Changes in MAA’s total equity and its components for the three months ended March 31, 2024 and 2023 were as follows (dollars in thousands):


	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, 2023	$	9	$	1,168	$	7,399,921		$	(1,298,263	)	$	(8,764	)	$	163,128		$	22,756	$	6,279,955
Net income		—		—		—			143,749			—			3,861			—		147,610
Other comprehensive income - derivative instruments		—		—		—			—			501			16			—		517
Issuance and registration of common shares		—		—		93			—			—			—			—		93
Shares repurchased and retired		—		—		(842	)		—			—			—			—		(842	)
Shares issued in exchange for common units		—		—		594			—			—			(594	)		—		—
Redeemable stock fair market value adjustment		—		—		—			402			—			—			—		402
Adjustment for noncontrolling interests in Operating Partnership		—		—		(102	)		—			—			102			—		—
Amortization of unearned compensation		—		—		6,525			—			—			—			—		6,525
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per share)		—		—		—			(171,620	)		—			—			—		(171,620	)
Distributions on noncontrolling interests units ($1.4700 per share)		—		—		—			—			—			(4,604	)		—		(4,604	)
Contribution from noncontrolling interest		—		—		—			—			—			—			276		276
EQUITY BALANCE MARCH 31, 2024	$	9	$	1,168	$	7,406,189		$	(1,326,654	)	$	(8,263	)	$	161,909		$	23,032	$	6,257,390


	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, 2022	$	9	$	1,152	$	7,202,834		$	(1,188,854	)	$	(10,052	)	$	163,595		$	21,064	$	6,189,748
Net income		—		—		—			135,910			—			3,664			—		139,574
Other comprehensive income - derivative instruments		—		—		—			—			261			17			—		278
Issuance and registration of common shares		—		11		203,886			—			—			—			—		203,897
Shares repurchased and retired		—		—		(1,920	)		—			—			—			—		(1,920	)
Shares issued in exchange for common units		—		—		479			—			—			(479	)		—		—
Shares issued in exchange for redeemable stock		—		4		577			—			—			—			—		581
Redeemable stock fair market value adjustment		—		—		—			793			—			—			—		793
Adjustment for noncontrolling interests in Operating Partnership		—		—		(3,928	)		—			—			3,928			—		—
Amortization of unearned compensation		—		—		6,379			—			—			—			—		6,379
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4000 per share)		—		—		—			(163,252	)		—			—			—		(163,252	)
Distributions on noncontrolling interests units ($1.4000 per share)		—		—		—			—			—			(4,416	)		—		(4,416	)
Contribution from noncontrolling interest		—		—		—			—			—			—			256		256
EQUITY BALANCE MARCH 31, 2023	$	9	$	1,167	$	7,408,307		$	(1,216,325	)	$	(9,791	)	$	166,309		$	21,320	$	6,370,996