MBJ: MAA receives PILOT, moving HQ to Germantown
Apartment real estate giant MAA (NYSE: MAA) received a 15-year payment-in-lieu-of-taxes (PILOT) deal from the city of Germantown for its new headquarters.
On Oct. 24, the Germantown Board of Mayor and Alderman approved the PILOT for MAA’s new headquarters, which will be located in the $90 million TraVure development near the intersection of Poplar Avenue and Kirby Parkway. According to the PILOT application, MAA will take more than 83,000 square feet of the new development when it’s completed.
With a recently announced $4 billion merger with Atlanta-based Post Properties(NYSE: PPS), MAA will be the dominant public apartment real estate investment trust(REIT) in the U.S., based on its portfolio size.
After the Post Properties merger is complete, MAA will be worth $17 billion and have a market capitalization of $12 billion.