MAA, Colonial Properties Trust Announce $8.6B Merger

Creates the pre-eminent Sunbelt-focused multifamily REIT Combined total market cap of $8.6 billion and equity valuation of $5.1 billion Merged company will own 85,000 apartment units representing the 2nd largest publicly traded REIT portfolio of owned apartments MEMPHIS, Tenn. and BIRMINGHAM, Ala., June 3, 2013 /PRNewswire/ -- MAA MAA and Colonial Properties Trust CLP today announced that they have entered into a definitive merger agreement under which MAA and Colonial Properties Trust will merge, creating a Sunbelt-focused, publicly traded, multifamily REIT with enhanced capabilities to deliver superior value for residents, shareholders and employees.  The combined company is expected to have a pro forma equity market capitalization of approximately $5.1 billion and a total market capitalization of $8.6 billion. (Logo: http://photos.prnewswire.com/prnh/20110614/CL19184LOGO ) (Logo: http://photos.prnewswire.com/prnh/20130603/CL24465LOGO ) Under the terms of the agreement, each Colonial Properties Trust common share will be converted into 0.36 newly issued MAA common share, and the combined company will be an UPREIT.  On a pro forma basis, following the merger, former MAA equity holders will hold approximately 56 percent of the combined company's equity, and former Colonial Properties Trust equity holders will hold approximately 44 percent.  The all-stock merger is intended to be a tax-free transaction.  The merger is subject to See full press release