Mid-America Apartment Communities Inc. (MAA), a self-administered and self-managed real estate investment trust (REIT), recently announced the retirement of its CFO Simon Wadsworth as part of the long-term succession-planning program.
The company’s Executive Vice President, Treasurer and Director of Financial Planning Albert Campbell will replace Simon Wadsworth. Campbell joined Mid-America Apartment in 1998 as Vice President of Financial Planning and was later promoted to Senior Vice President and Treasurer of the company in 2003.
Mid-America Apartment owns and manages apartments in the Sunbelt region of the U.S. The company defines its portfolio in two tiers– primary markets and secondary markets. Having a diversified presence in diverse markets helps mitigate risk and decreases volatility in the event of a slowdown in any one product type.
Primary markets are relatively larger in size compared to secondary markets. On the other hand, secondary markets often have stable fundamentals due to limited new supply. Primary markets include Dallas, Atlanta, Houston, Nashville, Raleigh, Austin, Jacksonville and Tampa. Secondary markets include Memphis, Lexington, Columbus, Greenville, Jackson, Little Rock and Savannah.
Due to conservative use of leverage over the past couple of years, Mid-America Apartment has a healthy balance sheet with low near-term debt maturities and adequate coverage ratios. The company also has moderate unfunded future development costs. We think Mid-America Apartment is well positioned to withstand the current problems in the capital markets and has an able leadership to steer it to future profitability.
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