Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

The following tables set forth selected financial data on a historical basis for MAA and the Operating Partnership. This data should be read in conjunction with the consolidated financial statements and notes thereto and “Management's Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report on Form 10-K.

Mid-America Apartment Communities, Inc.

Selected Financial Data

(In thousands, except per share data)

	Year Ended December 31,
	2019			2018			2017			2016			2015
Operating Data:
Rental and other property revenues	$	1,641,017		$	1,571,346		$	1,528,987		$	1,125,348		$	1,042,779

Net income		366,618			231,022			340,536			224,402			350,745
Net income attributable to noncontrolling interests		12,807			8,123			12,157			12,180			18,458
Dividends to MAA Series I preferred shareholders		3,688			3,688			3,688			307			—
Net income available for MAA common shareholders	$	350,123		$	219,211		$	324,691		$	211,915		$	332,287
Per Common Share Data:
Weighted average shares outstanding:
Basic		113,854			113,638			113,407			78,502			75,176
Effect of dilutive securities (1)		259			198			280			298			—
Diluted		114,113			113,836			113,687			78,800			75,176
Per share:
Earnings per common share - basic	$	3.07		$	1.93		$	2.86		$	2.69		$	4.41
Earnings per common share - diluted		3.07			1.93			2.86			2.69			4.41

Dividends declared per common share (2)	$	3.8800		$	3.7275		$	3.5325		$	3.3300		$	3.1300
Balance Sheet Data:
Real estate owned, at cost	$	13,942,381		$	13,700,988		$	13,336,995		$	13,016,663		$	8,217,579
Real estate assets, net		10,987,128			11,151,701			11,261,924			11,341,862			6,718,366
Total assets		11,230,450			11,323,781			11,491,919			11,604,491			6,847,781
Total debt		4,454,598			4,528,328			4,502,057			4,499,712			3,427,568
Noncontrolling interest		220,894			222,349			233,982			238,282			165,726
Total MAA shareholders' equity and redeemable stock		6,082,696			6,159,254			6,350,320			6,413,892			3,000,347
Other Data (at end of period):
Funds from operations (3)
Net income available for MAA common shareholders	$	350,123		$	219,211		$	324,691		$	211,915		$	332,287
Depreciation and amortization of real estate assets		490,632			484,722			489,503			319,528			291,572
(Gain) loss on sale of depreciable real estate assets		(80,988	)		39			(127,386	)		(80,397	)		(189,958	)
Loss on disposition within unconsolidated entities		—			—			—			98			(12	)
Depreciation and amortization of real estate assets of real estate joint venture		618			595			596			61			25
Net income attributable to noncontrolling interests		12,807			8,123			12,157			12,180			18,458
Funds from operations attributable to the Company	$	773,192		$	712,690		$	699,561		$	463,385		$	452,372

Market capitalization (shares and units) (4)	$	15,600,827		$	11,288,348		$	11,849,463		$	11,528,965		$	7,225,894
Ratio of total debt to total capitalization (5)		22.2	%		28.6	%		27.5	%		28.1	%		32.2	%
Number of multifamily apartment communities, including joint venture ownership interest		300			304			302			303			254
Number of multifamily units, including joint venture ownership interest		100,031			100,864			99,792			99,393			79,496

(1)	See Note 2 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

(2)	Beginning in 2006, at their regularly scheduled meetings, our Board of Directors began routinely declaring dividends for payment in the following quarter. This can result in dividends declared during a calendar year being different from dividends paid during a calendar year.

(3)	See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a definition of this non-GAAP financial measure.

(4)	Market capitalization includes all shares of common stock, regardless of classification on the balance sheet, as well as OP Units (value based on common stock equivalency).

(5)	Total capitalization is market capitalization plus total debt.

Mid-America Apartments, L.P.

Selected Financial Data

(In thousands, except per unit data)

	Year Ended December 31,
	2019		2018		2017		2016		2015
Operating Data:
Rental and other property revenues	$	1,641,017	$	1,571,346	$	1,528,987	$	1,125,348	$	1,042,779

Net income		366,618		231,022		340,536		224,402		350,745
Net income attributable to noncontrolling interests		136		—		—		—		—
Distributions to preferred unitholders		3,688		3,688		3,688		307		—
Net income available for MAALP common unitholders	$	362,794	$	227,334	$	336,848	$	224,095	$	350,745
Per Common Unit Data:
Weighted average units outstanding:
Basic		117,944		117,777		117,617		82,661		79,361
Effect of dilutive securities (1)		259		198		280		298		—
Diluted		118,203		117,975		117,897		82,959		79,361
Per unit:
Earnings per common unit - basic	$	3.07	$	1.93	$	2.86	$	2.70	$	4.41
Earnings per common unit - diluted		3.07		1.93		2.86		2.70		4.41

Distributions declared per common unit (2)	$	3.8800	$	3.7275	$	3.5325	$	3.3300	$	3.1300
Balance Sheet Data:
Real estate owned, at cost	$	13,942,381	$	13,700,988	$	13,336,995	$	13,016,663	$	8,217,579
Real estate assets, net		10,987,128		11,151,701		11,261,924		11,341,862		6,718,366
Total assets		11,230,450		11,323,781		11,491,919		11,604,491		6,847,781
Total debt		4,454,598		4,528,328		4,502,057		4,499,712		3,427,568
Total Operating Partnership capital and redeemable units		6,297,324		6,379,278		6,581,977		6,649,849		3,166,054
Other Data (at end of period):
Number of multifamily apartment communities, including joint venture ownership interest		300		304		302		303		254
Number of multifamily units, including joint venture ownership interest		100,031		100,864		99,792		99,393		79,496

(1)	See Note 3 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

(2)	Beginning in 2006, at their regularly scheduled meetings, the Board of Directors began routinely declaring distributions for payment in the following quarter. This can result in distributions declared during a calendar year being different from distributions paid during a calendar year.

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