Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns show up across MID AMERICA APARTMENT COMMUNITIES's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.
2 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
Post Properties, Inc. (NYSE: PPS), an Atlanta-based developer, owner and operator of upscale multifamily apartment communities concentrated in urban and suburban high-growth Sunbelt markets, merged with and into MAA. The combination created the largest publicly traded apartment REIT by number of owned units, with a combined asset base of approximately 105,000 multifamily units across 317 properties. approximately $17 billion (combined total market capitalization); ~$12 billion pro forma equity market capitalization.
The combination of MAA and Post will establish the leading apartment real estate platform focused on the high-growth Sunbelt region of the country with significant competitive advantages to drive superior value for our shareholders, residents and employees. The combined company will capture a broader market and submarket footprint, with improved rental price-point diversification that will support an enhanced level of performance over the full real estate cycle. Further, the Post development platform, with a strong history of value accretive new development, supported by the newly combined company platform, will expand external growth and accretive capital recycling opportunities for MAA.H. Eric Bolton — Jr., Chairman and CEO, MAA
This merger redefines the combined company in terms of product, capability and capacity for consistent growth. Its unique position in the apartment REIT space and strength of its financial position should drive an advantageous cost of capital and value for shareholders of both companies. Post shareholders are receiving an attractive value for our assets and business and a 24 percent increase in the dividend, while preserving the continuing opportunity to participate in the combined company's ongoing success.David P. Stockert — CEO and President, Post Properties
Colonial Properties Trust (NYSE: CLP), a Birmingham, Alabama-based multifamily REIT, merged with and into MAA, with MAA the surviving entity. The all-stock combination created a Sunbelt-focused multifamily REIT owning approximately 85,000 apartment units across 285 properties — at the time the second-largest publicly traded REIT portfolio of owned apartments. approximately $8.6 billion (combined total market capitalization); ~$5.1 billion pro forma equity valuation.
The combination of MAA and Colonial Properties Trust will provide an enhanced competitive advantage across the Sunbelt region. The scale of the combined company will support accelerated growth and deployment of capital across our high-growth Sunbelt markets driving superior value creation opportunity for our shareholders. In addition, through capitalizing on the strengths gained from the combination of the two platforms, we will enhance our ability to serve residents across the region, drive higher margins as a result of synergies and advantages generated by the merger, and enhance career opportunities for our associates.H. Eric Bolton — Jr., CEO, MAA
This is a combination that makes a lot of sense for the constituents of both Colonial Properties Trust and MAA. Our two companies have a shared vision for success that will only be enhanced by coming together through this merger transaction. We are excited for the future of our combined company.Thomas H. Lowder — CEO, Colonial Properties Trust