Changes in MAA’s total equity and its components for the three months ended March 31, 2023 and 2022 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, 2022	$	9	$	1,152	$	7,202,834		$	(1,188,854	)	$	(10,052	)	$	163,595		$	21,064	$	6,189,748
Net income		—		—		—			135,910			—			3,664			—		139,574
Other comprehensive income - derivative instruments		—		—		—			—			261			17			—		278
Issuance and registration of common shares		—		11		203,886			—			—			—			—		203,897
Shares repurchased and retired		—		—		(1,920	)		—			—			—			—		(1,920	)
Shares issued in exchange for common units		—		—		479			—			—			(479	)		—		—
Shares issued in exchange for redeemable stock		—		4		577			—			—			—			—		581
Redeemable stock fair market value adjustment		—		—		—			793			—			—			—		793
Adjustment for noncontrolling interests in Operating Partnership		—		—		(3,928	)		—			—			3,928			—		—
Amortization of unearned compensation		—		—		6,379			—			—			—			—		6,379
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4000 per share)		—		—		—			(163,252	)		—			—			—		(163,252	)
Dividends on noncontrolling interests units ($1.4000 per share)		—		—		—			—			—			(4,416	)		—		(4,416	)
Distribution from noncontrolling interest		—		—		—			—			—			—			256		256
EQUITY BALANCE MARCH 31, 2023	$	9	$	1,167	$	7,408,307		$	(1,216,325	)	$	(9,791	)	$	166,309		$	21,320	$	6,370,996


	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, 2021	$	9	$	1,151	$	7,230,956		$	(1,255,807	)	$	(11,132	)	$	165,116		$	23,614		$	6,153,907
Net income (loss)		—		—		—			110,802			—			3,068			(293	)		113,577
Other comprehensive income - derivative instruments		—		—		—			—			272			7			—			279
Issuance and registration of common shares		—		—		21			—			—			—			—			21
Shares repurchased and retired		—		—		(3,162	)		—			—			—			—			(3,162	)
Exercise of stock options		—		—		28			—			—			—			—			28
Shares issued in exchange for common units		—		—		193			—			—			(193	)		—			—
Redeemable stock fair market value adjustment		—		—		—			2,533			—			—			—			2,533
Adjustment for noncontrolling interests in Operating Partnership		—		—		953			—			—			(953	)		—			—
Amortization of unearned compensation		—		—		6,928			—			—			—			—			6,928
Dividends on preferred stock		—		—		—			(922	)		—			—			—			(922	)
Dividends on common stock ($1.0875 per share)		—		—		—			(125,433	)		—			—			—			(125,433	)
Dividends on noncontrolling interests units ($1.0875 per share)		—		—		—			—			—			(3,479	)		—			(3,479	)
Acquisition of noncontrolling interest		—		—		(37,443	)		—			—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,155			2,155
EQUITY BALANCE MARCH 31, 2022	$	9	$	1,151	$	7,198,474		$	(1,268,827	)	$	(10,860	)	$	163,566		$	19,849		$	6,103,362