Share and Unit Information

9 Months Ended

Sep. 30, 2013

Notes To Financial Statements [Abstract]

Share and Unit Information

Share and Unit Information

On September 30, 2013, 42,744,978 shares of common stock of MAA and 1,701,955 partnership units in the Operating Partnership were issued and outstanding, representing a total of 44,446,933 shares and units. At September 30, 2012, 41,925,288 shares of common stock of MAA and 1,774,547 partnership units in the Operating Partnership were outstanding, representing a total of 43,699,835 shares and units. There were no outstanding options as of September 30, 2013 or September 30, 2012.

On August 26, 2010, we and our Operating Partnership entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 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. We terminated this ATM program, and on February 25, 2013, we and our Operating Partnership entered into sales agreements with J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC to sell up to 4,500,000 shares of our common stock with materially the same terms as our previous sales agreements.

During the three months ended September 30, 2013, we did not issue any shares through our ATM programs. During the nine-month period ended September 30, 2013, we issued 365,011 shares through our ATM programs for net proceeds of $24.8 million and gross proceeds of $25.1 million. 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. We have 4,134,989 shares remaining under our ATM program as of September 30, 2013.

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. We had no such offerings during the three- and nine-month periods ended September 30, 2013.

During the three- and nine-month periods ended September 30, 2013, we issued 435 shares and 764 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 approximately $28,000 and $50,000. 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 DRSPP resulting in gross proceeds of approximately $8,000 and $30,000.

During the nine months ended September 30, 2013, 4,805 shares of our 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, 2012, 15,565 shares were acquired for these purposes.