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Shareholders' Equity of MAA | 12 Months Ended
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Dec. 31, 2024
Shareholders Equity Of M A A [Abstract] |
Shareholders' Equity of MAA | 8. Shareholders’ Equity of MAA As of December 31, 2024, 116,883,421 shares of common stock of MAA and 3,075,552 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,958,973 common shares and units. As of December 31, 2023, 116,694,124 shares of common stock of MAA and 3,143,972 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,838,096 common shares and units. Preferred Stock As of December 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 6 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. Direct Stock Purchase and Distribution Reinvestment Plan MAA has a Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, pursuant to which MAA’s common shareholders have the ability to reinvest all or part of their distributions from MAA into shares of MAA’s common stock and holders of Class A OP Units have the ability to reinvest all or part of their distributions from the Operating Partnership into shares of MAA’s common stock. The DRSPP also provides the opportunity to make optional cash investments in MAA’s common stock of at least $250, but not more than $5,000 in any given month. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA may elect to sell shares under the DRSPP at up to a 5% discount. Shares of MAA’s common stock totaling 10,610 in 2024, 9,787 in 2023 and 6,547 in 2022 were acquired by participants under the DRSPP. MAA did not offer a discount for optional cash purchases in 2024, 2023 or 2022. 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. The impact of the forward sale agreements was no t dilutive to the Company’s diluted earnings per share for the years ended December 31, 2023 and 2022. At-the-Market Equity Offering Program MAA has entered into an at-the-money equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the years ended December 31, 2024, 2023 and 2022 MAA did no t sell any shares of common stock through the ATM program. As of December 31, 2024, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

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