Document_Statement
Document Statement (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Mid-America Apartments, L.P. | ' |
Entity Central Index Key | '0001581776 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'MAA | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 74,776,229 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Public Float | $2,896,227,801 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Temporary Equity, Shares Outstanding | 80,626 | 72,786 |
Real estate assets: | ' | ' |
Land | $394,848 | $386,088 |
Buildings and improvements | 3,247,869 | 3,158,301 |
Furniture, fixtures and equipment | 102,013 | 97,270 |
Capital improvements in progress | 31,600 | 52,414 |
Real Estate Investment Property, at Cost, Total | 3,776,330 | 3,694,073 |
Less accumulated depreciation | -1,068,873 | -1,019,624 |
Real Estate Investment Property, Net, Total | 2,707,457 | 2,674,449 |
Land held for future development | 5,450 | 1,205 |
Commercial properties, net | 7,664 | 8,058 |
Investments in real estate joint ventures | 3,237 | 4,837 |
Real estate assets, net | 2,723,808 | 2,688,549 |
Cash and cash equivalents | 181,105 | 8,934 |
Restricted cash | 58,579 | 809 |
Deferred financing costs, net | 13,629 | 13,842 |
Other assets | 47,030 | 29,038 |
Goodwill | 4,106 | 4,106 |
Total assets | 3,028,257 | 2,745,278 |
Liabilities: | ' | ' |
Secured notes payable | 1,050,202 | 1,190,848 |
Unsecured notes payable | 810,000 | 483,000 |
Accounts payable | 6,962 | 4,553 |
Fair market value of interest rate swaps | 9,858 | 21,423 |
Accrued expenses and other liabilities | 109,271 | 94,467 |
Security deposits | 6,892 | 6,650 |
Due to Related Parties, Current | 22 | 617 |
Total liabilities | 1,993,207 | 1,801,558 |
Redeemable stock | 5,039 | 4,713 |
Shareholders' equity: | ' | ' |
General Partners' Capital Account | 994,916 | 927,734 |
Limited Partners' Capital Account | 39,783 | 38,154 |
Accumulated other comprehensive losses | -4,688 | -26,881 |
Total equity | 1,030,011 | 939,007 |
Total liabilities and equity | $3,028,257 | $2,745,278 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
General Partners' Capital Account, Units Outstanding | 42,744,978 | 42,316,398 | 41,925,288 |
Limited Partners' Capital Account, Units Outstanding | 1,701,955 | 1,731,672 | 1,774,547 |
Temporary Equity, Shares Outstanding | 80,626 | 72,786 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0.66 | $0.39 | $1.44 | $0.99 |
Operating revenues: | ' | ' | ' | ' |
Rental revenues | $125,522,000 | $113,015,000 | $366,191,000 | $323,223,000 |
Other property revenues | 10,772,000 | 9,966,000 | 31,596,000 | 29,084,000 |
Total property revenues | 136,294,000 | 122,981,000 | 397,787,000 | 352,307,000 |
Management fee income | 146,000 | 209,000 | 465,000 | 687,000 |
Total operating revenues | 136,440,000 | 123,190,000 | 398,252,000 | 352,994,000 |
Property operating expenses: | ' | ' | ' | ' |
Personnel | 15,085,000 | 14,156,000 | 43,791,000 | 40,966,000 |
Building repairs and maintenance | 4,595,000 | 4,292,000 | 11,661,000 | 11,543,000 |
Real estate taxes and insurance | 16,811,000 | 14,167,000 | 48,395,000 | 41,085,000 |
Utilities | 7,580,000 | 7,381,000 | 21,108,000 | 19,678,000 |
Landscaping | 2,922,000 | 2,640,000 | 8,677,000 | 7,864,000 |
Other operating | 9,160,000 | 8,653,000 | 26,758,000 | 24,928,000 |
Depreciation and amortization | 33,000,000 | 30,979,000 | 97,883,000 | 89,701,000 |
Total property operating expenses | 89,153,000 | 82,268,000 | 258,273,000 | 235,765,000 |
Acquisition (credit) expenses | 0 | 1,343,000 | 499,000 | 1,574,000 |
Property management expenses | 5,193,000 | 5,460,000 | 15,970,000 | 16,484,000 |
General and administrative expenses | 3,976,000 | 3,527,000 | 10,604,000 | 10,436,000 |
Merger Related Expenses | 5,561,000 | 0 | 11,298,000 | 0 |
Business Combination, Integration Related Costs | 35,000 | 0 | 35,000 | 0 |
Income from continuing operations before non-operating items | 32,522,000 | 30,592,000 | 101,573,000 | 88,735,000 |
Interest and other non-property income | 16,000 | 89,000 | 86,000 | 343,000 |
Interest expense | -14,941,000 | -14,530,000 | -45,715,000 | -42,437,000 |
Gain on debt extinguishment | -218,000 | 0 | -387,000 | 5,000 |
Amortization of deferred financing costs | -820,000 | -971,000 | -2,427,000 | -2,611,000 |
Net casualty loss and other settlement proceeds | 0 | -22,000 | 455,000 | -24,000 |
Income from continuing operations before loss from real estate joint ventures | 16,559,000 | 15,206,000 | 53,585,000 | 44,056,000 |
Loss from real estate joint ventures | 60,000 | -72,000 | 161,000 | -170,000 |
Income from continuing operations | 16,619,000 | 15,134,000 | 53,746,000 | 43,886,000 |
Discontinued operations: | ' | ' | ' | ' |
(Loss) income from discontinued operations before gain on sale | 651,000 | 557,000 | 3,042,000 | 3,635,000 |
Net casualty loss on insurance and other settlement proceeds on discontinued operations | -1,000 | 99,000 | -5,000 | 43,000 |
Gain on sale of discontinued operations | 28,806,000 | 16,092,000 | 60,585,000 | 38,474,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 46,075,000 | 31,882,000 | 117,368,000 | 86,038,000 |
Net income attributable to MAA | 46,075,000 | 31,882,000 | 117,368,000 | 86,038,000 |
Net income available for common shareholders | 46,075,000 | 31,882,000 | 117,368,000 | 86,038,000 |
Earnings per common share - basic: | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted | $1.04 | $0.74 | $2.65 | $2.02 |
Dividends declared per common share | $0.70 | $0.66 | $2.08 | $1.98 |
Income from continuing operations available for common unitholders | $0.38 | $0.35 | $1.21 | $1.03 |
Loss on sale of non-depreciable assets | 0 | 48,000 | 0 | 45,000 |
Disposal Groups, Including Discontinued Operations, Name [Member] | ' | ' | ' | ' |
Operating revenues: | ' | ' | ' | ' |
Rental revenues | 1,378,000 | 4,551,000 | 8,035,000 | 18,003,000 |
Other property revenues | 119,000 | 402,000 | 620,000 | 1,689,000 |
Total operating revenues | 1,497,000 | 4,953,000 | 8,655,000 | 19,692,000 |
Property operating expenses: | ' | ' | ' | ' |
Total property operating expenses | 671,000 | 2,803,000 | 3,642,000 | 9,893,000 |
Interest expense | -65,000 | -310,000 | -351,000 | -1,175,000 |
Discontinued operations: | ' | ' | ' | ' |
(Loss) income from discontinued operations before gain on sale | ' | ' | 3,042,000 | 3,635,000 |
Net casualty loss on insurance and other settlement proceeds on discontinued operations | ' | ' | -5,000 | 43,000 |
Gain on sale of discontinued operations | ' | ' | $60,585,000 | $38,474,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated net income | $46,075,000 | $31,882,000 | $117,368,000 | $86,038,000 |
Unrealized losses from the effective portion of derivative instruments | -1,826,000 | -2,903,000 | 10,095,000 | -8,197,000 |
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | 3,621,000 | 4,815,000 | 12,098,000 | 15,308,000 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 47,870,000 | 33,794,000 | 139,561,000 | 93,149,000 |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Unrealized losses from the effective portion of derivative instruments | ($1,826,000) | ($2,903,000) | $10,095,000 | ($8,197,000) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Fair value adjustment on debt assumed | $704 | $2,578 |
Cash flows from operating activities: | ' | ' |
Consolidated net income | 117,368 | 86,038 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Retail Revenue Accretion | -29 | -21 |
Depreciation and amortization | 101,923 | 97,300 |
Stock compensation expense | 1,729 | 1,730 |
Redeemable Units Issued | 535 | 428 |
Amortization of debt premium | -948 | -541 |
Loss from investments in real estate joint ventures | -161 | 170 |
Gain on debt extinguishment | 387 | -5 |
Loss on Debt Extinguishment | ' | -322 |
Derivative interest expense | 827 | 590 |
Loss on sale of non-depreciable assets, including discontinued operations | 0 | 45 |
Gain on sale of discontinued operations | -60,585 | -38,474 |
Net casualty loss and other settlement proceeds | -450 | -19 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | -390 | 63 |
Other assets | -7,740 | -4,369 |
Accounts payable | 2,409 | 3,562 |
Accrued expenses and other | 13,200 | 9,764 |
Security deposits | 242 | 442 |
Net cash provided by operating activities | 168,317 | 156,940 |
Cash flows from investing activities: | ' | ' |
Purchases of real estate and other assets | -89,866 | -314,909 |
Improvements to existing real estate assets | -35,451 | -36,649 |
Construction capital and other improvements | -3,873 | -2,561 |
Renovations to Existing Real Estate Assets | 8,616 | 11,070 |
Development | -26,129 | -54,242 |
Distributions from real estate joint ventures | 8,311 | 11,880 |
Contributions to real estate joint ventures | -183 | -204 |
Proceeds from disposition of real estate assets | 102,204 | 97,113 |
Funding of escrow for future acquisitions | -57,380 | 0 |
Net cash used in investing activities | -110,983 | -310,642 |
Cash flows from financing activities: | ' | ' |
Advances from General Partner | 17,219 | 721 |
Net change in credit lines | 177,000 | -235,064 |
Proceeds from notes payable | 0 | 271,000 |
Principal payments on notes payable | -8,695 | -11,760 |
Payment of deferred financing costs | -2,655 | -3,577 |
Payments for Repurchase of Common Units | 682 | 1,863 |
Proceeds from Issuance of Common Limited Partners Units | 25,038 | 173,960 |
Distributions Paid on Common Units | 92,388 | 83,630 |
Net cash (used in) provided by financing activities | 114,837 | 109,787 |
Net (decrease) increase in cash and cash equivalents | 172,171 | -43,915 |
Cash and cash equivalents, beginning of period | 8,934 | 57,200 |
Cash and cash equivalents, end of period | 181,105 | 13,285 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 48,534 | 47,735 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' |
Accrued construction in progress | 4,190 | 6,392 |
Interest capitalized | 1,118 | 1,435 |
Marked-to-market adjustment on derivative instruments | 21,367 | 6,521 |
Notes Assumed | $18,293 | $30,290 |
Consolidation_and_Basis_of_Pre
Consolidation and Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation and Significant Accounting Policies (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Consolidation and Basis of Presentation and Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||
Consolidation and Basis of Presentation and Significant Accounting Policies | ' | |||||||||||||||||||
Consolidation and Basis of Presentation and Significant Accounting Policies | ||||||||||||||||||||
Consolidation and Basis of Presentation | ||||||||||||||||||||
Mid-America Apartments, L.P., or MAALP, us, we, our, or the Operating Partnership, is a Memphis, Tennessee based limited partnership formed in 1993 and currently operates pursuant to the provisions of the Second Amended and Restated Agreement of Limited Partnership, or the Partnership Agreement. MAALP's sole general partner is Mid-America Apartment Communities, Inc., or MAA, a Memphis, Tennessee-based self-administered and self-managed real estate investment trust, or REIT, that focuses on acquiring, owning and operating apartment communities mainly in the Sunbelt region of the United States. As of September 30, 2013, MAALP owned or owned interests in a total of 160 multifamily apartment communities comprising 48,343 apartments located in 13 states, including four communities comprising 1,156 apartments owned through our joint venture, Mid-America Multifamily Fund II, LLC, or Fund II. MAALP also had two development communities under construction totaling 564 units as of September 30, 2013. A total of 174 units for the development projects were completed as of September 30, 2013, and therefore have been included in the totals above. Total expected costs for the development projects are $74.0 million, of which $43.1 million has been incurred through September 30, 2013. MAALP expects to complete construction on one of the projects by the fourth quarter of 2013 and the other by the fourth quarter of 2014. Four of our properties include retail components with approximately 107,000 square feet of gross leasable area. | ||||||||||||||||||||
Effective October 1, 2013, pursuant to the Agreement and Plan of Merger, dated as of June 3, 2013, an indirect, wholly-owned subsidiary of MAALP, merged with and into Colonial Realty Limited Partnership, or Colonial LP, a Delaware limited partnership, with Colonial LP surviving the merger, which is referred to as the partnership merger. Immediately following the partnership merger, Colonial Properties Trust, or Colonial, an Alabama real estate investment trust, merged with and into MAA, with MAA surviving the merger, which is referred to as the parent merger. The partnership merger and parent merger are collectively referred to as the "Merger" in this Quarterly Report on Form 10-Q. The combined company will operate under the name "MAA" and will be run by our existing management team. For additional information, see Note 11 to the financial statements. All other footnotes contained in this Form 10-Q have been prepared as of September 30, 2013. | ||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, for interim financial information and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, and our accounting policies as set forth in our December 31, 2012 annual consolidated financial statements. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. The results of operations for the three- and nine-month periods ended September 30, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in MAA's Current Report on Form 8-K filed with the SEC on March 22, 2013. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods.  Actual amounts realized or paid could differ from those estimates. | ||||||||||||||||||||
Interests in MAALP are represented by operating partnership units, or OP Units. As of September 30, 2013, there were 44,446,933 OP Units outstanding, 42,744,978, or 96.2%, of which were owned by MAA, our general partner. The remaining 1,701,955 OP Units were owned by nonaffiliated limited partners. | ||||||||||||||||||||
The consolidated financial statements 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. | ||||||||||||||||||||
On September 16, 2013, MAA transferred its ownership of all wholly-owned properties to MAALP in exchange for OP Units. In accordance with entities under common control guidance within ASC 805, Business Combinations, the transfer represents a change in reporting entity, and accordingly MAALP has accounted for these properties at MAA's historical bases and has retrospectively adjusted the financial statements herein as if the transfer of properties had occurred on January 1, 2012, the beginning of the earliest period presented herein. The chart below shows our historical results of operations prior to the transfer, our retrospectively restated results of operations, and the net effects of the transfer on our reported results of operations for three- and nine-month periods ended September 30, 2013 and 2012 (dollars in thousands, except per unit data): | ||||||||||||||||||||
Three-month period ended September 30, 2013 | Three-month period ended September 30, 2012 | |||||||||||||||||||
Before Transfer | After Transfer | Change | Before Transfer | After Transfer | Change | |||||||||||||||
Consolidated net income | $ | 38,024 | $ | 46,075 | $ | 8,051 | $ | 30,604 | $ | 31,882 | $ | 1,278 | ||||||||
Net income available for Mid-America Apartments, L.P. common unitholders | $ | 37,869 | $ | 46,075 | $ | 8,206 | $ | 27,466 | $ | 31,882 | $ | 4,416 | ||||||||
Comprehensive income | $ | 39,680 | $ | 47,870 | $ | 8,190 | $ | 32,514 | $ | 33,794 | $ | 1,280 | ||||||||
Earnings per common unit - basic and diluted | $ | 0.9 | $ | 1.04 | $ | 0.14 | $ | 0.67 | $ | 0.74 | $ | 0.07 | ||||||||
Nine-month period ended September 30, 2013 | Nine-month period ended September 30, 2012 | |||||||||||||||||||
Before Transfer | After Transfer | Change | Before Transfer | After Transfer | Change | |||||||||||||||
Consolidated net income | $ | 100,721 | $ | 117,368 | $ | 16,647 | $ | 81,509 | $ | 86,038 | $ | 4,529 | ||||||||
Net income available for Mid-America Apartments, L.P. common unitholders | $ | 100,247 | $ | 117,368 | $ | 17,121 | $ | 78,088 | $ | 86,038 | $ | 7,950 | ||||||||
Comprehensive income | $ | 122,461 | $ | 139,561 | $ | 17,100 | $ | 88,621 | $ | 93,149 | $ | 4,528 | ||||||||
Earnings per common unit - basic and diluted | $ | 2.4 | $ | 2.65 | $ | 0.25 | $ | 1.94 | $ | 2.02 | $ | 0.08 | ||||||||
MAALP invests in entities that 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. MAALP consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether MAALP is the primary beneficiary of a VIE, MAALP considers 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. | ||||||||||||||||||||
MAALP uses the equity method of accounting for its investments in entities for which it exercises significant influence, but does not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that MAALP does not have the ability to exercise control include ownership of voting interests and participatory rights of investors. | ||||||||||||||||||||
Earnings per OP Unit | ||||||||||||||||||||
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. 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. For the three and nine months ended September 30, 2013 and 2012, there were no dilutive securities and therefore basic and diluted earnings per OP Unit are the same. | ||||||||||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three and nine months ended September 30, 2013 and 2012 is presented below: | ||||||||||||||||||||
(dollars and units in thousands, except per unit amounts) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Units Outstanding | ||||||||||||||||||||
Weighted average common units - basic and diluted | 44,445 | 43,220 | 44,331 | 42,532 | ||||||||||||||||
Calculation of Earnings per Unit - basic and diluted | ||||||||||||||||||||
Income from continuing operations | $ | 16,619 | $ | 15,134 | $ | 53,746 | $ | 43,886 | ||||||||||||
Income from discontinued operations | $ | 29,456 | $ | 16,748 | $ | 63,622 | $ | 42,152 | ||||||||||||
Earnings per unit - basic and diluted: | ||||||||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.38 | $ | 0.35 | $ | 1.21 | $ | 1.03 | ||||||||||||
Income from discontinued operations available for common unitholders | 0.66 | 0.39 | 1.44 | 0.99 | ||||||||||||||||
Net income available for common unitholders | $ | 1.04 | $ | 0.74 | $ | 2.65 | $ | 2.02 | ||||||||||||
Equity
Equity | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Equity | ' | |||||||||||||||
Total capital and its components for the nine-month periods ended September 30, 2013 and 2012 were as follows (dollars in thousands, except per unit data): | ||||||||||||||||
  | MAALP Unitholders | |||||||||||||||
Limited Partner | General Partner | Accumulated | Total | |||||||||||||
Other | Partnership Capital | |||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2012 | $ | 38,154 | $ | 927,734 | $ | (26,881 | ) | $ | 939,007 | |||||||
Net income | 4,518 | 112,850 | 117,368 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 22,193 | 22,193 | ||||||||||||||
Issuance of units | 25,038 | 25,038 | ||||||||||||||
Units repurchased and retired | (682 | ) | (682 | ) | ||||||||||||
General partner units issued in exchange for limited partner units | (550 | ) | 550 | — | ||||||||||||
Redeemable units fair market value adjustment | 209 | 209 | ||||||||||||||
Adjustment for limited partners' capital at redemption value | 1,218 | 16,597 | 17,815 | |||||||||||||
Amortization of unearned compensation | 1,729 | 1,729 | ||||||||||||||
Distributions ($2.0850 per unit) | (3,557 | ) | (89,109 | ) | (92,666 | ) | ||||||||||
CAPITAL BALANCE SEPTEMBER 30, 2013 | $ | 39,783 | $ | 994,916 | $ | (4,688 | ) | $ | 1,030,011 | |||||||
  | MAALP Unitholders | |||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2011 | $ | 37,079 | $ | 739,657 | $ | (38,579 | ) | $ | 738,157 | |||||||
Net income | 3,770 | 82,268 | 86,038 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 7,111 | 7,111 | ||||||||||||||
Issuance of units | 173,962 | 173,962 | ||||||||||||||
Units repurchased and retired | (1,863 | ) | (1,863 | ) | ||||||||||||
General partner units issued in exchange for limited partner units | (2,672 | ) | 2,672 | — | ||||||||||||
Redeemable units fair market value adjustment | (168 | ) | (168 | ) | ||||||||||||
Adjustment for limited partners capital at redemption value | 3,054 | (3,054 | ) | — | ||||||||||||
Amortization of unearned compensation | 1,730 | 1,730 | ||||||||||||||
Distributions ($1.9800 per unit) | (3,667 | ) | (81,813 | ) | (85,480 | ) | ||||||||||
CAPITAL BALANCE SEPTEMBER 30, 2012 | $ | 37,564 | $ | 913,391 | $ | (31,468 | ) | $ | 919,487 | |||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
As of September 30, 2013, MAALP owned or had an ownership interest in 160 multifamily apartment communities in 13 different states from which it 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: | |||||||||||||||
â—¦ | in markets with a population of at least one million and at least 1% of the total public multifamily REIT units; and | |||||||||||||||
â—¦ | that MAALP has 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: | |||||||||||||||
â—¦ | in markets with populations of more than one million but less than 1% of the total public multifamily REIT units or in markets with a population of less than one million; and | |||||||||||||||
â—¦ | that MAALP has 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, MAALP determines the composition of our same store operating segments for that year as well as adjusting the previous year, which allows MAALP 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. MAALP utilizes net operating income, or NOI, 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. MAALP believes NOI is a helpful tool in evaluating the operating performance of its segments because it measures the core operations of property performance by excluding partnership level expenses and other items not related to property operating performance. | ||||||||||||||||
Revenues and NOI for each reportable segment for the three- and nine-month periods ended September 30, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Large Market Same Store | $ | 64,823 | $ | 61,707 | $ | 191,246 | $ | 181,446 | ||||||||
Secondary Market Same Store | 52,344 | 50,904 | 155,650 | 150,869 | ||||||||||||
Non-Same Store and Other | 19,127 | 10,370 | 50,891 | 19,992 | ||||||||||||
Total property revenues | 136,294 | 122,981 | 397,787 | 352,307 | ||||||||||||
Management fee income | 146 | 209 | 465 | 687 | ||||||||||||
Total operating revenues | $ | 136,440 | $ | 123,190 | $ | 398,252 | $ | 352,994 | ||||||||
NOI | ||||||||||||||||
Large Market Same Store | $ | 38,159 | $ | 35,700 | $ | 113,707 | $ | 105,675 | ||||||||
Secondary Market Same Store | 30,349 | 29,816 | 92,547 | 89,109 | ||||||||||||
Non-Same Store and Other | 12,471 | 8,681 | 36,165 | 21,665 | ||||||||||||
Total NOI | 80,979 | 74,197 | 242,419 | 216,449 | ||||||||||||
Discontinued operations NOI included above | (838 | ) | (2,505 | ) | (5,022 | ) | (10,206 | ) | ||||||||
Management fee income | 146 | 209 | 465 | 687 | ||||||||||||
Depreciation and amortization | (33,000 | ) | (30,979 | ) | (97,883 | ) | (89,701 | ) | ||||||||
Acquisition expense | — | (1,343 | ) | (499 | ) | (1,574 | ) | |||||||||
Property management expense | (5,193 | ) | (5,460 | ) | (15,970 | ) | (16,484 | ) | ||||||||
General and administrative expense | (3,976 | ) | (3,527 | ) | (10,604 | ) | (10,436 | ) | ||||||||
Merger related expenses | (5,561 | ) | — | (11,298 | ) | — | ||||||||||
Integration related expenses | (35 | ) | — | (35 | ) | — | ||||||||||
Interest and other non-property income | 16 | 89 | 86 | 343 | ||||||||||||
Interest expense | (14,941 | ) | (14,530 | ) | (45,715 | ) | (42,437 | ) | ||||||||
(Loss) gain on debt extinguishment | (218 | ) | — | (387 | ) | 5 | ||||||||||
Amortization of deferred financing costs | (820 | ) | (971 | ) | (2,427 | ) | (2,611 | ) | ||||||||
Net casualty (loss) gain and other settlement proceeds | — | (22 | ) | 455 | (24 | ) | ||||||||||
Gain on sale of non-depreciable assets | — | 48 | — | 45 | ||||||||||||
Gain (loss) from real estate joint ventures | 60 | (72 | ) | 161 | (170 | ) | ||||||||||
Discontinued operations | 29,456 | 16,748 | 63,622 | 42,152 | ||||||||||||
Net income available for Mid-America Apartments, L.P. common unitholders | $ | 46,075 | $ | 31,882 | $ | 117,368 | $ | 86,038 | ||||||||
Assets for each reportable segment as of September 30, 2013 and December 31, 2012, were as follows (dollars in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Assets | ||||||||||||||||
Large Market Same Store | $ | 1,265,355 | $ | 1,108,827 | ||||||||||||
Secondary Market Same Store | 806,170 | 654,315 | ||||||||||||||
Non-Same Store and Other | 674,432 | 943,608 | ||||||||||||||
Corporate assets | 282,300 | 38,528 | ||||||||||||||
Total assets | $ | 3,028,257 | $ | 2,745,278 | ||||||||||||
Real_Estate_Acquisitions
Real Estate Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Notes To Financial Statements [Abstract] | ' |
Real Estate Acquisitions | ' |
 Real Estate Acquisitions | |
On May 1, 2013, we purchased Greenwood Forest, a 316-unit apartment community located in Greenwood Forest (Houston), Texas. This property was previously a part of Mid-America Multifamily Fund I, LLC. | |
On May 21, 2013, we purchased Station Square at Cosner's Corner, a 260-unit apartment community located in Fredericksburg, Virginia. As part of this purchase, we also acquired land for future development. | |
We did not acquire any additional properties during the three months ended September 30, 2013. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
The following properties have been classified as discontinued operations in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended September 30, 2013 and 2012: | ||||||||||||||||
Community | Number of Units | Date Sold | Location | Operating Segment | ||||||||||||
Woodbridge | 188 | May 15, 2013 | Jacksonville, Florida | Large market same store | ||||||||||||
High Ridge | 160 | June 13, 2013 | Athens, Georgia | Secondary market same store | ||||||||||||
TPC Jacksonville | 440 | June 20, 2013 | Jacksonville, Florida | Large market same store | ||||||||||||
Marsh Oaks | 120 | August 15, 2013 | Jacksonville, Florida | Large market same store | ||||||||||||
Three Oaks | 240 | September 11, 2013 | Valdosta, Georgia | Secondary market same store | ||||||||||||
Wildwood | 216 | September 11, 2013 | Thomasville, Georgia | Secondary market same store | ||||||||||||
Shenandoah Ridge | 272 | September 30, 2013 | Augusta, Georgia | Secondary market same store | ||||||||||||
During the three months ended June 30, 2013, we reported the 113-unit Fountain Lake apartment community as held for sale in the Condensed Consolidated Balance Sheet and in discontinued operations in our Condensed Consolidated Statement of Operations. As of September 30, 2013, we are no longer actively marketing this community and as a result Fountain Lake was classified as held for use and therefore is not included in the discontinued operation line in the Consolidated Statement of Operations as of September 30, 2013. Fountain Lake is valued at its carrying amount before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held for use, on the Condensed Consolidated Balance Sheet. | ||||||||||||||||
The following is a summary of discontinued operations for the three- and nine-month periods ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenues | $ | 1,378 | $ | 4,551 | $ | 8,035 | $ | 18,003 | ||||||||
Other revenues | 119 | 402 | 620 | 1,689 | ||||||||||||
Total revenues | 1,497 | 4,953 | 8,655 | 19,692 | ||||||||||||
Expenses | ||||||||||||||||
Property operating expenses | 671 | 2,803 | 3,642 | 9,893 | ||||||||||||
Depreciation and amortization | 110 | 1,283 | 1,620 | 4,989 | ||||||||||||
Interest expense | 65 | 310 | 351 | 1,175 | ||||||||||||
Total expense | 846 | 4,396 | 5,613 | 16,057 | ||||||||||||
Income from discontinued operations before gain on sale | 651 | 557 | 3,042 | 3,635 | ||||||||||||
Net (loss) gain on insurance and other settlement proceeds on discontinued operations | (1 | ) | 99 | (5 | ) | 43 | ||||||||||
Gain on sale of discontinued operations | 28,806 | 16,092 | 60,585 | 38,474 | ||||||||||||
Income from discontinued operations | $ | 29,456 | $ | 16,748 | $ | 63,622 | $ | 42,152 | ||||||||
Share_and_Unit_Information
Share and Unit Information | 9 Months Ended |
Sep. 30, 2013 | |
Notes To Financial Statements [Abstract] | ' |
Share and Unit Information | ' |
Interests in MAALP are represented by OP Units. As of September 30, 2013, there were 44,446,933 OP Units outstanding, 42,744,978, or 96.2%, of which were owned by MAA, our general partner. The remaining 1,701,955 OP Units were owned by nonaffiliated limited partners, or the Class A Limited Partners. As of September 30, 2012, there were 43,699,835 OP Units outstanding, 41,925,288 or 95.9% of which were owned by MAA and 1,774,547 of which were owned by the Class A Limited Partners. | |
MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of MAALP subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Partnership Agreement, 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 MAALP's assets; and distribution of MAALP cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue OP Units and determine the consideration to be received. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee. | |
Under the Partnership Agreement, MAALP 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 MAALP, while Class B OP Units may only be held by MAA, in its capacity as general partner of MAALP, and as of September 30, 2013, a total of 1,701,955 Class A OP Units in MAALP were held by limited partners unaffiliated with MAA, while a total of 42,744,978 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 MAALP'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 MAALP. 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 MAALP in exchange for the issuance of Class B OP Units to MAA equal to the number of common stock shares issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, MAALP 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 MAALP. 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 September 30, 2013, a total of 1,701,955 Class A OP Units were outstanding and redeemable for 1,701,955 shares of MAA common stock, or approximately $106,372,188 based on the closing price of MAA’s common stock on September 30, 2013 of $62.50 per share, at MAA’s option. At September 30, 2012, a total of 1,774,547 Class A OP Units were outstanding and redeemable for 1,774,547 shares of MAA common stock, or approximately $115,895,665 based on the closing price of MAA’s common stock on September 30, 2012 of $65.31 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. | |
On August 26, 2010, MAALP and MAA 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 MAA 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, MAALP and MAA entered into sales agreements with J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC with materially the same terms as our sales agreements for a combined total of 4,500,000 shares of MAA common stock. | |
During the three months ended September 30, 2013, MAA did not issue any shares through its ATM program. During the nine months ended September 30, 2013, MAA sold 365,011 shares of common stock for net proceeds of $24.8 million through its ATM program. The gross proceeds for these issuances were $25.1 million for the nine months ended September 30, 2013. During the three- and nine-month periods ended September 30, 2012, MAA sold 812,911 shares through its ATM program for net proceeds of $53.7 million. The gross proceeds for these issuances were $54.5 million. As of September 30, 2013, there were 4,134,989 shares outstanding under the ATM. MAA contributed all proceeds from these transactions to MAALP in exchange for a number of OP Units equal to the number of shares issued by MAA. | |
On March 2, 2012, MAA closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jeffries & Company, Inc. acted as joint bookrunning managers. This transaction resulted in net proceeds of $120 million. The gross proceeds for this offering were approximately $124.1 million. MAA had no such offerings during the three- and nine-month periods ended September 30, 2013. MAA contributed all proceeds from this transaction to MAALP in exchange for OP Units equal to the number of shares issued. | |
MAALP and MAA have a Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, pursuant to which MAA’s shareholders and our holders of OP Units have the ability to reinvest all or part of their distributions from MAA’s common stock, preferred stock or OP Units into MAA’s common stock. The plan also provides the opportunity to make optional cash investments in common shares of at least $250, but not more than $5,000 in any given month, free of brokerage commissions and charges. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA has registered with the SEC the offer and sale of up to 7,600,000 shares of common stock pursuant to the DRSPP. MAA may elect to sell shares under the DRSPP at up to a 5% discount. | |
Common stock shares totaling 435 and 764 during the three- and nine-month periods ended September 30, 2013 and 122 and 451 during the three- and nine-month periods ended September 30, 2012 were acquired by shareholders under the DRSPP. The issuances resulted in gross proceeds of approximately $28,000 and $50,000 for the three- and nine-month periods ending September 30, 2013 and $8,000 and $30,000 for the three- and nine-month periods ending September 30, 2012. All funds received from these issuances were contributed by MAA to MAALP in exchange for a number of OP Units equal to the number of shares issued by MAA. | |
During the nine months ended September 30, 2013, 4,805 shares of MAA’s 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 nine months ended September 30, 2012, 15,565 shares were acquired for these purposes. MAALP acquires OP units from MAA equal to the number of shares acquired by MAA from employees to satisfy tax withholding obligations. |
Notes_Payable
Notes Payable | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||
Notes Payable | ' | ||||||||
Notes Payable | |||||||||
On September 30, 2013 and December 31, 2012, MAALP had total indebtedness of approximately $1.86 billion and $1.67 billion, respectively. MAALP's indebtedness as of September 30, 2013 consisted of both conventional and tax exempt debt. Borrowings were made through individual property mortgages as well as company-wide credit facilities. MAALP utilizes both secured and unsecured debt. | |||||||||
On March 1, 2012, MAALP entered into a $150 million unsecured term loan agreement with a syndicate of banks led by KeyBank and J.P. Morgan with a variable rate resetting monthly at LIBOR plus a spread of 1.40% to 2.15% based on a leveraged-based pricing grid and a maturity date of March 1, 2017. In July 2012, MAALP received an investment grade rating (Baa2) from Moody's rating service, which caused the variable rate to reset monthly at LIBOR plus a spread of 1.10% to 2.05% based on an investment grade ratings grid. As of September 30, 2013, the full amount was outstanding under this agreement. | |||||||||
On August 31, 2012, MAALP issued $175 million of Senior Unsecured Notes to be funded at three separate times. These notes were offered in a private placement with four tranches: $18 million at 3.15% maturing on November 30, 2017; $20 million at 3.61% maturing on November 30, 2019; $117 million at 4.17% maturing on November 30, 2022; and $20 million at 4.33% maturing on November 30, 2024. As of September 30, 2013, the full amount of the notes has been funded and is included in our balance sheet. | |||||||||
On June 14, 2013, MAALP entered into a $250 million term loan agreement with JPMorgan at a rate of LIBOR plus a spread of 1.30% on any outstanding borrowings. This agreement matures on June 14, 2014 although borrowings are only allowed to be drawn upon up until 60 days subsequent to the closing of the Merger. We had no borrowings under this agreement at September 30, 2013. | |||||||||
On August 7, 2013, we entered into a $500 million unsecured revolving credit facility agreement with KeyBank National Association and thirteen other banks. This agreement amends our 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 September 30, 2013, we had $350 million borrowed under this facility. | |||||||||
As of September 30, 2013, approximately 35% of MAALP's 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 the Federal Home Loan Mortgage Corporation, or Freddie Mac. | |||||||||
MAALP utilizes interest rate swaps and interest rate caps to help manage its current and future interest rate risk and entered into 18 interest rate swaps and 12 interest rate caps as of September 30, 2013, representing notional amounts totaling $559.0 million and $224.6 million, respectively. MAALP also held 11 non-designated interest rate caps with notional amounts totaling $63.8 million as of September 30, 2013. | |||||||||
The following table summarizes our outstanding debt structure as of September 30, 2013 (dollars in thousands): | |||||||||
Borrowed | Effective | Contract | |||||||
Balance | Rate | Maturity | |||||||
Fixed Rate Secured Debt | |||||||||
Individual property mortgages | $ | 382,817 | 4.7 | % | 3/29/19 | ||||
FNMA conventional credit facilities | 50,000 | 4.7 | % | 3/31/17 | |||||
Credit facility balances with: | |||||||||
LIBOR-based interest rate swaps | 259,000 | 5.3 | % | 7/20/14 | |||||
Total fixed rate secured debt | $ | 691,817 | 4.9 | % | 5/4/17 | ||||
Variable Rate Secured Debt (1) | |||||||||
FNMA conventional credit facilities | $ | 189,721 | 0.7 | % | 12/2/16 | ||||
FNMA tax-free credit facilities | 89,217 | 0.9 | % | 7/23/31 | |||||
Freddie Mac credit facilities | 64,247 | 0.7 | % | 7/1/14 | |||||
Freddie Mac mortgage | 15,200 | 3.6 | % | 1/1/16 | |||||
Total variable rate secured debt | $ | 358,385 | 0.9 | % | 2/3/20 | ||||
Total Secured Debt | $ | 1,050,202 | 3.5 | % | 4/12/18 | ||||
Unsecured Debt | |||||||||
Variable rate credit facility | $ | 350,000 | 1.3 | % | 8/7/17 | ||||
Term loan fixed with swaps | 150,000 | 2.4 | % | 3/1/17 | |||||
Fixed rate senior private placement bonds | 310,000 | 4.5 | % | 7/27/21 | |||||
Total Unsecured Debt | $ | 810,000 | 2.7 | % | 1/14/19 | ||||
Total Outstanding Debt | $ | 1,860,202 | 3.2 | % | 8/11/18 | ||||
(1) Includes capped balances. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||||||||||
Derivatives and Hedging Activities | |||||||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||||||||||||||
MAALP is exposed to certain risks arising from both its business operations and economic conditions. MAALP principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. MAALP manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, MAALP enters 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 its borrowings, the value of which are determined by changing interest rates. | |||||||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||||||||||
MAALP's 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, MAALP uses 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 MAALP 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 and nine months ended September 30, 2013 and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.  The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended September 30, 2013 and 2012, MAALP recorded ineffectiveness of $1,000 (increase to interest expense) and $7,000, (increase to interest expense), respectively, and during the nine months ended September 30, 2013 and 2012, MAALP recorded ineffectiveness of $26,000 (decrease to interest expense) and $40,000 (increase 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 debt. During the next 12 months, MAALP estimates that an additional $8.9 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 September 30, 2013, MAALP 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 | 12 | $ | 224,631,000 | ||||||||||||||||||||||||||
  Interest Rate Swaps (1) | 18 | $ | 559,000,000 | ||||||||||||||||||||||||||
(1) Includes three forward rate swaps totaling $150 million where the debt has not yet been issued. These swaps are not included in our debt discussion in MD&A or footnote 7. | |||||||||||||||||||||||||||||
Non-Designated Hedges | |||||||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage MAALP'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 $5,000 for the three months ended September 30, 2013 and a loss of $25,000 for the three months ended September 30, 2012. During the nine months ended September 30, 2013 and 2012, MAALP recognized a loss of $8,000 and $58,000, respectively, on derivatives not designated in hedging relationships. | |||||||||||||||||||||||||||||
As of September 30, 2013, MAALP had the following outstanding interest rate derivatives that were not designated as hedges: | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest Rate Caps | 11 | $ | 63,820,000 | ||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||
The table below presents the fair value of MAALP's derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments on the Consolidated Balance Sheet as of September 30, 2013 and | |||||||||||||||||||||||||||||
December 31, 2012 (dollars in thousands) | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | Fair Value | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 10,681 | $ | 245 | Fair market value of interest rate swaps | $ | 9,858 | $ | 21,423 | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 10,681 | $ | 245 | $ | 9,858 | $ | 21,423 | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 57 | $ | 43 | $ | — | $ | — | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 57 | $ | 43 | $ | — | $ | — | |||||||||||||||||||||
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 and nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations for the | |||||||||||||||||||||||||||||
Three and Nine Months Ended September 30, 2013 and 2012 (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 September 30, | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | (1,826 | ) | $ | (2,903 | ) | Interest expense | $ | (3,621 | ) | $ | (4,815 | ) | Interest expense | $ | (1 | ) | $ | (7 | ) | |||||||||
Total derivatives in cash flow hedging relationships | $ | (1,826 | ) | $ | (2,903 | ) | $ | (3,621 | ) | $ | (4,815 | ) | $ | (1 | ) | $ | (7 | ) | |||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 10,095 | $ | (8,197 | ) | Interest expense | $ | (12,098 | ) | $ | (15,308 | ) | Interest expense | $ | 26 | $ | (40 | ) | |||||||||||
Total derivatives in cash flow hedging relationships | $ | 10,095 | $ | (8,197 | ) | $ | (12,098 | ) | $ | (15,308 | ) | $ | 26 | $ | (40 | ) | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Three months ended September 30, | Location of Gain or (Loss) Recognized in Income | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | (5 | ) | $ | (25 | ) | ||||||||||||||||||||||
Total | $ | (5 | ) | $ | (25 | ) | |||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | (8 | ) | $ | (58 | ) | ||||||||||||||||||||||
Total | $ | (8 | ) | $ | (58 | ) | |||||||||||||||||||||||
Credit-Risk-Related Contingent Features | |||||||||||||||||||||||||||||
As of September 30, 2013, derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of $10.2 million, which includes accrued interest but excludes any adjustment for nonperformance risk. These derivatives had a fair value, gross of asset positions, of $9.8 million at September 30, 2013. | |||||||||||||||||||||||||||||
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 September 30, 2013, 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 $6.7 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 September 30, 2013, 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 $0.5 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 $9.7 million as of September 30, 2013.  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 September 30, 2013. | |||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012. 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 September 30, 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 | $ | 10,738 | — | $ | 10,738 | $ | (866 | ) | — | $ | 9,872 | ||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of September 30, 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 | $ | 9,858 | — | $ | 9,858 | $ | (866 | ) | — | $ | 8,992 | ||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
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 | $ | 288 | — | $ | 288 | — | — | $ | 288 | ||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
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 | $ | 21,423 | — | $ | 21,423 | — | — | $ | 21,423 | ||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||
MAALP's other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The table below shows the change in the balance for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||
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 nine months ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Beginning balance | $ | (26,881 | ) | $ | (38,579 | ) | |||||||||||||||||||||||
Other comprehensive income before reclassifications | 10,095 | (8,197 | ) | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | Interest expense | 12,098 | 15,308 | ||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to Mid-America Apartments, L.P. | 22,193 | 7,111 | |||||||||||||||||||||||||||
Ending balance | $ | (4,688 | ) | $ | (31,468 | ) | |||||||||||||||||||||||
See also discussions in "Financial Statements – Notes to Consolidated Financial Statements", Note 9. |
Fair_Value_Disclosure_of_Finan
Fair Value Disclosure of Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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, MAALP adopted 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 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. 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). | ||||||||||||||||
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. MAALP's 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 September 30, 2013 and December 31, 2012, totaled $743 million and $732 million, respectively, and had estimated fair values of $785 million and $778 million (excluding prepayment penalties), respectively, as of September 30, 2013 and December 31, 2012. The carrying value of variable rate notes payable (excluding the effect of interest rate swap and cap agreements) at September 30, 2013 and December 31, 2012, totaled $1.1 billion and $941 million, respectively, and had estimated fair values of $1.0 billion and $860 million (excluding prepayment penalties), respectively, as of September 30, 2013 and December 31, 2012. The valuation of MAALP's 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. MAALP's variable rates reset every 30 to 90 days and MAALP concludes that these rates reasonably estimate current market rates. MAALP has determined that inputs used to value its debt fall within Level 2 of the fair value hierarchy and therefore MAALP's fair market valuation of debt is considered Level 2 in the fair value hierarchy. | ||||||||||||||||
Currently, MAALP uses interest rate swaps and interest rate caps (options) to manage its 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 (caps) 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, MAALP incorporates 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, MAALP has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | ||||||||||||||||
MAALP has 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 September 30, 2013 and December 31, 2012 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 September 30, 2013 and December 31, 2012, 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 September 30, 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) | September 30, 2013 | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 10,738 | $ | — | $ | 10,738 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 9,858 | $ | — | $ | 9,858 | ||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2012 | ||||||||||||||||
(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, 2012 | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 288 | $ | — | $ | 288 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 21,423 | $ | — | $ | 21,423 | ||||||||
The fair value estimates presented herein are based on information available to management as of September 30, 2013 and December 31, 2012.  These estimates are not necessarily indicative of the amounts MAALP could ultimately realize.  See also discussions in "Financial Statements – Notes to Consolidated Financial Statements", Note 8. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Notes To Financial Statements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
 Recent Accounting Pronouncements | |
Impact of Recently Issued Accounting Standards | |
In February 2013, the FASB issued Accounting Standards Update, or ASU, No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated other comprehensive income, or AOCI, by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012 and early adoption is permitted. We early adopted ASU 2013-02 for the annual period ended December 31, 2012. The adoption of ASU 2013-02 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. | |
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. | |
In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments change the wording, mainly for clarification, used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this update to result in a change in the application of the requirements in ASU 2011-04. The amendments in this ASU are to be applied prospectively. The amendments are effective during interim and annual periods beginning after December 15, 2011. We adopted ASU 2011-04 for the interim and annual periods of fiscal year 2012. The adoption of ASU 2011-04 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities Derivatives and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
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 MAALP'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 $5,000 for the three months ended September 30, 2013 and a loss of $25,000 for the three months ended September 30, 2012. During the nine months ended September 30, 2013 and 2012, MAALP recognized a loss of $8,000 and $58,000, respectively, on derivatives not designated in hedging relationships. | |
Consolidation_and_Basis_of_Pre1
Consolidation and Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||
(dollars and units in thousands, except per unit amounts) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Units Outstanding | ||||||||||||||||
Weighted average common units - basic and diluted | 44,445 | 43,220 | 44,331 | 42,532 | ||||||||||||
Calculation of Earnings per Unit - basic and diluted | ||||||||||||||||
Income from continuing operations | $ | 16,619 | $ | 15,134 | $ | 53,746 | $ | 43,886 | ||||||||
Income from discontinued operations | $ | 29,456 | $ | 16,748 | $ | 63,622 | $ | 42,152 | ||||||||
Earnings per unit - basic and diluted: | ||||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.38 | $ | 0.35 | $ | 1.21 | $ | 1.03 | ||||||||
Income from discontinued operations available for common unitholders | 0.66 | 0.39 | 1.44 | 0.99 | ||||||||||||
Net income available for common unitholders | $ | 1.04 | $ | 0.74 | $ | 2.65 | $ | 2.02 | ||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Total Equity and its Components | ' | |||||||||||||||
  | MAALP Unitholders | |||||||||||||||
Limited Partner | General Partner | Accumulated | Total | |||||||||||||
Other | Partnership Capital | |||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2012 | $ | 38,154 | $ | 927,734 | $ | (26,881 | ) | $ | 939,007 | |||||||
Net income | 4,518 | 112,850 | 117,368 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 22,193 | 22,193 | ||||||||||||||
Issuance of units | 25,038 | 25,038 | ||||||||||||||
Units repurchased and retired | (682 | ) | (682 | ) | ||||||||||||
General partner units issued in exchange for limited partner units | (550 | ) | 550 | — | ||||||||||||
Redeemable units fair market value adjustment | 209 | 209 | ||||||||||||||
Adjustment for limited partners' capital at redemption value | 1,218 | 16,597 | 17,815 | |||||||||||||
Amortization of unearned compensation | 1,729 | 1,729 | ||||||||||||||
Distributions ($2.0850 per unit) | (3,557 | ) | (89,109 | ) | (92,666 | ) | ||||||||||
CAPITAL BALANCE SEPTEMBER 30, 2013 | $ | 39,783 | $ | 994,916 | $ | (4,688 | ) | $ | 1,030,011 | |||||||
  | MAALP Unitholders | |||||||||||||||
Limited Partner | General Partner | Accumulated | Total Partnership Capital | |||||||||||||
Other | ||||||||||||||||
Comprehensive | ||||||||||||||||
Income (Loss) | ||||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2011 | $ | 37,079 | $ | 739,657 | $ | (38,579 | ) | $ | 738,157 | |||||||
Net income | 3,770 | 82,268 | 86,038 | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 7,111 | 7,111 | ||||||||||||||
Issuance of units | 173,962 | 173,962 | ||||||||||||||
Units repurchased and retired | (1,863 | ) | (1,863 | ) | ||||||||||||
General partner units issued in exchange for limited partner units | (2,672 | ) | 2,672 | — | ||||||||||||
Redeemable units fair market value adjustment | (168 | ) | (168 | ) | ||||||||||||
Adjustment for limited partners capital at redemption value | 3,054 | (3,054 | ) | — | ||||||||||||
Amortization of unearned compensation | 1,730 | 1,730 | ||||||||||||||
Distributions ($1.9800 per unit) | (3,667 | ) | (81,813 | ) | (85,480 | ) | ||||||||||
CAPITAL BALANCE SEPTEMBER 30, 2012 | $ | 37,564 | $ | 913,391 | $ | (31,468 | ) | $ | 919,487 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Revenues and NOI for Reportable Segment | ' | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Large Market Same Store | $ | 64,823 | $ | 61,707 | $ | 191,246 | $ | 181,446 | ||||||||
Secondary Market Same Store | 52,344 | 50,904 | 155,650 | 150,869 | ||||||||||||
Non-Same Store and Other | 19,127 | 10,370 | 50,891 | 19,992 | ||||||||||||
Total property revenues | 136,294 | 122,981 | 397,787 | 352,307 | ||||||||||||
Management fee income | 146 | 209 | 465 | 687 | ||||||||||||
Total operating revenues | $ | 136,440 | $ | 123,190 | $ | 398,252 | $ | 352,994 | ||||||||
NOI | ||||||||||||||||
Large Market Same Store | $ | 38,159 | $ | 35,700 | $ | 113,707 | $ | 105,675 | ||||||||
Secondary Market Same Store | 30,349 | 29,816 | 92,547 | 89,109 | ||||||||||||
Non-Same Store and Other | 12,471 | 8,681 | 36,165 | 21,665 | ||||||||||||
Total NOI | 80,979 | 74,197 | 242,419 | 216,449 | ||||||||||||
Discontinued operations NOI included above | (838 | ) | (2,505 | ) | (5,022 | ) | (10,206 | ) | ||||||||
Management fee income | 146 | 209 | 465 | 687 | ||||||||||||
Depreciation and amortization | (33,000 | ) | (30,979 | ) | (97,883 | ) | (89,701 | ) | ||||||||
Acquisition expense | — | (1,343 | ) | (499 | ) | (1,574 | ) | |||||||||
Property management expense | (5,193 | ) | (5,460 | ) | (15,970 | ) | (16,484 | ) | ||||||||
General and administrative expense | (3,976 | ) | (3,527 | ) | (10,604 | ) | (10,436 | ) | ||||||||
Merger related expenses | (5,561 | ) | — | (11,298 | ) | — | ||||||||||
Integration related expenses | (35 | ) | — | (35 | ) | — | ||||||||||
Interest and other non-property income | 16 | 89 | 86 | 343 | ||||||||||||
Interest expense | (14,941 | ) | (14,530 | ) | (45,715 | ) | (42,437 | ) | ||||||||
(Loss) gain on debt extinguishment | (218 | ) | — | (387 | ) | 5 | ||||||||||
Amortization of deferred financing costs | (820 | ) | (971 | ) | (2,427 | ) | (2,611 | ) | ||||||||
Net casualty (loss) gain and other settlement proceeds | — | (22 | ) | 455 | (24 | ) | ||||||||||
Gain on sale of non-depreciable assets | — | 48 | — | 45 | ||||||||||||
Gain (loss) from real estate joint ventures | 60 | (72 | ) | 161 | (170 | ) | ||||||||||
Discontinued operations | 29,456 | 16,748 | 63,622 | 42,152 | ||||||||||||
Net income available for Mid-America Apartments, L.P. common unitholders | $ | 46,075 | $ | 31,882 | $ | 117,368 | $ | 86,038 | ||||||||
Assets for Reportable Segment | ' | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Assets | ||||||||||||||||
Large Market Same Store | $ | 1,265,355 | $ | 1,108,827 | ||||||||||||
Secondary Market Same Store | 806,170 | 654,315 | ||||||||||||||
Non-Same Store and Other | 674,432 | 943,608 | ||||||||||||||
Corporate assets | 282,300 | 38,528 | ||||||||||||||
Total assets | $ | 3,028,257 | $ | 2,745,278 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Summary of Discontinued Operations | ' | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenues | $ | 1,378 | $ | 4,551 | $ | 8,035 | $ | 18,003 | ||||||||
Other revenues | 119 | 402 | 620 | 1,689 | ||||||||||||
Total revenues | 1,497 | 4,953 | 8,655 | 19,692 | ||||||||||||
Expenses | ||||||||||||||||
Property operating expenses | 671 | 2,803 | 3,642 | 9,893 | ||||||||||||
Depreciation and amortization | 110 | 1,283 | 1,620 | 4,989 | ||||||||||||
Interest expense | 65 | 310 | 351 | 1,175 | ||||||||||||
Total expense | 846 | 4,396 | 5,613 | 16,057 | ||||||||||||
Income from discontinued operations before gain on sale | 651 | 557 | 3,042 | 3,635 | ||||||||||||
Net (loss) gain on insurance and other settlement proceeds on discontinued operations | (1 | ) | 99 | (5 | ) | 43 | ||||||||||
Gain on sale of discontinued operations | 28,806 | 16,092 | 60,585 | 38,474 | ||||||||||||
Income from discontinued operations | $ | 29,456 | $ | 16,748 | $ | 63,622 | $ | 42,152 | ||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||
Debt Structure [Table Text Block] | ' | ||||||||
Borrowed | Effective | Contract | |||||||
Balance | Rate | Maturity | |||||||
Fixed Rate Secured Debt | |||||||||
Individual property mortgages | $ | 382,817 | 4.7 | % | 3/29/19 | ||||
FNMA conventional credit facilities | 50,000 | 4.7 | % | 3/31/17 | |||||
Credit facility balances with: | |||||||||
LIBOR-based interest rate swaps | 259,000 | 5.3 | % | 7/20/14 | |||||
Total fixed rate secured debt | $ | 691,817 | 4.9 | % | 5/4/17 | ||||
Variable Rate Secured Debt (1) | |||||||||
FNMA conventional credit facilities | $ | 189,721 | 0.7 | % | 12/2/16 | ||||
FNMA tax-free credit facilities | 89,217 | 0.9 | % | 7/23/31 | |||||
Freddie Mac credit facilities | 64,247 | 0.7 | % | 7/1/14 | |||||
Freddie Mac mortgage | 15,200 | 3.6 | % | 1/1/16 | |||||
Total variable rate secured debt | $ | 358,385 | 0.9 | % | 2/3/20 | ||||
Total Secured Debt | $ | 1,050,202 | 3.5 | % | 4/12/18 | ||||
Unsecured Debt | |||||||||
Variable rate credit facility | $ | 350,000 | 1.3 | % | 8/7/17 | ||||
Term loan fixed with swaps | 150,000 | 2.4 | % | 3/1/17 | |||||
Fixed rate senior private placement bonds | 310,000 | 4.5 | % | 7/27/21 | |||||
Total Unsecured Debt | $ | 810,000 | 2.7 | % | 1/14/19 | ||||
Total Outstanding Debt | $ | 1,860,202 | 3.2 | % | 8/11/18 | ||||
(1) Includes capped balances. |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||
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 nine months ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Beginning balance | $ | (26,881 | ) | $ | (38,579 | ) | |||||||||||||||||||||||
Other comprehensive income before reclassifications | 10,095 | (8,197 | ) | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | Interest expense | 12,098 | 15,308 | ||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to Mid-America Apartments, L.P. | 22,193 | 7,111 | |||||||||||||||||||||||||||
Ending balance | $ | (4,688 | ) | $ | (31,468 | ) | |||||||||||||||||||||||
Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk | ' | ||||||||||||||||||||||||||||
As of September 30, 2013, MAALP 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 | 12 | $ | 224,631,000 | ||||||||||||||||||||||||||
  Interest Rate Swaps (1) | 18 | $ | 559,000,000 | ||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||||||||||
As of September 30, 2013, MAALP had the following outstanding interest rate derivatives that were not designated as hedges: | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest Rate Caps | 11 | $ | 63,820,000 | ||||||||||||||||||||||||||
Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | Fair Value | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 10,681 | $ | 245 | Fair market value of interest rate swaps | $ | 9,858 | $ | 21,423 | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 10,681 | $ | 245 | $ | 9,858 | $ | 21,423 | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 57 | $ | 43 | $ | — | $ | — | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 57 | $ | 43 | $ | — | $ | — | |||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
As of September 30, 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 | $ | 10,738 | — | $ | 10,738 | $ | (866 | ) | — | $ | 9,872 | ||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of September 30, 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 | $ | 9,858 | — | $ | 9,858 | $ | (866 | ) | — | $ | 8,992 | ||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
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 | $ | 288 | — | $ | 288 | — | — | $ | 288 | ||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
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 | $ | 21,423 | — | $ | 21,423 | — | — | $ | 21,423 | ||||||||||||||||||||
Effect of Derivative Instruments on Consolidated Statement of Operations | ' | ||||||||||||||||||||||||||||
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 September 30, | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | (1,826 | ) | $ | (2,903 | ) | Interest expense | $ | (3,621 | ) | $ | (4,815 | ) | Interest expense | $ | (1 | ) | $ | (7 | ) | |||||||||
Total derivatives in cash flow hedging relationships | $ | (1,826 | ) | $ | (2,903 | ) | $ | (3,621 | ) | $ | (4,815 | ) | $ | (1 | ) | $ | (7 | ) | |||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 10,095 | $ | (8,197 | ) | Interest expense | $ | (12,098 | ) | $ | (15,308 | ) | Interest expense | $ | 26 | $ | (40 | ) | |||||||||||
Total derivatives in cash flow hedging relationships | $ | 10,095 | $ | (8,197 | ) | $ | (12,098 | ) | $ | (15,308 | ) | $ | 26 | $ | (40 | ) | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Three months ended September 30, | Location of Gain or (Loss) Recognized in Income | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | (5 | ) | $ | (25 | ) | ||||||||||||||||||||||
Total | $ | (5 | ) | $ | (25 | ) | |||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | (8 | ) | $ | (58 | ) | ||||||||||||||||||||||
Total | $ | (8 | ) | $ | (58 | ) |
Fair_Value_Disclosure_of_Finan1
Fair Value Disclosure of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
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) | September 30, 2013 | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 10,738 | $ | — | $ | 10,738 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 9,858 | $ | — | $ | 9,858 | ||||||||
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, 2012 | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 288 | $ | — | $ | 288 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 21,423 | $ | — | $ | 21,423 | ||||||||
Consolidation_and_Basis_of_Pre2
Consolidation and Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
States | States | ||||
Property | Property | ||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $46,075,000 | $31,882,000 | $117,368,000 | $86,038,000 | ' |
Number of units under development community | 564 | ' | 564 | ' | ' |
Number of owned or owned interests of apartment communities | 160 | ' | 160 | ' | ' |
Number of apartments included in a community | 48,343 | ' | 48,343 | ' | ' |
Capital improvements in progress | 31,600,000 | ' | 31,600,000 | ' | 52,414,000 |
Number of states in which apartment units are located | 13 | ' | 13 | ' | ' |
Operating partnership units outstanding | 44,446,933 | 43,699,835 | 44,446,933 | 43,699,835 | ' |
General Partners' Capital Account, Units Outstanding | 42,744,978 | 41,925,288 | 42,744,978 | 41,925,288 | 42,316,398 |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | ' | 96.20% | 95.90% | ' |
Limited Partners' Capital Account, Units Outstanding | 1,701,955 | 1,774,547 | 1,701,955 | 1,774,547 | 1,731,672 |
Net income available for common shareholders | 46,075,000 | 31,882,000 | 117,368,000 | 86,038,000 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 47,870,000 | 33,794,000 | 139,561,000 | 93,149,000 | ' |
Earnings Per Share, Basic and Diluted | $1.04 | $0.74 | $2.65 | $2.02 | ' |
Development Properties [Member] | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Number of owned or owned interests of apartment communities | 2 | ' | 2 | ' | ' |
Number of apartments included in a community | 174 | ' | 174 | ' | ' |
Mid America Multifamily Fund II, LLC | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Number Of Properties Acquired | 4 | ' | 4 | ' | ' |
Number Of Units Acquired In Real Estate Property | ' | ' | 1,156 | ' | ' |
Under Development | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Number of owned or owned interests of apartment communities | 4 | ' | 4 | ' | ' |
Square Footage of Real Estate Property | 107,000 | ' | 107,000 | ' | ' |
Before Change in Reporting Entity [Domain] | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 38,024,000 | 30,604,000 | 100,721,000 | 81,509,000 | ' |
Net income available for common shareholders | 37,869,000 | 27,466,000 | 100,247,000 | 78,088,000 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 39,680,000 | 32,514,000 | 122,461,000 | 88,621,000 | ' |
Earnings Per Share, Basic and Diluted | $0.90 | $0.67 | $2.40 | $1.94 | ' |
Net Effect after Change in Reporting Entity [Domain] | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 8,051,000 | 1,278,000 | 16,647,000 | 4,529,000 | ' |
Net income available for common shareholders | 8,206,000 | 4,416,000 | 17,121,000 | 7,950,000 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 8,190,000 | 1,280,000 | 17,100,000 | 4,528,000 | ' |
Earnings Per Share, Basic and Diluted | $0.14 | $0.07 | $0.25 | $0.08 | ' |
Expected Costs [Member] | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Capital improvements in progress | 74,000,000 | ' | 74,000,000 | ' | ' |
Costs Incurred to Date [Member] | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Capital improvements in progress | $43,100,000 | ' | $43,100,000 | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Percentage Of Ownership Interests | 100.00% | ' | 100.00% | ' | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $29,456 | $16,748 | $63,622 | $42,152 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 16,619 | 15,134 | 53,746 | 43,886 |
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 44,445 | 43,220 | 44,331 | 42,532 |
Calculation of Earnings per Share - basic | ' | ' | ' | ' |
Net income available for common shareholders | 46,075 | 31,882 | 117,368 | 86,038 |
Income from continuing operations available for common unitholders | $0.38 | $0.35 | $1.21 | $1.03 |
Earnings Per Share, Basic and Diluted | $1.04 | $0.74 | $2.65 | $2.02 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0.66 | $0.39 | $1.44 | $0.99 |
Calculation of Earnings per Share - diluted | ' | ' | ' | ' |
Net income available for common shareholders | $46,075 | $31,882 | $117,368 | $86,038 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Property | |
States | |
Segment Reporting Information [Line Items] | ' |
Number of owned or owned interests of apartment communities | 160 |
Number of states in which apartment units are located | 13 |
Percentage of Total Public Multifamily REIT Units | 1.00% |
Period properties owned and stabilized | '12 years |
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 | ' 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. |
Total_Equity_and_its_Component
Total Equity and its Components (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $39,783,000 | $37,564,000 | $39,783,000 | $37,564,000 | $38,154,000 | $37,079,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 46,075,000 | 31,882,000 | 117,368,000 | 86,038,000 | ' | ' |
Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | 4,518,000 | 3,770,000 | ' | ' |
General Partnership Units Issued in Exchange for Limited Partnership Units | ' | ' | -550,000 | -2,672,000 | ' | ' |
Adjustment for Noncontrolling Interest Ownership in operating partnership | ' | ' | 1,218,000 | 3,054,000 | ' | ' |
Distributions | ' | ' | -3,557,000 | -3,667,000 | ' | ' |
Total Partnership Capital [Domain] | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 1,030,011,000 | 919,487,000 | 1,030,011,000 | 919,487,000 | 939,007,000 | 738,157,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | 117,368,000 | 86,038,000 | ' | ' |
Other comprehensive income - derivative instruments (cash flow hedges) | ' | ' | 22,193,000 | 7,111,000 | ' | ' |
Units Issued During Period, Value, New Issues | ' | ' | 25,038,000 | 173,962,000 | ' | ' |
Units Repurchased and Retired During Period, Value | ' | ' | -682,000 | -1,863,000 | ' | ' |
General Partnership Units Issued in Exchange for Limited Partnership Units | ' | ' | 0 | 0 | ' | ' |
Redeemable stock fair market value | ' | ' | -209,000 | 168,000 | ' | ' |
Adjustment for Noncontrolling Interest Ownership in operating partnership | ' | ' | 17,815,000 | 0 | ' | ' |
Amortization of unearned compensation | ' | ' | 1,729,000 | 1,730,000 | ' | ' |
Distributions | ' | ' | -92,666,000 | -85,480,000 | ' | ' |
General Partners' Capital Account, Class [Domain] | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 994,916,000 | 913,391,000 | 994,916,000 | 913,391,000 | 927,734,000 | 739,657,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | 112,850,000 | 82,268,000 | ' | ' |
Units Issued During Period, Value, New Issues | ' | ' | 25,038,000 | 173,962,000 | ' | ' |
Units Repurchased and Retired During Period, Value | ' | ' | -682,000 | -1,863,000 | ' | ' |
General Partnership Units Issued in Exchange for Limited Partnership Units | ' | ' | -550,000 | -2,672,000 | ' | ' |
Redeemable stock fair market value | ' | ' | -209,000 | 168,000 | ' | ' |
Adjustment for Noncontrolling Interest Ownership in operating partnership | ' | ' | 16,597,000 | -3,054,000 | ' | ' |
Amortization of unearned compensation | ' | ' | 1,729,000 | 1,730,000 | ' | ' |
Distributions | ' | ' | -89,109,000 | -81,813,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | -4,688,000 | -31,468,000 | -4,688,000 | -31,468,000 | -26,881,000 | -38,579,000 |
Other comprehensive income - derivative instruments (cash flow hedges) | ' | ' | $22,193,000 | $7,111,000 | ' | ' |
Equity_Total_Comprehensive_Inc
Equity Total Comprehensive Income, Equity and their Components (Parenthetical) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Dividends on noncontrolling interest units | $0.70 | $0.66 | $2.08 | $1.98 |
Revenues_and_NOI_for_Reportabl
Revenues and NOI for Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Total property revenues | $136,294 | $122,981 | $397,787 | $352,307 |
Management fee income | 146 | 209 | 465 | 687 |
Total operating revenues | 136,440 | 123,190 | 398,252 | 352,994 |
Net Operating Income | 80,979 | 74,197 | 242,419 | 216,449 |
Discontinued operations NOI included above | -838 | -2,505 | -5,022 | -10,206 |
Depreciation and amortization | -33,000 | -30,979 | -97,883 | -89,701 |
Acquisition credit (expense) | 0 | -1,343 | -499 | -1,574 |
Property management expense | -5,193 | -5,460 | -15,970 | -16,484 |
General and administrative expense | -3,976 | -3,527 | -10,604 | -10,436 |
Merger Related Expenses | -5,561 | 0 | -11,298 | 0 |
Business Combination, Integration Related Costs | -35 | 0 | -35 | 0 |
Interest and other non-property income | 16 | 89 | 86 | 343 |
Interest expense | -14,941 | -14,530 | -45,715 | -42,437 |
Net casualty loss and other settlement proceeds | 0 | -22 | 455 | -24 |
Gain on debt extinguishment | -218 | 0 | -387 | 5 |
Amortization of deferred financing costs | -820 | -971 | -2,427 | -2,611 |
Income (Loss) from Equity Method Investments | 60 | -72 | 161 | -170 |
Discontinued operations | -29,456 | -16,748 | -63,622 | -42,152 |
Net income attributable to MAA | 46,075 | 31,882 | 117,368 | 86,038 |
Loss on sale of non-depreciable assets | 0 | 48 | 0 | 45 |
Large Market Same Store | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total property revenues | 64,823 | 61,707 | ' | ' |
Real Estate Revenue, Net, Adjusted | ' | ' | 191,246 | 181,446 |
Net Operating Income | 38,159 | 35,700 | 113,707 | 105,675 |
Secondary Market Same Store | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total property revenues | 52,344 | 50,904 | ' | ' |
Real Estate Revenue, Net, Adjusted | ' | ' | 155,650 | 150,869 |
Net Operating Income | 30,349 | 29,816 | 92,547 | 89,109 |
Non-Same Store and Other | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Total property revenues | 19,127 | 10,370 | ' | ' |
Real Estate Revenue, Net, Adjusted | ' | ' | 50,891 | 19,992 |
Net Operating Income | $12,471 | $8,681 | $36,165 | $21,665 |
Assets_for_Reportable_Segment_
Assets for Reportable Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $3,028,257 | $2,745,278 |
Large Market Same Store | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,265,355 | 1,108,827 |
Secondary Market Same Store | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 806,170 | 654,315 |
Non-Same Store and Other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 674,432 | 943,608 |
Corporate assets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $282,300 | $38,528 |
Real_Estate_Acquisitions_Addit
Real Estate Acquisitions - Additional Information (Detail) | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' |
Number of Units in Real Estate Property | 48,343 |
Greenwood Forest [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of Units in Real Estate Property | 316 |
Station Square at Cosner's Corner [Member] [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of Units in Real Estate Property | 260 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 48,343 | ' | 48,343 | ' |
Gain on sale of discontinued operations | $28,806 | $16,092 | $60,585 | $38,474 |
Woodbridge At Lake [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 188 | ' | 188 | ' |
High Ridge [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 160 | ' | 160 | ' |
Paddock Club Jacksonville [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 440 | ' | 440 | ' |
Marsh Oaks [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 120 | ' | 120 | ' |
Fountain Lake [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 240 | ' | 240 | ' |
Wildwood [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 216 | ' | 216 | ' |
Shenandoah Ridge [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 272 | ' | 272 | ' |
Disposal Groups, Including Discontinued Operations, Name [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Depreciation | 110 | 1,283 | 1,620 | 4,989 |
Gain on sale of discontinued operations | ' | ' | $60,585 | $38,474 |
Summary_of_Discontinued_Operat
Summary of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 48,343 | ' | 48,343 | ' |
Rental revenues | $125,522 | $113,015 | $366,191 | $323,223 |
Other revenues | 10,772 | 9,966 | 31,596 | 29,084 |
Total operating revenues | 136,440 | 123,190 | 398,252 | 352,994 |
Property operating expenses | 89,153 | 82,268 | 258,273 | 235,765 |
Interest expense | 14,941 | 14,530 | 45,715 | 42,437 |
(Loss) income from discontinued operations before gain on sale | 651 | 557 | 3,042 | 3,635 |
Net loss on insurance and other settlement proceeds on discontinued operations | -1 | 99 | -5 | 43 |
Gain on sale of discontinued operations | 28,806 | 16,092 | 60,585 | 38,474 |
Income from discontinued operations | 29,456 | 16,748 | 63,622 | 42,152 |
Disposal Groups, Including Discontinued Operations, Name [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Rental revenues | 1,378 | 4,551 | 8,035 | 18,003 |
Other revenues | 119 | 402 | 620 | 1,689 |
Total operating revenues | 1,497 | 4,953 | 8,655 | 19,692 |
Property operating expenses | 671 | 2,803 | 3,642 | 9,893 |
Depreciation and amortization | 110 | 1,283 | 1,620 | 4,989 |
Interest expense | 65 | 310 | 351 | 1,175 |
Total expense | 846 | 4,396 | 5,613 | 16,057 |
(Loss) income from discontinued operations before gain on sale | ' | ' | 3,042 | 3,635 |
Net loss on insurance and other settlement proceeds on discontinued operations | ' | ' | -5 | 43 |
Gain on sale of discontinued operations | ' | ' | 60,585 | 38,474 |
Income from discontinued operations | $29,456 | $16,748 | $63,622 | $42,152 |
Fountain Lake [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of Units in Real Estate Property | 113 | ' | 113 | ' |
Share_and_Unit_Information_Add
Share and Unit Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 02, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Aug. 26, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
At The Market ATM Programs [Member] | At The Market ATM Programs [Member] | At The Market ATM Programs [Member] | At The Market ATM Programs [Member] | At Market A T M Programs [Member] | At Market A T M Programs [Member] | Initial Public Offering [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Maximum [Member] | Minimum [Member] | |||||||
Dividend And Distribution Reinvestment And Share Purchase Plan [Member] | Dividend And Distribution Reinvestment And Share Purchase Plan [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partners' Capital Account | $39,783,000 | ' | $39,783,000 | ' | $38,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | $106,372,188 | $115,895,665 | ' | ' |
Operating partnership units outstanding | 44,446,933 | 43,699,835 | 44,446,933 | 43,699,835 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Partners' Capital Account, Units Outstanding | 42,744,978 | 41,925,288 | 42,744,978 | 41,925,288 | 42,316,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Capital Shares Par Or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $62.50 | $65.31 | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | ' | 96.20% | 95.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 1,701,955 | 1,774,547 | 1,701,955 | 1,774,547 | 1,731,672 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement to sell common stock with financial service companies, shares | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | ' | ' | ' | 4,134,989 | ' | ' | ' | 365,011 | 812,911 | ' | ' | ' | ' | ' |
proceeds from issuance of common stock, net of applicable fees | ' | ' | ' | ' | ' | ' | 24,800,000 | 53,700,000 | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' |
Proceeds from Issuance of common stock | ' | ' | ' | ' | ' | ' | 25,100,000 | 54,500,000 | ' | ' | ' | ' | 124,100,000 | ' | ' | ' | ' |
Optional Cash Investments In Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 250 |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' |
Common Stock Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Shares Sold On Underwritten Public Offering | ' | ' | ' | ' | ' | 1,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued, Dividend and Distribution Reinvestment and Share Purchase Program | 435 | 122 | 764 | 451 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of common stock, Dividend and Distribution Reinvestment and Share Purchase Program | $28,000 | $0 | $50,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock acquired to satisfy tax withholding obligation that arose upon vesting of restricted stock granted | ' | ' | 4,805 | 15,565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 14, 2013 | Mar. 01, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 16, 2013 | Sep. 30, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 01, 2012 | Aug. 07, 2013 | Sep. 30, 2013 | Mar. 01, 2012 | Aug. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Secured Debt [Member] | Secured Debt [Member] | Secured 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] | Term Fixed Loan With Swaps [Member] | Senior Notes [Member] | Individual Property Mortgages [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | L I B O R [Member] | Mortgages [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum | Maximum | Maximum | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Tranche 1 [Member] | Tranche 2 [Member] | Tranche 3 [Member] | Tranche 4 [Member] | Freddie Mac [Member] | Freddie Mac [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||
Fixed Rate Debt | Floating Rate Debt [Member] | $250 million unsecured term loan [Member] | $150 million unsecured term loan [Domain] | Fixed Rate Debt | Floating Rate Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | $500 million unsecured revolving credit faciltiy [Member] [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Secured Debt [Member] | Fixed Rate Debt | Floating Rate Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | $150 million unsecured term loan [Domain] | $150 million unsecured term loan [Domain] | Unsecured Debt [Member] | $150 million unsecured term loan [Domain] | $150 million unsecured term loan [Domain] | Unsecured Debt [Member] | Conventional Credit Facility [Member] | Conventional Credit Facility [Member] | Tax Free Credit Facility [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Conventional Credit Facility [Member] | Mortgages [Member] | Interest Rate Swap [Member] | Interest Rate Caps | Interest Rate Caps | |||||||
Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Floating Rate Debt [Member] | $500 million unsecured revolving credit faciltiy [Member] [Member] | $500 million unsecured revolving credit faciltiy [Member] [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Secured Debt [Member] | Secured Debt [Member] | Contract | Contract | Contract | ||||||||||||||||||||||
Fixed Rate Debt | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | $1,860,000,000 | $1,670,000,000 | ' | ' | ' | ' | ' | ' | ' | $350,000,000 | ' | ' | ' | $150,000,000 | $310,000,000 | $382,817,000 | $1,050,202,000 | $691,817,000 | $358,385,000 | $810,000,000 | $259,000,000 | $15,200,000 | ' | ' | ' | ' | ' | ' | $50,000,000 | $189,721,000 | $89,217,000 | ' | ' | ' | ' | $64,247,000 | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 250,000,000 | 150,000,000 | ' | ' | 350,000,000 | 175,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | 20,000,000 | 117,000,000 | 20,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.15% | 3.61% | 4.17% | 4.33% | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.40% | 90.00% | 2.05% | 2.15% | 170.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured credit facility as a Percentage of outstanding debt | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $559,000,000 | $224,600,000 | $63,800,000 |
Derivative, Number of Instruments Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 11 |
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | ' | 3.50% | 4.90% | 0.90% | 2.70% | ' | ' | 2.40% | 1.30% | ' | ' | ' | ' | 4.50% | 4.70% | ' | ' | ' | ' | 5.30% | 3.60% | ' | ' | ' | ' | ' | ' | 4.70% | 0.70% | 0.90% | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' |
Debt Instrument, Maturity Date | 11-Aug-18 | ' | 12-Apr-18 | 4-May-17 | 3-Feb-20 | 14-Jan-19 | ' | ' | 1-Mar-17 | 7-Aug-17 | ' | ' | ' | ' | 27-Jul-21 | 29-Mar-19 | ' | ' | ' | ' | 20-Jul-14 | ' | ' | ' | ' | ' | ' | ' | 31-Mar-17 | 2-Dec-16 | 23-Jul-31 | ' | ' | ' | ' | 1-Jul-14 | 1-Jan-16 | ' | ' | ' |
Debt_Structure_Detail
Debt Structure (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes payable | $810,000 | $483,000 |
Total Outstanding Debt | 1,860,000 | 1,670,000 |
Effective Rate | 3.20% | ' |
Contract Maturity | 11-Aug-18 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective Rate | 2.70% | ' |
Contract Maturity | 14-Jan-19 | ' |
Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 1,050,202 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 810,000 | ' |
Fixed Rate Debt | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective Rate | 2.40% | ' |
Contract Maturity | 1-Mar-17 | ' |
Fixed Rate Debt | Term Fixed Loan With Swaps [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 150,000 | ' |
Fixed Rate Debt | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 691,817 | ' |
Variable Rate Debt | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | 350,000 | ' |
Effective Rate | 1.30% | ' |
Contract Maturity | 7-Aug-17 | ' |
Variable Rate Debt | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Outstanding Debt | $358,385 | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($4,688,000) | ($31,468,000) | ($4,688,000) | ($31,468,000) | ($26,881,000) | ($38,579,000) |
Derivative Instruments Not Designated as Hedging Instruments, Loss | -5,000 | -25,000 | -8,000 | -58,000 | ' | ' |
Credit Risk Derivatives, description of contingent features | ' | ' | '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. | ' | ' | ' |
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 | 9,700,000 | ' | 9,700,000 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | ' | 22,193,000 | 7,111,000 | ' | ' |
Credit Default Option [Member] | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Credit Risk Related Contingent Features Termination Value | 500,000 | ' | 500,000 | ' | ' | ' |
Other Credit Enhancements | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Credit Risk Related Contingent Features Termination Value | 6,700,000 | ' | 6,700,000 | ' | ' | ' |
Termination | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Fair Value of Credit Risk Derivatives | 9,800,000 | ' | 9,800,000 | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Change in Fair Value of Derivatives, Ineffective portion | 1,000 | 7,000 | 26,000 | 40,000 | ' | ' |
Interest Expense | Cash Flow Hedges of Interest Rate Risk | 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 | ' | ' | 8,900,000 | ' | ' | ' |
net liability position [Member] | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Credit Risk Related Contingent Features Termination Value | 10,200,000 | ' | 10,200,000 | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | Interest Rate Caps | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 11 | ' | 11 | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | 63,800,000 | ' | 63,800,000 | ' | ' | ' |
Designated as Hedging Instrument [Member] | Interest Rate Caps | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 0 | ' | 0 | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | 224,600,000 | ' | 224,600,000 | ' | ' | ' |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 0 | ' | 0 | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | $559,000,000 | ' | $559,000,000 | ' | ' | ' |
Outstanding_Interest_Rate_Deri
Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) (Designated as Hedging Instrument [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Contract |
Interest Rate Caps | ' |
Derivative [Line Items] | ' |
Derivative, Number of Instruments Held | 0 |
Notional | $224,600 |
Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Number of Instruments Held | 0 |
Notional | 559,000 |
Interest Rate Forward Swap [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Number of Instruments Held | 3 |
Notional | $150,000 |
Fair_Values_of_Derivative_Inst
Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $10,681 | $245 |
Derivative financial instruments, Liability | 9,858 | 21,423 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 57 | 43 |
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 | 10,681 | 245 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 57 | 43 |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative financial instruments, Liability | 9,858 | 21,423 |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | ($1,826) | ($2,903) | $10,095 | ($8,197) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -3,621 | -4,815 | -12,098 | -15,308 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -1 | -7 | 26 | -40 |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -1,826 | -2,903 | 10,095 | -8,197 |
Interest Rate Contract [Member] | Interest Expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -3,621 | -4,815 | -12,098 | -15,308 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -1 | -7 | 26 | -40 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -5 | -25 | -8 | -58 |
Not Designated as Hedging Instrument [Member] | Interest Expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ($8) | ($58) |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities Gross presentation effects of offsetting and net presentation of derivatives (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $10,738 | $288 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Asset, Fair Value, Net | 10,738 | 288 |
Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net | -866 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 9,858 | 21,423 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Net | 9,858 | 21,423 |
Assets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Fair Value, Net | 9,872 | 288 |
Liability [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Fair Value, Net | $8,992 | $21,423 |
Fair_Value_Disclosure_of_Finan2
Fair Value Disclosure of Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Fixed Rate Debt | Fixed Rate Debt | Variable Rate Debt | Variable Rate Debt | Conventional Variable Rate Debt [Member] | Conventional Variable Rate Debt [Member] | |||
Minimum [Member] | Maximum [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable Excluding Interest Rate Swaps and Cap Agreements | ' | ' | $743,000,000 | $732,000,000 | $1,100,000,000 | $941,000,000 | ' | ' |
Notes Payable | 1,860,000,000 | 1,670,000,000 | ' | ' | ' | ' | ' | ' |
Notes Payable, fair value | ' | ' | $785,000,000 | $778,000,000 | $1,000,000,000 | $860,000,000 | ' | ' |
Debt Renewal Period | ' | ' | ' | ' | ' | ' | '30 days | '90 days |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest Rate Derivative Assets, at Fair Value | $10,738,000 | $288,000 |
Derivative financial instruments, Liability | 9,858,000 | 21,423,000 |
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 | 10,738,000 | 288,000 |
Derivative financial instruments, Liability | 9,858,000 | 21,423,000 |
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 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 18, 2013 | Oct. 02, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | Oct. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Noncontrolling Interest [Member] | Greenwood Forest [Member] | Woodbridge At Lake [Member] | Haven at Celebrate II [Domain] | Whispering Pines [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | |||||||||
Apartments | Apartments | Apartments | Apartments | Senior Notes [Member] | Senior Notes [Member] | Variable Rate Debt | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger Related Expenses | ' | $5,561,000 | $0 | $11,298,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | ' | ' | 2,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | 31,916,765 | ' | ' | ' | ' | ' | ' | ' | 2,574,631 | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | $62.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | 1,860,000,000 | ' | 1,860,000,000 | ' | ' | ' | 1,670,000,000 | ' | ' | ' | ' | ' | ' | ' | 350,000,000 |
Number of Units in Real Estate Property | ' | 48,343 | ' | 48,343 | ' | ' | ' | ' | ' | 316 | 188 | 251 | 216 | ' | ' | ' |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 175,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | ' | ' |
Debt Instrument, Issue Price [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.99047 | ' | ' |
Preferred Stock, Shares Issued | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units, Dividend Rate, Percentage | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units, Par or Stated Value Per Unit | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |