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Mid-America Apartment
(NYSE:MAA)
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Rating:68Neutral
Price Target:
$147.00
â–²(14.90% Upside)
Action:Reiterated
Date:06/26/26
The score is driven primarily by solid but mixed financial performance: strong profitability and revenue rebound are tempered by higher leverage and softening free cash flow. Technicals are constructive with price supported above key averages and moderate momentum. Valuation is the main drag due to a high P/E despite an attractive dividend yield, while the earnings call adds support via reaffirmed guidance, a modest FFO beat, and signs of improving leasing momentum amid ongoing supply/concession headwinds.
Positive Factors
Scale in Sunbelt markets
MAA's ~105,000-unit Sunbelt-focused portfolio provides significant scale and exposure to faster-growing metros. That concentration enables operating efficiencies, stronger demand fundamentals, redevelopment economics and diversified cash flow sources, supporting durable rental income and lower volatility.
Negative Factors
Rising leverage
Leverage rising to ~1.02 debt-to-equity and net debt/EBITDA of 4.5x increases interest-rate and refinancing sensitivity. Higher leverage narrows financial flexibility, can raise financing costs if markets shift, and constrains the firm's ability to fund discretionary growth or buybacks during stress periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale in Sunbelt markets
MAA's ~105,000-unit Sunbelt-focused portfolio provides significant scale and exposure to faster-growing metros. That concentration enables operating efficiencies, stronger demand fundamentals, redevelopment economics and diversified cash flow sources, supporting durable rental income and lower volatility.
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
$16.97B
Dividend Yield4.42%
Average Volume (3M)970.69K
Price to Earnings (P/E)43.1
Beta (1Y)0.37
Revenue Growth0.77%
EPS Growth-31.36%
CountryUS
Employees2,532
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)3.30
Shares Outstanding116,384,800
10 Day Avg. Volume1,124,457
30 Day Avg. Volume970,687
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 Cap1.24
Enterprise Value/Revenue9.53
Enterprise Value/Gross Profit24.07
Enterprise Value/Ebitda17.16
Forecast
1Y Price Target
$140.53Price Target Upside9.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)3.41
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed cautious optimism: operations showed clear strengths (occupancy at 95.5%, low delinquencies, expense control, sequential improvement in lease pricing, strong renovation economics, solid liquidity and a sizable development pipeline). However, persistent supply pressure in several markets (notably Austin and Charlotte), elevated concessions in lease-ups, a negative blended new-lease read in Q1 (-0.3%), and some timing-related reductions to development starts are notable headwinds. On balance, management sees improving momentum (absorption > deliveries, supply down ~40% YoY, better 60-day exposure) and has the balance sheet and capital allocation flexibility to support recovery.Positive Updates
Beat on Core FFO and Expense Control
Reported core FFO of $2.13 per diluted share for Q1, $0.02 above guidance; same-store expenses were favorable to guidance by $0.015 per share and non-same-store NOI was favorable by $0.01 per share, reflecting disciplined expense management and timing benefits.
Negative Updates
Q1 New Lease Pricing Weakness
Blended same-store new lease pricing was negative 0.3% in Q1, reflecting continued pressure from elevated (though moderating) new supply in several markets; new lease pricing remains under pressure despite sequential improvement.
Read all updates
Q1-2026 Updates
Positive
Negative
Beat on Core FFO and Expense Control
Reported core FFO of $2.13 per diluted share for Q1, $0.02 above guidance; same-store expenses were favorable to guidance by $0.015 per share and non-same-store NOI was favorable by $0.01 per share, reflecting disciplined expense management and timing benefits.
Read all positive updates
Company Guidance
MAA said it is reaffirming the midpoint of its full-year same‑store and core FFO guidance while tightening the core FFO range, reporting Q1 core FFO of $2.13 per diluted share ($0.02 ahead of guidance) and providing near‑term core FFO guidance of $2.00–$2.12 per diluted share ($2.06 midpoint); full‑year blended lease‑over‑lease guidance is 1.0%–1.5% (Q1 was -0.3%) with management modeling roughly 1.3%–1.8% blended for the last three quarters as new‑lease pricing accelerates into July, renewal growth expected to remain in the 5%+ range, and seasonal moderation thereafter. Operational and balance‑sheet metrics tied to the outlook include average physical occupancy of 95.5% (Q1 and April), 60‑day exposure of 8.3% (20 bps better YoY), net delinquency ~0.3% of billings, development spend trimmed to ~$350M for the year (down from $400M and up from $315M in 2025) with $623M in the pipeline (≈$234M remaining to fund over three years) and >4,300 owned/controlled future units, four expected 2026 construction starts including a 286‑unit Kansas City project, nearly $840M of cash+revolver capacity, net debt/EBITDA of 4.5x, average debt life 6.1 years at a 3.9% effective rate (including $200M 7‑yr bonds issued at ~4.6%), and active capital returns (558k shares repurchased for $73M at a $130.46 average).Mid-America Apartment Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.21B | 2.21B | 2.19B | 2.15B | 2.02B | 1.78B |
| Gross Profit | 876.21M | 703.07M | 713.27M | 747.48M | 687.71M | 517.75M |
| EBITDA | 1.23B | 1.32B | 1.30B | 1.29B | 1.35B | 1.25B |
| Net Income | 389.60M | 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 | 84.86M | 106.66M | 43.02M | 41.31M | 38.66M | 54.30M |
| Total Debt | 5.68B | 5.41B | 5.01B | 4.57B | 4.44B | 4.52B |
| Total Liabilities | 6.29B | 6.14B | 5.66B | 5.19B | 5.03B | 5.10B |
| Stockholders Equity | 5.56B | 5.68B | 5.96B | 6.11B | 6.03B | 6.00B |
Cash Flow | ||||||
| Free Cash Flow | 609.97M | 717.94M | 775.92M | 795.96M | 762.30M | 383.69M |
| Operating Cash Flow | 1.03B | 1.08B | 1.10B | 1.14B | 1.06B | 894.97M |
| Investing Cash Flow | -751.37M | -690.22M | -825.50M | -775.26M | -405.24M | -253.59M |
| Financing Cash Flow | -264.42M | -370.74M | -271.12M | -367.90M | -722.77M | -546.40M |
Mid-America Apartment Technical Analysis
Positive
127.94
Price Trends
132.33
Positive
129.79
Positive
130.51
Positive
Market Momentum
2.28
Negative
66.84
Neutral
86.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAA, the sentiment is Positive. The current price of 127.94 is below the 20-day moving average (MA) of 137.38, below the 50-day MA of 132.33, and below the 200-day MA of 130.51, indicating a bullish trend. The MACD of 2.28 indicates Negative momentum. The RSI at 66.84 is Neutral, neither overbought nor oversold. The STOCH value of 86.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $12.26B | 27.71 | 6.65% | 3.81% | 5.40% | 14.43% | |
72 Outperform | $19.82B | 33.52 | 10.35% | 3.98% | 5.27% | -14.94% | |
70 Outperform | $18.14B | 32.14 | 6.15% | 4.30% | 3.66% | 65.23% | |
68 Neutral | $16.97B | 43.09 | 6.78% | 4.42% | 0.77% | -31.36% | |
67 Neutral | $15.24B | 11.23 | 19.80% | 6.34% | -22.34% | 1635.86% | |
67 Neutral | $15.85B | 32.75 | 8.86% | 3.90% | 1.45% | 230.03% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
MAA
Mid-America Apartment
142.19
-1.31
-0.91%
SUI
Sun Communities
123.63
-0.19
-0.15%
ESS
Essex Property
298.33
25.61
9.39%
CPT
Camden Property
117.25
8.33
7.65%
AMH
American Homes
34.08
0.07
0.21%
INVH
Invitation Homes
30.53
-0.41
-1.33%
Mid-America Apartment Corporate Events
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.