MAALP Capital

9 Months Ended

Sep. 30, 2019

5.MAALP Capital

Changes in total capital and its components for the three months ended September 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 JUNE 30, 2019	$	215,404		$	5,993,973		$	66,840		$	(9,366	)	$	5,656	$	6,272,507
Net income		2,814			77,723			922			—			—		81,459
Other comprehensive loss - derivative instruments		—			—			—			(5,973	)		—		(5,973	)
Issuance of units		—			140			—			—			—		140
Exercise of unit options		—			(204	)		—			—			—		(204	)
General partnership units issued in exchange for limited partnership units		(836	)		836			—			—			—		—
Redeemable units fair market value adjustment		—			(1,269	)		—			—			—		(1,269	)
Adjustment for limited partners' capital at redemption value		77			(77	)		—			—			—		—
Amortization of unearned compensation		—			3,313			—			—			—		3,313
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($0.9600 per unit)		(3,912	)		(109,503	)		—			—			—		(113,415	)
Contribution from noncontrolling interest		—			—			—			—			955		955
CAPITAL BALANCE SEPTEMBER 30, 2019	$	213,547		$	5,964,932		$	66,840		$	(15,339	)	$	6,611	$	6,236,591

	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 JUNE 30, 2018	$	224,813		$	6,177,170		$	66,840		$	8,332	$	2,306	$	6,479,461
Net income		1,913			51,869			922			—		—		54,704
Other comprehensive income - derivative instruments		—			—			—			3,697		—		3,697
Issuance of units		—			(35	)		—			—		—		(35	)
Exercise of unit options		—			291						—		—		291
General partnership units issued in exchange for limited partnership units		(1,165	)		1,165			—			—		—		—
Redeemable units fair market value adjustment		—			48			—			—		—		48
Adjustment for limited partners' capital at redemption value		(139	)		139			—			—		—		—
Amortization of unearned compensation		—			2,890			—			—		—		2,890
Distributions to preferred unitholders		—			—			(922	)		—		—		(922	)
Distributions to common unitholders ($0.9225 per unit)		(3,581	)		(105,018	)		—			—		—		(108,599	)
CAPITAL BALANCE SEPTEMBER 30, 2018	$	221,841		$	6,128,519		$	66,840		$	12,029	$	2,306	$	6,431,535

Changes in total capital and its components for the nine months ended September 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		7,336			201,456			2,766			—			—		211,558
Other comprehensive loss - derivative instruments		—			—			—			(15,178	)		—		(15,178	)
Issuance of units		—			750			—			—			—		750
Units repurchased and retired		—			(3,724	)		—			—			—		(3,724	)
Exercise of unit options		—			1,036			—			—			—		1,036
General partnership units issued in exchange for limited partnership units		(1,993	)		1,993			—			—			—		—
Units issued in exchange for redeemable units		—			575			—			—			—		575
Redeemable units fair market value adjustment		—			(3,455	)		—			—			—		(3,455	)
Adjustment for limited partners' capital at redemption value		(61	)		61			—			—			—		—
Amortization of unearned compensation		—			11,550			—			—			—		11,550
Distributions to preferred unitholders		—			—			(2,766	)		—			—		(2,766	)
Distributions to common unitholders ($2.8800 per unit)		(11,778	)		(328,452	)		—			—			—		(340,230	)
Contribution from noncontrolling interest		—			—			—			—			4,305		4,305
CAPITAL BALANCE SEPTEMBER 30, 2019	$	213,547		$	5,964,932		$	66,840		$	(15,339	)	$	6,611	$	6,236,591

	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		5,888			158,851			2,766			—		—		167,505
Other comprehensive income - derivative instruments		—			—			—			9,501		—		9,501
Issuance of units		—			(271	)		—			—		—		(271	)
Units repurchased and retired		—			(2,912	)		—			—		—		(2,912	)
Exercise of unit options		—			916			—			—		—		916
General partnership units issued in exchange for limited partnership units		(4,283	)		4,283			—			—		—		—
Units issued in exchange for redeemable units		—			1,915			—			—		—		1,915
Redeemable units fair market value adjustment		—			121			—			—		—		121
Adjustment for limited partners' capital at redemption value		(226	)		226			—			—		—		—
Cumulative adjustment due to adoption of ASU 2017-12		—			(233	)		—			233		—		—
Amortization of unearned compensation		—			9,877			—			—		—		9,877
Distributions to preferred unitholders		—			—			(2,766	)		—		—		(2,766	)
Distributions to common unitholders ($2.7675 per unit)		(11,214	)		(315,012	)		—			—		—		(326,226	)
CAPITAL BALANCE SEPTEMBER 30, 2018	$	221,841		$	6,128,519		$	66,840		$	12,029	$	2,306	$	6,431,535