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
|Historical stock prices|
|Current Share Price||US$155.07|
|52 Week High||US$231.63|
|52 Week Low||US$151.05|
|1 Month Change||-6.40%|
|3 Month Change||-11.62%|
|1 Year Change||-18.05%|
|3 Year Change||17.09%|
|5 Year Change||43.68%|
|Change since IPO||617.09%|
Recent News & Updates
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.
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
|MAA||US REITs||US Market|
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.
|MAA Average Weekly Movement||3.4%|
|REITs Industry Average Movement||4.1%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.6%|
|10% least volatile stocks in US Market||2.8%|
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
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
|MAA fundamental statistics|
Is MAA overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|MAA income statement (TTM)|
|Cost of Revenue||US$752.24m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||5.09|
|Net Profit Margin||31.13%|
How did MAA perform over the long term?See historical performance and comparison
3.2%Current Dividend Yield
Does MAA pay a reliable dividends?See MAA dividend history and benchmarks
|Mid-America Apartment Communities dividend dates|
|Ex Dividend Date||Oct 13 2022|
|Dividend Pay Date||Oct 31 2022|
|Days until Ex dividend||11 days|
|Days until Dividend pay date||29 days|
Does MAA pay a reliable dividends?See MAA dividend history and benchmarks
Is MAA undervalued compared to its fair value, analyst forecasts and its price relative to the market?
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
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.
|What is MAA's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does MAA's PE Ratio compare to its peers?
|MAA PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
INVH Invitation Homes
ESS Essex Property Trust
AMH American Homes 4 Rent
MAA Mid-America Apartment Communities
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.
|Current PE Ratio||30.5x|
|Fair PE Ratio||38.1x|
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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How is Mid-America Apartment Communities forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
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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How has Mid-America Apartment Communities performed over the past 5 years?
Past Performance Score4/6
Past Performance Score 4/6
Growing Profit Margin
Earnings vs Industry
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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How is Mid-America Apartment Communities's financial position?
Financial Health Score2/6
Financial Health Score 2/6
Short Term Liabilities
Long Term Liabilities
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).
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What is Mid-America Apartment Communities's current dividend yield, its reliability and sustainability?
Dividend Score 5/6
Cash Flow Coverage
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
|Mid-America Apartment Communities Dividend Yield vs Market|
|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.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
H. Bolton (65 yo)
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|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$8m||US$855k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||US$5m||US$837k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||US$6m||US$813k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||US$5m||US$775k|
|Sep 30 2018||n/a||n/a|
|Jun 30 2018||n/a||n/a|
|Mar 31 2018||n/a||n/a|
|Dec 31 2017||US$7m||US$704k|
|Sep 30 2017||n/a||n/a|
|Jun 30 2017||n/a||n/a|
|Mar 31 2017||n/a||n/a|
|Dec 31 2016||US$4m||US$640k|
|Sep 30 2016||n/a||n/a|
|Jun 30 2016||n/a||n/a|
|Mar 31 2016||n/a||n/a|
|Dec 31 2015||US$4m||US$635k|
Compensation vs Market: H.'s total compensation ($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.
Experienced Management: MAA's management team is seasoned and experienced (7.9 years average tenure).
Experienced Board: MAA's board of directors are considered experienced (8.9 years average tenure).
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
|29 Jul 22||SellUS$252,395||Melanie Carpenter||Individual||1,355||US$186.27|
|29 Apr 22||SellUS$4,049,980||Thomas Grimes||Individual||20,000||US$202.50|
|04 Feb 22||SellUS$790,483||Monica McGurk||Individual||3,670||US$215.39|
|13 Dec 21||SellUS$101,057||Melanie Carpenter||Individual||463||US$218.27|
|Owner Type||Number of Shares||Ownership Percentage|
|State or Government||50,158||0.04%|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Mid-America Apartment Communities, Inc.'s employee growth, exchange listings and data sources
- 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
- Mid-America Apartment Communities, Inc.
- 6815 Poplar Avenue
- Suite 500
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|MAA||NYSE (New York Stock Exchange)||Yes||Common Shares||US||USD||Jan 1994|
|M2K||DB (Deutsche Boerse AG)||Yes||Common Shares||DE||EUR||Jan 1994|
|0K1E||LSE (London Stock Exchange)||Yes||Common Shares||GB||USD||Jan 1994|
|MAA *||BMV (Bolsa Mexicana de Valores)||Yes||Common Shares||MX||MXN||Jan 1994|
|MAA.PRI||NYSE (New York Stock Exchange)||PFD SER I||US||USD||Dec 2016|
|M1AA34||BOVESPA (Bolsa de Valores de Sao Paulo)||BDR EACH 4 REPR 1 COM||BR||BRL||Jan 2020|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/30 00:00|
|End of Day Share Price||2022/09/30 00:00|
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.