Mid-America Apartment Communities, Inc. (MAA) is a publicly traded

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

based in

Memphis, Tennessee Memphis is a city in Shelby County, Tennessee, United States, and its county seat. Situated along the Mississippi River, it had a population of 633,104 at the 2020 United States census, 2020 census, making it the List of municipalities in Tenne ...

that invests in

apartments An apartment (American English, Canadian English), flat (British English, Indian English, South African English), tenement (Scots English), or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that ...

in the

Southeastern United States The Southeastern United States, also known as the American Southeast or simply the Southeast, is a geographical List of regions in the United States, region of the United States located in the eastern portion of the Southern United States and t ...

and the

Southwestern United States The Southwestern United States, also known as the American Southwest or simply the Southwest, is a geographic and cultural list of regions of the United States, region of the United States that includes Arizona and New Mexico, along with adjacen ...

. As of December 31, 2020, the company owned 300 apartment communities containing 100,490 apartment units. It is the largest owner of apartments in the United States and the 11th largest apartment

property manager A property manager or estate manager is a person or firm charged with operating a real estate property for a fee. The property may be individual title owned or owned under the sectional title, share block company owned, and may be registered for ...

in the United States.

History

The company was founded in 1977 by George E. Cates. In 1993, the company was organized as a real estate investment trust. In February 1994, the company acquired The Cates Company from George E. Cates and became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In March 2009, founder George E. Cates retired. In October 2013, the company acquired Colonial Properties. In December 2016, the company acquired Post Properties and was added to the

S&P 500 Index The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...

. In 2017, the company was ranked 142nd on the "Growth Champions" list published by

Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...

. 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 The Civil Rights Act of 1968 () is a Lists of landmark court decisions, landmark law in the United States signed into law by President of the United States, United States President Lyndon B. Johnson during the King assassination riots. Titles ...

and the

Americans with Disabilities Act The Americans with Disabilities Act of 1990 or ADA () is a civil rights law that prohibits discrimination based on disability. It affords similar protections against discrimination to Americans with disabilities as the Civil Rights Act of 1964, ...

at 50 properties. In January 2023, the company was named a defendant in a class-action lawsuit over its use of RealPage software to control rent pricing.

References

External links

* * {{Authority control Real estate companies established in 1977 1977 establishments in Tennessee Companies based in Memphis, Tennessee Companies listed on the New York Stock Exchange Real estate investment trusts of the United States 1994 initial public offerings