Shareholders' Equity of MAA

9 Months Ended

Sep. 30, 2018

Shareholders' Equity of MAA [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity of MAA

On September 30, 2018, 113,838,139 shares of common stock of MAA and 4,114,276 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 117,952,415 shares and units. At September 30, 2017, 113,627,014 shares of common stock of MAA and 4,200,032 OP Units were outstanding, representing a total of 117,827,046 shares and units. Options to purchase 90,615 shares of MAA's common stock were outstanding as of September 30, 2018, compared to 108,438 outstanding options as of September 30, 2017. During the nine months ended September 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 nine months ended September 30, 2017, 47,956 shares were acquired for such purposes. During the nine months ended September 30, 2018 and 2017, MAA issued 17,823 shares and 10,340 shares, respectively, related to the exercise of stock options. These exercises resulted in proceeds of $0.9 million and $0.4 million, respectively.

As of September 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.