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Mid-America Apartment Communities, Inc.
Company typePublic company
NYSE: MAA
S&P 500 Component
IndustryReal estate investment trust
Founded1977; 47 years ago (1977)
FounderGeorge E. Cates
HeadquartersMemphis, Tennessee
Key people
H. Eric Bolton, Jr., Chairman, CEO & President
Albert M. Campbell, III, CFO
ProductsApartments
RevenueIncrease $1.677 billion (2020)
Decrease $254 million (2020)
Total assetsDecrease $11.194 billion (2020)
Total equityDecrease $6.078 billion (2020)
Number of employees
2,530 (2020)
Websitewww.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]

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]

References

  1. ^ a b c d "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. ^ a b c "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.

External links