Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 24, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | MID-AMERICA APARTMENT COMMUNITIES, INC. | |
Entity Central Index Key | 0000912595 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 115,477,018 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity File Number | 001-12762 | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 62-1543819 | |
Entity Address, Address Line One | 6815 Poplar Ave | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Germantown | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 38138 | |
City Area Code | 901 | |
Local Phone Number | 682-6600 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Security Exchange Name | NYSE | |
Trading Symbol | MAA | |
Title of 12(b) Security | Common Stock | |
Cumulative Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Security Exchange Name | NYSE | |
Trading Symbol | MAA*I | |
Title of 12(b) Security | 8.50% Series I Cumulative Redeemable Preferred Stock | |
Limited Partner [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | MID-AMERICA APARTMENTS, L.P. | |
Entity Central Index Key | 0001581776 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity File Number | 333-190028-01 | |
Entity Tax Identification Number | 62-1543816 | |
Entity Address, Address Line One | 6815 Poplar Ave | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Germantown | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 38138 | |
City Area Code | 901 | |
Local Phone Number | 682-6600 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Land | $ 1,991,472 | $ 1,977,813 | |
Buildings and improvements and other | 12,787,864 | 12,454,439 | |
Development and capital improvements in progress | 297,416 | 247,970 | |
Real Estate Investment Property, at Cost | 15,076,752 | 14,680,222 | |
Less: Accumulated depreciation | (4,180,694) | (3,848,161) | |
Real Estate Investment Property, Net | 10,896,058 | 10,832,061 | |
Undeveloped land | 64,312 | 24,015 | |
Investment in real estate joint venture | 42,442 | 42,827 | |
Real estate assets, net | 11,002,812 | 10,898,903 | |
Cash and cash equivalents | 38,996 | 54,302 | |
Restricted cash | 14,558 | 76,296 | |
Other assets | 215,347 | 255,681 | |
Assets held for sale | 66,514 | 0 | |
Total assets | 11,338,227 | 11,285,182 | |
Liabilities: | |||
Unsecured notes payable | 4,154,820 | 4,151,375 | |
Secured notes payable | 364,331 | 365,315 | |
Accrued expenses and other liabilities | 647,176 | 584,400 | |
Total liabilities | 5,166,327 | 5,101,090 | |
Redeemable common stock | 20,145 | 30,185 | |
Shareholders' equity: | |||
Preferred Stock, Value, Outstanding | 9 | 9 | |
Common Stock, Value, Outstanding | [1] | 1,152 | 1,151 |
Additional Paid in Capital | 7,196,504 | 7,230,956 | |
Accumulated distributions in excess of net income | (1,219,599) | (1,255,807) | |
Accumulated other comprehensive loss | (10,321) | (11,132) | |
Total MAA shareholders' equity | 5,967,745 | 5,965,177 | |
Noncontrolling interests - Operating Partnership units | 164,230 | 165,116 | |
Total Company’s shareholders’ equity | 6,131,975 | 6,130,293 | |
Noncontrolling interests - consolidated real estate entities | 19,780 | 23,614 | |
Operating Partnership capital: | |||
Accumulated other comprehensive loss | (10,321) | (11,132) | |
Noncontrolling interests - consolidated real estate entities | 19,780 | 23,614 | |
Total equity | 6,151,755 | 6,153,907 | |
Total liabilities and equity | 11,338,227 | 11,285,182 | |
Limited Partnership [Member] | |||
Assets | |||
Land | 1,991,472 | 1,977,813 | |
Buildings and improvements and other | 12,787,864 | 12,454,439 | |
Development and capital improvements in progress | 297,416 | 247,970 | |
Real Estate Investment Property, at Cost | 15,076,752 | 14,680,222 | |
Less: Accumulated depreciation | (4,180,694) | (3,848,161) | |
Real Estate Investment Property, Net | 10,896,058 | 10,832,061 | |
Undeveloped land | 64,312 | 24,015 | |
Investment in real estate joint venture | 42,442 | 42,827 | |
Real estate assets, net | 11,002,812 | 10,898,903 | |
Cash and cash equivalents | 38,996 | 54,302 | |
Restricted cash | 14,558 | 76,296 | |
Other assets | 215,347 | 255,681 | |
Assets held for sale | 66,514 | 0 | |
Total assets | 11,338,227 | 11,285,182 | |
Liabilities: | |||
Unsecured notes payable | 4,154,820 | 4,151,375 | |
Secured notes payable | 364,331 | 365,315 | |
Accrued expenses and other liabilities | 647,176 | 584,400 | |
Due to general partner | 19 | 19 | |
Total liabilities | 5,166,346 | 5,101,109 | |
Redeemable common stock | 20,145 | 30,185 | |
Shareholders' equity: | |||
Accumulated other comprehensive loss | (10,547) | (11,382) | |
Total Company’s shareholders’ equity | 6,131,956 | 6,130,274 | |
Noncontrolling interests - consolidated real estate entities | 19,780 | 23,614 | |
Operating Partnership capital: | |||
Preferred Units, Preferred Partners' Capital Accounts | 66,840 | 66,840 | |
General Partners' Capital Account | [2] | 5,911,433 | 5,909,700 |
Limited Partners' Capital Account | [2] | 164,230 | 165,116 |
Accumulated other comprehensive loss | (10,547) | (11,382) | |
Noncontrolling interests - consolidated real estate entities | 19,780 | 23,614 | |
Total equity | 6,151,736 | 6,153,888 | |
Total liabilities and equity | $ 11,338,227 | $ 11,285,182 | |
[1] Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are 134,629 and 131,559 , respectively. Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are 134,629 and 131,559 , respectively. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Common stock, par value per share | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 145,000,000 | 145,000,000 | |
Common stock, shares issued | 115,447,252 | 115,336,876 | |
Common stock, shares outstanding | 115,447,252 | 115,336,876 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | |
Preferred Stock, Dividend Rate, Percentage | 8.50% | 8.50% | |
Preferred Stock, Shares Issued | 867,846 | 867,846 | |
Preferred Stock, Shares Outstanding | 867,846 | 867,846 | |
Preferred Stock, Liquidation Preference Per Share | $ 50 | [1] | $ 50 |
Redeemable stock, shares issued and outstanding | 134,629 | 131,559 | |
General Partners' Capital Account, Units Outstanding | 115,447,252 | ||
Limited Partners' Capital Account, Units Outstanding | 3,196,429 | ||
Limited Partnership [Member] | |||
Redeemable stock, shares issued and outstanding | 134,629 | 131,559 | |
General Partners' Capital Account, Units Outstanding | 115,447,252 | 115,336,876 | |
Limited Partners' Capital Account, Units Outstanding | 3,196,429 | 3,206,118 | |
Preferred Units, Outstanding | 867,846 | 867,846 | |
[1] The total liquidation preference for the outstanding preferred stock is $ 43.4 million . |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Rental and other property revenues | $ 520,783 | $ 452,575 | $ 1,491,901 | $ 1,314,507 |
Expenses: | ||||
Operating expenses, excluding real estate taxes and insurance | 117,390 | 106,412 | 328,514 | 304,124 |
Real estate taxes and insurance | 74,033 | 66,426 | 214,006 | 199,943 |
Depreciation and amortization | 136,879 | 134,611 | 404,761 | 397,938 |
Total property operating expenses | 328,302 | 307,449 | 947,281 | 902,005 |
Property management expenses | 16,262 | 13,831 | 48,429 | 40,522 |
General and administrative expenses | 12,188 | 12,670 | 44,091 | 38,763 |
Interest expense | 38,637 | 39,234 | 116,663 | 117,773 |
Loss (gain) on sale of depreciable real estate assets | 1 | 313 | (131,963) | (134,515) |
Gain on sale of non-depreciable real estate assets | (431) | (170) | (809) | (202) |
Other non-operating expense (income) | 1,718 | (10,344) | 19,248 | (14,557) |
Income before income tax benefit (expense) | 124,106 | 89,592 | 448,961 | 364,718 |
Income tax benefit (expense) | 1,256 | (2,803) | 5,750 | (5,847) |
Income from continuing operations before real estate joint venture activity | 125,362 | 86,789 | 454,711 | 358,871 |
Income from real estate joint venture | 341 | 258 | 1,129 | 915 |
Net income | 125,703 | 87,047 | 455,840 | 359,786 |
Net income (loss) attributable to noncontrolling interests | 3,392 | 2,568 | 12,025 | 11,636 |
Net income available for shareholders | 122,311 | 84,479 | 443,815 | 348,150 |
Dividends to MAA Series I preferred shareholders | 922 | 922 | 2,766 | 2,766 |
Net income available for MAA common shareholders | $ 121,389 | $ 83,557 | $ 441,049 | $ 345,384 |
Earnings per common share - basic: | ||||
Net income available for MAA common shareholders | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
Earnings per common share - diluted: | ||||
Net income available for MAA common shareholders | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
Limited Partnership [Member] | ||||
Revenues: | ||||
Rental and other property revenues | $ 520,783 | $ 452,575 | $ 1,491,901 | $ 1,314,507 |
Expenses: | ||||
Operating expenses, excluding real estate taxes and insurance | 117,390 | 106,412 | 328,514 | 304,124 |
Real estate taxes and insurance | 74,033 | 66,426 | 214,006 | 199,943 |
Depreciation and amortization | 136,879 | 134,611 | 404,761 | 397,938 |
Total property operating expenses | 328,302 | 307,449 | 947,281 | 902,005 |
Property management expenses | 16,262 | 13,831 | 48,429 | 40,522 |
General and administrative expenses | 12,188 | 12,670 | 44,091 | 38,763 |
Interest expense | 38,637 | 39,234 | 116,663 | 117,773 |
Loss (gain) on sale of depreciable real estate assets | 1 | 313 | (131,963) | (134,515) |
Gain on sale of non-depreciable real estate assets | (431) | (170) | (809) | (202) |
Other non-operating expense (income) | 1,718 | (10,344) | 19,248 | (14,557) |
Income before income tax benefit (expense) | 124,106 | 89,592 | 448,961 | 364,718 |
Income tax benefit (expense) | 1,256 | (2,803) | 5,750 | (5,847) |
Income from continuing operations before real estate joint venture activity | 125,362 | 86,789 | 454,711 | 358,871 |
Income from real estate joint venture | 341 | 258 | 1,129 | 915 |
Net income | 125,703 | 87,047 | 455,840 | 359,786 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | (293) | 0 |
Net income available for shareholders | 125,703 | 87,047 | 456,133 | 359,786 |
Dividends to MAA Series I preferred shareholders | 922 | 922 | 2,766 | 2,766 |
Net income available for MAA common shareholders | $ 124,781 | $ 86,125 | $ 453,367 | $ 357,020 |
Earnings per common share - basic: | ||||
Net income available for MAA common shareholders | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
Net income available for MAALP common unitholders | 1.05 | 0.73 | 3.82 | 3.01 |
Earnings per common share - diluted: | ||||
Net income available for MAA common shareholders | 1.05 | 0.73 | 3.82 | 3.01 |
Net income available for MAALP common unitholders | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 125,703 | $ 87,047 | $ 455,840 | $ 359,786 |
Other comprehensive income: | ||||
Adjustment for net losses reclassified to net income from derivative instruments | 279 | 278 | 835 | 835 |
Total comprehensive income | 125,982 | 87,325 | 456,675 | 360,621 |
Less: Comprehensive income loss attributable to noncontrolling interests | (3,401) | (2,598) | (12,049) | (11,727) |
Comprehensive income attributable to MAA | 122,581 | 84,727 | 444,626 | 348,894 |
Limited Partnership [Member] | ||||
Net income | 125,703 | 87,047 | 455,840 | 359,786 |
Other comprehensive income: | ||||
Adjustment for net losses reclassified to net income from derivative instruments | 279 | 278 | 835 | 835 |
Total comprehensive income | 125,982 | 87,325 | 456,675 | 360,621 |
Less: Comprehensive income loss attributable to noncontrolling interests | 0 | 0 | 293 | 0 |
Comprehensive income attributable to MAA | $ 125,982 | $ 87,325 | $ 456,968 | $ 360,621 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 455,840 | $ 359,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 405,412 | 398,678 |
Gain on sale of depreciable real estate assets | (131,963) | (134,515) |
Gain on sale of non-depreciable real estate assets | (809) | (202) |
Loss (gain) on embedded derivative in preferred shares | 10,364 | (11,492) |
Stock compensation expense | 14,615 | 12,804 |
Amortization of debt issuance costs, discounts and premiums | 4,547 | 4,142 |
Loss (gain) on investments | 39,290 | (18,001) |
Net change in operating accounts and other operating activities | 10,019 | 67,050 |
Net cash provided by operating activities | 807,315 | 678,250 |
Cash flows from investing activities: | ||
Purchases of real estate and other assets | (252,628) | (46,028) |
Capital improvements and other | (219,221) | (208,563) |
Development costs | (124,262) | (179,810) |
Distributions from real estate joint venture | 386 | 483 |
Contributions to affiliates | (11,100) | (1,971) |
Proceeds from real estate asset dispositions | 165,827 | 158,812 |
Proceeds from insurance recoveries | 26,385 | 7,422 |
Net cash used in investing activities | (414,613) | (269,655) |
Cash flows from financing activities: | ||
Net proceeds from (payments of) commercial paper | 125,000 | (147,000) |
Proceeds from notes payable | 0 | 594,423 |
Principal payments on notes payable | (126,043) | (466,817) |
Payment of deferred financing costs | (5,473) | (5,922) |
Distributions to noncontrolling interests | (10,968) | (12,009) |
Dividends paid on common shares | (395,258) | (352,384) |
Dividends paid on preferred shares | (2,766) | (2,766) |
Acquisition of noncontrolling interests | (43,070) | 0 |
Net change in other financing activities | (11,168) | (10,214) |
Net cash used in financing activities | (469,746) | (402,689) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (77,044) | 5,906 |
Cash, cash equivalents and restricted cash, beginning of period | 130,598 | 35,615 |
Cash, cash equivalents and restricted cash, end of period | 53,554 | 41,521 |
Reconciliation of cash, cash equivalents and restricted cash at period end: | ||
Cash and cash equivalents | 38,996 | 29,811 |
Restricted cash | 14,558 | 11,710 |
Total cash, cash equivalents and restricted cash | 53,554 | 41,521 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 109,936 | 109,471 |
Income taxes paid | 3,463 | 2,518 |
Supplemental disclosure of noncash investing and financing activities: | ||
Conversion of OP Units to shares of common stock | 500 | 33,272 |
Accrued construction in progress | 30,175 | 18,484 |
Interest capitalized | 6,146 | 7,781 |
Limited Partnership [Member] | ||
Cash flows from operating activities: | ||
Net income | 455,840 | 359,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 405,412 | 398,678 |
Gain on sale of depreciable real estate assets | (131,963) | (134,515) |
Gain on sale of non-depreciable real estate assets | (809) | (202) |
Loss (gain) on embedded derivative in preferred shares | 10,364 | (11,492) |
Stock compensation expense | 14,615 | 12,804 |
Amortization of debt issuance costs, discounts and premiums | 4,547 | 4,142 |
Loss (gain) on investments | 39,290 | (18,001) |
Net change in operating accounts and other operating activities | 10,019 | 67,050 |
Net cash provided by operating activities | 807,315 | 678,250 |
Cash flows from investing activities: | ||
Purchases of real estate and other assets | (252,628) | (46,028) |
Capital improvements and other | (219,221) | (208,563) |
Development costs | (124,262) | (179,810) |
Distributions from real estate joint venture | 386 | 483 |
Contributions to affiliates | (11,100) | (1,971) |
Proceeds from real estate asset dispositions | 165,827 | 158,812 |
Proceeds from insurance recoveries | 26,385 | 7,422 |
Net cash used in investing activities | (414,613) | (269,655) |
Cash flows from financing activities: | ||
Net proceeds from (payments of) commercial paper | 125,000 | (147,000) |
Proceeds from notes payable | 0 | 594,423 |
Principal payments on notes payable | (126,043) | (466,817) |
Payment of deferred financing costs | (5,473) | (5,922) |
Dividends paid on common shares | (406,226) | (364,393) |
Dividends paid on preferred shares | (2,766) | (2,766) |
Acquisition of noncontrolling interests | (43,070) | 0 |
Net change in other financing activities | (11,168) | (10,214) |
Net cash used in financing activities | (469,746) | (402,689) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (77,044) | 5,906 |
Cash, cash equivalents and restricted cash, beginning of period | 130,598 | 35,615 |
Cash, cash equivalents and restricted cash, end of period | 53,554 | 41,521 |
Reconciliation of cash, cash equivalents and restricted cash at period end: | ||
Cash and cash equivalents | 38,996 | 29,811 |
Restricted cash | 14,558 | 11,710 |
Total cash, cash equivalents and restricted cash | 53,554 | 41,521 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 109,936 | 109,471 |
Income taxes paid | 3,463 | 2,518 |
Supplemental disclosure of noncash investing and financing activities: | ||
Accrued construction in progress | 30,175 | 18,484 |
Interest capitalized | $ 6,146 | $ 7,781 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Consolidation And Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Unless the context otherwise requires, all references to the “Company” refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references to “MAA” 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, “preferred stock” refers to the preferred stock of MAA, and “shareholders” refers to the holders of shares of MAA’s common stock or preferred stock, as applicable. The common units of limited partnership interests in the Operating Partnership are referred to as “OP Units,” and the holders of the OP Units are referred to as “common unitholders”. As of September 30, 2022, MAA owned 115,447,252 OP Units (or 97.3 % of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, 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. Management believes combining the notes to the condensed consolidated financial statements of MAA and the Operating Partnership 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; and • creates time and cost efficiencies through the preparation of one combined set of notes instead of two separate sets. MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. 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. Management believes 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 partners. MAA’s only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA’s primary function is 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 from time to time. The Operating Partnership holds, directly or indirectly, all of the Company’s real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for limited partnership interests, the Operating Partnership generates the capital required by the business through the Operating Partnership’s operations, direct or indirect incurrence of indebtedness and issuance of OP Units. The presentations of MAA’s shareholders’ equity and the Operating Partnership’s capital are the principal areas of difference between the condensed 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 interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership’s capital may include common capital and preferred capital of the general partner (MAA), limited partners’ common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. Organization of Mid-America Apartment Communities, Inc. The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of September 30, 2022, the Company owned and operated 292 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of September 30, 2022, the Company also had five development communities under construction totaling 1,759 apartment units once complete. Total expected costs for the five development projects are $ 444.0 million , of which $ 266.1 million had been incurred through September 30, 2022. The Company expects to complete one of these developments in 2022, three developments in 2023, and one development in 2024. As of September 30, 2022, 34 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of September 30, 2022. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared by the Company’s 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, directly or indirectly, approximately 80 % to 100 % of all consolidated subsidiaries, including the Operating Partnership. In management’s 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. The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both 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. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to e xercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below). Noncontrolling Interests As of September 30, 2022, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details. The noncontrolling interests relating to the Company’s four consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2022, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 244.6 million , and consolidated liabilities were $ 14.4 million . As of December 31, 2021, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 252.8 million , and consolidated liabilities were $ 15.9 million . During the nine months ended September 30, 2022 , the Company paid $ 43.1 million to acquire the noncontrolling interest of one consolidated real estate entity. Investments in Unconsolidated Affiliates The Company uses the equity method to account for its investments in a real estate joint venture and four technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $ 42.4 million and $ 42.8 million as of September 30, 2022 and December 31, 2021, respectively. The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of September 30, 2022 and December 31, 2021, the Company’s investments in the limited partnerships were $ 41.8 million and $ 79.4 million , respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related gains and losses, including unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. The decrease in the Company’s investment in the limited partnerships was driven by the recognition of unrealized losses, which were primarily a result of a decrease in the valuation of an underlying investment that recently became publicly traded. During the three months ended September 30, 2022 and 2021, the Company recognized $ 1.4 million of expense and $ 10.1 million of income, respectively, from its investments in the limited partnerships. During the nine months ended September 30, 2022 and 2021, the Company recognized $ 29.2 million of expense and $ 18.0 million of income, respectively, from its investments in the limited partnerships. As of September 30, 2022, the Company was committed to make additional capital contributions totaling $ 32.9 million if and when called by the general partners of the limited partnerships. Marketable Equity Securities During the nine months ended September 30, 2022, two of the technology-focused limited partnerships that are accounted for as unconsolidated affiliates distributed publicly traded marketable equity securities to the Company and the other limited partners. The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities, with any related gains and losses, including unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022, the Company’s investment in the marketable equity securities was $ 6.2 million. During the three and nine months ended September 30, 2022, the Company recognized $ 6.8 million and $ 10.1 million of expense, respectively, from its investment in marketable equity securities. Revenue Recognition The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with ASC Topic 842, Leases , using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94 % of the Company’s total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5 % of the Company’s total revenues represent non-lease reimbursable property revenues from its residents for utility reimbursements, which are generally recognized and due on a monthly basis as residents obtain control of the service over the term of the lease. The remaining 1 % of the Company’s total revenues represents other non-lease property revenues primarily driven by nonrefundable fees and commissions which are recognized when earned. In accordance with ASC Topic 842, rental revenues and non-lease reimbursable property revenues meet the criteria to be aggregated into a single lease component and are reported on a combined basis in the line item “Rental revenues,” as presented in the disaggregation of the Company’s revenues in Note 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers , which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues”, as presented in the disaggregation of the Company’s revenues in Note 11. Leases The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than twelve months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2022 and December 31, 2021, right-of-use assets recorded within “Other assets” totaled $ 45.3 million and $ 47.0 million , respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $ 29.2 million and $ 30.3 million , respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the three and nine months ended September 30, 2022 and 2021 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2022 and 2021 was also immaterial. See Note 10 for additional disclosures regarding leases. Fair Value Measurements The Company applies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures , to the valuation of real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy: Level 1 - Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs for the assets or liability. |
Earnings Per Common Share of MA
Earnings Per Common Share of MAA | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Common Share Of M A A [Abstract] | |
Earnings per Common Share of MAA | 2. Earnings per Common Share of MAA Basic earnings per share is computed using the two-class method by dividing net income available to MAA common shareholders by the weighted average number of common 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 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 the units are dilutive to earnings per share. For the three and nine months ended September 30, 2022 and 2021, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Calculation of Earnings per common share - basic Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net income attributable to noncontrolling interests ( 3,392 ) ( 2,568 ) ( 12,025 ) ( 11,636 ) Unvested restricted shares (allocation of earnings) ( 82 ) ( 80 ) ( 308 ) ( 359 ) Preferred dividends ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAA common shareholders, adjusted $ 121,307 $ 83,477 $ 440,741 $ 345,025 Weighted average common shares - basic 115,363 114,933 115,325 114,568 Earnings per common share - basic $ 1.05 $ 0.73 $ 3.82 $ 3.01 Calculation of Earnings per common share - diluted Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net income attributable to noncontrolling interests (1) ( 3,392 ) ( 2,568 ) ( 12,025 ) ( 11,636 ) Preferred dividends ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAA common shareholders, adjusted $ 121,389 $ 83,557 $ 441,049 $ 345,384 Weighted average common shares - basic 115,363 114,933 115,325 114,568 Effect of dilutive securities 205 296 267 305 Weighted average common shares - diluted 115,568 115,229 115,592 114,873 Earnings per common share - diluted $ 1.05 $ 0.73 $ 3.82 $ 3.01 (1) For the three and nine months ended September 30, 2022, 3.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2021, 3.5 million OP Units and 3.8 million OP Units, respectively, 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 | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per OP Unit of MAALP | 3. Earnings per OP Unit of MAALP Basic earnings per common unit is computed by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions 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 common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods. For the three and nine months ended September 30, 2022 and 2021, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Calculation of Earnings per common unit - basic Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net loss attributable to noncontrolling interests — — 293 — Unvested restricted units (allocation of earnings) ( 82 ) ( 80 ) ( 308 ) ( 359 ) Preferred unit distributions ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAALP common unitholders, adjusted $ 124,699 $ 86,045 $ 453,059 $ 356,661 Weighted average common units - basic 118,564 118,430 118,528 118,389 Earnings per common unit - basic $ 1.05 $ 0.73 $ 3.82 $ 3.01 Calculation of Earnings per common unit - diluted Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net loss attributable to noncontrolling interests — — 293 — Preferred unit distributions ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAALP common unitholders, adjusted $ 124,781 $ 86,125 $ 453,367 $ 357,020 Weighted average common units - basic 118,564 118,430 118,528 118,389 Effect of dilutive securities 205 296 267 305 Weighted average common units - diluted 118,769 118,726 118,795 118,694 Earnings per common unit - diluted $ 1.05 $ 0.73 $ 3.82 $ 3.01 |
MAA Equity
MAA Equity | 9 Months Ended |
Sep. 30, 2022 | |
M A A Equity [Abstract] | |
MAA Equity | 4. MAA Equity Changes in MAA’s total equity and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE JUNE 30, 2022 $ 9 $ 1,152 $ 7,191,920 $ ( 1,199,216 ) $ ( 10,591 ) $ 165,062 $ 19,780 $ 6,168,116 Net income — — — 122,311 — 3,392 — 125,703 Other comprehensive income - derivative — — — — 270 9 — 279 Issuance and registration of common shares — — 156 — — — — 156 Shares repurchased and retired — — ( 12 ) — — — — ( 12 ) Shares issued in exchange for common units — — 307 — — ( 307 ) — — Redeemable stock fair market value — — — 2,537 — — — 2,537 Adjustment for noncontrolling interests in — — ( 70 ) — — 70 — — Amortization of unearned compensation — — 4,203 — — — — 4,203 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.2500 per — — — ( 144,309 ) — — — ( 144,309 ) Dividends on noncontrolling interests units 1.2500 per share) — — — — — ( 3,996 ) — ( 3,996 ) EQUITY BALANCE SEPTEMBER 30, 2022 $ 9 $ 1,152 $ 7,196,504 $ ( 1,219,599 ) $ ( 10,321 ) $ 164,230 $ 19,780 $ 6,151,755 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE JUNE 30, 2021 $ 9 $ 1,147 $ 7,201,885 $ ( 1,272,694 ) $ ( 11,632 ) $ 185,340 $ 16,612 $ 6,120,667 Net income — — — 84,479 — 2,568 — 87,047 Other comprehensive income - derivative — — — — 248 30 — 278 Issuance and registration of common shares — — ( 103 ) — — — — ( 103 ) Exercise of stock options — — 12 — — — — 12 Shares issued in exchange for common units — 2 11,106 — — ( 11,108 ) — — Redeemable stock fair market value — — — ( 2,356 ) — — — ( 2,356 ) Adjustment for noncontrolling interests in — — ( 22 ) — — 22 — — Amortization of unearned compensation — — 4,007 — — — — 4,007 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.0250 per — — — ( 118,018 ) — — — ( 118,018 ) Dividends on noncontrolling interests units 1.0250 per share) — — — — — ( 3,486 ) — ( 3,486 ) Contribution from noncontrolling interest — — — — — — 3,204 3,204 EQUITY BALANCE SEPTEMBER 30, 2021 $ 9 $ 1,149 $ 7,216,885 $ ( 1,309,511 ) $ ( 11,384 ) $ 173,366 $ 19,816 $ 6,090,330 Changes in MAA’s total equity and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE DECEMBER 31, 2021 $ 9 $ 1,151 $ 7,230,956 $ ( 1,255,807 ) $ ( 11,132 ) $ 165,116 $ 23,614 $ 6,153,907 Net income (loss) — — — 443,815 — 12,318 ( 293 ) 455,840 Other comprehensive income - derivative — — — — 811 24 — 835 Issuance and registration of common shares — 1 ( 277 ) — — — — ( 276 ) Shares repurchased and retired — — ( 14,043 ) — — — — ( 14,043 ) Exercise of stock options — — 28 — — — — 28 Shares issued in exchange for common units — — 500 — — ( 500 ) — — Redeemable stock fair market value — — — 9,297 — — — 9,297 Adjustment for noncontrolling interests in — — 1,251 — — ( 1,251 ) — — Amortization of unearned compensation — — 15,532 — — — — 15,532 Dividends on preferred stock — — ( 2,766 ) — — — ( 2,766 ) Dividends on common stock ($ 3.5875 per — — — ( 414,138 ) — — — ( 414,138 ) Dividends on noncontrolling interests units 3.5875 per share) — — — — — ( 11,477 ) — ( 11,477 ) Acquisition of noncontrolling interest — — ( 37,443 ) — — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — — — 2,086 2,086 EQUITY BALANCE SEPTEMBER 30, 2022 $ 9 $ 1,152 $ 7,196,504 $ ( 1,219,599 ) $ ( 10,321 ) $ 164,230 $ 19,780 $ 6,151,755 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE DECEMBER 31, 2020 $ 9 $ 1,141 $ 7,176,793 $ ( 1,294,182 ) $ ( 12,128 ) $ 206,927 $ 9,848 $ 6,088,408 Net income — — — 348,150 — 11,636 — 359,786 Other comprehensive income - derivative — — — — 744 91 — 835 Issuance and registration of common shares — 2 ( 438 ) — — — — ( 436 ) Shares repurchased and retired — — ( 9,043 ) — — — — ( 9,043 ) Exercise of stock options — — 1,478 — — — — 1,478 Shares issued in exchange for common units — 6 33,266 — — ( 33,272 ) — — Redeemable stock fair market value adjustment — — — ( 7,545 ) — — — ( 7,545 ) Adjustment for noncontrolling interests in — — 678 — — ( 678 ) — — Amortization of unearned compensation — — 14,151 — — — — 14,151 Dividends on preferred stock — — — ( 2,766 ) — — — ( 2,766 ) Dividends on common stock ($ 3.0750 per — — — ( 353,168 ) — — — ( 353,168 ) Dividends on noncontrolling interests units 3.0750 per share) — — — — — ( 11,338 ) — ( 11,338 ) Contribution from noncontrolling interest — — — — — — 9,968 9,968 EQUITY BALANCE SEPTEMBER 30, 2021 $ 9 $ 1,149 $ 7,216,885 $ ( 1,309,511 ) $ ( 11,384 ) $ 173,366 $ 19,816 $ 6,090,330 |
MAALP Capital
MAALP Capital | 9 Months Ended |
Sep. 30, 2022 | |
M A A L P Capital [Abstract] | |
MAALP Capital | 5. MAALP Capital Changes in MAALP’s total capital and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE JUNE 30, 2022 $ 66,840 $ 5,927,241 $ 165,062 $ ( 10,826 ) $ 19,780 $ 6,168,097 Net income 922 121,389 3,392 — — 125,703 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units — 156 — — — 156 Units repurchased and retired — ( 12 ) — — — ( 12 ) General partnership units issued in exchange for limited — 307 ( 307 ) — — — Redeemable units fair market value adjustment — 2,537 — — — 2,537 Adjustment for limited partners’ capital at redemption value — ( 79 ) 79 — — — Amortization of unearned compensation — 4,203 — — — 4,203 Distributions to preferred unitholders ( 922 ) — — — — ( 922 ) Distributions to common unitholders ($ 1.2500 per unit) — ( 144,309 ) ( 3,996 ) — — ( 148,305 ) CAPITAL BALANCE SEPTEMBER 30, 2022 $ 66,840 $ 5,911,433 $ 164,230 $ ( 10,547 ) $ 19,780 $ 6,151,736 Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE JUNE 30, 2021 $ 66,840 $ 5,863,795 $ 185,340 $ ( 11,939 ) $ 16,612 $ 6,120,648 Net income 922 83,557 2,568 — — 87,047 Other comprehensive income - derivative instruments — — — 278 — 278 Issuance of units — ( 103 ) — — — ( 103 ) Exercise of unit options — 12 — — — 12 General partnership units issued in exchange for limited — 11,108 ( 11,108 ) — — — Redeemable units fair market value adjustment — ( 2,356 ) — — — ( 2,356 ) Adjustment for limited partners’ capital at redemption value — ( 52 ) 52 — — — Amortization of unearned compensation — 4,007 — — — 4,007 Distributions to preferred unitholders ( 922 ) — — — — ( 922 ) Distributions to common unitholders ($ 1.0250 per unit) — ( 118,018 ) ( 3,486 ) — — ( 121,504 ) Contribution from noncontrolling interest — — — — 3,204 3,204 CAPITAL BALANCE SEPTEMBER 30, 2021 $ 66,840 $ 5,841,950 $ 173,366 $ ( 11,661 ) $ 19,816 $ 6,090,311 Changes in MAALP’s total capital and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2021 $ 66,840 $ 5,909,700 $ 165,116 $ ( 11,382 ) $ 23,614 $ 6,153,888 Net income (loss) 2,766 441,049 12,318 — ( 293 ) 455,840 Other comprehensive income - derivative instruments — — — 835 — 835 Issuance of units — ( 276 ) — — — ( 276 ) Units repurchased and retired — ( 14,043 ) — — — ( 14,043 ) Exercise of unit options — 28 — — — 28 General partnership units issued in exchange for limited — 500 ( 500 ) — — — Redeemable units fair market value adjustment — 9,297 — — — 9,297 Adjustment for limited partners’ capital at redemption value — 1,227 ( 1,227 ) — — — Amortization of unearned compensation — 15,532 — — — 15,532 Distributions to preferred unitholders ( 2,766 ) — — — — ( 2,766 ) Distributions to common unitholders ($ 3.5875 per unit) — ( 414,138 ) ( 11,477 ) — — ( 425,615 ) Acquisition of noncontrolling interest — ( 37,443 ) — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — 2,086 2,086 CAPITAL BALANCE SEPTEMBER 30, 2022 $ 66,840 $ 5,911,433 $ 164,230 $ ( 10,547 ) $ 19,780 $ 6,151,736 Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2020 $ 66,840 $ 5,817,270 $ 206,927 $ ( 12,496 ) $ 9,848 $ 6,088,389 Net income 2,766 345,384 11,636 — — 359,786 Other comprehensive income - derivative instruments — — — 835 — 835 Issuance of units — ( 436 ) — — — ( 436 ) Units repurchased and retired — ( 9,043 ) — — — ( 9,043 ) Exercise of unit options — 1,478 — — — 1,478 General partnership units issued in exchange for limited — 33,272 ( 33,272 ) — — — Redeemable units fair market value adjustment — ( 7,545 ) — — — ( 7,545 ) Adjustment for limited partners’ capital at redemption value — 587 ( 587 ) — — — Amortization of unearned compensation — 14,151 — — — 14,151 Distributions to preferred unitholders ( 2,766 ) — — — — ( 2,766 ) Distributions to common unitholders ($ 3.0750 per unit) — ( 353,168 ) ( 11,338 ) — — ( 364,506 ) Contribution from noncontrolling interest — — — — 9,968 9,968 CAPITAL BALANCE SEPTEMBER 30, 2021 $ 66,840 $ 5,841,950 $ 173,366 $ ( 11,661 ) $ 19,816 $ 6,090,311 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Notes To Financial Statements [Abstract] | |
Borrowings | 6. Borrowings The following table summarizes the Company’s outstanding debt as of September 30, 2022 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Fixed rate senior notes $ 4,050,000 3.4 % 5/14/2029 Variable rate commercial paper program 125,000 3.4 % 10/3/2022 Debt issuance costs, discounts, premiums and fair market value adjustments ( 20,180 ) Total unsecured debt $ 4,154,820 3.3 % Secured debt Fixed rate property mortgages $ 367,512 4.4 % 10/19/2048 Debt issuance costs ( 3,181 ) Total secured debt $ 364,331 4.4 % Total outstanding debt $ 4,519,151 3.4 % Unsecured Revolving Credit Facility In July 2022, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $ 1.25 billion with an option to expand to $ 2.0 billion . The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70 % to 1.40 % based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of September 30, 2022 , there was no outstanding balance under the revolving credit facility, while $ 4.3 million of capacity was used to support outstanding letters of credit. Unsecured Commercial Paper MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days. In September 2022, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding from time to time under the program from $ 500.0 million to $ 625.0 million . As of September 30, 2022 , there was a $ 125.0 million outstanding balance under the commercial paper pro gram. For the three months ended September 30, 2022 , the average daily borrowings outstanding under the commercial paper program were $ 29.8 million. Unsecured Senior Notes As of September 30, 2022, MAALP had $ 4.1 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2029. In September 2022, MAALP retired the remaining $ 125.0 million portion of its publicly issued unsecured senior notes due in December 2022. Secured Property Mortgages As of September 30, 2022, MAALP had $ 367.5 million of fixed rate conventional property mortgages with a weighted average maturity in 2048 . |
Financial Instruments and Deriv
Financial Instruments and Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Derivatives | 7. Financial Instruments and Derivatives Financial Instruments Not Carried at Fair Value Cash and cash equivalents, restricted cash and accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair value due to their short term nature. Fixed rate notes payable as of September 30, 2022 and December 31, 2021 totaled $ 4.4 billion and $ 4.5 billion , respectively, and had estimated fair values of $ 3.9 billion and $ 4.8 billion (excluding prepayment penalties) as of September 30, 2022 and December 31, 2021, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying value of variable rate debt as of September 30, 2022 totaled $ 125.0 million and had an estimated fair value of $ 125.0 million. As of December 31, 2021 , the Company had no variable rate debt outstanding. Financial Instruments Measured at Fair Value on a Recurring Basis As of September 30, 2022 , the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Series I preferred stock (see Note 8). The Company has recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. The derivative asset is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at the Company’s option beginning on October 1, 2026 at the redemption price of $ 50.00 per share. The Company uses various inputs in the analysis, including trading data available on the preferred shares, coupon yields on preferred stock issuances from REITs with similar credit ratings as MAA and treasury rates to estimate the fair value of the bifurcated call option. The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022 and December 31, 2021, the fair value of the embedded derivative was $ 24.1 million and $ 34.5 million , respectively. The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of September 30, 2022 and December 31, 2021 were classified as Level 2 in the fair value hierarchy. The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and the fair value valuation of the marketable equity securities held as of September 30, 2022 was classified as Level 1 in the fair value hierarchy. Terminated Cash Flow Hedges of Interest As of September 30, 2022, the Company had $ 10.5 million recorded in “Accumulated other comprehensive loss”, or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next twelve months, the Company estimates an additional $ 1.1 million will be reclassified to earnings as an increase to “Interest expense.” Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Net Loss Reclassified from AOCL into Interest Expense Location of Loss Reclassified Three months ended September 30, Derivatives in Cash Flow Hedging Relationships from AOCL into Income 2022 2021 Terminated interest rate swaps Interest expense $ ( 279 ) $ ( 278 ) Nine months ended September 30, 2022 2021 Terminated interest rate swaps Interest expense $ ( 835 ) $ ( 835 ) (Loss) Gain Recognized in Earnings on Derivative Location of (Loss) Gain Recognized Three months ended September 30, Derivative Not Designated as Hedging Instrument in Earnings on Derivative 2022 2021 Preferred stock embedded derivative Other non-operating expense (income) $ ( 425 ) $ 13,432 Nine months ended September 30, 2022 2021 Preferred stock embedded derivative Other non-operating expense (income) $ ( 10,364 ) $ 11,492 |
Shareholders' Equity of MAA
Shareholders' Equity of MAA | 9 Months Ended |
Sep. 30, 2022 | |
Shareholders Equity Of M A A [Abstract] | |
Shareholders' Equity of MAA | 8. Shareholders’ Equity of MAA As of September 30, 2022, 115,447,252 shares of common stock of MAA and 3,196,429 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,643,681 common shares and units. As of September 30, 2021, 115,138,323 shares of common stock of MAA and 3,402,682 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,541,005 common shares and units. Options to purchase 463 shares of MAA’s common stock were outstanding as of September 30, 2022, compared to 813 outstanding options as of September 30, 2021. During the nine months ended September 30, 2022 and 2021, MAA issued 350 common shares and 19,032 common shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds that were negligible during the nine months ended September 30, 2022 and $ 1.5 million during the nine months ended September 30, 2021. Preferred Stock As of September 30, 2022, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics: Description Outstanding Shares Liquidation Preference (1) Optional Redemption Date Redemption Price (2) Stated Dividend Yield Approximate Dividend Rate MAA Series I 867,846 $ 50.00 10/1/2026 $ 50.00 8.50 % $ 4.25 (1) The total liquidation preference for the outstanding preferred stock is $ 43.4 million . (2) The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. Equity Forward Sale Agreements In August 2021, MAA entered into two 18-month forward sale agreements with respect to a total of 1.1 million shares of its common stock at an initial forward sale price of $ 190.56 per share, which price is net of issuance costs. Under the forward sale agreements, the forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and will be decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. No shares had been settled under the forward sale agreements as of September 30, 2022. MAA generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances, provided that settlement under each forward sale agreement must occur by February 2, 2023. MAA currently expects to fully physically settle each forward sale agreement with the relevant forward purchaser on one or more dates specified by MAA on or prior to the maturity date of the particular forward sale agreement, in which case MAA expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. For the three months ended September 30, 2022, the impact of the forward sale agreements was not dilutive to the Company’s diluted earnings per share. For the nine months ended September 30, 2022 , approximately 17 thousand shares from the equity forward sale agreements were dilutive to the Company’s diluted earnings per share. At-the-Market Share Offering Program In November 2021, the Company entered into an equity distribution agreement to establish a new at-the-market, or ATM, share offering program, replacing MAA’s previous ATM program and allowing MAA to sell shares of its common stock from time to time to or through its sales agents into the existing market at current market prices, and to enter into separate forward sales agreements to or through its forward purchasers. Under its current ATM program, MAA has the authority to issue up to an aggregate of 4.0 million shares of its common stock, at such times to be determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three and nine months ended September 30, 2022 and 2021 , MAA did no t sell any shares of common stock under its ATM program. As of September 30, 2022 , 4.0 million shares remained issuable under the ATM program. |
Partners' Capital of MAALP
Partners' Capital of MAALP | 9 Months Ended |
Sep. 30, 2022 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital of MAALP | 9. Partners’ Capital of MAALP Common units of limited partnership interests in MAALP are represented by OP Units. As of September 30, 2022, there were 118,643,681 OP Units outstanding, 115,447,252 , or 97.3 % , of which represent Class B OP Units (common units issued to or held by MAALP’s general partner or any of its subsidiaries), which were owned by MAA, MAALP’s general partner. The remaining 3,196,429 OP Units were Class A OP Units owned by Class A limited partners. As of September 30, 2021, there were 118,541,005 OP Units outstanding, 115,138,323 , or 97.1 % , of which were owned by MAA and 3,402,682 of which were owned by the Class A limited partners. MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of MAALP subject to the restrictions specifically contained within MAALP’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 MAALP’s assets; and distribution of MAALP’s cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted to it if the general partner remains in supervision of the designee. Under the Partnership Agreement, MAALP may issue Class A OP Units and Class B OP Units. Class A OP Units are any OP Units other than Class B OP Units, while Class B OP Units are those issued to or held by MAALP’s general partner or any of its subsidiaries. In general, the limited partners do not have the power to participate in the management or control of MAALP’s business except in limited circumstances, including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement. Net income of MAALP (after allocations to preferred ownership interests) is allocated to the general partner and limited partners based on their respective ownership percentages of MAALP. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to MAALP in exchange for the issuance 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, MAALP generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of MAALP. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE 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. As of September 30, 2022, a total of 3,196,429 Class A OP Units were outstanding and redeemable for 3,196,429 shares of MAA common stock, with an approximate value of $ 495.7 million , based on the closing price of MAA’s common stock on September 30, 2022 of $ 155.07 per share. As of September 30, 2021, a total of 3,402,682 Class A OP Units were outstanding and redeemable for 3,402,682 shares of MAA common stock, with an approximate value of $ 635.5 million , based on the closing price of MAA’s common stock on September 30, 2021 of $ 186.75 per share. MAALP pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock. As of September 30, 2022, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of September 30, 2022, 867,846 units of the MAALP Series I preferred units were outstanding. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Loss Contingency [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Leases The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to immaterial office and equipment operating leases. As of September 30, 2022, the Company’s operating leases had a weighted average remaining lease term of approximately 33 years and a weighted average discount rate of approximately 4.4 % . The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2022 (in thousands): Operating Leases 2022 $ 730 2023 2,885 2024 2,862 2025 2,872 2026 2,920 Thereafter 59,993 Total minimum lease payments 72,262 Net present value adjustments ( 43,110 ) Right-of-use lease liabilities $ 29,152 Legal Proceedings The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business operations. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows in the event of a negative outcome. Matters that arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance. As of September 30, 2022 and December 31, 2021, the Company’s accrual for loss contingencies relating to unresolved legal matters was $ 2.0 million and $ 5.2 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes To Financial Statements [Abstract] | |
Segment Information | 11. Segment Information As of September 30, 2022, the Company owned and operated 292 multifamily apartment communities (which does not include development communities under construction) in 15 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents. The following reflects the two reportable segments for the Company: • Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year. • Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and storm related expenses related to Hurricane Ian. On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 month s. Communities are considered stabilized when achieving 90 % average physical occupancy for 90 days . The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of its operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance. Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Revenues: Same Store Rental revenues $ 492,215 $ 429,267 $ 1,412,358 $ 1,243,540 Other property revenues 3,162 2,939 9,656 9,215 Total Same Store revenues 495,377 432,206 1,422,014 1,252,755 Non-Same Store and Other Rental revenues 24,278 20,210 68,382 60,885 Other property revenues 1,128 159 1,505 867 Total Non-Same Store and Other revenues 25,406 20,369 69,887 61,752 Total rental and other property revenues $ 520,783 $ 452,575 $ 1,491,901 $ 1,314,507 Net Operating Income: Same Store NOI $ 315,616 $ 268,882 $ 910,496 $ 777,147 Non-Same Store and Other NOI 13,744 10,855 38,885 33,293 Total NOI 329,360 279,737 949,381 810,440 Depreciation and amortization ( 136,879 ) ( 134,611 ) ( 404,761 ) ( 397,938 ) Property management expenses ( 16,262 ) ( 13,831 ) ( 48,429 ) ( 40,522 ) General and administrative expenses ( 12,188 ) ( 12,670 ) ( 44,091 ) ( 38,763 ) Interest expense ( 38,637 ) ( 39,234 ) ( 116,663 ) ( 117,773 ) (Loss) gain on sale of depreciable real estate assets ( 1 ) ( 313 ) 131,963 134,515 Gain on sale of non-depreciable real estate assets 431 170 809 202 Other non-operating (expense) income ( 1,718 ) 10,344 ( 19,248 ) 14,557 Income tax benefit (expense) 1,256 ( 2,803 ) 5,750 ( 5,847 ) Income from real estate joint venture 341 258 1,129 915 Net income attributable to noncontrolling interests ( 3,392 ) ( 2,568 ) ( 12,025 ) ( 11,636 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAA common shareholders $ 121,389 $ 83,557 $ 441,049 $ 345,384 Assets for each reportable segment as of September 30, 2022 and December 31, 2021 were as follows (in thousands): September 30, 2022 December 31, 2021 Assets: Same Store $ 9,767,996 $ 9,907,740 Non-Same Store and Other 1,390,173 1,106,039 Corporate assets 180,058 271,403 Total assets $ 11,338,227 $ 11,285,182 |
Real Estate Acquisition and Dis
Real Estate Acquisition and Disposition | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate [Abstract] | |
Real Estate Acquisitions and Dispositions | 12. Real Estate Acquisitions and Dispositions During the nine months ended September 30, 2022 , the Company acquired a 196 -unit multifamily apartment community located in the Tampa, Florida market for approximately $ 73 million and a 344 -unit multifamily apartment community located in the Charlotte, North Carolina market for approximately $ 140 million. The following table reflects the Company ’s acquisition activity for the nine months ended September 30, 2022: Multifamily Acquisitions Market Units Date Acquired MAA Hampton Preserve II Tampa, FL 196 July 2022 MAA LoSo Charlotte, NC 344 September 2022 Land Acquisitions Market Acres Date Acquired MAA Florida Street Station Denver, CO 4 March 2022 MAA Packing District Orlando, FL 4 May 2022 MAA Panorama Denver, CO 6 July 2022 During the nine months ended September 30, 2022 , the Company closed on two dispositions in the Fort Worth, Texas market and received combined gross proceeds of approximately $ 167 million and recognized a combined gain on the sale of depreciable real estate assets of approximately $ 132 million. The following table reflects the Company ’s disposition activity for the nine months ended September 30, 2022: Multifamily Dispositions Market Units Date Sold MAA Deer Run Fort Worth, TX 304 June 2022 MAA Oakbend Fort Worth, TX 426 June 2022 Land Dispositions Market Acres Date Sold Colonial Promenade Huntsville, AL 2 April 2022 Colonial Promenade Huntsville, AL 3 August 2022 As of September 30, 2022, a 396 -unit multifamily apartment community located in Maryland was classified as held for sale. The criteria for classifying the community as held for sale were met during September 2022, and the property remained in our portfolio as of September 30, 2022. As a result, the assets and liabilities associated with the community were presented as “Assets held for sale” in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2022. Subsequent to the September 30, 2022 balance sheet date, but prior to the filing date of this Quarterly Report on Form 10-Q, the Company closed on the disposition of the community and received gross proceeds of approximately $ 104 million, resulting in an expected gain on the sale of depreciable real estate assets of approximately $ 37 million that will be recorded in the fourth quarter of 2022. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared by the Company’s 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, directly or indirectly, approximately 80 % to 100 % of all consolidated subsidiaries, including the Operating Partnership. In management’s 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. The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both 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. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to e xercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below). |
Noncontrolling Interests | Noncontrolling Interests As of September 30, 2022, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details. The noncontrolling interests relating to the Company’s four consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2022, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 244.6 million , and consolidated liabilities were $ 14.4 million . As of December 31, 2021, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 252.8 million , and consolidated liabilities were $ 15.9 million . During the nine months ended September 30, 2022 , the Company paid $ 43.1 million to acquire the noncontrolling interest of one consolidated real estate entity. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates The Company uses the equity method to account for its investments in a real estate joint venture and four technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $ 42.4 million and $ 42.8 million as of September 30, 2022 and December 31, 2021, respectively. The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of September 30, 2022 and December 31, 2021, the Company’s investments in the limited partnerships were $ 41.8 million and $ 79.4 million , respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related gains and losses, including unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. The decrease in the Company’s investment in the limited partnerships was driven by the recognition of unrealized losses, which were primarily a result of a decrease in the valuation of an underlying investment that recently became publicly traded. During the three months ended September 30, 2022 and 2021, the Company recognized $ 1.4 million of expense and $ 10.1 million of income, respectively, from its investments in the limited partnerships. During the nine months ended September 30, 2022 and 2021, the Company recognized $ 29.2 million of expense and $ 18.0 million of income, respectively, from its investments in the limited partnerships. As of September 30, 2022, the Company was committed to make additional capital contributions totaling $ 32.9 million if and when called by the general partners of the limited partnerships. |
Marketable Equity Securities | Marketable Equity Securities During the nine months ended September 30, 2022, two of the technology-focused limited partnerships that are accounted for as unconsolidated affiliates distributed publicly traded marketable equity securities to the Company and the other limited partners. The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities, with any related gains and losses, including unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022, the Company’s investment in the marketable equity securities was $ 6.2 million. During the three and nine months ended September 30, 2022, the Company recognized $ 6.8 million and $ 10.1 million of expense, respectively, from its investment in marketable equity securities. |
Revenue Recognition | Revenue Recognition The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with ASC Topic 842, Leases , using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94 % of the Company’s total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5 % of the Company’s total revenues represent non-lease reimbursable property revenues from its residents for utility reimbursements, which are generally recognized and due on a monthly basis as residents obtain control of the service over the term of the lease. The remaining 1 % of the Company’s total revenues represents other non-lease property revenues primarily driven by nonrefundable fees and commissions which are recognized when earned. In accordance with ASC Topic 842, rental revenues and non-lease reimbursable property revenues meet the criteria to be aggregated into a single lease component and are reported on a combined basis in the line item “Rental revenues,” as presented in the disaggregation of the Company’s revenues in Note 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers , which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues”, as presented in the disaggregation of the Company’s revenues in Note 11. |
Leases | Leases The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than twelve months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2022 and December 31, 2021, right-of-use assets recorded within “Other assets” totaled $ 45.3 million and $ 47.0 million , respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $ 29.2 million and $ 30.3 million , respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the three and nine months ended September 30, 2022 and 2021 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2022 and 2021 was also immaterial. See Note 10 for additional disclosures regarding leases. |
Fair value Measurements | Fair Value Measurements The Company applies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures , to the valuation of real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy: Level 1 - Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs for the assets or liability. |
Earnings Per Common Share of _2
Earnings Per Common Share of MAA (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Common Share Of M A A [Abstract] | |
Schedule of Computation of Earnings Per Share | For the three and nine months ended September 30, 2022 and 2021, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Calculation of Earnings per common share - basic Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net income attributable to noncontrolling interests ( 3,392 ) ( 2,568 ) ( 12,025 ) ( 11,636 ) Unvested restricted shares (allocation of earnings) ( 82 ) ( 80 ) ( 308 ) ( 359 ) Preferred dividends ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAA common shareholders, adjusted $ 121,307 $ 83,477 $ 440,741 $ 345,025 Weighted average common shares - basic 115,363 114,933 115,325 114,568 Earnings per common share - basic $ 1.05 $ 0.73 $ 3.82 $ 3.01 Calculation of Earnings per common share - diluted Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net income attributable to noncontrolling interests (1) ( 3,392 ) ( 2,568 ) ( 12,025 ) ( 11,636 ) Preferred dividends ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAA common shareholders, adjusted $ 121,389 $ 83,557 $ 441,049 $ 345,384 Weighted average common shares - basic 115,363 114,933 115,325 114,568 Effect of dilutive securities 205 296 267 305 Weighted average common shares - diluted 115,568 115,229 115,592 114,873 Earnings per common share - diluted $ 1.05 $ 0.73 $ 3.82 $ 3.01 (1) For the three and nine months ended September 30, 2022, 3.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2021, 3.5 million OP Units and 3.8 million OP Units, respectively, 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) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Unit | For the three and nine months ended September 30, 2022 and 2021, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Calculation of Earnings per common unit - basic Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net loss attributable to noncontrolling interests — — 293 — Unvested restricted units (allocation of earnings) ( 82 ) ( 80 ) ( 308 ) ( 359 ) Preferred unit distributions ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAALP common unitholders, adjusted $ 124,699 $ 86,045 $ 453,059 $ 356,661 Weighted average common units - basic 118,564 118,430 118,528 118,389 Earnings per common unit - basic $ 1.05 $ 0.73 $ 3.82 $ 3.01 Calculation of Earnings per common unit - diluted Net income $ 125,703 $ 87,047 $ 455,840 $ 359,786 Net loss attributable to noncontrolling interests — — 293 — Preferred unit distributions ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAALP common unitholders, adjusted $ 124,781 $ 86,125 $ 453,367 $ 357,020 Weighted average common units - basic 118,564 118,430 118,528 118,389 Effect of dilutive securities 205 296 267 305 Weighted average common units - diluted 118,769 118,726 118,795 118,694 Earnings per common unit - diluted $ 1.05 $ 0.73 $ 3.82 $ 3.01 |
MAA Equity (Tables)
MAA Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
M A A Equity [Abstract] | |
Summary of Changes in Total Equity and its Components | Changes in MAA’s total equity and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE JUNE 30, 2022 $ 9 $ 1,152 $ 7,191,920 $ ( 1,199,216 ) $ ( 10,591 ) $ 165,062 $ 19,780 $ 6,168,116 Net income — — — 122,311 — 3,392 — 125,703 Other comprehensive income - derivative — — — — 270 9 — 279 Issuance and registration of common shares — — 156 — — — — 156 Shares repurchased and retired — — ( 12 ) — — — — ( 12 ) Shares issued in exchange for common units — — 307 — — ( 307 ) — — Redeemable stock fair market value — — — 2,537 — — — 2,537 Adjustment for noncontrolling interests in — — ( 70 ) — — 70 — — Amortization of unearned compensation — — 4,203 — — — — 4,203 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.2500 per — — — ( 144,309 ) — — — ( 144,309 ) Dividends on noncontrolling interests units 1.2500 per share) — — — — — ( 3,996 ) — ( 3,996 ) EQUITY BALANCE SEPTEMBER 30, 2022 $ 9 $ 1,152 $ 7,196,504 $ ( 1,219,599 ) $ ( 10,321 ) $ 164,230 $ 19,780 $ 6,151,755 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE JUNE 30, 2021 $ 9 $ 1,147 $ 7,201,885 $ ( 1,272,694 ) $ ( 11,632 ) $ 185,340 $ 16,612 $ 6,120,667 Net income — — — 84,479 — 2,568 — 87,047 Other comprehensive income - derivative — — — — 248 30 — 278 Issuance and registration of common shares — — ( 103 ) — — — — ( 103 ) Exercise of stock options — — 12 — — — — 12 Shares issued in exchange for common units — 2 11,106 — — ( 11,108 ) — — Redeemable stock fair market value — — — ( 2,356 ) — — — ( 2,356 ) Adjustment for noncontrolling interests in — — ( 22 ) — — 22 — — Amortization of unearned compensation — — 4,007 — — — — 4,007 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.0250 per — — — ( 118,018 ) — — — ( 118,018 ) Dividends on noncontrolling interests units 1.0250 per share) — — — — — ( 3,486 ) — ( 3,486 ) Contribution from noncontrolling interest — — — — — — 3,204 3,204 EQUITY BALANCE SEPTEMBER 30, 2021 $ 9 $ 1,149 $ 7,216,885 $ ( 1,309,511 ) $ ( 11,384 ) $ 173,366 $ 19,816 $ 6,090,330 Changes in MAA’s total equity and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE DECEMBER 31, 2021 $ 9 $ 1,151 $ 7,230,956 $ ( 1,255,807 ) $ ( 11,132 ) $ 165,116 $ 23,614 $ 6,153,907 Net income (loss) — — — 443,815 — 12,318 ( 293 ) 455,840 Other comprehensive income - derivative — — — — 811 24 — 835 Issuance and registration of common shares — 1 ( 277 ) — — — — ( 276 ) Shares repurchased and retired — — ( 14,043 ) — — — — ( 14,043 ) Exercise of stock options — — 28 — — — — 28 Shares issued in exchange for common units — — 500 — — ( 500 ) — — Redeemable stock fair market value — — — 9,297 — — — 9,297 Adjustment for noncontrolling interests in — — 1,251 — — ( 1,251 ) — — Amortization of unearned compensation — — 15,532 — — — — 15,532 Dividends on preferred stock — — ( 2,766 ) — — — ( 2,766 ) Dividends on common stock ($ 3.5875 per — — — ( 414,138 ) — — — ( 414,138 ) Dividends on noncontrolling interests units 3.5875 per share) — — — — — ( 11,477 ) — ( 11,477 ) Acquisition of noncontrolling interest — — ( 37,443 ) — — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — — — 2,086 2,086 EQUITY BALANCE SEPTEMBER 30, 2022 $ 9 $ 1,152 $ 7,196,504 $ ( 1,219,599 ) $ ( 10,321 ) $ 164,230 $ 19,780 $ 6,151,755 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE DECEMBER 31, 2020 $ 9 $ 1,141 $ 7,176,793 $ ( 1,294,182 ) $ ( 12,128 ) $ 206,927 $ 9,848 $ 6,088,408 Net income — — — 348,150 — 11,636 — 359,786 Other comprehensive income - derivative — — — — 744 91 — 835 Issuance and registration of common shares — 2 ( 438 ) — — — — ( 436 ) Shares repurchased and retired — — ( 9,043 ) — — — — ( 9,043 ) Exercise of stock options — — 1,478 — — — — 1,478 Shares issued in exchange for common units — 6 33,266 — — ( 33,272 ) — — Redeemable stock fair market value adjustment — — — ( 7,545 ) — — — ( 7,545 ) Adjustment for noncontrolling interests in — — 678 — — ( 678 ) — — Amortization of unearned compensation — — 14,151 — — — — 14,151 Dividends on preferred stock — — — ( 2,766 ) — — — ( 2,766 ) Dividends on common stock ($ 3.0750 per — — — ( 353,168 ) — — — ( 353,168 ) Dividends on noncontrolling interests units 3.0750 per share) — — — — — ( 11,338 ) — ( 11,338 ) Contribution from noncontrolling interest — — — — — — 9,968 9,968 EQUITY BALANCE SEPTEMBER 30, 2021 $ 9 $ 1,149 $ 7,216,885 $ ( 1,309,511 ) $ ( 11,384 ) $ 173,366 $ 19,816 $ 6,090,330 |
MAALP Capital (Tables)
MAALP Capital (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
M A A L P Capital [Abstract] | |
Summary of Changes in Total Capital and its Components | Changes in MAALP’s total capital and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE JUNE 30, 2022 $ 66,840 $ 5,927,241 $ 165,062 $ ( 10,826 ) $ 19,780 $ 6,168,097 Net income 922 121,389 3,392 — — 125,703 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units — 156 — — — 156 Units repurchased and retired — ( 12 ) — — — ( 12 ) General partnership units issued in exchange for limited — 307 ( 307 ) — — — Redeemable units fair market value adjustment — 2,537 — — — 2,537 Adjustment for limited partners’ capital at redemption value — ( 79 ) 79 — — — Amortization of unearned compensation — 4,203 — — — 4,203 Distributions to preferred unitholders ( 922 ) — — — — ( 922 ) Distributions to common unitholders ($ 1.2500 per unit) — ( 144,309 ) ( 3,996 ) — — ( 148,305 ) CAPITAL BALANCE SEPTEMBER 30, 2022 $ 66,840 $ 5,911,433 $ 164,230 $ ( 10,547 ) $ 19,780 $ 6,151,736 Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE JUNE 30, 2021 $ 66,840 $ 5,863,795 $ 185,340 $ ( 11,939 ) $ 16,612 $ 6,120,648 Net income 922 83,557 2,568 — — 87,047 Other comprehensive income - derivative instruments — — — 278 — 278 Issuance of units — ( 103 ) — — — ( 103 ) Exercise of unit options — 12 — — — 12 General partnership units issued in exchange for limited — 11,108 ( 11,108 ) — — — Redeemable units fair market value adjustment — ( 2,356 ) — — — ( 2,356 ) Adjustment for limited partners’ capital at redemption value — ( 52 ) 52 — — — Amortization of unearned compensation — 4,007 — — — 4,007 Distributions to preferred unitholders ( 922 ) — — — — ( 922 ) Distributions to common unitholders ($ 1.0250 per unit) — ( 118,018 ) ( 3,486 ) — — ( 121,504 ) Contribution from noncontrolling interest — — — — 3,204 3,204 CAPITAL BALANCE SEPTEMBER 30, 2021 $ 66,840 $ 5,841,950 $ 173,366 $ ( 11,661 ) $ 19,816 $ 6,090,311 Changes in MAALP’s total capital and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2021 $ 66,840 $ 5,909,700 $ 165,116 $ ( 11,382 ) $ 23,614 $ 6,153,888 Net income (loss) 2,766 441,049 12,318 — ( 293 ) 455,840 Other comprehensive income - derivative instruments — — — 835 — 835 Issuance of units — ( 276 ) — — — ( 276 ) Units repurchased and retired — ( 14,043 ) — — — ( 14,043 ) Exercise of unit options — 28 — — — 28 General partnership units issued in exchange for limited — 500 ( 500 ) — — — Redeemable units fair market value adjustment — 9,297 — — — 9,297 Adjustment for limited partners’ capital at redemption value — 1,227 ( 1,227 ) — — — Amortization of unearned compensation — 15,532 — — — 15,532 Distributions to preferred unitholders ( 2,766 ) — — — — ( 2,766 ) Distributions to common unitholders ($ 3.5875 per unit) — ( 414,138 ) ( 11,477 ) — — ( 425,615 ) Acquisition of noncontrolling interest — ( 37,443 ) — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — 2,086 2,086 CAPITAL BALANCE SEPTEMBER 30, 2022 $ 66,840 $ 5,911,433 $ 164,230 $ ( 10,547 ) $ 19,780 $ 6,151,736 Mid-America Apartments, L.P. Unitholders’ Capital Preferred General Limited Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2020 $ 66,840 $ 5,817,270 $ 206,927 $ ( 12,496 ) $ 9,848 $ 6,088,389 Net income 2,766 345,384 11,636 — — 359,786 Other comprehensive income - derivative instruments — — — 835 — 835 Issuance of units — ( 436 ) — — — ( 436 ) Units repurchased and retired — ( 9,043 ) — — — ( 9,043 ) Exercise of unit options — 1,478 — — — 1,478 General partnership units issued in exchange for limited — 33,272 ( 33,272 ) — — — Redeemable units fair market value adjustment — ( 7,545 ) — — — ( 7,545 ) Adjustment for limited partners’ capital at redemption value — 587 ( 587 ) — — — Amortization of unearned compensation — 14,151 — — — 14,151 Distributions to preferred unitholders ( 2,766 ) — — — — ( 2,766 ) Distributions to common unitholders ($ 3.0750 per unit) — ( 353,168 ) ( 11,338 ) — — ( 364,506 ) Contribution from noncontrolling interest — — — — 9,968 9,968 CAPITAL BALANCE SEPTEMBER 30, 2021 $ 66,840 $ 5,841,950 $ 173,366 $ ( 11,661 ) $ 19,816 $ 6,090,311 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following table summarizes the Company’s outstanding debt as of September 30, 2022 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Fixed rate senior notes $ 4,050,000 3.4 % 5/14/2029 Variable rate commercial paper program 125,000 3.4 % 10/3/2022 Debt issuance costs, discounts, premiums and fair market value adjustments ( 20,180 ) Total unsecured debt $ 4,154,820 3.3 % Secured debt Fixed rate property mortgages $ 367,512 4.4 % 10/19/2048 Debt issuance costs ( 3,181 ) Total secured debt $ 364,331 4.4 % Total outstanding debt $ 4,519,151 3.4 % |
Financial Instruments and Der_2
Financial Instruments and Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Effect of Derivative Instruments on Consolidated Statement of Operations | The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Net Loss Reclassified from AOCL into Interest Expense Location of Loss Reclassified Three months ended September 30, Derivatives in Cash Flow Hedging Relationships from AOCL into Income 2022 2021 Terminated interest rate swaps Interest expense $ ( 279 ) $ ( 278 ) Nine months ended September 30, 2022 2021 Terminated interest rate swaps Interest expense $ ( 835 ) $ ( 835 ) (Loss) Gain Recognized in Earnings on Derivative Location of (Loss) Gain Recognized Three months ended September 30, Derivative Not Designated as Hedging Instrument in Earnings on Derivative 2022 2021 Preferred stock embedded derivative Other non-operating expense (income) $ ( 425 ) $ 13,432 Nine months ended September 30, 2022 2021 Preferred stock embedded derivative Other non-operating expense (income) $ ( 10,364 ) $ 11,492 |
Shareholders' Equity of MAA (Ta
Shareholders' Equity of MAA (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Shareholders Equity Of M A A [Abstract] | |
Schedule of Cumulative Redeemable Preferred Stock | As of September 30, 2022, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics: Description Outstanding Shares Liquidation Preference (1) Optional Redemption Date Redemption Price (2) Stated Dividend Yield Approximate Dividend Rate MAA Series I 867,846 $ 50.00 10/1/2026 $ 50.00 8.50 % $ 4.25 (1) The total liquidation preference for the outstanding preferred stock is $ 43.4 million . (2) The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loss Contingency [Abstract] | |
Schedule of Right of Use Lease Obligations | The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2022 (in thousands): Operating Leases 2022 $ 730 2023 2,885 2024 2,862 2025 2,872 2026 2,920 Thereafter 59,993 Total minimum lease payments 72,262 Net present value adjustments ( 43,110 ) Right-of-use lease liabilities $ 29,152 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes To Financial Statements [Abstract] | |
Revenues and NOI for Reportable Segment | Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Revenues: Same Store Rental revenues $ 492,215 $ 429,267 $ 1,412,358 $ 1,243,540 Other property revenues 3,162 2,939 9,656 9,215 Total Same Store revenues 495,377 432,206 1,422,014 1,252,755 Non-Same Store and Other Rental revenues 24,278 20,210 68,382 60,885 Other property revenues 1,128 159 1,505 867 Total Non-Same Store and Other revenues 25,406 20,369 69,887 61,752 Total rental and other property revenues $ 520,783 $ 452,575 $ 1,491,901 $ 1,314,507 Net Operating Income: Same Store NOI $ 315,616 $ 268,882 $ 910,496 $ 777,147 Non-Same Store and Other NOI 13,744 10,855 38,885 33,293 Total NOI 329,360 279,737 949,381 810,440 Depreciation and amortization ( 136,879 ) ( 134,611 ) ( 404,761 ) ( 397,938 ) Property management expenses ( 16,262 ) ( 13,831 ) ( 48,429 ) ( 40,522 ) General and administrative expenses ( 12,188 ) ( 12,670 ) ( 44,091 ) ( 38,763 ) Interest expense ( 38,637 ) ( 39,234 ) ( 116,663 ) ( 117,773 ) (Loss) gain on sale of depreciable real estate assets ( 1 ) ( 313 ) 131,963 134,515 Gain on sale of non-depreciable real estate assets 431 170 809 202 Other non-operating (expense) income ( 1,718 ) 10,344 ( 19,248 ) 14,557 Income tax benefit (expense) 1,256 ( 2,803 ) 5,750 ( 5,847 ) Income from real estate joint venture 341 258 1,129 915 Net income attributable to noncontrolling interests ( 3,392 ) ( 2,568 ) ( 12,025 ) ( 11,636 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 2,766 ) ( 2,766 ) Net income available for MAA common shareholders $ 121,389 $ 83,557 $ 441,049 $ 345,384 |
Assets for Reportable Segment | Assets for each reportable segment as of September 30, 2022 and December 31, 2021 were as follows (in thousands): September 30, 2022 December 31, 2021 Assets: Same Store $ 9,767,996 $ 9,907,740 Non-Same Store and Other 1,390,173 1,106,039 Corporate assets 180,058 271,403 Total assets $ 11,338,227 $ 11,285,182 |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Asset Acquisitions and Dispositions | The following table reflects the Company ’s acquisition activity for the nine months ended September 30, 2022: Multifamily Acquisitions Market Units Date Acquired MAA Hampton Preserve II Tampa, FL 196 July 2022 MAA LoSo Charlotte, NC 344 September 2022 Land Acquisitions Market Acres Date Acquired MAA Florida Street Station Denver, CO 4 March 2022 MAA Packing District Orlando, FL 4 May 2022 MAA Panorama Denver, CO 6 July 2022 The following table reflects the Company ’s disposition activity for the nine months ended September 30, 2022: Multifamily Dispositions Market Units Date Sold MAA Deer Run Fort Worth, TX 304 June 2022 MAA Oakbend Fort Worth, TX 426 June 2022 Land Dispositions Market Acres Date Sold Colonial Promenade Huntsville, AL 2 April 2022 Colonial Promenade Huntsville, AL 3 August 2022 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 USD ($) Properties Community Property State shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2022 USD ($) Properties Community Property State shares | Sep. 30, 2021 USD ($) shares | Dec. 31, 2024 Property | Dec. 31, 2023 Property | Dec. 31, 2022 Property | Dec. 31, 2021 USD ($) shares | |
Real Estate Properties [Line Items] | ||||||||
General Partners' Capital Account, Units Outstanding | shares | 115,447,252 | 115,138,323 | 115,447,252 | 115,138,323 | ||||
Number of Real Estate Properties | Community | 292 | 292 | ||||||
Development and capital improvements in progress | $ 297,416 | $ 297,416 | $ 247,970 | |||||
Number of States in which Entity Operates | State | 16 | 16 | ||||||
Consolidated assets | $ 11,338,227 | $ 11,338,227 | 11,285,182 | |||||
Consolidated liabilities | 5,166,327 | 5,166,327 | 5,101,090 | |||||
Real Estate Investments, Joint Ventures | 32,900 | $ 32,900 | ||||||
Percentage Of Rental Revenue From Leasing Of Apartment Homes | 94% | |||||||
Percentage Of Reimbursable Revenue From Leasing Of Apartment Homes | 5% | |||||||
Percentage of Rental Revenue and Other Income From Non-leasing Activities | 1% | |||||||
Operating Lease, Right-of-Use Asset | 45,300 | $ 45,300 | 47,000 | |||||
Right-of-use Lease, Liability | 29,152 | 29,152 | 30,300 | |||||
Marketable equity securities | 6,200 | 6,200 | ||||||
Investment Income, Investment Expense | $ 6,800 | $ 10,100 | ||||||
Operating lease weighted average remaining lease term | 33 years | 33 years | ||||||
Operating lease weighted average discount rate | 4.40% | 4.40% | ||||||
Limited Partnership [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Investment Income, Investment Expense | $ 1,400 | $ 10,100 | $ 29,200 | $ 18,000 | ||||
Other Assets [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Investments, Joint Ventures | 41,800 | 41,800 | 79,400 | |||||
Real Estate [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Cash proceeds | 43,100 | |||||||
Real Estate [Member] | Post Massachusetts Avenue [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Investments, Joint Ventures | $ 42,400 | $ 42,400 | $ 42,800 | |||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Operating lease, term of contract | 1 year | 1 year | ||||||
Development Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of Real Estate Properties | Community | 5 | 5 | ||||||
Number of units under development community | Properties | 1,759 | 1,759 | ||||||
Development Properties [Member] | Expected Costs | ||||||||
Real Estate Properties [Line Items] | ||||||||
Development and capital improvements in progress | $ 444,000 | $ 444,000 | ||||||
Development Properties [Member] | Scenario Forecast [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of Real Estate Properties | Property | 1 | 3 | 1 | |||||
Retail | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of Real Estate Properties | Property | 34 | 34 | ||||||
M A A L P | ||||||||
Real Estate Properties [Line Items] | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 97.30% | 97.10% | ||||||
Limited Partnership [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
General Partners' Capital Account, Units Outstanding | shares | 115,447,252 | 115,447,252 | 115,336,876 | |||||
Number of Real Estate Properties | Property | 1 | 1 | ||||||
Development and capital improvements in progress | $ 297,416 | $ 297,416 | $ 247,970 | |||||
Consolidated assets | 11,338,227 | 11,338,227 | 11,285,182 | |||||
Consolidated liabilities | 5,166,346 | 5,166,346 | 5,101,109 | |||||
Limited Partnership [Member] | Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Consolidated assets | 244,600 | 244,600 | 252,800 | |||||
Consolidated liabilities | $ 14,400 | $ 14,400 | $ 15,900 | |||||
Limited Partnership [Member] | Minimum [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of ownership interests of all consolidated subsidiaries (percent) | 80% | 80% | ||||||
Limited Partnership [Member] | Maximum [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of ownership interests of all consolidated subsidiaries (percent) | 100% | 100% | ||||||
Limited Partnership [Member] | Development Properties [Member] | Costs Incurred To Date | ||||||||
Real Estate Properties [Line Items] | ||||||||
Development and capital improvements in progress | $ 266,100 | $ 266,100 |
Earnings Per Common Share of _3
Earnings Per Common Share of MAA - Schedule of Computation of Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Earnings Per Share Disclosure [Line Items] | |||||
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 125,703 | $ 87,047 | $ 455,840 | $ 359,786 | |
Income from continuing operations attributable to noncontrolling interests | (3,392) | (2,568) | (12,025) | (11,636) | |
Income from continuing operations allocated to unvested restricted shares | (82) | (80) | (308) | (359) | |
Dividends, Preferred Stock, Cash | (922) | (922) | (2,766) | (2,766) | |
Income from continuing operations available for common shareholders, adjusted | $ 121,307 | $ 83,477 | $ 440,741 | $ 345,025 | |
Weighted average common shares - basic | 115,363 | 114,933 | 115,325 | 114,568 | |
Earnings per share - basic | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 | |
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 125,703 | $ 87,047 | $ 455,840 | $ 359,786 | |
Income from continuing operations attributable to noncontrolling interests | [1] | (3,392) | (2,568) | (12,025) | (11,636) |
Net income available for MAA common shareholders, adjusted | $ 121,389 | $ 83,557 | $ 441,049 | $ 345,384 | |
Effect of dilutive securities | 205 | 296 | 267 | 305 | |
Weighted average common shares - diluted | 115,568 | 115,229 | 115,592 | 114,873 | |
Earnings per common share - diluted | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 | |
Limited Partnership Units [Member] | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,200 | 3,500 | 3,200 | 3,800 | |
[1] For the three and nine months ended September 30, 2022, 3.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2021, 3.5 million OP Units and 3.8 million OP Units, respectively, 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 - Schedule of Diluted Earnings per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share Disclosure [Line Items] | ||||
Net income | $ 125,703 | $ 87,047 | $ 455,840 | $ 359,786 |
Net loss attributable to noncontrolling interests | (3,392) | (2,568) | (12,025) | (11,636) |
Dividends, Preferred Stock, Cash | (922) | (922) | (2,766) | (2,766) |
Income from continuing operations available for common shareholders, adjusted | $ 121,307 | $ 83,477 | $ 440,741 | $ 345,025 |
Earnings per share - basic | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
Net income available for MAA common shareholders, adjusted | $ 121,389 | $ 83,557 | $ 441,049 | $ 345,384 |
Effect of dilutive securities | 205 | 296 | 267 | 305 |
Weighted average common shares - diluted | 115,568 | 115,229 | 115,592 | 114,873 |
Earnings per common share - diluted | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
Limited Partnership [Member] | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Net income | $ 125,703 | $ 87,047 | $ 455,840 | $ 359,786 |
Net loss attributable to noncontrolling interests | 0 | 0 | 293 | 0 |
Income from continuing operations allocated to unvested restricted shares | (82) | (80) | (308) | (359) |
Dividends, Preferred Stock, Cash | (922) | (922) | (2,766) | (2,766) |
Income from continuing operations available for common shareholders, adjusted | $ 124,699 | $ 86,045 | $ 453,059 | $ 356,661 |
Weighted average common units - basic | 118,564 | 118,430 | 118,528 | 118,389 |
Earnings per share - basic | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
Net income available for MAA common shareholders, adjusted | $ 124,781 | $ 86,125 | $ 453,367 | $ 357,020 |
Effect of dilutive securities | 205 | 296 | 267 | 305 |
Weighted average common shares - diluted | 118,769 | 118,726 | 118,795 | 118,694 |
Earnings per common share - diluted | $ 1.05 | $ 0.73 | $ 3.82 | $ 3.01 |
MAA Equity - Summary of Changes
MAA Equity - Summary of Changes in Total Equity and its Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends, Preferred Stock, Cash | $ (922) | $ (922) | $ (2,766) | $ (2,766) |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 6,168,116 | 6,120,667 | 6,153,907 | 6,088,408 |
Net Income Including Portion Attributable to Noncontrolling Interest | 125,703 | 87,047 | 455,840 | 359,786 |
Other comprehensive income - derivative instruments | 279 | 278 | 835 | 835 |
Issuance and registration of common shares | 156 | (103) | (276) | (436) |
Shares repurchased and retired | (12) | (14,043) | (9,043) | |
Exercise of stock options | 12 | 28 | 1,478 | |
Redeemable stock fair market value adjustment | 2,537 | (2,356) | 9,297 | (7,545) |
Amortization of unearned compensation | 4,203 | 4,007 | 15,532 | 14,151 |
Dividends, Preferred Stock, Cash | (922) | (922) | (2,766) | (2,766) |
Dividends on common stock | (144,309) | (118,018) | (414,138) | (353,168) |
Dividends on noncontrolling interest units | (3,996) | (3,486) | (11,477) | (11,338) |
Acquisition of noncontrolling interest | (43,070) | |||
Contribution from noncontrolling interest | 3,204 | 2,086 | 9,968 | |
Ending Balance | 6,151,755 | 6,090,330 | 6,151,755 | 6,090,330 |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Preferred Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 9 | 9 | 9 | 9 |
Ending Balance | 9 | 9 | 9 | 9 |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1,152 | 1,147 | 1,151 | 1,141 |
Issuance and registration of common shares | 1 | 2 | ||
Shares issued in exchange for common units | 2 | 6 | ||
Ending Balance | 1,152 | 1,149 | 1,152 | 1,149 |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Additional Paid-in Capital [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 7,191,920 | 7,201,885 | 7,230,956 | 7,176,793 |
Issuance and registration of common shares | 156 | (103) | (277) | (438) |
Shares repurchased and retired | (12) | (14,043) | (9,043) | |
Exercise of stock options | 12 | 28 | 1,478 | |
Shares issued in exchange for common units | 307 | 11,106 | 500 | 33,266 |
Adjustment for noncontrolling interests in Operating Partnership | (70) | (22) | 1,251 | 678 |
Amortization of unearned compensation | 4,203 | 4,007 | 15,532 | 14,151 |
Acquisition of noncontrolling interest | (37,443) | |||
Ending Balance | 7,196,504 | 7,216,885 | 7,196,504 | 7,216,885 |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Distributions in Excess of Net Income [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (1,199,216) | (1,272,694) | (1,255,807) | (1,294,182) |
Net income attributable to MAA | 122,311 | 84,479 | 443,815 | 348,150 |
Redeemable stock fair market value adjustment | 2,537 | (2,356) | 9,297 | (7,545) |
Dividends, Preferred Stock, Cash | (922) | (922) | (2,766) | (2,766) |
Dividends on common stock | (144,309) | (118,018) | (414,138) | (353,168) |
Ending Balance | (1,219,599) | (1,309,511) | (1,219,599) | (1,309,511) |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Other Comprehensive Loss [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (10,591) | (11,632) | (11,132) | (12,128) |
Other comprehensive income - derivative instruments | 270 | 248 | 811 | 744 |
Ending Balance | (10,321) | (11,384) | (10,321) | (11,384) |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Operating Partnership [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 165,062 | 185,340 | 165,116 | 206,927 |
Net Income Attributable to Noncontrolling Interest | 3,392 | 2,568 | 12,318 | 11,636 |
Other comprehensive income - derivative instruments | 9 | 30 | 24 | 91 |
Shares issued in exchange for common units | (307) | (11,108) | (500) | (33,272) |
Adjustment for noncontrolling interests in Operating Partnership | 70 | 22 | (1,251) | (678) |
Dividends on noncontrolling interest units | (3,996) | (3,486) | (11,477) | (11,338) |
Ending Balance | 164,230 | 173,366 | 164,230 | 173,366 |
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Consolidated Real Estate Entities [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 19,780 | 16,612 | 23,614 | 9,848 |
Net Income Attributable to Noncontrolling Interest | (293) | |||
Acquisition of noncontrolling interest | (5,627) | |||
Contribution from noncontrolling interest | 3,204 | 2,086 | 9,968 | |
Ending Balance | $ 19,780 | $ 19,816 | $ 19,780 | $ 19,816 |
MAA Equity - Summary of Chang_2
MAA Equity - Summary of Changes in Total Equity and its Components (Parenthetical) (Details) - Mid America Apartment Communities Inc. Shareholders Equity [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Line Items] | ||||
Dividends on common stock, per share | $ 1.2500 | $ 1.0250 | $ 3.5875 | $ 3.0750 |
Dividends on noncontrolling interests, per unit | $ 1.2500 | $ 1.0250 | $ 3.5875 | $ 3.0750 |
MAALP Capital - Summary of Chan
MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Dividends, Preferred Stock, Cash | $ (922) | $ (922) | $ (2,766) | $ (2,766) |
M A A L P | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning Balance | 6,168,097 | 6,120,648 | 6,153,888 | 6,088,389 |
Net Income Available for Common Unitholders | 125,703 | 87,047 | 455,840 | 359,786 |
Other comprehensive income - derivative instruments | 279 | 278 | 835 | 835 |
Issuance of units | 156 | (103) | (276) | (436) |
Units repurchased and retired | (12) | 12 | (14,043) | (9,043) |
Exercise of unit options | 28 | 1,478 | ||
Redeemable stock fair market value adjustment | 2,537 | (2,356) | 9,297 | (7,545) |
Amortization of unearned compensation | 4,203 | 4,007 | 15,532 | 14,151 |
Dividends, Preferred Stock, Cash | (922) | (922) | (2,766) | (2,766) |
Distributions | (148,305) | (121,504) | (425,615) | (364,506) |
Acquisition of noncontrolling interest | (43,070) | |||
Contribution from noncontrolling interest | 3,204 | 2,086 | 9,968 | |
Ending Balance | 6,151,736 | 6,090,311 | 6,151,736 | 6,090,311 |
M A A L P | Limited Partner [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning Balance | 165,062 | 185,340 | 165,116 | 206,927 |
Net income (loss) | 3,392 | 2,568 | 12,318 | 11,636 |
General partnership units issued in exchange for limited partnership units | (307) | (11,108) | (500) | (33,272) |
Adjustment for limited partners’ capital at redemption value | 79 | 52 | (1,227) | (587) |
Distributions | (3,996) | (3,486) | (11,477) | (11,338) |
Ending Balance | 164,230 | 173,366 | 164,230 | 173,366 |
M A A L P | General Partners' Capital Account [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning Balance | 5,927,241 | 5,863,795 | 5,909,700 | 5,817,270 |
Net Income Allocated to General Partners | 121,389 | 83,557 | 441,049 | 345,384 |
Issuance of units | 156 | (103) | (276) | (436) |
Units repurchased and retired | (12) | 12 | (14,043) | (9,043) |
Exercise of unit options | 28 | 1,478 | ||
General partnership units issued in exchange for limited partnership units | 307 | 11,108 | 500 | 33,272 |
Redeemable stock fair market value adjustment | 2,537 | (2,356) | 9,297 | (7,545) |
Adjustment for limited partners’ capital at redemption value | (79) | (52) | 1,227 | 587 |
Amortization of unearned compensation | 4,203 | 4,007 | 15,532 | 14,151 |
Distributions | (144,309) | (118,018) | (414,138) | (353,168) |
Acquisition of noncontrolling interest | (37,443) | |||
Ending Balance | 5,911,433 | 5,841,950 | 5,911,433 | 5,841,950 |
M A A L P | Accumulated Distributions in Excess of Net Income [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning Balance | 66,840 | 66,840 | 66,840 | 66,840 |
Net income (loss) | 922 | 922 | 2,766 | 2,766 |
Dividends, Preferred Stock, Cash | (922) | (922) | (2,766) | (2,766) |
Ending Balance | 66,840 | 66,840 | 66,840 | 66,840 |
M A A L P | AOCI Attributable to Noncontrolling Interest [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning Balance | (10,826) | (11,939) | (11,382) | (12,496) |
Other comprehensive income - derivative instruments | 279 | 278 | 835 | 835 |
Ending Balance | (10,547) | (11,661) | (10,547) | (11,661) |
M A A L P | Noncontrolling Interests-Consolidated Real Estate Entities [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning Balance | 19,780 | 16,612 | 23,614 | 9,848 |
Net income (loss) | (293) | |||
Acquisition of noncontrolling interest | (5,627) | |||
Contribution from noncontrolling interest | 3,204 | 2,086 | 9,968 | |
Ending Balance | $ 19,780 | $ 19,816 | $ 19,780 | $ 19,816 |
MAALP Capital - Summary of Ch_2
MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
M A A L P | Limited Partner [Member] | ||||
Capital Disclosure [Line Items] | ||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 1.2500 | $ 1.0250 | $ 3.5875 | $ 3.0750 |
Borrowings - Summary of Outstan
Borrowings - Summary of Outstanding Debt (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Total Outstanding Debt | $ 4,519,151 |
Debt Instrument, Interest Rate, Effective Percentage | 3.40% |
Variable Rate Commercial Paper Program [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 125,000 |
Fixed Rate Property Mortgages [Member] | |
Debt Instrument [Line Items] | |
Contract Maturity | Oct. 19, 2048 |
Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Total Outstanding Debt | $ 4,154,820 |
Debt Instrument, Interest Rate, Effective Percentage | 3.30% |
Unsecured Debt [Member] | Variable Rate Commercial Paper Program [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 125,000 |
Debt Instrument, Interest Rate, Effective Percentage | 3.40% |
Contract Maturity | Oct. 03, 2022 |
Unsecured Debt [Member] | Commercial Paper Notes [Member] | Fixed Rate Debt Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Unsecured Debt | $ 4,050,000 |
Debt Instrument, Interest Rate, Effective Percentage | 3.40% |
Contract Maturity | May 14, 2029 |
Unsecured Debt [Member] | $1 billion unsecured revolving credit facility [Member] | Fair Market Value Adjustment and Debt Issuance Cost [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ (20,180) |
Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Total Outstanding Debt | 364,331 |
Debt issuance costs | $ (3,181) |
Debt Instrument, Interest Rate, Effective Percentage | 4.40% |
Secured Debt [Member] | Fixed Rate Property Mortgages [Member] | |
Debt Instrument [Line Items] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 367,512 |
Debt Instrument, Interest Rate, Effective Percentage | 4.40% |
Contract Maturity | Dec. 31, 2048 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Jul. 31, 2022 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | |
Fixed Rate Property Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Oct. 19, 2048 | |
Commercial Paper Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Payment Terms | 397 | |
Debt Instrument, Face Amount | $ 125,000,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 29,800,000 | |
Minimum [Member] | Commercial Paper Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 500,000,000 | |
Maximum [Member] | Commercial Paper Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 625,000,000 | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.30% | |
Unsecured Debt [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, current borrowing capacity | $ 1,250,000,000 | |
Line of credit facility, maximum borrowing capacity | $ 2,000,000,000 | |
Debt instrument, maturity date | Oct. 01, 2026 | |
Line of Credit Facility, Amount Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 4,300,000 | |
Unsecured Debt [Member] | Minimum [Member] | Fixed Rate Debt Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 5 years | |
Unsecured Debt [Member] | Maximum [Member] | Fixed Rate Debt Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 30 years | |
Unsecured Debt [Member] | Public Income Notes [Member] | Fixed Rate Debt Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 4,100,000,000 | |
Unsecured Debt [Member] | Due in December 2022, Senior Notes [Member] | Fixed Rate Debt Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Retirement of Senior Unsecured Notes | $ 125,000,000 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.40% | |
Secured Debt [Member] | Fixed Rate Property Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Dec. 31, 2048 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 367,512,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.40% | |
SOFR [Member] | Unsecured Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.70% | |
SOFR [Member] | Unsecured Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.40% |
Financial Instruments and Der_3
Financial Instruments and Derivatives - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | ||
Derivative [Line Items] | |||
Preferred Stock, Redemption Price Per Share | [1] | $ 50 | |
Preferred Stock, Redemption Date | Oct. 01, 2026 | ||
Variable Rate Commercial Paper Program [Member] | |||
Derivative [Line Items] | |||
Variable Rate Commercial Paper Program | $ 125,000,000 | ||
Variable Rate Commercial Paper Program | $ 125,000,000 | ||
Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Instrument, Loss Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | ||
Realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments | $ 10,500,000 | ||
Designated as Hedging Instrument | Interest Expense | |||
Derivative [Line Items] | |||
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months | 1,100,000 | ||
Fair Value, Measurements, Recurring [Member] | |||
Derivative [Line Items] | |||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 24,100,000 | $ 34,500,000 | |
Fixed Rate Debt [Member] | |||
Derivative [Line Items] | |||
Notes Payable Excluding Interest Rate Swaps and Cap Agreements | 4,400,000,000 | 4,500,000,000 | |
Notes Payable, Fair Value Disclosure | $ 3,900,000,000 | 4,800,000,000 | |
Floating Rate Debt [Member] | |||
Derivative [Line Items] | |||
Notes Payable Excluding Interest Rate Swaps and Cap Agreements | $ 0 | ||
[1] The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash. |
Financial Instruments and Der_4
Financial Instruments and Derivatives - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (10,364) | $ 11,492 | ||
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | Interest Expense |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (279) | $ (278) | $ (835) | $ (835) |
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (425) | $ 13,432 | $ (10,364) | $ 11,492 |
Shareholders' Equity of MAA - A
Shareholders' Equity of MAA - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Equity [Line Items] | ||||||
Common stock, shares outstanding | 115,447,252 | 115,138,323 | 115,447,252 | 115,138,323 | 115,336,876 | |
Total common shares and operating partnership units outstanding | 118,643,681 | 118,541,005 | 118,643,681 | 118,541,005 | ||
Proceeds from Stock Options Exercised, Net | $ 1.5 | |||||
Equity Forward Sale Agreements [Member] | ||||||
Equity [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 1,100,000 | |||||
Common stock, price per share | $ 190.56 | |||||
Common stock settlement under agreement | 0 | |||||
Common shares attributable to dilutive effect of equity forward agreements | 17,000 | |||||
At The Market Offering [Member] | ||||||
Equity [Line Items] | ||||||
Common stock shares sold | 0 | 0 | 0 | 0 | ||
Remaining common stock to be issued | 4,000,000 | |||||
Maximum [Member] | At The Market Offering [Member] | ||||||
Equity [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | 4,000,000 | ||||
Equity Option [Member] | ||||||
Equity [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 350 | 19,032 | ||||
Noncontrolling Interest [Member] | ||||||
Equity [Line Items] | ||||||
Common Shares Issuable Upon Conversion Of Convertible Stock | 3,196,429 | 3,402,682 | 3,196,429 | 3,402,682 | ||
Employee Stock Option [Member] | ||||||
Equity [Line Items] | ||||||
Common stock shares, outstanding option | 463 | 813 | 463 | 813 |
Shareholders' Equity of MAA - S
Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | |||
Equity [Line Items] | ||||
Preferred Stock, Shares Outstanding | 867,846 | 867,846 | ||
Preferred Stock, Liquidation Preference Per Share | $ 50 | [1] | $ 50 | |
Preferred Stock, Redemption Date | Oct. 01, 2026 | |||
Preferred Stock, Redemption Price Per Share | [2] | $ 50 | ||
Preferred Stock, Dividend Rate, Percentage | 8.50% | 8.50% | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 4.25 | |||
Redeemable Preferred Stock [Member] | ||||
Equity [Line Items] | ||||
Preferred Stock, Shares Outstanding | 867,846 | |||
[1] The total liquidation preference for the outstanding preferred stock is $ 43.4 million . The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash. |
Shareholders' Equity of MAA -_2
Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Parenthetical) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
M A A Equity [Abstract] | |
Preferred Stock, Liquidation Preference, Value | $ 43.4 |
Partners' Capital of MAALP - Ad
Partners' Capital of MAALP - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule Of Capital Structure [Line Items] | |||
Operating partnership units outstanding | 118,643,681 | 118,541,005 | |
General Partners' Capital Account, Units Outstanding | 115,447,252 | 115,138,323 | |
Limited Partners' Capital Account, Units Outstanding | 3,196,429 | 3,402,682 | |
Preferred Stock, Shares Outstanding | 867,846 | 867,846 | |
Redeemable Preferred Stock [Member] | |||
Schedule Of Capital Structure [Line Items] | |||
Preferred Stock, Shares Outstanding | 867,846 | ||
Noncontrolling Interest [Member] | |||
Schedule Of Capital Structure [Line Items] | |||
Common Shares Issuable Upon Conversion Of Convertible Stock | 3,196,429 | 3,402,682 | |
Limited Partners' Capital Account | $ 495.7 | $ 635.5 | |
Redeemable Capital Shares Par Or Stated Value Per Share | $ 155.07 | $ 186.75 | |
M A A L P | |||
Schedule Of Capital Structure [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 97.30% | 97.10% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Operating lease weighted average remaining lease term | 33 years | |
Operating lease weighted average discount rate | 4.40% | |
Loss contingency accrual | $ 2 | $ 5.2 |
Apartment Communities [Member] | ||
Loss Contingencies [Line Items] | ||
Lease expiration year | 2074 | |
Office Lease [Member] | ||
Loss Contingencies [Line Items] | ||
Lease expiration year | 2028 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Right of Use Lease Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loss Contingency [Abstract] | ||
Right-of-use Leases, Future Minimum Payments Due, Next Twelve Months | $ 730 | |
Right-of-use Leases, Future Minimum Payments, Due in Two Years | 2,885 | |
Right-of-use Leases, Future Minimum Payments, Due in Three Years | 2,862 | |
Right-of-use Leases, Future Minimum Payments, Due in Four Years | 2,872 | |
Right-of-use Leases, Future Minimum Payments, Due in Five Years | 2,920 | |
Right-of-use Leases, Future Minimum Payments, Due Thereafter | 59,993 | |
Right-of-use Leases, Future Minimum Payments Due | 72,262 | |
Net present value adjustments | (43,110) | |
Right-of-use Lease, Liability | $ 29,152 | $ 30,300 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 State Segment Community | |
Segment Reporting Information [Line Items] | |
Number of owned or owned interests of apartment communities | Community | 292 |
Number of States in which Entity Operates | 16 |
Number of reportable segments | Segment | 2 |
Period properties owned and stabilized | 12 months |
Occupancy Level For Stabilized Communities | 90% |
Period Properties Stabilized | 90 days |
Excluding Construction in Progress [Member] | |
Segment Reporting Information [Line Items] | |
Number of States in which Entity Operates | 15 |
Same Store [Member] | |
Segment Reporting Information [Line Items] | |
Period properties owned and stabilized | 12 months |
Segment Information - Revenues
Segment Information - Revenues and NOI for Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Information | ||||
Total operating revenues | $ 520,783 | $ 452,575 | $ 1,491,901 | $ 1,314,507 |
Net Operating Income | 329,360 | 279,737 | 949,381 | 810,440 |
Depreciation and amortization | (136,879) | (134,611) | (404,761) | (397,938) |
Property management expenses | (16,262) | (13,831) | (48,429) | (40,522) |
General and administrative expenses | (12,188) | (12,670) | (44,091) | (38,763) |
Interest expense | (38,637) | (39,234) | (116,663) | (117,773) |
Loss (gain) on sale of depreciable real estate assets | (1) | (313) | 131,963 | 134,515 |
Gain on sale of non-depreciable real estate assets | 431 | 170 | 809 | 202 |
Other non-operating (expense) income | (1,718) | 10,344 | (19,248) | 14,557 |
Income tax benefit (expense) | 1,256 | (2,803) | 5,750 | (5,847) |
Gain (loss) from real estate joint ventures | 341 | 258 | 1,129 | 915 |
Net loss attributable to noncontrolling interests | (3,392) | (2,568) | (12,025) | (11,636) |
Preferred Stock Dividends, Income Statement Impact | (922) | (922) | (2,766) | (2,766) |
Net income available for MAA common shareholders | 121,389 | 83,557 | 441,049 | 345,384 |
Same Store [Member] | ||||
Segment Information | ||||
Revenue from Contract with Customer, Including Assessed Tax | 492,215 | 429,267 | 1,412,358 | 1,243,540 |
Other operating income expense net | 3,162 | 2,939 | 9,656 | 9,215 |
Total operating revenues | 495,377 | 432,206 | 1,422,014 | 1,252,755 |
Net Operating Income | 315,616 | 268,882 | 910,496 | 777,147 |
Non-Same Store and Other [Member] | ||||
Segment Information | ||||
Revenue from Contract with Customer, Including Assessed Tax | 24,278 | 20,210 | 68,382 | 60,885 |
Other operating income expense net | 1,128 | 159 | 1,505 | 867 |
Total operating revenues | 25,406 | 20,369 | 69,887 | 61,752 |
Net Operating Income | $ 13,744 | $ 10,855 | $ 38,885 | $ 33,293 |
Segment Information - Assets fo
Segment Information - Assets for Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $ 11,338,227 | $ 11,285,182 |
Same Store [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 9,767,996 | 9,907,740 |
Non-Same Store and Other [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 1,390,173 | 1,106,039 |
Corporate Assets [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $ 180,058 | $ 271,403 |
Real Estate Acquisitions and _2
Real Estate Acquisitions and Dispositions - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) ApartmentUnit | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) ApartmentUnit | Sep. 30, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||
Gain on sale of depreciable real estate assets | $ (1) | $ (313) | $ 131,963 | $ 134,515 | |
Tampa F L | |||||
Business Acquisition [Line Items] | |||||
Acquisition cost | $ 73,000 | ||||
Tampa F L | Multifamily [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Units in Real Estate Property | ApartmentUnit | 196 | 196 | |||
Charlotte, NC | |||||
Business Acquisition [Line Items] | |||||
Acquisition cost | $ 140,000 | ||||
Charlotte, NC | Multifamily [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Units in Real Estate Property | ApartmentUnit | 344 | 344 | |||
TEXAS | |||||
Business Acquisition [Line Items] | |||||
Gross proceeds from disposition | $ 167,000 | ||||
Gain on sale of depreciable real estate assets | 132,000 | ||||
Maryland | |||||
Business Acquisition [Line Items] | |||||
Gross proceeds from disposition | $ 104,000 | ||||
Maryland | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Gain on sale of depreciable real estate assets | $ 37,000 | ||||
Maryland | Multifamily [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Units in Real Estate Property | ApartmentUnit | 396 | 396 |
Real Estate Acquisitions and _3
Real Estate Acquisitions and Dispositions - Schedule of Real Estate Asset Acquisitions and Dispositions (Details) | 9 Months Ended |
Sep. 30, 2022 a ApartmentUnit | |
Tampa F L | Multifamily [Member] | |
Acquisitionsand Disposals [Line Items] | |
Number of Units in Real Estate Property | 196 |
Charlotte, NC | Multifamily [Member] | |
Acquisitionsand Disposals [Line Items] | |
Number of Units in Real Estate Property | 344 |
MAA Hampton Preserve II [Member] | Tampa F L | Multifamily [Member] | |
Acquisitionsand Disposals [Line Items] | |
Acquisition Date | 2022-07 |
Number of Units in Real Estate Property | 196 |
Maa Loso [Member] | Charlotte, NC | Multifamily [Member] | |
Acquisitionsand Disposals [Line Items] | |
Acquisition Date | 2022-09 |
Number of Units in Real Estate Property | 344 |
MAA Florida Street Station [Member] | Denver CO [Member] | Land | |
Acquisitionsand Disposals [Line Items] | |
Area of land | a | 4 |
Land acquisition date | 2022-03 |
MAA Packing District [Member] | Orlando F L [Member] | Land | |
Acquisitionsand Disposals [Line Items] | |
Area of land | a | 4 |
Land acquisition date | 2022-05 |
Maa Panorama [Member] | Denver CO [Member] | Land | |
Acquisitionsand Disposals [Line Items] | |
Area of land | a | 6 |
Land acquisition date | 2022-07 |
MAA Deer Run [Member] | Fort Worth, TX [Member] | Multifamily [Member] | |
Acquisitionsand Disposals [Line Items] | |
Disposal Date | 2022-06 |
Number of Units in Real Estate Property | 304 |
MAA Oakbend [Member] | Fort Worth, TX [Member] | Multifamily [Member] | |
Acquisitionsand Disposals [Line Items] | |
Disposal Date | 2022-06 |
Number of Units in Real Estate Property | 426 |
Colonial Promenade [Member] | Huntsville Al Acres2 [Member] | Land | |
Acquisitionsand Disposals [Line Items] | |
Area of land | a | 2 |
Disposal Date | 2022-04 |
Colonial Promenade [Member] | Huntsville Al Acres3 [Member] | Land | |
Acquisitionsand Disposals [Line Items] | |
Area of land | a | 3 |
Disposal Date | 2022-08 |