Press Release August 15, 2016

MAA and Post Properties Combine to Create a $17 Billion Multifamily Company

In a deal that will create one of the industry’s largest public multifamily REITs by enterprise value, and the largest public multifamily REIT based on number of multifamily units, a team of Goodwin lawyers advised client MAA (NYSE: MAA) in its announced $4 billion acquisition of Post Properties, Inc. (NYSE: PPS). The resulting company will have a combined total enterprise value of $17 billion and equity market capitalization of approximately $12 billion.

Both MAA and Post Properties are Sunbelt-focused publicly traded, multifamily REITs, and the merger brings together two highly complementary multifamily portfolios with a combined asset base of approximately 105,000 multifamily units in 317 properties.

Goodwin also represented MAA in 2013 in its transformative $2.2 billion merger with Colonial Properties Trust, another publicly traded NYSE-listed multifamily REIT, which Goodwin took public as underwriter’s counsel in the early 1990s.

Goodwin’s team was led by partners Gil Menna, Mark Opper and Dave Patton, and included counsel Audrey Leigh, and associates Dave Perechocky and Chris Versfelt (Corporate/M&A); partner Craig Todaro (Real Estate); partner Tony Fiotto (Litigation); partner Ali Murata and associate Megan Juel (Benefits); partner Neal Sandford, associate Todd Pollock, and law clerk Andrew Wilson (Tax); and partner Jim Barri (Debt Finance).

Read more about this merger in MAA’s announcement.

Goodwin has been involved on the buy or sell side in six out of the seven largest multifamily strategic public REIT M&A transactions in the United States to date.