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Mid-America Apartment Communities, Inc. (MAA)

Fair Value
Real EstateREIT - ResidentialUnited States

Fundamental

56

Price

$116.84

Market Cap

$13.99B

Part 1 · What the company is worth

Overview

Mid-America Apartment Communities owns and operates apartment communities — it is a landlord, not a developer that sells what it builds. As of the end of 2025 it held an ownership interest in roughly 105,000 apartment units across 16 U.S. states and Washington, D.C., concentrated in the Sun Belt, the fast-growing southeastern and southwestern states where population and job growth have outpaced the rest of the country for years. It is organized as a real estate investment trust, which means it must distribute most of its taxable income to shareholders as dividends.

How it makes money

Revenue is monthly rent collected from residents across the owned communities, plus smaller fees for services like parking or pet deposits. Because leases typically run about a year, rent growth shows up gradually as leases turn over and are re-signed at prevailing market rates, rather than all at once; occupancy and the pace of rent increases on renewals and new leases are the two levers that move revenue most.

Competitive moat

Scale · Narrow

Owning roughly 105,000 units clustered in Sun Belt metro areas lets the company spread property management, maintenance and technology costs over a larger base than smaller local landlords, and gives it easier access to capital markets. It is not a durable advantage in the way a patent or network effect would be — any well-capitalized competitor can build or buy apartments in the same markets — but scale does give an ongoing cost edge in day-to-day operations.

What drives demand

Moderately cyclical

People need housing regardless of the economic cycle, which makes apartment demand steadier than most businesses, but rent growth and occupancy still move with local job markets and, importantly, with how much new apartment supply competing developers deliver in the same submarkets at the same time. A wave of new construction can hold down rents even while the broader economy is healthy.

Key risks

  • New supply in Sun Belt markets — The company notes that elevated levels of new apartment construction in several Sun Belt markets in recent years have increased competition and pressured pricing power for landlords, including itself.
  • Competition from other housing types — Residents can choose competing apartment communities, single-family rental homes, manufactured housing or condominiums, and rival landlords can offer concessions or lower rents to win tenants away.
  • Rent regulation and local law — Changes in rent control, building codes or environmental rules in the states and cities where the company operates could raise operating costs or limit its ability to raise rents.

The case for

Buyers point to population and job growth in the Sun Belt outpacing the rest of the country for years, to new apartment deliveries slowing after a construction wave, and to the company's scale advantage in operating costs as reasons occupancy and rent growth should improve from here.

The case against

Sellers worry that Sun Belt markets attracted so much new apartment construction that supply could keep outrunning demand for longer than expected, and that a REIT structure paying out most of its income leaves less cushion to absorb a period of soft rent growth without relying more on debt.

Written by the editors, published on August 18, 2026

Direct competitors

Who this company fights with for the same customers

Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users

Camden Property TrustCPT

Camden is the closest match to MAA: a large apartment REIT concentrated in the same Sunbelt metros — Dallas, Austin, Houston, Atlanta and Charlotte — renting to the same middle-market residents and bidding for the same communities.

Independence Realty Trust, Inc.IRT

Independence Realty owns roughly 38,000 apartments in non-gateway Sunbelt cities such as Atlanta, Dallas, Nashville and Raleigh, competing with MAA for the same renters in the same suburban submarkets.

UDR, Inc.UDR

UDR runs a mixed coastal and Sunbelt portfolio and overlaps with MAA directly in Dallas, Austin, Tampa, Orlando and Nashville, where the two lease to the same tenants.

Greystar Real Estate Partners, LLCNot tracked

Greystar, privately held, is the largest apartment owner-operator and manager in the United States and competes with MAA for the same Sunbelt residents and for the same development and acquisition deals.

Equity ResidentialEQR

Historically a coastal landlord, Equity Residential has pushed into Atlanta, Dallas/Fort Worth and Denver, putting it head to head with MAA for residents and for apartment portfolios in those metros.

AvalonBay Communities, Inc.AVB

AvalonBay is expanding its coastal portfolio into Sunbelt markets such as Charlotte, Raleigh, Dallas and Austin, where it builds and leases the same kind of apartment communities MAA owns.

Balance Sheet & Liquidity

Revenue

$2.21B

Trailing 12 months (through 3/31/2026)

Net Income

$390M

Trailing 12 months (through 3/31/2026)

Free Cash Flow

-

Total Equity

$5.66B

Total Liabilities

$6.14B

Current Ratio

0.10

Interest Coverage

-

Debt/EBITDA

9.16

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

REITFairly Valued

Fair Value

$144.66

Current Price

$116.84

Margin of Safety

+19.2%

Fair Value Range

$137.43 - $151.90

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$141.44
Discounted cash flow (DCF):Not applicable to this type of company
Earnings multiple (P/E):Not applicable to this type of company
Graham growth formula:Not applicable to this type of company
Earnings power value (EPV):Not applicable to this type of company
Justified P/B:Not applicable to this type of company
Dividend discount (Gordon):Not enough data to compute it
P/FFO, funds from operations:$147.08
Mid-cycle earnings:Not applicable to this type of company
Revenue multiple:Not applicable to this type of company
Analyst Consensus:Hold (12B / 15H / 4S)
Last Earnings Surprise:+37.29%

Valuation Metrics

P/E Ratio

35.68

ROE

7.9%

P/B Ratio

2.47

P/FCF

-

Gross Margin

-

ROIC

-

Profitability Radar

Value Creation (Economic Moat)

ROIC

-

WACC

5.2%

ROIC − WACC

-

Fundamental Analysis Criteria

Passed (10)

  • EPS shows upward trend
  • EPS CAGR 14.64%
  • P/B Ratio 2.47
  • Debt/Equity ratio
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Revenue Growth 5Y 5.7%
  • Earnings Surprise avg 3.3%
  • Earnings Quality (OCF/NI) 2.65
  • Share Dilution 0.6%

Failed (9)

  • Price CAGR 1.86%
  • Debt/EBITDA
  • Price below Graham Number
  • DCF valuation (Unknown)
  • ROE 7.2%
  • Analyst Consensus 39% Buy
  • PEG Ratio 2.98
  • Net Margin Trend 17.6% vs 25.7%
  • Piotroski F-Score 4/9

Unavailable (9)

  • ROIC NaN%
  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage

Piotroski F-Score

4/9

Mixed signals: some areas need attention

score
criteria

Earnings Quality

2.65

High quality: earnings backed by cash

Share Dilution

0.6%

Share count is stable

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. H. Eric Bolton Jr.Executive Chairman68
Mr. Adrian Bradley Hill C.F.A.CEO, President & Director49
Mr. A. Clay HolderExecutive VP & Chief Financial Officer48
Mr. Robert J. DelPriore Esq., J.D.Executive VP, Chief Administrative Officer & General Counsel56
Mr. Timothy P. Argo CPAExecutive VP and Chief Strategy & Analysis Officer48
Ms. Amber FairbanksExecutive Vice President of Property Management44
Mr. James Bart FrenchExecutive Vice President of Investments55
Mr. David HerringSenior VP, Principal Accounting Officer & Chief Accounting Officer51
Mr. Joseph P. Fracchia CPAExecutive VP and Chief Technology & Innovation Officer51
Ms. Jennifer PatrickInvestor Relations Contact-

Audit Risk

5

Board Risk

6

Compensation Risk

1

Shareholder Rights Risk

1

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-02-06

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-07-30

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-09-09

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for MAA, sourced from Markets Gazette.

No recent news for MAA.