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Mid-America Apartment Communities (MAA) stock

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NYSE: MAA NYSE Multi-Family Residential REITs Next results ~February 3, 2027

B Fundamentals grade

Mid-America Apartment Communities is a US-listed company in the multi-family residential REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$150

Valuation models combined (2)

Base case. Range ~$120–$170. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Mid-America Apartment Communities valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 6 selling3 purchases and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds391 adding, 336 cuttingOf 62 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mid-America Apartment Communities files

10-Q filed October 29: Mid-America Apartment Communities

Model value +7.1%

Mid-America Apartment Communities reported revenue of $2.22bn for the twelve months to September 2026, a rise of 1.0% on the same period a year earlier. That growth rate is little changed from a quarter ago. Alongside this, the fundamentals grade has improved from C+ to B+, reflecting a steadier underlying picture. Our model value has climbed accordingly, moving from $141 to $151 a share. Against this, the shares trade at $117, leaving a notable gap between market price and model value. Taken together, the figures point to modest but consistent top-line progress and a more favourable fundamentals assessment than before.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Mid-America Apartment Communities stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.22bn, up 0.8% on a year earlier, about the same pace as a quarter earlier. That puts it 798 of 931 for growth among all the companies we cover. Our valuation models combined value is $141 a share, against a share price of $117.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Mid-America Apartment Communities's trailing-twelve-month revenue grew 1.0% year on year, with a free-cash-flow margin of 28.0%. Where it stands out: stock pay as % of revenue of 0.8% ranks 2 of 7 multi-family residential reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 12.6% while net income fell 30.3%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 26.6% of revenue is left as operating profit.
  • Strong cash generation. 28.0% of revenue turned into free cash flow.

Things to watch

  • Earnings expected to fall. The consensus expects earnings per share to fall 16% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.72 against an average estimate of $0.80: missed by 9.8%
Revenue
$560m, up 1.0% on a year earlier
Share reaction
-0.4% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
earnings per common share - diluted $3.61 to $3.73 (Full Year 2026); core FFO per Share - diluted $8.43 to $8.55 (Full Year 2026)
Next report
October 28, 2026

Mid-America Apartment Communities' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week-1.0%
  • 1 month+4.0%
  • This year-10.6%
  • 1 year-3.1%
  • 5 years-29.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.2B
Net margin
17.4%
EPS (TTM, diluted)
$3.33

Growth

Revenue growth
+1.0%
Change in growth rate
+0.1 pts
Share count change
−0.5%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Financing
  2. Announcement
  3. Results
  4. Guidance
  5. Dividend
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mid-America Apartment Communities valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Mid-America Apartment Communities as an equity reit, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$170 ~$140–$210 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$3.2 ~$75–$160 Left out: out of range vs price (0.03x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$120 ~$100–$150 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$150 ~$120–$170 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mid-America Apartment Communities with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

72 /100

Strong moat

How hard Mid-America Apartment Communities's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.1% of total assets over 10 years.

  • Durability 17 / 20

    Net margin has been a median 24.4%; its worst year was 16.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 33.3% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 1.5% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.65 −3% $2.2bn +1%
Next $3.09 −16% $2.3bn +2%

Next year's EPS estimate has moved −1.4% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.0% on 90 days ago. In the last 30 days, 0 analysts raised Mid-America Apartment Communities's forecast and 1 cut it.

Consensus EPS forecast Mid-America Apartment Communities, last 90 days
$3.00 $3.20 $3.40 $3.60 $3.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.69 Current fiscal year, 60 days ago: $3.70 Current fiscal year, 30 days ago: $3.75 Current fiscal year, 7 days ago: $3.76 Current fiscal year, Now: $3.65 $3.65 Next fiscal year, 90 days ago: $3.13 Next fiscal year, 60 days ago: $3.10 Next fiscal year, 30 days ago: $3.15 Next fiscal year, 7 days ago: $3.09 Next fiscal year, Now: $3.09 $3.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.69$3.13
60 days ago $3.70$3.10
30 days ago $3.75$3.15
7 days ago $3.76$3.09
Now $3.65$3.09

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.80 $0.72 −9.8%
Jun 2026 $0.78 $1.04 +33.8%
Mar 2026 $0.84 $1.06 +26.5%
Dec 2025 $0.90 $0.92 +2.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Earnings per common share - diluted Full Year 2026 $3.61 to $3.73 GAAP Lowered vs 3.96 to 4.2
    “Earnings per common share - diluted $3.96 to $4.20 $4.08 $3.61 to $3.73 $3.67” source
  • Core FFO per Share - diluted Full Year 2026 $8.43 to $8.55 Non-GAAP
    “Core FFO per Share - diluted $8.41 to $8.65 $8.53 $8.43 to $8.55 $8.49” source
  • Core AFFO per Share - diluted Full Year 2026 $7.40 to $7.52 Non-GAAP
    “Core AFFO per Share - diluted $7.38 to $7.62 $7.50 $7.40 to $7.52 $7.46” source
  • Property revenue growth · Same Store Portfolio Full Year 2026 -0.4% growth to -0.1% growth Lowered vs -0.2 to 0.4
    “Property revenue growth -0.20% to 0.40% 0.10% -0.40% to -0.10% -0.25%” source
  • Property operating expense growth · Same Store Portfolio Full Year 2026 1.15% growth to 1.65% growth Lowered vs 1.25 to 2.25
    “Property operating expense growth 1.25% to 2.25% 1.75% 1.15% to 1.65% 1.40%” source
  • NOI growth · Same Store Portfolio Full Year 2026 -1.7% growth to -0.8% growth Lowered vs -1.7 to 0.1
    “NOI growth -1.70% to -0.10% -0.90% -1.70% to -0.80% -1.25%” source
Show 1 more item
  • Core FFO per diluted Share fourth quarter of 2026 $2.12 to $2.24 Non-GAAP
    “MAA expects Core FFO for the fourth quarter of 2026 to be in the range of $2.12 to $2.24 per diluted Share, or $2.18 per diluted Share at the midpoint.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

26 analysts, Oct 2026
Buy935%
Hold1454%
Sell312%

Monthly trend

  1. Oct 20262714226
  2. Sep 20262714226
  3. Aug 20262714226
  4. Jul 20262714226

Counts of recommendations published by analysts covering Mid-America Apartment Communities, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.2%
of tradable shares
Days to cover
3.85
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
2,507
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.1%

$122.18 on October 31, 2025 to $118.34

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.2bn +0.8%
Net margin 26.0% 18.2% −30.1%
P/E multiple 25.0x 34.3x +37.1%
Share count 117m 117m +0.1%

Biggest factor: net margin.

Last 3 years +8.7%

$108.90 on November 3, 2023 to $118.34

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.2bn +5.0%
Net margin 28.3% 18.2% −35.7%
P/E multiple 21.2x 34.3x +62.1%
Share count 116m 117m −0.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MAA+86%−30%−11%+20%−6%−11%
Industry peers (median)+59%−33%+1%+19%−8%−4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MAA83%33%42%42%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MAA−7%−36%−31%−10%−24%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from December 31, 2021 to October 30, 2023. Getting back needed a 83% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$112.70 – $138.70
From 52-week high
−14.7%
vs 50-day average
−1.3%
vs 200-day average
−6.1%
Volatility (1 year)
19%
Beta vs S&P 500
0.07

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.0%
After a week
6 up, 5 down
typical move ±2.7%
After a month
7 up, 4 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −0.4% 0.0% — —
July 29, 2026 −1.7% +0.1% −0.8% −5.1%
April 29, 2026 −0.9% +1.0% −0.1% −1.0%
February 4, 2026 −1.1% −1.7% +2.9% +0.4%
October 29, 2025 −1.5% −1.1% −1.7% +4.0%
July 30, 2025 −6.5% −0.5% −7.7% −5.4%
April 30, 2025 +2.9% +0.7% +4.7% −0.5%
February 5, 2025 +2.7% +0.8% +0.8% +7.6%
October 30, 2024 +0.2% −2.3% +1.7% +8.7%
July 31, 2024 +3.6% +0.2% +6.8% +14.0%
May 1, 2024 +1.3% +0.6% +2.3% +2.9%
February 7, 2024 −0.9% +0.9% −0.4% +7.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Mid-America Apartment Communities in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mid-America Apartment Communities
$2.1B $2.2B $2.2B $2.2B $2.2B $2.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.1B Revenue (TTM), FY24 Q1: $2.2B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.2B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B Revenue (TTM), FY26 Q3: $2.2B $2.2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.1B
FY24 Q1 $2.2B
FY24 Q2 $2.2B
FY24 Q3 $2.2B
FY24 Q4 $2.2B
FY25 Q1 $2.2B
FY25 Q2 $2.2B
FY25 Q3 $2.2B
FY25 Q4 $2.2B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
FY26 Q3 $2.2B
Revenue growth, TTM YoY Mid-America Apartment Communities
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 6.4% Revenue growth, TTM YoY, FY24 Q1: 4.4% Revenue growth, TTM YoY, FY24 Q2: 2.9% Revenue growth, TTM YoY, FY24 Q3: 2.3% Revenue growth, TTM YoY, FY24 Q4: 2.0% Revenue growth, TTM YoY, FY25 Q1: 1.6% Revenue growth, TTM YoY, FY25 Q2: 1.2% Revenue growth, TTM YoY, FY25 Q3: 0.9% Revenue growth, TTM YoY, FY25 Q4: 0.8% Revenue growth, TTM YoY, FY26 Q1: 0.8% Revenue growth, TTM YoY, FY26 Q2: 0.8% Revenue growth, TTM YoY, FY26 Q3: 1.0% 1.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 6.4%
FY24 Q1 4.4%
FY24 Q2 2.9%
FY24 Q3 2.3%
FY24 Q4 2.0%
FY25 Q1 1.6%
FY25 Q2 1.2%
FY25 Q3 0.9%
FY25 Q4 0.8%
FY26 Q1 0.8%
FY26 Q2 0.8%
FY26 Q3 1.0%
Operating margin (TTM) Mid-America Apartment Communities
20% 22% 24% 26% 28% FY10 Q4 FY11 Q3 FY12 Q2 FY13 Q3 Operating margin (TTM), FY10 Q4: 22.5% Operating margin (TTM), FY11 Q1: 22.0% Operating margin (TTM), FY11 Q2: 21.3% Operating margin (TTM), FY11 Q3: 21.7% Operating margin (TTM), FY11 Q4: 22.1% Operating margin (TTM), FY12 Q1: 23.0% Operating margin (TTM), FY12 Q2: 24.2% Operating margin (TTM), FY12 Q3: 24.8% Operating margin (TTM), FY12 Q4: 26.1% Operating margin (TTM), FY13 Q1: 27.2% Operating margin (TTM), FY13 Q2: 26.9% Operating margin (TTM), FY13 Q3: 26.6% 26.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY10 Q4 22.5%
FY11 Q1 22.0%
FY11 Q2 21.3%
FY11 Q3 21.7%
FY11 Q4 22.1%
FY12 Q1 23.0%
FY12 Q2 24.2%
FY12 Q3 24.8%
FY12 Q4 26.1%
FY13 Q1 27.2%
FY13 Q2 26.9%
FY13 Q3 26.6%
FCF margin (TTM) Mid-America Apartment Communities
25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 37.0% FCF margin (TTM), FY24 Q1: 37.1% FCF margin (TTM), FY24 Q2: 37.9% FCF margin (TTM), FY24 Q3: 37.0% FCF margin (TTM), FY24 Q4: 35.4% FCF margin (TTM), FY25 Q1: 34.2% FCF margin (TTM), FY25 Q2: 34.4% FCF margin (TTM), FY25 Q3: 32.3% FCF margin (TTM), FY25 Q4: 32.5% FCF margin (TTM), FY26 Q1: 31.0% FCF margin (TTM), FY26 Q2: 29.1% FCF margin (TTM), FY26 Q3: 28.0% 28.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 37.0%
FY24 Q1 37.1%
FY24 Q2 37.9%
FY24 Q3 37.0%
FY24 Q4 35.4%
FY25 Q1 34.2%
FY25 Q2 34.4%
FY25 Q3 32.3%
FY25 Q4 32.5%
FY26 Q1 31.0%
FY26 Q2 29.1%
FY26 Q3 28.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2008 Dec 2008 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 370 374 380 431 497 1,529 1,571 1,641 1,678 1,778 2,020 2,148 2,191 2,209 2,225
EBITDA 189 191 192 215 262 — — — — — — — — — —
Operating income 96 92 85 95 130 — — — — — — — — — —
Net income 30 37 30 49 105 328 223 354 255 534 637 553 528 447 388
Diluted EPS $0.64 $0.85 $0.56 $1.31 $2.56 $2.86 $1.93 $3.07 $2.19 $4.61 $5.48 $4.71 $4.49 $3.78 $3.33
Growth (year on year)
Revenue — +1.2% +1.5% +13.3% +15.4% +207.5% +2.8% +4.4% +2.3% +6.0% +13.6% +6.4% +2.0% +0.8% +1.0%
EBITDA — +0.8% +0.7% +11.8% +22.3% — — — — — — — — — —
Operating income — −3.8% −7.6% +11.7% +36.8% — — — — — — — — — —
Net income — +23.0% −20.0% +64.0% +115.5% +212.1% −32.1% +58.7% −27.9% +109.4% +19.4% −13.3% −4.6% −15.3% −30.3%
Diluted EPS — +32.8% −34.1% +133.9% +95.4% +11.7% −32.5% +59.1% −28.7% +110.5% +18.9% −14.1% −4.7% −15.8% −30.0%
Margins
EBITDA margin 51.1% 50.9% 50.5% 49.8% 52.8% — — — — — — — — — —
Operating margin 25.9% 24.6% 22.4% 22.1% 26.2% — — — — — — — — — —
Net margin 8.2% 9.9% 7.8% 11.3% 21.2% 21.5% 14.2% 21.6% 15.2% 30.0% 31.6% 25.7% 24.1% 20.2% 17.4%
Free-cash-flow margin 26.4% 26.9% 28.2% 29.1% 32.9% 20.7% 30.5% 36.0% 35.7% 34.6% 37.7% 37.0% 35.4% 32.5% 28.0%
Cash flow
Cash from operations 140 140 134 172 211 661 734 781 824 895 1,058 1,137 1,098 1,078 1,001
Capital spending 42 40 27 47 47 344 255 190 226 280 296 341 322 360 379
Free cash flow 98 101 107 125 164 317 480 591 598 615 762 796 776 718 623
Stock-based pay — 1 3 6 2 11 12 14 14 17 19 16 16 17 18
Free cash flow after stock pay — 99 104 120 162 306 467 578 584 599 744 780 760 701 605
Balance sheet
Cash 9 14 46 57 9 11 34 20 25 54 39 41 43 60 26
Total debt 0 0 1,500 1,650 1,674 0 4,528 4,455 4,563 4,517 4,415 4,540 4,981 5,405 5,839
Net debt (negative = net cash) −9 −14 1,454 1,592 1,665 −11 4,494 4,434 4,538 4,462 4,376 4,499 4,938 5,345 5,814
Diluted shares 27m 28m 32m 39m 43m 114m 114m 114m 115m 115m 116m 117m 117m 117m 117m
Returned to shareholders
Dividends 66 70 77 92 108 395 420 438 457 470 540 652 687 709 712
Buybacks 1 1 1 3 2 — — — — — — 0 0 27 200
Total returned 66 70 78 95 110 395 420 438 457 470 540 652 687 736 912

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$200M
Dividends (TTM)
$712M
Returned to shareholders
146%
of free cash flow
Buybacks, last 3 fiscal years
$27.2M
Diluted share count
−0.5%
year over year
Total shareholder yield
6.6%
dividends 5.2% + buybacks 1.5% of market value
Dividend payout ratio
184%
of net income paid out

Competitors: side by side with peers

Closest by revenue in multi-family residential reits
Last 12 months unless stated MAA ESS UDR UMH CSR NXRT Median
Revenue, last 12 months $2.2bn $1.9bn $1.7bn $279m $257m $253m $257m
Revenue growth, last 12 months 1.0% 4.5% 1.5% 8.5% −6.0% −0.5% 1.2%
Revenue growth, 3-year average 1.4% 5.4% 2.5% 9.4% −1.0% −2.9% 2.6%
Revenue growth, latest quarter 1.0% 4.1% 0.0% 10.8% −16.6% 2.3% 1.1%
Gross margin — 70.1% — 91.2% 96.6% — 80.6%
Operating margin 26.6% 29.5% 40.8% — 56.1% 11.1% 23.4%
Operating margin, 3-year average 24.4% 38.8% 26.7% — 30.3% 27.2% 25.7%
Net margin 17.4% 17.8% 30.4% 1.6% 35.4% −13.2% 1.6%
Cash from operations / revenue 45.0% 57.0% 51.7% 29.9% 30.2% 32.9% 30.2%
Free-cash-flow margin 28.0% 25.4% 37.5% −13.2% 89.2% −4.9% −4.5%
Free-cash-flow margin, 3-year average 32.4% 25.9% 36.3% −7.2% 26.5% −5.4% 8.9%
Stock pay / revenue 0.8% 0.7% 1.6% 1.7% 1.6% 4.0% 1.7%
Change in share count −0.5% 0.0% −0.8% 2.0% −7.9% −1.5% −0.3%

Median of all 9 companies we cover in multi-family residential reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

9 multi-family residential reits companies
Measure Company Peer median Rank
Revenue growth Growth 1.0% 1.2% 6 of 9
Change in growth rate Growth +0.1pp -0.1pp 4 of 9
Net margin Profitability 17.4% 1.6% 4 of 9
Stock pay as % of revenue Cash generation 0.8% 1.6% 2 of 7
Change in share count Balance sheet -0.5% -0.0% 4 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Same Store $2.1B 94.1% ▼ 0.2%
Non Same Store and Other $130M 5.9% ▲ 19.7%

From Mid-America Apartment Communities's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$15.6B
Institutions reporting
771
Shares held vs prior quarter
▲ 7.9%
Positions opened / closed
100 / 73

Top buyers and sellers, Q2 2026: 391 institutions bought and 336 sold ; the biggest buyer was AQR Capital Management LLC (+3.0M shares) and the biggest seller Deutsche Bank Ag\ (−908K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.8B 13.1M 11.6% ▲ 0.6%
Vanguard Portfolio Management LLC $1.4B 9.9M 8.8% ▲ 0.2%
State Street Corp $1.1B 7.9M 7.0% ▼ 0.9%
Vanguard Capital Management LLC $1.1B 7.6M 6.8% ▲ 0.2%
Norges Bank $758M 5.5M 4.8% —
Viking Global Investors LP $701M 5.0M 4.5% ▲ 5.1%
AQR Capital Management LLC $524M 3.8M 3.3% ▲ 384.3%
Geode Capital Management, LLC $490M 3.5M 3.1% ▲ 1.2%
APG Asset Management Us Inc. $432M 3.1M 2.8% 0.0%
Invesco Ltd. $329M 2.4M 2.1% ▼ 2.5%
Jpmorgan Chase & Co $325M 2.3M 2.1% ▼ 20.5%
Dimensional Fund Advisors LP $246M 1.8M 1.6% ▼ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mid-America Apartment Communities's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $241,327 3 trades by 2 insiders, last 12 months Insider sales History → $1.2M 14 trades by 6 insiders · 96% under pre-set plans
Net ▼ $923,179 net selling
Insider Date Trade Shares Price Value
Fischer Tamara D Director May 21, 2026 Buy 600 $129.00 $77,400
Fischer Tamara D Director May 21, 2026 Buy 500 $128.00 $64,000
French James Barton EVP Investments May 8, 2026 Sell 350 $130.98 $45,842
Holder Aubrey Clay EVP, CFO April 6, 2026 Sell pre-set plan 145 $124.73 $18,086
Fairbanks Amber EVP, Property Management April 6, 2026 Sell pre-set plan 711 $124.73 $88,683
Carpenter Melanie EVP & CHRO April 6, 2026 Sell pre-set plan 731 $124.78 $91,214
Argo Timothy EVP, Chief Strategy & Analysis April 6, 2026 Sell pre-set plan 183 $124.73 $22,826
Argo Timothy EVP, Chief Strategy & Analysis January 8, 2026 Sell pre-set plan 53 $134.98 $7,154
Holder Aubrey Clay EVP, CFO January 8, 2026 Sell pre-set plan 73 $134.98 $9,854
Fairbanks Amber EVP, Property Management January 8, 2026 Sell pre-set plan 185 $134.98 $24,971
Carpenter Melanie EVP & CHRO January 8, 2026 Sell pre-set plan 145 $134.98 $19,572
Carpenter Melanie EVP & CHRO January 6, 2026 Sell pre-set plan 290 $136.50 $39,585

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in Mid-America Apartment Communities disclosed in the last 12 months; 6 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $15,001 - $50,000, traded July 12, 2023, filed August 13, 2023
  • Zoe Lofgren(D-CA 18):Sale (full), $1,001 - $15,000, traded May 25, 2023, filed June 6, 2023
  • Steve Cohen(D-TN 9):Sale (full), $1,001 - $15,000, traded April 17, 2020, filed May 22, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 4, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Mid-America Apartment Communities was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mid-America Apartment Communities in brief

What does Mid-America Apartment Communities do?
Mid-America Apartment Communities is a US-listed company in the multi-family residential REITs industry. Its financial year ends in December.
What is Mid-America Apartment Communities's stock ticker?
Mid-America Apartment Communities trades under the ticker MAA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mid-America Apartment Communities's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mid-America Apartment Communities reported revenue of $2.2B, 1.0% higher than a year earlier, according to its SEC filings.
What is Mid-America Apartment Communities's free cash flow?
Mid-America Apartment Communities's free-cash-flow margin is 28.0% of revenue over the trailing twelve months.
Who are Mid-America Apartment Communities's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Mid-America Apartment Communities buying back stock, and does it pay a dividend?
Mid-America Apartment Communities spent $200M on share repurchases over the trailing twelve months, and its diluted share count fell 0.5% over the year.
What is Mid-America Apartment Communities's market cap?
On November 2, 2026, Mid-America Apartment Communities's market capitalisation was about $13.8B, with a price-to-earnings ratio of 35.6 and net debt of $5.8B. Market figures come from third-party market data and may be delayed.
Does Mid-America Apartment Communities pay a dividend?
Yes: Mid-America Apartment Communities paid $712M in dividends over the trailing twelve months, a dividend yield of 5.19% and a payout ratio of 183.6%.
Who are Mid-America Apartment Communities's competitors?
In our Multi-Family Residential REITs peer group, the companies closest to Mid-America Apartment Communities are Essex Property Trust, UDR, Inc., UMH Properties, Inc., Centerspace and Nexpoint Residential Trust, Inc. The side-by-side comparison below sets their revenue, margins and growth against Mid-America Apartment Communities's.
Are insiders buying or selling Mid-America Apartment Communities stock?
Over the last 12 months, Mid-America Apartment Communities's directors and officers reported 3 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Mid-America Apartment Communities's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mid-America Apartment Communities announces its own schedule.