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MAA Equity
9 Months Ended
Sep. 30, 2021
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, 2021 and 2020 were as follows (dollars in thousands):

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

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 instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 adjustment

 

 

 

 

 

 

 

 

 

 

 

(2,356

)

 

 

 

 

 

 

 

 

 

 

 

(2,356

)

Adjustment for noncontrolling interests in Operating Partnership

 

 

 

 

 

 

 

 

(22

)

 

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

Amortization of unearned compensation

 

 

 

 

 

 

 

 

4,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,007

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

(922

)

 

 

 

 

 

 

 

 

 

 

 

(922

)

Dividends on common stock ($1.025 per share)

 

 

 

 

 

 

 

 

 

 

 

(118,018

)

 

 

 

 

 

 

 

 

 

 

 

(118,018

)

Dividends on noncontrolling interests units ($1.025 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

 

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

EQUITY BALANCE JUNE 30, 2020

 

$

9

 

 

$

1,140

 

 

$

7,168,886

 

 

$

(1,202,536

)

 

$

(12,665

)

 

$

209,894

 

 

$

6,849

 

 

$

6,171,577

 

Net income

 

 

 

 

 

 

 

 

 

 

 

59,910

 

 

 

 

 

 

2,126

 

 

 

 

 

 

62,036

 

Other comprehensive income - derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

269

 

 

 

10

 

 

 

 

 

 

279

 

Issuance and registration of common shares

 

 

 

 

 

 

 

 

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33

 

Shares issued in exchange for common units

 

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

 

Redeemable stock fair market value adjustment

 

 

 

 

 

 

 

 

 

 

 

(155

)

 

 

 

 

 

 

 

 

 

 

 

(155

)

Adjustment for noncontrolling interests in Operating Partnership

 

 

 

 

 

 

 

 

71

 

 

 

 

 

 

 

 

 

(71

)

 

 

 

 

 

 

Amortization of unearned compensation

 

 

 

 

 

 

 

 

4,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,380

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

(922

)

 

 

 

 

 

 

 

 

 

 

 

(922

)

Dividends on common stock ($1.000 per share)

 

 

 

 

 

 

 

 

 

 

 

(114,369

)

 

 

 

 

 

 

 

 

 

 

 

(114,369

)

Dividends on noncontrolling interests units ($1.000 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,866

)

 

 

 

 

 

(3,866

)

Contribution from noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

262

 

 

 

262

 

EQUITY BALANCE SEPTEMBER 30, 2020

 

$

9

 

 

$

1,140

 

 

$

7,173,391

 

 

$

(1,258,072

)

 

$

(12,396

)

 

$

208,072

 

 

$

7,111

 

 

$

6,119,255

 

 

Changes in MAA’s total equity and its components for the nine months ended September 30, 2021 and 2020 were as follows (dollars in thousands):

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

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 instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Operating Partnership

 

 

 

 

 

 

 

 

678

 

 

 

 

 

 

 

 

 

(678

)

 

 

 

 

 

 

Amortization of unearned compensation

 

 

 

 

 

 

 

 

14,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,151

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

(2,766

)

 

 

 

 

 

 

 

 

 

 

 

(2,766

)

Dividends on common stock ($3.075 per share)

 

 

 

 

 

 

 

 

 

 

 

(353,168

)

 

 

 

 

 

 

 

 

 

 

 

(353,168

)

Dividends on noncontrolling interests units ($3.075 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

 

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

EQUITY BALANCE DECEMBER 31, 2019

 

$

9

 

 

$

1,140

 

 

$

7,166,073

 

 

$

(1,085,479

)

 

$

(13,178

)

 

$

214,647

 

 

$

6,247

 

 

$

6,289,459

 

Net income

 

 

 

 

 

 

 

 

 

 

 

171,620

 

 

 

 

 

 

6,096

 

 

 

 

 

 

177,716

 

Other comprehensive income - derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

782

 

 

 

28

 

 

 

 

 

 

810

 

Issuance and registration of common shares

 

 

 

 

 

 

 

 

(344

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(344

)

Shares repurchased and retired

 

 

 

 

 

 

 

 

(5,657

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,657

)

Exercise of stock options

 

 

 

 

 

 

 

 

71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71

 

Shares issued in exchange for common units

 

 

 

 

 

 

 

 

471

 

 

 

 

 

 

 

 

 

(471

)

 

 

 

 

 

 

Redeemable stock fair market value adjustment

 

 

 

 

 

 

 

 

 

 

 

1,659

 

 

 

 

 

 

 

 

 

 

 

 

1,659

 

Adjustment for noncontrolling interests in Operating Partnership

 

 

 

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

(244

)

 

 

 

 

 

 

Amortization of unearned compensation

 

 

 

 

 

 

 

 

12,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,533

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

(2,766

)

 

 

 

 

 

 

 

 

 

 

 

(2,766

)

Dividends on common stock ($3.000 per share)

 

 

 

 

 

 

 

 

 

 

 

(343,106

)

 

 

 

 

 

 

 

 

 

 

 

(343,106

)

Dividends on noncontrolling interests units ($3.000 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,984

)

 

 

 

 

 

(11,984

)

Contribution from noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

864

 

 

 

864

 

EQUITY BALANCE SEPTEMBER 30, 2020

 

$

9

 

 

$

1,140

 

 

$

7,173,391

 

 

$

(1,258,072

)

 

$

(12,396

)

 

$

208,072

 

 

$

7,111

 

 

$

6,119,255