Shareholders' Equity of MAA

3 Months Ended

Mar. 31, 2018

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On March 31, 2018, 113,745,207 shares of common stock of MAA and 4,141,780 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 117,886,987 shares and units. At March 31, 2017, 113,574,798 shares of common stock of MAA and 4,217,444 OP Units were outstanding, representing a total of 117,792,242 shares and units. Options to purchase 95,838 shares of MAA's common stock were outstanding as of March 31, 2018, compared to 147,282 outstanding options as of March 31, 2017. During the three months ended March 31, 2018, 32,391 shares of MAA's 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, 2017, 47,480 shares were acquired for such purposes. During the three months ended March 31, 2018, we issued 12,600 shares related to the exercise of stock options. These exercises resulted in proceeds of $0.6 million. During the three months ended March 31, 2017, there were no stock options exercised.

Preferred Stock

As of March 31, 2018, 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

Series I

867,846

$50.00

10/1/2026

$50.00

8.50%

$4.25

⁽¹⁾The total liquidation preference for the 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.