Changes in MAALP’s total capital and its components for the three months ended September 30, 2023 and 2022 were as follows (dollars in thousands):


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2023	$	6,104,970		$	165,626		$	66,840		$	(9,712	)	$	22,329	$	6,350,053
Net income		109,810			3,000			922			—			—		113,732
Other comprehensive income - derivative instruments		—			—			—			279			—		279
Issuance of units		158			—			—			—			—		158
Units repurchased and retired		(26	)		—			—			—			—		(26	)
General partner units issued in exchange for limited partner units		363			(363	)		—			—			—		—
Redeemable units fair market value adjustment		3,242			—			—			—			—		3,242
Adjustment for limited partners’ capital at redemption value		(95	)		95			—			—			—		—
Amortization of unearned compensation		4,128			—			—			—			—		4,128
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4000 per unit)		(163,362	)		(4,408	)		—			—			—		(167,770	)
Contribution from noncontrolling interest		—			—			—			—			696		696
CAPITAL BALANCE SEPTEMBER 30, 2023	$	6,059,188		$	163,950		$	66,840		$	(9,433	)	$	23,025	$	6,303,570


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2022	$	5,927,241		$	165,062		$	66,840		$	(10,826	)	$	19,780	$	6,168,097
Net income		121,389			3,392			922			—			—		125,703
Other comprehensive income - derivative instruments		—			—			—			279			—		279
Issuance of units		156			—			—			—			—		156
Units repurchased and retired		(12	)		—			—			—			—		(12	)
General partner units issued in exchange for limited partner units		307			(307	)		—			—			—		—
Redeemable units fair market value adjustment		2,537			—			—			—			—		2,537
Adjustment for limited partners’ capital at redemption value		(79	)		79			—			—			—		—
Amortization of unearned compensation		4,203			—			—			—			—		4,203
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.2500 per unit)		(144,309	)		(3,996	)		—			—			—		(148,305	)
CAPITAL BALANCE SEPTEMBER 30, 2022	$	5,911,433		$	164,230		$	66,840		$	(10,547	)	$	19,780	$	6,151,736

Changes in MAALP’s total capital and its components for the nine months ended September 30, 2023 and 2022 were as follows (dollars in thousands):


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2022	$	5,948,498		$	163,595		$	66,840		$	(10,268	)	$	21,064	$	6,189,729
Net income		389,564			10,633			2,766			—			—		402,963
Other comprehensive income - derivative instruments		—			—			—			835			—		835
Issuance of units		203,214			—			—			—			—		203,214
Units repurchased and retired		(7,866	)		—			—			—			—		(7,866	)
General partner units issued in exchange for limited partner units		894			(894	)		—			—			—		—
Units issued in exchange for redeemable stock		581			—			—			—			—		581
Redeemable units fair market value adjustment		3,906			—			—			—			—		3,906
Adjustment for limited partners’ capital at redemption value		(3,858	)		3,858			—			—			—		—
Amortization of unearned compensation		14,299			—			—			—			—		14,299
Distributions to preferred unitholders		—			—			(2,766	)		—			—		(2,766	)
Distributions to common unitholders ($4.2000 per unit)		(490,044	)		(13,242	)		—			—			—		(503,286	)
Contribution from noncontrolling interest		—			—			—			—			1,961		1,961
CAPITAL BALANCE SEPTEMBER 30, 2023	$	6,059,188		$	163,950		$	66,840		$	(9,433	)	$	23,025	$	6,303,570


	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities			Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2021	$	5,909,700		$	165,116		$	66,840		$	(11,382	)	$	23,614		$	6,153,888
Net income (loss)		441,049			12,318			2,766			—			(293	)		455,840
Other comprehensive income - derivative instruments		—			—			—			835			—			835
Issuance of units		(276	)		—			—			—			—			(276	)
Units repurchased and retired		(14,043	)		—			—			—			—			(14,043	)
Exercise of unit options		28			—			—			—			—			28
General partner units issued in exchange for limited partner units		500			(500	)		—			—			—			—
Redeemable units fair market value adjustment		9,297			—			—			—			—			9,297
Adjustment for limited partners’ capital at redemption value		1,227			(1,227	)		—			—			—			—
Amortization of unearned compensation		15,532			—			—			—			—			15,532
Distributions to preferred unitholders		—			—			(2,766	)		—			—			(2,766	)
Distributions to common unitholders ($3.5875 per unit)		(414,138	)		(11,477	)		—			—			—			(425,615	)
Acquisition of noncontrolling interest		(37,443	)		—			—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—			—			—			—			2,086			2,086
CAPITAL BALANCE SEPTEMBER 30, 2022	$	5,911,433		$	164,230		$	66,840		$	(10,547	)	$	19,780		$	6,151,736