MAA Equity

9 Months Ended

Sep. 30, 2019

4.MAA Equity

Changes in total equity and its components for the three months ended September 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 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 ($0.9600 per share)		—		—		—			(109,503	)		—			—			—		(109,503	)
Dividends on noncontrolling interests units ($0.9600 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

	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 JUNE 30, 2018	$	9	$	1,136	$	7,130,902		$	(887,672	)	$	7,986	$	224,813		$	2,306	$	6,479,480
Net income		—		—		—			52,791			—		1,913			—		54,704
Other comprehensive income - derivative instruments		—		—		—			—			3,570		127			—		3,697
Issuance and registration of common shares		—		—		(35	)		—			—		—			—		(35	)
Exercise of stock options		—		—		291			—			—		—			—		291
Shares issued in exchange for common units		—		—		1,165			—			—		(1,165	)		—		—
Redeemable stock fair market value adjustment		—		—		—			48			—		—			—		48
Adjustment for noncontrolling interests in Operating Partnership		—		—		266			—			—		(266	)		—		—
Amortization of unearned compensation		—		—		2,890			—			—		—			—		2,890
Dividends on preferred stock		—		—		—			(922	)		—		—			—		(922	)
Dividends on common stock ($0.9225 per share)		—		—		—			(105,018	)		—		—			—		(105,018	)
Dividends on noncontrolling interests units ($0.9225 per unit)		—		—		—			—			—		(3,581	)		—		(3,581	)
EQUITY BALANCE SEPTEMBER 30, 2018	$	9	$	1,136	$	7,135,479		$	(940,773	)	$	11,556	$	221,841		$	2,306	$	6,431,554

Changes in total equity and its components for the nine months ended September 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		—		—		—			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 ($2.8800 per share)		—		—		—			(328,452	)		—			—			—		(328,452	)
Dividends on noncontrolling interests units ($2.8800 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

	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		—		—		—			161,617			—		5,888			—		167,505
Other comprehensive income - derivative instruments		—		—		—			—			9,166		335			—		9,501
Issuance and registration of common shares		—		1		(272	)		—			—		—			—		(271	)
Shares repurchased and retired		—		—		(2,912	)		—			—		—			—		(2,912	)
Exercise of stock options		—		—		916			—			—		—					916
Shares issued in exchange for common units		—		1		4,282			—			—		(4,283	)		—		—
Shares issued in exchange for redeemable stock		—		—		1,915			—			—		—			—		1,915
Redeemable stock fair market value adjustment		—		—		—			121			—		—			—		121
Adjustment for noncontrolling interests in Operating Partnership		—		—		561			—			—		(561	)		—		—
Cumulative adjustment due to adoption of ASU 2017-12				—		—			(233	)		233		—			—		—
Amortization of unearned compensation		—		—		9,877			—			—		—			—		9,877
Dividends on preferred stock		—		—		—			(2,766	)		—		—			—		(2,766	)
Dividends on common stock ($2.7675 per share)		—		—		—			(315,012	)		—		—			—		(315,012	)
Dividends on noncontrolling interests units ($2.7675 per unit)		—		—		—			—			—		(11,214	)		—		(11,214	)
EQUITY BALANCE SEPTEMBER 30, 2018	$	9	$	1,136	$	7,135,479		$	(940,773	)	$	11,556	$	221,841		$	2,306	$	6,431,554