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The apartment world woke up to the startling news this week that MAA is set to acquire Atlanta-based Post Properties in an almost $4B transaction that will create the Southeast's largest multifamily REIT. Bisnow dug a little more into a presentation issued by Post on details of the merger.
The changes include:
Eric Bolton will ascend to chairman and CEO of the new company. No word on the fate of Post's current CEO, Dave Stockert, although officials write that "several key executives from [Post] are expected to also be part of go-forward management team, including development platform."
The new board of directors will be comprised of 13 execs from MAA and only three from Post.
The newly merged company expects $20M in revenues after 12 months.
The newly merged company will focus on further expansion in "high-growth markets with favorable demand fundamentals."
The newly merged company will increase the asset diversification into those with better quality and higher rents.
MAA is buying Post stock for 71 cents a share. Following the merger, MAA equity holders will own more than 67% of the company, while Post holders will own 32.3% of the combined stock holdings.
The new REIT will have a combined 317 properties with 105,000 units.
The new HQ will be in Memphis, but MAA will maintain "significant" presences in Atlanta and Dallas.
It's unclear whether existing Post properties would be rebranded, or if future ones will no longer fly under the Post banner.
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