Shareholders' Equity of MAA

3 Months Ended

Mar. 31, 2017

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On March 31, 2017, 113,574,798 shares of common stock of MAA and 4,217,444 OP Units in the Operating Partnership (excluding the units held by MAA) were issued and outstanding, representing a total of 117,792,242 common shares and units. At March 31, 2016, 75,505,025 shares of common stock of MAA and 4,162,163 OP Units in the Operating Partnership (excluding units held by MAA) were issued, and outstanding, representing a total of 79,667,188 common shares and units. There were 147,282 options to acquire shares of MAA common stock outstanding as of March 31, 2017 compared to 58,112 outstanding options as of March 31, 2016.

During the three months ended March 31, 2017, 47,480 shares of MAA 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, 2016, 18,887 shares were acquired for that purpose. During the three months ended March 31, 2017 and 2016, there were no stock options exercised.

Preferred Stock

As of March 31, 2017, MAA had one outstanding series of cumulative redeemable preferred stock which has the following characteristics:

Description	Outstanding Shares	Liquidation Preference(1)	Optional Redemption Date	Redemption Price (2)	Stated Dividend Yield	Approximate Dividend Rate
		(per share)		(per share)	(per share)	(per share)
Series I	867,846	$50.00	10/1/2026	$50.00	8.50%	$4.25

⁽¹⁾ The total liquidation preference for outstanding preferred stock is $43.4 million.

⁽²⁾ The redemption price is the price at which the preferred stock is redeemable, at MAA's option, for cash.