Basic earnings per common unit is computed using the two-class method by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods.

During the three months ended June 30, 2026, MAALP repurchased 0.38 million of its OP Units from MAA at a weighted average unit price of $130.66 per unit for total consideration of $50.0 million under its unit repurchase program. During the six months ended June 30, 2026, MAALP repurchased 0.94 million of its OP Units from MAA at a weighted average unit price of $130.54 per unit for total consideration of $122.8 million under its unit repurchase program.

For the three and six months ended June 30, 2026 and 2025, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts):


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Calculation of Earnings per common unit - basic
Net income	$	124,818		$	110,875		$	251,429		$	297,281
Net loss attributable to noncontrolling interests		—			—			869			—
Unvested restricted units (allocation of earnings)		(88	)		(59	)		(160	)		(156	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	123,808		$	109,894		$	250,294		$	295,281

Weighted average common units - basic		119,009			119,950			119,284			119,932
Earnings per common unit - basic	$	1.04		$	0.92		$	2.10		$	2.46

Calculation of Earnings per common unit - diluted
Net income	$	124,818		$	110,875		$	251,429		$	297,281
Net loss attributable to noncontrolling interests		—			—			869			—
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	123,896		$	109,953		$	250,454		$	295,437

Weighted average common units - basic		119,009			119,950			119,284			119,932
Effect of dilutive securities		65			187			96			241
Weighted average common units - diluted		119,074			120,137			119,380			120,173
Earnings per common unit - diluted	$	1.04		$	0.92		$	2.10		$	2.46