Share and Unit Information

9 Months Ended

Sep. 30, 2012

Notes To Financial Statements [Abstract]

Share and Unit Information

Share and Unit Information

On September 30, 2012, 41,925,288 common shares and 1,774,547 operating partnership units were issued and outstanding, representing a total of 43,699,835 shares and units. At September 30, 2011, 37,823,972 common shares and 1,942,275 operating partnership units were outstanding, representing a total of 39,766,247 shares and units. There were no outstanding options as of September 30, 2012 and September 30, 2011.

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 and nine month periods ended September 30, 2012, we issued 812.911 shares through our ATM programs for net proceeds of $53.7 million. The gross proceeds for these issuances were $54.5 million. During the three and nine month periods ended September 30, 2011, we issued 656,500 and 2,178,973 shares of common stock, respectively, through our ATM programs for net proceeds of $44.2 million and $139.5 million. The gross proceeds for these issuances were $44.9 million and $141.7 million respectively. We have 600,175 shares remaining under our ATM program.

On March 2, 2012, we closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jefferies & Company, Inc. acted as joint bookrunning managers. We received net proceeds of approximately $120 million after underwriter discounts. The gross proceeds for this offering were approximately $124.1 million.

During the three and nine month periods ended September 30, 2012, we issued 122 shares and 451 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 gross proceeds of $8,000 and $30,000. During the three and nine month periods ended September 30, 2011, we issued 100 shares and 495,487 shares of common stock through the optional cash purchase feature of our DRSPP resulting in gross proceeds of approximately $7,000 and $30.0 million.

During the nine months ended September 30, 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 nine months ended September 30, 2011, 25,082 shares were acquired for these purposes.