MAALP Capital

Changes in total capital and its components for the three-month periods ended March 31, 2017 and 2016 were as follows (dollars in thousands, except per unit data):



	Mid-America Apartments, L.P. Unitholders' Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest - Consolidated Real Estate Entity		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2016	$	235,976		$	6,337,721		$	64,833		$	1,246	$	2,306	$	6,642,082
Net income attributable to controlling interest	1,511			40,983			922			—		—		43,416
Other comprehensive income - derivative instruments (cash flow hedges)	—			—			—			3,192		—		3,192
Issuance of units	—			68			2,007			—		—		2,075
Units repurchased and retired	—			(4,734		)	—			—		—		(4,734		)
General partner units issued in exchange for limited partner units	(167		)	167			—			—		—		—
Units issued in exchange for redeemable units	—			1,482			—			—		—		1,482
Redeemable units fair market value adjustment	—			(298		)	—			—		—		(298		)
Adjustment for limited partners' capital at redemption value	(192		)	192			—			—		—		—
Amortization of unearned compensation	—			3,025			—			—		—		3,025
Distributions to preferred unitholders	—						(922		)					(922		)
Distributions ($0.87 per unit)	(3,664		)	(98,841		)	—			—		—		(102,505		)
CAPITAL BALANCE MARCH 31, 2017	$	233,464		$	6,279,765		$	66,840		$	4,438	$	2,306	$	6,586,813



	Mid-America Apartments, L.P. Unitholders' Capital
	Limited Partner			General Partner			Preferred Units		Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interest - Consolidated Real Estate Entity		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2015	$	165,726		$	2,993,696		$	—	$	(1,618	)	$	—	$	3,157,804
Net income attributable to controlling interest	2,395			43,413			—		—			—		45,808
Other comprehensive loss - derivative instruments (cash flow hedges)	—			—			—		(2,519		)	—		(2,519		)
Issuance of units	—			90			—		—			—		90
Units repurchased and retired	—			(1,730		)	—		—			—		(1,730		)
General partner units issued in exchange for limited partner units	(33		)	33			—		—			—		—
Units issued in exchange for redeemable units	—			123			—		—			—		123
Redeemable units fair market value adjustment	—			(1,100		)	—		—			—		(1,100		)
Adjustment for limited partners' capital at redemption value	(172		)	172			—		—			—		—
Amortization of unearned compensation	—			2,078			—		—			—		2,078
Distributions ($0.82 per unit)	(3,412		)	(61,928		)	—		—			—		(65,340		)
CAPITAL BALANCE MARCH 31, 2016	$	164,504		$	2,974,847		$	—	$	(4,137	)	$	—	$	3,135,214