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Mid-America Apartment Communities

NYSE:MAA
Snowflake Description

Established dividend payer with concerning outlook.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MAA
NYSE
$14B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
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 apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. The last earnings update was 17 days ago. More info.


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MAA Share Price and Events
7 Day Returns
3.6%
NYSE:MAA
1.8%
US REITs
-0.7%
US Market
1 Year Returns
29.9%
NYSE:MAA
16.3%
US REITs
3%
US Market
MAA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mid-America Apartment Communities (MAA) 3.6% 8% 10.6% 29.9% 15.7% 61.2%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • MAA outperformed the REITs industry which returned 16.3% over the past year.
  • MAA outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
MAA
Industry
5yr Volatility vs Market

MAA Value

 Is Mid-America Apartment Communities undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Mid-America Apartment Communities to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Mid-America Apartment Communities.

NYSE:MAA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:MAA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (33.72%))
0.781
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:MAA using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Mid-America Apartment Communities is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Mid-America Apartment Communities is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:MAA DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 645.46 Analyst x8 600.44
2020 666.49 Analyst x10 576.76
2021 652.71 Analyst x2 525.43
2022 702.86 Analyst x1 526.34
2023 719.26 Analyst x1 501.05
2024 740.47 Est @ 2.95% 479.85
2025 761.82 Est @ 2.88% 459.25
2026 783.44 Est @ 2.84% 439.34
2027 805.42 Est @ 2.81% 420.16
2028 827.83 Est @ 2.78% 401.73
Present value of next 10 years cash flows $4,930.37
NYSE:MAA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $827.83 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$17,836.19
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $17,836.19 ÷ (1 + 7.5%)10
$8,655.62
NYSE:MAA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,930.37 + $8,655.62
$13,585.99
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $13,585.99 / 118.10
$115.04
NYSE:MAA Discount to Share Price
Calculation Result
Value per share (USD) From above. $115.04
Current discount Discount to share price of $115.05
= -1 x ($115.05 - $115.04) / $115.04
-0%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Mid-America Apartment Communities is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Mid-America Apartment Communities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mid-America Apartment Communities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:MAA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.05
NYSE:MAA Share Price ** NYSE (2019-05-17) in USD $115.05
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Mid-America Apartment Communities.

NYSE:MAA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:MAA Share Price ÷ EPS (both in USD)

= 115.05 ÷ 2.05

56.01x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mid-America Apartment Communities is overvalued based on earnings compared to the US REITs industry average.
  • Mid-America Apartment Communities is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Mid-America Apartment Communities's expected growth come at a high price?
Raw Data
NYSE:MAA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 56.01x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
3.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:MAA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 56.01x ÷ 3.2%

17.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mid-America Apartment Communities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Mid-America Apartment Communities's assets?
Raw Data
NYSE:MAA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $53.57
NYSE:MAA Share Price * NYSE (2019-05-17) in USD $115.05
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:MAA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:MAA Share Price ÷ Book Value per Share (both in USD)

= 115.05 ÷ 53.57

2.15x

* Primary Listing of Mid-America Apartment Communities.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mid-America Apartment Communities is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Mid-America Apartment Communities's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Mid-America Apartment Communities has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MAA Future Performance

 How is Mid-America Apartment Communities expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mid-America Apartment Communities expected to grow at an attractive rate?
  • Mid-America Apartment Communities's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Mid-America Apartment Communities's earnings growth is positive but not above the United States of America market average.
  • Mid-America Apartment Communities's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:MAA Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:MAA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 3.2%
NYSE:MAA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 3.2%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:MAA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:MAA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,834 274 1
2022-12-31 1,777 262 1
2021-12-31 1,747 262 2
2020-12-31 1,680 798 260 12
2019-12-31 1,624 763 241 10
NYSE:MAA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,587 736 234
2018-12-31 1,571 734 219
2018-09-30 1,556 702 281
2018-06-30 1,543 701 343
2018-03-31 1,536 681 331
2017-12-31 1,529 661 324
2017-09-30 1,453 652 241
2017-06-30 1,346 567 211
2017-03-31 1,235 513 209
2016-12-31 1,125 485 211
2016-09-30 1,081 491 215
2016-06-30 1,067 475 223

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mid-America Apartment Communities's earnings are expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).
  • Mid-America Apartment Communities's revenue is expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:MAA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Mid-America Apartment Communities Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:MAA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.61 2.61 2.61 1.00
2020-12-31 2.36 2.54 2.12 5.00
2019-12-31 2.16 2.23 2.06 4.00
NYSE:MAA Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.05
2018-12-31 1.93
2018-09-30 2.47
2018-06-30 3.02
2018-03-31 2.92
2017-12-31 2.86
2017-09-30 2.25
2017-06-30 2.17
2017-03-31 2.37
2016-12-31 2.69
2016-09-30 2.86
2016-06-30 2.96

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Mid-America Apartment Communities will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Mid-America Apartment Communities's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Mid-America Apartment Communities has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MAA Past Performance

  How has Mid-America Apartment Communities performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Mid-America Apartment Communities's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Mid-America Apartment Communities's year on year earnings growth rate has been positive over the past 5 years.
  • Mid-America Apartment Communities's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Mid-America Apartment Communities's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Mid-America Apartment Communities's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Mid-America Apartment Communities Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:MAA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,586.51 233.55 37.81
2018-12-31 1,571.35 218.92 34.79
2018-09-30 1,555.94 280.97 35.18
2018-06-30 1,543.38 342.77 37.16
2018-03-31 1,536.10 331.26 37.49
2017-12-31 1,528.99 324.16 40.19
2017-09-30 1,453.45 240.82 39.52
2017-06-30 1,345.80 211.25 37.82
2017-03-31 1,235.24 208.94 35.30
2016-12-31 1,125.35 211.34 29.04
2016-09-30 1,081.49 215.23 26.87
2016-06-30 1,066.59 222.72 26.09
2016-03-31 1,053.24 313.69 25.73
2015-12-31 1,042.78 331.52 25.72
2015-09-30 1,032.66 323.08 23.95
2015-06-30 1,020.24 298.52 24.58
2015-03-31 1,007.40 194.55 23.13
2014-12-31 992.33 142.36 20.91
2014-09-30 978.72 93.00 21.03
2014-06-30 864.55 40.53 18.50
2014-03-31 750.30 22.74 16.67
2013-12-31 635.49 33.59 15.57
2013-09-30 518.19 64.48 13.93
2013-06-30 505.90 63.89 13.48
2013-03-31 490.53 62.64 13.55
2012-12-31 475.89 56.51 13.76
2012-09-30 466.83 50.19 12.71
2012-06-30 453.93 44.33 13.18

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Mid-America Apartment Communities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mid-America Apartment Communities used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Mid-America Apartment Communities's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mid-America Apartment Communities's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Mid-America Apartment Communities has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MAA Health

 How is Mid-America Apartment Communities's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Mid-America Apartment Communities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mid-America Apartment Communities's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Mid-America Apartment Communities's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Mid-America Apartment Communities's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Mid-America Apartment Communities Company Filings, last reported 1 month ago.

NYSE:MAA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 6,325.30 4,581.66 47.12
2018-12-31 6,372.19 4,533.63 37.96
2018-09-30 6,431.55 4,504.02 56.64
2018-06-30 6,479.48 4,549.14 39.81
2018-03-31 6,520.36 4,500.45 64.81
2017-12-31 6,573.89 4,503.36 14.35
2017-09-30 6,550.63 4,495.44 49.89
2017-06-30 6,532.24 4,576.68 41.56
2017-03-31 6,586.83 4,562.19 38.16
2016-12-31 6,642.10 4,499.71 35.94
2016-09-30 3,147.58 3,443.11 27.82
2016-06-30 3,119.32 3,501.19 26.28
2016-03-31 3,135.23 3,456.22 28.19
2015-12-31 3,157.82 3,437.93 37.57
2015-09-30 3,171.32 3,443.09 44.88
2015-06-30 3,142.29 3,455.32 32.27
2015-03-31 3,053.40 3,494.50 18.37
2014-12-31 3,051.81 3,526.09 26.73
2014-09-30 3,075.93 3,443.15 87.90
2014-06-30 3,057.20 3,493.41 26.47
2014-03-31 3,077.15 3,481.00 122.43
2013-12-31 3,113.54 3,492.73 89.78
2013-09-30 1,030.02 1,870.06 191.84
2013-06-30 1,011.80 1,703.45 19.48
2013-03-31 962.31 1,708.57 8.50
2012-12-31 945.11 1,695.27 9.36
2012-09-30 925.37 1,732.07 13.75
2012-06-30 865.96 1,617.07 22.75
  • Mid-America Apartment Communities's level of debt (72.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (113.1% vs 72.4% today).
  • Debt is not well covered by operating cash flow (16.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Mid-America Apartment Communities's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Mid-America Apartment Communities has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MAA Dividends

 What is Mid-America Apartment Communities's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.34%
Current annual income from Mid-America Apartment Communities dividends. Estimated to be 3.49% next year.
If you bought $2,000 of Mid-America Apartment Communities shares you are expected to receive $67 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Mid-America Apartment Communities's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Mid-America Apartment Communities's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:MAA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:MAA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 4.41 2.00
2022-12-31 4.29 2.00
2021-12-31 4.15 3.00
2020-12-31 4.02 13.00
2019-12-31 3.86 12.00
NYSE:MAA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-21 3.840 3.515
2018-12-04 3.840 3.798
2018-09-25 3.690 3.711
2018-05-22 3.690 3.710
2018-03-13 3.690 4.066
2018-02-23 3.690 4.232
2018-01-31 3.690 4.165
2017-09-26 3.480 3.430
2017-05-23 3.480 3.309
2017-03-23 3.480 3.458
2016-12-08 3.480 3.557
2016-09-27 3.280 3.600
2016-05-17 3.280 3.276
2016-03-22 3.280 3.287
2015-12-08 3.280 3.588
2015-09-24 3.080 3.614
2015-05-19 3.080 3.979
2015-03-12 3.080 4.032
2014-12-03 3.080 4.067
2014-09-11 2.920 4.215
2014-05-22 2.920 4.046
2014-03-20 2.920 4.209
2013-12-03 2.920 4.565
2013-09-30 2.780 4.404
2013-05-21 2.780 4.267
2013-03-12 2.780 3.968
2012-12-04 2.780 4.212
2012-09-18 2.640 4.146
2012-05-24 2.640 3.893
2012-03-20 2.640 3.928
2011-12-01 2.640 4.262
2011-09-13 2.510 4.162
2011-05-26 2.510 3.693
2011-03-22 2.510 3.867
2010-12-01 2.510 4.027
2010-09-14 2.460 4.074
2010-05-27 2.460 4.523
2010-03-23 2.460 4.590
2009-12-02 2.460 5.032
2009-08-27 2.460 5.487
2009-05-28 2.460 6.495

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Mid-America Apartment Communities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (188.7x coverage).
X
Income/ dividend checks
We assess Mid-America Apartment Communities's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Mid-America Apartment Communities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mid-America Apartment Communities has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MAA Management

 What is the CEO of Mid-America Apartment Communities's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
H. Bolton
COMPENSATION $4,660,152
AGE 61
TENURE AS CEO 17.6 years
CEO Bio

Mr. H. Eric Bolton Jr., has been the Chief Executive Officer at Mid-America Apartment Communities, Inc. since October 2001; Chairman since September 2002 and President since December 1996. Mr. Bolton joined Mid-America Apartment Communities Inc. in 1994 as the Director of New Development and served as its Vice President of Development and Chief Operating Officer since February 1996. Prior to this, Mr. Bolton was employed at the Trammell Crow Company in Dallas, TX where he held a number of positions, including his last role as Chief Financial Officer for Trammell Crow Ventures, focused on the investment and management of a number of institutional capital investment funds. Prior to his time at the Trammell Crow Company, Mr. Bolton worked in the Savings & Loan and Commercial Banking industry in a number of different roles. He is a Director of the National Multi-Family Housing Council and Memphis Tomorrow. Mr. Bolton has been an Independent Director at Eastgroup Properties Inc. since December 6, 2013. He was a Director of Interstate Hotels & Resorts Inc. from 2008 to 2010. He serves on the National Association of Real Estate Investment Trusts ("NAREIT") Advisory Board of Governors. He has been a Director of Mid-America Apartment Communities Inc., since February 1997. In 2002, Mr. Bolton was named the National Multifamily Executive of the Year by Multifamily Magazine. He received a BBA in Accounting from the University of Memphis and an MBA with a concentration in Finance and Real Estate from the University of North Texas.

CEO Compensation
  • H.'s compensation has been consistent with company performance over the past year.
  • H.'s remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Mid-America Apartment Communities management team in years:

6.6
Average Tenure
50
Average Age
  • The average tenure for the Mid-America Apartment Communities management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

H. Bolton

TITLE
Chairman
COMPENSATION
$5M
AGE
61
TENURE
17.6 yrs

Al Campbell

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
51
TENURE
9.3 yrs

Tom Grimes

TITLE
Executive VP & COO
COMPENSATION
$2M
AGE
49
TENURE
7.4 yrs

Rob DelPriore

TITLE
Executive VP & General Counsel
COMPENSATION
$2M
AGE
49
TENURE
5.8 yrs

A. Holder

TITLE
Senior VP & Chief Accounting Officer
AGE
41
TENURE
2.3 yrs

Joseph Fracchia

TITLE
Senior VP & Chief Information Officer
TENURE
2.4 yrs

Jennifer Patrick

TITLE
Investor Relations Contact
TENURE
11.2 yrs

Leslie Bratten Wolfgang

TITLE
Senior VP

David Ward

TITLE
Executive VP of Development
AGE
59

Anna Harris

TITLE
Senior VP & Director of Marketing
TENURE
2.2 yrs
Board of Directors Tenure

Average tenure and age of the Mid-America Apartment Communities board of directors in years:

5.6
Average Tenure
67
Average Age
  • The tenure for the Mid-America Apartment Communities board of directors is about average.
Board of Directors

H. Bolton

TITLE
Chairman
COMPENSATION
$5M
AGE
61
TENURE
16.6 yrs

Alan Graf

TITLE
Lead Independent Director
COMPENSATION
$232K
AGE
64

Phil Norwood

TITLE
Director
COMPENSATION
$220K
AGE
70
TENURE
11.8 yrs

Claude Nielsen

TITLE
Director
COMPENSATION
$211K
AGE
67
TENURE
5.6 yrs

William Sanders

TITLE
Director
COMPENSATION
$208K
AGE
68
TENURE
9.2 yrs

Gary Shorb

TITLE
Director
COMPENSATION
$202K
AGE
67
TENURE
7 yrs

James Lowder

TITLE
Director
COMPENSATION
$202K
AGE
68
TENURE
5.6 yrs

Tom Lowder

TITLE
Director
COMPENSATION
$201K
AGE
68
TENURE
5.6 yrs

Monica McGurk

TITLE
Director
COMPENSATION
$205K
AGE
48
TENURE
3.2 yrs

Dave Stockert

TITLE
Director
COMPENSATION
$201K
AGE
55
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • Mid-America Apartment Communities insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
03. May 19 Sell Claude Nielsen Individual 03. May 19 03. May 19 -6,500 $109.83 $-713,911
15. Feb 19 Sell David Stockert Individual 14. Feb 19 14. Feb 19 -1,777 $103.68 $-184,239
21. Aug 18 Sell Russell French Individual 13. Aug 18 13. Aug 18 -4,993 $100.69 $-502,723
06. Aug 18 Sell David Stockert Individual 06. Aug 18 06. Aug 18 -1,617 $101.59 $-164,271
22. May 18 Buy William Sanders Individual 21. May 18 21. May 18 2,800 $88.00 $246,167
X
Management checks
We assess Mid-America Apartment Communities's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Mid-America Apartment Communities has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MAA News

Simply Wall St News

Is Mid-America Apartment Communities, Inc.'s (NYSE:MAA) 3.9% ROE Worse Than Average?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Mid-America Apartment Communities: 3.9% = US$234m ÷ US$6.3b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Mid-America Apartment Communities Have A Good Return On Equity? … Combining Mid-America Apartment Communities's Debt And Its 3.9% Return On Equity While Mid-America Apartment Communities does have some debt, with debt to equity of just 0.72, we wouldn't say debt is excessive.

Simply Wall St -

How To Look At Mid-America Apartment Communities, Inc. (NYSE:MAA)

Mid-America Apartment Communities, Inc. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much MAA actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

How Do Analysts See Mid-America Apartment Communities, Inc. (NYSE:MAA) Performing In The Years Ahead?

The latest earnings release Mid-America Apartment Communities, Inc.'s (NYSE:MAA) announced in December 2018a

Simply Wall St -

Introducing Mid-America Apartment Communities (NYSE:MAA), A Stock That Climbed 60% In The Last Five Years

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Mid-America Apartment Communities achieved compound earnings per share (EPS) growth of 24% per year. … Dive deeper into the earnings by checking this interactive graph of Mid-America Apartment Communities's earnings, revenue and cash flow.

Simply Wall St -

Are Insiders Selling Mid-America Apartment Communities, Inc. (NYSE:MAA) Stock?

In the last twelve months, the biggest single sale by an insider was when Russell French sold US$503k worth of shares at a price of US$101 per share. … That means that even when the share price was below the current price of US$105, an insider wanted to cash in some shares. … In total, Mid-America Apartment Communities insiders sold more than they bought over the last year

Simply Wall St -

Mid-America Apartment Communities, Inc. (NYSE:MAA): Can Growth Justify Its February Share Price?

Mid-America Apartment Communities, Inc. … See our latest analysis for Mid-America Apartment Communities? … Analysts are predicting good growth prospects for Mid-America Apartment Communities over the next couple of years

Simply Wall St -

Should You Worry About Mid-America Apartment Communities, Inc.'s (NYSE:MAA) CEO Salary Level?

Bolton has been the CEO of Mid-America Apartment Communities, IncH … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … Bolton's Compensation Compare With Similar Sized Companies?.

Simply Wall St -

With A 4.6% Return On Equity, Is Mid-America Apartment Communities, Inc. (NYSE:MAA) A Quality Stock?

This article is for those who would like to learn about Return On Equity (ROE). … Our data shows Mid-America Apartment Communities has a return on equity of 4.6% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Mid-America Apartment Communities Inc (NYSE:MAA) A Healthy REIT?

Mid-America Apartment Communities Inc is a US$12b. … real estate investment trust (REIT) based in Germantown, United States. … View our latest analysis for Mid-America Apartment Communities.

Simply Wall St -

Does Mid-America Apartment Communities Inc's (NYSE:MAA) CEO Salary Reflect Performance?

This analysis aims first to contrast CEO compensation with other large companies. … Check out our latest analysis for Mid-America Apartment Communities. … At the time of writing our data says that Mid-America Apartment Communities Inc has a market cap of US$11.6b, and is paying total annual CEO compensation of US$7m?

Simply Wall St -

MAA Company Info

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 apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of March 31, 2019, MAA had ownership interest in 101,954 apartment units, including communities currently in development, across 17 states and the District of Columbia.

Details
Name: Mid-America Apartment Communities, Inc.
MAA
Exchange: NYSE
Founded: 1977
$13,587,494,624
$13,115,194,700
118,100,779
Website: http://www.maac.com
Address: Mid-America Apartment Communities, Inc.
6815 Poplar Avenue,
Suite 500,
Germantown,
Tennessee, 38138,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE MAA Common Shares New York Stock Exchange US USD 28. Jan 1994
DB M2K Common Shares Deutsche Boerse AG DE EUR 28. Jan 1994
LSE 0K1E Common Shares London Stock Exchange GB USD 28. Jan 1994
NYSE MAA.PRI PFD SER I New York Stock Exchange US USD 02. Dec 2016
Number of employees
Current staff
Staff numbers
2,530
Mid-America Apartment Communities employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:36
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.