Shareholders' Equity of MAA

9 Months Ended

Sep. 30, 2017

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On September 30, 2017, 113,627,014 shares of common stock of MAA and 4,200,032 OP Units in the Operating Partnership (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 117,827,046 common shares and units. At September 30, 2016, 75,542,583 shares of common stock of MAA and 4,143,203 OP Units in the Operating Partnership (excluding OP Units held by MAA) were issued and outstanding, representing a total of 79,685,786 common shares and units. There were 108,438 options to acquire shares of MAA common stock outstanding as of September 30, 2017, as compared to 39,084 outstanding options as of September 30, 2016.

During the nine months ended September 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 nine months ended September 30, 2016, 19,727 shares were acquired for that purpose. During the nine months ended September 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 nine months ended September 30, 2016, there were no stock options exercised.

Preferred Stock

As of September 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

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.