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Shareholders' Equity of MAA

9 Months Ended

Sep. 30, 2019

Shareholders Equity Of M A A [Abstract]

8.Shareholders' Equity of MAA

As of September 30, 2019, 114,065,859 shares of common stock of MAA and 4,074,277 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,140,136 shares and units. As of 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 outstanding, representing a total of 117,952,415 shares and units. Options to purchase 45,390 shares of MAA's common stock were outstanding as of September 30, 2019, compared to 90,615 outstanding options as of September 30, 2018. During the nine months ended September 30, 2019 and 2018, MAA issued 24,256 shares and 17,823 shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds of $1.0 million and $0.9 million, respectively.

Preferred Stock

As of September 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.}

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.