Mid-America Apartment Communities, or MAA, announced it will redeem all outstanding shares of its 8.50% Series I Cumulative Redeemable Preferred Stock on October 1, 2026, at a redemption price of $50.00 per share plus accrued dividends. The company will pay the full quarterly dividend of $1.0625 per share on September 30, 2026, to holders of record on September 15, 2026. The Series I Shares, originally issued by Post Properties in 1996 and converted in MAA's 2016 acquisition of Post, will be redeemed using proceeds from a forward sale agreement under its ATM equity offering program, with an initial forward sale price of $130.00 per share. MAA expects the transaction to be accretive to Core FFO per share, as preferred dividend savings should exceed dilution from the common share issuance, and it will retire legacy preferred equity and simplify the capital structure.
Mid-America Apartment Communities IncMAA will redeem its 8.50% Series I preferred stock using ATM forward-sale proceeds, expecting the transaction to be accretive to Core FFO per share and simplify its capital structure.
