Mid-America Apartment Communities, Inc. (MAA) Stock

Mid-America Apartment Communities, Inc. (MAA) is a Real Estate stock trading at $131.30 (as of 2026-08-21), with a market capitalization of $15.28B and a trailing P/E of 39.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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.

Understand Mid-America Apartment Communities, Inc.: how it makes money

Mid-America Apartment Communities (MAA) owns, manages, and develops apartment communities in the Southeast, Southwest, and Mid-Atlantic regions, making money primarily from rental and other property revenues.

MAA’s profit model is driven by owning and operating apartment communities, which generates rental and other property revenues from its unit portfolio (including communities under development).

Revenue by segment (latest quarter)
Rental	$0.6B

Business quality (Mixed): A focused apartment REIT with revenue that is largely tied to rental and other property revenues, supported by a sizable owned unit base and active ownership, management, acquisition, development, and redevelopment activities.

Valuation: At 43× earnings, MAA trades 27% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Clear operating source of cash flow: Revenue is primarily labeled as rental and other property revenues, aligning the business with the fundamentals of operating owned apartment communities.
Built around an apartment unit portfolio: MAA reports an ownership interest in 102,772 apartment units (including communities in development) across 16 states and the District of Columbia, providing scale for ongoing rental operations.
End-to-end real estate activities: The company is focused on ownership and management, and it also performs acquisitions plus development and redevelopment of apartment communities, which can support a continued platform for future growth.

Bear case

Revenue concentration in property operations: With most segment revenue coming from rental and other property revenues, weaker demand or pressure on apartment operations could directly impact results.
Geographic concentration: MAA focuses on specific U.S. regions (Southeast, Southwest, and Mid-Atlantic), so adverse conditions in these markets could weigh on performance.
Execution risk around development and redevelopment: Because MAA participates in development and redevelopment activities, execution delays or cost issues in these projects could become a challenge.

Valuation — source: SEC EDGAR (first-party)
Price	$131.30
Market Cap	$15.28B
P/E Ratio	39.2
EV / EBITDA	14.7
Price / Book	2.69
Price / Sales	6.90
DCF Value (model)	$278.30
DCF Upside vs Price	112.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.21B
Net Margin	20.2%
Revenue Growth (YoY)	0.8%
EPS Growth (YoY)	-31.6%

Valuation vs Sector & Industry
Stock P/E	39.2
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	44.3%
vs Industry	11.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($2.58B)
Institutional Holders Tracked	10
Congressional Trades (recent)	3

Company
Sector	Real Estate
Industry	Trading
CEO	Adrian Bradley Hill
Employees	2,532
Country	US
IPO Date	1994-01-28

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.