Share and Unit Information

3 Months Ended

Mar. 31, 2012

Notes To Financial Statements [Abstract]

Share and Unit Information

Share and Unit Information

On March 31, 2012, 40,940,360 common shares and 1,935,708 operating partnership units were issued and outstanding, representing a total of 42,876,068 shares and units. At March 31, 2011, 36,545,130 common shares and 2,013,393 operating partnership units were outstanding, representing a total of 38,558,523 shares and units. Additionally, we had outstanding options for the purchase of 14,907 shares of common stock at March 31, 2011.  There were no outstanding options at March 31, 2012.

On July 3, 2008, we entered into a sales agreement with Cantor Fitzgerald & Co. to sell up to 1,350,000 shares of our common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program, or ATM. On November 5, 2009, we entered into another sales agreement with Cantor Fitzgerald & Co. with materially the same terms for an additional 4,000,000 shares. On August 26, 2010, we entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated with materially the same terms as our previous ATM agreements for a combined total of 6,000,000 shares of our common stock.

During the three month period ended March 31, 2011, we issued a total of 993,799 shares of common stock through our ATM programs for net proceeds of $61.2 million. During the three month period ended March 31, 2012, we did not issue any shares through our ATM programs.

On March 2, 2012, we closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jeffries & Company, Inc. acted as joint bookrunning managers. We received net proceeds of approximately $120 million after underwriter discounts.

During the three month period ended March 31, 2012, we issued 120 shares of common stock through the optional cash purchase feature of our Dividend and Distribution Reinvestment and Share Purchase Program, or DRSPP. The issuances resulted in net proceeds of $8,000. During the three month period ended March 31, 2011, we issued 495,236 shares of common stock through the optional cash purchase feature of our DRSPP resulting in net proceeds of approximately $30.0 million.

During the three months ended March 31, 2012, 15,565 shares of MAA’s common stock were acquired from employees to satisfy minimum tax withholding obligations that arose upon vesting of restricted stock granted pursuant to approved plans. During the three months ended March 31, 2011, 25,082 shares were acquired for these purposes.