MID AMERICA APARTMENT COMMUNITIES INC. acquires Post Properties, Inc.

MID AMERICA APARTMENT COMMUNITIES INC. acquired Post Properties, Inc. for approximately $17 billion (combined total market capitalization); ~$12 billion pro forma equity market capitalization, a transaction completed in December 2016, structured as all stock (each Post common share converted into 0.71 newly issued MAA common shares; tax-deferred). The deal was a merger.

Post Properties, Inc. operates in Multifamily / apartment REIT (Sunbelt), is based in Atlanta, GA (Sunbelt urban and suburban markets). Post Properties, Inc. (NYSE: PPS), an Atlanta-based developer, owner and operator of upscale multifamily apartment communities concentrated in urban and suburban high-growth Sunbelt markets, merged with and into MAA. The combination created the largest publicly traded apartment REIT by number of owned units, with a combined asset base of approximately 105,000 multifamily units across 317 properties.

The combination of MAA and Post will establish the leading apartment real estate platform focused on the high-growth Sunbelt region of the country with significant competitive advantages to drive superior value for our shareholders, residents and employees. The combined company will capture a broader market and submarket footprint, with improved rental price-point diversification that will support an enhanced level of performance over the full real estate cycle.

Added an upscale, urban-and-suburban apartment portfolio and a value-accretive development platform that diversified MAA's rental price points and expanded external-growth and capital-recycling opportunities across the Sunbelt. Broader market and submarket footprint, improved rental price-point diversification, and expanded development / capital-recycling capacity across the high-growth Sunbelt region. Merged into MAA; combined company retained the MAA name and Memphis, TN headquarters. Post designated 3 directors to MAA's board (expanded to 13).