Changes in MAALP’s total capital and its components for the three months ended March 31, 2024 and 2023 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, 2023	$	6,036,154		$	163,128		$	66,840		$	(8,942	)	$	22,756	$	6,279,936
Net income		142,827			3,861			922			—			—		147,610
Other comprehensive income - derivative instruments		—			—			—			517			—		517
Issuance of units		93			—			—			—			—		93
Units repurchased and retired		(842	)		—			—			—			—		(842	)
General partner units issued in exchange for limited partner units		594			(594	)		—			—			—		—
Redeemable units fair market value adjustment		402			—			—			—			—		402
Adjustment for limited partners’ capital at redemption value		(118	)		118			—			—			—		—
Amortization of unearned compensation		6,525			—			—			—			—		6,525
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4700 per unit)		(171,620	)		(4,604	)		—			—			—		(176,224	)
Contribution from noncontrolling interest		—			—			—			—			276		276
CAPITAL BALANCE MARCH 31, 2024	$	6,014,015		$	161,909		$	66,840		$	(8,425	)	$	23,032	$	6,257,371


	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		134,988			3,664			922			—			—		139,574
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		203,897			—			—			—			—		203,897
Units repurchased and retired		(1,920	)		—			—			—			—		(1,920	)
General partner units issued in exchange for limited partner units		479			(479	)		—			—			—		—
Units issued in exchange for redeemable stock		581			—			—			—			—		581
Redeemable units fair market value adjustment		793			—			—			—			—		793
Adjustment for limited partners’ capital at redemption value		(3,945	)		3,945			—			—			—		—
Amortization of unearned compensation		6,379			—			—			—			—		6,379
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4000 per unit)		(163,252	)		(4,416	)		—			—			—		(167,668	)
Contribution from noncontrolling interest		—			—			—			—			256		256
CAPITAL BALANCE MARCH 31, 2023	$	6,126,498		$	166,309		$	66,840		$	(9,990	)	$	21,320	$	6,370,977