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MAA Equity (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Changes in Total Equity and its Components

Changes in MAA’s total equity and its components for the three months ended September 30, 2023 and 2022 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, 2023	$	9	$	1,168	$	7,405,572		$	(1,235,118	)	$	(9,514	)	$	165,626		$	22,329	$	6,350,072
Net income		—		—		—			110,732			—			3,000			—		113,732
Other comprehensive income - derivative instruments		—		—		—			—			270			9			—		279
Issuance and registration of common shares		—		—		158			—			—			—			—		158
Shares repurchased and retired		—		—		(26	)		—			—			—			—		(26	)
Shares issued in exchange for common units		—		—		363			—			—			(363	)		—		—
Redeemable stock fair market value adjustment		—		—		—			3,242			—			—			—		3,242
Adjustment for noncontrolling interests in Operating Partnership		—		—		(86	)		—			—			86			—		—
Amortization of unearned compensation		—		—		4,128			—			—			—			—		4,128
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4000 per share)		—		—		—			(163,362	)		—			—			—		(163,362	)
Dividends on noncontrolling interests units ($1.4000 per share)		—		—		—			—			—			(4,408	)		—		(4,408	)
Contribution from noncontrolling interest		—		—		—			—			—			—			696		696
EQUITY BALANCE SEPTEMBER 30, 2023	$	9	$	1,168	$	7,410,109		$	(1,285,428	)	$	(9,244	)	$	163,950		$	23,025	$	6,303,589


	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, 2022	$	9	$	1,152	$	7,191,920		$	(1,199,216	)	$	(10,591	)	$	165,062		$	19,780	$	6,168,116
Net income		—		—		—			122,311			—			3,392			—		125,703
Other comprehensive income - derivative instruments		—		—		—			—			270			9			—		279
Issuance and registration of common shares		—		—		156			—			—			—			—		156
Shares repurchased and retired		—		—		(12	)		—			—			—			—		(12	)
Shares issued in exchange for common units		—		—		307			—			—			(307	)		—		—
Redeemable stock fair market value adjustment		—		—		—			2,537			—			—			—		2,537
Adjustment for noncontrolling interests in Operating Partnership		—		—		(70	)		—			—			70			—		—
Amortization of unearned compensation		—		—		4,203			—			—			—			—		4,203
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.2500 per share)		—		—		—			(144,309	)		—			—			—		(144,309	)
Dividends on noncontrolling interests units ($1.2500 per share)		—		—		—			—			—			(3,996	)		—		(3,996	)
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780	$	6,151,755

Changes in MAA’s total equity and its components for the nine months ended September 30, 2023 and 2022 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, 2022	$	9	$	1,152	$	7,202,834		$	(1,188,854	)	$	(10,052	)	$	163,595		$	21,064	$	6,189,748
Net income		—		—		—			392,330			—			10,633			—		402,963
Other comprehensive income - derivative instruments		—		—		—			—			808			27			—		835
Issuance and registration of common shares		—		12		203,202			—			—			—			—		203,214
Shares repurchased and retired		—		—		(7,866	)		—			—			—			—		(7,866	)
Shares issued in exchange for common units		—		—		894			—			—			(894	)		—		—
Shares issued in exchange for redeemable stock		—		4		577			—			—			—			—		581
Redeemable stock fair market value adjustment		—		—		—			3,906			—			—			—		3,906
Adjustment for noncontrolling interests in Operating Partnership		—		—		(3,831	)		—			—			3,831			—		—
Amortization of unearned compensation		—		—		14,299			—			—			—			—		14,299
Dividends on preferred stock		—		—					(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($4.2000 per share)		—		—		—			(490,044	)		—			—			—		(490,044	)
Dividends on noncontrolling interests units ($4.2000 per share)		—		—		—			—			—			(13,242	)		—		(13,242	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,961		1,961
EQUITY BALANCE SEPTEMBER 30, 2023	$	9	$	1,168	$	7,410,109		$	(1,285,428	)	$	(9,244	)	$	163,950		$	23,025	$	6,303,589


	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, 2021	$	9	$	1,151	$	7,230,956		$	(1,255,807	)	$	(11,132	)	$	165,116		$	23,614		$	6,153,907
Net income (loss)		—		—		—			443,815			—			12,318			(293	)		455,840
Other comprehensive income - derivative instruments		—		—		—			—			811			24			—			835
Issuance and registration of common shares		—		1		(277	)		—			—			—			—			(276	)
Shares repurchased and retired		—		—		(14,043	)		—			—			—			—			(14,043	)
Exercise of stock options		—		—		28			—			—			—			—			28
Shares issued in exchange for common units		—		—		500			—			—			(500	)		—			—
Redeemable stock fair market value adjustment		—		—		—			9,297			—			—			—			9,297
Adjustment for noncontrolling interests in Operating Partnership		—		—		1,251			—			—			(1,251	)		—			—
Amortization of unearned compensation		—		—		15,532			—			—			—			—			15,532
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—			(2,766	)
Dividends on common stock ($3.5875 per share)		—		—		—			(414,138	)		—			—			—			(414,138	)
Dividends on noncontrolling interests units ($3.5875 per share)		—		—		—			—			—			(11,477	)		—			(11,477	)
Acquisition of noncontrolling interest		—		—		(37,443	)		—			—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,086			2,086
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780		$	6,151,755