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MAA

Mid-America Apartment CommunitiesNYSE:MAA Stock Report

Last Price

US$202.89

Market Cap

US$24.1b

7D

-5.7%

1Y

51.2%

Updated

21 Jan, 2022

Data

Company Financials +
MAA fundamental analysis
Snowflake Score
Valuation2/6
Future Growth1/6
Past Performance4/6
Financial Health1/6
Dividends5/6

MAA Stock Overview

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.

Mid-America Apartment Communities Competitors

Equity Residential

NYSE:EQR

US$34.2b

Invitation Homes

NYSE:INVH

US$25.1b

Sun Communities

NYSE:SUI

US$23.1b

Essex Property Trust

NYSE:ESS

US$22.4b

Price History & Performance

Summary of all time highs, changes and price drops for Mid-America Apartment Communities
Historical stock prices
Current Share PriceUS$202.89
52 Week HighUS$231.63
52 Week LowUS$129.83
Beta0.70
1 Month Change-8.69%
3 Month Change0.53%
1 Year Change51.21%
3 Year Change100.74%
5 Year Change111.94%
Change since IPO838.22%

Recent News & Updates

Jan 11
With EPS Growth And More, Mid-America Apartment Communities (NYSE:MAA) Is Interesting

With EPS Growth And More, Mid-America Apartment Communities (NYSE:MAA) Is Interesting

Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...

Dec 29

Mid-America: One Of The Best REITs, But A 'Hold'

Quality first, valuation second - that's my approach when investing. This doesn't mean I invest in quality without valuation, but it means that quality is a requirement for investing. In few companies is this quality as apparent as the one we're going to take a look at today. Mid-America is one of the best REITs in existence, and while my position currently is very small, I mean to load up more in the next downturn.

Shareholder Returns

MAAUS REITsUS Market
7D-5.7%-3.8%-6.1%
1Y51.2%24.0%4.2%

Return vs Industry: MAA exceeded the US REITs industry which returned 24.7% over the past year.

Return vs Market: MAA exceeded the US Market which returned 6.6% over the past year.

Price Volatility

Is MAA's price volatile compared to industry and market?
MAA volatility
MAA Average Weekly Movement3.2%
REITs Industry Average Movement4.1%
Market Average Movement6.7%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.4%

Stable Share Price: MAA is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: MAA's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19772,530H. Boltonhttps://www.maac.com

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 December 31, 2020, MAA had ownership interest in 102,772 apartment units, including communities currently in development, across 16 states and the District of Columbia.

Mid-America Apartment Communities Fundamentals Summary

How do Mid-America Apartment Communities's earnings and revenue compare to its market cap?
MAA fundamental statistics
Market CapUS$24.05b
Earnings (TTM)US$427.34m
Revenue (TTM)US$1.74b

56.3x

P/E Ratio

13.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MAA income statement (TTM)
RevenueUS$1.74b
Cost of RevenueUS$717.84m
Gross ProfitUS$1.02b
ExpensesUS$592.99m
EarningsUS$427.34m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

Feb 02, 2022

Earnings per share (EPS)3.60
Gross Margin58.70%
Net Profit Margin24.59%
Debt/Equity Ratio74.6%

How did MAA perform over the long term?

See historical performance and comparison

Dividends

2.1%

Current Dividend Yield

57%

Payout Ratio

Valuation

Is Mid-America Apartment Communities undervalued compared to its fair value and its price relative to the market?

26.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MAA ($202.89) is trading below our estimate of fair value ($275.29)

Significantly Below Fair Value: MAA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MAA is poor value based on its PE Ratio (56.3x) compared to the US REITs industry average (44.2x).

PE vs Market: MAA is poor value based on its PE Ratio (56.3x) compared to the US market (16.7x).


Price to Earnings Growth Ratio

PEG Ratio: MAA is poor value based on its PEG Ratio (7.7x)


Price to Book Ratio

PB vs Industry: MAA is overvalued based on its PB Ratio (4.1x) compared to the US REITs industry average (2x).


Future Growth

How is Mid-America Apartment Communities forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

7.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAA's forecast earnings growth (7.3% per year) is above the savings rate (2%).

Earnings vs Market: MAA's earnings (7.3% per year) are forecast to grow slower than the US market (13.1% per year).

High Growth Earnings: MAA's earnings are forecast to grow, but not significantly.

Revenue vs Market: MAA's revenue (6.4% per year) is forecast to grow slower than the US market (9.2% per year).

High Growth Revenue: MAA's revenue (6.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MAA's Return on Equity is forecast to be low in 3 years time (7.2%).


Past Performance

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

9.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MAA has a large one-off gain of $119.4M impacting its September 30 2021 financial results.

Growing Profit Margin: MAA's current net profit margins (24.6%) are higher than last year (19%).


Past Earnings Growth Analysis

Earnings Trend: MAA's earnings have grown by 9.2% per year over the past 5 years.

Accelerating Growth: MAA's earnings growth over the past year (34.8%) exceeds its 5-year average (9.2% per year).

Earnings vs Industry: MAA earnings growth over the past year (34.8%) exceeded the REITs industry 30.5%.


Return on Equity

High ROE: MAA's Return on Equity (7.3%) is considered low.


Financial Health

How is Mid-America Apartment Communities's financial position?


Financial Position Analysis

Short Term Liabilities: MAA's short term assets ($134.5M) do not cover its short term liabilities ($593.6M).

Long Term Liabilities: MAA's short term assets ($134.5M) do not cover its long term liabilities ($4.6B).


Debt to Equity History and Analysis

Debt Level: MAA's net debt to equity ratio (74.1%) is considered high.

Reducing Debt: MAA's debt to equity ratio has reduced from 108.4% to 74.6% over the past 5 years.

Debt Coverage: MAA's debt is not well covered by operating cash flow (18.9%).

Interest Coverage: MAA's interest payments on its debt are not well covered by EBIT (2.8x coverage).


Balance Sheet


Dividend

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

2.14%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MAA's dividend (2.14%) is higher than the bottom 25% of dividend payers in the US market (1.36%).

High Dividend: MAA's dividend (2.14%) is low compared to the top 25% of dividend payers in the US market (3.55%).


Stability and Growth of Payments

Stable Dividend: MAA's dividends per share have been stable in the past 10 years.

Growing Dividend: MAA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (56.7%), MAA's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MAA's dividends in 3 years are forecast to be covered by earnings (55.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.2yrs

Average management tenure


CEO

H. Bolton (64 yo)

25.08yrs

Tenure

US$4,725,312

Compensation

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 join...


CEO Compensation Analysis

Compensation vs Market: H.'s total compensation ($USD4.73M) is below average for companies of similar size in the US market ($USD11.42M).

Compensation vs Earnings: H.'s compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MAA's management team is seasoned and experienced (7.2 years average tenure).


Board Members

Experienced Board: MAA's board of directors are considered experienced (8.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MAA insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Mid-America Apartment Communities, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Mid-America Apartment Communities, Inc.
  • Ticker: MAA
  • Exchange: NYSE
  • Founded: 1977
  • Industry: Residential REITs
  • Sector: Real Estate
  • Implied Market Cap: US$24.054b
  • Market Cap: US$23.360b
  • Shares outstanding: 118.54m
  • Website: https://www.maac.com

Number of Employees


Location

  • Mid-America Apartment Communities, Inc.
  • 6815 Poplar Avenue
  • Suite 500
  • Germantown
  • Tennessee
  • 38138
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/21 23:37
End of Day Share Price2022/01/21 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.