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Mid-America Apartment
(NYSE:MAA)
Mid-America Apartment (MAA) vs. SPDR S&P 500 ETF (SPY)
Mid-America Apartment Business Overview & Revenue Model
Mid-America Apartment Key Performance Indicators (KPIs)
Calculates income after operating expenses, revealing profitability and financial health across different segments. It’s a key indicator of property performance and management efficiency.
The FlyMid-America Apartment Earnings Call Summary
Mid-America Apartment Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.21B | 2.19B | 2.15B | 2.02B | 1.78B |
| Gross Profit | 703.07M | 713.27M | 747.48M | 687.71M | 517.75M |
| EBITDA | 1.32B | 1.30B | 1.29B | 1.35B | 1.25B |
| Net Income | 446.91M | 527.54M | 552.81M | 637.44M | 533.79M |
Balance Sheet | |||||
| Total Assets | 11.98B | 11.81B | 11.48B | 11.24B | 11.29B |
| Cash, Cash Equivalents and Short-Term Investments | 106.66M | 43.02M | 41.31M | 38.66M | 54.30M |
| Total Debt | 5.41B | 5.01B | 4.57B | 4.44B | 4.52B |
| Total Liabilities | 6.14B | 5.66B | 5.19B | 5.03B | 5.10B |
| Stockholders Equity | 5.68B | 5.96B | 6.11B | 6.03B | 6.00B |
Cash Flow | |||||
| Free Cash Flow | 717.94M | 775.92M | 795.96M | 762.30M | 383.69M |
| Operating Cash Flow | 1.08B | 1.10B | 1.14B | 1.06B | 894.97M |
| Investing Cash Flow | -690.22M | -825.50M | -775.26M | -405.24M | -253.59M |
| Financing Cash Flow | -370.74M | -271.12M | -367.90M | -722.77M | -546.40M |
Mid-America Apartment Technical Analysis
Mid-America Apartment Risk Analysis
Mid-America Apartment Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $16.56B | 11.27 | 19.27% | 6.34% | -20.69% | 330.60% | |
69 Neutral | $16.66B | 25.08 | 12.02% | 3.98% | 6.92% | 53.76% | |
68 Neutral | $15.14B | 36.36 | 7.64% | 4.42% | 0.91% | 6.55% | |
66 Neutral | $10.32B | 26.26 | 6.35% | 3.81% | 7.63% | 23.16% | |
66 Neutral | $13.90B | 19.02 | 8.50% | 3.90% | 1.41% | -21.93% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $15.23B | 28.97 | 6.10% | 4.30% | 6.82% | 27.91% |
Mid-America Apartment Corporate Events
On February 27, 2026, Mid-America Apartments, L.P. issued and sold an additional $200 million of 4.650% Senior Notes due January 15, 2033, under an existing indenture originally dated May 9, 2017 and supplemented on November 10, 2025. These new notes form a single, fungible series with the $400 million of 4.650% Senior Notes due 2033 issued on November 10, 2025, sharing the same CUSIP and terms, with interest payable semi-annually each January 15 and July 15 starting July 15, 2026.
The notes, which bear a fixed 4.650% coupon, may be redeemed at the issuer’s option before November 15, 2032 with a make-whole premium, or at par plus accrued interest on or after that date, providing Mid-America Apartments with balance-sheet flexibility. Standard event-of-default provisions apply, including payment, covenant, and bankruptcy-related defaults, under which the entire principal may be accelerated, highlighting typical bondholder protections in the partnership’s capital structure.
The most recent analyst rating on (MAA) stock is a Hold with a $145.00 price target. To see the full list of analyst forecasts on Mid-America Apartment stock, see the MAA Stock Forecast page.
Mid-America Apartment Communities is highlighting its position as a long-tenured, multifamily REIT with approximately $22 billion in total capitalization, investment‑grade credit ratings and a development pipeline of about $1 billion as of December 31, 2025. The company underscores a track record of outperformance, including a 10-year compounded annual total shareholder return of 8% that exceeds key apartment REIT peers, relatively stable same‑store NOI growth through past downturns and Core FFO per share expected to grow at an average annual rate of 4.8% in 2026.
In materials to be presented at the 2026 Citi Global Property CEO Conference from March 1–4, 2026, MAA outlines how strong demand drivers in its Sunbelt footprint, declining new supply, and tech‑enabled development and redevelopment initiatives are intended to support continued full‑cycle outperformance. The presentation also emphasizes the company’s conservative capital structure, balance‑sheet capacity to fund growth and a sustainability program aligned with its mission to grow value and deliver consistent returns to shareholders, signaling confidence in its competitive positioning despite macroeconomic and sector risks.
The most recent analyst rating on (MAA) stock is a Hold with a $145.00 price target. To see the full list of analyst forecasts on Mid-America Apartment stock, see the MAA Stock Forecast page.
On February 25, 2026, Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, Inc., priced a $200 million public offering of 4.650% senior unsecured notes due January 15, 2033, under its existing shelf registration. The notes are being issued as additional securities to the $400 million 4.650% senior notes sold in November 2025, sharing the same terms, series and CUSIP, and were priced at 100.237% of principal with a reoffer yield of 4.606%.
The transaction, expected to close on February 27, 2026 subject to customary conditions, is structured to bolster MAA’s balance sheet flexibility by refinancing shorter-term borrowings. MAALP plans to use the net proceeds primarily to repay outstanding unsecured commercial paper, with any remaining funds earmarked for general corporate purposes, including potential debt repayment and investment in apartment community acquisitions, development and redevelopment.
J.P. Morgan, Citigroup, PNC Capital Markets, TD Securities (USA) and Wells Fargo Securities served as joint book-running managers on the deal, underscoring strong access to capital markets for the multifamily REIT sector. The add-on issuance extends MAA’s fixed-rate debt profile at an investment-grade coupon and supports continued capital deployment into its core Sun Belt multifamily portfolio, which may influence leverage metrics and interest expense for existing stakeholders.
The most recent analyst rating on (MAA) stock is a Hold with a $148.00 price target. To see the full list of analyst forecasts on Mid-America Apartment stock, see the MAA Stock Forecast page.
Mid-America Apartment Communities, Inc. has filed an updated description of the material U.S. federal income tax considerations associated with its status as a real estate investment trust and with the ownership and disposition of its common and preferred stock, replacing prior inconsistent tax disclosures, including those filed on February 14, 2025. The updated tax discussion, reviewed by Bass, Berry & Sims PLC, outlines the conditions for maintaining REIT qualification, the circumstances under which the company could incur various federal taxes despite REIT status, and highlights the complexity and potential penalties tied to compliance, underscoring the ongoing tax and regulatory risks for investors and the company’s operations.
The most recent analyst rating on (MAA) stock is a Hold with a $148.00 price target. To see the full list of analyst forecasts on Mid-America Apartment stock, see the MAA Stock Forecast page.
On January 26, 2026, Mid-America Apartment Communities, Inc. and its subsidiary agreed to settle their involvement in a consolidated class action antitrust lawsuit alleging that RealPage and roughly 50 major multifamily landlords conspired to inflate apartment rents through revenue management software. The company will contribute $53 million to a settlement fund, payable in two installments beginning no earlier than March 2, 2026, to resolve all related claims, subject to court approval, and has also agreed to certain prospective commitments around use and disclosure of nonpublic data and revenue management tools that it says align with its current practices and should not materially alter operations. Mid-America will increase its loss contingency reserve to $62.5 million in its 2025 year-end financials to cover the settlement and related legal costs, but says the charge will not affect 2025 Core Funds from Operations or Funds Available for Distribution, does not expect any material impact on liquidity, leverage, credit rating, dividend policy or capital allocation plans, and believes the settlement reduces significant legal uncertainty and risk associated with complex antitrust litigation while allowing management to remain focused on its core apartment business.
The most recent analyst rating on (MAA) stock is a Buy with a $150.00 price target. To see the full list of analyst forecasts on Mid-America Apartment stock, see the MAA Stock Forecast page.
On January 20, 2026, MAA announced the taxable composition of its 2025 dividend distributions for both its common stock and 8.5% Series I cumulative redeemable preferred stock, stating that no portion of the 2025 distributions is expected to constitute a return of capital and that the company incurred no foreign taxes. The company detailed that nearly all 2025 distributions are classified as ordinary taxable income with a small portion treated as long-term capital gain, and said the information, based on preliminary tax work and released to assist shareholders and 1099 preparers, is not expected to change materially, providing clarity on the tax treatment of its payouts for investors and intermediaries.
The most recent analyst rating on (MAA) stock is a Buy with a $150.00 price target. To see the full list of analyst forecasts on Mid-America Apartment stock, see the MAA Stock Forecast page.
On December 8, 2025, Mid-America Apartment will release a presentation to investors detailing its strategic positioning and financial outlook. The company highlights its strong demand dynamics, declining supply impact, and superior long-term shareholder returns. MAA’s focus on high-growth Sunbelt markets and its ability to capture positive in-migration trends are key to its continued success. The presentation also addresses potential risks, including economic conditions and competition, while emphasizing MAA’s resilience and strategic initiatives to maintain its REIT status and deliver value to stakeholders.
The most recent analyst rating on (MAA) stock is a Buy with a $145.00 price target. To see the full list of analyst forecasts on Mid-America Apartment stock, see the MAA Stock Forecast page.