GERMANTOWN, Tenn., Jan. 29, 2024 /PRNewswire/ — Mid-America Apartment Communities, Inc., (“MAA”) (NYSE: MAA) a leading multifamily real estate investment trust, announced today that the executive leadership team at MAA took part in ringing the Closing Bell® at the New York Stock Exchange (NYSE) on Monday, January 29, 2024, to recognize the company’s 30-year anniversary as a public company. The company has grown from its Initial Public Offering of nearly $91 million on January 28, 1994 to an equity market capitalization of approximately $16 billion, making the company a member of the S&P 500 and the largest publicly traded apartment REIT in the United States, based on the number of apartment units owned and managed.
Commenting on the 30-year anniversary, Eric Bolton, Chairman and CEO, said “MAA’s successful long-term performance record is reflective of the hard work and dedication of our associates, our culture of delivering service and value to all our constituents, and a steady focus on investing in high-quality apartment real estate across high-growth markets. With a relentless focus over the past 30 years in generating value for our residents, the communities in which we operate, our MAA associates, and our shareholders, we are well positioned for the future and look forward to building on our record of success.”
Over the past 30 years, MAA has generated an annual compounded return to shareholders of 12.6%. In addition, to providing the public equity markets an attractive investment return, MAA also has outstanding $4.1 billion in publicly traded corporate bonds supported by a sector leading investment-grade balance sheet, rated A- by all three credit rating agencies.
Commenting further on the 30-year milestone, Brad Hill, President and Chief Investment Officer, said “This is a tremendous accomplishment about which all MAA associates should be proud. Our company is in a very strong position to continue to drive higher value for those we serve. With our strong balance sheet and operating platform, supported by a dedicated and hard-working team of associates, we look forward to continued growth and success for MAA.”
About MAA
MAA is an S&P 500 company and self-administered real estate investment trust (REIT) that focuses on delivering strong, full-cycle investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of apartment communities primarily in high-growth, U.S. Sunbelt markets. For further details, please refer to www.maac.com or contact Investor Relations at [email protected].
SOURCE MAA