XML 29 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

Shareholders' Equity of MAA | 6 Months Ended
--- | ---
Jun. 30, 2020
Shareholders Equity Of M A A [Abstract] |
Shareholders' Equity of MAA | 8.Shareholders’ Equity of MAA As of June 30, 2020, 114,365,203 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 118,423,860 common shares and units. 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 common shares and units. Options to purchase 19,845 shares of MAA’s common stock were outstanding as of June 30, 2020, compared to 60,442 outstanding options as of June 30, 2019. During the six months ended June 30, 2020 and 2019, MAA issued 918 common shares and 20,718 common shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds of $0.1 million and $1.2 million, respectively. Preferred Stock As of June 30, 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 six months ended June 30, 2020 and 2019, MAA did not sell any shares of common stock under its ATM program. As of June 30, 2020, 3.9 million shares remained issuable under the ATM program.

X
- Definition Shareholders' Equity of MAA [Abstract] + References No definition available. + Details
Name: | maa_ShareholdersEquityOfMAAAbstract
Namespace Prefix: | maa_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration