Mid-America Apartment Communities, Inc. (MAA) - Company Profile - 2026-06-22
Company Overview
Mid-America Apartment Communities, Inc. (MAA) is a self-administered real estate investment trust (REIT) and constituent of the S&P 500 index. The company owns or has ownership interests in apartment communities across the Southeast, Southwest, and Mid-Atlantic regions of the United States. MAA was incorporated in 1977 in Tennessee and is headquartered in Germantown. The company employs approximately 2,507 people.
Business and Operations
MAA operates as a REIT focused on residential apartment properties in targeted U.S. geographic markets. The company pursues a full-cycle investment approach, managing acquisition, development, operations, and disposition of apartment communities to achieve long-term returns. Operations span multiple regions with concentration in the Southeast and Southwest, diversifying portfolio exposure across metropolitan areas and market cycles. The company's business model centers on generating income through rental operations and property appreciation over time.
Fundamental Metrics
As of the date of this report, MAA traded at $132.50 with a market capitalization of $15.81 billion and enterprise value of $21.18 billion.
Valuation Metrics:
- Price-to-earnings (trailing): 40.15x
- Price-to-earnings (forward): 34.06x
- Price-to-book: 2.78x
- Price-to-sales: 7.14x
- PEG ratio: 7.03x
Profitability:
- Net profit margin: 17.60%
- Operating margin: 26.57%
- Return on equity: 6.71%
- Return on assets: 3.19%
Financial Position:
- Revenue (trailing twelve months): $2.21 billion
- Free cash flow: $909.08 million
- Debt-to-equity ratio: 99.83x
- Current ratio: 0.08x
Growth:
- Revenue growth (year-over-year): +0.80%
- Earnings growth (year-over-year): -31.50%
Share Structure and Ownership
MAA has 116.38 million shares outstanding, with a float of 115.22 million shares. Insider ownership represents 0.46% of shares, while institutional investors hold 97.16%.
Top Five Institutional Shareholders:
- BlackRock Inc.: 11.20%
- Vanguard Portfolio Management LLC: 8.51%
- State Street Corporation: 6.88%
- Vanguard Capital Management LLC: 6.53%
- Viking Global Investors, L.P.: 4.12%
Short interest stands at 3.22% of float with a short ratio of 3.95 days to cover.
Trading Activity
The 30-day average daily volume is 973,913 shares. The 90-day average daily volume is 966,151 shares.
Recent Price Action
Over the past twelve months, MAA's stock price moved from its 52-week low of $120.30 to a 52-week high of $153.93, representing a range of 28.0%. The stock is currently trading 13.92% below its 52-week high.
Period Returns:
- One month: +3.14%
- Three months: +3.46%
- Year-to-date: -4.77%
- One year: -10.81%
Strengths
- High institutional ownership concentration (97.16%) reflects substantial holdings by major asset managers.
- Operating margin of 26.57% indicates efficient cost structure relative to revenues.
- Free cash flow of $909.08 million supports operational flexibility and capital allocation.
- S&P 500 index inclusion provides market liquidity and recognition.
- Property diversification across Southeast, Southwest, and Mid-Atlantic regions spreads geographic concentration risk.
- Net profit margin of 17.60% demonstrates operational profitability.
Considerations
- Earnings declined 31.50% year-over-year, representing a significant contraction in bottom-line performance.
- Trailing P/E of 40.15x and forward P/E of 34.06x remain elevated relative to historical averages.
- PEG ratio of 7.03 indicates high valuation relative to earnings growth rate.
- Dividend yield of 462.00% with payout ratio of 184.09% reflects distributions substantially exceeding net income.
- Current ratio of 0.08 indicates limited short-term liquidity relative to current liabilities.
- Debt-to-equity ratio of 99.83 reflects substantial leverage, concentrated financial risk, though typical for REIT structure.
- Year-over-year revenue growth of 0.80% shows minimal top-line expansion.
- Stock price has declined 10.81% over the past twelve months.
- Short interest of 3.22% of float indicates some negative sentiment among traders.
Summary
Mid-America Apartment Communities, Inc. operates as a diversified residential REIT with properties across multiple U.S. regions and $2.21 billion in trailing revenue. The company exhibits strong operating margins and meaningful free cash flow, though earnings contracted significantly year-over-year. Valuation multiples remain elevated while dividend distributions exceed net income, and leverage is substantial relative to equity. The stock has experienced weakness over the trailing twelve months.