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 MARCH 31, 2026

$

5,478,773

$

138,537

$

66,840

$

(4,994

)

$

11,135

$

5,690,291

Net income

120,828

3,068

922

—

—

124,818

Other comprehensive income - derivative instruments

—

—

—

381

—

381

Issuance of units

(754

)

—

—

—

—

(754

)

Units repurchased and retired

(51,916

)

—

—

—

—

(51,916

)

General partner units issued in exchange for limited
    partner units

137

(137

)

—

—

—

—

Redeemable units fair market value adjustment

(2,598

)

—

—

—

—

(2,598

)

Adjustment for limited partners’ capital at redemption value

878

(878

)

—

—

—

—

Amortization of unearned compensation

3,953

—

—

—

—

3,953

Distributions to preferred unitholders

—

—

(922

)

—

—

(922

)

Distributions to common unitholders ($1.530 per unit)

(177,552

)

(4,473

)

—

—

—

(182,025

)

Contribution from noncontrolling interest

—

—

—

—

1,347

1,347

CAPITAL BALANCE JUNE 30, 2026

$

5,371,749

$

136,117

$

66,840

$

(4,613

)

$

12,482

$

5,582,575

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 MARCH 31, 2025

$

5,889,484

$

154,810

$

66,840

$

(6,635

)

$

28,952

$

6,133,451

Net income

107,205

2,748

922

—

—

110,875

Other comprehensive income - derivative instruments

—

—

—

429

—

429

Issuance of units

(1,106

)

—

—

—

—

(1,106

)

Units repurchased and retired

(1,769

)

—

—

—

—

(1,769

)

General partner units issued in exchange for limited
    partner units

5,609

(5,609

)

—

—

—

—

Units issued in exchange for redeemable stock

2,109

—

—

—

—

2,109

Redeemable units fair market value adjustment

2,724

—

—

—

—

2,724

Adjustment for limited partners’ capital at redemption value

41

(41

)

—

—

—

—

Amortization of unearned compensation

3,815

—

—

—

—

3,815

Distributions to preferred unitholders

—

—

(922

)

—

—

(922

)

Distributions to common unitholders ($1.515 per unit)

(177,411

)

(4,469

)

—

—

—

(181,880

)

Contribution from noncontrolling interest

—

—

—

—

1,520

1,520

CAPITAL BALANCE JUNE 30, 2025

$

5,830,701

$

147,439

$

66,840

$

(6,206

)

$

30,472

$

6,069,246

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)

244,265

6,189

1,844

—

(869

)

251,429

Other comprehensive income - derivative instruments

—

—

—

762

—

762

Issuance of units

(600

)

—

—

—

—

(600

)

Units repurchased and retired

(125,555

)

—

—

—

—

(125,555

)

General partner units issued in exchange for limited
    partner units

594

(594

)

—

—

—

—

Redeemable units fair market value adjustment

(110

)

—

—

—

—

(110

)

Adjustment for limited partners’ capital at redemption value

2,017

(2,017

)

—

—

—

—

Amortization of unearned compensation

10,212

—

—

—

—

10,212

Distributions to preferred unitholders

—

—

(1,844

)

—

—

(1,844

)

Distributions to common unitholders ($3.060 per unit)

(355,602

)

(8,964

)

—

—

—

(364,566

)

Acquisition of noncontrolling interest

(4,839

)

—

—

—

(5,374

)

(10,213

)

Contribution from noncontrolling interest

—

—

—

—

3,836

3,836

CAPITAL BALANCE JUNE 30, 2026

$

5,371,749

$

136,117

$

66,840

$

(4,613

)

$

12,482

$

5,582,575

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

287,956

7,481

1,844

—

—

297,281

Other comprehensive income - derivative instruments

—

—

—

858

—

858

Issuance of units

(949

)

—

—

—

—

(949

)

Units repurchased and retired

(3,071

)

—

—

—

—

(3,071

)

Exercise of unit options

38

—

—

—

—

38

General partner units issued in exchange for limited
    partner units

6,368

(6,368

)

—

—

—

—

Units issued in exchange for redeemable stock

2,109

—

—

—

—

2,109

Redeemable units fair market value adjustment

829

—

—

—

—

829

Adjustment for limited partners’ capital at redemption value

(23

)

23

—

—

—

—

Amortization of unearned compensation

9,676

—

—

—

—

9,676

Distributions to preferred unitholders

—

—

(1,844

)

—

—

(1,844

)

Distributions to common unitholders ($3.030 per unit)

(354,568

)

(9,106

)

—

—

—

(363,674

)

Contribution from noncontrolling interest

—

—

—

—

2,578

2,578

CAPITAL BALANCE JUNE 30, 2025

$

5,830,701

$

147,439

$

66,840

$

(6,206

)

$

30,472

$

6,069,246