Shareholders' Equity of MAA

6 Months Ended

Jun. 30, 2014

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On June 30, 2014, 75,194,807 shares of common stock of MAA and 4,207,126 partnership units in the Operating Partnership were issued and outstanding, representing a total of 79,401,933 shares and units. At June 30, 2013, 42,736,134 shares of common stock of MAA and 1,707,660 partnership units in the Operating Partnership were outstanding, representing a total of 44,443,794 shares and units. There were 121,992 outstanding options as of June 30, 2014 compared to zero outstanding options as of June 30, 2013. The primary reason for the increase in shares, units, and options is due to the merger with Colonial. In connection with the merger, on October 1, 2013, we issued 31,916,765 shares and 2,574,631 partnership units.

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- and six-month periods ended June 30, 2014, we issued no shares through our ATM programs. During the three- and six-month periods ended June 30, 2013, we issued 39,845 and 365,011 shares respectively through our ATM programs for net proceeds of $2.7 million and $24.8 million, respectively. The gross proceeds for these issuances were $2.8 million and $25.1 million, respectively. We have 4,134,989 shares remaining under our ATM program as of June 30, 2014.

During the three- and six-month periods ended June 30, 2014, we issued 300 and 640 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 $21,000 and $44,000. During the three- and six-month periods ended June 30, 2013, we issued 188 and 329 shares of common stock through the optional cash purchase feature of our DRSPP resulting in gross proceeds of approximately $13,000 and $22,000.

During the six months ended June 30, 2014, 7,362 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 six months ended June 30, 2013, 4,582 shares were acquired for these purposes.