Finance History | 11 Wall Street — Nineteen Seventy-Five for a Memphis Apartment REIT
· 1994-1
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Finance History | 11 Wall Street — Nineteen Seventy-Five for a Memphis Apartment REIT
kevin
People treat Mid-America Apartment Communities as a Memphis Sunbelt landlord that always printed MAA after a finished New York book.
The January 1994 issuer was Mid-America Apartment Communities, Inc., incorporated as a REIT in September 1993 to take The Cates Company's apartments public.
The company's 2013 annual report dates the offering to 28 January 1994 and states the price as 19.75 U.S. dollars a share in 1994 dollars.
A 2024 company anniversary notice restates the same session and says the opening portfolio was 24 communities in four states.
The first quarterly dividend, 0.26 U.S. dollars a share in 1994 dollars, was paid in April 1994.
The common has traded on this exchange under MAA since that opening.
The mechanism is a cash initial public offering that converted a private apartment operator into a listed REIT and printed a three-letter book on the New York tape.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that first printed MAA.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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