Shareholders' Equity of MAA

6 Months Ended

Jun. 30, 2018

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On June 30, 2018, 113,808,292 shares of common stock of MAA and 4,135,668 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 117,943,960 shares and units. At June 30, 2017, 113,607,734 shares of common stock of MAA and 4,215,678 OP Units were outstanding, representing a total of 117,823,412 shares and units. Options to purchase 95,838 shares of MAA's common stock were outstanding as of June 30, 2018, compared to 108,438 outstanding options as of June 30, 2017. During the six months ended June 30, 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 six months ended June 30, 2017, 47,956 shares were acquired for such purposes. During the six months ended June 30, 2018 and 2017, MAA issued 12,600 shares and 10,340 shares, respectively, related to the exercise of stock options. These exercises resulted in proceeds of $0.6 million and $0.4 million, respectively.

As of June 30, 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.