false0000912595TNTNMAAI 0000912595 2024-08-01 2024-08-01 0000912595 us-gaap:LimitedPartnerMember 2024-08-01 2024-08-01 0000912595 us-gaap:CumulativePreferredStockMember 2024-08-01 2024-08-01 0000912595 us-gaap:CommonStockMember 2024-08-01 2024-08-01
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 1, 2024
 
 
MID-AMERICA
APARTMENT COMMUNITIES, INC.
(Exact name of registrant as specified in its charter)
 
 
 
TENNESSEE
 
001-12762
 
62-1543819
(State or Other Jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
 
MID-AMERICA
APARTMENTS, L.P.
(Exact name of registrant as specified in its charter)
 
 
 
TENNESSEE
 
333-190028-01
 
62-1543816
(State or Other Jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
6815 Poplar Avenue, Suite 500
 
Germantown, Tennessee
 
38138
(Address of Principal Executive Offices)
 
(Zip Code)
(901)
682-6600
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
   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))
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $.01 per
share
 (Mid-America
Apartment Communities, Inc.)
  MAA   New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per
share
 (Mid-America
Apartment Communities, Inc.)
 
MAA*I
  New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule
12b-2
of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 

Item 8.01. Other Events.
Amendment to Equity Distribution Agreement
On August 1, 2024,
Mid-America
Apartment Communities, Inc. (the “Company”) entered into Amendment No. 1 (the “Amendment”) to its existing Equity Distribution Agreement (as amended, the “Distribution Agreement”) with
Mid-America
Apartments, L.P. (the “Operating Partnership”), 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”), pursuant to which the Company may sell, from time to time, up to 4,000,000 million shares of the Company’s common stock, par value $0.01 per share (the “Shares”).
The Amendment was entered into in order to (i) reflect the filing by the Company and the Operating Partnership of a new shelf registration statement on Form
S-3ASR
(Registration
No. 333-279076
and Registration
No. 333-258271-01,
respectively), which became effective upon filing with the Securities and Exchange Commission (the “SEC”) on May 2, 2024 (the “2024 Registration Statement”) with the Securities and Exchange Commission; (ii) include Mizuho Securities USA LLC, TD Securities (USA) LLC, and BTIG, LLC as additional Managers; (iii) include Mizuho Markets Americas LLC, The Toronto-Dominion Bank and BTIG, LLC as additional Forward Purchasers; and (iv) modify certain defined terms in the Distribution Agreement, as well as certain other administrative matters.
The Shares will be offered pursuant to the 2024 Registration Statement and a prospectus supplement relating to the Shares that was filed with the SEC on August 1, 2024. This Current Report on Form
8-K
shall not constitute an offer to sell or the solicitation of an offer to buy the Shares nor shall there be any sale of the Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state
The foregoing description of the Amendment is a summary and is qualified in its entirety by the full text of the Amendment, which is being filed as Exhibit 1.1 to this Current Report on Form
8-K
and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
.
 
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)

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
     
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

 

LOGO

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 Company’s 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 Company’s and the Operating Partnership’s 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 Company’s and Operating Partnership’s 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 Commission’s rules and regulations thereunder.

 

Very truly yours,

/s/ Bass, Berry & Sims PLC

 

2

v3.24.2.u1
Cover Page
Aug. 01, 2024
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 01, 2024
Entity Registrant Name MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key 0000912595
Entity Emerging Growth Company false
Entity File Number 001-12762
Entity Incorporation, State or Country Code TN
Entity Tax Identification Number 62-1543819
Entity Address, Address Line One 6815 Poplar Avenue
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Germantown
Entity Address, State or Province TN
Entity Address, Postal Zip Code 38138
City Area Code 901
Local Phone Number 682-6600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $.01 per share
Trading Symbol MAA
Security Exchange Name NYSE
Cumulative Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security 8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share
Trading Symbol MAAI
Security Exchange Name NYSE
Limited Partner [Member]  
Document Information [Line Items]  
Entity Registrant Name MID-AMERICA APARTMENTS, L.P.
Entity File Number 333-190028-01
Entity Incorporation, State or Country Code TN
Entity Tax Identification Number 62-1543816

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