Changes in MAALP’s total capital and its components for the three months ended June 30, 2024 and 2023 were as follows (dollars in thousands):


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2024	$	6,014,015		$	161,909		$	66,840		$	(8,425	)	$	23,032	$	6,257,371
Net income		101,031			2,709			922			—			—		104,662
Other comprehensive income - derivative instruments		—			—			—			503			—		503
Issuance of units		(890	)		—			—			—			—		(890	)
Units repurchased and retired		(4,132	)		—			—			—			—		(4,132	)
General partner units issued in exchange for limited partner units		2,009			(2,009	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,445	)		—			—			—			—		(1,445	)
Adjustment for limited partners’ capital at redemption value		191			(191	)		—			—			—		—
Amortization of unearned compensation		3,805			—			—			—			—		3,805
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4700 per unit)		(171,925	)		(4,513	)		—			—			—		(176,438	)
Contribution from noncontrolling interest		—			—			—			—			1,630		1,630
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2023	$	6,126,498		$	166,309		$	66,840		$	(9,990	)	$	21,320	$	6,370,977
Net income		144,766			3,969			922			—			—		149,657
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		(841	)		—			—			—			—		(841	)
Units repurchased and retired		(5,920	)		—			—			—			—		(5,920	)
General partner units issued in exchange for limited partner units		52			(52	)		—			—			—		—
Redeemable units fair market value adjustment		(129	)		—			—			—			—		(129	)
Adjustment for limited partners’ capital at redemption value		182			(182	)		—			—			—		—
Amortization of unearned compensation		3,792			—			—			—			—		3,792
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4000 per unit)		(163,430	)		(4,418	)		—			—			—		(167,848	)
Contribution from noncontrolling interest		—			—			—			—			1,009		1,009
CAPITAL BALANCE JUNE 30, 2023	$	6,104,970		$	165,626		$	66,840		$	(9,712	)	$	22,329	$	6,350,053

Changes in MAALP’s total capital and its components for the six months ended June 30, 2024 and 2023 were as follows (dollars in thousands):


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2023	$	6,036,154		$	163,128		$	66,840		$	(8,942	)	$	22,756	$	6,279,936
Net income		243,858			6,570			1,844			—			—		252,272
Other comprehensive income - derivative instruments		—			—			—			1,020			—		1,020
Issuance of units		(797	)		—			—			—			—		(797	)
Units repurchased and retired		(4,974	)		—			—			—			—		(4,974	)
General partner units issued in exchange for limited partner units		2,603			(2,603	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,043	)		—			—			—			—		(1,043	)
Adjustment for limited partners’ capital at redemption value		73			(73	)		—			—			—		—
Amortization of unearned compensation		10,330			—			—			—			—		10,330
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.9400 per unit)		(343,545	)		(9,117	)		—			—			—		(352,662	)
Contribution from noncontrolling interest		—			—			—			—			1,906		1,906
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2022	$	5,948,498		$	163,595		$	66,840		$	(10,268	)	$	21,064	$	6,189,729
Net income		279,754			7,633			1,844			—			—		289,231
Other comprehensive income - derivative instruments		—			—			—			556			—		556
Issuance of units		203,056			—			—			—			—		203,056
Units repurchased and retired		(7,840	)		—			—			—			—		(7,840	)
General partner units issued in exchange for limited partner units		531			(531	)		—			—			—		—
Units issued in exchange for redeemable stock		581			—			—			—			—		581
Redeemable units fair market value adjustment		664			—			—			—			—		664
Adjustment for limited partners’ capital at redemption value		(3,763	)		3,763			—			—			—		—
Amortization of unearned compensation		10,171			—			—			—			—		10,171
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.8000 per unit)		(326,682	)		(8,834	)		—			—			—		(335,516	)
Contribution from noncontrolling interest		—			—			—			—			1,265		1,265
CAPITAL BALANCE JUNE 30, 2023	$	6,104,970		$	165,626		$	66,840		$	(9,712	)	$	22,329	$	6,350,053