| Summary of Changes in Total Capital and its Components |
Changes in MAALP’s total capital and its components for the three months ended March 31, 2026 and 2025 were as follows (dollars in thousands):
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Mid-America Apartments, L.P. Unitholders’ Capital |
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General
Partner |
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Limited
Partners |
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Preferred
Units |
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Accumulated
Other
Comprehensive
Loss |
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Noncontrolling
Interests -
Consolidated
Real Estate
Entities |
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Total
Partnership
Capital |
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CAPITAL BALANCE DECEMBER 31, 2025 |
|
$ |
5,601,367 |
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|
$ |
141,503 |
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|
$ |
66,840 |
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$ |
(5,375 |
) |
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$ |
14,889 |
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$ |
5,819,224 |
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Net income (loss) |
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123,437 |
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|
3,121 |
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|
922 |
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— |
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(869 |
) |
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126,611 |
|
Other comprehensive income - derivative instruments |
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— |
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— |
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— |
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|
381 |
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— |
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|
381 |
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Issuance of units |
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154 |
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— |
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— |
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— |
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— |
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154 |
|
Units repurchased and retired |
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(73,639 |
) |
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— |
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— |
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— |
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— |
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(73,639 |
) |
General partner units issued in exchange for limited
partner units |
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|
457 |
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(457 |
) |
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— |
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— |
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— |
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— |
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Redeemable units fair market value adjustment |
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2,488 |
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— |
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— |
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— |
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— |
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2,488 |
|
Adjustment for limited partners’ capital at redemption value |
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|
1,139 |
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(1,139 |
) |
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— |
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— |
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— |
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— |
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Amortization of unearned compensation |
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6,259 |
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— |
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— |
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— |
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— |
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6,259 |
|
Distributions to preferred unitholders |
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— |
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— |
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(922 |
) |
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— |
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— |
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(922 |
) |
Distributions to common unitholders ($1.530 per unit) |
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(178,050 |
) |
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(4,491 |
) |
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— |
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— |
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— |
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(182,541 |
) |
Acquisition of noncontrolling interest |
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(4,839 |
) |
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— |
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— |
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— |
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(5,374 |
) |
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(10,213 |
) |
Contribution from noncontrolling interest |
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— |
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— |
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— |
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— |
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2,489 |
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|
2,489 |
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CAPITAL BALANCE MARCH 31, 2026 |
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$ |
5,478,773 |
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$ |
138,537 |
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$ |
66,840 |
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|
$ |
(4,994 |
) |
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$ |
11,135 |
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|
$ |
5,690,291 |
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Mid-America Apartments, L.P. Unitholders’ Capital |
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General
Partner |
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|
Limited
Partners |
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|
Preferred
Units |
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Accumulated
Other
Comprehensive
Loss |
|
|
Noncontrolling
Interests -
Consolidated
Real Estate
Entities |
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|
Total
Partnership
Capital |
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CAPITAL BALANCE DECEMBER 31, 2024 |
|
$ |
5,882,336 |
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$ |
155,409 |
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$ |
66,840 |
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|
$ |
(7,064 |
) |
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$ |
27,894 |
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$ |
6,125,415 |
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Net income |
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180,751 |
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|
4,733 |
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922 |
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— |
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— |
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|
186,406 |
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Other comprehensive income - derivative instruments |
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— |
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— |
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— |
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|
429 |
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— |
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|
429 |
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Issuance of units |
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|
157 |
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— |
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— |
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— |
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— |
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|
157 |
|
Units repurchased and retired |
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(1,302 |
) |
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— |
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— |
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— |
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— |
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(1,302 |
) |
Exercise of unit options |
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38 |
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— |
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— |
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— |
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— |
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38 |
|
General partner units issued in exchange for limited
partner units |
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|
759 |
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(759 |
) |
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— |
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— |
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— |
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— |
|
Redeemable units fair market value adjustment |
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|
(1,895 |
) |
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|
— |
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— |
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— |
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— |
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(1,895 |
) |
Adjustment for limited partners’ capital at redemption value |
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(64 |
) |
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|
64 |
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— |
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— |
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— |
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— |
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Amortization of unearned compensation |
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|
5,861 |
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|
— |
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— |
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— |
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— |
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5,861 |
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Distributions to preferred unitholders |
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— |
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— |
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(922 |
) |
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— |
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— |
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(922 |
) |
Distributions to common unitholders ($1.515 per unit) |
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(177,157 |
) |
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(4,637 |
) |
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— |
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— |
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— |
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(181,794 |
) |
Contribution from noncontrolling interest |
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— |
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— |
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— |
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— |
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|
1,058 |
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|
1,058 |
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CAPITAL BALANCE MARCH 31, 2025 |
|
$ |
5,889,484 |
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|
$ |
154,810 |
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$ |
66,840 |
|
|
$ |
(6,635 |
) |
|
$ |
28,952 |
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$ |
6,133,451 |
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