Changes in MAA’s total equity and its components for the three months ended June 30, 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 MARCH 31, 2023	$	9	$	1,167	$	7,408,307		$	(1,216,325	)	$	(9,791	)	$	166,309		$	21,320	$	6,370,996
Net income		—		—		—			145,688			—			3,969			—		149,657
Other comprehensive income - derivative instruments		—		—		—			—			277			1			—		278
Issuance and registration of common shares		—		1		(842	)		—			—			—			—		(841	)
Shares repurchased and retired		—		—		(5,920	)		—			—			—			—		(5,920	)
Shares issued in exchange for common units		—		—		52			—			—			(52	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(129	)		—			—			—		(129	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		183			—			—			(183	)		—		—
Amortization of unearned compensation		—		—		3,792			—			—			—			—		3,792
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4000 per share)		—		—		—			(163,430	)		—			—			—		(163,430	)
Dividends on noncontrolling interests units ($1.4000 per share)		—		—		—			—			—			(4,418	)		—		(4,418	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,009		1,009
EQUITY BALANCE JUNE 30, 2023	$	9	$	1,168	$	7,405,572		$	(1,235,118	)	$	(9,514	)	$	165,626		$	22,329	$	6,350,072


	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 MARCH 31, 2022	$	9	$	1,151	$	7,198,474		$	(1,268,827	)	$	(10,860	)	$	163,566		$	19,849		$	6,103,362
Net income		—		—		—			210,702			—			5,858			—			216,560
Other comprehensive income - derivative instruments		—		—		—			—			269			8			—			277
Issuance and registration of common shares		—		1		(454	)		—			—			—			—			(453	)
Shares repurchased and retired		—		—		(10,869	)		—			—			—			—			(10,869	)
Redeemable stock fair market value adjustment		—		—		—			4,227			—			—			—			4,227
Adjustment for noncontrolling interests in Operating Partnership		—		—		368			—			—			(368	)		—			—
Amortization of unearned compensation		—		—		4,401			—			—			—			—			4,401
Dividends on preferred stock		—		—		—			(922	)		—			—			—			(922	)
Dividends on common stock ($1.2500 per share)		—		—		—			(144,396	)		—			—			—			(144,396	)
Dividends on noncontrolling interests units ($1.2500 per share)		—		—		—			—			—			(4,002	)		—			(4,002	)
Distribution to noncontrolling interest		—		—		—			—			—			—			(69	)		(69	)
EQUITY BALANCE JUNE 30, 2022	$	9	$	1,152	$	7,191,920		$	(1,199,216	)	$	(10,591	)	$	165,062		$	19,780		$	6,168,116

Changes in MAA’s total equity and its components for the six months ended June 30, 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		—		—		—			281,598			—			7,633			—		289,231
Other comprehensive income - derivative instruments		—		—		—			—			538			18			—		556
Issuance and registration of common shares		—		12		203,044			—			—			—			—		203,056
Shares repurchased and retired		—		—		(7,840	)		—			—			—			—		(7,840	)
Shares issued in exchange for common units		—		—		531			—			—			(531	)		—		—
Shares issued in exchange for redeemable stock		—		4		577			—			—			—			—		581
Redeemable stock fair market value adjustment		—		—		—			664			—			—			—		664
Adjustment for noncontrolling interests in Operating Partnership		—		—		(3,745	)		—			—			3,745			—		—
Amortization of unearned compensation		—		—		10,171			—			—			—			—		10,171
Dividends on preferred stock		—		—					(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($2.8000 per share)		—		—		—			(326,682	)		—			—			—		(326,682	)
Dividends on noncontrolling interests units ($2.8000 per share)		—		—		—			—			—			(8,834	)		—		(8,834	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,265		1,265
EQUITY BALANCE JUNE 30, 2023	$	9	$	1,168	$	7,405,572		$	(1,235,118	)	$	(9,514	)	$	165,626		$	22,329	$	6,350,072


	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)		—		—		—			321,504			—			8,926			(293	)		330,137
Other comprehensive income - derivative instruments		—		—		—			—			541			15			—			556
Issuance and registration of common shares		—		1		(433	)		—			—			—			—			(432	)
Shares repurchased and retired		—		—		(14,031	)		—			—			—			—			(14,031	)
Exercise of stock options		—		—		28			—			—			—			—			28
Shares issued in exchange for common units		—		—		193			—			—			(193	)		—			—
Redeemable stock fair market value adjustment		—		—		—			6,760			—			—			—			6,760
Adjustment for noncontrolling interests in Operating Partnership		—		—		1,321			—			—			(1,321	)		—			—
Amortization of unearned compensation		—		—		11,329			—			—			—			—			11,329
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—			(1,844	)
Dividends on common stock ($2.3375 per share)		—		—		—			(269,829	)		—			—			—			(269,829	)
Dividends on noncontrolling interests units ($2.3375 per share)		—		—		—			—			—			(7,481	)		—			(7,481	)
Acquisition of noncontrolling interest		—		—		(37,443	)		—			—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,086			2,086
EQUITY BALANCE JUNE 30, 2022	$	9	$	1,152	$	7,191,920		$	(1,199,216	)	$	(10,591	)	$	165,062		$	19,780		$	6,168,116