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Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Merger with Colonial Properties Trust

On October 1, 2013, we completed our previously announced merger with Colonial. Pursuant to the merger agreement, Martha Merger Sub, LP, or OP Merger Sub, a wholly-owned indirect subsidiary of our Operating Partnership, merged with and into Colonial LP, with Colonial LP being the surviving entity of the merger and becoming a wholly-owned indirect subsidiary of our Operating Partnership, which is referred to as the partnership merger. The partnership merger was part of the transactions contemplated by the previously announced agreement and plan of merger entered into on June 3, 2013 among MAA, our Operating Partnership, OP Merger Sub, Colonial, and Colonial LP pursuant to which MAA and Colonial combined through a merger of Colonial with and into MAA, with MAA surviving the merger, which is referred to as the parent merger. Under the terms of the merger agreement, each Colonial common share was converted into the right to receive 0.36 of a newly issued share of MAA common stock. In addition, each limited partner interest in Colonial LP designated as a “Class A Unit” and a “Partnership Unit” under the limited partnership agreement of Colonial LP, which we refer to in this filing as Colonial LP units, issued and outstanding immediately prior to the effectiveness of the partnership merger was converted into common units in our Operating Partnership at the 0.36 conversion rate.

The net assets and results of operations of Colonial will be included in our consolidated financial statements from the closing date and will be presented in our and our Operating Partnership's Form 10-K filing for the year ended December 31, 2013. During the nine months ended September 30, 2013, we incurred total merger related expenses of $11.3 million, which is included in the Condensed Consolidated Statement of Operations in the line item, "Merger related expenses".

We are required to account for the parent merger under the Business Combinations accounting guidance, which generally requires the acquirer to record all of the assets acquired and liabilities assumed at fair value. The value of the transaction was approximately $2.2 billion, substantially all of which is based on a total of 31,916,765 additional MAA shares and 2,574,631 common units in our Operating Partnership issued on October 1, 2013 as a result of the Merger, valued at $62.56 per share and unit, the opening stock price of our common stock on the closing date. We are in the process of determining the allocation of the purchase price to the assets acquired and liabilities assumed, but as of November 7, 2013, the initial accounting for the business combination has not been completed. We have not yet received final allocations from independent valuation specialists for acquired property, equipment, intangible assets, and liabilities assumed. The required disclosures will be included in our and our Operating Partnership's form 10-K filing for the year ended December 31, 2013.

Acquisition Activity

On November 1, 2013, we closed on the purchase of the 251-unit Haven at Celebrate II apartment community located in Fredericksburg, Virginia.

Disposition Activity

On October 31, 2013, we closed on the sale of Whispering Pines, a 216-unit apartment community located in LaGrange, GA.

Financings

On October 1, 2013, in connection with the consummation of the Merger, our Operating Partnership assumed from Colonial LP and amended the U.S. Bank Term Loan Agreement, or the U.S. Bank Loan Agreement, with various lenders and with U.S. Bank National Association, as joint lead arranger and administrative agent, and with PNC Capital Markets, as joint lead arranger. Our Operating Partnership’s obligations under the U.S. Bank Loan Agreement are guaranteed by us and certain of our subsidiaries.

On October 1, 2013, our Operating Partnership also assumed from Colonial LP and amended the Wells Fargo Term Loan Agreement, or the Wells Loan Agreement, with various lenders and with Wells Fargo Bank National Association, or Wells Fargo, as lead arranger and administrative agent. Our Operating Partnership’s obligations under the Wells Loan Agreement are guaranteed by us and certain of our subsidiaries.

On October 1, 2013, we entered into a Guaranty with Wells Fargo, pursuant to which we guaranteed obligations of our Operating Partnership under an ISDA Master Agreement that our Operating Partnership entered into with Wells Fargo on October 1, 2013. Additionally, on October 1, 2013, our Operating Partnership, Wells Fargo, and Colonial LP entered into four Novation Confirmations, pursuant to which certain swap agreements originally entered into by Colonial LP were transferred to our Operating Partnership.

On October 8, 2013, we settled the three forward swaps, resulting in cash proceeds of approximately $9.6 million.

On October 16, 2013, we issued and sold $350 million in aggregate principal amount of 4.300% Senior Notes due 2023 at a price of 99.047% of the principal amount.

Partnership Agreement

On October 1, 2013, we executed the Third Amended and Restated Agreement of Limited Partnership, which replaced the Second Amended and Restated Agreement of Limited Partnership.

Bylaws
On October 1, 2013, in connection with the consummation of the Merger, the Second Amended and Restated Bylaws previously approved and adopted by our board of directors became effective.