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MAA to Buy Post Properties

Apartment REITs have benefited from a surge in rental demand. Photo: Melissa Golden for The Wall Street Journal

Real-estate investment trust MAA on Monday said it agreed to buy Post Properties Inc. for about $3.88 billion in an all-stock deal combining a pair of Sunbelt apartment owners who have benefited from a boom in rental demand.

Post shares will be converted into 0.71 shares of newly issued MAA stock. The deal values Post shares at about $72.53, a 64% premium according to Friday’s closing prices. MAA stockholders will own about 67.7% and former Post shareholders will own about 32.3% of the combined company with a market capitalization of...


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