MAA Equity

9 Months Ended

Sep. 30, 2024

4. MAA Equity

Changes in MAA’s total equity and its components for the three months ended September 30, 2024 and 2023 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, 2024	$	9	$	1,166	$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232
Net income		—		—		—			115,195			—			3,035			—		118,230
Other comprehensive income - derivative instruments		—		—		—			—			416			12			—		428
Issuance and registration of common shares		—		—		8			—			—			—			—		8
Shares issued in exchange for common units		—		—		926			—			—			(926	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(2,282	)		—			—			—		(2,282	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		(57	)		—			—			57			—		—
Amortization of unearned compensation		—		—		3,539			—			—			—			—		3,539
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per share)		—		—		—			(171,814	)		—			—			—		(171,814	)
Distributions on noncontrolling interests units ($1.4700 per unit)		—		—		—			—			—			(4,521	)		—		(4,521	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,696		2,696
EQUITY BALANCE SEPTEMBER 30, 2024	$	9	$	1,166	$	7,413,674		$	(1,458,816	)	$	(7,359	)	$	155,562		$	27,358	$	6,131,594


	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, 2023	$	9	$	1,168	$	7,405,572		$	(1,235,118	)	$	(9,514	)	$	165,626		$	22,329	$	6,350,072
Net income		—		—		—			110,732			—			3,000			—		113,732
Other comprehensive income - derivative instruments		—		—		—			—			270			9			—		279
Issuance and registration of common shares		—		—		158			—			—			—			—		158
Shares repurchased and retired		—		—		(26	)		—			—			—			—		(26	)
Shares issued in exchange for common units		—		—		363			—			—			(363	)		—		—
Redeemable stock fair market value adjustment		—		—		—			3,242			—			—			—		3,242
Adjustment for noncontrolling interests in Operating Partnership		—		—		(86	)		—			—			86			—		—
Amortization of unearned compensation		—		—		4,128			—			—			—			—		4,128
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4000 per share)		—		—		—			(163,362	)		—			—			—		(163,362	)
Distributions on noncontrolling interests units ($1.4000 per unit)		—		—		—			—			—			(4,408	)		—		(4,408	)
Contribution from noncontrolling interest		—		—		—			—			—			—			696		696
EQUITY BALANCE SEPTEMBER 30, 2023	$	9	$	1,168	$	7,410,109		$	(1,285,428	)	$	(9,244	)	$	163,950		$	23,025	$	6,303,589

Changes in MAA’s total equity and its components for the nine months ended September 30, 2024 and 2023 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, 2023	$	9	$	1,168		$	7,399,921		$	(1,298,263	)	$	(8,764	)	$	163,128		$	22,756	$	6,279,955
Net income		—		—			—			360,897			—			9,605			—		370,502
Other comprehensive income - derivative instruments		—		—			—			—			1,405			43			—		1,448
Issuance and registration of common shares		—		2			(791	)		—			—			—			—		(789	)
Shares repurchased and retired		—		(1	)		(4,973	)		—			—			—			—		(4,974	)
Shares issued in exchange for common units		—		1			3,528			—			—			(3,529	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value adjustment		—		—			—			(3,325	)		—			—			—		(3,325	)
Adjustment for noncontrolling interests in Operating Partnership		—		—			47			—			—			(47	)		—		—
Amortization of unearned compensation		—		—			13,869			—			—			—			—		13,869
Dividends on preferred stock		—		—			—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($4.4100 per share)		—		—			—			(515,359	)		—			—			—		(515,359	)
Distributions on noncontrolling interests units ($4.4100 per unit)		—		—			—			—			—			(13,638	)		—		(13,638	)
Contribution from noncontrolling interest		—		—			—			—			—			—			4,602		4,602
EQUITY BALANCE SEPTEMBER 30, 2024	$	9	$	1,166		$	7,413,674		$	(1,458,816	)	$	(7,359	)	$	155,562		$	27,358	$	6,131,594


	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		—		—		—			392,330			—			10,633			—		402,963
Other comprehensive income - derivative instruments		—		—		—			—			808			27			—		835
Issuance and registration of common shares		—		12		203,202			—			—			—			—		203,214
Shares repurchased and retired		—		—		(7,866	)		—			—			—			—		(7,866	)
Shares issued in exchange for common units		—		—		894			—			—			(894	)		—		—
Shares issued in exchange for redeemable stock		—		4		577			—			—			—			—		581
Redeemable stock fair market value adjustment		—		—		—			3,906			—			—			—		3,906
Adjustment for noncontrolling interests in Operating Partnership		—		—		(3,831	)		—			—			3,831			—		—
Amortization of unearned compensation		—		—		14,299			—			—			—			—		14,299
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($4.2000 per share)		—		—		—			(490,044	)		—			—			—		(490,044	)
Distributions on noncontrolling interests units ($4.2000 per unit)		—		—		—			—			—			(13,242	)		—		(13,242	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,961		1,961
EQUITY BALANCE SEPTEMBER 30, 2023	$	9	$	1,168	$	7,410,109		$	(1,285,428	)	$	(9,244	)	$	163,950		$	23,025	$	6,303,589