Shareholders' Equity of MAA (Tables)

6 Months Ended

Jun. 30, 2021

Shareholders Equity Of M A A [Abstract]

Schedule of Cumulative Redeemable Preferred Stock

As of June 30, 2021, 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.