Mid-America Apartment Communities Inc MAA

Real EstateResidential & Commercial REITsUnited States of America

Last close 118.34 USD on Nov 2, 2026, −10.6% year to date

Quant rating

Quant rating C Rank 90 of 175 in Real Estate

Growth C 98 of 175
Valuation C 74 of 175
Quality B 31 of 175
Revisions C 106 of 175
Momentum D 130 of 175

Wall Street consensus Hold (2.78)Average target 134.33 USD +13.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 13.7B
Enterprise value: 19.6B
52-week range: 113.96 – 144.26
3-year range: 113.96 – 170.92
Dividend yield: 5.22%
Beta (5 years): 0.71
Shares outstanding: 116M
Next earnings: Feb 2, 2027

About the company

Mid-America Apartment Communities, Inc. is a multifamily-focused, self-administered, and self-managed real estate investment trust. The Company owns, operates, acquires, and selectively develops apartment communities primarily located in the Southeast, Southwest, and Mid-Atlantic regions of the United States. Its segments include Same Store and Non-Same Store and Other. The Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. The Non-Same Store and Other segment include recently acquired communities, communities being developed or on lease-up, communities that have been disposed of or identified for disposition and others. The Non-Same Store and Other segment also include non-multifamily activities and expenses related to severe weather events. It has ownership interest in apartment units, including communities in development, across 16 states and the District of Columbia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,209	2,191	2,148	2,020	1,778	–
Revenue growth	0.8%	2.0%	6.4%	13.6%	6.0%	5.7%
EPS (basic, normalized)	3.78	4.49	4.71	5.48	4.61	–
EPS growth	−15.8%	−4.7%	−14.1%	18.9%	–	–
Gross margin	58.7%	59.3%	61.1%	60.9%	59.1%	59.8%
Net margin	20.1%	23.9%	25.5%	31.4%	29.8%	26.1%
ROE	7.7%	8.7%	9.1%	10.6%	9.0%	9.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	25.7
Current ratio	–
Long-term debt (mil)	5,089
Net debt (mil)	5,957
Total equity (mil)	5,301
Net debt / equity	1.12x
Net debt / EBITDA	4.80x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,209	+0.8%	8.9x	1,242	−0.6%	15.8x	3.78	−15.8%	31.3x
2026	2,227	+0.8%	8.8x	1,252	+0.8%	15.7x	3.75	−0.9%	31.6x
2027	2,278	+2.3%	8.6x	1,269	+1.4%	15.5x	3.11	−16.9%	38.0x
2028	2,358	+3.5%	8.3x	1,314	+3.5%	14.9x	3.41	+9.4%	34.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,227	0.0%	−0.2%	−0.7%	3.75	−0.1%	+9.2%	+15.0%
2027	2,278	−0.1%	−0.6%	−1.4%	3.11	−0.8%	−3.4%	−7.5%
2028	2,358	0.0%	−1.2%	−2.7%	3.41	−1.8%	−5.2%	−15.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	544	546	551	550	549	550	554	556	554	555
Sales mean (mil)	541	545	549	552	551	552	555	556	556	557
Surprise	+0.5%	+0.2%	+0.4%	−0.4%	−0.3%	−0.3%	−0.2%	−0.2%	−0.4%	−0.3%
EPS reported	1.22	0.94	0.98	1.42	1.54	0.92	0.84	0.48	1.06	1.04
EPS mean	1.03	1.01	1.01	1.01	0.89	0.86	0.89	0.92	0.80	0.75
Surprise	+18.8%	−6.6%	−3.1%	+40.0%	+72.5%	+6.4%	−6.1%	−47.7%	+32.3%	+38.7%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MAA Mid-America Apartment Communities Inc	13.7B	4.80x	20.1%	2.59x	31.6x	38.0x	15.7x	15.5x
NHP National Healthcare Properties, Inc.	1.1B	–	−20.8%	1.04x	31.7x	301.8x	15.5x	15.4x
Mean		4.80x	−0.4%	1.82x	31.6x	169.9x	15.6x	15.5x
Median		4.80x	−0.4%	1.82x	31.6x	169.9x	15.6x	15.5x

Technical analysis

1M+4.0%
3M−9.4%
1Y−3.2%
3Y+11.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mid-America Apartment Communities Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,209	2,191	2,148	2,020	1,778	1,678
Cost of revenue	913	892	836	789	727	693
Gross profit	1,297	1,299	1,313	1,231	1,051	985
Selling, general & administrative expenses	54.8	56.5	58.6	58.8	52.9	46.9
Research & development	–	–	–	–	–	–
Depreciation/amortization	622	586	565	543	533	511
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	57.3	−11.1	−3.5	−20.8	14.0	4.3
Other operating expenses	0	0	0	0	0	0
Operating income	562	668	692	650	451	423
Net interest income (expense)	−178	−181	−124	−212	−121	−160
Gain (loss) on sale of assets	72.1	55.0	0	216	221	1.0
Other non-operating income (expense)	3.0	3.2	2.2	−6.6	11.6	1.9
Net income before taxes	459	545	571	647	563	266
Provision for taxes	4.6	5.2	4.7	−6.2	13.6	3.3
Minority interest	−9.7	−14.0	−15.0	−17.3	−16.9	−9.1
Equity in affiliates	2.1	2.0	1.7	1.6	1.2	1.5
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	447	528	553	637	534	255
Extraordinary items	–	–	–	–	–	–
Net income	447	528	553	637	534	255
EBIT, normalized	619	657	689	629	465	428
EBITDA, normalized	1,242	1,242	1,254	1,172	1,001	941
Basic EPS, normalized	3.78	4.49	4.71	5.48	4.61	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mid-America Apartment Communities Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	60.3	43.0	41.3	38.7	54.3	25.2
Receivables	–	–	–	–	–	–
Total inventory	73.4	73.4	73.9	64.3	24.0	61.0
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	11,533	11,441	11,111	10,924	10,879	10,912
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	0.9	1.3
Long-term investments	120	104	88.5	79.0	122	66.3
Note receivable	–	–	–	–	–	–
Other long-term assets	323	268	285	238	283	215
Total assets	11,975	11,812	11,485	11,241	11,285	11,195
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	730	684	645	616	584	528
Short-term debt	676	250	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	4,729	4,731	4,540	4,415	4,517	4,563
Minority interest	156	183	186	185	189	217
Other liabilities	1,406	934	645	616	584	528
Total liabilities	6,292	5,848	5,371	5,215	5,290	5,308
Shareholders' equity
Preferred stock	−43.4	−43.4	−43.4	−43.4	−43.4	−43.4
Common stock	21.6	23.4	20.3	21.8	31.3	16.5
Additional paid-in capital	7,402	7,417	7,400	7,203	7,231	7,177
Retained earnings (accumulated deficit)	−1,735	−1,470	−1,298	−1,189	−1,256	−1,294
Treasury stock	–	–	–	–	–	–
Other equity	38.1	36.5	34.6	33.3	32.3	31.3
Total equity	5,683	5,964	6,113	6,026	5,995	5,887
Total liabilities & shareholders' equity	11,975	11,812	11,485	11,241	11,285	11,195

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mid-America Apartment Communities Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	457	542	568	655	551	264
Depreciation, depletion & amortization	623	586	566	544	534	512
Deferred taxes	–	–	–	–	–	–
Non-cash items	−57.2	−33.5	−1.4	−124	−246	15.7
Changes in working capital	55.9	3.8	4.9	−16.1	55.9	32.6
Cash from operations	1,078	1,098	1,137	1,058	895	824
Investing activities
Capital expenditures	−766	−937	−763	−740	−557	−484
Other investing cash flows	75.5	112	−12.4	334	304	−0.8
Cash from investing	−690	−825	−775	−405	−254	−485
Financing activities
Financing cash flow items	−55.7	−28.4	−38.7	−73.1	−27.6	−21.6
Cash dividends paid	−713	−691	−655	−543	−474	−461
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	398	448	326	−106	−44.7	108
Cash from financing	−371	−271	−368	−723	−546	−374
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	17.2	1.7	−6.0	−69.5	95.0	−34.9
Free cash flow	312	161	374	319	338	340

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.