Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MAA | |
Entity Registrant Name | MID AMERICA APARTMENT COMMUNITIES INC | |
Entity Central Index Key | 912,595 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 75,374,868 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Limited Partner [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | MID-AMERICA APARTMENTS, L.P. | |
Entity Central Index Key | 1,581,776 | |
Entity Filer Category | Non-accelerated Filer |
MAA Condensed Consolidated Bala
MAA Condensed Consolidated Balance Sheets - Parent Company [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Land | $ 904,504 | $ 913,408 |
Buildings and improvements | 6,705,727 | 6,781,210 |
Furniture, fixtures and equipment | 214,943 | 214,742 |
Development and capital improvements in progress | 69,975 | 80,772 |
Real Estate Investment Property, at Cost | 7,895,149 | 7,990,132 |
Less accumulated depreciation | (1,338,726) | (1,358,400) |
Real Estate Investment Property, Net | 6,556,423 | 6,631,732 |
Undeveloped land | 52,629 | 55,997 |
Corporate properties, net | 8,331 | 7,988 |
Investments in real estate joint ventures | 1,809 | 1,791 |
Assets held for sale | 64,265 | 0 |
Real estate assets, net | 6,683,457 | 6,697,508 |
Cash and cash equivalents | 30,030 | 26,653 |
Restricted cash | 53,406 | 28,181 |
Deferred financing costs, net | 12,764 | 17,812 |
Other assets | 62,149 | 61,119 |
Goodwill | 1,607 | 2,321 |
Total assets | 6,843,413 | 6,833,594 |
Liabilities: | ||
Secured notes payable | 1,413,793 | 1,592,116 |
Unsecured notes payable | 2,028,451 | 1,932,399 |
Accounts payable | 11,884 | 8,395 |
Fair market value of interest rate swaps | 13,071 | 13,392 |
Accrued expenses and other liabilities | 215,134 | 219,044 |
Security deposits | 11,281 | 10,526 |
Liabilities associated with assets held for sale | 1,216 | 0 |
Total liabilities | 3,694,830 | 3,775,872 |
Redeemable stock | 6,298 | 5,911 |
Shareholders' equity: | ||
Common stock | 754 | 752 |
Additional paid-in capital | 3,622,323 | 3,619,270 |
Accumulated distributions in excess of net income | (647,413) | (729,086) |
Accumulated other comprehensive loss | 952 | (412) |
Total MAA shareholders' equity | 2,976,616 | 2,890,524 |
Noncontrolling interest | 165,669 | 161,287 |
Total equity | 3,142,285 | 3,051,811 |
Total liabilities and equity | $ 6,843,413 | $ 6,833,594 |
Redeemable stock, shares issued and outstanding | 86,495 | 87,818 |
MAALP Condensed Consolidated Ba
MAALP Condensed Consolidated Balance Sheets - Limited Partner [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Land | $ 904,504 | $ 913,408 |
Buildings and improvements | 6,705,727 | 6,781,210 |
Furniture, fixtures and equipment | 214,943 | 214,742 |
Development and capital improvements in progress | 69,975 | 80,772 |
Real Estate Investment Property, at Cost | 7,895,149 | 7,990,132 |
Less accumulated depreciation | (1,338,726) | (1,358,400) |
Real Estate Investment Property, Net | 6,556,423 | 6,631,732 |
Undeveloped land | 52,629 | 55,997 |
Corporate properties, net | 8,331 | 7,988 |
Investments in real estate joint ventures | 1,809 | 1,791 |
Assets held for sale | 64,265 | 0 |
Real estate assets, net | 6,683,457 | 6,697,508 |
Cash and cash equivalents | 30,030 | 26,653 |
Restricted cash | 53,406 | 28,181 |
Deferred financing costs, net | 12,764 | 17,812 |
Other assets | 62,149 | 61,119 |
Goodwill | 1,607 | 2,321 |
Total assets | 6,843,413 | 6,833,594 |
Liabilities: | ||
Secured notes payable | 1,413,793 | 1,592,116 |
Unsecured notes payable | 2,028,451 | 1,932,399 |
Accounts payable | 11,884 | 8,395 |
Fair market value of interest rate swaps | 13,071 | 13,392 |
Accrued expenses and other liabilities | 215,134 | 219,044 |
Security deposits | 11,281 | 10,526 |
Due to general partner | 19 | 19 |
Liabilities associated with assets held for sale | 1,216 | 0 |
Total liabilities | 3,694,849 | 3,775,891 |
Redeemable units | 6,298 | 5,911 |
Capital [Abstract] | ||
General Partners' Capital Account | 2,975,586 | 2,890,858 |
Limited Partners' Capital Account | 165,616 | 161,310 |
Accumulated other comprehensive loss | 1,064 | (376) |
Total Capital | 3,142,266 | 3,051,792 |
Total Liabilities and Capital | $ 6,843,413 | $ 6,833,594 |
Redeemable units, units issued and outstanding | 86,495 | 87,818 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, shares outstanding | 75,375,027 | |
General Partners' Capital Account, Units Outstanding | 75,375,027 | |
Limited Partners' Capital Account, Units Outstanding | 4,186,369 | |
Parent Company [Member] | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 75,375,027 | 75,267,675 |
Common stock, shares outstanding | 75,375,027 | 75,267,675 |
Limited Partner [Member] | ||
General Partners' Capital Account, Units Outstanding | 75,375,027 | 75,267,675 |
Limited Partners' Capital Account, Units Outstanding | 4,186,369 | 4,191,152 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Parent Company [Member] | ||||
Operating revenues: | ||||
Rental revenues | $ 236,165 | $ 223,361 | $ 471,106 | $ 445,111 |
Other property revenues | 22,726 | 21,883 | 46,337 | 44,285 |
Total property revenues | 258,891 | 245,244 | 517,443 | 489,396 |
Management fee income | 0 | 61 | 0 | 143 |
Total operating revenues | 258,891 | 245,305 | 517,443 | 489,539 |
Property operating expenses: | ||||
Personnel | 25,872 | 25,195 | 51,533 | 50,118 |
Building repairs and maintenance | 7,778 | 7,533 | 14,403 | 14,298 |
Real estate taxes and insurance | 32,805 | 30,829 | 66,126 | 62,103 |
Utilities | 21,596 | 21,559 | 43,673 | 43,141 |
Landscaping | 5,687 | 6,040 | 11,132 | 11,489 |
Other operating | 7,118 | 6,742 | 14,638 | 14,377 |
Depreciation and amortization | 74,396 | 69,631 | 147,508 | 159,644 |
Total property operating expenses | 175,252 | 167,529 | 349,013 | 355,170 |
Acquisition expense | 1,159 | 947 | 1,499 | 958 |
Property management expenses | 6,986 | 9,579 | 15,478 | 16,590 |
General and administrative expenses | 6,657 | 5,212 | 13,224 | 9,554 |
Merger related expenses | 0 | 795 | 0 | 2,871 |
Integration related expenses | 0 | 3,151 | 0 | 6,993 |
Income from continuing operations before non-operating items | 68,837 | 58,092 | 138,229 | 97,403 |
Interest and other non-property (expense) income | 29 | 899 | (180) | 1,040 |
Interest expense | (29,528) | (30,163) | (59,459) | (60,839) |
Loss on debt extinguishment | (3) | 0 | (3,379) | 0 |
Amortization of deferred financing costs | (905) | (1,174) | (1,822) | (2,485) |
Net casualty loss after insurance and other settlement proceeds | 510 | (295) | 490 | (305) |
Gain on sale of depreciable real estate assets excluded from discontinued operations | 105,182 | 3,658 | 135,410 | 6,222 |
Gain on sale of non-depreciable real estate assets | 172 | (22) | 172 | 535 |
Income before income tax expense | 144,294 | 30,995 | 209,461 | 41,571 |
Income tax expense | (398) | (523) | (907) | (793) |
Income from continuing operations before joint venture activity | 143,896 | 30,472 | 208,554 | 40,778 |
Gain (loss) from real estate joint ventures | (23) | 2,919 | (4) | 2,895 |
Income from continuing operations | 143,873 | 33,391 | 208,550 | 43,673 |
Discontinued operations: | ||||
Income from discontinued operations before gain on sale | 0 | (4) | 0 | (51) |
Loss from Insurance Settlement and Other, Discontinued Operations | 0 | (1) | 0 | (3) |
Gain on sale of discontinued operations | 0 | 0 | 0 | 5,481 |
Consolidated net income | 143,873 | 33,386 | 208,550 | 49,100 |
Net income attributable to noncontrolling interests | 7,574 | 1,773 | 10,984 | 2,621 |
Net income available for MAA common shareholders | $ 136,299 | $ 31,613 | $ 197,566 | $ 46,479 |
Earnings per common share - basic: | ||||
Income from continuing operations available for common shareholders | $ 1.81 | $ 0.42 | $ 2.62 | $ 0.55 |
Discontinued property operations | 0 | 0 | 0 | 0.07 |
Net income available for common shareholders | 1.81 | 0.42 | 2.62 | 0.62 |
Earnings per common share - diluted: | ||||
Income from continuing operations available for common shareholders | 1.81 | 0.42 | 2.62 | 0.55 |
Discontinued property operations | 0 | 0 | 0 | 0.07 |
Net income available for common shareholders | 1.81 | 0.42 | 2.62 | 0.62 |
Dividends declared per common share | $ 0.77 | $ 0.73 | 1.54 | 1.46 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 1.54 | $ 1.46 | ||
Limited Partner [Member] | ||||
Operating revenues: | ||||
Rental revenues | $ 236,165 | $ 223,361 | $ 471,106 | $ 445,111 |
Other property revenues | 22,726 | 21,883 | 46,337 | 44,285 |
Total property revenues | 258,891 | 245,244 | 517,443 | 489,396 |
Management fee income | 0 | 61 | 0 | 143 |
Total operating revenues | 258,891 | 245,305 | 517,443 | 489,539 |
Property operating expenses: | ||||
Personnel | 25,872 | 25,195 | 51,533 | 50,118 |
Building repairs and maintenance | 7,778 | 7,533 | 14,403 | 14,298 |
Real estate taxes and insurance | 32,805 | 30,829 | 66,126 | 62,103 |
Utilities | 21,596 | 21,559 | 43,673 | 43,141 |
Landscaping | 5,687 | 6,040 | 11,132 | 11,489 |
Other operating | 7,118 | 6,742 | 14,638 | 14,377 |
Depreciation and amortization | 74,396 | 69,631 | 147,508 | 159,644 |
Total property operating expenses | 175,252 | 167,529 | 349,013 | 355,170 |
Acquisition expense | 1,159 | 947 | 1,499 | 958 |
Property management expenses | 6,986 | 9,579 | 15,478 | 16,590 |
General and administrative expenses | 6,657 | 5,212 | 13,224 | 9,554 |
Merger related expenses | 0 | 795 | 0 | 2,871 |
Integration related expenses | 0 | 3,151 | 0 | 6,993 |
Income from continuing operations before non-operating items | 68,837 | 58,092 | 138,229 | 97,403 |
Interest and other non-property (expense) income | 29 | 899 | (180) | 1,040 |
Interest expense | (29,528) | (30,163) | (59,459) | (60,839) |
Loss on debt extinguishment | (3) | 0 | (3,379) | 0 |
Amortization of deferred financing costs | (905) | (1,174) | (1,822) | (2,485) |
Net casualty loss after insurance and other settlement proceeds | 510 | (295) | 490 | (305) |
Gain on sale of depreciable real estate assets excluded from discontinued operations | 105,182 | 3,658 | 135,410 | 6,222 |
Gain on sale of non-depreciable real estate assets | 172 | (22) | 172 | 535 |
Income before income tax expense | 144,294 | 30,995 | 209,461 | 41,571 |
Income tax expense | (398) | (523) | (907) | (793) |
Income from continuing operations before joint venture activity | 143,896 | 30,472 | 208,554 | 40,778 |
Gain (loss) from real estate joint ventures | (23) | 2,919 | (4) | 2,895 |
Income from continuing operations | 143,873 | 33,391 | 208,550 | 43,673 |
Discontinued operations: | ||||
Income from discontinued operations before gain on sale | 0 | (4) | 0 | (51) |
Loss from Insurance Settlement and Other, Discontinued Operations | 0 | (1) | 0 | (3) |
Gain on sale of discontinued operations | 0 | 0 | 0 | 5,481 |
Consolidated net income | 143,873 | 33,386 | 208,550 | 49,100 |
Net income available for Mid-America Apartments, L.P. common unitholders | $ 143,873 | $ 33,386 | $ 208,550 | $ 49,100 |
Earnings per common share - basic: | ||||
Income from continuing operations available for common shareholders | $ 1.81 | $ 0.42 | $ 2.62 | $ 0.55 |
Discontinued property operations | 0 | 0 | 0 | 0.07 |
Net income available for common shareholders | 1.81 | 0.42 | 2.62 | 0.62 |
Earnings per common share - diluted: | ||||
Income from continuing operations available for common shareholders | 1.81 | 0.42 | 2.62 | 0.55 |
Discontinued property operations | 0 | 0 | 0 | 0.07 |
Net income available for common shareholders | 1.81 | 0.42 | 2.62 | 0.62 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.77 | $ 0.73 | $ 1.54 | $ 1.46 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Parent Company [Member] | ||||
Consolidated net income | $ 143,873 | $ 33,386 | $ 208,550 | $ 49,100 |
Unrealized loss from the effective portion of derivitave insturments | 1,804 | (7,403) | (2,543) | (8,400) |
Reclassification adjustment for net losses included in net income for the effective portion of derivative instruments | 1,791 | 3,085 | 3,983 | 6,810 |
Total comprehensive income | 147,468 | 29,068 | 209,990 | 47,510 |
Less: comprehensive income attributable to noncontrolling interests | (7,764) | (1,542) | (11,060) | (2,534) |
Comprehensive income attributable to MAA | 139,704 | 27,526 | 198,930 | 44,976 |
Limited Partner [Member] | ||||
Consolidated net income | 143,873 | 33,386 | 208,550 | 49,100 |
Unrealized loss from the effective portion of derivitave insturments | 1,804 | (7,403) | (2,543) | (8,400) |
Reclassification adjustment for net losses included in net income for the effective portion of derivative instruments | 1,791 | 3,085 | 3,983 | 6,810 |
Comprehensive income attributable to Mid-America Apartments, L.P. | $ 147,468 | $ 29,068 | $ 209,990 | $ 47,510 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Consolidated net income | $ 208,550 | $ 49,100 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Retail revenue accretion | (820) | (12) |
Depreciation and amortization | 149,587 | 162,099 |
Stock compensation expense | 2,763 | 2,045 |
Redeemable stock issued | 560 | 507 |
Amortization of debt premium | (10,339) | (14,648) |
(Gain) loss from investments in real estate joint ventures | 6 | (2,878) |
Loss on debt extinguishment | 2,785 | 0 |
Derivative interest (credit) expense | (1,021) | 402 |
Gain (Loss) on Sale of Derivatives | 0 | (3,625) |
Gain on sale of non-depreciable real estate assets | (172) | (535) |
Gain on sale of depreciable real estate assets excluded from discontinued operations | (135,410) | (6,222) |
Gain on sale of discontinued operations | 0 | (5,481) |
Net casualty loss and other settlement proceeds | (490) | 308 |
Changes in assets and liabilities: | ||
Restricted cash | 1,720 | (5,183) |
Other assets | 8,562 | 11,134 |
Accounts payable | 344 | 229 |
Accrued expenses and other | (1,204) | 594 |
Security deposits | 1,109 | 526 |
Net cash provided by operating activities | 226,530 | 188,360 |
Cash flows from investing activities: | ||
Purchases of real estate and other assets | (161,892) | (141,795) |
Normal capital improvements | (48,099) | (45,695) |
Construction capital and other improvements | (3,873) | (5,271) |
Renovations to existing real estate assets | (12,747) | (7,801) |
Development | (14,420) | (46,346) |
Distributions from real estate joint ventures | 6 | 11,541 |
Contributions to Real Estate Joint Ventures | (30) | 0 |
Proceeds from disposition of real estate assets | 238,849 | 125,640 |
(Funding) return of escrow for future acquisitions | (26,945) | (16,742) |
Net cash (used in) provided by investing activities | (29,151) | (126,469) |
Cash flows from financing activities: | ||
Net change in credit lines | (16,115) | (181,183) |
Proceeds from notes payable | 0 | 396,180 |
Principal payments on notes payable | (55,199) | (230,952) |
Payment of deferred financing costs | (178) | (3,395) |
Repurchase of common stock | (945) | (336) |
Proceeds from issuances of common shares | 184 | 575 |
Exercise of stock options | 420 | 9,544 |
Distributions to noncontrolling interests | (6,443) | (6,158) |
Dividends paid on common shares | (115,726) | (109,414) |
Net cash used in financing activities | (194,002) | (125,139) |
Net (decrease) increase in cash and cash equivalents | 3,377 | (63,248) |
Cash and cash equivalents, beginning of period | 26,653 | 89,333 |
Cash and cash equivalents, end of period | 30,030 | 26,085 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 71,596 | 75,818 |
Income Taxes Paid | 2,051 | 1,596 |
Supplemental disclosure of noncash investing and financing activities: | ||
Conversion of units to shares of common stock | 184 | 799 |
Accrued construction in progress | 11,165 | 8,458 |
Interest capitalized | 964 | 850 |
Marked-to-market adjustment on derivative instruments | 2,484 | 1,633 |
Fair value adjustment on debt assumed | 0 | 1,651 |
Loan assumption | 0 | 31,692 |
Limited Partner [Member] | ||
Cash flows from operating activities: | ||
Consolidated net income | 208,550 | 49,100 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Retail revenue accretion | (820) | (12) |
Depreciation and amortization | 149,587 | 162,099 |
Stock compensation expense | 2,763 | 2,045 |
Redeemable stock issued | 560 | 507 |
Amortization of debt premium | (10,339) | (14,648) |
(Gain) loss from investments in real estate joint ventures | 6 | (2,878) |
Loss on debt extinguishment | 2,785 | 0 |
Derivative interest (credit) expense | (1,021) | 402 |
Gain (Loss) on Sale of Derivatives | 0 | (3,625) |
Gain on sale of non-depreciable real estate assets | (172) | (535) |
Gain on sale of depreciable real estate assets excluded from discontinued operations | (135,410) | (6,222) |
Gain on sale of discontinued operations | 0 | (5,481) |
Net casualty loss and other settlement proceeds | (490) | 308 |
Changes in assets and liabilities: | ||
Restricted cash | 1,720 | (5,183) |
Other assets | 8,562 | 11,134 |
Accounts payable | 344 | 229 |
Accrued expenses and other | (1,204) | 594 |
Security deposits | 1,109 | 526 |
Net cash provided by operating activities | 226,530 | 188,360 |
Cash flows from investing activities: | ||
Purchases of real estate and other assets | (161,892) | (141,795) |
Normal capital improvements | (48,099) | (45,695) |
Construction capital and other improvements | (3,873) | (5,271) |
Renovations to existing real estate assets | (12,747) | (7,801) |
Development | (14,420) | (46,346) |
Distributions from real estate joint ventures | 6 | 11,541 |
Contributions to Real Estate Joint Ventures | (30) | 0 |
Proceeds from disposition of real estate assets | 238,849 | 125,640 |
(Funding) return of escrow for future acquisitions | (26,945) | (16,742) |
Net cash (used in) provided by investing activities | (29,151) | (126,469) |
Cash flows from financing activities: | ||
Net change in credit lines | (16,115) | (181,183) |
Proceeds from notes payable | 0 | 396,180 |
Principal payments on notes payable | (55,199) | (230,952) |
Payment of deferred financing costs | (178) | (3,395) |
Repurchase of common units | (945) | (336) |
Proceeds from issuances of common units | 184 | 575 |
Exercise of stock options | 420 | 9,544 |
Distributions paid on common units | (122,169) | (115,572) |
Net cash used in financing activities | (194,002) | (125,139) |
Net (decrease) increase in cash and cash equivalents | 3,377 | (63,248) |
Cash and cash equivalents, beginning of period | 26,653 | 89,333 |
Cash and cash equivalents, end of period | 30,030 | 26,085 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 71,596 | 75,818 |
Income Taxes Paid | 2,051 | 1,596 |
Supplemental disclosure of noncash investing and financing activities: | ||
Accrued construction in progress | 11,165 | 8,458 |
Interest capitalized | 964 | 850 |
Marked-to-market adjustment on derivative instruments | 2,484 | 1,633 |
Fair value adjustment on debt assumed | 0 | 1,651 |
Loan assumption | $ 0 | $ 31,692 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Consolidation and Basis of Presentation and Significant Accounting Policies [Abstract] | |
Consolidation and Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Principles of Consolidation and Significant Accounting Policies Unless the context otherwise requires, all references to "we," "us," "our," or the "Company" refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including the Mid-America Apartments, L.P. Unless the context otherwise requires, all references to "MAA" refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, the references to the "Operating Partnership" or "MAALP" refer to Mid-America Apartments, L.P. together with its consolidated subsidiaries. "Common stock" refers to the common stock of MAA and "shareholders" means the holders of shares of MAA’s common stock. The limited partnership interests of the Operating Partnership are referred to as "OP Units" and the holders of the OP Units are referred to as "unitholders". As of June 30, 2015 , MAA owned 75,375,027 units (or approximately 94.7% ) of the limited partnership interests of the Operating Partnership. MAA conducts substantially all of its business and holds substantially all of its assets through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership's sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership. We believe combining the notes to the consolidated financial statements of MAA and MAALP results in the following benefits: • enhances a readers' understanding of MAA and the Operating Partnership by enabling the reader to view the business as a whole in the same manner that management views and operates the business; • eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both MAA and the Operating Partnership. Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. We believe it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an "umbrella partnership REIT," or UPREIT. MAA's interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA's percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the limited partners. MAA's only material asset is its ownership of limited partner interests in the Operating Partnership; therefore, MAA does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. The Operating Partnership holds, directly or indirectly, all of our real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates the capital required by our business through the Operating Partnership's operations, direct or indirect incurrence of indebtedness and issuance of partnership units. The presentation of MAA's shareholders' equity and the Operating Partnership's capital are the principal areas of difference between the consolidated financial statements of MAA and those of the Operating Partnership. MAA's shareholders' equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interest, preferred units, treasury shares, accumulated other comprehensive income and redeemable common units. The Operating Partnership's capital may include common capital and preferred capital of the general partner (MAA), limited partners' preferred capital, limited partners' noncontrolling interest, accumulated other comprehensive income and redeemable common units. Redeemable common units represent the number of outstanding OP Units as of the date of the applicable balance sheet, valued at the greater of the closing market price of MAA's common stock or the aggregate value of the individual partners' capital balances. Each redeemable OP Unit may be redeemed by the holder thereof for either cash equal to the fair market value of one share of common stock of MAA at the time of such redemption or, at the option of MAA, one share of common stock of MAA. As of June 30, 2015 , we owned and operated 254 apartment communities comprising 79,977 apartments located in 14 states principally through the Operating Partnership. As of June 30, 2015 , we had four development communities under construction totaling 806 units, with 115 units completed. Total expected costs for the development projects are $118.8 million , of which $55.1 million has been incurred through June 30, 2015 . We expect to complete construction on the first project by the third quarter of 2015, the second project by the fourth quarter of 2015, the third project by the third quarter of 2016, and the fourth project by the second quarter of 2017. Five of our multifamily properties include retail components with approximately 163,000 square feet of gross leasable area. We also have one wholly owned commercial property, which we acquired through our merger with Colonial Properties Trust, or Colonial, with approximately 196,000 square feet of gross leasable area, excluding tenant owned anchor stores, and one partially owned commercial property with approximately 30,000 square feet of gross leasable area. Reclassifications In order to present comparative financial statements, certain reclassifications have been made to prior period numbers. In our Form 10-Q for the three and six months ended June 30, 2014, we reported approximately $0.3 million and $0.7 million , respectively, in permits and fees and general maintenance costs in the Other operating expense line of our Condensed Consolidated Statement of Operations. These costs have been reclassified to Building repairs and maintenance for the three and six months ended June 30, 2014, presented in the Condensed Consolidated Statement of Operations included in this Report. In our Form 10-Q for the three and six months ended June 30, 2014, we also reported approximately $8.3 million and $16.4 million , respectively, primarily for cable TV, trash removal, and telephone costs, in the Other operating expense line of our Condensed Consolidated Statement of Operations. These costs have been reclassified to Utilities for the three and six months ended June 30, 2014, presented in the Condensed Consolidated Statement of Operations included in this Report. In our Form 10-K for the year ended December 31, 2014, we reported approximately $36.5 million as Assets held for sale, excluded from Real estate assets, net. These assets have been reclassified to Assets held for use within the applicable line items in the Condensed Consolidated Balance Sheet included in this Report. See further discussion on the held for sale reclassification in Note 12 to these condensed consolidated financial statements. These changes have been made in order to provide better insight into our property operating expenses and balance sheet position. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership, and all other subsidiaries in which MAA has a controlling financial interest. MAA owns approximately 95% to 100% of all consolidated subsidiaries. The condensed consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 100% of all consolidated subsidiaries. In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. We invest in entities which may qualify as variable interest entities, or VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. We consolidate all VIEs for which we are the primary beneficiary and use the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities. We use the equity method of accounting for our investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that we do not have the ability to exercise control include ownership of voting interests and participatory rights of investors. |
Earnings Per Common Share of MA
Earnings Per Common Share of MAA | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Common Share of MAA [Abstract] | |
Earnings Per Share [Text Block] | Earnings per Common Share of MAA Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the three and six months ended June 30, 2015 and 2014 , MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method, as presented below: (dollars and shares in thousands, except per share amounts) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Shares Outstanding Weighted average common shares - basic 75,168 74,948 75,157 74,876 Weighted average partnership units outstanding — (1) — (1) — (1) — (1) Effect of dilutive securities — (2) — (2) — (2) 162 Weighted average common shares - diluted 75,168 74,948 75,157 75,038 Calculation of Earnings per Share - basic Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations attributable to noncontrolling interests (7,574 ) (1,773 ) (10,984 ) (2,332 ) Income from continuing operations allocated to unvested restricted shares (337 ) (64 ) (446 ) (81 ) Income from continuing operations available for common shareholders, adjusted $ 135,962 $ 31,554 $ 197,120 $ 41,260 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations attributable to noncontrolling interest — — — (289 ) Income from discontinued operations allocated to unvested restricted shares — — — (10 ) Income from discontinued operations available for common shareholders, adjusted $ — $ (5 ) $ — $ 5,128 Weighted average common shares - basic 75,168 74,948 75,157 74,876 Earnings per share - basic $ 1.81 $ 0.42 $ 2.62 $ 0.62 Calculation of Earnings per Share - diluted Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations attributable to noncontrolling interests (7,574 ) (1) (1,773 ) (1) (10,987 ) (1) (2,332 ) (1) Income from continuing operations allocated to unvested restricted shares (337 ) (2) (64 ) (2) (446 ) (2) — Income from continuing operations available for common shareholders, adjusted $ 135,962 $ 31,554 $ 197,117 $ 41,341 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations attributable to noncontrolling interest — — — (289 ) (1) Income from discontinued operations allocated to unvested restricted shares — — — — Income from discontinued operations available for common shareholders, adjusted $ — $ (5 ) $ — $ 5,138 Weighted average common shares - diluted 75,168 74,948 75,157 75,038 Earnings per share - diluted $ 1.81 $ 0.42 $ 2.62 $ 0.62 (1) For both the three and six months ended June 30, 2015 and 2014 , 4.2 million operating partnership units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. (2) For both the three and six months ended June 30, 2015 and the three months ended June 30, 2014 , 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive. |
Earnings Per OP Unit of MAALP
Earnings Per OP Unit of MAALP | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per OP Unit of MAALP [Abstract] | |
Earnings Per Unit [Text Block] | Earnings per OP Unit of MAALP Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three and six months ended June 30, 2015 and 2014 is presented below: (dollars and units in thousands, except per unit amounts) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Units Outstanding Weighted average OP Units - basic 79,356 79,156 79,346 79,090 Effect of dilutive securities — (1) — (1) — (1) 162 Weighted average OP Units - diluted 79,356 79,156 79,346 79,252 Calculation of Earnings per Unit - basic Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations allocated to unvested restricted shares (337 ) (64 ) (446 ) (81 ) Income from continuing operations available for common unitholders, adjusted $ 143,536 $ 33,327 $ 208,104 $ 43,592 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations allocated to unvested restricted shares — — — (10 ) Income from discontinued operations available for common unitholders, adjusted $ — $ (5 ) $ — $ 5,417 Weighted average OP Units - basic 79,356 79,156 79,346 79,090 Earnings per unit - basic: $ 1.81 $ 0.42 $ 2.62 $ 0.62 Calculation of Earnings per Unit - diluted Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations allocated to unvested restricted shares (337 ) (1) (64 ) (1) (446 ) (1) — Income from continuing operations available for common unitholders, adjusted $ 143,536 $ 33,327 $ 208,104 $ 43,673 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations allocated to unvested restricted shares — — — — Income from discontinued operations available for common unitholders, adjusted $ — $ (5 ) $ — $ 5,427 Weighted average OP Units - diluted 79,356 79,156 79,346 79,252 Earnings per unit - diluted: $ 1.81 $ 0.42 $ 2.62 $ 0.62 (1) For both the three and six months ended June 30, 2015 and the three months ended June 30, 2014 , 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive. |
MAA Equity
MAA Equity | 6 Months Ended |
Jun. 30, 2015 | |
MAA Equity [Abstract] | |
Consolidated Statements of Equity [Text Block] | MAA Equity Total equity and its components for the six-month periods ended June 30, 2015 and 2014 were as follows (dollars in thousands, except per share and per unit data): Mid-America Apartment Communities, Inc. Shareholders Equity Common Stock Amount Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest Total Equity EQUITY BALANCE DECEMBER 31, 2014 $ 752 $ 3,619,270 $ (729,086 ) $ (412 ) $ 161,287 $ 3,051,811 Net income 197,566 10,984 208,550 Other comprehensive income - derivative instruments (cash flow hedges) 1,364 76 1,440 Issuance and registration of common shares 2 182 184 Shares repurchased and retired — (945 ) (945 ) Exercise of stock options — 420 420 Shares issued in exchange for units — 184 (184 ) — Redeemable stock fair market value adjustment 173 173 Adjustment for noncontrolling interest ownership in operating partnership 45 (45 ) — Amortization of unearned compensation 3,167 3,167 Dividends on common stock ($1.54 per share) (116,066 ) — (116,066 ) Dividends on noncontrolling interest units ($1.54 per unit) (6,449 ) (6,449 ) EQUITY BALANCE JUNE 30, 2015 $ 754 $ 3,622,323 $ (647,413 ) $ 952 $ 165,669 $ 3,142,285 Mid-America Apartment Communities, Inc. Shareholders Equity Common Stock Amount Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest Total Equity EQUITY BALANCE DECEMBER 31, 2013 $ 747 $ 3,599,549 $ (653,593 ) $ 108 $ 166,726 $ 3,113,537 Net income 46,479 2,621 49,100 Other comprehensive loss - derivative instruments (cash flow hedges) (1,503 ) (87 ) (1,590 ) Issuance and registration of common shares 2 573 575 Shares repurchased and retired — (336 ) (336 ) Exercise of stock options 2 9,542 9,544 Shares issued in exchange for units — 799 (799 ) — Shares issued in exchange for redeemable stock 998 998 Redeemable stock fair market value adjustment (848 ) (848 ) Adjustment for noncontrolling interest ownership in operating partnership 51 (51 ) — Amortization of unearned compensation 2,045 2,045 Dividends on common stock ($1.46 per share) (109,680 ) — (109,680 ) Dividends on noncontrolling interest units ($1.46 per unit) (6,143 ) (6,143 ) EQUITY BALANCE JUNE 30, 2014 $ 751 $ 3,613,221 $ (717,642 ) $ (1,395 ) $ 162,267 $ 3,057,202 |
MAALP Capital
MAALP Capital | 6 Months Ended |
Jun. 30, 2015 | |
MAALP Capital [Abstract] | |
Consolidated Statements of Changes in Capital [Text Block] | MAALP Capital Total capital and its components for the six-month periods ended June 30, 2015 and 2014 were as follows (dollars in thousands, except per unit data): Mid-America Apartments, L.P. Unitholders Limited Partner General Partner Accumulated Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2014 $ 161,310 $ 2,890,858 $ (376 ) $ 3,051,792 Net income 10,984 197,566 208,550 Other comprehensive income - derivative instruments (cash flow hedges) 1,440 1,440 Issuance of units 184 184 Units repurchased and retired (945 ) (945 ) Exercise of unit options 420 420 General partner units issued in exchange for limited partner units (184 ) 184 — Redeemable units fair market value adjustment 173 173 Adjustment for limited partners' capital at redemption value (45 ) 45 — Amortization of unearned compensation 3,167 3,167 Distributions ($1.54 per unit) (6,449 ) (116,066 ) (122,515 ) CAPITAL BALANCE JUNE 30, 2015 $ 165,616 $ 2,975,586 $ 1,064 $ 3,142,266 Mid-America Apartments, L.P. Unitholders Limited Partner General Partner Accumulated Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2013 $ 166,746 $ 2,946,598 $ 174 $ 3,113,518 Net income 2,621 46,479 49,100 Other comprehensive loss - derivative instruments (cash flow hedges) (1,590 ) (1,590 ) Issuance of units 575 575 Units repurchased and retired (336 ) (336 ) Exercise of unit options 9,544 9,544 General partner units issued in exchange for limited partner units (799 ) 799 — Units issued in exchange for redeemable units 998 998 Redeemable units fair market value adjustment (848 ) (848 ) Adjustment for limited partners capital at redemption value (79 ) 79 — Amortization of unearned compensation 2,045 2,045 Distributions ($1.46 per unit) (6,143 ) (109,680 ) (115,823 ) CAPITAL BALANCE JUNE 30, 2014 $ 162,346 $ 2,896,253 $ (1,416 ) $ 3,057,183 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Notes Payable | Borrowings The weighted average interest rate at June 30, 2015 for the $3.44 billion of debt outstanding was 3.6% , compared to the weighted average interest rate of 3.7% on $3.52 billion of debt outstanding at December 31, 2014 . Our debt consists of an unsecured credit facility, unsecured term loans, senior unsecured notes, a secured credit facility with Fannie Mae, and secured property mortgages. We utilize fixed rate borrowings, interest rate swaps, and interest rate caps to manage our current and future interest rate risk. More details on our borrowings can be found in the schedules presented later in this Report. At June 30, 2015 , we had $105.8 million (after considering the impact of interest rate swap and cap agreements in effect) of secured variable rate debt outstanding at an average interest rate of 0.7% and $176.6 million of capped secured variable rate debt at an average interest rate of 0.9% . The interest rate on all other secured debt, totaling $1.1 billion , was hedged or fixed at an average interest rate of 4.0% . Additionally, we had $1.9 billion of senior unsecured notes and term loans fixed at an average interest rate of 4.0% and a $500 million variable rate credit facility with an average interest rate of 1.3% with $159.0 million borrowed at June 30, 2015 . Unsecured Credit Facility We maintain a $500.0 million unsecured credit facility with fourteen banks led by KeyBank National Association (the KeyBank Facility). The KeyBank Facility includes an expansion option up to $800.0 million . The KeyBank Facility bears an interest rate of LIBOR plus a spread of 0.90% to 1.70% based on an investment grade pricing grid and is currently bearing interest at 1.28% . This credit line expires in August 2017 with two six-month extension options. At June 30, 2015 , we had $496.2 million total capacity under the KeyBank Facility with $159.0 million borrowed. Approximately $3.8 million of the KeyBank Facility is used to support letters of credit. Unsecured Term Loans We also have three term loans, one each with KeyBank, Wells Fargo, and US Bank. The KeyBank term loan has a balance of $150 million , matures in 2017, and has a variable interest rate of LIBOR plus a spread of 1.10% to 2.05% based on our credit ratings. The Wells Fargo term loan has a balance of $250 million and matures in 2018. The US Bank term loan has a balance of $150 million and matures in 2020. Both the Wells Fargo and US Bank term loans have variable interest rates of LIBOR plus a spread of 0.90% to 1.90% based on our credit ratings. As of June 30, 2015 , the KeyBank term loan was bearing interest at a rate of LIBOR plus 1.35% . As of June 30, 2015 , the Wells Fargo and US Bank term loans were bearing interest at a rate of LIBOR plus 1.15% . Senior Unsecured Notes We have also issued both public and private unsecured senior notes. As of June 30, 2015 , we have approximately $1.0 billion of publicly issued bonds and $310.0 million of private placement notes. These notes are longer term in nature and usually mature within five to 12 years. Secured Credit Facility We also maintain a total of $360.0 million of secured credit facilities with Prudential Mortgage Capital, which are credit enhanced by Fannie Mae, or the Fannie Mae Facilities. The Fannie Mae Facilities provide for both fixed and variable rate borrowings and have Fannie Mae rate tranches with maturities from 2015 through 2018. The interest rate on the variable portion renews every 90 days and is based on the Fannie Mae discount mortgage backed security rate on the date of renewal, which, for us, has historically approximated three-month LIBOR less an average of 0.17% over the life of the Fannie Mae Facilities, plus a fee of 0.62% . Borrowings under the Fannie Mae Facilities totaled $320.8 million at June 30, 2015 , consisting of $50.0 million under a fixed portion at a rate of 4.7% , and the remaining $270.8 million under the variable rate portion of the Fannie Mae facilities at an average rate of 0.8% . On February 17, 2015, we paid off $91.1 million related to a group of mortgages associated with the tax-free portion of the Fannie Mae Facilities. As part of this transaction, we recorded a $3.1 million loss on debt extinguishment, primarily due to the write-off of unamortized financing costs associated with these mortgages. Each of our credit facilities is subject to various covenants and conditions on usage, and the secured facilities are subject to periodic re-evaluation of collateral. If we were to fail to satisfy a condition to borrowing, the available credit under one or more of the facilities could not be drawn, which could adversely affect our liquidity. In the event of a reduction in real estate values, the amount of credit could be reduced. Moreover, if we were to fail to make a payment or violate a covenant under a credit facility, after applicable cure periods, one or more of our lenders could declare a default, accelerate the due date for repayment of all amounts outstanding and/or foreclose on properties securing such facilities. A default on an obligation to repay outstanding debt could also create a cross default on a separate piece of debt, whereby one or more of our lenders could accelerate the due date for repayment of all amounts outstanding and/or foreclose on properties securing the related facilities. Any such event could have a material adverse effect on the Company. We believe that we were in compliance with these covenants and conditions on usage at June 30, 2015 . Secured Property Mortgages At June 30, 2015 , we had $1.1 billion of fixed rate conventional property mortgages with an average interest rate of 4.0% and an average maturity in 2019 as well as an $11.6 million variable rate mortgage with an embedded cap rate of 7.0% at an interest rate of 3.1% with a maturity in 2015. On January 30, 2015, we paid off a $15.2 million mortgage associated with the Farmington Village apartment community. We recorded a $0.2 million loss on debt extinguishment due to paying off the mortgage prior to maturity. On June 1, 2015, we paid off a $25.5 million mortgage associated with the Colonial Grand at Wilmington apartment community. The payoff was a scheduled maturity of the loan. On June 15, 2015, we paid off a $10.1 million mortgage associated with the Reserve at Woodwind Lakes apartment community. The payoff was a scheduled maturity of the loan. Guarantees Of the debt mentioned above, MAA fully and unconditionally guarantees the following debt incurred by MAALP: • $360.0 million of the Fannie Mae Facilities, of which $320.8 million has been borrowed as of June 30, 2015 ; • $500.0 million KeyBank credit facility, of which $159.0 million has been borrowed as of June 30, 2015 ; • $23.5 million of property mortgages, all of which has been borrowed as of June 30, 2015 ; • $310.0 million of senior unsecured notes, all of which has been borrowed as of June 30, 2015 ; and • $550.0 million of term loans, all of which has been borrowed as of June 30, 2015 . Borrowings Overview The following table summarizes our outstanding debt structure as of June 30, 2015 (dollars in thousands): Borrowed Balance Effective Rate Average Contract Maturity Fixed Rate Secured Debt Individual property mortgages $ 1,081,373 4.0 % 6/10/2019 FNMA credit facilities 50,000 4.7 % 3/31/2017 Total fixed rate secured debt $ 1,131,373 4.0 % 5/6/2019 Variable Rate Secured Debt (1) FNMA credit facilities $ 270,785 0.7 % 2/18/2017 Freddie Mac mortgages 11,635 3.1 % 8/15/2015 Total variable rate secured debt $ 282,420 0.8 % 1/26/2017 Total Secured Debt $ 1,413,793 3.4 % 11/21/2018 Unsecured Debt Variable rate credit facility $ 159,000 1.3 % 8/7/2017 Term loans fixed with swaps $ 550,000 3.1 % 11/10/2017 Fixed rate senior bonds 1,319,451 4.5 % 12/3/2021 Total Unsecured Debt $ 2,028,451 3.8 % 6/25/2020 Total Outstanding Debt $ 3,442,244 3.6 % 8/12/2019 (1) Includes capped balances. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future contractual and forecasted cash amounts, principally related to our borrowings, the value of which are determined by changing interest rates, related cash flows and other factors. Cash Flow Hedges of Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we use interest rate swaps and interest rate caps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2015 and 2014 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended June 30, 2015 and 2014 , we recorded ineffectiveness of $12,000 (increase to interest expense) and $59,000 (increase to interest expense), respectively, and during the six months ended June 30, 2015 and 2014 , we recorded ineffectiveness of $73,000 (increase to interest expense) and $63,000 (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 and due to the designation of acquired interest rate swaps with a non-zero fair value at inception. Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate or fixed-rate debt. During the next 12 months, we estimate that an additional $4.7 million will be reclassified to earnings as an increase to interest expense, which primarily represents the difference between our fixed interest rate swap payments and the projected variable interest rate swap payments. As of June 30, 2015 , we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Caps 6 $ 165,000,000 Interest Rate Swaps 8 $ 550,000,000 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheet as of June 30, 2015 and December 31, 2014 . Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 (dollars in thousands) Asset Derivatives Liability Derivatives June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments Balance Sheet Location Fair Value Fair Value Balance Sheet Location Fair Value Fair Value Interest rate contracts Other assets $ 2,241 $ 72 Fair market value of interest rate swaps $ 13,071 $ 13,392 Total derivatives designated as hedging instruments $ 2,241 $ 72 $ 13,071 $ 13,392 Derivatives not designated as hedging instruments Interest rate contracts Other assets $ — $ 6 $ — $ — Total derivatives not designated as hedging instruments $ — $ 6 $ — $ — 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 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2015 and 2014 . Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations for the Three and six months ended June 30, 2015 and 2014 (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 Three months ended June 30, 2015 2014 2015 2014 2015 2014 Interest rate contracts $ 1,804 $ (7,403 ) Interest expense $ (1,791 ) $ (3,085 ) Interest expense $ (12 ) $ (59 ) Total derivatives in cash flow hedging relationships $ 1,804 $ (7,403 ) $ (1,791 ) $ (3,085 ) $ (12 ) $ (59 ) Six months ended June 30, Interest rate contracts $ (2,543 ) $ (8,400 ) Interest expense $ (3,983 ) $ (6,810 ) Interest expense $ (73 ) $ (63 ) Total derivatives in cash flow hedging relationships $ (2,543 ) $ (8,400 ) $ (3,983 ) $ (6,810 ) $ (73 ) $ (63 ) Derivatives Not Designated as Hedging Instruments Three months ended June 30, Location of Gain or (Loss) Recognized in Income 2015 2014 Interest rate contracts Interest expense $ — $ (59 ) Total $ — $ (59 ) Six months ended June 30, Interest rate contracts Interest expense $ (3 ) $ (128 ) Total $ (3 ) $ (128 ) Credit-Risk-Related Contingent Features As of June 30, 2015 , derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of $13.6 million , which includes accrued interest but excludes any adjustment for nonperformance risk. These derivatives had a fair value, gross of asset positions, of $13.1 million at June 30, 2015 . 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 June 30, 2015 , 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 the termination value of $13.6 million . 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 Condensed Consolidated Balance Sheets. The table below presents a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2015 and December 31, 2014 . 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 Condensed Consolidated Balance Sheets (dollars in thousands): Offsetting of Derivative Assets As of June 30, 2015 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 $ 2,241 $ — $ 2,241 $ (350 ) $ — $ 1,891 Offsetting of Derivative Liabilities As of June 30, 2015 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 $ 13,071 $ — $ 13,071 $ (350 ) $ — $ 12,721 Offsetting of Derivative Assets As of December 31, 2014 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 78 $ — $ 78 $ — $ — $ 78 Offsetting of Derivative Liabilities As of December 31, 2014 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 13,392 $ — $ 13,392 $ — $ — $ 13,392 Other Comprehensive Income Our other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The chart below shows the change in the balance for the six months ended June 30, 2015 and 2014 (dollars in thousands): 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 six months ended June 30, 2015 2014 Beginning balance $ (412 ) $ 108 Other comprehensive loss before reclassifications (2,543 ) (8,400 ) Amounts reclassified from accumulated other comprehensive income (interest rate contracts) Interest expense 3,983 6,810 Net current-period other comprehensive (income) loss attributable to noncontrolling interest (76 ) 87 Net current-period other comprehensive income (loss) attributable to MAA 1,364 (1,503 ) Ending balance $ 952 $ (1,395 ) See also discussions in Note 8 to the Condensed Consolidated Financial Statements. |
Fair Value Disclosure of Financ
Fair Value Disclosure of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
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. We apply Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 820 Fair Value Measurements and Disclosures, or ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fixed rate notes payable at June 30, 2015 and December 31, 2014 , totaled $2.45 billion and $2.50 billion , respectively, and had estimated fair values of $2.48 billion and $2.54 billion (excluding prepayment penalties), respectively, as of June 30, 2015 and December 31, 2014 . The carrying value of variable rate notes payable (excluding the effect of interest rate swap and cap agreements) at June 30, 2015 and December 31, 2014 , totaled $0.99 billion and $1.02 billion , respectively, and had estimated fair values of $0.97 billion and $0.97 billion (excluding prepayment penalties), respectively, as of June 30, 2015 and December 31, 2014 . The valuation of our debt is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each debt instrument. This analysis reflects the contractual terms of the debt, and uses observable market-based inputs, including interest rate curves and credit spreads. The fair values of fixed debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The fair values of variable debt are determined using the stated variable rate plus the current market credit spread. Our variable rates reset every 30 to 90 days and we conclude that these rates reasonably estimate current market rates. We have determined that inputs used to value our debt fall within Level 2 of the fair value hierarchy and therefore our fair market valuation of debt is considered Level 2 in the fair value hierarchy. Currently, we use interest rate swaps and interest rate caps (options) to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In conjunction with the FASB's fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, and as a result, all of our derivatives held as of June 30, 2015 and December 31, 2014 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 June 30, 2015 and December 31, 2014 , 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 June 30, 2015 (dollars in thousands) Quoted Prices in Significant Significant Balance at June 30, 2015 Assets Derivative financial instruments $ — $ 2,241 $ — $ 2,241 Liabilities Derivative financial instruments $ — $ 13,071 $ — $ 13,071 Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2014 (dollars in thousands) Quoted Prices in Significant Significant Balance at December 31, 2014 Assets Derivative financial instruments $ — $ 78 $ — $ 78 Liabilities Derivative financial instruments $ — $ 13,392 $ — $ 13,392 The fair value estimates presented herein are based on information available to management as of June 30, 2015 and December 31, 2014 . These estimates are not necessarily indicative of the amounts we could ultimately realize. See also discussions in Note 7 to the Condensed Consolidated Financial Statements. |
Shareholders' Equity of MAA
Shareholders' Equity of MAA | 6 Months Ended |
Jun. 30, 2015 | |
Shareholders' Equity of MAA [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders' Equity of MAA On June 30, 2015 , 75,375,027 shares of common stock of MAA and 4,186,369 OP Units were issued and outstanding, representing a total of 79,561,396 shares and units. At June 30, 2014 , 75,194,807 shares of common stock of MAA and 4,207,126 OP Units were outstanding, representing a total of 79,401,933 shares and units. There were 58,112 outstanding options as of June 30, 2015 compared to 121,992 outstanding options as of June 30, 2014 . During the six months ended June 30, 2015 , 11,755 shares of our common stock were acquired from employees to satisfy minimum tax withholding obligations that arose upon vesting of restricted stock granted pursuant to approved plans. During the six months ended June 30, 2014 , 7,362 shares were acquired for these purposes. During the six months ended June 30, 2015 , we issued 7,342 shares related to the exercise of stock options. These exercises resulted in proceeds of $0.4 million . During the six months ended June 30, 2014 , we issued 222,921 shares related to the exercise of stock options. These exercises resulted in proceeds of $9.5 million . |
Partners' Capital of Mid-Americ
Partners' Capital of Mid-America Apartments, L.P. | 6 Months Ended |
Jun. 30, 2015 | |
Partners' Capital of Mid-America Apartments, L.P. [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | Partners' Capital of Mid-America Apartments, L.P. OP Units As of June 30, 2015 , there were 79,561,396 OP Units outstanding, 75,375,027 , or 94.7% , of which were owned by MAA, the Operating Partnership's general partner. The remaining 4,186,369 OP Units were owned by non-affiliated limited partners ("Class A Limited Partners"). As of June 30, 2014 , there were 79,401,933 OP Units outstanding, 75,194,807 , or 94.7% , of which were owned by MAA and 4,207,126 of which were owned by the Class A Limited Partners. MAA, as the sole general partner of the Operating Partnership, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Operating Partnership's agreement of limited partnership, or 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 the Operating Partnership's assets; and distribution of Operating Partnership cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. MAA may delegate these and other powers granted if MAA remains in supervision of the designee. Under the Partnership Agreement, the Operating Partnership may issue Class A OP Units and Class B OP Units. Class A OP Units may only be held by limited partners other than MAA, in its capacity as general partner of the Operating Partnership, or its subsidiaries, while Class B OP Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of June 30, 2015 , a total of 4,186,369 Class A OP Units in the Operating Partnership were held by limited partners other than MAA or its subsidiaries, while a total of 75,375,027 Class B OP Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement. Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the OP Units. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed. At June 30, 2015 , a total of 4,186,369 Class A OP Units were outstanding and redeemable for 4,186,369 shares of MAA common stock or approximately $304.8 million , based on the closing price of MAA’s common stock on June 30, 2015 of $72.81 per share, at MAA’s option. At June 30, 2014 , a total of 4,207,126 Class A OP Units were outstanding and redeemable for 4,207,126 shares of MAA common stock or approximately $307.3 million , based on the closing price of MAA’s common stock on June 30, 2014 of $73.05 per share, at MAA’s option. The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2015 | |
Legal Proceedings [Abstract] | |
Legal Matters and Contingencies [Text Block] | Legal Proceedings We, along with multiple other parties, are named defendants in lawsuits arising out of alleged construction deficiencies with respect to condominium units at Regatta at James Island in Charleston, South Carolina. The Regatta at James Island property was developed by certain of our subsidiaries prior to MAA's merger with Colonial and constructed by Colonial Construction Services, LLC. The condominiums were constructed in 2006 and all 212 units were sold. The lawsuits, one filed on behalf of the condominium homeowners association and one filed by three of the unit owners (purportedly on behalf of all unit owners), were filed in South Carolina state court (Charleston County) in August 2012, against various parties involved in the development and construction of the Regatta at James Island property, including the contractors, subcontractors, architect, developer, and product manufacturers. The plaintiffs are seeking damages resulting primarily from alleged construction deficiencies, but the amount plaintiffs seek to recover has not been disclosed. The lawsuits are currently in discovery. We are continuing to investigate the matter and evaluate our options and intend to vigorously defend ourself against these claims. No assurance can be given that the matter will be resolved favorably to us. We have included in our loss contingency an estimate of probable loss in connection with this matter, but currently cannot reasonably estimate any further possible loss, or any further range of reasonably possible loss, in connection with this matter. In addition, we are subject to various other legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these other matters cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows. Loss Contingencies The outcomes of the claims, disputes and legal proceedings described or referenced above are subject to significant uncertainty. We record an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. We review these accruals quarterly and make revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, we do not accrue the loss. However, for material loss contingencies, if the unrecorded loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then we disclose a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If we cannot make a reasonable estimate of the possible loss, or range of loss, then that is disclosed. The assessment of whether a loss is probable or a reasonable possibility, and whether the loss or range of loss is reasonably estimable, often involves a series of complex judgments about future events. Among the factors that we consider in this assessment, including with respect to the matters disclosed in this Note, are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if reasonably estimable), the progress of the matter, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar matters, the facts available to us at the time of assessment, and how we intend to respond, or have responded, to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. For matters where we are not currently able to reasonably estimate a range of reasonably possible loss, the factors that have contributed to this determination include the following: (i) the damages sought are indeterminate; (ii) the proceedings are in the early stages; (iii) the matters involve novel or unsettled legal theories or a large or uncertain number of actual or potential cases or parties; and/or (iv) discussions with the parties in matters that are expected ultimately to be resolved through negotiation and settlement have not reached the point where we believe a reasonable estimate of loss, or range of loss, can be made. In such instances, we believe that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. As of June 30, 2015 and December 31, 2014 , our accrual for loss contingencies was $13.0 million and $12.3 million in the aggregate, respectively. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Discontinued Operations | Discontinued Operations In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . We adopted ASU 2014-08 during the period ending March 31, 2014. Due to the early adoption of ASU 2014-08, we did not classify Brookwood Mall, Colonial Village at North Arlington, Colonial Village at Vista Ridge, Greenbrook, Colonial Village at Inverness, Colonial Village at Charleston Place, Colonial Village at Huntleigh Woods, Colonial Village at Ashford Place, or Colonial Promenade Huntsville, which were sold during the year ended December 31, 2014 , as discontinued operations. We also did not classify Vistas, Austin Chase, Fairways at Hartland, Fountain Lake, Post House Jackson, Post House North, Woodwinds, Oaks, Woods of Post House, Bradford Pointe, Huntington Chase, Westbury Creek, Colony at South Park, Paddock Park, Anatole, Bradford Chase, Sutton Place, Southland Station, or Colonial Promenade Craft Farms, which were sold during the six months ended June 30, 2015 , as discontinued operations. As part of the merger with Colonial Properties Trust, Inc., or Colonial, on October 1, 2013, we acquired the Nord du Lac commercial property. Starting on this date, the criteria for classifying this property as Held for Sale were met and as a result the assets and liabilities for this property were presented as held for sale in the Condensed Consolidated Balance Sheets , and the results of operations were included within discontinued operations in the Condensed Consolidated Statement of Operations for all periods presented through the period ended March 31, 2015. Additionally, we ceased recording depreciation and amortization following the held for sale designation. On May 29, 2015, after several amendments to the original sale agreement extending the closing date, the buyer elected not to purchase the property and consequently, the Nord Du Lac Property no longer meets the criteria to be classified as held for sale as of June 30, 2015. Approximately $34.1 million of real estate assets that were classified as held for sale as of March 31, 2015 was reclassified to held for use as of June 30, 2015, and included in the applicable line item in the accompanying Condensed Consolidated Balance Sheets. We measured the property to be reclassified at the lower of (1) its carrying value before being classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the asset been continuously classified as held for use or (2) its fair value at the date of the subsequent decision not to sell. As a result of this reclassification, we recorded an additional $2.3 million of depreciation and amortization expense during the three months ended June 30, 2015 , which represents the depreciation and amortization expense on the Nord du Lac property that would have been recognized had the property been continuously classified as held for use. Additionally, the related results of operations previously recorded in discontinued operations have been included in the applicable line items of continuing operations in the accompanying Condensed Consolidated Statements of Operations for all periods presented, and thus are not presented in discontinued operations in the tables below. Willow Creek, one of the properties that we sold during the six months ended June 30, 2014 , has been classified as discontinued operations in the Consolidated Statements of Operations. Willow Creek is included in discontinued operations because it was shown in discontinued operations as of December 31, 2013, and thus is not subject to ASU 2014-08. The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the three- and six- month periods ended June 30, 2015 and 2014 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Income from continuing operations: Attributable to MAA $ 136,299 $ 31,618 $ 197,566 $ 41,341 Attributable to noncontrolling interest 7,574 1,773 10,984 2,332 Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from discontinued operations: Attributable to MAA $ — $ (5 ) $ — $ 5,138 Attributable to noncontrolling interest — — — 289 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 The following is a summary of earnings from discontinued operations for MAA and MAALP for the three- and six- month periods ended June 30, 2015 and 2014 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Revenues Rental revenues $ — $ 6 $ — $ 76 Other revenues — — — 10 Total revenues $ — $ 6 $ — $ 86 Expenses Property operating expenses $ — $ 10 $ — $ 59 Depreciation and amortization — — — 42 Interest expense and other — — — 36 Total expense $ — $ 10 $ — $ 137 Loss from discontinued operations before gain on sale $ — $ (4 ) $ — $ (51 ) Net loss on insurance and other settlement proceeds on discontinued operations — (1 ) — (3 ) Gain on sale of discontinued operations — — — 5,481 (Loss) Income from discontinued operations $ — $ (5 ) $ — $ 5,427 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Segment Information | Segment Information As of June 30, 2015 , we owned or had an ownership interest in 254 multifamily apartment communities in 14 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments: • Large market same store communities are generally communities: ◦ in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units; and ◦ that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale. • Secondary market same store communities are generally communities: ◦ in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or in markets with a population of less than 1 million ; and ◦ that we have owned and have been stabilized for at least a full 12 months and have not been classified as held for sale. • Non same store communities and other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have undergone a significant casualty loss. Also included in non same store communities are non multifamily activities, which represent less than 1% of our portfolio. On the first day of each calendar year, we determine the composition of our same store operating segments for that year as well as adjust the previous year, which allows us to evaluate full period-over-period operating comparisons. Properties in development or lease-up will be added to the same store portfolio on the first day of the calendar year after they have been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% occupancy for 90 days . Communities that have been identified for disposition are excluded from our same store portfolio. We utilize net operating income, or NOI, a non-GAAP financial measure, in evaluating the performance of the segments. Total NOI represents total property revenues, the most directly comparable GAAP financial measure, less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. A redevelopment community is a community with a specific plan in place to upgrade at least half of the community's units over a period of time with new finishes, fixtures, and appliances, among other upgrades. These plans include spending a pre-defined amount of capital per unit to achieve a rent increase as a result of the upgrades. We separately identify redevelopment communities that would cause a material distortion of normal same store operating results. Routine renovations occur at a property as items need to be replaced as a normal part of operations and is done with an expectation to maintain the current level of quality at the property. There is no specified plan in place for routine renovations. Revenues and NOI for each reportable segment for the three- and six- month periods ended June 30, 2015 and 2014 were as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Revenues Large Market Same Store $ 145,821 $ 136,321 $ 288,542 $ 271,399 Secondary Market Same Store 81,162 77,043 160,414 153,439 Non-Same Store and Other 31,908 31,880 68,487 64,558 Total property revenues 258,891 245,244 517,443 489,396 Management fee income — 61 — 143 Total operating revenues $ 258,891 $ 245,305 $ 517,443 $ 489,539 NOI Large Market Same Store $ 88,582 $ 81,950 $ 175,703 $ 163,170 Secondary Market Same Store 49,749 46,728 98,937 94,368 Non-Same Store and Other 19,704 18,668 41,298 37,434 Total NOI 158,035 147,346 315,938 294,972 Discontinued operations NOI included above — — — (1,102 ) Management fee income — 61 — 143 Depreciation and amortization (74,396 ) (69,631 ) (147,508 ) (159,644 ) Acquisition expense (1,159 ) (947 ) (1,499 ) (958 ) Property management expense (6,986 ) (9,579 ) (15,478 ) (16,590 ) General and administrative expense (6,657 ) (5,212 ) (13,224 ) (9,554 ) Merger related expenses — (795 ) — (2,871 ) Integration costs — (3,151 ) — (6,993 ) Interest and other non-property income (expense) 29 899 (180 ) 1,040 Interest expense (29,528 ) (30,163 ) (59,459 ) (60,839 ) Loss on debt extinguishment/modification (3 ) — (3,379 ) — Amortization of deferred financing costs (905 ) (1,174 ) (1,822 ) (2,485 ) Gain on sale of depreciable real estate assets excluded from discontinued operations 105,182 3,658 135,410 6,222 Net casualty gain (loss) after insurance and other settlement proceeds 510 (295 ) 490 (305 ) Income tax expense (398 ) (523 ) (907 ) (793 ) Gain (loss) on sale of non-depreciable real estate assets 172 (22 ) 172 535 (Loss) gain from real estate joint ventures (23 ) 2,919 (4 ) 2,895 Discontinued operations — (5 ) — 5,427 Net income attributable to noncontrolling interests (7,574 ) (1,773 ) (10,984 ) (2,621 ) Net income attributable to MAA $ 136,299 $ 31,613 $ 197,566 $ 46,479 Assets for each reportable segment as of June 30, 2015 and December 31, 2014 , were as follows (dollars in thousands): June 30, 2015 December 31, 2014 Assets Large Market Same Store $ 3,815,554 $ 1,253,995 Secondary Market Same Store 1,683,953 1,003,426 Non-Same Store and Other 1,240,532 4,509,517 Corporate assets 103,374 66,656 Total assets $ 6,843,413 $ 6,833,594 The decrease in the Non-Same Store and Other category, and subsequent increase in both the Large Market Same Store and Secondary Market Same Store categories, are due to the properties acquired as part of the merger with Colonial being moved out of Non-Same Store and into Same Store as the criteria noted above have been met. |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Real Estate Acquisitions and Dispositions | Real Estate Acquisitions and Dispositions The following chart shows our acquisition activity for the six months ended June 30, 2015 : Communities Locations Acres/Units Dates Acquired River's Walk (4 outparcels) Charleston, South Carolina 2.5 Q1/Q2 2015 - various Residences at Burlington Creek Kansas City, Missouri 298 January 15, 2015 SkySong Scottsdale, Arizona 325 June 11, 2015 Retreat at West Creek Richmond, Virginia 254 June 15, 2015 The following chart shows our disposition activity for the six months ended June 30, 2015 : Communities Locations Units (unless noted) Dates Sold Vistas Macon, Georgia 144 February 26, 2015 Austin Chase Macon, Georgia 256 February 26, 2015 Fairways at Hartland Bowling Green, Kentucky 240 February 26, 2015 Fountain Lake Brunswick, Georgia 113 March 25, 2015 Westbury Creek Augusta, Georgia 120 April 1, 2015 Woodwinds Aiken, South Carolina 144 April 1, 2015 Colony at South Park Aiken, South Carolina 184 April 1, 2015 Bradford Pointe Augusta, Georgia 192 April 1, 2015 Colonial Promenade Craft Farms Gulf Shores, Alabama 67,735 sq. ft April 28, 2015 Colonial Promenade Craft Farms outparcel Gulf Shores, Alabama 0.23 acres April 28, 2015 Anatole Daytona Beach, Florida 208 April 29, 2015 Oaks Jackson, Tennessee 100 April 29, 2015 Post House Jackson Jackson, Tennessee 150 April 29, 2015 Woods of Post House Jackson, Tennessee 122 April 29, 2015 Post House North Jackson, Tennessee 145 April 29, 2015 Bradford Chase Jackson, Tennessee 148 April 29, 2015 Sutton Place Memphis, TN MSA 253 April 29, 2015 Southland Station Warner Robins, Georgia 304 April 29, 2015 Huntington Chase Warner Robins, Georgia 200 April 29, 2015 Paddock Park Ocala, Florida 480 April 29, 2015 In addition to the 18 multifamily properties and one commercial property sold during the six months ended June 30, 2015 , we had 3 multifamily properties classified as Assets held for sale on the Condensed Consolidated Balance Sheet as of June 30, 2015 . See discussion in Note 16 to the Condensed Consolidated Financial Statements on the disposition of these properties subsequent to the balance sheet date. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Accounting Standards Update (ASU) 2015-03, Interest - Imputation of Interest This ASU requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. This ASU is effective for annual periods ending after December 15, 2015; however, early adoption is permitted. We are currently in the process of evaluating the impact of this ASU, but do not expect the adoption of this ASU to have a material impact on our consolidated financial position or results of operations taken as a whole. ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern This ASU requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. If substantial doubt exists, the entity must disclose the principal conditions or events that raised the substantial doubt, management's evaluation of the significance of these conditions, and management's plan for alleviating the substantial doubt about the entity's ability to continue as a going concern. This ASU is effective for annual periods ending after December 15, 2016; however, early adoption is permitted. We are currently in the process of evaluating the impact of this ASU, but do not expect the adoption of this ASU to have a material impact on our consolidated financial position or results of operations taken as a whole. ASU 2014-09, Revenue from Contracts with Customers This ASU establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The FASB has decided to extend the effective date to annual reporting periods beginning after December 15, 2017, with adoption permitted as early as the original effective date, although a new ASU has not yet been issued. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. We are currently in the process of evaluating the impact of adoption of this ASU on our consolidated financial condition and results of operations taken as a whole, but do not expect the impact to be material. We have not yet determined which method will be used for initial application. ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity This ASU raises the threshold for disposals to qualify as discontinued operations. It also requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. This ASU is effective for fiscal years beginning after December 15, 2014, and interim periods within those years; however, early adoption is permitted beginning in the first quarter of 2014. We adopted this ASU on January 1, 2014. The adoption of this ASU required us to not classify certain disposals occurring during 2014 as discontinued operations.The 2014 dispositions did not qualify for discontinued operations treatment and therefore the gains on these properties are presented as a component of continuing operations for 2014. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dispositions On July 1, 2015, we sold three multifamily properties, totaling 1,602 units. This included the 1,008 -unit Whisperwood apartment community located in Columbus, Georgia; the 390 -unit Colonial Grand at Wilmington apartment community located in Wilmington, North Carolina; and the 204 -unit Savannah Creek apartment community located in Southaven, Mississippi. We expect to recognize total net gains on the sale of real estate assets of approximately $54 million in the third quarter in connection with the sale of these properties. Acquisitions On July 28, 2015, we acquired the 252 -unit Radius apartment community located in Newport News, Virginia. On July 30, 2015, we acquired the 280 -unit Haven at Prairie Trace apartment community located in Kansas City, Missouri. |
Basis of Presentation and Pri24
Basis of Presentation and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation and Principles of Consolidation [Abstract] | |
Basis Of Presentation And Principles Of Consolidation Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership, and all other subsidiaries in which MAA has a controlling financial interest. MAA owns approximately 95% to 100% of all consolidated subsidiaries. The condensed consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 100% of all consolidated subsidiaries. In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. We invest in entities which may qualify as variable interest entities, or VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. We consolidate all VIEs for which we are the primary beneficiary and use the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities. We use the equity method of accounting for our investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that we do not have the ability to exercise control include ownership of voting interests and participatory rights of investors. |
Earnings Per Common Share of 25
Earnings Per Common Share of MAA (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Common Share of MAA [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the three and six months ended June 30, 2015 and 2014 , MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method, as presented below: (dollars and shares in thousands, except per share amounts) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Shares Outstanding Weighted average common shares - basic 75,168 74,948 75,157 74,876 Weighted average partnership units outstanding — (1) — (1) — (1) — (1) Effect of dilutive securities — (2) — (2) — (2) 162 Weighted average common shares - diluted 75,168 74,948 75,157 75,038 Calculation of Earnings per Share - basic Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations attributable to noncontrolling interests (7,574 ) (1,773 ) (10,984 ) (2,332 ) Income from continuing operations allocated to unvested restricted shares (337 ) (64 ) (446 ) (81 ) Income from continuing operations available for common shareholders, adjusted $ 135,962 $ 31,554 $ 197,120 $ 41,260 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations attributable to noncontrolling interest — — — (289 ) Income from discontinued operations allocated to unvested restricted shares — — — (10 ) Income from discontinued operations available for common shareholders, adjusted $ — $ (5 ) $ — $ 5,128 Weighted average common shares - basic 75,168 74,948 75,157 74,876 Earnings per share - basic $ 1.81 $ 0.42 $ 2.62 $ 0.62 Calculation of Earnings per Share - diluted Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations attributable to noncontrolling interests (7,574 ) (1) (1,773 ) (1) (10,987 ) (1) (2,332 ) (1) Income from continuing operations allocated to unvested restricted shares (337 ) (2) (64 ) (2) (446 ) (2) — Income from continuing operations available for common shareholders, adjusted $ 135,962 $ 31,554 $ 197,117 $ 41,341 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations attributable to noncontrolling interest — — — (289 ) (1) Income from discontinued operations allocated to unvested restricted shares — — — — Income from discontinued operations available for common shareholders, adjusted $ — $ (5 ) $ — $ 5,138 Weighted average common shares - diluted 75,168 74,948 75,157 75,038 Earnings per share - diluted $ 1.81 $ 0.42 $ 2.62 $ 0.62 (1) For both the three and six months ended June 30, 2015 and 2014 , 4.2 million operating partnership units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. (2) For both the three and six months ended June 30, 2015 and the three months ended June 30, 2014 , 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive. |
Earnings Per OP Unit of MAALP (
Earnings Per OP Unit of MAALP (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per OP Unit of MAALP [Abstract] | |
Schedule of Earnings Per Unit, Basic and Diluted [Table Text Block] | Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three and six months ended June 30, 2015 and 2014 is presented below: (dollars and units in thousands, except per unit amounts) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Units Outstanding Weighted average OP Units - basic 79,356 79,156 79,346 79,090 Effect of dilutive securities — (1) — (1) — (1) 162 Weighted average OP Units - diluted 79,356 79,156 79,346 79,252 Calculation of Earnings per Unit - basic Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations allocated to unvested restricted shares (337 ) (64 ) (446 ) (81 ) Income from continuing operations available for common unitholders, adjusted $ 143,536 $ 33,327 $ 208,104 $ 43,592 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations allocated to unvested restricted shares — — — (10 ) Income from discontinued operations available for common unitholders, adjusted $ — $ (5 ) $ — $ 5,417 Weighted average OP Units - basic 79,356 79,156 79,346 79,090 Earnings per unit - basic: $ 1.81 $ 0.42 $ 2.62 $ 0.62 Calculation of Earnings per Unit - diluted Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from continuing operations allocated to unvested restricted shares (337 ) (1) (64 ) (1) (446 ) (1) — Income from continuing operations available for common unitholders, adjusted $ 143,536 $ 33,327 $ 208,104 $ 43,673 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 Income from discontinued operations allocated to unvested restricted shares — — — — Income from discontinued operations available for common unitholders, adjusted $ — $ (5 ) $ — $ 5,427 Weighted average OP Units - diluted 79,356 79,156 79,346 79,252 Earnings per unit - diluted: $ 1.81 $ 0.42 $ 2.62 $ 0.62 (1) For both the three and six months ended June 30, 2015 and the three months ended June 30, 2014 , 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive. |
MAA Equity (Tables)
MAA Equity (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
MAA Equity [Abstract] | ||
Shareholders' Equity [Table Text Block] | Total equity and its components for the six-month periods ended June 30, 2015 and 2014 were as follows (dollars in thousands, except per share and per unit data): Mid-America Apartment Communities, Inc. Shareholders Equity Common Stock Amount Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest Total Equity EQUITY BALANCE DECEMBER 31, 2014 $ 752 $ 3,619,270 $ (729,086 ) $ (412 ) $ 161,287 $ 3,051,811 Net income 197,566 10,984 208,550 Other comprehensive income - derivative instruments (cash flow hedges) 1,364 76 1,440 Issuance and registration of common shares 2 182 184 Shares repurchased and retired — (945 ) (945 ) Exercise of stock options — 420 420 Shares issued in exchange for units — 184 (184 ) — Redeemable stock fair market value adjustment 173 173 Adjustment for noncontrolling interest ownership in operating partnership 45 (45 ) — Amortization of unearned compensation 3,167 3,167 Dividends on common stock ($1.54 per share) (116,066 ) — (116,066 ) Dividends on noncontrolling interest units ($1.54 per unit) (6,449 ) (6,449 ) EQUITY BALANCE JUNE 30, 2015 $ 754 $ 3,622,323 $ (647,413 ) $ 952 $ 165,669 $ 3,142,285 | Mid-America Apartment Communities, Inc. Shareholders Equity Common Stock Amount Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest Total Equity EQUITY BALANCE DECEMBER 31, 2013 $ 747 $ 3,599,549 $ (653,593 ) $ 108 $ 166,726 $ 3,113,537 Net income 46,479 2,621 49,100 Other comprehensive loss - derivative instruments (cash flow hedges) (1,503 ) (87 ) (1,590 ) Issuance and registration of common shares 2 573 575 Shares repurchased and retired — (336 ) (336 ) Exercise of stock options 2 9,542 9,544 Shares issued in exchange for units — 799 (799 ) — Shares issued in exchange for redeemable stock 998 998 Redeemable stock fair market value adjustment (848 ) (848 ) Adjustment for noncontrolling interest ownership in operating partnership 51 (51 ) — Amortization of unearned compensation 2,045 2,045 Dividends on common stock ($1.46 per share) (109,680 ) — (109,680 ) Dividends on noncontrolling interest units ($1.46 per unit) (6,143 ) (6,143 ) EQUITY BALANCE JUNE 30, 2014 $ 751 $ 3,613,221 $ (717,642 ) $ (1,395 ) $ 162,267 $ 3,057,202 |
MAALP Capital (Tables)
MAALP Capital (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
MAALP Capital [Abstract] | ||
Partners' Capital [Table Text Block] | Total capital and its components for the six-month periods ended June 30, 2015 and 2014 were as follows (dollars in thousands, except per unit data): Mid-America Apartments, L.P. Unitholders Limited Partner General Partner Accumulated Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2014 $ 161,310 $ 2,890,858 $ (376 ) $ 3,051,792 Net income 10,984 197,566 208,550 Other comprehensive income - derivative instruments (cash flow hedges) 1,440 1,440 Issuance of units 184 184 Units repurchased and retired (945 ) (945 ) Exercise of unit options 420 420 General partner units issued in exchange for limited partner units (184 ) 184 — Redeemable units fair market value adjustment 173 173 Adjustment for limited partners' capital at redemption value (45 ) 45 — Amortization of unearned compensation 3,167 3,167 Distributions ($1.54 per unit) (6,449 ) (116,066 ) (122,515 ) CAPITAL BALANCE JUNE 30, 2015 $ 165,616 $ 2,975,586 $ 1,064 $ 3,142,266 | Mid-America Apartments, L.P. Unitholders Limited Partner General Partner Accumulated Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2013 $ 166,746 $ 2,946,598 $ 174 $ 3,113,518 Net income 2,621 46,479 49,100 Other comprehensive loss - derivative instruments (cash flow hedges) (1,590 ) (1,590 ) Issuance of units 575 575 Units repurchased and retired (336 ) (336 ) Exercise of unit options 9,544 9,544 General partner units issued in exchange for limited partner units (799 ) 799 — Units issued in exchange for redeemable units 998 998 Redeemable units fair market value adjustment (848 ) (848 ) Adjustment for limited partners capital at redemption value (79 ) 79 — Amortization of unearned compensation 2,045 2,045 Distributions ($1.46 per unit) (6,143 ) (109,680 ) (115,823 ) CAPITAL BALANCE JUNE 30, 2014 $ 162,346 $ 2,896,253 $ (1,416 ) $ 3,057,183 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Debt Structure [Table Text Block] | Borrowings Overview The following table summarizes our outstanding debt structure as of June 30, 2015 (dollars in thousands): Borrowed Balance Effective Rate Average Contract Maturity Fixed Rate Secured Debt Individual property mortgages $ 1,081,373 4.0 % 6/10/2019 FNMA credit facilities 50,000 4.7 % 3/31/2017 Total fixed rate secured debt $ 1,131,373 4.0 % 5/6/2019 Variable Rate Secured Debt (1) FNMA credit facilities $ 270,785 0.7 % 2/18/2017 Freddie Mac mortgages 11,635 3.1 % 8/15/2015 Total variable rate secured debt $ 282,420 0.8 % 1/26/2017 Total Secured Debt $ 1,413,793 3.4 % 11/21/2018 Unsecured Debt Variable rate credit facility $ 159,000 1.3 % 8/7/2017 Term loans fixed with swaps $ 550,000 3.1 % 11/10/2017 Fixed rate senior bonds 1,319,451 4.5 % 12/3/2021 Total Unsecured Debt $ 2,028,451 3.8 % 6/25/2020 Total Outstanding Debt $ 3,442,244 3.6 % 8/12/2019 (1) Includes capped balances. |
Derivatives and Hedging Activ30
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk | As of June 30, 2015 , we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Caps 6 $ 165,000,000 Interest Rate Swaps 8 $ 550,000,000 |
Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet | Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheet as of June 30, 2015 and December 31, 2014 . Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 (dollars in thousands) Asset Derivatives Liability Derivatives June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments Balance Sheet Location Fair Value Fair Value Balance Sheet Location Fair Value Fair Value Interest rate contracts Other assets $ 2,241 $ 72 Fair market value of interest rate swaps $ 13,071 $ 13,392 Total derivatives designated as hedging instruments $ 2,241 $ 72 $ 13,071 $ 13,392 Derivatives not designated as hedging instruments Interest rate contracts Other assets $ — $ 6 $ — $ — Total derivatives not designated as hedging instruments $ — $ 6 $ — $ — |
Effect of Derivative Instruments on Consolidated Statement of Operations | 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 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2015 and 2014 . Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations for the Three and six months ended June 30, 2015 and 2014 (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 Three months ended June 30, 2015 2014 2015 2014 2015 2014 Interest rate contracts $ 1,804 $ (7,403 ) Interest expense $ (1,791 ) $ (3,085 ) Interest expense $ (12 ) $ (59 ) Total derivatives in cash flow hedging relationships $ 1,804 $ (7,403 ) $ (1,791 ) $ (3,085 ) $ (12 ) $ (59 ) Six months ended June 30, Interest rate contracts $ (2,543 ) $ (8,400 ) Interest expense $ (3,983 ) $ (6,810 ) Interest expense $ (73 ) $ (63 ) Total derivatives in cash flow hedging relationships $ (2,543 ) $ (8,400 ) $ (3,983 ) $ (6,810 ) $ (73 ) $ (63 ) Derivatives Not Designated as Hedging Instruments Three months ended June 30, Location of Gain or (Loss) Recognized in Income 2015 2014 Interest rate contracts Interest expense $ — $ (59 ) Total $ — $ (59 ) Six months ended June 30, Interest rate contracts Interest expense $ (3 ) $ (128 ) Total $ (3 ) $ (128 ) |
Offsetting Assets and Liabilities [Table Text Block] | The table below presents a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2015 and December 31, 2014 . 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 Condensed Consolidated Balance Sheets (dollars in thousands): Offsetting of Derivative Assets As of June 30, 2015 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 $ 2,241 $ — $ 2,241 $ (350 ) $ — $ 1,891 Offsetting of Derivative Liabilities As of June 30, 2015 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 $ 13,071 $ — $ 13,071 $ (350 ) $ — $ 12,721 Offsetting of Derivative Assets As of December 31, 2014 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 78 $ — $ 78 $ — $ — $ 78 Offsetting of Derivative Liabilities As of December 31, 2014 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 13,392 $ — $ 13,392 $ — $ — $ 13,392 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Other Comprehensive Income Our other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The chart below shows the change in the balance for the six months ended June 30, 2015 and 2014 (dollars in thousands): 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 six months ended June 30, 2015 2014 Beginning balance $ (412 ) $ 108 Other comprehensive loss before reclassifications (2,543 ) (8,400 ) Amounts reclassified from accumulated other comprehensive income (interest rate contracts) Interest expense 3,983 6,810 Net current-period other comprehensive (income) loss attributable to noncontrolling interest (76 ) 87 Net current-period other comprehensive income (loss) attributable to MAA 1,364 (1,503 ) Ending balance $ 952 $ (1,395 ) |
Fair Value Disclosure of Fina31
Fair Value Disclosure of Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Notes To Financial Statements [Abstract] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents our assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , 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 June 30, 2015 (dollars in thousands) Quoted Prices in Significant Significant Balance at June 30, 2015 Assets Derivative financial instruments $ — $ 2,241 $ — $ 2,241 Liabilities Derivative financial instruments $ — $ 13,071 $ — $ 13,071 | Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2014 (dollars in thousands) Quoted Prices in Significant Significant Balance at December 31, 2014 Assets Derivative financial instruments $ — $ 78 $ — $ 78 Liabilities Derivative financial instruments $ — $ 13,392 $ — $ 13,392 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Schedule of Discontinued Operation Properties Sold [Table Text Block] | |
Schedule of Income from Continuing and Discontinued Operations Attributable to MAA and Noncontrolling Interest [Table Text Block] | The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the three- and six- month periods ended June 30, 2015 and 2014 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Income from continuing operations: Attributable to MAA $ 136,299 $ 31,618 $ 197,566 $ 41,341 Attributable to noncontrolling interest 7,574 1,773 10,984 2,332 Income from continuing operations $ 143,873 $ 33,391 $ 208,550 $ 43,673 Income from discontinued operations: Attributable to MAA $ — $ (5 ) $ — $ 5,138 Attributable to noncontrolling interest — — — 289 Income from discontinued operations $ — $ (5 ) $ — $ 5,427 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following is a summary of earnings from discontinued operations for MAA and MAALP for the three- and six- month periods ended June 30, 2015 and 2014 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Revenues Rental revenues $ — $ 6 $ — $ 76 Other revenues — — — 10 Total revenues $ — $ 6 $ — $ 86 Expenses Property operating expenses $ — $ 10 $ — $ 59 Depreciation and amortization — — — 42 Interest expense and other — — — 36 Total expense $ — $ 10 $ — $ 137 Loss from discontinued operations before gain on sale $ — $ (4 ) $ — $ (51 ) Net loss on insurance and other settlement proceeds on discontinued operations — (1 ) — (3 ) Gain on sale of discontinued operations — — — 5,481 (Loss) Income from discontinued operations $ — $ (5 ) $ — $ 5,427 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes To Financial Statements [Abstract] | |
Revenues and NOI for Reportable Segment | Revenues and NOI for each reportable segment for the three- and six- month periods ended June 30, 2015 and 2014 were as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Revenues Large Market Same Store $ 145,821 $ 136,321 $ 288,542 $ 271,399 Secondary Market Same Store 81,162 77,043 160,414 153,439 Non-Same Store and Other 31,908 31,880 68,487 64,558 Total property revenues 258,891 245,244 517,443 489,396 Management fee income — 61 — 143 Total operating revenues $ 258,891 $ 245,305 $ 517,443 $ 489,539 NOI Large Market Same Store $ 88,582 $ 81,950 $ 175,703 $ 163,170 Secondary Market Same Store 49,749 46,728 98,937 94,368 Non-Same Store and Other 19,704 18,668 41,298 37,434 Total NOI 158,035 147,346 315,938 294,972 Discontinued operations NOI included above — — — (1,102 ) Management fee income — 61 — 143 Depreciation and amortization (74,396 ) (69,631 ) (147,508 ) (159,644 ) Acquisition expense (1,159 ) (947 ) (1,499 ) (958 ) Property management expense (6,986 ) (9,579 ) (15,478 ) (16,590 ) General and administrative expense (6,657 ) (5,212 ) (13,224 ) (9,554 ) Merger related expenses — (795 ) — (2,871 ) Integration costs — (3,151 ) — (6,993 ) Interest and other non-property income (expense) 29 899 (180 ) 1,040 Interest expense (29,528 ) (30,163 ) (59,459 ) (60,839 ) Loss on debt extinguishment/modification (3 ) — (3,379 ) — Amortization of deferred financing costs (905 ) (1,174 ) (1,822 ) (2,485 ) Gain on sale of depreciable real estate assets excluded from discontinued operations 105,182 3,658 135,410 6,222 Net casualty gain (loss) after insurance and other settlement proceeds 510 (295 ) 490 (305 ) Income tax expense (398 ) (523 ) (907 ) (793 ) Gain (loss) on sale of non-depreciable real estate assets 172 (22 ) 172 535 (Loss) gain from real estate joint ventures (23 ) 2,919 (4 ) 2,895 Discontinued operations — (5 ) — 5,427 Net income attributable to noncontrolling interests (7,574 ) (1,773 ) (10,984 ) (2,621 ) Net income attributable to MAA $ 136,299 $ 31,613 $ 197,566 $ 46,479 |
Assets for Reportable Segment | Assets for each reportable segment as of June 30, 2015 and December 31, 2014 , were as follows (dollars in thousands): June 30, 2015 December 31, 2014 Assets Large Market Same Store $ 3,815,554 $ 1,253,995 Secondary Market Same Store 1,683,953 1,003,426 Non-Same Store and Other 1,240,532 4,509,517 Corporate assets 103,374 66,656 Total assets $ 6,843,413 $ 6,833,594 The decrease in the Non-Same Store and Other category, and subsequent increase in both the Large Market Same Store and Secondary Market Same Store categories, are due to the properties acquired as part of the merger with Colonial being moved out of Non-Same Store and into Same Store as the criteria noted above have been met. |
Consolidation and Basis of Pres
Consolidation and Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) ft² in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)ft²PropertyapartmentunitsStatesCommunitiesshares | Jun. 30, 2015USD ($)ft²PropertyapartmentunitsStatesCommunitiesshares | Jun. 30, 2014shares | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | ||||
General Partners' Capital Account, Units Outstanding | shares | 75,375,027 | 75,375,027 | 75,194,807 | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.70% | 94.70% | ||
Number of owned or owned interests of apartment communities | 254 | 254 | ||
Number of apartments included in a community | apartmentunits | 79,977 | 79,977 | ||
Number of states in which apartment units are located | States | 14 | 14 | ||
Percentage Of Ownership Interests | 100.00% | 100.00% | ||
Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage Of Ownership Interests | 95.00% | 95.00% | ||
Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage Of Ownership Interests | 100.00% | 100.00% | ||
Development Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of owned or owned interests of apartment communities | Communities | 4 | 4 | ||
Number of apartments included in a community | 115 | 115 | ||
Number of units under development community | 806 | 806 | ||
Development Properties [Member] | Expected Costs [Member] | ||||
Real Estate Properties [Line Items] | ||||
Development and capital improvements in progress | $ | $ 118.8 | $ 118.8 | ||
Development Properties [Member] | Costs Incurred to Date [Member] | ||||
Real Estate Properties [Line Items] | ||||
Development and capital improvements in progress | $ | $ 55.1 | $ 55.1 | ||
Retail | ||||
Real Estate Properties [Line Items] | ||||
Number of owned or owned interests of apartment communities | 5 | 5 | ||
Square Footage of Real Estate Property | ft² | 163 | 163 | ||
Commercial Real Estate [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of owned or owned interests of apartment communities | 1 | 1 | ||
Square Footage of Real Estate Property | ft² | 196 | 196 | ||
Partially Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of owned or owned interests of apartment communities | 1 | 1 | ||
Square Footage of Real Estate Property | ft² | 30 | 30 | ||
Building Repairs and Maintenance Expenses [Member] | ||||
Real Estate Properties [Line Items] | ||||
Prior Period Reclassification Adjustment | $ | $ 0.3 | $ 0.7 | ||
Utilities Expenses [Member] | ||||
Real Estate Properties [Line Items] | ||||
Prior Period Reclassification Adjustment | $ | $ 8.3 | 16.4 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Prior Period Reclassification Adjustment | $ | $ 34.1 | $ 36.5 |
Earnings Per Common Share of 35
Earnings Per Common Share of MAA (Details) - Parent Company [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||||
Earnings Per Share Disclosure [Line Items] | |||||||||
Weighted average common shares - basic | 75,168 | 74,948 | 75,157 | 74,876 | |||||
Weighted average partnership units outstanding | [1] | 0 | 0 | 0 | 0 | ||||
Effect of dilutive securities | 0 | [2] | 0 | [2] | 0 | [2] | 162 | ||
Weighted average common shares - diluted | 75,168 | 74,948 | 75,157 | 75,038 | |||||
Calculation of Basic Earnings per Share [Member] | |||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||
Income from continuing operations | $ 143,873 | $ 33,391 | $ 208,550 | $ 43,673 | |||||
Income from continuing operations attributable to noncontrolling interests | (7,574) | (1,773) | (10,984) | (2,332) | |||||
Income from continuing operations allocated to unvested restricted shares | (337) | (64) | (446) | (81) | |||||
Income from continuing operations available for common shareholders, adjusted | 135,962 | 31,554 | 197,120 | 41,260 | |||||
Income from discontinued operations | 0 | (5) | 0 | 5,427 | |||||
Income from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | (289) | |||||
Income from discontinued operations allocated to unvested restricted shares | 0 | 0 | 0 | (10) | |||||
Income from discontinued operations available for common shareholders, adjusted | $ 0 | $ (5) | $ 0 | $ 5,128 | |||||
Earnings per share - basic | $ 1.81 | $ 0.42 | $ 2.62 | $ 0.62 | |||||
Calculation of Diluted Earnings per Share [Member] | |||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||
Income from continuing operations | $ 143,873 | $ 33,391 | $ 208,550 | $ 43,673 | |||||
Income from continuing operations attributable to noncontrolling interests | [1] | (7,574) | (1,773) | (10,987) | (2,332) | ||||
Income from continuing operations allocated to unvested restricted shares | (337) | [2] | (64) | [2] | (446) | [2] | 0 | ||
Income from continuing operations available for common shareholders, adjusted | 135,962 | 31,554 | 197,117 | 41,341 | |||||
Income from discontinued operations | 0 | (5) | 0 | 5,427 | |||||
Income from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | (289) | [1] | ||||
Income from discontinued operations allocated to unvested restricted shares | 0 | 0 | 0 | 0 | |||||
Income from discontinued operations available for common shareholders, adjusted | $ 0 | $ (5) | $ 0 | $ 5,138 | |||||
Earnings per share - diluted | $ 1.81 | $ 0.42 | $ 2.62 | $ 0.62 | |||||
Limited Partnership Units [Member] | |||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,200 | ||||||||
Restricted Stock [Member] | |||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 | ||||||||
[1] | (1) For both the three and six months ended June 30, 2015 and 2014, 4.2 million operating partnership units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. | ||||||||
[2] | (2) For both the three and six months ended June 30, 2015 and the three months ended June 30, 2014, 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive. |
Earnings Per OP Unit of MAALP S
Earnings Per OP Unit of MAALP Statement (details) - Limited Partner [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Earnings Per Share Disclosure [Line Items] | |||||||
Weighted average common units - basic | 79,356 | 79,156 | 79,346 | 79,090 | |||
Effect of dilutive securities | 0 | [1] | 0 | [1] | 0 | [1] | 162 |
Weighted average common shares - diluted | 79,356 | 79,156 | 79,346 | 79,252 | |||
Calculation of Basic Earnings Per Unit [Member] | |||||||
Earnings Per Share Disclosure [Line Items] | |||||||
Income from continuing operations | $ 143,873 | $ 33,391 | $ 208,550 | $ 43,673 | |||
Income from continuing operations allocated to unvested restricted shares | (337) | (64) | (446) | (81) | |||
Income from continuing operations available for common unitholders, adjusted | 143,536 | 33,327 | 208,104 | 43,592 | |||
Income from discontinued operations | 0 | (5) | 0 | 5,427 | |||
Income from discontinued operations allocated to unvested restricted shares | 0 | 0 | 0 | (10) | |||
Income from discontinued operations available for common unitholders, adjusted | $ 0 | $ (5) | $ 0 | $ 5,417 | |||
Earnings per unit - basic | $ 1.81 | $ 0.42 | $ 2.62 | $ 0.62 | |||
Calculation of Diluted Earnings Per Unit [Member] | |||||||
Earnings Per Share Disclosure [Line Items] | |||||||
Income from continuing operations | $ 143,873 | $ 33,391 | $ 208,550 | $ 43,673 | |||
Income from continuing operations allocated to unvested restricted shares | (337) | [1] | (64) | [1] | (446) | [1] | 0 |
Income from continuing operations available for common unitholders, adjusted | 143,536 | 33,327 | 208,104 | 43,673 | |||
Income from discontinued operations | 0 | (5) | 0 | 5,427 | |||
Income from discontinued operations allocated to unvested restricted shares | 0 | 0 | 0 | 0 | |||
Income from discontinued operations available for common unitholders, adjusted | $ 0 | $ (5) | $ 0 | $ 5,427 | |||
Earnings per unit - diluted | $ 1.81 | $ 0.42 | $ 2.62 | $ 0.62 | |||
Restricted Stock [Member] | |||||||
Earnings Per Share Disclosure [Line Items] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 | ||||||
[1] | (1) For both the three and six months ended June 30, 2015 and the three months ended June 30, 2014, 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive. |
MAA Equity (Details)
MAA Equity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | $ 752,000 | $ 747,000 |
Issuance and registration of common shares | 2,000 | 2,000 |
Shares repurchased and retired | 0 | 0 |
Exercise of stock options | 0 | 2,000 |
Shares issued in exchange for units | 0 | 0 |
Ending Balance | 754,000 | 751,000 |
Additional Paid-in Capital [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 3,619,270,000 | 3,599,549,000 |
Issuance and registration of common shares | 182,000 | 573,000 |
Shares repurchased and retired | (945,000) | (336,000) |
Exercise of stock options | 420,000 | 9,542,000 |
Shares issued in exchange for units | 184,000 | 799,000 |
Shares issued in exchange for redeemable stock | 998,000 | |
Adjustment for noncontrolling interest ownership in operating partnership | 45,000 | 51,000 |
Amortization of unearned compensation | 3,167,000 | 2,045,000 |
Ending Balance | 3,622,323,000 | 3,613,221,000 |
Accumulated Distributions in Excess of Net Income [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (729,086,000) | (653,593,000) |
Net income attributable to MAA | 197,566,000 | 46,479,000 |
Redeemable stock fair market value | 173,000 | (848,000) |
Dividends on common stock | (116,066,000) | (109,680,000) |
Ending Balance | (647,413,000) | (717,642,000) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (412,000) | 108,000 |
Other comprehensive (loss) income - derivatives insturments (cash flow hedges) | 1,364,000 | (1,503,000) |
Ending Balance | 952,000 | (1,395,000) |
Noncontrolling Interest [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 161,287,000 | 166,726,000 |
Net Income Attributable to Noncontrolling Interest | 10,984,000 | 2,621,000 |
Other comprehensive (loss) income - derivatives insturments (cash flow hedges) | 76,000 | (87,000) |
Shares issued in exchange for units | (184,000) | (799,000) |
Adjustment for noncontrolling interest ownership in operating partnership | (45,000) | (51,000) |
Dividends on common stock | 0 | 0 |
Dividends on noncontrolling interest units | (6,449,000) | (6,143,000) |
Ending Balance | 165,669,000 | 162,267,000 |
Stockholders' Equity, Total [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 3,051,811,000 | 3,113,537,000 |
Net Income Including Portion Attributable to Noncontrolling Interest | 208,550,000 | 49,100,000 |
Other comprehensive (loss) income - derivatives insturments (cash flow hedges) | 1,440,000 | (1,590,000) |
Issuance and registration of common shares | 184,000 | 575,000 |
Shares repurchased and retired | (945,000) | (336,000) |
Exercise of stock options | 420,000 | 9,544,000 |
Shares issued in exchange for units | 0 | 0 |
Shares issued in exchange for redeemable stock | 998,000 | |
Redeemable stock fair market value | 173,000 | (848,000) |
Adjustment for noncontrolling interest ownership in operating partnership | 0 | 0 |
Amortization of unearned compensation | 3,167,000 | 2,045,000 |
Dividends on common stock | (116,066,000) | (109,680,000) |
Dividends on noncontrolling interest units | (6,449,000) | (6,143,000) |
Ending Balance | $ 3,142,285,000 | $ 3,057,202,000 |
MAA Equity Parenthetical (Detai
MAA Equity Parenthetical (Details) - Parent Company [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Disclosure [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.77 | $ 0.73 | $ 1.54 | $ 1.46 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 1.54 | $ 1.46 |
MAALP Capital (Details)
MAALP Capital (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Limited Partners' Capital Account [Member] | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning Balance | $ 161,310 | $ 166,746 |
Net Income Allocated to Limited Partners | 10,984 | 2,621 |
General partner units issued in exchange for limited partner units | (184) | (799) |
Adjustment for noncontrolling interest ownership in operating partnership | (45) | (79) |
Distributions | (6,449) | (6,143) |
Ending Balance | 165,616 | 162,346 |
General Partners' Capital Account [Member] | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning Balance | 2,890,858 | 2,946,598 |
Net Income Allocated to General Partners | 197,566 | 46,479 |
Issuance of units | 184 | 575 |
Units repurchased and retired | (945) | (336) |
Exercise of unit options | 420 | 9,544 |
General partner units issued in exchange for limited partner units | 184 | 799 |
Units issued in exchange for redeemable units | 998 | |
Redeemable stock fair market value | 173 | (848) |
Adjustment for noncontrolling interest ownership in operating partnership | 45 | 79 |
Amortization of unearned compensation | 3,167 | 2,045 |
Distributions | (116,066) | (109,680) |
Ending Balance | 2,975,586 | 2,896,253 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning Balance | (376) | 174 |
Other comprehensive (loss) income - derivatives insturments (cash flow hedges) | 1,440 | (1,590) |
Ending Balance | 1,064 | (1,416) |
Total Partnership Capital [Member] | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning Balance | 3,051,792 | 3,113,518 |
Net Income Available for Common Unitholders | 208,550 | 49,100 |
Other comprehensive (loss) income - derivatives insturments (cash flow hedges) | 1,440 | (1,590) |
Issuance of units | 184 | 575 |
Units repurchased and retired | (945) | (336) |
Exercise of unit options | 420 | 9,544 |
General partner units issued in exchange for limited partner units | 0 | 0 |
Units issued in exchange for redeemable units | 998 | |
Redeemable stock fair market value | 173 | (848) |
Adjustment for noncontrolling interest ownership in operating partnership | 0 | 0 |
Amortization of unearned compensation | 3,167 | 2,045 |
Distributions | (122,515) | (115,823) |
Ending Balance | $ 3,142,266 | $ 3,057,183 |
MAALP Capital Parenthetical (De
MAALP Capital Parenthetical (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Limited Partner [Member] | ||||
Capital Disclosure [Line Items] | ||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.77 | $ 0.73 | $ 1.54 | $ 1.46 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Notes Payable | $ 3,442,244 | $ 3,520,000 |
Debt Instrument, Interest Rate at Period End | 3.60% | 3.70% |
Debt Instrument, Interest Rate, Effective Percentage | 3.60% | 3.70% |
Conventional Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.70% | |
Long-term Debt | $ 105,800 | |
Capped Conventional Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.90% | |
Long-term Debt | $ 176,600 | |
Other Than Conventional Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,100,000 | |
Debt Instrument Average Interest Rate | 4.00% | |
Fixed Rate Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured notes payable | $ 1,900,000 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.00% | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 1,413,793 | |
Debt Instrument, Interest Rate at Period End | 3.40% | |
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | |
Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.17% | |
Line of Credit Facility, Commitment Fee Percentage | 0.62% | |
Line of Credit Facility, Amount Outstanding | $ 320,800 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 360,000 | |
Debt Renewal Period | 90 days | |
Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 0.80% | |
Line of Credit Facility, Amount Outstanding | $ 270,800 | |
Debt Instrument, Interest Rate, Effective Percentage | 0.80% | |
Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 4.70% | |
Line of Credit Facility, Amount Outstanding | $ 50,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.70% | |
Secured Debt [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loans on Real Estate | $ 23,500 | |
Secured Debt [Member] | Mortgages [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 7.00% | |
Debt Instrument, Interest Rate at Period End | 3.10% | |
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | |
Loss on debt extinguishment | $ 200 | |
Mortgage Loans on Real Estate | $ 11,635 | |
Secured Debt [Member] | Mortgages [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 4.00% | |
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |
Mortgage Loans on Real Estate | $ 1,081,373 | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 2,028,451 | |
Debt Instrument, Interest Rate at Period End | 3.80% | |
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | |
Unsecured Debt [Member] | Wells Fargo Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 250,000 | |
Unsecured Debt [Member] | US Bank Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 150,000 | |
Unsecured Debt [Member] | $500 million unsecured revolving credit faciltiy [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 1.28% | |
Line of Credit Facility, Amount Outstanding | $ 159,000 | |
Letters of Credit Outstanding, Amount | $ 3,800 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.28% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |
Line of Credit Facility, Current Borrowing Capacity | $ 496,200 | |
Unsecured Debt [Member] | $500 million unsecured revolving credit faciltiy [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 1.30% | |
Line of Credit Facility, Amount Outstanding | $ 159,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.30% | |
Unsecured Debt [Member] | KeyBank Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 150,000 | |
Debt Instrument, Interest Rate at Period End | 1.35% | |
Debt Instrument, Interest Rate, Effective Percentage | 1.35% | |
Unsecured Debt [Member] | Wells Fargo and US Bank Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 1.15% | |
Debt Instrument, Interest Rate, Effective Percentage | 1.15% | |
Unsecured Debt [Member] | Public Income Notes [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 1,000,000 | |
Unsecured Debt [Member] | Private Placement [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 310,000 | |
Unsecured Debt [Member] | 2011 and 2012 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 310,000 | |
Unsecured Debt [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 550,000 | |
Debt Instrument, Interest Rate at Period End | 3.10% | |
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | |
Minimum [Member] | Unsecured Debt [Member] | $500 million unsecured revolving credit faciltiy [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |
Minimum [Member] | Unsecured Debt [Member] | KeyBank Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |
Minimum [Member] | Unsecured Debt [Member] | Wells Fargo and US Bank Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |
Maximum [Member] | Unsecured Debt [Member] | $500 million unsecured revolving credit faciltiy [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 800,000 | |
Maximum [Member] | Unsecured Debt [Member] | KeyBank Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | |
Maximum [Member] | Unsecured Debt [Member] | Wells Fargo and US Bank Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |
Tax Free Credit Facility [Member] | Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Lines of Credit | $ 91,100 | |
Loss on debt extinguishment | 3,100 | |
Farmington Village [Member] | Secured Debt [Member] | Mortgages [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Debt | 15,200 | |
Colonial Grand at Wilmington [Member] | Secured Debt [Member] | Mortgages [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Debt | 25,500 | |
Reserve At Woodwind Lakes [Member] | Secured Debt [Member] | Mortgages [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Debt | $ 10,100 |
Debt Structure (Detail)
Debt Structure (Detail) - Derivative, Name [Domain] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Total Outstanding Debt | $ 3,442,244 | $ 3,520,000 |
Debt Instrument, Interest Rate, Effective Percentage | 3.60% | 3.70% |
Contract Maturity | Aug. 12, 2019 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total Outstanding Debt | $ 1,413,793 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | |
Contract Maturity | Nov. 21, 2018 | |
Secured Debt [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loans on Real Estate | $ 23,500 | |
Secured Debt [Member] | Mortgages [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Mortgage Loans on Real Estate | $ 1,081,373 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |
Contract Maturity | Jun. 10, 2019 | |
Secured Debt [Member] | Mortgages [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loans on Real Estate | $ 11,635 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | |
Contract Maturity | Aug. 15, 2015 | |
Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Total Outstanding Debt | $ 1,131,373 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |
Contract Maturity | May 6, 2019 | |
Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Total Outstanding Debt | $ 282,420 | |
Debt Instrument, Interest Rate, Effective Percentage | 0.80% | |
Contract Maturity | Jan. 26, 2017 | |
Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 320,800 | |
Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Variable Rate Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.70% | |
Contract Maturity | Feb. 18, 2017 | |
Line of Credit Facility, Amount Outstanding | $ 270,785 | |
Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.70% | |
Contract Maturity | Mar. 31, 2017 | |
Line of Credit Facility, Amount Outstanding | $ 50,000 | |
Secured Debt [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.80% | |
Line of Credit Facility, Amount Outstanding | $ 270,800 | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total Outstanding Debt | $ 2,028,451 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | |
Contract Maturity | Jun. 25, 2020 | |
Unsecured Debt [Member] | $500 million unsecured revolving credit faciltiy [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.28% | |
Line of Credit Facility, Amount Outstanding | $ 159,000 | |
Unsecured Debt [Member] | $500 million unsecured revolving credit faciltiy [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.30% | |
Contract Maturity | Aug. 7, 2017 | |
Line of Credit Facility, Amount Outstanding | $ 159,000 | |
Unsecured Debt [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | |
Contract Maturity | Nov. 10, 2017 | |
Debt Instrument, Face Amount | $ 550,000 | |
Unsecured Debt [Member] | Senior Notes [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | |
Contract Maturity | Dec. 3, 2021 | |
Debt Instrument, Face Amount | $ 1,319,451 |
Derivatives and Hedging Activ43
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($) | |
Credit Default Option [Member] | ||||
Derivative [Line Items] | ||||
Credit Risk Related Contingent Features Termination Value | $ 13,600,000 | $ 13,600,000 | ||
Termination | ||||
Derivative [Line Items] | ||||
Fair Value of Credit Risk Derivatives | 13,100,000 | 13,100,000 | ||
Net Liability Position [Member] | ||||
Derivative [Line Items] | ||||
Credit Risk Related Contingent Features Termination Value | $ 13,600,000 | $ 13,600,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Caps | ||||
Derivative [Line Items] | ||||
Derivative, Number of Instruments Held | Contract | 6 | 6 | ||
Derivative, Notional Amount | $ 165,000,000 | $ 165,000,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Number of Instruments Held | Contract | 8 | 8 | ||
Derivative, Notional Amount | $ 550,000,000 | $ 550,000,000 | ||
Designated as Hedging Instrument [Member] | Interest Expense | ||||
Derivative [Line Items] | ||||
Loss on Cash Flow Hedge Ineffectiveness | $ (12,000) | $ (59,000) | (73,000) | $ (63,000) |
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months | $ 4,700,000 |
Fair Values of Derivative Instr
Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 2,241 | $ 72 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 6 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, Liability | 13,071 | 13,392 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 0 |
Parent Company [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2,241 | 72 |
Derivative financial instruments, Liability | 13,071 | 13,392 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 6 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ 0 | $ 0 |
Effect of Derivative Instrument
Effect of Derivative Instruments on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) | $ 1,804 | $ (7,403) | ||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (1,791) | (3,085) | $ (3,983) | $ (6,810) |
(Loss) Gain on Cash Flow Hedge Ineffectiveness, Net | (12) | (59) | (73) | (63) |
Designated as Hedging Instrument [Member] | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (1,791) | (3,085) | 3,983 | 6,810 |
(Loss) Gain on Cash Flow Hedge Ineffectiveness, Net | (12) | (59) | (73) | (63) |
Designated as Hedging Instrument [Member] | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) | 1,804 | (7,403) | (2,543) | (8,400) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, (Loss) Gain Recognized in Income, Net | 0 | (59) | (3) | (128) |
Not Designated as Hedging Instrument [Member] | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, (Loss) Gain Recognized in Income, Net | $ 0 | $ (59) | $ (3) | $ (128) |
Derivatives and Hedging Activ46
Derivatives and Hedging Activities Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 2,241 | $ 78 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (350) | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 13,071 | 13,392 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (350) | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Assets [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | 1,891 | 78 |
Derivative Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | 12,721 | 13,392 |
Assets [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | 2,241 | 78 |
Liability [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | $ 13,071 | $ 13,392 |
Derivatives and Hedging Activ47
Derivatives and Hedging Activities Other Comprehensive Income (Details) - Parent Company [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (1,395) | $ (412) | $ 108 |
Amount of (Loss) or Gain Recognized in OCI on Derivative (Effective Portion) | (2,543) | (8,400) | |
Other Comprehensive Loss, Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3,983 | 6,810 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (76) | 87 | |
Other Comprehensive (Loss) Income , Net of Tax, Portion Attributable to Parent | 1,364 | $ (1,503) | |
Ending Balance | $ 952 |
Fair Value Disclosure of Fina48
Fair Value Disclosure of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fixed Rate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, fair value | $ 2,480 | $ 2,540 |
Notes Payable Excluding Interest Rate Swaps and Cap Agreements | 2,450 | 2,500 |
Variable Rate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, fair value | 970 | 970 |
Notes Payable Excluding Interest Rate Swaps and Cap Agreements | $ 990 | $ 1,020 |
Minimum [Member] | Conventional Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Renewal Period | 30 days | |
Maximum [Member] | Conventional Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Renewal Period | 90 days |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - assets | $ 2,241 | $ 78 |
Derivative financial instruments - liabilities | 13,071 | 13,392 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - assets | 0 | 0 |
Derivative financial instruments - liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - assets | 2,241 | 78 |
Derivative financial instruments - liabilities | 13,071 | 13,392 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments - assets | 0 | 0 |
Derivative financial instruments - liabilities | $ 0 | $ 0 |
Shareholders' Equity of MAA - A
Shareholders' Equity of MAA - Additional Information (Detail) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015USD ($)apartmentunitsshares | Jun. 30, 2014USD ($)shares | Dec. 31, 2014shares | |
Statement [Line Items] | |||
Common stock, shares outstanding | 75,375,027 | 75,194,807 | |
Total common shares and operating partnership units outstanding | 79,561,396 | 79,401,933 | |
Number of Units in Real Estate Property | apartmentunits | 79,977 | ||
Treasury Stock, Shares, Acquired | 11,755 | 7,362 | |
Noncontrolling Interest [Member] | |||
Statement [Line Items] | |||
Common Shares Issuable Upon Conversion Of Convertible Stock | 4,186,369 | 4,207,126 | |
Parent Company [Member] | |||
Statement [Line Items] | |||
Common stock, shares outstanding | 75,375,027 | 75,267,675 | |
Exercise of stock options | $ | $ 420 | $ 9,544 | |
Employee Stock Option [Member] | |||
Statement [Line Items] | |||
Common stock shares, outstanding option | 58,112 | 121,992 | |
Equity Option [Member] | |||
Statement [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 222,921 |
Partners' Capital of Mid-Amer51
Partners' Capital of Mid-America Apartments, L.P. (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Capital Structure [Line Items] | ||
Operating partnership units outstanding | 79,561,396 | 79,401,933 |
General Partners' Capital Account, Units Outstanding | 75,375,027 | 75,194,807 |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.70% | 94.70% |
Limited Partners' Capital Account, Units Outstanding | 4,186,369 | 4,207,126 |
Noncontrolling Interest [Member] | ||
Schedule of Capital Structure [Line Items] | ||
Common Shares Issuable Upon Conversion Of Convertible Stock | 4,186,369 | 4,207,126 |
Limited Partners' Capital Account | $ 304.8 | $ 307.3 |
Redeemable Capital Shares Par Or Stated Value Per Share | $ 72.81 | $ 73.05 |
Legal Proceedings (Details)
Legal Proceedings (Details) $ in Millions | Jun. 30, 2015USD ($)apartmentunits | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | ||
Number of Units in Real Estate Property | 79,977 | |
Loss Contingency Accrual | $ | $ 13 | $ 12.3 |
Regatta at James Island Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Number of Units in Real Estate Property | 212 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)apartmentunitsCommunities | Dec. 31, 2014USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and Amortization, Discontinued Operations | $ 2.3 | |
Number Of Properties Sold | Communities | 1 | |
Number of Units in Real Estate Property | apartmentunits | 79,977 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Prior Period Reclassification Adjustment | $ 34.1 | $ 36.5 |
MAA Summary of Discontinued Ope
MAA Summary of Discontinued Operations (Detail) - Parent Company [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rental revenues | $ 0 | $ 6 | $ 0 | $ 76 |
Other revenues | 0 | 0 | 0 | 10 |
Total revenues | 0 | 6 | 0 | 86 |
Property operating expenses | 0 | 10 | 0 | 59 |
Depreciation and amortization | 0 | 0 | 0 | 42 |
Interest expense and other | 0 | 0 | 0 | 36 |
Total expenses | 0 | 10 | 0 | 137 |
Income from discontinued operations before gain on sale | 0 | (4) | 0 | (51) |
Net loss on insurance and other settlement proceeds on discontinued operations | 0 | (1) | 0 | (3) |
Gain on sale of discontinued operations | 0 | 0 | 0 | 5,481 |
Income from discontinued operations | 0 | (5) | 0 | 5,427 |
Continuing Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Attributable to MAA | 136,299 | 31,618 | 197,566 | 41,341 |
Attributable to noncontrolling interest | 7,574 | 1,773 | 10,984 | 2,332 |
Income from continuing operations | 143,873 | 33,391 | 208,550 | 43,673 |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Attributable to MAA | 0 | (5) | 0 | 5,138 |
Attributable to noncontrolling interest | 0 | 0 | 0 | 289 |
Income from discontinued operations | $ 0 | $ (5) | $ 0 | $ 5,427 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Jun. 30, 2015 individual in Millions | PropertyStatesindividual |
Segment Reporting Information [Line Items] | |
Number of owned or owned interests of apartment communities | Property | 254 |
Number of states in which apartment units are located | States | 14 |
Period properties owned and stabilized | 12 months |
Occupancy Level for Stabilized Communities | 90.00% |
Period Properties Stabilized | 90 days |
Large Market Same Store [Member] | |
Segment Reporting Information [Line Items] | |
Apartment Community Population | 1 |
Percentage of Total Public Multifamily REIT Units | 1.00% |
Period properties owned and stabilized | 12 months |
Secondary Market Same Store [Member] | |
Segment Reporting Information [Line Items] | |
Apartment Community Population | 1 |
Percentage of Total Public Multifamily REIT Units | 1.00% |
Period properties owned and stabilized | 12 months |
Non Same Store And Other [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of Total Public Multifamily REIT Units | 1.00% |
Revenues and NOI for Reportable
Revenues and NOI for Reportable Segment (Detail) - Parent Company [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Information | ||||
Total property revenues | $ 258,891 | $ 245,244 | $ 517,443 | $ 489,396 |
Management fee income | 0 | 61 | 0 | 143 |
Total operating revenues | 258,891 | 245,305 | 517,443 | 489,539 |
Net Operating Income | 158,035 | 147,346 | 315,938 | 294,972 |
Discontinued operations NOI included above | 0 | 0 | 0 | (1,102) |
Depreciation and amortization | (74,396) | (69,631) | (147,508) | (159,644) |
Acquisition expense | (1,159) | (947) | (1,499) | (958) |
Property management expense | (6,986) | (9,579) | (15,478) | (16,590) |
General and administrative expense | (6,657) | (5,212) | (13,224) | (9,554) |
Merger related expenses | 0 | (795) | 0 | (2,871) |
Integration costs | 0 | (3,151) | 0 | (6,993) |
Interest and other non-property (expense) income | 29 | 899 | (180) | 1,040 |
Interest expense | (29,528) | (30,163) | (59,459) | (60,839) |
Loss on debt extinguishment | (3) | 0 | (3,379) | 0 |
Amortization of deferred financing costs | (905) | (1,174) | (1,822) | (2,485) |
Gain on sale of depreciable real estate assets excluded from discontinued operations | 105,182 | 3,658 | 135,410 | 6,222 |
Net casualty loss after insurance and other settlement proceeds | 510 | (295) | 490 | (305) |
Income tax expense | (398) | (523) | (907) | (793) |
Gain on sale of non-depreciable real estate assets | 172 | (22) | 172 | 535 |
Gain (loss) from real estate joint ventures | (23) | 2,919 | (4) | 2,895 |
Discontinued operations | 0 | (5) | 0 | 5,427 |
Net income attributable to noncontrolling interests | (7,574) | (1,773) | (10,984) | (2,621) |
Net income attributable to MAA | 136,299 | 31,613 | 197,566 | 46,479 |
Large Market Same Store | ||||
Segment Information | ||||
Total property revenues | 145,821 | 136,321 | 288,542 | 271,399 |
Net Operating Income | 88,582 | 81,950 | 175,703 | 163,170 |
Secondary Market Same Store | ||||
Segment Information | ||||
Total property revenues | 81,162 | 77,043 | 160,414 | 153,439 |
Net Operating Income | 49,749 | 46,728 | 98,937 | 94,368 |
Non-Same Store and Other | ||||
Segment Information | ||||
Total property revenues | 31,908 | 31,880 | 68,487 | 64,558 |
Net Operating Income | $ 19,704 | $ 18,668 | $ 41,298 | $ 37,434 |
Assets for Reportable Segment (
Assets for Reportable Segment (Detail) - Parent Company [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 6,843,413 | $ 6,833,594 |
Large Market Same Store | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,815,554 | 1,253,995 |
Secondary Market Same Store | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,683,953 | 1,003,426 |
Non-Same Store and Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,240,532 | 4,509,517 |
Corporate assets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 103,374 | $ 66,656 |
Real Estate Acquisitions and 58
Real Estate Acquisitions and Dispositions - Additional Information (Detail) | Jul. 01, 2015apartmentunitsCommunities | Jun. 30, 2015ft²apartmentunitsCommunitiesApartments |
Business Acquisitions and Dispositions [Line Items] | ||
Number Of Properties Sold | Communities | 1 | |
Number of Properties Held for Sale | Communities | 3 | |
Number of Units in Real Estate Property | apartmentunits | 79,977 | |
Colonial Promenade Craft Farms [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Square Footage of Real Estate Property | ft² | 67,735 | |
Area of Land | ft² | 0.23 | |
River's Walk [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Area of Land | ft² | 2.5 | |
Residences at Burlington Creek [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 298 | |
Vistas [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 144 | |
Austin Chase [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 256 | |
Fairways At Hartland [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 240 | |
Fountain Lake [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 113 | |
Westbury Creek [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 120 | |
Woodwinds [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 144 | |
Colony At South Park [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 184 | |
Bradford Pointe [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 192 | |
Anatole [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 208 | |
Oaks [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 100 | |
Post House Jackson [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 150 | |
Woods of Post House [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 122 | |
Post House North [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 145 | |
Bradford Chase [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 148 | |
Sutton Place [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 253 | |
Southland Station [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 304 | |
Huntington Chase [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 200 | |
SkySong [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 325 | |
Retreat at West Creek [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 254 | |
Paddock Park Ocala [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number of Units in Real Estate Property | 480 | |
Multifamily [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number Of Properties Sold | Communities | 18 | |
Disposal Group, Not Discontinued Operations [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number Of Properties Sold | Communities | 1 | |
Subsequent Event [Member] | ||
Business Acquisitions and Dispositions [Line Items] | ||
Number Of Properties Sold | Communities | 3 | |
Number of Units in Real Estate Property | apartmentunits | 1,602 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Jul. 01, 2015USD ($)apartmentunitsCommunities | Jun. 30, 2015apartmentunitsCommunities | Jul. 30, 2015apartmentunits | Jul. 28, 2015apartmentunits |
Subsequent Event [Line Items] | ||||
Number Of Properties Sold | Communities | 1 | |||
Number of Units in Real Estate Property | 79,977 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number Of Properties Sold | Communities | 3 | |||
Number of Units in Real Estate Property | 1,602 | |||
Gain on sale of depreciable real estate assets excluded from discontinued operations | $ | $ 54 | |||
Whisperwood [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Units in Real Estate Property | 1,008 | |||
Colonial Grand at Wilmington [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Units in Real Estate Property | 390 | |||
Savannah Creek [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Units in Real Estate Property | 204 | |||
Radius [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Units in Real Estate Property | 252 | |||
Manor Homes of Prairie Trace [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Units in Real Estate Property | 280 |