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Shareholders' Equity of MAA | 3 Months Ended
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Mar. 31, 2024
Shareholders Equity Of M A A [Abstract] |
Shareholders' Equity of MAA | 8. Shareholders’ Equity of MAA As of March 31, 2024, 116,728,052 shares of common stock of MAA and 3,132,552 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,860,604 common shares and units. As of March 31, 2023, 116,600,756 shares of common stock of MAA and 3,155,699 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,756,455 common shares and units. Preferred Stock As of March 31, 2024, 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 |
MAA 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. Equity Forward Sale Agreements In August 2021, MAA entered into two 18-month forward sale agreements with respect to a total of 1.1 million shares of its common stock at an initial forward sale price of $190.56 per share, which is net of issuance costs. Under the forward sale agreements, the forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and was decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. In January 2023, MAA settled its two forward sale agreements with respect to a total of 1.1 million shares at a forward price per share of $185.23, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of MAA common stock and commissions paid to sales agents, for net proceeds of $203.7 million. At-the-Market Share Offering Program The Company has entered into an equity distribution agreement to establish an at-the-market, or ATM, share offering program, which allows MAA to sell shares of its common stock from time to time to or through its sales agents into the existing market at current market prices, and to enter into separate forward sales agreements to or through its forward purchasers. Under its 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. MAA has no obligation to issue shares through the ATM program. During the three months ended March 31, 2024 and 2023, MAA did not sell any shares of common stock under its ATM program. As of March 31, 2024, 4.0 million shares remained issuable under the ATM program.

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