Mid-America Apartment Communities (MAA)
NYSE:MAA
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Mid-America Apartment
(NYSE:MAA)
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Rating:68Neutral
Price Target:
$148.00
â–²(17.38% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by solid financial performance (steady revenue and cash generation) but tempered by margin/earnings pressure and rising leverage. Earnings call guidance was mixed—strong operating metrics and long-term pipeline economics offset by a 2026 same-store NOI decline, higher interest expense, and slightly lower FFO guidance. Technicals are neutral and valuation is held back by a high P/E despite a supportive dividend yield.
Positive Factors
Consistent cash generation
MAA generates steady operating cash flow and positive free cash flow, with sharp FCF improvement in 2025. Durable cash conversion supports dividends, development funding, share repurchases and liquidity flexibility, providing structural resilience through economic and rate cycles.
Negative Factors
Rising leverage
Leverage has climbed materially over recent years, nearing 1.0 debt-to-equity. For a rate-sensitive residential REIT, higher gearing increases vulnerability to rising rates, reduces optionality for opportunistic investments, and raises refinancing and covenant risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
MAA generates steady operating cash flow and positive free cash flow, with sharp FCF improvement in 2025. Durable cash conversion supports dividends, development funding, share repurchases and liquidity flexibility, providing structural resilience through economic and rate cycles.
Read all positive factors
Mid-America Apartment (MAA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.11B
Dividend Yield4.42%
Average Volume (3M)919.74K
Price to Earnings (P/E)36.4
Beta (1Y)0.48
Revenue Growth0.91%
EPS Growth6.55%
CountryUS
Employees2,532
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.48
Shares Outstanding116,901,020
10 Day Avg. Volume832,410
30 Day Avg. Volume919,735
Financial Highlights & Ratios
PEG Ratio-2.33
Price to Book (P/B)2.86
Price to Sales (P/S)7.36
P/FCF Ratio22.63
Enterprise Value/Market Cap1.33
Enterprise Value/Revenue9.09
Enterprise Value/Gross Profit28.57
Enterprise Value/Ebitda15.23
Forecast
1Y Price Target
$143.41Price Target Upside13.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)3.37
Revenue Forecast (FY)$2.25B
Mid-America Apartment Business Overview & Revenue Model
Company Description
MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apa...
How the Company Makes Money
MAA generates revenue primarily through the leasing of apartment units to residents, which constitutes its core business model. The company's key revenue streams include rental income from both residential leases and ancillary income from services...
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 Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic outlook: operations show steady fundamentals with occupancy, renewal pricing, record resident scores and low delinquencies supporting resilience. Management emphasizes a strong balance sheet, a $932M development pipeline with attractive underwritten yields (6.0%–6.5%), and strategic investments (renovations, common-area repositioning) that have demonstrated high returns (19% cash-on-cash, >10% NOI yields on amenity projects). Near-term headwinds remain—muted new-lease growth, prolonged lease-up concessions, projected same-store NOI decline (-0.75% midpoint), higher interest expense (+15%+), and slightly lower core FFO guidance versus 2025 (-~2.4% at midpoint). Overall, the positives around balance sheet strength, improving blends, strong renewal performance and long-term development economics modestly outweigh near-term operational and financing pressures, supporting a positive, constructive outlook for recovery through 2026 and into 2027.Positive Updates
Core FFO Results and Guidance
Q4 core FFO of $2.23 per diluted share, in line with the midpoint of Q4 guidance; full-year 2025 core FFO of $8.74 per share. 2026 core FFO guidance of $8.35 to $8.71 per share ($8.53 midpoint).
Negative Updates
Muted New Lease Growth and Seasonality
New lease growth was muted in Q4 with flat new lease rates year-over-year; management expects new lease pricing pressure, particularly in H1 2026, with seasonal improvement backloaded into summer and later quarters.
Read all updates
Q4-2025 Updates
Positive
Negative
Core FFO Results and Guidance
Q4 core FFO of $2.23 per diluted share, in line with the midpoint of Q4 guidance; full-year 2025 core FFO of $8.74 per share. 2026 core FFO guidance of $8.35 to $8.71 per share ($8.53 midpoint).
Read all positive updates
Company Guidance
MAA guided 2026 core FFO of $8.35–$8.71 per diluted share (midpoint $8.53) with same-store revenue growth midpoint of 0.55% (rental pricing earn‑in -0.2%, blended rental pricing 1.0–1.5%), renewal pricing expected at 5.0–5.25%, effective rent growth ~0.35% at the midpoint, and average occupancy guidance of 95.6%; other revenue is expected to grow just over 2% while same‑store operating expenses are projected to rise ~2.65% (personnel <2%), producing a midpoint same‑store NOI decline of ~0.75%, plus a $0.19 NOI contribution from non‑same‑store assets. Management plans $350–$450M of external growth funded with debt and internal cash flow, will match‑fund $250M of acquisitions with dispositions, and expects 5–7 new developments to begin in 2026 (active pipeline $932M; ~$81M funded in Q4, ~$306M remaining to fund over the next 3 years) with stabilized NOI yields of 6.0–6.5% (common‑area projects averaging >10% NOI yield); balance sheet metrics include $880M combined cash/credit capacity, net debt/EBITDA ~4.3x, ~87% of debt fixed with 6.4‑year average maturity at a 3.8% effective rate (including a $400M 7‑yr issuance at ~4.75%), planned refinancing of $300M maturing Sep‑2026, expected incremental interest expense >$0.05 and total interest expense up >15%, a modestly dilutive 2026 FFO impact from recent developments/acquisitions that should turn accretive after stabilization, a repurchase of 207,000 shares at $131.61 in Q4, and an expectation to exclude Winter Storm Fern impacts from core FFO as insurance proceeds are recovered.Mid-America Apartment Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| 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
Neutral
126.09
Price Trends
129.93
Negative
131.64
Negative
134.81
Negative
Market Momentum
-1.76
Negative
49.99
Neutral
84.51
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAA, the sentiment is Neutral. The current price of 126.09 is above the 20-day moving average (MA) of 124.18, below the 50-day MA of 129.93, and below the 200-day MA of 134.81, indicating a neutral trend. The MACD of -1.76 indicates Negative momentum. The RSI at 49.99 is Neutral, neither overbought nor oversold. The STOCH value of 84.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $15.84B | 11.27 | 19.27% | 6.34% | -20.69% | 330.60% | |
69 Neutral | $16.79B | 25.08 | 12.02% | 3.98% | 6.92% | 53.76% | |
68 Neutral | $15.11B | 36.36 | 7.64% | 4.42% | 0.91% | 6.55% | |
66 Neutral | $10.70B | 23.32 | 6.35% | 3.81% | 7.63% | 23.16% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $14.12B | 31.03 | 8.50% | 3.90% | 1.41% | -21.93% | |
64 Neutral | $15.73B | 28.97 | 6.10% | 4.30% | 6.82% | 27.91% |
* Real Estate Sector Average
MAA
Mid-America Apartment
126.09
-25.21
-16.66%
SUI
Sun Communities
128.62
15.00
13.20%
ESS
Essex Property
251.90
-9.56
-3.65%
CPT
Camden Property
102.27
-5.05
-4.71%
AMH
American Homes
29.40
-4.38
-12.96%
INVH
Invitation Homes
25.81
-5.13
-16.59%
Mid-America Apartment Corporate Events
Private Placements and Financing
Mid-America Apartment Issues Additional 2033 Senior Notes
Neutral
Feb 27, 2026
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 no...
Business Operations and StrategyFinancial Disclosures
Mid-America Apartment Highlights Growth Outlook at Citi Conference
Positive
Feb 27, 2026
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 D...
Business Operations and StrategyPrivate Placements and Financing
Mid-America Apartment Prices Add-On Senior Notes Offering
Positive
Feb 25, 2026
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 registr...
Business Operations and StrategyRegulatory Filings and Compliance
Mid-America Apartment Updates REIT Federal Tax Disclosures
Neutral
Feb 13, 2026
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 p...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Mid-America Apartment Communities Reaches Major Antitrust Settlement
Negative
Jan 28, 2026
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 infl...
DividendsFinancial Disclosures
Mid-America Apartment Announces 2025 Dividend Tax Composition
Neutral
Jan 20, 2026
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 const...
Business Operations and StrategyFinancial Disclosures
Mid-America Apartment Investor Presentation Release
Positive
Dec 8, 2025
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 share...
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.