Mid-America Apartment Communities

Mid-America Apartment Communities, Inc.
Public company
Traded as NYSE: MAA
S&P 500 Component
Industry Apartments
Founder George E. Cates
Headquarters Memphis, Tennessee
Key people
 H. Eric Bolton, Jr., Chairman and Chief Executive Officer[1]
Revenue Increase US$1.125 billion (2016)[1]
Decrease US$0.224 billion (2016)[1]
Total assets Increase US$11.604 billion (2016)[1]
Total equity Increase US$6.649 billion (2016)[1]
Number of employees
 2,466 (2016)[1]
Website www.maac.com

Mid-America Apartment Communities is a publicly-traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.[1]

As of December 31, 2016, the company owned 302 apartment communities containing 99,124 apartment units and 4 office properties containing 269,242 square feet.[1] The company is the largest publicly-traded apartment real estate trust in the United States.[2]

History

The company was founded in 1977 by George E. Cates.[3]

In February 1994, the company acquired The Cates Company and became a public company via an initial public offering.[3]

In January 2004, the company acquired properties in Dallas, Texas and Nashville, Tennessee.[4]

In 2011, the company acquired 256-unit apartment community in Savannah, Georgia[5] and a 300-unit apartment community in Richmond, Virginia.[6]

In October 2013, the company acquired Colonial Properties.[7]

In 2016, the company was added to the S&P 500 Index.[8]

In 2016, the company acquired Alexan Heights, a 352-unit apartment complex in Houston Heights.[2]

In December 2016, the company acquired Post Properties.[9][10]

References

  1. 1 2 3 4 5 6 7 8 Mid-America Apartment Communities, Inc. 2016 Form 10-K Annual Report
  2. 1 2 Takahashi, Paul (September 27, 2016). "Exclusive: Nation’s largest REIT scoops up luxe Heights apartment complex". American City Business Journals.
  3. 1 2 "MAA founder George Cates retires from board". American City Business Journals. March 16, 2009.
  4. ↑ "Mid-America Announces Property Acquisitions" (Press release). PR Newswire. January 26, 2004.
  5. ↑ "MAA buys Avala at Savannah Quarters". American City Business Journals. June 15, 2011.
  6. ↑ "MAA purchases Virginia apartments". American City Business Journals. June 2, 2011.
  7. ↑ "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.
  8. ↑ "Mid-America Apartment Communities, AmSurg to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600" (Press release). PR Newswire. November 29, 2016.
  9. ↑ "MAA and Post complete merger" (Press release). PR Newswire. December 1, 2016.
  10. ↑ "MAA and Post Properties to merge in $17 billion combination" (Press release). PR Newswire. August 15, 2016.
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