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Mid America Apartments history
Mid America Apartments company history timeline
Born in Burlington, North Carolina, Cates earned a degree in industrial engineering in 1959 from the Georgia Institute of Technology (Georgia Tech). He then went to work for a Procter & Gamble unit, Buckeye Cellulose, for 11 years, holding a number of engineering, manufacturing, and sales positions.
The Tax Reform Act of 1986 had a dramatic impact on the nature of real estate investment, however, leading to a greater used of REITs.
By the end of 1993 he employed 175 people to manage 22 properties in four states, in all containing some 5,600 apartments.
When 1995 came to a close, as a result, total revenues increased to $95 million and net income topped $9.8 million.
Because the Flournoy deal was completed late in the year it did not have much impact on the bottom line in 1997.
Revenues approached $233 million in 2001 and net income totaled $28.7 million.
In September 2002 he would also succeed Cates as Mid-America's chairman.
Obermark, Jerome, "Board of Memphis, Tenn.-based Real-Estate Investment Trusts Elects New Chief," Commercial Appeal (Memphis, Tenn.), September 11, 2002.
Demand for apartment housing picked up in 2004, and net income improved to $25.2 million in what was a very good year for Mid-America, which also added about $200 million in high-quality properties to its portfolio.
"Mid-America Apartment Communities, Inc. ." International Directory of Company Histories, Volume 85. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/reference/dictionaries-thesauruses-pictures-and-press-releases/mid-america-apartment-communities-inc
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Mid America Apartments competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Essex Property Trust | 1971 | $1.8B | 1,799 | 35 |
| Primerica | 1977 | $602.0M | 2,104 | 76 |
| Realogy | 2006 | $5.7B | 9,435 | - |
| Raymond James Financial | 1962 | $1.7B | 18,910 | 924 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,096 |
| Apollo Global Management | 1990 | $3.6B | 1,600 | 60 |
| Legg Mason | 1899 | $2.9B | 3,059 | - |
| Realty Income | 1969 | $2.1B | 194 | 8 |
| Citi | 1812 | $74.3B | 210,000 | 1,228 |
| Eaton Vance | 1924 | $1.7B | 1,871 | - |
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