Shareholders' Equity of MAA

9 Months Ended

Sep. 30, 2014

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On September 30, 2014, 75,242,266 shares of common stock of MAA and 4,202,123 partnership units in the Operating Partnership were issued and outstanding, representing a total of 79,444,389 shares and units. At September 30, 2013, 42,744,978 shares of common stock of MAA and 1,701,955 partnership units in the Operating Partnership were outstanding, representing a total of 44,446,933 shares and units. There were 81,654 outstanding options as of September 30, 2014 compared to zero outstanding options as of September 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 nine-month periods ended September 30, 2014, we issued no shares through our ATM programs. During the three- and nine-month periods ended September 30, 2013, we issued zero and 365,011 shares respectively through our ATM programs for net proceeds of zero and $24.8 million, respectively. The gross proceeds for these issuances were zero and $25.1 million, respectively. We have 4,134,989 shares remaining under our ATM program as of September 30, 2014.

During the three- and nine-month periods ended September 30, 2014, we issued 40,338 and 263,259 shares, respectively, related to the exercise of stock options. These exercises resulted in proceeds of $2.4 million and $11.9 million, respectively. During the three- and nine-month periods ended September 30, 2013, there were no stock options exercised.

During the nine months ended September 30, 2014, 9,292 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, 2013, 4,805 shares were acquired for these purposes.