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Shareholders' Equity of MAA

6 Months Ended

Jun. 30, 2019

Shareholders Equity Of M A A [Abstract]

8.Shareholders' Equity of MAA

As of June 30, 2019, 114,043,089 shares of common stock of MAA and 4,090,083 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,133,172 shares and units. As of 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 outstanding, representing a total of 117,943,960 shares and units. Options to purchase 60,442 shares of MAA's common stock were outstanding as of June 30, 2019, compared to 95,838 outstanding options as of June 30, 2018. During the six months ended June 30, 2019 and 2018, MAA issued 20,718 shares and 12,600 shares, respectively, related to the exercise of stock options. These exercises resulted in proceeds of $1.2 million and $0.6 million, respectively.

Preferred Stock

As of June 30, 2019, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description

Outstanding

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.}