MAA Equity

6 Months Ended

Jun. 30, 2019

4.MAA Equity

Changes in total equity and its components for the three months ended June 30, 2019 and 2018 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, 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 ($0.9600 per share)		—		—		—			(109,557	)		—			—			—		(109,557	)
Dividends on noncontrolling interests units ($0.9600 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

	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 Income		Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE MARCH 31, 2018	$	9	$	1,135	$	7,127,740		$	(840,642	)	$	3,000	$	226,815		$	2,306	$	6,520,363
Net income		—		—		—			59,807			—		2,174			—		61,981
Other comprehensive income - derivative instruments		—		—		—			—			4,986		179			—		5,165
Issuance and registration of common shares		—		—		(341	)		—			—		—			—		(341	)
Shares issued in exchange for common units		—		1		337			—			—		(338	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(892	)		—		—			—		(892	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		203			—			—		(203	)		—		—
Amortization of unearned compensation		—		—		2,963			—			—		—			—		2,963
Dividends on preferred stock		—		—		—			(922	)		—		—			—		(922	)
Dividends on common stock ($0.9225 per share)		—		—		—			(105,023	)		—		—			—		(105,023	)
Dividends on noncontrolling interests units ($0.9225 per unit)		—		—		—			—			—		(3,814	)		—		(3,814	)
EQUITY BALANCE JUNE 30, 2018	$	9	$	1,136	$	7,130,902		$	(887,672	)	$	7,986	$	224,813		$	2,306	$	6,479,480

Changes in total equity and its components for the six months ended June 30, 2019 and 2018 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, 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 ($1.9200 per share)		—		—		—			(218,949	)		—			—			—		(218,949	)
Dividends on noncontrolling interests units ($1.9200 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

	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 Income		Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2017	$	9	$	1,134	$	7,121,112		$	(784,500	)	$	2,157	$	231,676		$	2,306	$	6,573,894
Net income		—		—		—			108,826			—		3,975			—		112,801
Other comprehensive income - derivative instruments		—		—		—			—			5,596		208			—		5,804
Issuance and registration of common shares		—		1		(237	)		—			—		—			—		(236	)
Shares repurchased and retired		—		—		(2,912	)		—			—		—			—		(2,912	)
Exercise of stock options		—		—		625			—			—		—					625
Shares issued in exchange for common units		—		1		3,117			—			—		(3,118	)		—		—
Shares issued in exchange for redeemable stock		—		—		1,915			—			—		—			—		1,915
Redeemable stock fair market value adjustment		—		—		—			73			—		—			—		73
Adjustment for noncontrolling interests in Operating Partnership		—		—		295			—			—		(295	)		—		—
Cumulative adjustment due to adoption of ASU 2017-12				—		—			(233	)		233		—			—		—
Amortization of unearned compensation		—		—		6,987			—			—		—			—		6,987
Dividends on preferred stock		—		—		—			(1,844	)		—		—			—		(1,844	)
Dividends on common stock ($1.8450 per share)		—		—		—			(209,994	)		—		—			—		(209,994	)
Dividends on noncontrolling interests units ($1.8450 per unit)		—		—		—			—			—		(7,633	)		—		(7,633	)
EQUITY BALANCE JUNE 30, 2018	$	9	$	1,136	$	7,130,902		$	(887,672	)	$	7,986	$	224,813		$	2,306	$	6,479,480