MAA Equity

6 Months Ended

Jun. 30, 2025

4. MAA Equity

Changes in MAA’s total equity and its components for the three months ended June 30, 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 MARCH 31, 2025	$	9	$	1,166	$	7,422,913		$	(1,467,858	)	$	(6,522	)	$	154,810		$	28,952	$	6,133,470
Net income		—		—		—			108,127			—			2,748			—		110,875
Other comprehensive income - derivative instruments		—		—		—			—			412			17			—		429
Issuance and registration of common shares		—		1		(1,107	)		—			—			—			—		(1,106	)
Shares repurchased and retired		—				(1,769	)		—			—			—			—		(1,769	)
Shares issued in exchange for common units		—		1		5,608			—			—			(5,609	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value adjustment		—		—		—			2,724			—			—			—		2,724
Adjustment for noncontrolling interests in Operating Partnership		—		—		58			—			—			(58	)		—		—
Amortization of unearned compensation		—		—		3,815			—			—			—			—		3,815
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.5150 per share)		—		—		—			(177,411	)		—			—			—		(177,411	)
Distributions on noncontrolling interests units ($1.5150 per unit)		—		—		—			—			—			(4,469	)		—		(4,469	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,520		1,520
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265


	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, 2024	$	9	$	1,168		$	7,406,189		$	(1,326,654	)	$	(8,263	)	$	161,909		$	23,032	$	6,257,390
Net income		—		—			—			101,953			—			2,709			—		104,662
Other comprehensive income - derivative instruments		—		—			—			—			488			15			—		503
Issuance and registration of common shares		—		2			(892	)		—			—			—			—		(890	)
Shares repurchased and retired		—		(1	)		(4,131	)		—			—			—			—		(4,132	)
Shares issued in exchange for common units		—		1			2,008			—			—			(2,009	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value adjustment		—		—			—			(1,445	)		—			—			—		(1,445	)
Adjustment for noncontrolling interests in Operating Partnership		—		—			206			—			—			(206	)		—		—
Amortization of unearned compensation		—		—			3,805			—			—			—			—		3,805
Dividends on preferred stock		—		—			—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per share)		—		—			—			(171,925	)		—			—			—		(171,925	)
Distributions on noncontrolling interests units ($1.4700 per unit)		—		—			—			—			—			(4,513	)		—		(4,513	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,630		1,630
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232

Changes in MAA’s total equity and its components for the six months ended June 30, 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		—		—		—			289,800			—			7,481			—		297,281
Other comprehensive income - derivative instruments		—		—		—			—			830			28			—		858
Issuance and registration of common shares		—		1		(950	)		—			—			—			—		(949	)
Shares repurchased and retired		—				(3,071	)		—			—			—			—		(3,071	)
Exercise of stock options		—		—		38			—			—			—			—		38
Shares issued in exchange for common units		—		1		6,367			—			—			(6,368	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value adjustment		—		—		—			829			—			—			—		829
Adjustment for noncontrolling interests in Operating Partnership		—		—		5			—			—			(5	)		—		—
Amortization of unearned compensation		—		—		9,676			—			—			—			—		9,676
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($3.0300 per share)		—		—		—			(354,568	)		—			—			—		(354,568	)
Distributions on noncontrolling interests units ($3.0300 per unit)		—		—		—			—			—			(9,106	)		—		(9,106	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,578		2,578
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265


	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		—		—			—			245,702			—			6,570			—		252,272
Other comprehensive income - derivative instruments		—		—			—			—			989			31			—		1,020
Issuance and registration of common shares		—		2			(799	)		—			—			—			—		(797	)
Shares repurchased and retired		—		(1	)		(4,973	)		—			—			—			—		(4,974	)
Shares issued in exchange for common units		—		1			2,602			—			—			(2,603	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value adjustment		—		—			—			(1,043	)		—			—			—		(1,043	)
Adjustment for noncontrolling interests in Operating Partnership		—		—			104			—			—			(104	)		—		—
Amortization of unearned compensation		—		—			10,330			—			—			—			—		10,330
Dividends on preferred stock		—		—			—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($2.9400 per share)		—		—			—			(343,545	)		—			—			—		(343,545	)
Distributions on noncontrolling interests units ($2.9400 per unit)		—		—			—			—			—			(9,117	)		—		(9,117	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,906		1,906
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232