BNET Industries

Market Cap:$1.3B
Last Fiscal Year Sales:$369.8M
  • Public
  • US
Dow Jones Description

Our mission is to "Exceed Expectations" of our residents, employees and shareholders. And we're doing that every day. Mid America is a leading performer in the apartment real estate industry with an award-winning portfolio of multifamily housing that stretches across the southeast and south central U.S. markets. Our current portfolio encompasses 42, 427 apartment homes. Created in 1977, Mid-America became a public company in 1994 structured as a self-managed real estate investment trust (REIT). With over 25 years in real estate investing, Mid-America has gained extensive experience in all phases of multifamily real estate investing acquisition, redevelopment, new development, property management and disposition. Mid-America's successful investing and operating philosophies in portfolio, asset, and property management have been developed, refined, and tested through numerous market cycles.

President, CEO and Chairman of The Board of Directors
Eric Bolton
Number of Employees 1,173
Contact Information

6584 Poplar Ave Ste 300

Memphis, Tennessee 38138-0637

maac.net

(901) 682-6600

NAICS Code : 525930

Recent Events

  • Mid-America Apartment Communities, Inc. Announces Quarterly Common Dividend and Quarterly Preferred

    12/02/09 - Stock Split / Dividend - View Story

  • Macquarie Capital USA Inc. maintains Mid-America Apartment at 'neutral'

    11/24/09 - Bond / Stock Rating - View Story

  • RBC Capital Markets Corp raises Mid-America Apartment to 'outperform'

    11/19/09 - Bond / Stock Rating - View Story

  • Mid-America Reports Third Quarter Results

    11/05/09 - Financial Announcement - View Story

  • RBC Capital Markets Corp reiterates Mid-America Apartment at 'sector perform'

    10/02/09 - Bond / Stock Rating - View Story

  • Mid-America Apartment Communities, Inc. Announces Date of Third Quarter Earnings Release, Conference Call

    10/01/09 - Financial Announcement - View Story

  • Robert W. Baird & Co. downgrades Mid-America Apartment to 'neutral'

    9/21/09 - Bond / Stock Rating - View Story

  • Mid-America’s CFO Simon Wadsworth to retire

    8/27/09 - Mgmt. Change Leaving - CFO - View Story

  • Market Report -- In Play MAA

    8/27/09 - Mgmt. Change Leaving - Vice President - View Story

  • Mid-America Reports Second Quarter Results

    8/06/09 - Stock Split / Dividend - View Story

  • Mid-America in acquisition mode: Partnership with Dallas firm builds $75 million fund

    8/02/09 - Buildings Purchased - View Story

  • Mid-America Apartment Communities Announces Date of Second Quarter Earnings Release,...

    7/01/09 - Financial Announcement - View Story

  • MID-AMERICA ADDS TO MULTI-FAMILY HOLDINGS . . . SPENDS $17.5 MILLION FOR 232 UNITS

    6/20/09 - Merger / Acquisition - View Story

News & Analysis

apartment and mid-america apartment communities inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
Simon Wadsworth CFO & Executive Vice President
Albert M Campbell Executive Vice President and Treasurer
Diane Chastain Senior Vice President
Ginny Doane Senior Vice President, Marketing
Beth Brock Regional Vice President
Bob Donnelly Regional Vice President
Jackie Melnick Regional Vice President
Kim Banks Regional Vice President
Melintha Ogle Vice President, Marketing
Andrew Taylor James Executive Vice President, Director of Asset Mgmt
James Andrew Taylor Executive Vice President and Director of Asset Management
L Jr Thomas Executive Vice President, Director of Property Mgmt
Thomas L Grimes Executive Vice President and Director of Property
Amber Alexander Manager, Communications
Glenn Evers Area Manager
Kara Haines Area Manager
Linda Thompson Area Manager
Michelle Sargent Office Manager
Tracey Stutzman Area Manager
David Nischwitz
James Maclin
Kevin Perkins
Nancy Roberts
Teresa Bolton

Board of Directors

Name (plus bio) Position
Eric Bolton President, CEO and Chairman of The Board of Directors
Alan B. Graf Board of Directors
George E. Cates Board of Directors
H. Eric Bolton Board of Directors
John F. Flournoy Board of Directors
John S. Grinalds Board of Directors
Mary E. McCormick Board of Directors
Michael S. Starnes Board of Directors
Philip W. Norwood Board of Directors
Ralph Horn Board of Directors
Robert F. Fogelman Board of Directors
William B. Sansom Board of Directors

Mr. Bolton, age 51, is our President, CEO and Chairman of the Board of Directors. Mr. Bolton joined us in 1994 as Vice President of Development and was named Chief Operating Officer in February 1996 and promoted to President in December 1996. Mr. Bolton assumed the position of CEO following the planned retirement of George E. Cates in October 2001 and became Chairman of the Board in September 2002. Mr. Bolton was with Trammell Crow Company for more than five years, and prior to joining us was Executive Vice President and CFO of Trammell Crow Realty Advisors.

Organization Position Status
Mid America Apartment Communities Inc. President, CEO and Chairman of The Board of Directors Current

Simon R. C. Wadsworth has served as Chief Financial Officer and Executive Vice President as well as a Director of Mid-America Apartment Communities, Inc. since joining the company in 1994. His responsibilities include financial strategy and accounting, as well as financial planning, management information systems, risk management, external reporting, investor relations, and investment analysis. Mr. Wadsworth ran his own distribution company in Memphis from 1982 to 1994, while being involved in the acquisition and management of several other businesses. He has prior experience in corporate planning and development with Holiday Inns Inc. and Unilever Ltd. Mr. Wadsworth has a Bachelor of Arts from Cambridge University in economics (1968), and a Masters of Business Administration from Harvard Business School (1973). He is a native of Birmingham, England and has lived in the United States of America since 1971. Mr. Wadsworth is active in various community activities including serving as Board President of Ballet Memphis, and treasurer of the University Club of Memphis.

Organization Position Status
Mid America Apartment Communities Inc. CFO & Executive Vice President Current
Mid America Apartment Communities Inc. Board of Directors Current
Communities Chief Financial Officer Former
Harvard Business School MBA Former
Cambridge University BA in Economics Former

Al Campbell, Executive Vice President, Treasurer and Director of Financial Planning is responsible for managing the funding requirements of the business to support corporate strategy. This includes a portfolio of over $1 billion in various debt instruments, combined with a $700 million portfolio of related hedging instruments. As Director of Financial planning, Mr. Campbell oversees acquisition and disposition underwriting and due diligence processes, as well as financial analysis supporting corporate strategy, business forecasting and budgeting, market research and portfolio planning. An 18-year veteran of the finance industry, Mr. Campbell joined Mid America in 1998 as Vice President of Financial Planning. In 2002, Mr. Campbell began providing acquisition and disposition analysis in coordination with joint venture partners and portfolio planning for the company. He was promoted to Senior Vice President and Treasurer in 2003. Mr. Campbell began his career in public accounting with Arthur Andersen, serving numerous large public corporations. He also served in various finance and accounting roles with Thomas & Betts Corporation (a large public electrical supplies manufacturer) prior to joining Mid America. Mr. Campbell graduated Magna Cum Laude from Mississippi State University with a Bachelors of Professional Accountancy and is a Certified Public Accountant.

Organization Position Status
Mid America Apartment Communities Inc. Executive Vice President and Treasurer Current
Mid America Apartment Communities Inc. Board of Directors Current
Thomas & Betts Corporation Manager of External Reporting Former
Mississippi State University Bachelors of Professional Accountancy Former

Organization Position Status
Mid America Apartment Communities Inc. Senior Vice President Current

Ginny Doane, MAA’s Senior Vice President of Training and Marketing, has more than 23 years experience in the apartment industry. She has in-depth experience in property redevelopment and repositioning, as well as new construction design and lease up. Mrs. Doane has been with MAA since 1989 serving in a variety of operations management roles. She is currently responsible for the company’s marketing and training activities – as well as company-wide policy and procedure development and implementation. Before taking on this role with MAA, Mrs. Doane was the Operations Director responsible for the company’s North, Central and Coastal Regions. She holds a RAM certification and HUD operations certification. In 2000, Mrs. Doane won the company’s most prestigious leadership award, the Dee Reed Award for Servant Leadership.

Organization Position Status
Mid America Apartment Communities Inc. Senior Vice President, Marketing Current
Maa Senior Vice President of Training and Marketing Former

Organization Position Status
Mid America Apartment Communities Inc. Regional Vice President Current

Organization Position Status
Mid America Apartment Communities Inc. Regional Vice President Current

Organization Position Status
Mid America Apartment Communities Inc. Regional Vice President Current

Organization Position Status
Mid America Apartment Communities Inc. Regional Vice President Current

Organization Position Status
Mid America Apartment Communities Inc. Vice President, Marketing Current

Organization Position Status
Mid America Apartment Communities Inc. Executive Vice President, Director of Asset Mgmt Current

Drew Taylor, Executive Vice President, Director of Asset Management, is responsible for Mid-America's Development Activities, Marketing and Training, Landscape Operations, Maintenance and Capital Improvements and Utilities Management Divisions. He joined MAA in April of 1994 and is a 14-year veteran of the real estate industry. Prior to his current position, Mr. Taylor was a Vice President and Division Director in property management operations overseeing a portfolio of approximately 8,950 apartment homes located in Tennessee, Kentucky, Alabama, Ohio, Virginia, North Carolina, South Carolina and Georgia. He was a Corporate Real Estate Manager for Teradata Corporation in El Segundo, CA and a Series 7 Licensed Institutional Broker for Morgan Keegan in Little Rock, AR before joining the Mid-America management team. Mr. Taylor received his BA from Vanderbilt University, a Masters in Business Management from Trevecca Nazarene University and a Masters of Business Administration from Trevecca Nazarene University.

Organization Position Status
Mid America Apartment Communities Inc. Executive Vice President and Director of Asset Management Current
Teradata Corporation Corporate Real Estate Manager Former
Trevecca Nazarene University Masters in Business Management Former
Vanderbilt University BA Former

Organization Position Status
Mid America Apartment Communities Inc. Executive Vice President, Director of Property Mgmt Current

Tom Grimes, Executive Vice President and Director of Property Management for Mid-America Apartment Communities, Inc., oversees the company’s entire portfolio of approximately 40,000 units located in 13 states across the Sunbelt region. Prior to this position Mr. Grimes served MAA as an Operations Director over the Central and North Regions of the company. Mr. Grimes also previously served as Director of Business Development where he worked with the company’s joint venture partners, managed the company’s new development efforts and directed the company’s ancillary income business. Mr. Grimes joined MAA shortly after its initial public offering in 1994. He holds a BS from Emory University and an MBA from the University of Memphis. In 2006, Mr. Grimes was named one of the Top 40 under 40 National Industry Up and Comers by Multi-Family Executive Magazine. Mr. Grimes is an active leader in the industry and community. He is on the Lease Advisory Committee for the National Apartment Association and is The Secretary for the Fogelman School of Business Alumni Association at the University of Memphis. He serves on the board of venture capital fund INNOVA, Inc. which is an accelerator/seed fund to drive the development of new bio-technology companies in the Memphis area. He also serves on the Board of the Shelby Farms Park Conservancy which is responsible for the leadership, operations and management of the largest urban park in the United States.

Organization Position Status
Mid America Apartment Communities Inc. Executive Vice President and Director of Property Current
Maa Former
University of Memphis MBA Former
Emory University BS Former
Florida State University member Former

Organization Position Status
Mid America Apartment Communities Inc. Manager, Communications Current

Organization Position Status
Mid America Apartment Communities Inc. Area Manager Current

Organization Position Status
Mid America Apartment Communities Inc. Area Manager Current

Organization Position Status
Mid America Apartment Communities Inc. Area Manager Current

Organization Position Status
Mid America Apartment Communities Inc. Office Manager Current

Organization Position Status
Mid America Apartment Communities Inc. Area Manager Current

David Nischwitz, a 15-year veteran of the design industry, oversees all interior renovations as well as, the repositioning through the evaluation of a broader scope of redevelopment initiatives including upgrades to building exteriors, offices, clubhouses and other community amenities, signage design and landscape/curb appeal operations for the Company. Mr. Nischwitz joined Mid-America in March of 1996 as a Regional Landscape Director supporting operations in Tennessee, Kentucky, Missouri, Ohio and Florida. Shortly thereafter, Mr. Nischwitz was promoted to Director of Landscape Design and Development. During this time, he helped grow the department to what is currently known as the LandGroup Division of Mid-America Apartment Communities. He took over the LandGroup as Vice President of Landscape Operations in 2002 and recently was added to the Asset Management team as Director of Property Redevelopment. In his current role, Mr. Nischwitz identifies repositioning opportunities in our existing portfolio and new acquisitions. His main focus is on identifying, underwriting, planning and coordinating efforts surrounding redevelopment and property upgrade projects. He is directly responsible for the Interior Renovation Program which is focused on updating kitchens and baths in more than 3,500 units. Additionally, he is responsible for the budgeting and goals of six Regional Landscape Directors. Mr. Nischwitz graduated from The Ohio State University with a BS in Landscape Architecture and studied abroad at the Tongji University in Shanghai, China. He is a member of the American Society of Landscape Architects. He graduated with an MBA from University of Memphis in May of 2005.

Organization Position Status
Mid America Apartment Communities Inc. Current
Mid America Corp. Regional Landscape Director Former
Tongji University MBA Former
University of Memphis MBA Former
The Ohio State University BS in Landscape Architecture Former

James Maclin directs the Corporate Services for MAA, having been with the company since 1997. Mr. Maclin is responsible for new business development through ancillary income programs, collections and utility efficiency programs. He began his tenure with MAA as the Director of Capital and Maintenance Operation as well as serving Mid-America as the Director of Asset Management prior to his current role. Prior to joining MAA, Mr. Maclin worked in engineering design and project management. He served on teams that designed and constructed manufacturing facilities for Nabisco, Frito Lay, Hershey and DuPont, among other companies. He has a BS in Mechanical Engineering from the University of Memphis and an MBA with a concentration in Finance from Christian Brothers University. He has served on various civic boards including the Memphis Housing Authority, University of Memphis Alumni Association, Junior Achievements of America and Leadership Memphis.

Organization Position Status
Mid America Apartment Communities Inc. Current
Maa Director of Corporate Services Former
Mid America Corp. Director of Asset Management Former
Nabisco Former
Christian Brothers University MBA with a concentration in Finance Former
University of Memphis BS in Mechanical Engineering Former

Kevin P. Perkins, Senior Vice President and Director Physical Assets, has more than 26 years of multifamily experience and has been with MAA since 1991. Mr. Perkins is responsible for all operations associated with new construction, capital improvements, physical due diligence on acquisitions, and property maintenance activities. Mr. Perkins holds designations as an Accredited Resident Manager by the Institute of Real Estate Management and Certified Apartment Manager by the National Apartment Association. In 2003, Mr. Perkins was honored with the company's highest leadership award, the Dee Reed Award for Servant Leadership.

Organization Position Status
Mid America Apartment Communities Inc. Current
Institute of Real Estate Management Accredited Resident Manager Former
Maa Former

Organization Position Status
Mid America Apartment Communities Inc. Current
Maa Director of Human Resources Former
University of Wisconsin-La Crosse BS Former

Organization Position Status
Mid America Apartment Communities Inc. Current
Trammell Crow Company Executive Vice President Former

Alan B. Graf, Jr., is executive vice president and chief financial officer of FedEx Corporation. His responsibilities include all aspects of FedEx Corporation’s global financial functions, including financial planning, treasury, tax, accounting and controls, internal audit and corporate development. Graf is a member of the five-person Executive Committee, which is responsible for planning and executing the corporation’s strategic business activities. Before FedEx Corporation was formed in January 1998, Graf served as executive vice president and chief financial officer of FedEx Express. He joined the company in 1980 as a senior financial analyst and has held management positions throughout the Finance division. Graf was born in Evansville, Ind. He earned his bachelor’s degree and his master’s degree in business administration from the Kelley School of Business at Indiana University, where he is a member of the Academy of Alumni Fellows. He serves on the Board of Directors for NIKE Inc., Mid-America Apartment Communities Inc., and Methodist Healthcare. He is also a member of the Dean’s Advisory Council at the Kelley School of Business, is a trustee for the University of Memphis Herff Trust and serves as president of the University of Memphis Athletic Scholarship Fund.

Organization Position Status
FedEx Corporation CFO & Executive Vice President Current
Mid America Apartment Communities Inc. Board of Directors Current
Nike, Inc. Board of Directors Current
Storage USA, Inc. Board of Directors Former
Kimball International, Inc. Board of Directors Former

Organization Position Status
Mid America Apartment Communities Inc. Board of Directors Current
Communities Chief Executive Officer Former

Array

Organization Position Status
Mid America Apartment Communities Inc. Board of Directors Current

John F. Flournoy has served as the Chairman and Chief Executive Officer since the founding of the Company in 1967. He is a graduate of the University of North Carolina Business School and is a veteran of the United States Marine Corps, in which he served as a fighter pilot. Mr. Flournoy is a past president of the United Way of the Chattahoochee Valley; he has served on the Boys and Girls Club Board for over 35 years, and has been Chairman of the Columbus Gateways Committee since 1981.

Organization Position Status
Flournoy Development Co. LLC Chairman and Chief Executive Officer Current
Flournoy Construction Company Chairman and Chief Executive Officer Current
Mid America Apartment Communities Inc. Board of Directors Current
W.C. Bradley Co. Director Current
Flournoy Construction Company Project Manager Former
Fdc, Inc. Former
Flournoy Development Co. LLC Board of Directors Former

Major General John S. Grinalds USMC (Retired), age 71, has served as a director since November 1997. Mr. Grinalds served as the president of The Citadel from 1997 until August 2005. Prior to assuming the presidency of The Citadel, Mr. Grinalds was the headmaster of Woodberry Forest School. From 1959 to 1991, Mr. Grinalds rose to the rank of Major General in the United States Marine Corps. Mr. Grinalds is also a director of Carolina First Bank and Immunoscience, Inc.

Organization Position Status
Immunoscience, Inc. Director Current
Carolina First Bank Director Current
Mid America Apartment Communities Inc. Board of Directors Current
The Citadel President Former

Mrs. McCormick, age 51, has served as a director since March 2006. Ms. McCormick served the Ohio Public Employees Retirement System from 1989 through 2005, most recently directing real estate investments and overseeing an internally managed REIT portfolio. From 2005 to 2006, Ms. McCormick was a strategy consultant for Hawkeye Partners, an investment management firm. Ms. McCormick has held a number of leadership positions on a variety of national and regional real estate associations. Ms. McCormick also serves as a director for EastGroup Properties, Inc.

Organization Position Status
Eastgroup Properties, Inc. Director Current
Mid America Apartment Communities Inc. Board of Directors Current
Hawkeye Partners, LP Strategy Consultant Former

Organization Position Status
Mid America Apartment Communities Inc. Board of Directors Current
Regions Financial Corporation Director Former
Swift Transportation Co. Director Former
Regions Financial Corporation Board of Directors Former

Mr. Norwood has served as a director since August 2007. Mr. Norwood has served as the President and Chief Executive Officer of Faison Enterprises, Inc., a real estate development and investment company headquartered in Charlotte, North Carolina, since 1994. Prior to joining Faison Enterprises, Inc., Mr. Norwood held a number of positions with Trammell Crow Company including Vice Chairman of Trammell Crow Company, Chairman and CEO of Trammell Crow Realty Advisors, President and CEO of Trammell Crow Real Estate Investors, and Chairman of Trammell Crow Ventures. Mr. Norwood is a member of the Urban Land Institute, International Council of Shopping Centers and the Real Estate Roundtable. Mr. Norwood holds a Bachelor of Arts with honors from Washington & Lee University, a Masters from Duke University and a Juris Doctor cum laude from the University of Georgia School of Law.

Organization Position Status
Mid America Apartment Communities Inc. Board of Directors Current

Mr. Horn, 65, a private investor, was Chairman of the Board of First Tennessee National Corporation, a banking corporation, from January 1996 until December 2003. He was a director of that company from July 1991 to December 2003 and was its Chief Executive Officer from April 1994 to July 2002, its President from July 1991 to July 2002, and its Chief Operating Officer from 1991 to 1994. He is also a director of Gaylord Entertainment Company, a hospitality and entertainment company, and Mid-America Apartment Communities, Inc., an umbrella partnership real estate investment trust. He has been a director of the Company since July 1995. He is a member of the Human Resources and Nominating/Corporate Governance Committees of the Board.

Organization Position Status
Harrah's Entertainment, Inc. Committee Member Current
Harrah's Entertainment, Inc. Board of Directors Current
Mid America Apartment Communities Inc. Board of Directors Current
First Horizon National Corporation Chief Executive Officer Former

Organization Position Status
Mid America Apartment Communities Inc. Board of Directors Current

William B. Sansom is a director since November 2006, Mr. Sansom is the Chairman of the Board of Directors, Chief Executive Officer and President of the H.T. Hackney Co. From 1979 to 1981, Mr. Sansom served as the Tennessee Commissioner of Transportation, and from 1981 to 1983 as the Tennessee Commissioner of Finance and Administration. In 2006, Mr. Sansom was named the Chairman of the Board of the Tennessee Valley Authority. Mr. Sansom also serves as a director for Astec Industries, Inc. and First Horizon National Corporation.

Organization Position Status
Mid America Apartment Communities Inc. Board of Directors Current

Executive News

  • Mid-America Apartment Communities Announces Date of Second Quarter Earnings Release,...

    Reuters - 7/01/09 - View Story

  • Mid-America Apartment Communities Announces Date of Second Quarter Earnings Release, Conference Call

    PR Newswire via Yahoo! - 7/01/09 - View Story

  • Mid-America Apartment Communities Establishes $250 MM Acquisition Fund

    Reuters - 6/29/09 - View Story

  • Mid-America Apartment Communities Establishes $250 MM Acquisition Fund

    PR Newswire - 6/29/09 - View Story

  • Mid-America launches fund for acquisitions

    Memphis Business Journal - 6/29/09 - View Story

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     MAA $46.65 +0.68 (1.48% )
Average Volume 400,848
Shares Outstanding 28.86M
Market Cap 1.3B
Year High 50.58
Year Low 22.22
Earnings Per Share 0.67
P/E Ratio 69.63
Dividend 2.46
Yield 5.27
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