Shareholders' Equity of MAA

3 Months Ended

Mar. 31, 2025

Shareholders Equity Of M A A [Abstract]

Shareholders' Equity of MAA

8. Shareholders’ Equity of MAA

As of March 31, 2025, 116,916,381 shares of common stock of MAA and 3,060,552 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,976,933 common shares and units. As of March 31, 2024, 116,728,052 shares of common stock of MAA and 3,132,552 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,860,604 common shares and units.

Preferred Stock

As of March 31, 2025, 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
MAA 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.

See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock.

At-the-Market Share Offering Program

MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three months ended March 31, 2025 and 2024, MAA did not sell any shares of common stock under its ATM program. As of March 31, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.