Mid-America Apartment Communities, Inc.
- Open
- 139.60
- Day high
- 142.10
- Day low
- 139.60
- Prev close
- 138.94
- Volume
- 144K
- Mkt cap
- $16.5B
- P/E (TTM)
- 42.6
- EPS (TTM)
- $3.33
- P/B
- 3.0
- P/S
- 7.4
- Yield
- 4.33%
- Per share
- $6.09
- ▼Insiders net selling -$125K over the last 3 months (2 open-market buys, 5 sales)
- 🏛Institutions mixed (13F)
Mid-America Apartment Communities, Inc. (MAA) is a Real Estate company listed on NYSE. The stock is down 6% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 5 sales (SEC Form 4).
Mid-America Apartment Communities, Inc. (MAA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MAA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.12 | $2.13 | +0.5% | $554M | -0.4% |
| Feb 4, 2026 | $2.22 | $2.23 | +0.5% | $556M | -0.4% |
| Oct 29, 2025 | $2.17 | $2.16 | -0.5% | $554M | -0.4% |
| Jul 30, 2025 | $2.14 | $2.15 | +0.5% | $550M | -1.5% |
| Apr 30, 2025 | $2.16 | $2.20 | +1.9% | $549M | -0.3% |
| Feb 5, 2025 | $1.04 | $2.23 | +114.4% | $550M | -0.4% |
| Oct 30, 2024 | $2.18 | $2.21 | +1.4% | $551M | -0.2% |
| Jul 31, 2024 | $2.20 | $2.22 | +0.9% | $546M | +0.2% |
| May 1, 2024 | $2.23 | $2.22 | -0.4% | $544M | +0.5% |
| Feb 7, 2024 | $2.30 | $2.32 | +0.9% | $542M | -0.4% |
| Oct 25, 2023 | $2.28 | $2.29 | +0.4% | $542M | +0.3% |
| Jul 26, 2023 | $2.27 | $2.28 | +0.4% | $535M | -1.4% |
MAA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 21, 2026 | FISCHER TAMARA Ddirector | Buy | 600 | $129.00 |
| May 21, 2026 | FISCHER TAMARA Ddirector | Buy | 500 | $128.00 |
| May 20, 2026 | Case Johndirector | Grant | 1,401 | — |
| May 20, 2026 | KELLY GREEN EDITHdirector | Grant | 207 | — |
| May 20, 2026 | Caplan Deborah Hdirector | Grant | 1,401 | — |
| May 20, 2026 | GRAF ALAN B JRdirector | Grant | 1,401 | — |
| May 20, 2026 | Caplan Deborah Hdirector | Grant | 113 | — |
| May 20, 2026 | KELLY GREEN EDITHdirector | Grant | 1,401 | — |
| May 20, 2026 | Case Johndirector | Grant | 50 | — |
| May 20, 2026 | McGrath Sheila K.director | Grant | 1,401 | — |
| May 20, 2026 | FISCHER TAMARA Ddirector | Grant | 1,401 | — |
| May 20, 2026 | STOCKERT DAVID Pdirector | Grant | 1,401 | — |
| May 8, 2026 | French James Bartonofficer: EVP Investments | Sell | 350 | $130.98 |
| Apr 6, 2026 | DelPriore Robert J.officer: EVP, General Counsel | Grant | 5,093 | — |
| Apr 6, 2026 | Argo Timothyofficer: EVP, Chief Strategy & Analysis | Sell | 183 | $124.73 |
Source: MAA SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.
See the full MAA insider & 13F page →Mid-America Apartment Communities, Inc. company profile
Overview
Mid-America Apartment Communities, Inc. (NYSE:MAA) is a real estate investment trust (REIT) founded in 1977 and publicly traded since 1994. The company has evolved into one of the largest apartment owners and operators in the United States, with a strategic focus on high-growth Sunbelt markets. MAA is an S&P 500 component that owns and manages over 102,000 apartment units across 16 states and the District of Columbia, primarily concentrated in the Southeast, Southwest, and Mid-Atlantic regions. The company has built its portfolio through a combination of acquisitions, ground-up development, and strategic property improvements over nearly five decades of operation.
Business
MAA operates in the multifamily residential real estate sector, specifically focusing on apartment communities. As a Real Estate Investment Trust (REIT), the company's core business involves owning, managing, acquiring, developing, and redeveloping apartment properties. The company's primary offering is rental apartment housing across various property types, from garden-style communities to high-rise buildings. These properties typically feature one, two, and three-bedroom units with modern amenities such as fitness centers, pools, community spaces, and increasingly, smart home technology packages. MAA's portfolio spans multiple market segments, from workforce housing to higher-end luxury apartments, with average rent levels positioned approximately 20% below new high-end competing properties. Geographically, MAA concentrates on Sunbelt markets - regions experiencing strong population growth, job creation, and in-migration trends. Key markets include major metropolitan areas like Atlanta, Austin, Dallas, Houston, Orlando, Tampa, Raleigh, and Washington D.C., as well as secondary markets within these regions. This geographic focus capitalizes on demographic trends of Americans moving from higher-cost coastal areas to more affordable inland markets with growing employment opportunities. The company operates as a single business segment focused entirely on multifamily residential properties, with virtually 100% of revenue derived from apartment rental operations. MAA also engages in active development projects, typically maintaining a pipeline of $1-1.5 billion in new construction, and regularly repositions existing properties through interior renovations and technology upgrades to maintain competitive positioning and drive rent growth.
Revenue model
MAA generates revenue primarily through rental income from its apartment portfolio, operating under a straightforward landlord-tenant business model. The company collects monthly rent payments from approximately 102,000 residential units, with additional income from fees, parking, pet rent, and utility reimbursements. Revenue growth comes from two main drivers: increasing rental rates on lease renewals and new leases, and expanding the portfolio through acquisitions and development. The company's customers are individual renters and households seeking apartment housing, typically targeting working professionals, young families, and empty nesters in growing metropolitan markets. MAA's rent-to-income ratios average around 21% of tenant income, positioning the properties as affordable workforce housing rather than luxury accommodations. Several factors significantly impact MAA's profitability margins. Supply dynamics represent the most critical variable - when new apartment construction peaks in a market, it creates competitive pressure that forces rent concessions and limits pricing power. Conversely, when supply moderates, MAA can achieve positive rent growth. Employment growth and population migration in Sunbelt markets directly drive demand, as job creation attracts new residents who need housing. Interest rates affect both the company's borrowing costs for development and acquisitions, as well as the relative attractiveness of renting versus homeownership for consumers. Operating expense inflation, particularly in labor, utilities, and property taxes, can compress margins when MAA cannot immediately pass these costs through to tenants due to lease terms. However, the company benefits from economies of scale in property management and has been investing in technology and operational centralization to improve efficiency. The company's focus on markets with strong demographic tailwinds and its diversified geographic footprint help provide some insulation against localized economic downturns.
Competitive moat
MAA possesses a moderate economic moat based primarily on its strategic geographic positioning and operational scale, though the moat is not exceptionally deep due to the competitive nature of real estate markets. The company's strongest competitive advantage lies in its concentrated exposure to high-growth Sunbelt markets with favorable demographic trends. These markets benefit from business relocations, population migration from higher-cost areas, and job growth in technology, healthcare, and service sectors. MAA's early positioning in these markets, combined with local market knowledge accumulated over decades, provides some competitive advantage over new entrants. Operational scale creates meaningful advantages through economies in property management, maintenance, purchasing power for supplies and services, and access to capital markets. With over 100,000 units, MAA can spread fixed costs across a large base and negotiate better terms with vendors and contractors. The company's investment in technology platforms, centralized operations, and smart home installations creates operational efficiencies that smaller competitors struggle to replicate. However, the moat faces significant challenges. Real estate is inherently local, and MAA competes against numerous regional operators, private investors, and institutional players in each market. The company cannot prevent competitors from building new supply, which represents the primary threat to pricing power. Additionally, regulatory risks around rent control, though currently limited in MAA's markets, could emerge as political pressures increase. The cyclical nature of real estate development means that periods of oversupply are inevitable, temporarily eroding any pricing advantages. New construction technology, alternative housing models, and potential shifts in remote work patterns could disrupt traditional apartment demand. While MAA's scale and market positioning provide some protection, the company operates in a fundamentally competitive industry where barriers to entry, while meaningful, are not insurmountable.
Risks & safety
MAA maintains a strong financial position with conservative leverage and solid liquidity, though typical REIT metrics apply. **Liquidity and Debt Management:** - Strong liquidity position with approximately $1 billion in cash and available borrowing capacity - Debt-to-equity ratio of 0.84x, indicating moderate leverage typical for REITs - 94% of debt is fixed-rate with average maturity of 7 years, providing interest rate protection - Net debt-to-EBITDA ratio around 3.7x, well within conservative REIT parameters **Cash Generation:** - Consistent positive free cash flow of $124-260 million quarterly - Operating cash flow of approximately $1.1 billion annually provides substantial coverage - Minimal cash burn risk given stable rental income from diversified portfolio - Strong occupancy rates averaging 95.6% demonstrate demand stability **Valuation Metrics:** - Trading at P/E ratio of approximately 27x, reasonable for a quality REIT - EV/EBITDA of 12.7x appears fair given growth prospects and market position - Price-to-book ratio of 3.3x reflects premium to net asset value, typical for operating REITs **Other Considerations:** - Geographic diversification across 16 states reduces concentration risk - Consistent dividend payments supported by FFO generation - Development pipeline of $1.5 billion represents manageable expansion relative to balance sheet capacity
Recent development
Over the past several years, MAA has executed a comprehensive strategy focused on operational optimization, strategic development, and market positioning for the anticipated apartment market recovery cycle. The company has significantly expanded its technology initiatives, installing over 71,000 smart home packages across its portfolio and rolling out property-wide Wi-Fi services. These investments aim to differentiate MAA's properties, improve operational efficiency, and create additional revenue streams. The company has also centralized many operational functions to achieve cost savings and improve service delivery consistency. MAA's development strategy has evolved to maintain a robust pipeline while remaining disciplined about market timing. The company currently manages approximately $1.5 billion in development projects, with plans to initiate 3-4 new developments annually. Management has strategically timed these investments to deliver properties as new supply pressures moderate, expecting to achieve stabilized NOI yields of approximately 6.3% on current developments. The company has pursued an active capital recycling program, selling older properties in secondary markets while acquiring newer, lower-maintenance assets in primary growth markets. This strategy aims to improve the overall quality and efficiency of the portfolio while positioning for long-term demographic trends. Leadership transition represents a significant recent development, with Brad Hill becoming President and CEO in April 2025, while Eric Bolton transitions to Executive Chairman. This succession plan reflects the company's focus on continuity and long-term strategic execution. MAA has also expanded its interior renovation and repositioning programs, completing over 6,500 unit upgrades and achieving average rent premiums of $108 per upgraded unit. The company plans to accelerate these programs, with six additional repositioning projects planned for 2025, targeting NOI yields approaching 10% on repositioned assets.
MAA company profile · for informational purposes only — not investment advice.
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