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 MARCH 31, 2026

$

9

$

1,161

$

7,331,507

$

(1,787,111

)

$

(4,928

)

$

138,537

$

11,135

$

5,690,310

Net income

—

—

—

121,750

—

3,068

—

124,818

Other comprehensive income - derivative
    instruments

—

—

—

—

373

8

—

381

Issuance and registration of common shares

—

—

(754

)

—

—

—

—

(754

)

Shares repurchased and retired

—

(4

)

(51,912

)

—

—

—

—

(51,916

)

Shares issued in exchange for common units

—

—

137

—

—

(137

)

—

—

Redeemable stock fair market value
    adjustment

—

—

—

(2,598

)

—

—

—

(2,598

)

Adjustment for noncontrolling interests in
   Operating Partnership

—

—

886

—

—

(886

)

—

—

Amortization of unearned compensation

—

—

3,953

—

—

—

—

3,953

Dividends on preferred stock

—

—

—

(922

)

—

—

—

(922

)

Dividends on common stock ($1.530 per
    share)

—

—

—

(177,552

)

—

—

—

(177,552

)

Distributions on noncontrolling interests units
   ($1.530 per unit)

—

—

—

—

—

(4,473

)

—

(4,473

)

Contribution from noncontrolling interest

—

—

—

—

—

—

1,347

1,347

 EQUITY BALANCE JUNE 30, 2026

$

9

$

1,157

$

7,283,817

$

(1,846,433

)

$

(4,555

)

$

136,117

$

12,482

$

5,582,594

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 MARCH 31, 2025

$

9

$

1,166

$

7,422,913

$

(1,467,858

)

$

(6,522

)

$

154,810

$

28,952

$

6,133,470

Net income

—

—

—

108,127

—

2,748

—

110,875

Other comprehensive income - derivative
    instruments

—

—

—

—

412

17

—

429

Issuance and registration of common shares

—

1

(1,107

)

—

—

—

—

(1,106

)

Shares repurchased and retired

—

—

(1,769

)

—

—

—

—

(1,769

)

Shares issued in exchange for common units

—

1

5,608

—

—

(5,609

)

—

—

Shares issued in exchange for redeemable stock

—

—

2,109

—

—

—

—

2,109

Redeemable stock fair market value
    adjustment

—

—

—

2,724

—

—

—

2,724

Adjustment for noncontrolling interests in
   Operating Partnership

—

—

58

—

—

(58

)

—

—

Amortization of unearned compensation

—

—

3,815

—

—

—

—

3,815

Dividends on preferred stock

—

—

—

(922

)

—

—

—

(922

)

Dividends on common stock ($1.515 per
    share)

—

—

—

(177,411

)

—

—

—

(177,411

)

Distributions on noncontrolling interests units
   ($1.515 per unit)

—

—

—

—

—

(4,469

)

—

(4,469

)

Contribution from noncontrolling interest

—

—

—

—

—

—

1,520

1,520

 EQUITY BALANCE JUNE 30, 2025

$

9

$

1,168

$

7,431,627

$

(1,535,340

)

$

(6,110

)

$

147,439

$

30,472

$

6,069,265

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, 2025

$

9

$

1,166

$

7,401,962

$

(1,734,986

)

$

(5,300

)

$

141,503

$

14,889

$

5,819,243

Net income (loss)

—

—

—

246,109

—

6,189

(869

)

251,429

Other comprehensive income - derivative
    instruments

—

—

—

—

745

17

—

762

Issuance and registration of common shares

—

1

(601

)

—

—

—

—

(600

)

Shares repurchased and retired

—

(10

)

(125,545

)

—

—

—

—

(125,555

)

Shares issued in exchange for common units

—

—

594

—

—

(594

)

—

—

Redeemable stock fair market value
    adjustment

—

—

—

(110

)

—

—

—

(110

)

Adjustment for noncontrolling interests in
    Operating Partnership

—

—

2,034

—

—

(2,034

)

—

—

Amortization of unearned compensation

—

—

10,212

—

—

—

—

10,212

Dividends on preferred stock

—

—

—

(1,844

)

—

—

—

(1,844

)

Dividends on common stock ($3.060 per
   share)

—

—

—

(355,602

)

—

—

—

(355,602

)

Distributions on noncontrolling interests units
   ($3.060 per unit)

—

—

—

—

—

(8,964

)

—

(8,964

)

Acquisition of noncontrolling interest

—

—

(4,839

)

—

—

—

(5,374

)

(10,213

)

Contribution from noncontrolling interest

—

—

—

—

—

—

3,836

3,836

 EQUITY BALANCE JUNE 30, 2026

$

9

$

1,157

$

7,283,817

$

(1,846,433

)

$

(4,555

)

$

136,117

$

12,482

$

5,582,594

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, 2024

$

9

$

1,166

$

7,417,453

$

(1,469,557

)

$

(6,940

)

$

155,409

$

27,894

$

6,125,434

Net income

—

—

—

289,800

—

7,481

—

297,281

Other comprehensive income - derivative
    instruments

—

—

—

—

830

28

—

858

Issuance and registration of common shares

—

1

(950

)

—

—

—

—

(949

)

Shares repurchased and retired

—

—

(3,071

)

—

—

—

—

(3,071

)

Exercise of stock options

—

—

38

—

—

—

—

38

Shares issued in exchange for common units

—

1

6,367

—

—

(6,368

)

—

—

Shares issued in exchange for redeemable stock

—

—

2,109

—

—

—

—

2,109

Redeemable stock fair market value
    adjustment

—

—

—

829

—

—

—

829

Adjustment for noncontrolling interests in
    Operating Partnership

—

—

5

—

—

(5

)

—

—

Amortization of unearned compensation

—

—

9,676

—

—

—

—

9,676

Dividends on preferred stock

—

—

—

(1,844

)

—

—

—

(1,844

)

Dividends on common stock ($3.030 per
   share)

—

—

—

(354,568

)

—

—

—

(354,568

)

Distributions on noncontrolling interests units
   ($3.030 per unit)

—

—

—

—

—

(9,106

)

—

(9,106

)

Contribution from noncontrolling interest

—

—

—

—

—

—

2,578

2,578

EQUITY BALANCE JUNE 30, 2025

$

9

$

1,168

$

7,431,627

$

(1,535,340

)

$

(6,110

)

$

147,439

$

30,472

$

6,069,265