Mid-America Apartment Communities

Last updated
Mid-America Apartment Communities, Inc.
Company type Public company
NYSE:  MAA
S&P 500 Component
Industry Real estate investment trust
Founded1977;47 years ago (1977)
FounderGeorge E. Cates
Headquarters Memphis, Tennessee
Key people
H. Eric Bolton, Jr., Chairman, CEO & President
Albert M. Campbell, III, CFO
Products Apartments
RevenueIncrease2.svg $1.677 billion (2020)
Decrease2.svg $254 million (2020)
Total assets Decrease2.svg $11.194 billion (2020)
Total equity Decrease2.svg $6.078 billion (2020)
Number of employees
2,530 (2020)
Website www.maac.com
Footnotes /references
[1]

Mid-America Apartment Communities, Inc. (MAA) 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]

Contents

As of December 31, 2020, the company owned 300 apartment communities containing 100,490 apartment units. [1] It is the largest owner of apartments in the United States and the 11th largest apartment property manager in the United States. [2]

History

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

In 1993, the company was organized as a real estate investment trust. [1]

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

In March 2009, founder George E. Cates retired. [3]

In October 2013, the company acquired Colonial Properties. [4]

In December 2016, the company acquired Post Properties [5] and was added to the S&P 500 Index. [6]

In 2017, the company was ranked 142nd on the "Growth Champions" list published by Forbes. [7]

In November 2018, the company paid $11.3 million to settle a complaint that Post Properties violated the design and construction requirements under the Fair Housing Act and the Americans with Disabilities Act at 50 properties. [8]

In January 2023, the company was named a defendant in a class-action lawsuit over its use of RealPage software to control rent pricing. [9]

Related Research Articles

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets.

<span class="mw-page-title-main">Simon Property Group</span> International real estate investment trust founded in the United States

Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties as of 2021.

Colonial Properties Trust was a publicly traded diversified real estate investment trust headquartered in Birmingham, Alabama. In October 2013, the company was acquired by Mid-America Apartment Communities.

<span class="mw-page-title-main">Forest City Realty Trust</span> Real estate management and development company

Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.

Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Spain and the United Kingdom that are subject to NNN Leases. The company is organized in Maryland with its headquarters in San Diego, California.

<span class="mw-page-title-main">First Citizens BancShares</span> American financial services company

First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina and one of the largest banks in the United States. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states. A second subsidiary is Silicon Valley Bank, which operates 39 offices in 15 states.

Equity Residential is a United States-based publicly traded real estate investment trust that invests in apartments.

Post Properties, Inc. was a publicly traded real estate investment trust headquartered in Atlanta, Georgia that invested in apartments. As of December 31, 2015, the company owned interests in 24,162 apartment units in 61 communities. In 2016, the company was acquired by Mid-America Apartment Communities.

<span class="mw-page-title-main">Camden Property Trust</span> Real estate investment trust

Camden Property Trust is a publicly-traded real estate investment trust that invests in apartments in the United States. As of December 31, 2023, the company owned interests in 176 apartment communities containing 59,800 apartment homes in the United States. It is the 14th largest owner of apartments in the United States.

<span class="mw-page-title-main">AvalonBay Communities</span> American real estate company

AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.

<span class="mw-page-title-main">Prologis</span> American real estate company

Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.

<span class="mw-page-title-main">Veris Residential</span> American real estate investment trust

Veris Residential, Inc. is a real estate investment trust headquartered in Jersey City, New Jersey, investing primarily in multifamily real estate in New Jersey and Boston.

DuPont Fabros Technology, Inc. (DFT) was a real estate investment trust that invested in carrier-neutral data centers and provided colocation and peering services. In 2017, the company was acquired by Digital Realty.

<span class="mw-page-title-main">Federal Realty Investment Trust</span> Real Estate Investment Trust in the United States

Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.

<span class="mw-page-title-main">UDR, Inc.</span> Real estate investment firm

UDR Inc. is a publicly traded real estate investment trust that invests in apartments. The company is organized in Maryland with its headquarters in Highlands Ranch, Colorado. As of December 31, 2020, the company owned interests in 149 apartment communities containing 48,283 apartment units.

<span class="mw-page-title-main">Essex Property Trust</span> American Real Estate Investment Trust

Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.

<span class="mw-page-title-main">Greystar</span> Real estate investment firm

Greystar Real Estate Partners is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $76 billion in gross assets under management, and operated in 17 countries.

VEREIT, Inc. was a real estate investment trust headquartered in Phoenix, Arizona that invested in single-tenant retail, restaurant, office and industrial properties. As of December 31, 2020, the company owned 3,831 properties with an aggregate of 89.7 million square feet. The company was acquired by Realty Income in November 2021.

Canadian Apartment Properties REIT (CAPREIT) is a Canadian real estate investment trust headquartered in Toronto, Ontario, Canada. CAPREIT is the largest publicly traded apartment landlord in Canada, with over $17.7 billion in assets, as of December 2021. As of 2022, CAPREIT owns or has interests in approximately 67,000 residential apartments, townhomes and manufactured housing units across Canada, the Netherlands and Ireland.

Tricon Residential is a Canadian real estate company. The company invests in single-family rental and multi-family rental homes, and owns about 31,000 properties across the United States and Canada. As of February 2021, the company had about $8.2 billion of assets under management.

References

  1. 1 2 3 4 "Mid-America Apartment Communities, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. 1 2 3 "MAA founder George Cates retires from board". American City Business Journals . March 16, 2009.
  4. "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.
  5. "MAA and Post complete merger" (Press release). PR Newswire. December 1, 2016.
  6. "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.
  7. "#142 Mid-america Apartment Communities". Forbes .
  8. "UNITED STATES V. MID-AMERICA APARTMENT COMMUNITIES, INC. AND MID-AMERICA APARTMENTS, L.P., FORMERLY POST APARTMENTS (D.D.C.)" (Press release). United States Department of Justice. November 21, 2018.
  9. "Lawsuit: Tennessee company, others formed cartel to keep American rent prices high". News Channel 9. April 25, 2023.