Goodwin Procter recently advised MAA, a Memphis-based real estate investment trust (REIT), on its announced merger with Colonial Properties Trust. The combined company, operating under the MAA name and trading on the NYSE under the symbol “MAA”, will have a market capitalization of $8.6 billion and will be the second largest publicly traded REIT portfolio of owned apartments with 85,000 multifamily units. The transaction is expected to close in the third quarter of 2013 and is subject to customary closing conditions.
MAA is a self-managed REIT that acquires, owns and operates apartment communities across 13 states in the Sunbelt region of the United States. As of March 31, 2013, MAA owned or had ownership interest in 49,591 apartment units at completed communities.
Based in Birmingham, Ala., Colonial Properties Trust is a real estate investment trust that acquires, manages and develops a multifamily portfolio in the Sunbelt region of the United States. As of March 31, 2013, the company owned, had partial ownership in or managed 35,181 apartment units. Colonial Properties is listed on the NYSE under the symbol “CLP” and is included in the S&P SmallCap 600 Index.
Since November 2012, Goodwin has advised on more than $32 billion of REIT M&A transactions including the MAA merger.