Mid-America Apartment Communities
 | |
| Company type | Public company |
|---|---|
| NYSE: MAA S&P 500 Component | |
| Industry | Real estate investment trust |
| Founded | 1977 |
| Founder | George E. Cates |
| Headquarters | Memphis, Tennessee |
Key people | H. Eric Bolton, Jr., Chairman, CEO & President Albert M. Campbell, III, CFO |
| Products | Apartments |
| Revenue |  $1.677 billion (2020) |
 $254 million (2020) | |
| Total assets | $11.194 billion (2020) |
| Total equity | $6.078 billion (2020) |
Number of employees | 2,530 (2020) |
| Website | www |
| 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
[edit]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
[edit]- ^ a b c d "Mid-America Apartment Communities, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
- ^ a b c "MAA founder George Cates retires from board". American City Business Journals. March 16, 2009.
- ^ "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.
- ^ "MAA and Post complete merger" (Press release). PR Newswire. December 1, 2016.
- ^ "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.
- ^ "#142 Mid-america Apartment Communities". Forbes.
- ^ "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.
- ^ "Lawsuit: Tennessee company, others formed cartel to keep American rent prices high". News Channel 9. April 25, 2023.
External links
[edit]- Official website
- Business data for Mid-America Apartment Communities: