Mid-America Apartment Communities

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]

Mid-America Apartment Communities, Inc.
Public company
Traded asNYSE: MAA
S&P 500 Component
IndustryReal estate investment trust
Founded1977 (1977)
FounderGeorge E. Cates
HeadquartersMemphis, Tennessee
Key people
H. Eric Bolton, Jr., Chairman, CEO & President
Albert M. Campbell, III, CFO
ProductsApartments
Revenue $1.641 billion (2019)
$0.366 billion (2019)
Total assets $11.230 billion (2019)
Total equity $6.289 billion (2019)
Number of employees
2,476 (2019)
Websitewww.maac.com
Footnotes / references
[1]

As of December 31, 2019, the company owned 300 apartment communities containing 100,031 apartment units and 4 office buildings containing 260,000 square feet.[1] It is the largest owner of apartments in the United States[2] and the 7th largest apartment property manager in the United States.[3]

History

The company was founded in 1977 by George E. Cates.[4]

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.[4]

In March 2009, founder George E. Cates retired.[5]

In October 2013, the company acquired Colonial Properties.[6]

In December 2016, the company acquired Post Properties[7] and was added to the S&P 500 Index.[8]

In 2017, the company was ranked 142nd on the "Growth Champions" list published by Forbes.[9]

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.[10]

References
  1. "Mid-America Apartment Communities, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. "NMHC 50 Largest Apartment Managers". National Multifamily Housing Council.
  4. "MAA founder George Cates retires from board". American City Business Journals. March 16, 2009.
  5. "MAA founder George Cates retires from board". American City Business Journals. March 16, 2009.
  6. "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.
  7. "MAA and Post complete merger" (Press release). PR Newswire. December 1, 2016.
  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. "#142 Mid-america Apartment Communities". Forbes.
  10. "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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.