Profile: Mid America Apartment Communities Inc (MAA.N)
3 Dec 2013
Mid-America Apartment Communities, Inc. (MAA) is a self-administered and self-managed real estate investment trust (REIT). The Company focuses on acquiring, owning and operating apartment communities in the Sunbelt region of the United States. As of December 31, 2011, it owned 100% of 160 properties representing 46,872 apartment units. Three properties include retail components with approximately 93,000 square feet of gross leasable area. It operates in three segments: large market same store communities, secondary market same store communities and non same store communities and other. Its business is conducted principally through Mid-America Apartments, L.P. (operating partnership). During the year ended December 31, 2011, the Company had 95% interest in the operating partnership. In April 2012, it acquired Adalay Bay, a 240-unit apartment community located in Chesapeake, Virginia. In May 2012, the Company announced that it completed the acquisition of Allure in Buckhead Village, a 230-unit mid-rise multi-family apartment community located in Atlanta, Georgia. In July 2012, it acquired Allure at Brookwood, a 349-unit high-end urban multi-family apartment community located in the Buckhead sub-market of Atlanta, Georgia. In August 2012, the Company completed the acquisition of Retreat at Lake Nona, a 394-unit multi-family apartment community in Orlando, Florida. In August 2012, the Company completed the acquisition of Haven at Blanco, an upscale 436-unit multi-family apartment community in San Antonio, Texas. In May 2013, the Company acquired Station Square at Cosner's Corner. In October 2013, Mid-America Apartment Communities Inc merged with Colonial Properties Trust. In October 2013, Mid America Apartment Communities Inc and Colonial Properties Trust announced the completion of the merger of the two companies.
During 2011, the Company acquired the following properties: Alamo Ranch, 340 units (January 12); The Verandas at SouthWood, 300 units (March 29); Magnolia Parke, 204 units (April 20); Atlantic Crossing, 200 units (April 29); Hamptons at Hunton Park, 300 units (June 1); Avala at Savannah Quarters, 256 units (June 13); Tattersall at Tapestry Park, 279 units (June 23); Birchall at Ross Bridge, 240 units (August 25); Legends at Lowe's Farm, 456 units (September 19); Aventura at Indian Lake, 300 units (October 18); Palisades at Chenal Valley, 248 units (November 30) and Seasons at Celebrate Virginia, 232 units (December 8). During 2011, the Company disposed of two properties totaling 534 units. On January 12, 2012, the Company sold its interest in the 320-unit Kenwood Club at the Park apartment community located in Katy (Houston), Texas. On February 9, 2012, it sold its interest in the 276-unit Cedar Mill apartment community located in Memphis, Tennessee.
Large market same store communities are generally communities in markets with a population of at least one million and at least 1% of the total public multifamily REIT units that the Company has owned. Secondary market same store communities are generally communities in markets with populations of more than one million but less than 1% of the total public multifamily REIT units or markets with populations of less than one million that the Company owned. Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities, which represent less than 1% of its portfolio. .
As of December 31, 2011, it also had 33.33% interests in Mid-America Multifamily Fund I, LLC (Fund I) and Mid-America Multifamily Fund II, LLC (Fund II), which owned two properties containing 626 apartment units and five properties containing 1,635 apartment units, respectively. These apartment communities were located across 13 states. As of December 31, 2011, the total number of apartment units that the Company owned or had an interest in was 49,133 apartment units in 167 communities. MAA leases multifamily residential apartments under operating leases primarily with terms of one year or less.
Mid America Apartment Communities Inc
Suite 300, 6584 Poplar Avenue
MEMPHIS TN 38138-0620