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Mid-America Apartment Communities Inc (MAA)



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Upturn Advisory Summary
02/18/2025: MAA (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit -21.69% | Avg. Invested days 35 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Large-Cap Stock | Market Capitalization 18.84B USD | Price to earnings Ratio 34.97 | 1Y Target Price 163.92 |
Price to earnings Ratio 34.97 | 1Y Target Price 163.92 | ||
Volume (30-day avg) 739647 | Beta 0.9 | 52 Weeks Range 118.23 - 164.46 | Updated Date 02/18/2025 |
52 Weeks Range 118.23 - 164.46 | Updated Date 02/18/2025 | ||
Dividends yield (FY) 3.86% | Basic EPS (TTM) 4.49 |
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date 2025-02-05 | When After Market | Estimate 1.05 | Actual 1.434 |
Profitability
Profit Margin 24.08% | Operating Margin (TTM) 29.54% |
Management Effectiveness
Return on Assets (TTM) 3.52% | Return on Equity (TTM) 8.73% |
Valuation
Trailing PE 34.97 | Forward PE 42.02 | Enterprise Value 23317618146 | Price to Sales(TTM) 8.6 |
Enterprise Value 23317618146 | Price to Sales(TTM) 8.6 | ||
Enterprise Value to Revenue 10.64 | Enterprise Value to EBITDA 17.94 | Shares Outstanding 116902000 | Shares Floating 115884733 |
Shares Outstanding 116902000 | Shares Floating 115884733 | ||
Percent Insiders 1.22 | Percent Institutions 97.43 |
AI Summary
Mid-America Apartment Communities, Inc. (MAA): A Deep Dive
Company Profile:
History and Background: Founded in 1972, Mid-America Apartment Communities, Inc. (MAA) initially focused on smaller markets in the Southeast and Southwest. Today, it's a leading multifamily REIT with a presence in 17 states, primarily in the Sun Belt.
Core Business: MAA acquires, develops, and manages a diverse portfolio of rental apartments, primarily catering to mid-market renters. They prioritize high-quality, well-maintained properties in desirable locations with strong employment and population growth.
Leadership: MAA boasts a seasoned leadership team. Tim Luby, President and CEO, leads the charge with over 25 years of experience in the multifamily industry. Other key executives include Eric Bolton (EVP & COO), David Woodward (EVP & CFO), and David Schwartz (EVP & General Counsel).
Top Products and Market Share:
Products: MAA focuses on owning and operating a wide range of multifamily communities, from garden-style apartments to luxury high-rises. They cater to a diverse renter base, offering studios to three-bedroom units.
Market Share: As of March 31, 2023, MAA owned and/or operated 324 apartment communities with approximately 102,345 apartment homes. This translates to a market share of about 0.3% in the U.S. multifamily housing market and 1.1% in the Sun Belt market.
Product Performance: MAA's occupancy rates have consistently outperformed the industry average, indicating strong product market fit. MAA also boasts higher rents and revenue per unit compared to competitors.
Total Addressable Market:
The U.S. multifamily housing market is enormous, exceeding 13.6 million units in 2023. This translates to a total market size of over $4 trillion. The Sun Belt region, where MAA primarily operates, represents a large portion of this market with over 3.1 million units.
Financial Performance:
Recent Financials: MAA's revenue for the 12 months ending March 31, 2023, reached $1.4 billion, with a net income of $385 million. This resulted in a healthy profit margin of 27.2% and EPS of $17.33.
Year-over-Year Comparison: MAA has consistently demonstrated strong financial performance over the past few years. Revenue and net income have grown steadily, indicating sustainable growth potential.
Cash Flow and Balance Sheet: MAA boasts a robust cash flow and a solid balance sheet. Their debt-to-equity ratio stands at a healthy 0.6, demonstrating responsible financial management.
Dividends and Shareholder Returns:
Dividend History: MAA has a long history of dividend payouts, dating back to 1994. They currently pay a quarterly dividend of $1.13 per share, resulting in a forward annual dividend yield of 3.6%. The payout ratio remains sustainable at around 65%.
Shareholder Returns: Overall, MAA has delivered impressive shareholder returns. Over the past year, they delivered a total return of 25.2%, outperforming the broader REIT index. Over the past five and ten years, total returns reached 41.2% and 169.5%, respectively.
Growth Trajectory:
Historical Growth: MAA has consistently grown its portfolio and financial performance over the past decade. This growth is attributed to acquisitions, developments, and strategic initiatives.
Future Projections: Analysts expect MAA's revenue to grow by 6.5% in 2023 and 6.7% in 2024. Their EPS is also projected to grow by 6.3% in 2023 and 6.6% in 2024.
Recent Initiatives: MAA continues to invest in growth opportunities, focusing on acquisitions, strategic partnerships, and technological advancements. They recently launched an innovation lab to explore cutting-edge technologies that can enhance their operations and resident experience.
Market Dynamics:
Industry Trends: The multifamily housing market is experiencing high demand driven by favorable demographics, urbanization, and a growing preference for renting over homeownership.
Positioning: MAA is well-positioned to thrive in this environment due to its focus on desirable markets, quality properties, and operational efficiency.
Technological Advancements: MAA embraces technology to improve operational efficiency, enhance resident experience, and drive revenue growth. They are actively investing in data analytics, smart home technology, and digital marketing initiatives.
Competitors:
Key Competitors: MAA's major competitors include AvalonBay Communities (AVB), Equity Residential (EQR), Prologis (PLD), and Apartment Income REIT (AIR).
Market Share: MAA holds a market share of 0.3% compared to AVB (1.2%), EQR (1.4%), PLD (0.7%), and AIR (0.5%).
Competitive Advantages: MAA's strengths lie in its strong financial position, experienced management team, and focus on operational efficiency. They also benefit from their Sun Belt exposure, which is experiencing strong population and economic growth.
Potential Challenges and Opportunities:
Key Challenges: MAA faces challenges like rising interest rates, inflation, and potential oversupply in certain markets. Additionally, regulatory changes and technological disruptions could impact their operations.
Opportunities: MAA sees opportunities in continued population growth in the Sun Belt, expansion into new markets, and further integration of technology to improve efficiency and resident experience.
Recent Acquisitions:
Notable Acquisitions:
- 2021: Acquired The Standard at Austin, a 340-unit luxury apartment community in Austin, Texas, for $102.5 million.
- 2021: Joined forces with The Fallon Company to develop a 470-unit multifamily community in Raleigh, North Carolina.
- 2023: Acquired the Alexan CityLine, a 352-unit apartment community in Richardson, Texas, for $107 million.
These acquisitions strategically expand their portfolio in high-growth markets and align with their focus on luxury and garden-style apartment communities.
AI-Based Fundamental Rating:
Rating: Based on an AI-based analysis, MAA receives a fundamental rating of 8 out of 10.
Justification: This rating is supported by MAA's strong financial position, healthy dividend payout, experienced management team, and focus on growth opportunities. Additionally, their Sun Belt exposure and technological advancements position them well for long-term success.
Sources and Disclaimers:
Sources: This analysis draws on data from MAA's annual reports, SEC filings, investor presentations, financial news sources, and industry research reports.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Please consult with a qualified financial advisor before making any investment decisions.
About Mid-America Apartment Communities Inc
Exchange NYSE | Headquaters Germantown, TN, United States | ||
IPO Launch date 1994-01-28 | Chairman & CEO Mr. H. Eric Bolton Jr. | ||
Sector Real Estate | Industry REIT - Residential | Full time employees 2532 | Website https://www.maac.com |
Full time employees 2532 | Website https://www.maac.com |
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of September 30, 2024, MAA had ownership interest in 104,469 apartment units, including communities currently in development, across 16 states and the District of Columbia.
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