MAALP Capital

Changes in total capital and its components for the nine-month periods ended September 30, 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	7,600			202,163			2,766			—			—		212,529
Other comprehensive income - derivative instruments (cash flow hedges)	—			—			—			(368		)	—		(368		)
Issuance of units	—			154			2,007			—			—		2,161
Units repurchased and retired	—			(4,782		)	—			—			—		(4,782		)
Exercise of unit options	—			218			—			—			—		218
General partner units issued in exchange for limited partner units	(1,133		)	1,133			—			—			—		—
Units issued in exchange for redeemable units	—			1,482			—			—			—		1,482
Redeemable units fair market value adjustment	—			(870		)	—			—			—		(870		)
Adjustment for limited partners' capital at redemption value	(68		)	68			—			—			—		—
Amortization of unearned compensation	—			8,438			—			—			—		8,438
Distributions to preferred unitholders	—			—			(2,766		)	—			—		(2,766		)
Distributions ($2.61 per unit)	(10,982		)	(296,535		)	—			—			—		(307,517		)
CAPITAL BALANCE SEPTEMBER 30, 2017	$	231,393		$	6,249,190		$	66,840		$	878		$	2,306	$	6,550,607



	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	9,508			172,836			—		—			—		182,344
Other comprehensive loss - derivative instruments (cash flow hedges)	—			—			—		(481		)	—		(481		)
Issuance of units	—			(738		)	—		—			—		(738		)
Units repurchased and retired	—			(1,811		)	—		—			—		(1,811		)
General partner units issued in exchange for limited partner units	(780		)	780			—		—			—		—
Units issued in exchange for redeemable units	—			122			—		—			—		122
Redeemable units fair market value adjustment	—			(296		)	—		—			—		(296		)
Adjustment for limited partners' capital at redemption value	13			(13		)	—		—			—		—
Amortization of unearned compensation	—			6,625			—		—			—		6,625
Distributions ($2.46 per unit)	(10,217		)	(185,789		)	—		—			—		(196,006		)
CAPITAL BALANCE SEPTEMBER 30, 2016	$	164,250		$	2,985,412		$	—	$	(2,099	)	$	—	$	3,147,563