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Name | Symbol | Market | Type |
---|---|---|---|
Mid America Apartment Communities Inc | NYSE:MAA-I | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.5224 | 0.90% | 58.54 | 58.73 | 58.54 | 58.71 | 219 | 01:00:00 |
(State or Other Jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(State or Other Jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) |
(Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
share (Mid-America Apartment Communities, Inc.) |
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share (Mid-America Apartment Communities, Inc.) |
Exhibit No. |
Description of Exhibit | |
1.1 | Amendment No. 1 to the Equity Distribution Agreement, dated August 1, 2024, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., the Managers and the Forward Purchasers. | |
5.1 | Opinion of Bass, Berry & Sims PLC | |
23.1 | Consent of Bass, Berry & Sims PLC (included in Exhibit 5.1) | |
104 | Cover Page Interactive Data File (formatted in Inline eXtensible Business Reporting Language) |
MID-AMERICA APARTMENT COMMUNITIES, INC. | ||||||
Date: August 1, 2024 | /s/ A. Clay Holder | |||||
A. Clay Holder | ||||||
Executive Vice President and Chief Financial Officer | ||||||
(Principal Financial Officer) |
MID-AMERICA APARTMENTS, L.P. | ||||||
By: Mid-America Apartment Communities, Inc., its general partner | ||||||
Date: August 1, 2024 | /s/ A. Clay Holder | |||||
A. Clay Holder | ||||||
Executive Vice President and Chief Financial Officer | ||||||
(Principal Financial Officer) |
Exhibit 1.1
MID-AMERICA APARTMENT COMMUNITIES, INC.
COMMON STOCK ($0.01 PAR VALUE PER SHARE)
AMENDMENT NO. 1 TO THE
EQUITY DISTRIBUTION AGREEMENT
August 1, 2024
To: | Citigroup Global Markets Inc. | Jefferies LLC | ||
388 Greenwich Street | 520 Madison Avenue | |||
New York, New York 10013 | New York, New York 10022 | |||
J.P. Morgan Securities LLC | KeyBanc Capital Markets Inc. | |||
383 Madison Avenue, 5th Floor | 127 Public Square, 7th Floor | |||
New York, New York 10179 | Cleveland, Ohio 44114 | |||
Truist Securities, Inc. | Wells Fargo Securities, LLC | |||
3333 Peachtree Road NE, 11th Floor | 500 West 33rd Street | |||
Atlanta, Georgia, 30326 | New York, New York 10001 | |||
Mizuho Securities USA LLC | TD Securities (USA) LLC | |||
1271 Avenue of the Americas | 1 Vanderbilt Avenue | |||
New York, New York 10020 | New York, New York 10017 | |||
BTIG, LLC | Nomura Securities International, Inc. | |||
65 East 55th Street | (as forward seller through BTIG, LLC) | |||
New York, New York 10022 | 309 West 49th Street | |||
New York, NY 10019 | ||||
As Managers | ||||
Citibank, N.A. | Jefferies LLC | |||
388 Greenwich Street | 520 Madison Avenue | |||
New York, New York 10013 | New York, New York 10022 | |||
JPMorgan Chase Bank, | KeyBanc Capital Markets Inc. | |||
National Association | 127 Public Square, 7th Floor | |||
383 Madison Avenue, 5th Floor | Cleveland, Ohio 44114 | |||
New York, New York 10179 | ||||
Truist Bank | Wells Fargo Bank, | |||
3333 Peachtree Road NE, 11th Floor | National Association | |||
Atlanta, Georgia, 30326 | 500 West 33rd Street | |||
New York, New York 10001 | ||||
Mizuho Markets Americas LLC | The Toronto-Dominion Bank | |||
c/o Mizuho Securities USA LLC, as agent | 1 Vanderbilt Avenue | |||
1271 Avenue of the Americas | New York, New York 10017 | |||
New York, New York 10020 |
Nomura Global Financial |
Products, Inc. 309 West 49th Street |
New York, NY 10019 |
As Forward Purchasers
Ladies and Gentlemen:
Reference is made to the Equity Distribution Agreement, dated November 4, 2021 (the Agreement), by and among Mid-America Apartment Communities, Inc. (the Company) and Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as sales agents, principals and forward sellers (in any such capacity, each a Manager) and Citibank, N.A., Jefferies LLC, JPMorgan Chase Bank, National Association, KeyBanc Capital Markets Inc., Truist Bank and Wells Fargo Bank, National Association, each as forward purchaser (in such capacity, each a Forward Purchaser). Terms used herein but not otherwise defined are used herein as defined in the Agreement. The parties, intending to be legally bound, hereby amend the Agreement as follows (the Amendment):
1. The first paragraph of the Agreement is hereby amended and restated as follows:
Mid-America Apartment Communities, Inc., a Tennessee corporation (the Company), confirms its agreements with Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Truist Securities, Inc., Wells Fargo Securities, LLC, Mizuho Securities USA LLC, TD Securities (USA) LLC, BTIG, LLC and Nomura Securities International, Inc., each as sales agent and/or principal (except in the case of Nomura Securities International, Inc.) and/or forward sellers (except in the case of BTIG, LLC) (in any such capacity, each a Manager) and Citibank, N.A., Jefferies LLC, JPMorgan Chase Bank, National Association, KeyBanc Capital Markets Inc., Truist Bank, Wells Fargo Bank, National Association, Mizuho Markets Americas LLC, The Toronto-Dominion Bank and Nomura Global Financial Products, Inc., each as forward purchaser (in such capacity, each a Forward Purchaser). For purposes of clarity, it is understood and agreed by the parties hereto that, if Shares (as defined below) are offered or sold through any Manager as forward seller for the applicable Forward Purchaser, then such Manager, as forward seller, shall be acting as sales agent for such Forward Purchaser with respect to the offering and sale of such Shares, and, except in cases where this Agreement (as defined below) expressly refers to a Manager acting as sales agent for the Company or unless otherwise expressly stated or the context otherwise requires, references in this Agreement to any Manager acting as sales agent shall also be deemed to apply to such Manager when acting as forward seller, mutatis mutandis.
2. The fifth paragraph of the Agreement is hereby amended and restated as follows:
The Company and Mid-America Apartments, L.P., a Tennessee limited partnership and majority owned subsidiary of the Company (the Operating Partnership), have prepared and filed with the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the
Securities Act) a registration statement (File Nos. 333-279076 and 333-279076-01), including a prospectus, on Form S-3ASR, relating to securities (the Shelf Securities), including the Shares, to be issued from time to time by the Company, which registration statement became effective upon filing under Rule 462(e) of the Securities Act. The Company may file one or more additional registration statements on Form S-3ASR from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable, with respect to the Shares. Except where the context otherwise requires, such registration statement(s), as amended at each time of effectiveness under the Securities Act, including the information deemed pursuant to Rule 430B under the Securities Act to be part of the registration statement at the time of its effectiveness ( Rule 430 Information), are referred to herein as the Registration Statement; and as used herein, Prospectus Supplement means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act on the date hereof, in the form furnished by the Company to the Managers in connection with the offering of the Shares, Base Prospectus means the related prospectus covering the Shelf Securities and filed as part of the Registration Statement, together with any amendments or supplements thereto as of the most recent effective date of the Registration Statement, and Prospectus means the Base Prospectus as amended and supplemented by the Prospectus Supplement and any applicable pricing supplement thereto and the most recent Interim Prospectus Supplement (as defined herein), if any.
3. Applicable Law; Submission to Jurisdiction. This Amendment and all the rights and obligations of the parties shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice of law or conflicting provision or rule (whether of the State of New York, or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of New York to be applied. The Company hereby submits to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. The Company agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may be enforced in any court to the jurisdiction of which Company is subject by a suit upon such judgment.
4. Counterparts. This Amendment may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
5. Agreement Remains in Effect. Except as provided herein, all provisions, terms and conditions of the Agreement shall remain in full force and effect. As amended hereby, the Agreement is ratified and confirmed in all respects.
(Signature Pages Follow)
If the foregoing is in accordance with your understanding of our agreement, please sign and return the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Company and each of you.
Mid-America Apartment Communities, Inc. | ||||
By: | /s/ A. Clay Holder | |||
Name: | A. Clay Holder | |||
Title: | Executive Vice President and Chief Financial Officer |
[Signature Page to Equity Distribution Agreement Amendment No. 1]
Citigroup Global Markets Inc. | ||
By: | /s/ Kase Lawal | |
Name: Kase Lawal | ||
Title: Director | ||
Jefferies LLC | ||
By: | /s/ Michael Magarro | |
Name: Michael Magarro | ||
Title: Managing Director | ||
J.P. Morgan Securities LLC | ||
By: | /s/ Sanjeet Dewal | |
Name: Sanjeet Dewal | ||
Title: | ||
KeyBanc Capital Markets Inc. | ||
By: | /s/ Jaryd Banach | |
Name: Jaryd Banach | ||
Title: Managing Director, Equity Capital Markets | ||
Truist Securities, Inc. | ||
By: | /s/ Geoffrey Fennel | |
Name: Geoffrey Fennel | ||
Title: Director | ||
Wells Fargo Securities, LLC | ||
By: | /s/ Rohit Mehta | |
Name: Rohit Mehta | ||
Title: Executive Director |
[Signature Page to Equity Distribution Agreement Amendment No. 1]
Mizuho Securities USA LLC | ||
By: | /s/ Ivana Rupcic-Hulin | |
Name: Ivana Rupcic-Hulin | ||
Title: Managing Director | ||
TD Securities (USA) LLC | ||
By: | /s/ Adriano Pierroz | |
Name: Adriano Pierroz | ||
Title: Director | ||
BTIG, LLC | ||
By: | /s/ Michael Passaro | |
Name: Michael Passaro | ||
Title: Managing Director | ||
Nomura Securities International, Inc. | ||
By: | /s/ Jason Eisenhauer | |
Name: Jason Eisenhauer | ||
Title: Managing Director |
As Managers
[Signature Page to Equity Distribution Agreement Amendment No. 1]
Citibank, N.A. | ||
By: | /s/ Eric Natelson | |
Name: Eric Natelson | ||
Title: Authorized Signatory | ||
Jefferies LLC | ||
By: | /s/ Michael Magarro | |
Name: Michael Magarro | ||
Title: Managing Director | ||
JPMorgan Chase Bank, National Association | ||
By: | /s/ Sanjeet Dewal | |
Name: Sanjeet Dewal | ||
Title: Managing Director | ||
KeyBanc Capital Markets Inc. | ||
By: | /s/ Jaryd Banach | |
Name: Jaryd Banach | ||
Title: Managing Director, Equity Capital Markets | ||
Truist Bank | ||
By: | /s/ Michael Collins | |
Name: Michael Collins | ||
Title: Managing Director | ||
Wells Fargo Bank, National Association | ||
By: | /s/ Elizabeth Alvarez | |
Name: Elizabeth Alvarez | ||
Title: Managing Director |
[Signature Page to Equity Distribution Agreement Amendment No. 1]
Mizuho Markets Americas LLC | ||
By: | /s/ Matthew E. Chiavaroli | |
Name: Matthew E. Chiavaroli | ||
Title: Authorized Signatory | ||
The Toronto-Dominion Bank | ||
By: | /s/ Vanessa Simonetti | |
Name: Vanessa Simonetti | ||
Title: Managing Director | ||
Nomura Global Financial Products, Inc. | ||
By: | /s/ Jeffrey Petillo | |
Name: Jeffrey Petillo | ||
Title: Authorized Representative |
As Forward Purchasers, solely as the recipient and/or beneficiary of certain representations, warranties, covenants and indemnities set forth in the Agreement
[Signature Page to Equity Distribution Agreement Amendment No. 1]
Exhibit 5.1
The Tower at Peabody Place
100 Peabody Place, Suite 1300
Memphis, Tennessee 38103
(901) 543-5900
August 1, 2024
Mid-America Apartment Communities, Inc.
6815 Poplar Avenue, Suite 500
Germantown, TN 38138
Re: Mid-America Apartment Communities, Inc.s At-The-Market Offering Program
Ladies and Gentlemen:
We have acted as counsel to Mid-America Apartment Communities, Inc., a Tennessee corporation (the Company), and Mid-America Apartments, L.P., a Tennessee limited partnership (the Operating Partnership), in connection with the offering of up to 4,000,000 shares (the Shares) of the Companys common stock, par value $0.01 per share, which Shares are to be offered and sold by the Company from time to time in accordance with the terms of that certain Equity Distribution Agreement, dated as of November 4, 2021, as amended by that certain Amendment No. 1 to the Equity Distribution Agreement, dated as of August 1, 2024 (as amended, the Distribution Agreement) entered into by the Company and the Operating Partnership with Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Truist Securities, Inc., Mizuho Securities USA LLC, TD Securities (USA) LLC and BTIG, LLC (collectively, the Managers) and Wells Fargo Bank, National Association, Citibank, N.A., Jefferies LLC, JPMorgan Chase Bank, National Association, Keybanc Capital Markets Inc., Truist Bank, Mizuho Markets Americas LLC, The Toronto-Dominion Bank and Nomura Global Financial Products, Inc. (collectively, the Forward Purchasers), and as described in the prospectus supplement dated as of August 1, 2024 (the Prospectus Supplement) and the accompanying prospectus dated May 2, 2024 (such documents, collectively, the Prospectus) that form part of the Companys and the Operating Partnerships effective registration statement on Form S-3 (Registration No. 333-279076 and Registration No. 333-279076-01) (the Registration Statement), filed with the Securities and Exchange Commission (Commission) under the Securities Act of 1933, as amended (the Securities Act). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the Prospectus, other than as expressly stated herein.
We have examined the Registration Statement, the Prospectus, and the Distribution Agreement. We also have examined the originals, or duplicates or certified or conformed copies, of such corporate and other records, agreements, documents and other instruments as we have deemed relevant and necessary in connection with the opinion hereinafter set forth. As to questions of fact material to this opinion, we have relied, without independent verification or investigation, upon the representations and warranties made by the parties in the Distribution Agreement, and upon certificates or comparable documents of public officials and of officers and representatives of the Company and the Operating Partnership.
In rendering the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.
August 1, 2024
Page 2
Based upon, subject to and limited by the foregoing and the other matters set forth herein, it is our opinion that, upon issuance, delivery and payment therefor in the manner contemplated by the Registration Statement, the Prospectus, the Distribution Agreement (and any related Confirmation (as defined in the Distribution Agreement)) and resolutions of the board of directors of the Company or a duly authorized committee thereof, the Shares will be validly issued, fully paid and non-assessable.
Our opinion rendered in the above paragraph is subject to the following exceptions, limitations and qualifications: (i) the effect of bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar laws now or hereafter in effect relating to or affecting creditors rights and remedies generally; and (ii) the effect of general principles of equity (including, without limitation, laches and estoppel as equitable defenses, concepts of materiality, reasonableness, good faith and fair dealing, matters of public policy, the possible unavailability of specific performance, injunctive relief and other equitable remedies, the discretion of the court before which a proceeding is brought, and considerations of impracticability or impossibility of performance and defenses based upon unconscionability), regardless of whether considered in a proceeding at law or in equity.
Our opinion as set forth herein is limited to the laws of the State of Tennessee. No opinion is given regarding the laws of any other jurisdiction.
This letter speaks as of the date hereof. We disclaim any obligation to provide any subsequent opinion or advice by reason of any future changes or events which may affect or alter any opinion rendered herein. Our opinion is limited to the matters stated herein, and no opinion is to be implied or inferred beyond the matters stated herein.
We hereby consent to the filing of this opinion as an exhibit to the Companys and Operating Partnerships Current Report on Form 8-K dated as of August 1, 2024 and to the reference to this firm under the caption Legal Matters in the Prospectus constituting a part of the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act or the Commissions rules and regulations thereunder.
Very truly yours, |
/s/ Bass, Berry & Sims PLC |
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