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MAA

Mid-America Apartment Communities NYSE:MAA Stock Report

Last Price

US$155.07

Market Cap

US$18.4b

7D

-2.0%

1Y

-18.0%

Updated

30 Sep, 2022

Data

Company Financials +
MAA fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance4/6
Financial Health2/6
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

Price History & Performance

Summary of all time highs, changes and price drops for Mid-America Apartment Communities
Historical stock prices
Current Share PriceUS$155.07
52 Week HighUS$231.63
52 Week LowUS$151.05
Beta0.74
1 Month Change-6.40%
3 Month Change-11.62%
1 Year Change-18.05%
3 Year Change17.09%
5 Year Change43.68%
Change since IPO617.09%

Recent News & Updates

Sep 27

Mid America Apartment Communities declares $1.25 dividend

Mid America Apartment Communities (NYSE:MAA) declares $1.25/share quarterly dividend, in line with previous. Forward yield 3.3% Payable Oct. 31; for shareholders of record Oct. 14; ex-div Oct. 13. See MAA Dividend Scorecard, Yield Chart, & Dividend Growth.

Aug 25

Mid-America Apartment Communities: Have Orlando Renters Had Enough?

Summary Americans are struggling with rising apartment rents. Municipal will continue various efforts to bring relief. Mid-America Apartment Communities is well equipped to thrive in any coming environment. Apartment rents have soared throughout the country and the Orlando submarkets are no exception. Rising housing costs are a major contributor to the crushing inflation we are currently experiencing. The Fed will use interest rate hikes as a cudgel to slow the pace of price increases. State and local authorities will consider other measures to maintain housing affordability. Earlier in August, the Orange County Florida board of commissioners moved to put a measure on the November ballot to let voters decide whether to limit how much landlords can increase apartment rents. This issue of rent control is contentious, and the referendum results will be closely followed by cities across the country that are facing the same housing issues. While the vote is months away, we might do well to see which multifamily REITs face the most exposure in Orlando. Everyone wants to go to Disney World Orlando’s resurgent, post-pandemic tourism industry means jobs, which means in-migration and household formation, and that opportunity has not escaped the apartment REIT Sector. With a quick peek into Portfolio Income Solutions Property Directory, we can see who has exposure and how much. S&P Capital IQ Basically, any apartment REIT that wanted sunbelt exposure already owns property in Orlando. Mid-America Apartment Communities (MAA), however, has the dominant position with ownership of 5,900 (26%) of the roughly 22,700 public company owned units in the Orlando MSA. All REITs study economic and demographic trends in efforts to identify which markets will provide the most predictable success. They want to know which populations are growing the fastest, which markets are forecast to have the strongest pace of household formation, and they want to buy in cities that people are moving to and avoid the ones from which they are leaving. MAA The chart above describes these factors for all of MAA’s submarkets, not Orlando specifically. Based on data out from Yardi Matrix, MAA management does believe that Orlando is in a relative sweet spot for growth. MAA So much so that, during the 2nd quarter, they purchased a 4-acre land parcel in Orlando upon which they will build 300 units in 2023, increasing their Orlando unit count by 5%. They choose to pursue new development in locations where it is anticipated demand is going to significantly outstrip supply. MAA MAA obviously perceives that supply/demand imbalance in Orlando is very favorable, so they can build without cannibalizing their existing portfolio. And that brings us back to the issue of rent control. Free Markets or Regulation? Late last week Redfin published their monthly Rental Market Tracker and detailed the July rent trends in all the major US metros. Redfin The median monthly rent of $2,032 was 13.5% higher than July of 2021, but the pace of rent increases slowed for the second month in a row. Orlando’s median rent was $2,164 or 14.1% higher than the year prior. Orlando rents are higher and grew faster than the national median, but the pace of increase didn’t even approach the top 10. Redfin So, while renters in Orlando are really feeling the pinch of inflation, how many more reports like this one will it take before officials in Cincinnati or Nashville feel the need to cap rent increases? New York City has had various forms of rent control in place for decades, but it didn’t prevent them from having the 4th fastest rent increases in July. Last November, St. Paul, MN, voters approved a policy that caps rent increases at 3% annually. Since that vote, new construction has slowed, and many builders say the new policy has forced them to pause or re-evaluate new projects. Rents may have been capped, but the problem of housing availability remains or has worsened. Proposed changes to St. Paul’s rent control policy will be announced at a public hearing, today. Inflation Hurts Apartment rents rising at double digits are sure to strain budgets. The pain is compounded when the price of gasoline, groceries, interest rates, and energy are all rising simultaneously as well. Though consumers are being attacked on all sides, landlords of all types would argue that the rent increases are affordable and in line with what we’ve seen historically. MAA management joins the chorus. In his 2Q earnings call opening remarks, MAA CEO Eric Bolton was quick to note that leasing traffic was up 11% year over year and that: the rent-to-income ratio of the new leases executed in the second quarter was 22%. Like every good management team, MAA knows a lot about its customers and the demand for their product. MAA

Shareholder Returns

MAAUS REITsUS Market
7D-2.0%-4.1%-2.5%
1Y-18.0%-20.4%-23.2%

Return vs Industry: MAA exceeded the US REITs industry which returned -20.3% over the past year.

Return vs Market: MAA exceeded the US Market which returned -21.5% over the past year.

Price Volatility

Is MAA's price volatile compared to industry and market?
MAA volatility
MAA Average Weekly Movement3.4%
REITs Industry Average Movement4.1%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

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
19772,429H. 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$18.39b
Earnings (TTM)US$587.46m
Revenue (TTM)US$1.89b

30.5x

P/E Ratio

9.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MAA income statement (TTM)
RevenueUS$1.89b
Cost of RevenueUS$752.24m
Gross ProfitUS$1.14b
Other ExpensesUS$547.56m
EarningsUS$587.46m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)5.09
Gross Margin60.14%
Net Profit Margin31.13%
Debt/Equity Ratio73.3%

How did MAA perform over the long term?

See historical performance and comparison

Dividends

3.2%

Current Dividend Yield

53%

Payout Ratio

Does MAA pay a reliable dividends?

See MAA dividend history and benchmarks
When do you need to buy MAA by to receive an upcoming dividend?
Mid-America Apartment Communities dividend dates
Ex Dividend DateOct 13 2022
Dividend Pay DateOct 31 2022
Days until Ex dividend11 days
Days until Dividend pay date29 days

Does MAA pay a reliable dividends?

See MAA dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is MAA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MAA?

Other financial metrics that can be useful for relative valuation.

MAA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue12x
Enterprise Value/EBITDA21x
PEG Ratio38.2x

Price to Earnings Ratio vs Peers

How does MAA's PE Ratio compare to its peers?

MAA PE Ratio vs Peers
The above table shows the PE ratio for MAA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average62.2x
INVH Invitation Homes
59.4x13.5%US$20.7b
ESS Essex Property Trust
40.9x14.8%US$16.3b
UDR UDR
90.6x27.6%US$14.4b
AMH American Homes 4 Rent
58x8.6%US$13.1b
MAA Mid-America Apartment Communities
30.5x0.8%US$18.4b

Price-To-Earnings vs Peers: MAA is good value based on its Price-To-Earnings Ratio (30.5x) compared to the peer average (62.2x).


Price to Earnings Ratio vs Industry

How does MAA's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: MAA is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the US REITs industry average (25.5x)


Price to Earnings Ratio vs Fair Ratio

What is MAA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MAA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.5x
Fair PE Ratio38.1x

Price-To-Earnings vs Fair Ratio: MAA is good value based on its Price-To-Earnings Ratio (30.5x) compared to the estimated Fair Price-To-Earnings Ratio (38.1x).


Share Price vs Fair Value

What is the Fair Price of MAA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MAA ($155.07) is trading below our estimate of fair value ($282.25)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Mid-America Apartment Communities forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


0.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAA's forecast earnings growth (0.8% per year) is below the savings rate (1.9%).

Earnings vs Market: MAA's earnings (0.8% per year) are forecast to grow slower than the US market (14.7% per year).

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

Revenue vs Market: MAA's revenue (6% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: MAA's revenue (6% 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 (9.6%).


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Past Performance

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

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


15.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MAA has a large one-off gain of $189.0M impacting its June 30 2022 financial results.

Growing Profit Margin: MAA's current net profit margins (31.1%) are higher than last year (23.6%).


Past Earnings Growth Analysis

Earnings Trend: MAA's earnings have grown by 15.7% per year over the past 5 years.

Accelerating Growth: MAA's earnings growth over the past year (45.9%) exceeds its 5-year average (15.7% per year).

Earnings vs Industry: MAA earnings growth over the past year (45.9%) exceeded the REITs industry 45.8%.


Return on Equity

High ROE: MAA's Return on Equity (9.9%) is considered low.


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Financial Health

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

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MAA's short term assets ($246.2M) do not cover its short term liabilities ($668.4M).

Long Term Liabilities: MAA's short term assets ($246.2M) do not cover its long term liabilities ($4.4B).


Debt to Equity History and Analysis

Debt Level: MAA's net debt to equity ratio (72.3%) is considered high.

Reducing Debt: MAA's debt to equity ratio has increased from 70% to 73.3% over the past 5 years.

Debt Coverage: MAA's debt is well covered by operating cash flow (21.3%).

Interest Coverage: MAA's interest payments on its debt are well covered by EBIT (3.4x coverage).


Balance Sheet


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Dividend

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

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.22%

Current Dividend Yield

Upcoming Dividend Payment

TodayOct 01 2022Ex Dividend DateOct 13 2022Dividend Pay DateOct 31 202218 days from Ex DividendBuy in the next 11 days to receive the upcoming dividend

Dividend Yield vs Market

Mid-America Apartment Communities Dividend Yield vs Market
How does Mid-America Apartment Communities dividend yield compare to the market?
SegmentDividend Yield
Company (Mid-America Apartment Communities)3.2%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (REITs)4.1%
Analyst forecast in 3 Years (Mid-America Apartment Communities)3.3%

Notable Dividend: MAA's dividend (3.22%) is higher than the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: MAA's dividend (3.22%) is low compared to the top 25% of dividend payers in the US market (4.7%).


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.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (53.4%), MAA's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (61.7%), MAA's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

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

7.9yrs

Average management tenure


CEO

H. Bolton (65 yo)

25.5yrs

Tenure

US$7,667,655

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

H. Bolton's Compensation vs Mid-America Apartment Communities Earnings
How has H. Bolton's remuneration changed compared to Mid-America Apartment Communities's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$587m

Mar 31 2022n/an/a

US$593m

Dec 31 2021US$8mUS$855k

US$530m

Sep 30 2021n/an/a

US$427m

Jun 30 2021n/an/a

US$403m

Mar 31 2021n/an/a

US$261m

Dec 31 2020US$5mUS$837k

US$251m

Sep 30 2020n/an/a

US$317m

Jun 30 2020n/an/a

US$336m

Mar 31 2020n/an/a

US$323m

Dec 31 2019US$6mUS$813k

US$350m

Sep 30 2019n/an/a

US$261m

Jun 30 2019n/an/a

US$236m

Mar 31 2019n/an/a

US$234m

Dec 31 2018US$5mUS$775k

US$219m

Sep 30 2018n/an/a

US$281m

Jun 30 2018n/an/a

US$343m

Mar 31 2018n/an/a

US$331m

Dec 31 2017US$7mUS$704k

US$324m

Sep 30 2017n/an/a

US$241m

Jun 30 2017n/an/a

US$211m

Mar 31 2017n/an/a

US$209m

Dec 31 2016US$4mUS$640k

US$211m

Sep 30 2016n/an/a

US$215m

Jun 30 2016n/an/a

US$223m

Mar 31 2016n/an/a

US$314m

Dec 31 2015US$4mUS$635k

US$332m

Compensation vs Market: H.'s total compensation ($USD7.67M) is below average for companies of similar size in the US market ($USD13.04M).

Compensation vs Earnings: H.'s compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: MAA's management team is seasoned and experienced (7.9 years average tenure).


Board Members

Experienced Board: MAA's board of directors are considered experienced (8.9 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

NYSE:MAA Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
29 Jul 22SellUS$252,395Melanie CarpenterIndividual1,355US$186.27
29 Apr 22SellUS$4,049,980Thomas GrimesIndividual20,000US$202.50
04 Feb 22SellUS$790,483Monica McGurkIndividual3,670US$215.39
13 Dec 21SellUS$101,057Melanie CarpenterIndividual463US$218.27

Ownership Breakdown

What is the ownership structure of MAA?
Owner TypeNumber of SharesOwnership Percentage
State or Government50,1580.04%
Individual Insiders757,1250.7%
General Public3,923,7593.4%
Institutions110,707,79095.9%

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


Top Shareholders

Top 25 shareholders own 69.96% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
16.41%
The Vanguard Group, Inc.
18,944,656$2.9b0.18%0.07%
10.61%
BlackRock, Inc.
12,244,275$1.9b-2.42%0.05%
6.67%
State Street Global Advisors, Inc.
7,700,477$1.2b-2.29%0.07%
3.97%
FMR LLC
4,585,472$711.1m1.23%0.07%
3.52%
Cohen & Steers Capital Management, Inc.
4,061,720$629.9m458.41%1.28%
3.07%
Stichting Pensioenfonds ABP
3,540,812$549.1m-2.27%0.77%
2.48%
Norges Bank Investment Management
2,860,892$443.6m0%0.06%
2.35%
J.P. Morgan Asset Management, Inc.
2,717,089$421.3m14.4%0.08%
2.21%
Geode Capital Management, LLC
2,551,085$395.6m-0.1%0.05%
2%
PGGM
2,313,922$358.8m0%2.12%
1.54%
Massachusetts Financial Services Company
1,782,027$276.3m11.07%0.07%
1.5%
Dimensional Fund Advisors LP
1,731,946$268.6m-0.72%0.07%
1.46%
Northern Trust Global Investments
1,690,534$262.2m-11.04%0.05%
1.42%
Legal & General Investment Management Limited
1,638,720$254.1m2.4%0.08%
1.22%
Daiwa Asset Management Co. Ltd.
1,410,782$218.8m198.32%0.22%
1.21%
CPP Investments
1,391,841$215.8m-0.54%0.21%
1.19%
Eaton Vance Management
1,369,974$212.4m4.72%0.08%
0.98%
Charles Schwab Investment Management, Inc.
1,132,806$175.7m-1.05%0.05%
0.98%
CenterSquare Investment Management LLC
1,128,806$175.0m4.47%2.43%
0.96%
UBS Asset Management
1,110,849$172.3m-8.38%0.03%
0.93%
BNY Mellon Asset Management
1,077,773$167.1m4.93%0.04%
0.86%
Invesco Capital Management LLC
995,273$154.3m21.55%0.12%
0.83%
RREEF America L.L.C.
956,115$148.3m7.67%0.72%
0.8%
Zimmer Partners, LP
925,000$143.4m51.02%3.07%
0.78%
AllianceBernstein L.P.
903,920$140.2m-12.76%0.06%

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$18.393b
  • Market Cap: US$17.901b
  • Shares outstanding: 118.64m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MAANYSE (New York Stock Exchange)YesCommon SharesUSUSDJan 1994
M2KDB (Deutsche Boerse AG)YesCommon SharesDEEURJan 1994
0K1ELSE (London Stock Exchange)YesCommon SharesGBUSDJan 1994
MAA *BMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNJan 1994
MAA.PRINYSE (New York Stock Exchange)PFD SER IUSUSDDec 2016
M1AA34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 4 REPR 1 COMBRBRLJan 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.