Mid-America Apartment Communities

Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust (REIT) headquartered in Memphis, Tennessee, that has grown into one of the largest multifamily apartment owner-operators in North America. As an S&P 500 company, MAA focuses on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development, and redevelopment of quality apartment communities primarily in the Southeast, Southwest, and Mid-Atlantic regions of the United States. The company's journey began in 1977 as The Cates Company, founded by the late George Cates, who pioneered innovative approaches to multifamily property management in the Sunbelt region. In February 1994, the company acquired The Cates Company from George E. Cates and became a public company through an initial public offering, raising $175 million from shareholders. The company was organized as a real estate investment trust in 1993, establishing the foundation for decades of strategic growth. Through strategic acquisitions and organic development, MAA has built a portfolio of over 104,587 apartment units as of December 31, 2024, spanning 16 states and the District of Columbia. The company's properties are concentrated in high-growth Sunbelt markets including Texas, Florida, Georgia, and North Carolina, regions that benefit from strong population inflows, robust employment trends, and favorable business climates. MAA's transformation into a powerhouse REIT includes major acquisitions such as Colonial Properties in October 2013 and Post Properties in December 2016, the latter transaction resulting in MAA's addition to the S&P 500 Index. With nearly five decades of experience, MAA has developed deep expertise in property management, resident services, and capital allocation. The company's properties are characterized by their beautiful maintenance, rich amenities, and locations in vibrant communities where people want to live, work, and play. MAA maintains a vertically integrated business model, owning and operating all of its properties directly rather than franchising, which enables consistent quality standards and responsive service across the entire portfolio. The company has implemented cutting-edge smart home technology in over 96,000 units, including unit entry locks, mobile control of lights and thermostats, and leak monitoring systems. This technology leadership demonstrates MAA's commitment to enhancing the resident experience while improving operational efficiency. MAA's business model emphasizes long-term value creation through strategic property positioning, continuous property improvements, and disciplined capital allocation. The company generates revenue primarily through rental income from its apartment communities, with secondary revenue from parking fees, utility reimbursements, and other resident services. As a REIT, MAA is required to distribute at least 90% of its taxable income to shareholders through dividends, currently offering a dividend yield of 4.4%. The company's strategic focus on Sunbelt markets positions it to capitalize on demographic trends including population migration from higher-cost coastal markets, household formation among millennials and Gen Z, and the increasing preference for rental housing driven by high homeownership costs.