| Summary of Changes in Total Capital and its Components |
Changes in MAALP’s total capital and its components for the three months ended June 30, 2026 and 2025 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Changes in MAALP’s total capital and its components for the six months ended June 30, 2026 and 2025 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|