Mid-America Apartment Communities Inc Stock Research

Market Summary

USD141.16+0.41

Market Closed

0.29%

MAA Stock Price

MAA RSI Chart

MAA Valuation

Market Cap

16.3B

Price/Earnings (Trailing)

25.57

Price/Sales (Trailing)

8.07

EV/EBITDA

12.09

Price/Free Cashflow

15.4

MAA Price/Sales (Trailing)

MAA Profitability

EBT Margin

32.03%

Return on Equity

10.61%

Return on Assets

5.67%

Free Cashflow Yield

6.49%

MAA Fundamentals

MAA Revenue

Revenue (TTM)

2.0B

Revenue Y/Y

13.89%

Revenue Q/Q

1.38%

MAA Earnings

Earnings (TTM)

637.4M

Earnings Y/Y

4.3%

Earnings Q/Q

58.3%

Price Action

52 Week Range

140.67213.05

(Low)(High)

Last 7 days

-5.5%

Last 30 days

-14.4%

Last 90 days

-9.7%

Trailing 12 Months

-29.0%

MAA Financial Health

MAA Investor Care

Dividend Yield

3.53%

Dividend/Share (TTM)

4.99

Shares Dilution (1Y)

0.12%

Diluted EPS (TTM)

5.48

Peers (Alternatives to Mid-America Apartment Communities)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	49.9B	4.2B	-4.69%	-18.91%	11.48	11.94	22.43%	122.66%
DLR	27.4B	4.7B	-13.06%	-30.36%	72.66	5.85	5.96%	-77.90%
EQR	21.1B	2.7B	-13.45%	-34.66%	27.15	7.77	11.91%	-41.71%
ARE	19.8B	2.6B	-26.23%	-37.57%	38.02	7.66	22.46%	-8.68%
KIM	10.9B	1.7B	-4.07%	-25.83%	86.7	6.32	26.61%	-85.07%
MID-CAP
FRT	7.5B	1.1B	-13.40%	-19.63%	19.4	6.96	12.95%	47.42%
KRG	4.2B	802.0M	-10.76%	-9.22%	-332.18	5.23	114.83%	84.36%
VNO	2.5B	1.8B	-37.64%	-69.18%	-7.3	1.41	13.26%	-296.88%
MAC	2.0B	859.2M	-23.08%	-34.08%	-30.3	2.33	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	5.30%	16.12%	22.96	4.63	3.35%	1705.32%
SLG	1.3B	826.7M	-43.31%	-73.02%	-17.18	1.62	-2.04%	-117.36%
AIV	1.0B	190.3M	-5.57%	-5.31%	11.05	5.35	12.08%	1950.56%
PGRE	868.4M	740.4M	-27.62%	-62.25%	-23.86	1.17	1.87%	-78.85%

Financials for Mid-America Apartment Communities

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	3.3%	2,020	1,955	1,887	1,829	1,778
S&GA Expenses	1.1%	59.00	58.00	59.00	56.00	53.00
EBITDA	0.1%	1,345	1,343	1,307	1,317	-
EBITDA Margin	-3.1%	0.67*	0.69*	0.69*	0.72*	-
Earnings Before Taxes	-0.1%	647	647	613	625	563
EBT Margin	-3.2%	0.32*	0.33*	0.32*	0.34*	-
Interest Expenses	-0.7%	155	156	156	156	157
Net Income	1.3%	637	629	592	597	534
Net Income Margin	-2.0%	0.32*	0.32*	0.31*	0.33*	-
Free Cahsflow	3.4%	1,058	1,024	962	926	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.9%	11,241	11,338	11,280	11,199	11,285
Cash Equivalents	-0.9%	39.00	39.00	61.00	60.00	54.00
Liabilities	-2.6%	5,031	5,166	5,090	5,069	5,101
Shareholder's Equity	0.6%	6,005	5,968	5,983	5,920	5,965
Additional Paid-In Capital	0.1%	7,203	7,197	7,192	7,198	7,231
Shares Outstanding	0.0%	115	115	115	115	115

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	3.4%	1,058	1,024	962	926	895
Share Based Compensation	1.7%	19.00	18.00	18.00	18.00	17.00
Cashflow From Investing	-1.7%	-405	-398	-178	-224	-253
Cashflow From Financing	-17.8%	-722	-613	-604	-672	-546
Dividend Payments	5.1%	540	513	487	479	470
Buy Backs	55.3%	14.00	9.00	-	-	-

Risks for MAA

What is the probability of a big loss on MAA?

46.9%

Probability that Mid-America Apartment Communities stock will be more than 20% underwater in next one year

29.6%

Probability that Mid-America Apartment Communities stock will be more than 30% underwater in next one year.

18.5%

Probability that Mid-America Apartment Communities stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MAA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Mid-America Apartment Communities was unfortunately bought at previous high price.

Drawdowns

Returns for MAA

Cumulative Returns on MAA

11.2%

10-Year Cumulative Returns

8.6%

7-Year Cumulative Returns

13.5%

5-Year Cumulative Returns

21.7%

3-Year Cumulative Returns

What are the long-term rolling returns for MAA?

FIve years rolling returns for Mid-America Apartment Communities.

Annualized Returns

Which funds bought or sold MAA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	added	1.42	10,709	448,709	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	15.26	1,226,210	8,576,210	0.01%
2023-03-07	Investure, LLC	unchanged	-	236,294	19,320,800	3.78%
2023-03-06	Rockefeller Capital Management L.P.	added	3.4	5,000	104,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-18.29	-2,512,290	12,023,700	0.02%
2023-02-27	Parallax Volatility Advisers, L.P.	sold off	-100	-427,000	-	-%
2023-02-27	ST GERMAIN D J CO INC	new	-	37,678	37,678	0.01%
2023-02-24	SRS Capital Advisors, Inc.	added	2.74	5,356	129,356	0.02%
2023-02-24	National Pension Service	added	6.97	2,448,690	28,739,400	0.06%
2023-02-24	NATIXIS	reduced	-72.31	-813,880	317,120	-%

Latest Funds Activity

Are funds buying MAA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MAA

No. of Funds

Mid-America Apartment Communities News

Schedule 13G FIlings of Mid-America Apartment Communities

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	cohen & steers, inc.	8.60%	9,929,972	SC 13G
Feb 09, 2023	vanguard group inc	16.61%	19,175,009	SC 13G/A
Jan 24, 2023	blackrock inc.	9.7%	11,250,066	SC 13G/A
Feb 11, 2022	state street corp	6.39%	7,351,578	SC 13G/A
Feb 10, 2022	vanguard group inc	16.17%	18,620,838	SC 13G/A
Jan 27, 2022	blackrock inc.	10.9%	12,596,863	SC 13G/A
Jan 26, 2022	blackrock inc.	10.9%	12,596,863	SC 13G/A
Mar 10, 2021	blackrock inc.	10.0%	11,467,060	SC 13G/A
Feb 10, 2021	vanguard group inc	15.89%	18,171,315	SC 13G/A
Feb 09, 2021	state street corp	5.76%	6,591,473	SC 13G

MAA Fair Value

Mid-America Apartment Communities fair value in different scenarios

The table shows the Fair Value estimates for Mid-America Apartment Communities for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	83.92 -40.55%	103.56 -26.64%	143.59 1.72%	305.22 116.22%	509.59 261.00%
Current Inflation	77.53 -45.08%	94.19 -33.27%	127.68 -9.55%	264.21 87.17%	435.92 208.81%
Very High Inflation	69.70 -50.62%	82.92 -41.26%	109.07 -22.73%	217.17 53.85%	352.10 149.43%

Historical Mid-America Apartment Communities Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Mid-America Apartment Communities

View All Filings

Date Filed	Form Type	Document
Mar 22, 2023	3	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 21, 2023	8-K	Current Report
Mar 08, 2023	8-K	Current Report
Mar 03, 2023	8-K	Current Report
Feb 21, 2023	4	Insider Trading

Latest Insider Trading transactions for MAA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-21	Caplan Deborah H	acquired	-	-	509	-
2023-02-21	Hill Adrian	sold	-95,941	164	-584	evp, chief investment officer
2023-02-03	STOCKERT DAVID P	gifted	-	-	-1,600	-
2023-01-11	Campbell Albert M III	sold	-14,468	155	-93.00	evp, chief financial officer
2023-01-11	Carpenter Melanie	sold	-41,848	155	-269	evp & chro
2023-01-11	DelPriore Robert J.	sold	-153,703	155	-988	evp, general counsel
2023-01-09	DelPriore Robert J.	sold (taxes)	-49,843	155	-320	evp, general counsel
2023-01-09	Carpenter Melanie	sold (taxes)	-17,912	155	-115	evp & chro
2023-01-09	BOLTON H ERIC JR	sold (taxes)	-116,820	155	-750	president and ceo
2023-01-09	Argo Timothy	sold (taxes)	-11,526	155	-74.00	evp, chief strategy & analysis

About Mid-America Apartment Communities

H. Eric Bolton

www.maac.com

2430

MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2020, MAA had ownership interest in 102,772 apartment units, including communities currently in development, across 16 states and the District of Columbia.

MAA Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental and other property revenues	$ 2,019,866	$ 1,778,082	$ 1,677,984
Expenses:
Operating expenses, excluding real estate taxes and insurance	435,108	404,288	387,966
Real estate taxes and insurance	288,586	266,877	252,505
Depreciation and amortization	542,998	533,433	510,842
Total property operating expenses	1,266,692	1,204,598	1,151,313
Property management expenses	65,463	55,732	52,300
General and administrative expenses	58,833	52,884	46,858
Interest expense	154,747	156,881	167,562
Gain on sale of depreciable real estate assets	(214,762)	(220,428)	(9)
Gain on sale of non-depreciable real estate assets	(809)	(811)	(1,024)
Other non-operating expense (income)	42,713	(33,902)	(4,857)
Income before income tax benefit (expense)	646,989	563,128	265,841
Income tax benefit (expense)	6,208	(13,637)	(3,327)
Income from continuing operations before real estate joint venture activity	653,197	549,491	262,514
Income from real estate joint venture	1,579	1,211	1,501
Net income	654,776	550,702	264,015
Net income (loss) attributable to noncontrolling interests	17,340	16,911	9,053
Net income available for shareholders	637,436	533,791	254,962
Distributions to MAALP preferred unitholders	3,688	3,688	3,688
Net income available for MAA common shareholders	$ 633,748	$ 530,103	$ 251,274
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 5.49	$ 4.62	$ 2.20
Earnings per common share - diluted:
Net income available for MAA common shareholders	$ 5.48	$ 4.61	$ 2.19
Limited Partner [Member]
Revenues:
Rental and other property revenues	$ 2,019,866	$ 1,778,082	$ 1,677,984
Expenses:
Operating expenses, excluding real estate taxes and insurance	435,108	404,288	387,966
Real estate taxes and insurance	288,586	266,877	252,505
Depreciation and amortization	542,998	533,433	510,842
Total property operating expenses	1,266,692	1,204,598	1,151,313
Property management expenses	65,463	55,732	52,300
General and administrative expenses	58,833	52,884	46,858
Interest expense	154,747	156,881	167,562
Gain on sale of depreciable real estate assets	(214,762)	(220,428)	(9)
Gain on sale of non-depreciable real estate assets	(809)	(811)	(1,024)
Other non-operating expense (income)	42,713	(33,902)	(4,857)
Income before income tax benefit (expense)	646,989	563,128	265,841
Income tax benefit (expense)	6,208	(13,637)	(3,327)
Income from continuing operations before real estate joint venture activity	653,197	549,491	262,514
Income from real estate joint venture	1,579	1,211	1,501
Net income	654,776	550,702	264,015
Net income (loss) attributable to noncontrolling interests	(293)	0	0
Net income available for shareholders	655,069	550,702	264,015
Distributions to MAALP preferred unitholders	3,688	3,688	3,688
Net income available for MAA common shareholders	$ 651,381	$ 547,014	$ 260,327
Earnings per common share - basic:
Net income available for MAALP common unitholders	$ 5.49	$ 4.62	$ 2.20
Earnings per common share - diluted:
Net income available for MAALP common unitholders	$ 5.48	$ 4.61	$ 2.20

MAA Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Assets

Land

$ 2,008,364

$ 1,977,813

Buildings and improvements and other

12,841,947

12,454,439

Development and capital improvements in progress

332,035

247,970

Real Estate Investment Property, at Cost

15,182,346

14,680,222

Less: Accumulated depreciation

(4,302,747)

(3,848,161)

Real Estate Investment Property, Net

10,879,599

10,832,061

Undeveloped land

64,312

24,015

Investment in real estate joint venture

42,290

42,827

Real estate assets, net

10,986,201

10,898,903

Cash and cash equivalents

38,659

54,302

Restricted cash

22,412

76,296

Other assets

193,893

255,681

Total assets

11,241,165

11,285,182

Liabilities:

Unsecured notes payable

4,050,910

4,151,375

Secured notes payable

363,993

365,315

Accrued expenses and other liabilities

615,843

584,400

Total liabilities

5,030,746

5,101,090

Redeemable common stock

20,671

30,185

Shareholders’ equity:

Preferred Stock, Value, Outstanding

Common stock

^[1]

1,152

1,151

Additional paid-in capital

7,202,834

7,230,956

Accumulated distributions in excess of net income

(1,188,854)

(1,255,807)

Accumulated other comprehensive loss

(10,052)

(11,132)

Total MAA shareholders’ equity

6,005,089

5,965,177

Noncontrolling interests - Operating Partnership units

163,595

165,116

Total Company’s shareholders’ equity

6,168,684

6,130,293

Noncontrolling interests - consolidated real estate entities

21,064

23,614

Total equity

6,189,748

6,153,907

Operating Partnership capital:

Accumulated other comprehensive loss

(10,052)

(11,132)

Total operating partners' capital

6,168,684

6,130,293

Noncontrolling interests - consolidated real estate entities

21,064

23,614

Total equity

6,189,748

6,153,907

Total liabilities and equity

11,241,165

11,285,182

Limited Partner [Member]

Assets

Land

2,008,364

1,977,813

Buildings and improvements and other

12,841,947

12,454,439

Development and capital improvements in progress

332,035

247,970

Real Estate Investment Property, at Cost

15,182,346

14,680,222

Less: Accumulated depreciation

(4,302,747)

(3,848,161)

Real Estate Investment Property, Net

10,879,599

10,832,061

Undeveloped land

64,312

24,015

Investment in real estate joint venture

42,290

42,827

Real estate assets, net

10,986,201

10,898,903

Cash and cash equivalents

38,659

54,302

Restricted cash

22,412

76,296

Other assets

193,893

255,681

Total assets

11,241,165

11,285,182

Liabilities:

Unsecured notes payable

4,050,910

4,151,375

Secured notes payable

363,993

365,315

Accrued expenses and other liabilities

615,843

584,400

Due to general partner

Total liabilities

5,030,765

5,101,109

Redeemable common stock

20,671

30,185

Shareholders’ equity:

Accumulated other comprehensive loss

(10,268)

(11,382)

Total Company’s shareholders’ equity

6,168,665

6,130,274

Noncontrolling interests - consolidated real estate entities

21,064

23,614

Total equity

6,189,729

6,153,888

Operating Partnership capital:

Preferred Units, Preferred Partners' Capital Accounts

66,840

General Partners' Capital Account

^[2]

5,948,498

5,909,700

Limited Partners' Capital Account

^[2]

163,595

165,116

Accumulated other comprehensive loss

(10,268)

(11,382)

Total operating partners' capital

6,168,665

6,130,274

Noncontrolling interests - consolidated real estate entities

21,064

23,614

Total equity

6,189,729

6,153,888

Total liabilities and equity

$ 11,241,165

$ 11,285,182

[1]	Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021 are 136,429 and 131,559, respectively.
[2]	Number of units outstanding represents total OP Units regardless of classification on the Consolidated Balance Sheets. The number of units classified as redeemable common units on the Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021 are 136,429 and 131,559, respectively.