Mid-America Apartment Communities, Inc. is a self-administered, self-managed apartment-only real estate investment trust which currently owns or has ownership interest in over 41,000 apartment units. Mid-America is publicly traded on the New York Stock Exchange under the ticker symbol MAA. The company invests primarily through acquiring existing high-quality apartment properties in the high-growth Sunbelt region of the U.S., where the company believes prospects for strong job growth, migration, immigration and new household formation trends will generate a higher level of demand for apartment housing than in other regions. Mid-America then diversifies across the Sunbelt region by investing in multiple markets, many of which have differing performance characteristics. This enables Mid-America to capture the benefits of high growth markets while also reducing risk. Mid-America strives to maintain its properties in excellent condition, and strongly emphasizes on-site property management as part of its strategy to increase value. The company regularly acquires and selectively sells properties, and has an active program to improve and upgrade its communities, all of which help to assure future performance. The company is a leader in using technology to improve revenue opportunities, and has a highly experienced management team. Following two successful joint venture relationships, the Company has put in place a third joint venture, Fund I, in which it has a 1/3 ownership interest, to acquire and redevelop apartments within its existing market area. Fund I anticipates acquiring approximately $500 million of assets over the next three years. This strategy has enabled Mid-America to achieve superior shareholder returns and outperform through the different phases of the apartment real estate cycle. Mid-America has paid regular consecutive quarterly common dividends to its shareholders since its initial public offering in 1994. Mid-America's charity, The Open Arms Foundation, provides fully furnished two-bedroom apartments free of charge to families living away from home to receive medical treatment.
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