Several other posters have suggested the purchase of the MAA Preferred "B" shares.
According to the "B" prospectus, the date after which MAA can redeem the "B" shares was December 1, 2002. Therefore MAA can redeem them anytime it wants.
Therefore you should consider the effect of a possible loss of the premium on the yield when buying the "B" shares.
At the current asking price of $25.40, the possible loss would be 40 cents. So if the shares were redeemed one year from now, the actual yield would be approximately 7.16% ($2.2188 minus the 40 cent premium would equal $1.8188, divided by $25.40 would equal 7.16%). And if the shares were redeemed sooner, the yield would be even lower.
The risk of redemption for all the shares has been the case for awhile now.
What seems to be new news is that the company has apparently decided to redeem the A's and the C's, but not the B's. So for now, the coast seems kind of clear on the B's. But, as always, the redemption risk is still something to bear in mind.