MAA Equity (Tables)

9 Months Ended

Sep. 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 September 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 JUNE 30, 2020	$	9	$	1,140	$	7,168,886	$	(1,202,536	)	$	(12,665	)	$	209,894		$	6,849	$	6,171,577
Net income		—		—		—		59,910			—			2,126			—		62,036
Other comprehensive income - derivative instruments		—		—		—		—			269			10			—		279
Issuance and registration of common shares		—		—		33		—			—			—			—		33
Shares issued in exchange for common units		—		—		21		—			—			(21	)		—		—
Redeemable stock fair market value adjustment		—		—		—		(155	)		—			—			—		(155	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		71		—			—			(71	)		—		—
Amortization of unearned compensation		—		—		4,380		—			—			—			—		4,380
Dividends on preferred stock		—		—		—		(922	)		—			—			—		(922	)
Dividends on common stock ($1.00 per share)		—		—		—		(114,369	)		—			—			—		(114,369	)
Dividends on noncontrolling interests units ($1.00 per unit)		—		—		—		—			—			(3,866	)		—		(3,866	)
Contribution from noncontrolling interest		—		—		—		—			—			—			262		262
EQUITY BALANCE SEPTEMBER 30, 2020	$	9	$	1,140	$	7,173,391	$	(1,258,072	)	$	(12,396	)	$	208,072		$	7,111	$	6,119,255

	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, 2019	$	9	$	1,138	$	7,146,076		$	(1,086,665	)	$	(9,092	)	$	215,404		$	5,656	$	6,272,526
Net income		—		—		—			78,645			—			2,814			—		81,459
Other comprehensive loss - derivative instruments		—		—		—			—			(5,778	)		(195	)		—		(5,973	)
Issuance and registration of common shares		—		—		140			—			—			—			—		140
Exercise of stock options		—		—		(204	)		—			—			—			—		(204	)
Shares issued in exchange for common units		—		—		836			—			—			(836	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(1,269	)		—			—			—		(1,269	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		(272	)		—			—			272			—		—
Amortization of unearned compensation		—		—		3,313			—			—			—			—		3,313
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($0.96 per share)		—		—		—			(109,503	)		—			—			—		(109,503	)
Dividends on noncontrolling interests units ($0.96 per unit)		—		—		—			—			—			(3,912	)		—		(3,912	)
Contribution from noncontrolling interest		—		—		—			—			—			—			955		955
EQUITY BALANCE SEPTEMBER 30, 2019	$	9	$	1,138	$	7,149,889		$	(1,119,714	)	$	(14,870	)	$	213,547		$	6,611	$	6,236,610

Changes in MAA’s total equity and its components for the nine months ended September 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		—		—		—			171,620			—			6,096			—		177,716
Other comprehensive income - derivative instruments		—		—		—			—			782			28			—		810
Issuance and registration of common shares		—		—		(344	)		—			—			—			—		(344	)
Shares repurchased and retired		—		—		(5,657	)		—			—			—			—		(5,657	)
Exercise of stock options		—		—		71			—			—			—			—		71
Shares issued in exchange for common units		—		—		471			—			—			(471	)		—		—
Redeemable stock fair market value adjustment		—		—		—			1,659			—			—			—		1,659
Adjustment for noncontrolling interests in Operating Partnership		—		—		244			—			—			(244	)		—		—
Amortization of unearned compensation		—		—		12,533			—			—			—			—		12,533
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($3.00 per share)		—		—		—			(343,106	)		—			—			—		(343,106	)
Dividends on noncontrolling interests units ($3.00 per unit)		—		—		—			—			—			(11,984	)		—		(11,984	)
Contribution from noncontrolling interest		—		—		—			—			—			—			864		864
EQUITY BALANCE SEPTEMBER 30, 2020	$	9	$	1,140	$	7,173,391		$	(1,258,072	)	$	(12,396	)	$	208,072		$	7,111	$	6,119,255

	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		—		—		—			204,222			—			7,336			—		211,558
Other comprehensive loss - derivative instruments		—		—		—			—			(14,658	)		(520	)		—		(15,178	)
Issuance and registration of common shares		—		2		748			—			—			—			—		750
Shares repurchased and retired		—		—		(3,724	)		—			—			—			—		(3,724	)
Exercise of stock options		—		—		1,036			—			—			—			—		1,036
Shares issued in exchange for common units		—		—		1,993			—			—			(1,993	)		—		—
Shares issued in exchange for redeemable stock		—		—		575			—			—			—			—		575
Redeemable stock fair market value adjustment		—		—		—			(3,455	)		—			—			—		(3,455	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		(459	)		—			—			459			—		—
Amortization of unearned compensation		—		—		11,550			—			—			—			—		11,550
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($2.88 per share)		—		—		—			(328,452	)		—			—			—		(328,452	)
Dividends on noncontrolling interests units ($2.88 per unit)		—		—		—			—			—			(11,778	)		—		(11,778	)
Contribution from noncontrolling interest		—		—		—			—			—			—			4,305		4,305
EQUITY BALANCE SEPTEMBER 30, 2019	$	9	$	1,138	$	7,149,889		$	(1,119,714	)	$	(14,870	)	$	213,547		$	6,611	$	6,236,610