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, 2025

$

5,601,367

$

141,503

$

66,840

$

(5,375

)

$

14,889

$

5,819,224

Net income (loss)

123,437

3,121

922

—

(869

)

126,611

Other comprehensive income - derivative instruments

—

—

—

381

—

381

Issuance of units

154

—

—

—

—

154

Units repurchased and retired

(73,639

)

—

—

—

—

(73,639

)

General partner units issued in exchange for limited
    partner units

457

(457

)

—

—

—

—

Redeemable units fair market value adjustment

2,488

—

—

—

—

2,488

Adjustment for limited partners’ capital at redemption value

1,139

(1,139

)

—

—

—

—

Amortization of unearned compensation

6,259

—

—

—

—

6,259

Distributions to preferred unitholders

—

—

(922

)

—

—

(922

)

Distributions to common unitholders ($1.530 per unit)

(178,050

)

(4,491

)

—

—

—

(182,541

)

Acquisition of noncontrolling interest

(4,839

)

—

—

—

(5,374

)

(10,213

)

Contribution from noncontrolling interest

—

—

—

—

2,489

2,489

CAPITAL BALANCE MARCH 31, 2026

$

5,478,773

$

138,537

$

66,840

$

(4,994

)

$

11,135

$

5,690,291

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, 2024

$

5,882,336

$

155,409

$

66,840

$

(7,064

)

$

27,894

$

6,125,415

Net income

180,751

4,733

922

—

—

186,406

Other comprehensive income - derivative instruments

—

—

—

429

—

429

Issuance of units

157

—

—

—

—

157

Units repurchased and retired

(1,302

)

—

—

—

—

(1,302

)

Exercise of unit options

38

—

—

—

—

38

General partner units issued in exchange for limited
    partner units

759

(759

)

—

—

—

—

Redeemable units fair market value adjustment

(1,895

)

—

—

—

—

(1,895

)

Adjustment for limited partners’ capital at redemption value

(64

)

64

—

—

—

—

Amortization of unearned compensation

5,861

—

—

—

—

5,861

Distributions to preferred unitholders

—

—

(922

)

—

—

(922

)

Distributions to common unitholders ($1.515 per unit)

(177,157

)

(4,637

)

—

—

—

(181,794

)

Contribution from noncontrolling interest

—

—

—

—

1,058

1,058

CAPITAL BALANCE MARCH 31, 2025

$

5,889,484

$

154,810

$

66,840

$

(6,635

)

$

28,952

$

6,133,451