_Proceedings_Details
Legal Proceedings (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Plantation Point Litigation Member [Member] | ' |
Loss Contingencies [Line Items] | ' |
For-Sale Residential Unit Dispositions | 414 |
Loss Contingency, Damages Sought, Value | $24.70 |
Regatta at James Island Litigation [Member] | ' |
Loss Contingencies [Line Items] | ' |
For-Sale Residential Unit Dispositions | 212 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Communities | Communities | ||
Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number Of Properties Sold | 1 | ' | 8 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | $314 | $65 | ' |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | $534 | $760 | ' |
Number of owned or owned interests of apartment communities | 271 | ' | ' |
Number of Units in Real Estate Property | 82,730 | ' | ' |
Held For Sale [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of owned or owned interests of apartment communities | 1 | ' | ' |
Willow Creek [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of Units in Real Estate Property | 285 | ' | ' |
Colonial Promenade Nord du Lac [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Square Footage of Real Estate Property | 195,536 | ' | ' |
Summary_of_Discontinued_Operat
Summary of Discontinued Operations (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Gains (Losses) on Sales of Investment Real Estate | $3,100,000 | ' | |
Income (Loss) from Continuing Operations Attributable to Parent | 9,285,000 | 19,463,000 | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 534,000 | 760,000 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 9,819,000 | 20,223,000 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 5,581,000 | 1,717,000 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 314,000 | 65,000 | |
Income from discontinued operations | 5,895,000 | 1,782,000 | |
Total operating revenues | 243,487,000 | 127,920,000 | |
Parent Company [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | -534,000 | [1] | -760,000 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,698,000 | 20,223,000 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | -314,000 | [1] | -65,000 |
Income from discontinued operations | 5,895,000 | 1,782,000 | |
Rental revenues | 220,988,000 | 117,705,000 | |
Other Real Estate Revenue | 22,402,000 | 10,038,000 | |
Total operating revenues | 243,487,000 | 127,920,000 | |
Operating Costs and Expenses | 187,376,000 | 82,716,000 | |
Interest expense | 30,676,000 | 15,545,000 | |
(Loss) income from discontinued operations before gain on sale | 416,000 | 1,782,000 | |
Net loss on insurance and other settlement proceeds on discontinued operations | -2,000 | 0 | |
Gain on sale of discontinued operations | 5,481,000 | 0 | |
Limited Partner [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,698,000 | 20,223,000 | |
Income from discontinued operations | 5,895,000 | 1,570,000 | |
Rental revenues | 220,988,000 | 117,705,000 | |
Other Real Estate Revenue | 22,402,000 | 10,038,000 | |
Total operating revenues | 243,487,000 | 127,920,000 | |
Operating Costs and Expenses | 187,376,000 | 82,716,000 | |
Interest expense | 30,676,000 | 15,545,000 | |
(Loss) income from discontinued operations before gain on sale | 416,000 | 1,570,000 | |
Net loss on insurance and other settlement proceeds on discontinued operations | -2,000 | 0 | |
Gain on sale of discontinued operations | 5,481,000 | 0 | |
Disposal Groups, Including Discontinued Operations, Name [Member] | Parent Company [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Income from discontinued operations | 5,895,000 | 1,782,000 | |
Rental revenues | 832,000 | 5,007,000 | |
Other Real Estate Revenue | -5,000 | 439,000 | |
Total operating revenues | 827,000 | 5,446,000 | |
Operating Costs and Expenses | 314,000 | 2,256,000 | |
Depreciation | 42,000 | 1,237,000 | |
Interest expense | 55,000 | 171,000 | |
Total expense | 411,000 | 3,664,000 | |
(Loss) income from discontinued operations before gain on sale | 416,000 | 1,782,000 | |
Net loss on insurance and other settlement proceeds on discontinued operations | -2,000 | 0 | |
Gain on sale of discontinued operations | 5,481,000 | 0 | |
Disposal Groups, Including Discontinued Operations, Name [Member] | Limited Partner [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Income from discontinued operations | 5,895,000 | 1,570,000 | |
Rental revenues | 832,000 | 4,434,000 | |
Other Real Estate Revenue | -5,000 | 391,000 | |
Total operating revenues | 827,000 | 4,825,000 | |
Operating Costs and Expenses | 314,000 | 1,988,000 | |
Depreciation | 42,000 | 1,096,000 | |
Interest expense | 55,000 | 171,000 | |
Total expense | 411,000 | 3,255,000 | |
(Loss) income from discontinued operations before gain on sale | 416,000 | 1,570,000 | |
Net loss on insurance and other settlement proceeds on discontinued operations | -2,000 | 0 | |
Gain on sale of discontinued operations | $5,481,000 | $0 | |
[1] | (1) Operating partnership units, other dilutive securities, and the related income with each are not included in the diluted earnings per share calculations as they were not dilutive. |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
individual | |
Property | |
States | |
Segment Reporting Information [Line Items] | ' |
Number of owned or owned interests of apartment communities | 271 |
Number of states in which apartment units are located | 14 |
Apartment Community Population | 1,000,000 |
Percentage of Total Public Multifamily REIT Units | 1.00% |
Period properties owned and stabilized | '12 months |
Occupancy Level for Stabilized Communities | 90.00% |
Period Properties Stabilized | '90 days |
Large Market Same Store [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Apartment communities in reportable operating segments | 'communities in markets with a population of at least one million and at least 1% of the total public multifamily REIT units; and that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale. |
Secondary Market Same Store [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Apartment communities in reportable operating segments | 'communities in markets with populations of more than one million but less than one percent of the total public multifamily REIT units or in markets with a population of less than one million; and that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale. |
Non Same Store And Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Apartment communities in reportable operating segments | 'Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been identified for disposition. Also included in non same store communities are non multifamily activities, which represent less than 1% of our portfolio. |
Revenues_and_NOI_for_Reportabl
Revenues and NOI for Reportable Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Total property revenues | $243,390 | $127,743 |
Total operating revenues | 243,487 | 127,920 |
Net Operating Income | 147,626 | 80,413 |
Discontinued operations NOI included above | -1,599 | -3,191 |
Depreciation and amortization | -90,013 | -32,195 |
Acquisition credit (expense) | -11 | -10 |
Property management expense | -7,011 | -5,108 |
General and administrative expense | -4,342 | -3,239 |
Discontinued operations | -5,895 | -1,782 |
Net Income (Loss) Attributable to Noncontrolling Interest | -848 | -825 |
Net income attributable to MAA | 14,866 | 21,180 |
Large Market Same Store | ' | ' |
Revenues | ' | ' |
Total property revenues | 60,453 | 58,125 |
Net Operating Income | 35,789 | 34,749 |
Secondary Market Same Store | ' | ' |
Revenues | ' | ' |
Total property revenues | 61,531 | 60,399 |
Net Operating Income | 37,577 | 37,074 |
Non-Same Store and Other | ' | ' |
Revenues | ' | ' |
Total property revenues | 121,406 | 9,219 |
Net Operating Income | 74,260 | 8,590 |
Parent Company [Member] | ' | ' |
Revenues | ' | ' |
Total property revenues | 243,390 | 127,743 |
Management fee income | 97 | 177 |
Total operating revenues | 243,487 | 127,920 |
Depreciation and amortization | -90,013 | -32,195 |
Acquisition credit (expense) | -11 | -10 |
Property management expense | -7,011 | -5,108 |
General and administrative expense | -4,342 | -3,239 |
Merger Related Expenses | -2,076 | 0 |
Business Combination, Integration Related Costs | -3,842 | 0 |
Interest and other non-property income | 160 | 47 |
Interest expense | -30,676 | -15,545 |
Gain (loss) on debt extinguishment | 0 | -169 |
Amortization of deferred financing costs | -1,311 | -804 |
Gain (Loss) on Disposition of Property Plant Equipment | 2,564 | 0 |
Net casualty loss and other settlement proceeds | -10 | 16 |
Income Tax Expense | -270 | -223 |
Gain (Loss) on Disposition of Other Assets | 557 | 0 |
Income (Loss) from Equity Method Investments | -24 | 54 |
Discontinued operations | -5,895 | -1,782 |
Net Income (Loss) Attributable to Noncontrolling Interest | ($848) | ($825) |
Assets_for_Reportable_Segment_
Assets for Reportable Segment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $6,785,663 | $6,841,925 |
Large Market Same Store | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,239,787 | 1,252,575 |
Secondary Market Same Store | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 786,393 | 796,697 |
Non-Same Store and Other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 4,564,689 | 4,638,892 |
Corporate assets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $194,794 | $153,761 |
Real_Estate_Acquisitions_Addit
Real Estate Acquisitions - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Communities | Communities | |
Business Acquisition [Line Items] | ' | ' |
Number of Units in Real Estate Property | 82,730 | ' |
Number Of Properties Sold | 1 | 8 |
Grand Cypress [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of Units in Real Estate Property | 312 | ' |
Venue at Stonebridge Ranch [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of Units in Real Estate Property | 250 | ' |
Colonial Brookwood [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number Of Properties Sold | 2 | ' |
Birmingham, Alabama [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number Of Properties Sold | 2 | ' |
Orlando, Florida [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number Of Properties Sold | 2 | ' |
Covington, Louisiana [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number Of Properties Sold | 1 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Parent Company [Member], USD $) | Apr. 10, 2014 |
In Millions, unless otherwise specified | |
Parent Company [Member] | ' |
Subsequent Event [Line Items] | ' |
Notional Value of Interest Rate Swap Derivatives Maturing | $50 |
Derivative, Fixed Interest Rate | 2.80% |