Shareholders' Equity of MAA

3 Months Ended

Mar. 31, 2020

Shareholders Equity Of M A A [Abstract]

Shareholders' Equity of MAA

8.Shareholders’ Equity of MAA

As of March 31, 2020, 114,279,662 shares of common stock of MAA and 4,058,657 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,338,319 common shares and units.  As of March 31, 2019, 113,916,208 shares of common stock of MAA and 4,105,171 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,021,379 common shares and units. Options to purchase 19,845 shares of MAA’s common stock were outstanding as of March 31, 2020, compared to 87,788 outstanding options as of March 31, 2019. During the three months ended March 31, 2020 and 2019, MAA issued 918 common shares and 2,827 common shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds of $0.1 million and $0.2 million, respectively.

Preferred Stock

As of March 31, 2020, 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.}

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

The Company has entered into separate distribution agreements with each of J.P. Morgan Securities LLC, BMO Capital Markets Corp. and KeyBanc Capital Markets Inc. to establish an at-the-market share offering program, or ATM program, allowing MAA to sell shares of its common stock from time to time into the existing market at current market prices or through negotiated transactions.  Under the ATM program, MAA has the authority to issue up to an aggregate of 4.0 million shares of its common stock, at such times to be determined by MAA.  The ATM program currently has a maturity of September 28, 2021.  MAA has no obligation to issue shares through the ATM program.

During the three months ended March 31, 2020 and 2019, MAA did not sell any shares of common stock under its ATM program.  As of March 31, 2020, there were 3.9 million shares remaining to be issued under the ATM program.