Mid-america Apartment Communities (MAA)
NYSE:MAA
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Mid-America Apartment
(NYSE:MAA)
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Rating:67Neutral
Price Target:
$139.00
â–²(8.64% Upside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by solid underlying financial performance (strong margins and a TTM revenue rebound) and a generally constructive earnings outlook (reaffirmed guidance, high occupancy, improving pricing momentum). Offsetting factors are rising leverage and weaker recent cash-flow trends, a mixed technical backdrop with limited trend strength, and valuation that looks less compelling due to a relatively high P/E despite the strong dividend yield.
Positive Factors
High occupancy and low delinquencies
Sustained ~95.5% occupancy and negligible delinquencies indicate resilient resident demand and effective collections, supporting predictable rental cash flows. These durable operating metrics reduce volatility in NOI, help sustain dividend coverage, and provide a stable base for medium-term cash generation.
Negative Factors
Rising leverage and declining ROE
Leverage rising to ~1.02 debt/equity and materially lower ROE reduce financial flexibility and increase sensitivity to refinancing and rate moves. Higher leverage limits optionality for acquisitions or buybacks, elevates interest-cost risk, and can amplify earnings volatility across market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and low delinquencies
Sustained ~95.5% occupancy and negligible delinquencies indicate resilient resident demand and effective collections, supporting predictable rental cash flows. These durable operating metrics reduce volatility in NOI, help sustain dividend coverage, and provide a stable base for medium-term cash generation.
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
$15.30B
Dividend Yield4.42%
Average Volume (3M)937.40K
Price to Earnings (P/E)28.6
Beta (1Y)0.47
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. Volume891,619
30 Day Avg. Volume937,399
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 Cap1.35
Enterprise Value/Revenue9.37
Enterprise Value/Gross Profit23.66
Enterprise Value/Ebitda16.68
Forecast
1Y Price Target
$139.35Price Target Upside8.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)3.36
Revenue Forecast (FY)$2.24B
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 makes money primarily by leasing apartment units and collecting recurring rental income from residents across its multifamily portfolio. The core revenue stream is residential rent, which is influenced by leased occupancy, effective rental rat...
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 | 1.24B | 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 | 5.66B | 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
125.54
Positive
129.27
Negative
130.85
Negative
Market Momentum
0.56
Positive
52.71
Neutral
33.85
Neutral
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 128.33, above the 50-day MA of 125.54, and below the 200-day MA of 130.85, indicating a neutral trend. The MACD of 0.56 indicates Positive momentum. The RSI at 52.71 is Neutral, neither overbought nor oversold. The STOCH value of 33.85 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $17.08B | 23.46 | 6.15% | 4.30% | 3.66% | 65.23% | |
71 Outperform | $18.09B | 36.72 | 10.35% | 3.98% | 5.27% | -14.94% | |
71 Outperform | $11.60B | 19.37 | 6.65% | 3.81% | 5.40% | 14.43% | |
67 Neutral | $15.30B | 28.59 | 6.78% | 4.42% | 0.77% | -31.36% | |
66 Neutral | $14.15B | 60.29 | 8.86% | 3.90% | 1.45% | 230.03% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $14.97B | -643.45 | 19.80% | 6.34% | -22.34% | 1635.86% |
* Real Estate Sector Average
MAA
Mid-America Apartment
128.47
-20.71
-13.88%
SUI
Sun Communities
121.94
4.99
4.27%
ESS
Essex Property
272.63
5.52
2.07%
CPT
Camden Property
105.06
-5.93
-5.34%
AMH
American Homes
31.71
-4.77
-13.09%
INVH
Invitation Homes
28.66
-3.54
-10.99%
Mid-America Apartment Corporate Events
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-...
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...
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.