Mid-America Apartment Communities
Mid-America Apartment Communities, Inc. 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 Sout…
Mid-America Apartment Communities, Inc. 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, 2026, MAA had ownership interest in 105,136 apartment units, including communities in development, across 16 states and the District of Columbia. Mid-America Apartment Communities, Inc. was incorporated in 1977 in Tennessee and is based in Germantown, Tennessee.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Other models: USD 51.05–80.53 (median 65.79). The recommended value is 43% above that median, so treat the upside with extra caution.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of USD 6.1707 per share from TTM through 30 Sep 2026, with 2.3% perpetual growth (base growth capped at the terminal rate) and 9% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 3.85%, discount rate 9%, terminal growth 2.30% (sector defaults). See a worked example.
Blended growth assumption: 3.9% (sector default 5.1%, own revenue history 5.6%, analyst revenue consensus 2.4%).
Analyst consensus expects revenue growth of 2.4% a year; the growth assumption used is 3.9%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — USD 94.22 (-22.6%)
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EPS-based Gordon proxy
— USD 51.05 (-58.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— USD 80.53 (-33.8%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— USD 182.41 (+49.9%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 71.85 | -69.4% |
| Base USD 94.22 | -29.2% |
| Bull USD 135.62 | 10.3% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At USD 121.69 the market implies perpetual dividend growth of about this rate (discount rate 9.0%).
Compare: the market implies 3.7% a year, this model assumes 2.3%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| -1.7% | 69.72 | 62.53 | 56.69 | 51.84 | 47.76 |
| 0.3% | 92.38 | 80.38 | 71.14 | 63.81 | 57.84 |
| 2.3% | 134.31 | 110.75 | 94.22 | 81.98 | 72.56 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 72 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +2.4% a year | 12 / 20 |
| Balance sheet | net debt 4.6x EBITDA | 0 / 20 |
| Margins | EBITDA margin 57% | 20 / 20 |
Peers in Real Estate
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| MAA (this company) | USD 121.69 | -29.2% | 36.4 | 2.7 | 5.1% | 72 |
| HST Host Hotels & Resorts | USD 24.63 | 44.2% | 16.4 | 2.6 | 3.9% | 100 |
| ARE Alexandria Real Estate Equities | USD 45.17 | 23.7% | – | 0.5 | 7.8% | 44 |
| VMRK Vivmark Residential | USD 65.25 | 22.5% | 28.6 | 2.4 | 4.2% | 82 |
| UDR UDR, Inc. | USD 37.01 | 8.2% | 17.2 | 3.8 | 7.1% | 82 |
| VICI Vici Properties | USD 25.21 | 6.2% | 11.8 | 1.0 | 7.0% | 80 |
| UTG.L Unite Group PLC | GBP 4.95 | -3.3% | 24.9 | 0.5 | 6.3% | 68 |
| DLN.L Derwent London Plc | GBP 19.57 | -4.9% | 13.6 | 0.6 | 4.1% | 60 |
| WDP.BR Warehouses De Pauw SA | EUR 19.33 | -5.5% | 11.9 | 0.9 | 6.2% | 80 |
| Peer median | 16.4 | 0.9 | ||||
Dividends
Paid in the last 12 months: USD 6.12 per share · yield 5.03% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 6.120 |
| 2025 | 6.060 |
| 2024 | 5.880 |
| 2023 | 5.600 |
| 2022 | 4.676 |
| 2021 | 5.163 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:46
| Revenue | USD 2,224,538,000 |
|---|---|
| EBITDA | USD 1,262,566,000 |
| EBIT | USD 611,090,000 |
| Net income | USD 387,678,000 |
| Free cash flow | USD 474,496,000 |
| Capital expenditures | USD 526,811,000 |
| Debt | USD 5,839,258,000 |
| Cash | USD 25,693,000 |
| Working capital | USD -673,520,000 |
| Shares outstanding | 115,952,000 |
| Reported dividends per share | USD 6.1707 |