Changes in MAA’s total equity and its components for the three months ended March 31, 2025 and 2024 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, 2024	$	9	$	1,166	$	7,417,453		$	(1,469,557	)	$	(6,940	)	$	155,409		$	27,894	$	6,125,434
Net income		—		—		—			181,673			—			4,733			—		186,406
Other comprehensive income - derivative instruments		—		—		—			—			418			11			—		429
Issuance and registration of common shares		—		—		157			—			—			—			—		157
Shares repurchased and retired		—		—		(1,302	)		—			—			—			—		(1,302	)
Exercise of stock options		—				38			—			—			—			—		38
Shares issued in exchange for common units		—		—		759			—			—			(759	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(1,895	)		—			—			—		(1,895	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		(53	)		—			—			53			—		—
Amortization of unearned compensation		—		—		5,861			—			—			—			—		5,861
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.5150 per share)		—		—		—			(177,157	)		—			—			—		(177,157	)
Distributions on noncontrolling interests units ($1.5150 per unit)		—		—		—			—			—			(4,637	)		—		(4,637	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,058		1,058
EQUITY BALANCE MARCH 31, 2025	$	9	$	1,166	$	7,422,913		$	(1,467,858	)	$	(6,522	)	$	154,810		$	28,952	$	6,133,470


	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		—		—		—			143,749			—			3,861			—		147,610
Other comprehensive income - derivative instruments		—		—		—			—			501			16			—		517
Issuance and registration of common shares		—		—		93			—			—			—			—		93
Shares repurchased and retired		—		—		(842	)		—			—			—			—		(842	)
Shares issued in exchange for common units		—		—		594			—			—			(594	)		—		—
Redeemable stock fair market value adjustment		—		—		—			402			—			—			—		402
Adjustment for noncontrolling interests in Operating Partnership		—		—		(102	)		—			—			102			—		—
Amortization of unearned compensation		—		—		6,525			—			—			—			—		6,525
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per share)		—		—		—			(171,620	)		—			—			—		(171,620	)
Distributions on noncontrolling interests units ($1.4700 per unit)		—		—		—			—			—			(4,604	)		—		(4,604	)
Contribution from noncontrolling interest		—		—		—			—			—			—			276		276
EQUITY BALANCE MARCH 31, 2024	$	9	$	1,168	$	7,406,189		$	(1,326,654	)	$	(8,263	)	$	161,909		$	23,032	$	6,257,390