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MAA
(NYSE:MAA)
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Rating:58Neutral
Price Target:
$133.00
â–²(0.77% Upside)
Action:Reiterated
Date:09/10/26
The score is held back primarily by weakening TTM financial trends and a bearish technical setup (below major moving averages with negative momentum). These are partially offset by a constructive earnings-call picture (FFO guidance maintained via cost discipline and operational initiatives) and an attractive dividend yield, though the high P/E reduces valuation support.
Positive Factors
FFO resilience and operating discipline
Maintaining full-year core FFO guidance despite adjusted revenue expectations shows that management can protect earnings through expense discipline and non-same-store NOI. This resilience supports near-term cash generation and demonstrates operating flexibility as leasing conditions normalize across the portfolio.
Negative Factors
Recent cash-flow deterioration
The latest TTM weakening in operating cash-flow coverage and free cash flow signals that reported earnings are converting less effectively into internally generated funds. If persistent, this could reduce flexibility for development, renovations, debt reduction, and shareholder distributions over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
FFO resilience and operating discipline
Maintaining full-year core FFO guidance despite adjusted revenue expectations shows that management can protect earnings through expense discipline and non-same-store NOI. This resilience supports near-term cash generation and demonstrates operating flexibility as leasing conditions normalize across the portfolio.
Read all positive factors
MAA Key Performance Indicators (KPIs)
Any
Net Operating Income By Segment
Calculates income after operating expenses, revealing profitability and financial health across different segments. It’s a key indicator of property performance and management efficiency.
Calculates income after operating expenses, revealing profitability and financial health across different segments. It’s a key indicator of property performance and management efficiency.
Data provided by:
The Fly
The FlyMAA (MAA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.71B
Dividend Yield5.3%
Average Volume (3M)1.04M
Price to Earnings (P/E)33.7
Beta (1Y)0.43
Revenue Growth0.85%
EPS Growth-29.53%
CountryUS
Employees2,507
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)3.42
Shares Outstanding116,021,960
10 Day Avg. Volume1,386,441
30 Day Avg. Volume1,040,628
Financial Highlights & Ratios
PEG Ratio-2.35
Price to Book (P/B)2.86
Price to Sales (P/S)7.36
P/FCF Ratio22.63
Enterprise Value/Market Cap1.60
Enterprise Value/Revenue9.89
Enterprise Value/Gross Profit20.92
Enterprise Value/Ebitda17.41
Forecast
1Y Price Target
$141.76Price Target Upside7.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering18
EPS Forecast (FY)3.71
Revenue Forecast (FY)$2.23B
MAA Business Overview & Revenue Model
Company Description
Mid-America Apartment Communities, known as MAA, is a prominent S&P 500 entity operating as a Real Estate Investment Trust (REIT). Its core objective is to generate outstanding, comprehensive investment returns for its shareholders. MAA achieves t...
How the Company Makes Money
MAA makes money primarily by generating recurring rental income from leasing apartments in its owned and operated communities. Its core revenue stream is residential lease revenue (monthly rent) paid by tenants, which depends on occupancy levels, ...
MAA Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational strengths — expense control, strong resident fundamentals (low delinquency, improved rent-to-income), robust renovation returns, accelerating leasing momentum (sequential improvement in blends and renewals), meaningful Wi‑Fi monetization, and a well-funded development pipeline — which collectively offset near-term revenue and market-specific headwinds. Management slightly lowered revenue and occupancy expectations for the year due to slower-than-expected new-lease recovery in several high-supply markets, but maintained full-year core FFO guidance by leveraging expense savings and non-same-store contributions. Balance sheet and liquidity are strong, and the company remains focused on disciplined capital allocation (development, targeted redevelopments, measured buybacks). Overall, the positives (broad-based improvement, cost control, high-return programs) outweigh the localized supply-driven challenges.Positive Updates
Core FFO Outperformance
Reported core FFO of $2.08 per diluted share for Q2, $0.02 above guidance; maintained full-year core FFO midpoint of $8.53 despite revenue guidance adjustments.
Negative Updates
Slower New-Lease Recovery in High-Supply Markets
Pace of recovery in new-resident lease rates slower than management desired due to cautious consumer sentiment and still-elevated new supply in several high-concentration markets; new lease recovery lags though showing sequential improvement (new lease-over-lease growth improved 170 basis points sequentially from Q1).
Read all updates
Q2-2026 Updates
Positive
Negative
Core FFO Outperformance
Reported core FFO of $2.08 per diluted share for Q2, $0.02 above guidance; maintained full-year core FFO midpoint of $8.53 despite revenue guidance adjustments.
Read all positive updates
Company Guidance
MAA maintained its full‑year core FFO guidance (midpoint $8.53/share) after reporting Q2 core FFO of $2.08/share (+$0.02 vs. guidance), driven by tight cost control (Q2 same‑store operating expense growth +80 bps YoY; same‑store expense favorability ~$0.015/sh; total same‑store expense guidance ~+1.75% for the year) and a ~$0.01/sh contribution from non‑same‑store NOI; revenue pacing shows YTD blended +0.3% through June with a full‑year blended target of roughly +50 bps (back half ~+0.6%) and an unusual expectation that Q3 blended will be better than Q2, supported by new lease‑over‑lease improvement +170 bps sequentially, blended +100 bps QoQ (+20 bps YoY), renewal lease‑over‑lease +5.2%, turnover 39.6%, renewal rate improvement +50 bps YoY, rent‑to‑income 18%, net delinquency 0.3% of billed rents, and Q2 absorption 1.8x deliveries (July occupancy ~95.4%); development and growth metrics include $81M funded in Q2, a $598M pipeline at 6/30 ( ~$804M with recent starts) with $237M remaining (targeting ≈$1B pipeline), 2,012 interior unit upgrades in Q2 (3,500 YTD) at $5,130/unit with a $110/month rent lift and ~25% cash‑on‑cash return (vs. 19% expected), Wi‑Fi live at 28 properties (adding 38) with revenue rising $500K→$850K QoQ, and balance sheet/capital actions of $880M+ cash/borrow capacity, net debt/EBITDA 4.5x, average debt maturity 6 years at a 3.9% effective rate, repurchased 383k shares for $50M at $130.66, a $350M delayed‑draw term loan ($100M drawn), expectation of >$25M incremental 2026 NOI from non‑same‑store assets, and insurance premiums down >12% on renewal (≈6% full‑year insurance cost decline).MAA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
60
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.22B | 2.21B | 2.19B | 2.15B | 2.02B | 1.78B |
| Gross Profit | 1.05B | 703.07M | 713.27M | 747.48M | 687.71M | 517.75M |
| EBITDA | 1.26B | 1.32B | 1.30B | 1.29B | 1.35B | 1.25B |
| Net Income | 403.22M | 446.91M | 527.54M | 552.81M | 637.44M | 533.79M |
Balance Sheet | ||||||
| Total Assets | 11.99B | 11.98B | 11.81B | 11.48B | 11.24B | 11.29B |
| Cash, Cash Equivalents and Short-Term Investments | 51.84M | 106.66M | 43.02M | 41.31M | 38.66M | 54.30M |
| Total Debt | 5.69B | 5.41B | 5.01B | 4.57B | 4.44B | 4.52B |
| Total Liabilities | 6.39B | 6.14B | 5.66B | 5.19B | 5.03B | 5.10B |
| Stockholders Equity | 5.43B | 5.68B | 5.96B | 6.11B | 6.03B | 6.00B |
Cash Flow | ||||||
| Free Cash Flow | 569.35M | 717.94M | 775.92M | 795.96M | 762.30M | 383.69M |
| Operating Cash Flow | 1.01B | 1.08B | 1.10B | 1.14B | 1.06B | 894.97M |
| Investing Cash Flow | -727.65M | -690.22M | -825.50M | -775.26M | -405.24M | -253.59M |
| Financing Cash Flow | -286.12M | -370.74M | -271.12M | -367.90M | -722.77M | -546.40M |
MAA Technical Analysis
Negative
131.98
Price Trends
127.78
Negative
130.32
Negative
129.19
Negative
Market Momentum
-3.42
Positive
21.23
Positive
13.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAA, the sentiment is Negative. The current price of 131.98 is above the 20-day moving average (MA) of 121.13, above the 50-day MA of 127.78, and above the 200-day MA of 129.19, indicating a bearish trend. The MACD of -3.42 indicates Positive momentum. The RSI at 21.23 is Positive, neither overbought nor oversold. The STOCH value of 13.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MAA.
MAA Risk Analysis
MAA disclosed 44 risk factors in its most recent earnings report. MAA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MAA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $17.37B | 21.06 | 16.33% | 3.91% | 1.54% | 310.22% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $17.85B | 41.78 | 7.60% | 3.85% | 4.74% | -48.36% | |
64 Neutral | $12.98B | 31.77 | 7.80% | 4.41% | 0.72% | 111.53% | |
64 Neutral | $10.89B | 24.02 | 6.85% | 4.26% | 4.15% | 13.70% | |
61 Neutral | $15.38B | 23.89 | 7.08% | 4.61% | 5.25% | 24.70% | |
58 Neutral | $13.71B | 33.69 | 7.16% | 5.30% | 0.85% | -29.53% |
* Real Estate Sector Average
MAA
MAA
115.27
-14.57
-11.22%
ESS
Essex Property
268.65
17.28
6.87%
UDR
UDR
33.27
-1.08
-3.15%
CPT
Camden Property
95.96
-2.88
-2.91%
AMH
American Homes
30.26
-0.91
-2.92%
INVH
Invitation Homes
26.04
-0.95
-3.52%
MAA Corporate Events
Business Operations and StrategyFinancial Disclosures
MAA Highlights Sunbelt Recovery Momentum in Capital Markets Update
Positive
Sep 9, 2026
In September 2026, MAA outlined a capital markets update highlighting its operating momentum, development activity and balance sheet strength as supply pressures ease in its core Sunbelt portfolio. The company reported strong second-quarter 2026 C...
Business Operations and StrategyDividendsPrivate Placements and Financing
Mid-America Apartment Announces Redemption of Series I Preferred
Positive
Aug 28, 2026
On August 28, 2026, Mid-America Apartment Communities announced plans to redeem for cash all outstanding shares of its 8.50% Series I Cumulative Redeemable Preferred Stock on October 1, 2026 at $50.00 per share plus unpaid accrued dividends for th...
Business Operations and StrategyFinancial Disclosures
Mid-America Apartment Highlights Strong Q2 Results and Growth
Positive
Aug 4, 2026
In an August 2026 capital markets update, Mid-America Apartment Communities detailed a robust development and redevelopment program designed to capitalize on recovering Sunbelt fundamentals, including an approximately $800 million 2026 development...
Business Operations and StrategyFinancial Disclosures
Mid-America Apartment Updates 2026 Same Store NOI Guidance
Negative
Jul 30, 2026
On July 29, 2026, Mid-America Apartment Communities reported its consolidated operating results and financial condition as of June 30, 2026, covering the three- and six-month periods then ended. Alongside these results, the company updated its 202...
Business Operations and StrategyPrivate Placements and Financing
Mid-America Apartment Secures New $350 Million Term Loan
Positive
Jun 25, 2026
On June 22, 2026, Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, Inc., entered into a new unsecured delayed draw term loan facility of up to $350 million arranged by a syndicate of major banks. The co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.