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Owns and operates apartment communities concentrated in Sunbelt US markets.
Owns and operates apartment communities concentrated in Sunbelt US markets.
Collects rent on apartments under leases of about a year, so income follows occupancy and how much rent can be raised on new and renewing leases. Merging with Colonial Properties Trust in 2013 widened its footprint across the Southeast and Texas. As a REIT, it pays out most taxable income.
Moat: narrow (scale, installed base). A large, diversified Sunbelt apartment portfolio benefiting from population and job growth in those markets.
Headquarters: Memphis, Tennessee, United States · Founded: 1977 · Employees: 2,507
Size Mid-America Apartment Communities (MAA) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $13.8B, the 643rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $118.93 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +4.8%); the operating margin is 27.3% (peer median 33.0%).
Valuation It trades at 2.45× book value against a peer median of 1.93× (9th most expensive of 21).
Price implies The share price implies a return on equity of about 16.1%; Mid-America Apartment Communities delivers 7.0%, so the price asks more than the business earns today.
Credit Mid-America Apartment Communities has 10 bonds outstanding ($4.00B), rated A- by the agencies and trading like A- at a weighted spread of 68 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.22B | $2.21B | $2.19B | $2.15B | $2.02B |
| Revenue growth | — | +1% | +2% | +6% | — |
| Gross profit | $644M | $674M | $713M | $747M | $688M |
| EBITDA | $1.26B | $1.24B | $1.22B | $1.27B | $1.15B |
| Net income | $387M | $447M | $527M | $553M | $637M |
| Free cash flow | $625M | $718M | $776M | $796M | $763M |
| Capital expenditure | $274M | $360M | $322M | $341M | $296M |
| Total debt | $5.86B | $5.43B | $5.01B | $4.57B | $4.44B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Mid-America Apartment Communities MAA | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% |
| Camden Property Trust CPT | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% |
| Equity Residential EQR | n/a | +2% | n/a | n/a | n/a | n/a |
| Essex Property Trust ESS | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | +7.3% | 4th lowest of 21 |
| 6-month return | -8.0% | -1.0% | 5th lowest of 21 |
| Return on equity | 7.0% | 7.6% | 8th lowest of 21 |
| Price / book | 2.45× | 1.93× | 9th most expensive of 21 |
| ROE the price implies | 16.1% | 14.9% | 8th most demanding of 21 |
| ROE delivered | 7.0% | 7.7% | 8th lowest of 21 |
| Bond spread | 68 bp | 96 bp | 3rd tightest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
| UDR UDR | United States | $11.6B | -1% | +1% | 22% | 3.76× | 22.9% | 21.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Gaming and Leisure Properties GLPI | United States | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% | 19.6% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
Mid-America Apartment Communities has 10 bonds outstanding with $4.00B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 5.30%, a spread of 68 bp over government bonds.