MAA Equity (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Changes in Total Equity and its Components

Changes in MAA’s total equity and its components for the three months ended June 30, 2020 and 2019 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, 2020	$	9	$	1,140	$	7,170,148		$	(1,160,944	)	$	(12,934	)	$	211,498		$	6,648	$	6,215,565
Net income		—		—		—			75,062			—			2,666			—		77,728
Other comprehensive income - derivative instruments		—		—		—			—			269			9			—		278
Issuance and registration of common shares		—		—		(416	)		—			—			—			—		(416	)
Shares repurchased and retired		—		—		(3,930	)		—			—			—			—		(3,930	)
Exercise of stock options		—		—		—			—			—			—			—		—
Redeemable stock fair market value adjustment		—		—		—			(1,297	)		—			—			—		(1,297	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		220			—			—			(220	)		—		—
Amortization of unearned compensation		—		—		2,864			—			—			—			—		2,864
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.00 per share)		—		—		—			(114,435	)		—			—			—		(114,435	)
Dividends on noncontrolling interests units ($1.00 per unit)		—		—		—			—			—			(4,059	)		—		(4,059	)
Contribution from noncontrolling interest		—		—		—			—			—			—			201		201
EQUITY BALANCE JUNE 30, 2020	$	9	$	1,140	$	7,168,886		$	(1,202,536	)	$	(12,665	)	$	209,894		$	6,849	$	6,171,577

	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, 2019	$	9	$	1,137	$	7,141,544		$	(1,037,268	)	$	(3,300	)	$	218,011		$	5,166	$	6,325,299
Net income		—		—		—			61,917			—			2,224			—		64,141
Other comprehensive loss - derivative instruments		—		—		—			—			(5,792	)		(212	)		—		(6,004	)
Issuance and registration of common shares		—		1		(520	)		—			—			—			—		(519	)
Shares repurchased and retired		—		—		(701	)		—			—			—			—		(701	)
Exercise of stock options		—		—		1,032			—			—			—			—		1,032
Shares issued in exchange for common units		—		—		821			—			—			(821	)		—		—
Shares issued in exchange for redeemable stock		—		—		575			—			—			—			—		575
Redeemable stock fair market value adjustment		—		—		—			(835	)		—			—			—		(835	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		(127	)		—			—			127			—		—
Amortization of unearned compensation		—		—		3,452			—			—			—			—		3,452
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($0.96 per share)		—		—		—			(109,557	)		—			—			—		(109,557	)
Dividends on noncontrolling interests units ($0.96 per unit)		—		—		—			—			—			(3,925	)		—		(3,925	)
Contribution from noncontrolling interest		—		—		—			—			—			—			490		490
EQUITY BALANCE JUNE 30, 2019	$	9	$	1,138	$	7,146,076		$	(1,086,665	)	$	(9,092	)	$	215,404		$	5,656	$	6,272,526

Changes in MAA’s total equity and its components for the six months ended June 30, 2020 and 2019 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, 2019	$	9	$	1,140	$	7,166,073		$	(1,085,479	)	$	(13,178	)	$	214,647		$	6,247	$	6,289,459
Net income		—		—		—			111,710			—			3,970			—		115,680
Other comprehensive income - derivative instruments		—		—		—			—			513			18			—		531
Issuance and registration of common shares		—		—		(377	)		—			—			—			—		(377	)
Shares repurchased and retired		—		—		(5,657	)		—			—			—			—		(5,657	)
Exercise of stock options		—		—		71			—			—			—			—		71
Shares issued in exchange for common units		—		—		450			—			—			(450	)		—		—
Redeemable stock fair market value adjustment		—		—		—			1,814			—			—			—		1,814
Adjustment for noncontrolling interests in Operating Partnership		—		—		173			—			—			(173	)		—		—
Amortization of unearned compensation		—		—		8,153			—			—			—			—		8,153
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($2.00 per share)		—		—		—			(228,737	)		—			—			—		(228,737	)
Dividends on noncontrolling interests units ($2.00 per unit)		—		—		—			—			—			(8,118	)		—		(8,118	)
Contribution from noncontrolling interest		—		—		—			—			—			—			602		602
EQUITY BALANCE JUNE 30, 2020	$	9	$	1,140	$	7,168,886		$	(1,202,536	)	$	(12,665	)	$	209,894		$	6,849	$	6,171,577

	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, 2018	$	9	$	1,136	$	7,138,170		$	(989,263	)	$	(212	)	$	220,043		$	2,306	$	6,372,189
Net income		—		—		—			125,577			—			4,522			—		130,099
Other comprehensive loss - derivative instruments		—		—		—			—			(8,880	)		(325	)		—		(9,205	)
Issuance and registration of common shares		—		2		608			—			—			—			—		610
Shares repurchased and retired		—		—		(3,724	)		—			—			—			—		(3,724	)
Exercise of stock options		—		—		1,240			—			—			—			—		1,240
Shares issued in exchange for common units		—		—		1,157			—			—			(1,157	)		—		—
Shares issued in exchange for redeemable stock		—		—		575			—			—			—			—		575
Redeemable stock fair market value adjustment		—		—		—			(2,186	)		—			—			—		(2,186	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		(187	)		—			—			187			—		—
Amortization of unearned compensation		—		—		8,237			—			—			—			—		8,237
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($1.92 per share)		—		—		—			(218,949	)		—			—			—		(218,949	)
Dividends on noncontrolling interests units ($1.92 per unit)		—		—		—			—			—			(7,866	)		—		(7,866	)
Contribution from noncontrolling interest		—		—		—			—			—			—			3,350		3,350
EQUITY BALANCE JUNE 30, 2019	$	9	$	1,138	$	7,146,076		$	(1,086,665	)	$	(9,092	)	$	215,404		$	5,656	$	6,272,526