MAA Equity

9 Months Ended

Sep. 30, 2025

4. MAA Equity

Changes in MAA’s total equity and its components for the three months ended September 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 JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265
Net income		—		—		—			99,538			—			2,506			—		102,044
Other comprehensive income - derivative instruments		—		—		—			—			418			12			—		430
Issuance and registration of common shares		—		—		144			—			—			—			—		144
Shares repurchased and retired		—		—		(29	)		—			—			—			—		(29	)
Shares issued in exchange for common units		—		—		391			—			—			(391	)		—		—
Redeemable stock fair market value adjustment		—		—		—			1,189			—			—			—		1,189
Adjustment for noncontrolling interests in Operating Partnership		—		—		(56	)		—			—			56			—		—
Amortization of unearned compensation		—		—		3,620			—			—			—			—		3,620
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.5150 per share)		—		—		—			(177,377	)		—			—			—		(177,377	)
Distributions on noncontrolling interests units ($1.5150 per unit)		—		—		—			—			—			(4,457	)		—		(4,457	)
Contribution from noncontrolling interest		—		—		—			—			—			—			172		172
EQUITY BALANCE SEPTEMBER 30, 2025	$	9	$	1,168	$	7,435,697		$	(1,612,912	)	$	(5,692	)	$	145,165		$	30,644	$	5,994,079


	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

Changes in MAA’s total equity and its components for the nine months ended September 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		—		—		—			389,338			—			9,987			—		399,325
Other comprehensive income - derivative instruments		—		—		—			—			1,248			40			—		1,288
Issuance and registration of common shares		—		1		(806	)		—			—			—			—		(805	)
Shares repurchased and retired		—				(3,100	)		—			—			—			—		(3,100	)
Exercise of stock options		—		—		38			—			—			—			—		38
Shares issued in exchange for common units		—		1		6,758			—			—			(6,759	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value adjustment		—		—		—			2,018			—			—			—		2,018
Adjustment for noncontrolling interests in Operating Partnership		—		—		(51	)		—			—			51			—		—
Amortization of unearned compensation		—		—		13,296			—			—			—			—		13,296
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($4.5450 per share)		—		—		—			(531,945	)		—			—			—		(531,945	)
Distributions on noncontrolling interests units ($4.5450 per unit)		—		—		—			—			—			(13,563	)		—		(13,563	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,750		2,750
EQUITY BALANCE SEPTEMBER 30, 2025	$	9	$	1,168	$	7,435,697		$	(1,612,912	)	$	(5,692	)	$	145,165		$	30,644	$	5,994,079


	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