A Business at a Glance
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MID AMERICA APARTMENT COMMUNITIES INC.
MAA
$15.7B
Mkt Cap
$133.88
+0.85%
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has a current P/E ratio of 35.4, compared to its historical median P/E of 35.0. The stock is currently considered Fair based on its historical valuation range.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has a market capitalization of $15.6B. It is classified as a large-cap stock.
Yes, MID AMERICA APARTMENT COMMUNITIES INC. (MAA) pays a dividend with a trailing twelve-month yield of 4.56%. The company also returns capital through share buybacks, with a buyback yield of 0.17%.
Based on historical P/E analysis, MID AMERICA APARTMENT COMMUNITIES INC. (MAA) appears fair. The current P/E of 35.4 is 1% above its historical median of 35.0. The estimated fair value CAGR (P/E method) is 14.1%.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
MAA is a self-administered and self-managed multifamily REIT that owns, operates, acquires, and selectively develops apartment communities primarily in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2025, the company maintained full or partial ownership of 302 apartment communities comprising 103,083 units across 16 states and the District of Columbia, with 35 communities including retail components. The company generates revenue through rental income from residents, with a business model focused on maximizing occupancy, pricing power, and operational efficiency across a diversified portfolio of garden-style, mid-rise, and high-rise properties at varying price points. MAA pursues external growth through acquisitions of stabilized properties, development of new communities through wholly-owned entities or joint ventures, and selective dispositions to rebalance its portfolio; the company also invests in property redevelopment and repositioning initiatives, including interior unit upgrades, smart home technology installation, WiFi retrofits, and amenity improvements to drive incremental rent growth. The company's competitive advantages include its significant operating platform that enables real-time information sharing and expense control, technology-driven resident engagement capabilities including 24/7 online leasing and virtual touring, and a diversified geographic and product-type portfolio designed to perform across economic cycles. MAA's customer base consists of residents seeking multifamily housing, supported by strong demand fundamentals including stable employment, wage growth, immigration, and household formation across its markets.
【Recovery accelerating through 2026】 Management expects improving operating performance in 2026 driven by moderating new supply deliveries, solid underlying demand supported by stable job growth and strong wage gains, and continued strong resident retention and collections. New lease pricing is anticipated to show gradual seasonal improvement through the second and early third quarters before moderating seasonally, with renewal pricing expected to remain strong in the 5%-5.25% range; blended lease-over-lease growth is projected at 1%-1.5% for the full year, representing a 110-160 basis point improvement compared to 2025. The company expects to accelerate redevelopment and repositioning initiatives in 2026, with expanding WiFi retrofit programs and interior unit upgrades generating incremental rent growth, while the development pipeline is expected to grow throughout the year as new projects commence construction, with anticipated stabilized NOI yields between 6%-6.5% well above current market cap rates. Management remains encouraged by declining new starts across the region, record resident retention levels, and a financially healthy resident base reflected in strong collections, positioning the company to capture improving performance and deliver meaningful shareholder value over the approaching recovery cycle.
| Metric | Target | Period |
|---|---|---|
| Core FFO per diluted share | $8.35–$8.71 | FY2026 |
| Same-store revenue growth | 0.55% | FY2026 |
| Blended rental pricing | 1%-1.5% | FY2026 |
| Renewal pricing | 5%-5.25% | FY2026 |
| Effective rent growth | 0.35% | FY2026 |
| Average occupancy | 95.6% | FY2026 |
| Same-store operating expense growth | 2.65% | FY2026 |
| Same-store NOI | -0.75% | FY2026 |
| Development funding | $350 million–$450 million | FY2026 |
| Acquisition match-funding with dispositions | $250 million | FY2026 |
| Development spend | $350 million |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.2B | 2.2B | 2.2B | 2.1B | 2.0B | 1.8B |
| Net Income | 386M | 443M | 524M | 549M | 634M | 530M |
| EPS | $3.30 | $3.78 | $4.49 | $4.71 | $5.48 | $4.61 |
| Free Cash Flow | 685M | 718M | 776M | 796M | 762M | 615M |
| ROIC | 0.0% | 7.1% | 7.7% | 6.5% | 8.2% | 7.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.19 | 1.03 | 0.80 | 0.82 | 0.74 | 0.47 |
| Dividends/Share | $6.11 | $6.08 | $5.93 | $5.67 | $4.99 | $4.16 |
| Operating Income | 0 | 633M | 698M | 703M | 782M | 701M |
| Operating Margin | 0.0% | 28.7% | 31.8% | 32.7% | 38.7% | 39.4% |
| ROE | 7.0% | 7.6% | 8.7% | 9.1% | 10.6% | 9.0% |
| Shares Outstanding | 116M | 117M | 117M | 117M | 116M | 115M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 992M | 1.0B | 1.1B | 1.5B | 1.6B | 1.6B | 1.7B | 1.8B | 2.0B | 2.1B | 2.2B | 2.2B | 2.2B |
| Gross Margin | 66.5% | 68.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 21M | 26M | 29M | 40M | 39M | 44M | 47M | 53M | 59M | 59M | 57M | 55M | 56M |
| EBIT | 230M | 288M | 275M | 482M | 395M | 534M | 422M | 701M | 782M | 703M | 698M | 633M | 0 |
| Op. Margin | 23.2% | 27.6% | 24.4% | 31.5% | 25.2% | 32.5% | 25.2% | 39.4% | 38.7% | 32.7% | 31.8% | 28.7% | 0.0% |
| Net Income | 148M | 332M | 212M | 325M | 219M | 350M | 251M | 530M | 634M | 549M | 524M | 443M | 386M |
| Net Margin | 14.9% | 31.9% | 18.8% | 21.2% | 14.0% | 21.3% | 15.0% | 29.8% | 31.4% | 25.6% | 23.9% | 20.1% | 17.4% |
| Non-Recurring | 43M | 190M | 80M | 127M | -39K | 81M | 9K | 220M | 215M | -62K | 55M | 72M | 72M |
| Returns on Capital | |||||||||||||
| ROIC | 3.6% | 4.5% | 2.5% | N/A | 4.8% | 6.3% | 4.8% | 7.9% | 8.2% | 6.5% | 7.7% | 7.1% | 0.0% |
| ROE | 5.1% | 11.1% | 3.3% | N/A | 3.4% | 5.7% | 4.2% | 9.0% | 10.6% | 9.1% | 8.7% | 7.6% | 7.0% |
| ROA | 2.2% | 4.9% | 1.8% | 362.8% | 3.8% | 3.1% | 2.2% | 4.7% | 5.6% | 4.8% | 4.5% | 3.7% | 3.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 385M | 464M | 484M | 661M | 734M | 781M | 824M | 895M | 1.1B | 1.1B | 1.1B | 1.1B | 1.0B |
| Free Cash Flow | 295M | 375M | 300M | 317M | 480M | 591M | 598M | 615M | 762M | 796M | 776M | 718M | 685M |
| Owner Earnings | 79M | 163M | 149M | 156M | 231M | 270M | 298M | 344M | 496M | 556M | 496M | 438M | 381M |
| CapEx | 90M | 88M | 184M | 344M | 255M | 190M | 226M | 280M | 296M | 341M | 322M | 360M | 346M |
| Maint. CapEx | 302M | 295M | 323M | 495M | 491M | 498M | 512M | 534M | 544M | 566M | 586M | 623M | 632M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 302M | 295M | 323M | 495M | 491M | 498M | 512M | 534M | 544M | 566M | 586M | 623M | 632M |
| CapEx/OCF | 23.4% | 19.1% | 38.0% | 52.0% | 34.7% | 38.8% | 27.4% | 31.2% | 28.0% | 30.0% | 29.4% | 33.4% | 33.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 219M | 232M | 248M | 395M | 420M | 438M | 457M | 470M | 540M | 652M | 687M | 709M | 711M |
| Dividend Yield | 6.4% | 5.6% | 3.2% | 4.6% | 5.0% | 4.1% | 4.0% | 2.8% | 3.0% | 4.3% | 4.4% | 4.2% | 4.6% |
| Share Buybacks | 465K | 958K | 2.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27M | 27M |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | 0.2% |
| Stock-Based Comp | 4.2M | 6.1M | 11M | 11M | 12M | 14M | 14M | 17M | 19M | 16M | 16M | 17M | 17M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 3.5B | 3.4B | 4.5B | 1.8B | 2.0B | 2.7B | 2.7B | 2.7B | 4.4B | 5.0B | 4.7B | 5.8B | 977M |
| Cash & Equiv. | 27M | 38M | 34M | 11M | 34M | 20M | 25M | 54M | 39M | 41M | 43M | 60M | 74M |
| Long-Term Debt | 3.5B | 3.4B | 4.5B | 1.8B | 2.0B | 2.6B | 2.7B | 2.9B | 4.4B | 4.5B | 5.0B | 5.4B | 1.0B |
| Debt/Equity | 1.22 | 1.15 | 0.70 | N/A | 0.32 | 0.44 | 0.47 | 0.47 | 0.74 | 0.82 | 0.80 | 1.03 | 0.19 |
| Interest Coverage | 1.9 | 2.4 | 2.1 | 3.1 | 2.3 | 3.0 | 2.5 | 4.5 | 5.1 | 4.7 | 4.1 | 3.4 | 3.4 |
| Equity | 2.9B | 3.0B | 6.4B | N/A | 6.1B | 6.1B | 5.9B | 6.0B | 6.0B | 6.1B | 5.9B | 5.7B | 5.5B |
| Total Assets | 6.8B | 6.8B | 11.6B | 127M | 11.3B | 11.2B | 11.2B | 11.3B | 11.2B | 11.5B | 11.8B | 12.0B | 12.0B |
| Total Liabilities | 3.8B | 3.7B | 5.0B | N/A | 4.9B | 4.9B | 5.1B | 5.1B | 5.0B | 5.2B | 5.7B | 6.1B | 6.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 414M | 472M | 528M | 584M | 616M | 645M | 684M | 730M | 629M |
| Per Share Data | |||||||||||||
| EPS | 1.97 | 4.41 | 1.86 | 2.86 | 1.93 | 3.07 | 2.19 | 4.61 | 5.48 | 4.71 | 4.49 | 3.78 | 3.30 |
| Owner EPS | 1.06 | 2.16 | 1.31 | 1.37 | 2.03 | 2.37 | 2.60 | 2.99 | 4.29 | 4.77 | 4.25 | 3.74 | 3.28 |
| Book Value | 38.48 | 39.71 | 56.33 | N/A | 54.15 | 53.21 | 51.17 | 51.88 | 51.93 | 52.27 | 50.93 | 48.30 | 47.62 |
| Cash Flow/Share | 5.13 | 6.15 | 4.26 | 5.82 | 6.46 | 6.85 | 7.18 | 7.78 | 9.15 | 9.75 | 9.41 | 9.20 | 8.75 |
| Dividends/Share | 2.92 | 3.08 | 3.33 | 3.53 | 3.73 | 3.88 | 4.03 | 4.16 | 4.99 | 5.67 | 5.93 | 6.08 | 6.11 |
| Shares Out. | 75.1M | 75.3M | 113.7M | 113.5M | 113.6M | 114.0M | 114.7M | 115.0M | 115.6M | 116.6M | 116.7M | 117.3M | 116.4M |
| Valuation | |||||||||||||
| P/E Ratio | 25.9 | 14.5 | 37.2 | 26.4 | 38.3 | 34.0 | 47.4 | 41.8 | 24.6 | 26.4 | 32.5 | 36.0 | 40.5 |
| P/FCF | 13.0 | 12.8 | 26.2 | 26.9 | 17.5 | 20.2 | 19.9 | 36.0 | 20.4 | 18.2 | 21.9 | 22.3 | 22.7 |
| EV/EBIT | 24.9 | 24.0 | 40.1 | 25.3 | 31.3 | 682.8 | 37.8 | 772.3 | N/A | 595.7 | 30.9 | N/A | N/A |
| Price/Book | 1.3 | 1.6 | 1.2 | 1.4 | 1.4 | 2.0 | 2.0 | 3.7 | 2.6 | 2.4 | 2.9 | 2.8 | 2.8 |
| Price/Sales | 3.5 | 3.9 | 6.9 | 5.6 | 5.3 | 6.5 | 6.7 | 9.4 | 9.0 | 7.0 | 7.1 | 7.6 | 7.0 |
| FCF Yield | 7.7% | 7.8% | 3.8% | 3.7% | 5.7% | 5.0% | 5.0% | 2.8% | 4.9% | 5.5% | 4.6% | 4.5% | 4.4% |
| Market Cap | 3.8B | 4.8B | 7.9B | 8.6B | 8.4B | 11.9B | 11.9B | 22.1B | 15.6B | 14.5B | 17.0B | 16.0B | 15.6B |
| Avg. Price | 45.93 | 54.56 | 68.53 | 75.66 | 73.54 | 93.97 | 98.57 | 145.08 | 156.92 | 129.86 | 133.70 | 143.62 | 133.88 |
| Year-End Price | 50.96 | 63.97 | 69.26 | 75.16 | 73.91 | 104.49 | 103.88 | 192.54 | 134.79 | 124.19 | 145.90 | 136.25 | 133.88 |
MID AMERICA APARTMENT COMMUNITIES INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
MID AMERICA APARTMENT COMMUNITIES INC. trades at 35.4x trailing earnings, compared to its 15-year median P/E of 35.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.8x vs a median of 21.2x. The company's 5-year average ROIC is 7.5%. Total shareholder yield (dividends + buybacks) is 4.7%. At current prices, the estimated annualized return to fair value is +7.9%.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) reported annual revenue of $2.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has a net profit margin of 20.1%. This is a strong margin indicating high profitability.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) generated $718 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has a debt-to-equity ratio of 1.03. This indicates moderate leverage.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) reported earnings per share (EPS) of $3.78 in its most recent fiscal year.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has a return on equity (ROE) of 7.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 18 years of financial data for MID AMERICA APARTMENT COMMUNITIES INC. (MAA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has a book value per share of $48.30, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects improving operating performance in 2026 driven by moderating new supply deliveries, solid underlying demand supported by stable job growth and strong wage gains, and continued strong resident retention and collections. New lease pricing is anticipated to show gradual seasonal improvement through the second and early third quarters before moderating seasonally, with renewal pricing expected to remain strong in the 5%-5.25% range; blended lease-over-lease growth is projected at 1%-1.5% for the full year, representing a 110-160 basis point improvement compared to 2025. The company expects to accelerate redevelopment and repositioning initiatives in 2026, with expanding WiFi retrofit programs and interior unit upgrades generating incremental rent growth, while the development pipeline is expected to grow throughout the year as new projects commence construction, with anticipated stabilized NOI yields between 6%-6.5% well above current market cap rates. Management remains encouraged by declining new starts across the region, record resident retention levels, and a financially healthy resident base reflected in strong collections, positioning the company to capture improving performance and deliver meaningful shareholder value over the approaching recovery cycle.
Based on recent SEC filings and earnings calls, MID AMERICA APARTMENT COMMUNITIES INC. (MAA) has provided the following forward guidance: Core FFO per diluted share: $8.35–$8.71 (FY2026); Same-store revenue growth: 0.55% (FY2026); Blended rental pricing: 1%-1.5% (FY2026); Renewal pricing: 5%-5.25% (FY2026); Effective rent growth: 0.35% (FY2026), plus 6 additional metrics.
| FY2026 |
Core FFO per diluted share (FY2026): “Core FFO for 2026 is projected to be $8.35-$8.71 or $8.53 per share at the midpoint.”
Same-store revenue growth (FY2026): “Projected 2026 same-store revenue growth midpoint of 0.55% results from a rental pricing earn-in of -0.2% and improvement compared to 2025's earn-in, combined with a blended rental pricing expectation in the range of 1%-1.5% for the year.”
Blended rental pricing (FY2026): “combined with a blended rental pricing expectation in the range of 1%-1.5% for the year.”
Renewal pricing (FY2026): “Renewal pricing is expected to remain strong and in the 5%-5.25% range throughout the year.”
Effective rent growth (FY2026): “For the Same-store portfolio, we expect effective rent growth to be approximately 0.35% at the midpoint of our range”
Average occupancy (FY2026): “occupancy to average 95.6% at the midpoint”
Same-store operating expense growth (FY2026): “Same-store operating expenses are projected to grow at a midpoint of 2.65% for the year.”
Same-store NOI (FY2026): “results in a projected decline in Same-store NOI of 0.75% at the midpoint.”