Shareholders' Equity of MAA

6 Months Ended

Jun. 30, 2017

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On June 30, 2017, 113,607,734 shares of common stock of MAA and 4,215,678 OP Units in the Operating Partnership (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 117,823,412 common shares and units. At June 30, 2016, 75,524,086 shares of common stock of MAA and 4,159,003 OP Units in the Operating Partnership (excluding OP Units held by MAA) were issued and outstanding, representing a total of 79,683,089 common shares and units. There were 108,438 options to acquire shares of MAA common stock outstanding as of June 30, 2017 compared to 39,084 outstanding options as of June 30, 2016.

During the six months ended June 30, 2017, 47,956 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 six months ended June 30, 2016, 18,988 shares were acquired for that purpose. During the six months ended June 30, 2017, we issued 10,340 shares related to the exercise of stock options. These exercises resulted in proceeds of $0.4 million. During the six months ended June 30, 2016 there were no stock options exercised.

Preferred Stock

As of June 30, 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)

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.