MAALP Capital

6 Months Ended

Jun. 30, 2019

5.MAALP Capital

Changes in total capital and its components for the three months ended June 30, 2019 and 2018 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders' Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests- Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2019	$	218,011		$	6,038,625		$	66,840		$	(3,362	)	$	5,166	$	6,325,280
Net income		2,224			60,995			922			—			—		64,141
Other comprehensive loss - derivative instruments		—			—			—			(6,004	)		—		(6,004	)
Issuance of units		—			(519	)		—			—			—		(519	)
Units repurchased and retired		—			(701	)		—			—			—		(701	)
Exercise of unit options		—			1,032			—			—			—		1,032
General partnership units issued in exchange for limited partnership units		(821	)		821			—			—			—		—
Units issued in exchange for redeemable units		—			575			—			—			—		575
Redeemable units fair market value adjustment		—			(835	)		—			—			—		(835	)
Adjustment for limited partners' capital at redemption value		(85	)		85			—			—			—		—
Amortization of unearned compensation		—			3,452			—			—			—		3,452
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($0.9600 per unit)		(3,925	)		(109,557	)		—			—			—		(113,482	)
Contribution from noncontrolling interest		—			—			—			—			490		490
CAPITAL BALANCE JUNE 30, 2019	$	215,404		$	5,993,973		$	66,840		$	(9,366	)	$	5,656	$	6,272,507

	Mid-America Apartments, L.P. Unitholders' Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Income		Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2018	$	226,815		$	6,221,216		$	66,840		$	3,167	$	2,306	$	6,520,344
Net income		2,174			58,885			922			—		—		61,981
Other comprehensive income - derivative instruments		—			—			—			5,165		—		5,165
Issuance of units		—			(341	)		—			—		—		(341	)
General partnership units issued in exchange for limited partnership units		(338	)		338			—			—		—		—
Redeemable units fair market value adjustment		—			(892	)		—			—		—		(892	)
Adjustment for limited partners' capital at redemption value		(24	)		24			—			—		—		—
Amortization of unearned compensation		—			2,963			—			—		—		2,963
Distributions to preferred unitholders		—			—			(922	)		—		—		(922	)
Distributions to common unitholders ($0.9225 per unit)		(3,814	)		(105,023	)		—			—		—		(108,837	)
CAPITAL BALANCE JUNE 30, 2018	$	224,813		$	6,177,170		$	66,840		$	8,332	$	2,306	$	6,479,461

Changes in total capital and its components for the six months ended June 30, 2019 and 2018 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders' Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests- Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2018	$	220,043		$	6,083,142		$	66,840		$	(161	)	$	2,306	$	6,372,170
Net income		4,522			123,733			1,844			—			—		130,099
Other comprehensive loss - derivative instruments		—			—			—			(9,205	)		—		(9,205	)
Issuance of units		—			610			—			—			—		610
Units repurchased and retired		—			(3,724	)		—			—			—		(3,724	)
Exercise of unit options		—			1,240			—			—			—		1,240
General partnership units issued in exchange for limited partnership units		(1,157	)		1,157			—			—			—		—
Units issued in exchange for redeemable units		—			575			—			—			—		575
Redeemable units fair market value adjustment		—			(2,186	)		—			—			—		(2,186	)
Adjustment for limited partners' capital at redemption value		(138	)		138			—			—			—		—
Amortization of unearned compensation		—			8,237			—			—			—		8,237
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($1.9200 per unit)		(7,866	)		(218,949	)		—			—			—		(226,815	)
Contribution from noncontrolling interest		—			—			—			—			3,350		3,350
CAPITAL BALANCE JUNE 30, 2019	$	215,404		$	5,993,973		$	66,840		$	(9,366	)	$	5,656	$	6,272,507

	Mid-America Apartments, L.P. Unitholders' Capital
	Limited Partner			General Partner			Preferred Units			Accumulated Other Comprehensive Income		Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2017	$	231,676		$	6,270,758		$	66,840		$	2,295	$	2,306	$	6,573,875
Net income		3,975			106,982			1,844			—		—		112,801
Other comprehensive income - derivative instruments		—			—			—			5,804		—		5,804
Issuance of units		—			(236	)		—			—		—		(236	)
Units repurchased and retired		—			(2,912	)		—			—		—		(2,912	)
Exercise of unit options		—			625			—			—		—		625
General partnership units issued in exchange for limited partnership units		(3,118	)		3,118			—			—		—		—
Units issued in exchange for redeemable units		—			1,915			—			—		—		1,915
Redeemable units fair market value adjustment		—			73			—			—		—		73
Adjustment for limited partners' capital at redemption value		(87	)		87			—			—		—		—
Cumulative adjustment due to adoption of ASU 2017-12		—			(233	)		—			233		—		—
Amortization of unearned compensation		—			6,987			—			—		—		6,987
Distributions to preferred unitholders		—			—			(1,844	)		—		—		(1,844	)
Distributions to common unitholders ($1.8450 per unit)		(7,633	)		(209,994	)		—			—		—		(217,627	)
CAPITAL BALANCE JUNE 30, 2018	$	224,813		$	6,177,170		$	66,840		$	8,332	$	2,306	$	6,479,461