MAA Equity

6 Months Ended

Jun. 30, 2021

4.MAA Equity

Changes in MAA’s total equity and its components for the three months ended June 30, 2021 and 2020 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, 2021	$	9	$	1,142	$	7,182,771		$	(1,367,347	)	$	(11,859	)	$	204,336		$	10,481	$	6,019,533
Net income		—		—		—			216,478			—			7,397			—		223,875
Other comprehensive income - derivative instruments		—		—		—			—			227			51			—		278
Issuance and registration of common shares		—		1		(468	)		—			—			—			—		(467	)
Shares repurchased and retired		—		—		(7,313	)		—			—			—			—		(7,313	)
Shares issued in exchange for common units		—		4		21,928			—			—			(21,932	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(3,031	)		—			—			—		(3,031	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		816			—			—			(816	)		—		—
Amortization of unearned compensation		—		—		4,151			—			—			—			—		4,151
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.0250 per share)		—		—		—			(117,872	)		—			—			—		(117,872	)
Dividends on noncontrolling interests units ($1.0250 per unit)		—		—		—			—			—			(3,696	)		—		(3,696	)
Contribution from noncontrolling interest		—		—		—			—			—			—			6,131		6,131
EQUITY BALANCE JUNE 30, 2021	$	9	$	1,147	$	7,201,885		$	(1,272,694	)	$	(11,632	)	$	185,340		$	16,612	$	6,120,667

	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	)
Shares issued in exchange for redeemable stock		—		—		—			—			—			—			—		—
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 ($1.0000 per share)		—		—		—			(114,435	)		—			—			—		(114,435	)
Dividends on noncontrolling interests units ($1.0000 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

Changes in MAA’s total equity and its components for the six months ended June 30, 2021 and 2020 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, 2020	$	9	$	1,141	$	7,176,793		$	(1,294,182	)	$	(12,128	)	$	206,927		$	9,848	$	6,088,408
Net income		—		—		—			263,671			—			9,068			—		272,739
Other comprehensive income - derivative instruments		—		—		—			—			496			61			—		557
Issuance and registration of common shares		—		2		(335	)		—			—			—			—		(333	)
Shares repurchased and retired		—		—		(9,043	)		—			—			—			—		(9,043	)
Exercise of stock options		—		—		1,466			—			—			—			—		1,466
Shares issued in exchange for common units		—		4		22,160			—			—			(22,164	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(5,189	)		—			—			—		(5,189	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		700			—			—			(700	)		—		—
Amortization of unearned compensation		—		—		10,144			—			—			—			—		10,144
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($2.05 per share)		—		—		—			(235,150	)		—			—			—		(235,150	)
Dividends on noncontrolling interests units ($2.05 per unit)		—		—		—			—			—			(7,852	)		—		(7,852	)
Contribution from noncontrolling interest		—		—		—			—			—			—			6,764		6,764
EQUITY BALANCE JUNE 30, 2021	$	9	$	1,147	$	7,201,885		$	(1,272,694	)	$	(11,632	)	$	185,340		$	16,612	$	6,120,667

	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