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Mid-America Apartment
(NYSE:MAA)
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Rating:60Neutral
Price Target:
$140.00
â–²(4.57% Upside)
Action:Downgraded
Date:07/31/26
MAA’s score reflects solid but recently weakening fundamentals (TTM revenue/cash-flow pressure and rising leverage) balanced by a constructive earnings-call read-through where management maintained full-year core FFO guidance via expense discipline and operational initiatives. Valuation is a headwind due to a high P/E despite a supportive ~4.6% dividend yield, while technicals appear neutral with the stock trading near key moving averages. Weights used: Financial Performance 0.45, Technical Analysis 0.20, Valuation 0.15, Earnings Call 0.20, Corporate Events 0.00.
Positive Factors
Leasing and resident health
Improving leasing metrics, high occupancy and very low delinquency support stable, recurring rental cash flows over months. Strong renewal performance and lower turnover reduce volatility in revenue and collections, improving predictability of FFO and ability to fund capex and dividends.
Negative Factors
Operating cash flow deterioration
A notable TTM decline in operating cash conversion and FCF weakens the firm’s internal funding for dividends, maintenance capex and development. Persistently weaker cash flow would force heavier reliance on debt or asset dispositions, reducing financial resilience over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing and resident health
Improving leasing metrics, high occupancy and very low delinquency support stable, recurring rental cash flows over months. Strong renewal performance and lower turnover reduce volatility in revenue and collections, improving predictability of FFO and ability to fund capex and dividends.
Read all positive factors
Mid-America Apartment Key Performance Indicators (KPIs)
Any
Net Operating Income By Segment
Calculates income after operating expenses, revealing profitability and financial health across different segments. It’s a key indicator of property performance and management efficiency.
Calculates income after operating expenses, revealing profitability and financial health across different segments. It’s a key indicator of property performance and management efficiency.
Data provided by:
The Fly
The FlyMid-America Apartment (MAA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.91B
Dividend Yield4.61%
Average Volume (3M)983.69K
Price to Earnings (P/E)38.7
Beta (1Y)0.38
Revenue Growth0.85%
EPS Growth-29.53%
CountryUS
Employees2,507
SectorGeneral
Sector StrengthN/A
IndustryREIT - Residential
Share Statistics
EPS (TTM)3.42
Shares Outstanding116,384,800
10 Day Avg. Volume1,052,796
30 Day Avg. Volume983,687
Financial Highlights & Ratios
PEG Ratio-2.35
Price to Book (P/B)2.86
Price to Sales (P/S)7.36
P/FCF Ratio22.63
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$143.06Price Target Upside6.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering19
EPS Forecast (FY)3.43
Revenue Forecast (FY)$2.24B
Mid-America Apartment Business Overview & Revenue Model
Company Description
Mid-America Apartment Communities, known as MAA, is a prominent S&P 500 entity operating as a Real Estate Investment Trust (REIT). Its core objective is to generate outstanding, comprehensive investment returns for its shareholders. MAA achieves t...
How the Company Makes Money
MAA makes money primarily by generating recurring rental income from leasing apartments in its owned and operated communities. Its core revenue stream is residential lease revenue (monthly rent) paid by tenants, which depends on occupancy levels, ...
Mid-America Apartment Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational strengths — expense control, strong resident fundamentals (low delinquency, improved rent-to-income), robust renovation returns, accelerating leasing momentum (sequential improvement in blends and renewals), meaningful Wi‑Fi monetization, and a well-funded development pipeline — which collectively offset near-term revenue and market-specific headwinds. Management slightly lowered revenue and occupancy expectations for the year due to slower-than-expected new-lease recovery in several high-supply markets, but maintained full-year core FFO guidance by leveraging expense savings and non-same-store contributions. Balance sheet and liquidity are strong, and the company remains focused on disciplined capital allocation (development, targeted redevelopments, measured buybacks). Overall, the positives (broad-based improvement, cost control, high-return programs) outweigh the localized supply-driven challenges.Positive Updates
Core FFO Outperformance
Reported core FFO of $2.08 per diluted share for Q2, $0.02 above guidance; maintained full-year core FFO midpoint of $8.53 despite revenue guidance adjustments.
Negative Updates
Slower New-Lease Recovery in High-Supply Markets
Pace of recovery in new-resident lease rates slower than management desired due to cautious consumer sentiment and still-elevated new supply in several high-concentration markets; new lease recovery lags though showing sequential improvement (new lease-over-lease growth improved 170 basis points sequentially from Q1).
Read all updates
Q2-2026 Updates
Positive
Negative
Core FFO Outperformance
Reported core FFO of $2.08 per diluted share for Q2, $0.02 above guidance; maintained full-year core FFO midpoint of $8.53 despite revenue guidance adjustments.
Read all positive updates
Company Guidance
MAA maintained its full‑year core FFO guidance (midpoint $8.53/share) after reporting Q2 core FFO of $2.08/share (+$0.02 vs. guidance), driven by tight cost control (Q2 same‑store operating expense growth +80 bps YoY; same‑store expense favorability ~$0.015/sh; total same‑store expense guidance ~+1.75% for the year) and a ~$0.01/sh contribution from non‑same‑store NOI; revenue pacing shows YTD blended +0.3% through June with a full‑year blended target of roughly +50 bps (back half ~+0.6%) and an unusual expectation that Q3 blended will be better than Q2, supported by new lease‑over‑lease improvement +170 bps sequentially, blended +100 bps QoQ (+20 bps YoY), renewal lease‑over‑lease +5.2%, turnover 39.6%, renewal rate improvement +50 bps YoY, rent‑to‑income 18%, net delinquency 0.3% of billed rents, and Q2 absorption 1.8x deliveries (July occupancy ~95.4%); development and growth metrics include $81M funded in Q2, a $598M pipeline at 6/30 ( ~$804M with recent starts) with $237M remaining (targeting ≈$1B pipeline), 2,012 interior unit upgrades in Q2 (3,500 YTD) at $5,130/unit with a $110/month rent lift and ~25% cash‑on‑cash return (vs. 19% expected), Wi‑Fi live at 28 properties (adding 38) with revenue rising $500K→$850K QoQ, and balance sheet/capital actions of $880M+ cash/borrow capacity, net debt/EBITDA 4.5x, average debt maturity 6 years at a 3.9% effective rate, repurchased 383k shares for $50M at $130.66, a $350M delayed‑draw term loan ($100M drawn), expectation of >$25M incremental 2026 NOI from non‑same‑store assets, and insurance premiums down >12% on renewal (≈6% full‑year insurance cost decline).Mid-America Apartment Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
60
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.22B | 2.21B | 2.19B | 2.15B | 2.02B | 1.78B |
| Gross Profit | 1.05B | 703.07M | 713.27M | 747.48M | 687.71M | 517.75M |
| EBITDA | 1.26B | 1.32B | 1.30B | 1.29B | 1.35B | 1.25B |
| Net Income | 403.22M | 446.91M | 527.54M | 552.81M | 637.44M | 533.79M |
Balance Sheet | ||||||
| Total Assets | 11.99B | 11.98B | 11.81B | 11.48B | 11.24B | 11.29B |
| Cash, Cash Equivalents and Short-Term Investments | 51.84M | 106.66M | 43.02M | 41.31M | 38.66M | 54.30M |
| Total Debt | 5.69B | 5.41B | 5.01B | 4.57B | 4.44B | 4.52B |
| Total Liabilities | 6.39B | 6.14B | 5.66B | 5.19B | 5.03B | 5.10B |
| Stockholders Equity | 5.43B | 5.68B | 5.96B | 6.11B | 6.03B | 6.00B |
Cash Flow | ||||||
| Free Cash Flow | 331.44M | 717.94M | 775.92M | 795.96M | 762.30M | 383.69M |
| Operating Cash Flow | 530.13M | 1.08B | 1.10B | 1.14B | 1.06B | 894.97M |
| Investing Cash Flow | -727.65M | -690.22M | -825.50M | -775.26M | -405.24M | -253.59M |
| Financing Cash Flow | -286.12M | -370.74M | -271.12M | -367.90M | -722.77M | -546.40M |
Mid-America Apartment Technical Analysis
Negative
133.88
Price Trends
133.79
Negative
128.95
Positive
129.25
Positive
Market Momentum
-0.32
Positive
49.90
Neutral
29.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAA, the sentiment is Negative. The current price of 133.88 is below the 20-day moving average (MA) of 134.30, above the 50-day MA of 133.79, and above the 200-day MA of 129.25, indicating a neutral trend. The MACD of -0.32 indicates Positive momentum. The RSI at 49.90 is Neutral, neither overbought nor oversold. The STOCH value of 29.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MAA.
Mid-America Apartment Risk Analysis
Mid-America Apartment disclosed 44 risk factors in its most recent earnings report. Mid-America Apartment reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mid-America Apartment Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $15.16B | -17.46 | -13.07% | 3.55% | -21.07% | -169.14% | |
68 Neutral | $18.73B | 74.58 | 4.33% | 3.52% | 4.74% | -48.36% | |
67 Neutral | $17.63B | 27.27 | 7.08% | 4.00% | 5.16% | 24.70% | |
66 Neutral | $11.95B | 26.52 | 6.75% | 3.78% | 3.97% | 13.79% | |
64 Neutral | $15.32B | 36.69 | 7.80% | 3.71% | 0.77% | 111.56% | |
60 Neutral | $15.91B | 38.70 | 7.46% | 4.56% | 0.85% | -29.53% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
MAA
Mid-America Apartment
132.34
-1.31
-0.98%
SUI
Sun Communities
123.48
3.41
2.84%
ESS
Essex Property
284.14
37.26
15.09%
CPT
Camden Property
110.81
8.05
7.83%
AMH
American Homes
33.42
-0.39
-1.14%
INVH
Invitation Homes
29.72
0.67
2.29%
Mid-America Apartment Corporate Events
Business Operations and StrategyFinancial Disclosures
Mid-America Apartment Updates 2026 Same Store NOI Guidance
Negative
Jul 30, 2026
On July 29, 2026, Mid-America Apartment Communities reported its consolidated operating results and financial condition as of June 30, 2026, covering the three- and six-month periods then ended. Alongside these results, the company updated its 202...
Business Operations and StrategyPrivate Placements and Financing
Mid-America Apartment Secures New $350 Million Term Loan
Positive
Jun 25, 2026
On June 22, 2026, Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, Inc., entered into a new unsecured delayed draw term loan facility of up to $350 million arranged by a syndicate of major banks. The co...
Business Operations and StrategyStock BuybackFinancial Disclosures
Mid-America Apartment Highlights Growth, Buybacks at REITweek
Positive
Jun 1, 2026
Mid-America Apartment Communities outlined its investor presentation for Nareit REITweek, highlighting steady operational momentum as of late May 2026, with blended rents at their highest level in nearly two years and notable improvements in May n...
Executive/Board ChangesShareholder Meetings
Mid-America Apartment Shareholders Back Board and Pay Plans
Positive
May 20, 2026
Mid-America Apartment Communities reported the results of its 2026 Annual Meeting of Shareholders held on May 19, 2026, where investors voted on board elections, executive pay, and the company’s external auditor. All nine director nominees w...
Business Operations and StrategyFinancial Disclosures
Mid-America Apartment Highlights 2026 Core FFO Growth Outlook
Positive
May 4, 2026
Mid-America Apartment Communities (MAA) is a long-standing multifamily REIT with roughly 105,000 apartment units concentrated in high-growth Sunbelt markets and a public track record exceeding three decades. The SP 500 member maintains investment-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.