Mid-America Apartment Communities Past Earnings Performance
Past criteria checks 2/6
Mid-America Apartment Communities has been growing earnings at an average annual rate of 1.3%, while the Residential REITs industry saw earnings growing at 2.3% annually. Revenues have been growing at an average rate of 5.5% per year. Mid-America Apartment Communities's return on equity is 7%, and it has net margins of 17.4%.
Key information
1.30%
Earnings growth rate
0.85%
EPS growth rate
| Residential REITs Industry Growth | 11.06% |
| Revenue growth rate | 5.55% |
| Return on equity | 6.97% |
| Net Margin | 17.42% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 02
MAA: Sunbelt Rent Headwinds And Q1 Execution Will Shape 2026 Outlook
Analysts have trimmed the fair value estimate for Mid-America Apartment Communities slightly to about $140.46, with a series of reduced price targets in the $120 to $150 range. These revisions reflect concerns about softer Sunbelt rent growth, elevated supply and more cautious revenue assumptions.Narrative Update • May 18
MAA: Slowing Sunbelt Supply And 2026 EPS Outlook Will Support Upside
Mid-America Apartment Communities' fair value estimate has been trimmed by about $1.56 to $140.71, reflecting a series of price target cuts from $1 to $9 across multiple firms, as analysts factor in expectations for softer Sunbelt rent growth, slower absorption of new supply, and updated sector assumptions. Analyst Commentary Recent research on Mid-America Apartment Communities points to a mixed setup, with some analysts focusing on execution and cash flow resilience, while others are more cautious about rent and occupancy trends in key markets.Seeking Alpha • May 17
Mid-America Apartment Communities: Valuation And Recent Weakness Necessitates Caution
Summary Mid-America Apartment Communities remains a 'hold' as valuation is fair and near-term fundamentals show some pressure despite robust occupancy. MAA faces rising expenses and modest declines in effective rent, impacting profitability, though revenue continues to grow with incremental unit additions. Management expects slower new supply growth and favorable rent-vs-buy dynamics in core markets, supporting long-term demand. MAA pursues value-add initiatives like unit upgrades and smart home tech, but current pricing and sector comps do not justify an upgrade. Read the full article on Seeking AlphaNarrative Update • Apr 24
MAA: Slowing New Supply And 2026 Earnings Guidance Will Support Upside
Analysts have trimmed the price target on Mid-America Apartment Communities by about $1 to $142. The change reflects updated expectations for slightly softer revenue growth, profit margins and a modestly higher future P/E, along with sector wide pressures such as weaker national job growth, elevated new apartment supply and generally lower multifamily occupancy levels.Narrative Update • Apr 09
MAA: Sunbelt Supply Easing And 2026 Fundamentals Will Support Upside
Analysts have trimmed their average price targets on Mid-America Apartment Communities by a few dollars, reflecting slightly higher discount rates, marginally softer assumed revenue growth and profit margins, as well as updated sector views around supply, occupancy and the timing of a recovery in apartment fundamentals. Analyst Commentary Recent Street research on Mid-America Apartment Communities highlights a mix of optimism around long term fundamentals and caution around near term earnings pressure, with several firms adjusting their models and price targets to reflect updated views on supply, demand and macro assumptions.Narrative Update • Mar 24
MAA: Sunbelt Rent Resilience And 2026 Leasing Trends Will Support Upside
Analysts have adjusted their average price target for Mid-America Apartment Communities slightly lower to about $144, reflecting modestly reduced revenue growth assumptions and a slightly higher discount rate, partly offset by a small improvement in expected profit margins and future P/E. Analyst Commentary Recent research on Mid-America Apartment Communities shows a mix of optimism and caution as analysts recalibrate models, price targets, and ratings around updated earnings guidance and sector-level assumptions.Narrative Update • Mar 10
MAA: Sunbelt Rent Trends And Dividend Strength Will Frame 2026 Balance
The updated analyst price target for Mid-America Apartment Communities has edged lower by about $0.90 per share, as analysts factor in slightly softer revenue growth and profit margin assumptions, along with a modestly lower discount rate and essentially unchanged future P/E expectations. Analyst Commentary Recent research updates paint a mixed picture for Mid-America Apartment Communities, with several firms trimming price targets while others edge them higher.Narrative Update • Feb 24
MAA: Sunbelt Rent Trends And Dividend Policy Will Shape 2026 Outlook
The updated analyst price target for Mid-America Apartment Communities has inched lower to about $145.92 from $146.96, as analysts balance mixed target revisions across firms with expectations for steadier revenue growth, improving profit margins, and a somewhat lower future P/E multiple. Analyst Commentary Recent research on Mid-America Apartment Communities reflects a mix of optimism and caution, with several firms adjusting price targets around the mid to upper US$130s to US$160 range and reassessing ratings within the broader real estate investment trust group.Narrative Update • Feb 09
MAA: Sunbelt Rent Trends And Dividend Increases Will Shape 2026 Appeal
Mid-America Apartment Communities sees its analyst price target edging slightly higher to about $147 from roughly $146.96, as analysts weigh mixed target moves across the Street against updated assumptions for revenue growth, profit margins, discount rates and future P/E multiples. Analyst Commentary Analysts are split between modest optimism on execution and growth prospects for Mid-America Apartment Communities and caution around macro and valuation risks.Narrative Update • Jan 26
MAA: Sunbelt Supply Relief And Steady Dividend Policy Will Frame 2026 Outlook
Narrative Update on Mid-America Apartment Communities (MAA) The updated analyst price target for Mid-America Apartment Communities edges slightly lower to about $147.20 from $147.76 as analysts balance a mix of recent target raises and cuts, reflecting evolving views on Sunbelt apartment fundamentals, valuation relative to fixed income, and broader REIT sector outlooks into 2026. Analyst Commentary Recent research on Mid-America Apartment Communities reflects a mix of optimism and caution, with price targets moving in both directions but generally clustering in a similar range.Narrative Update • Jan 10
MAA: Sunbelt Supply Moderation And Dividend Reliability Will Shape 2026 Prospects
Analysts have made a small upward adjustment to fair value for Mid-America Apartment Communities to about $147.76, reflecting mixed price target moves that balance softer near term fundamentals with expected moderation in Sunbelt supply and potential macro catalysts into 2026. Analyst Commentary Recent research updates on Mid-America Apartment Communities reflect a mix of optimism around 2026 fundamentals and caution around near term execution and fund flows, with price targets clustered around the mid to high US$130s to US$160 range.Narrative Update • Dec 23
MAA: Sunbelt Supply Normalization And Dividend Increases Will Shape Future Performance
The analyst price target for Mid-America Apartment Communities has been trimmed modestly by about $0.70 to approximately $148 per share, as analysts factor in slightly softer long term revenue growth and sector fund flow pressures, partly offset by resilient margins and improving visibility on Sunbelt supply normalization into 2026. Analyst Commentary Recent Street commentary on Mid-America Apartment Communities reflects a balanced mix of optimism around long term fundamentals and caution on nearer term headwinds, leading to modest target cuts and rating changes rather than wholesale shifts in opinion.Narrative Update • Dec 09
MAA: Easing 2026 Sunbelt Supply Pressures Will Support Future Performance
Analysts trimmed their price target for Mid America Apartment Communities by about $1 to roughly $148, citing slightly softer long term growth and margin assumptions, even as sector research continues to highlight generally healthy REIT operating conditions and improving 2026 supply dynamics. Analyst Commentary Recent Street research on Mid America Apartment Communities reflects a mixed but generally constructive backdrop, with valuation resets occurring alongside recognition of stabilizing fundamentals and improving 2026 supply trends.Narrative Update • Nov 25
MAA: Sunbelt Supply Pressures Will Ease And Support Performance In 2026
The consensus analyst price target for Mid-America Apartment Communities has been modestly reduced from $151.40 to $149.52. Analysts point to continued headwinds in the multifamily housing sector and a cautious earnings outlook for 2026.Narrative Update • Nov 11
MAA: Shares Will Benefit From Easing Sunbelt Supply Headwinds By 2026
The analyst price target for Mid-America Apartment Communities has been reduced from $155.96 to $151.40. Analysts point to moderating multifamily supply headwinds and tempered earnings outlooks amid shifting sector fundamentals.Narrative Update • Oct 28
Future Apartment Demand Will Overcome Uncertainty as Supply Pipeline Slows
Analysts have lowered their fair value estimate for Mid-America Apartment Communities to $155.96 from $156.72. This modest decrease is driven by more cautious growth forecasts and recent price target reductions across the sector.Narrative Update • Oct 13
Future Rental Markets Will Benefit From Tight Supply Despite Risks
Analysts have modestly reduced their price target for Mid-America Apartment Communities to $156.72, a decrease of approximately $2.40. This adjustment is due to softer revenue growth expectations and sector-wide changes following recent earnings previews.Narrative Update • Sep 04
Future Rental Markets Will Benefit From Tight Supply Despite Risks
Mid-America Apartment Communities’ price target remains unchanged as analysts weigh delayed rent growth acceleration, muted near-term fundamentals, and sector underperformance against long-term demand and valuation discounts, keeping the fair value at $159.12. Analyst Commentary Bearish analysts cite a delay in rent growth acceleration, with expectations pushed out to 2026 and below-consensus projections for 2025-26.Seeking Alpha • Feb 13
Mid-America Apartment Communities: Near 4% Yield And Supply Tailwinds Make Them Attractive On A Pullback (Rating Downgrade)
Summary Mid-America Apartment Communities faces ongoing supply headwinds and macroeconomic challenges, impacting performance and leading to a hold rating despite potential long-term attractiveness. MAA's Q4 earnings showed resilience but missed estimates, with declines in same-store NOI and FFO, and only modest revenue growth. The REIT's strong balance sheet, attractive Sun Belt property locations, and rising rental demand due to high mortgage rates support long-term investment potential. MAA's current valuation offers no margin of safety, and potential underperformance is likely until a clearer macroeconomic picture emerges; thus, I rate it a hold. MAA's solid starting yield, commitment to dividends, and strategic investments in growing markets position it well for potential upside in the next 12–24 months. Read the full article on Seeking AlphaSeeking Alpha • Dec 13
Mid-America Apartment Communities: Quality REIT With Rising Dividends
Summary Mid-America Apartment Communities, Inc. is an investment grade REIT, with a solid business model producing strong returns. MAA stock has a long history of paying rising dividends over consecutive years. Risks of multifamily residential real estate include supply of units, vacancy rates, and weather such as hurricanes in Florida. I rate Mid-America Apartment Communities stock a “Buy” due to its consistent dividend growth, strong management, and optimal property locations in high-demand regions. Read the full article on Seeking AlphaSeeking Alpha • Oct 08
Mid-America Apartment: Elevated New Deliveries Make Me Cautious
Summary Mid-America Apartment REIT primarily focuses on high-growth Sunbelt markets, adding new units at a considerable rate. However, these markets are currently experiencing high new supply. The stock has comfortably outperformed the peer group over long horizons and has the lowest price-to-FFO compared to other residential REITs in the S&P 500. Management has guided an FFO per share decline in FY 24, and considering the various pros and cons, I rate the stock of MAA as a hold. Read the full article on Seeking AlphaSeeking Alpha • Sep 27
Mid-America Apartment: Good News For 2026, But 2025 Likely Gets Rough
Summary Mid-America Apartments maintained its FFO and AFFO guidance for 2024 despite some increasing headwinds. Sunbelt states face rent drops and oversupply issues, while Midwest markets show stronger rent growth due to limited new construction. We revise our rating in line with the evolving fundamentals. Read the full article on Seeking AlphaSeeking Alpha • Sep 19
Mid-America Apartment: A Sunbelt Gem With Dividend Power And Growth Potential
Summary A 'buy right and hold tight' strategy is likely a good fit for most investors, avoiding frequent trading and capital gains taxes. Mid-America Apartment Communities is a strong long-term investment due to its diversified, high-growth Sunbelt portfolio and strong historical performance. MAA's solid balance sheet, attractive development pipeline, and potential undervaluation make it a compelling buy-and-hold investment. Read the full article on Seeking AlphaSeeking Alpha • Sep 12
Interest Rate-Driven Rally Leaves Mid-America Apartment Less Attractive (Rating Downgrade)
Summary Mid-America Apartment shares have rallied 31% since March due to falling interest rates and signs of rental rate stabilization, outperforming the market's 8% gain. Interest rates significantly impact MAA's performance; lower rates have boosted shares, but rate cuts are now largely expected by markets. MAA's fundamentals show stabilizing revenue and expenses, with potential for low single-digit growth in 2025 as supply issues ease. Given the sharp recovery, I rate MAA stock as a hold, and I am awaiting a pullback to $150-155 for a more attractive risk/reward profile. Read the full article on Seeking AlphaSeeking Alpha • Aug 09
Mid-America Apartment: No Reason To Wait For Supply Demand Inflection Point, Buy Now
Summary The Mid-America Apartment Communities, Inc. markets are still exposed to unfavorable supply and demand dynamics. However, the company has registered growth despite these headwinds. Already now, we can observe some first signs of the surplus supply being absorbed in the system, and becoming insufficient due to previous periods of underinvestment. Mid-America Apartment Communities has stepped up its organic and M&A growth agenda to capitalize on this, once the inflection point arrives. In this article, I explain in a more detailed manner why I remain bullish on Mid-America Apartment Communities, Inc. Read the full article on Seeking AlphaSeeking Alpha • Jul 18
Mid-America Apartment Communities: Prospect Of Lower Rates Is Not Enough Of A Catalyst For Me (Rating Downgrade)
Summary Mid-America Apartment Communities is a real estate investment trust focusing on multifamily homes in the Southeast, Southwest, and Mid-Atlantic regions. Occupancy rates are starting to cool due to increased supply, leading to lower pricing power for apartment communities like MAA. Labor market softening and bullish bets on rate cuts are not enough to justify a strong investment case for MAA, warranting a downgrade to "hold." Read the full article on Seeking AlphaSeeking Alpha • Jul 01
Mid-American Apartment Communities: The Upside Is Now Over 15% Annually
Summary Mid-American Apartments (MAA) is a highly rated multifamily REIT with low leverage and a solid portfolio, offering a yield of almost 4.3%. MAA has a strong balance sheet, with over 77% common equity and a low debt/preferred ratio, making it an attractive investment. While MAA may face challenges in the short term, long-term trends and initiatives suggest potential for growth and positive returns for shareholders. Read the full article on Seeking AlphaSeeking Alpha • Jun 10
Mid-America Apartment Communities: Strong Dividend Growth Accompanied By Upside Potential
Summary Mid-America Apartment Communities operates as a real estate investment trust with a portfolio of high-quality apartment communities. MAA has seen a decline in price performance that aligns with interest rate hikes. As rates come back down, the price should recover. MAA's strategy focuses on the Sunbelt region, where population growth has increased demand for affordable housing, leading to higher occupancy rates and revenue growth. The current dividend yield is 4.3%. MAA has a strong history of consistently increasing their dividend payouts. The dividend remains well-covered from FFO. Read the full article on Seeking AlphaSeeking Alpha • May 06
Mid-America Apartment Communities: Still A Buy Despite Short-Term Headwinds
Summary Q1 2024 earnings for Mid-America Apartment Communities show stagnation in cash generation and a decrease in core FFO per share. MAA faces challenges from new supply in the market, making it difficult to stipulate new contracts at higher rent levels. Despite suboptimal Q1 results, MAA's strong occupancy, record rent leasing spreads, and growth plans indicate long-term value creation. In this article, I dissect the Q1 2024 earnings deck and provide a color on why I still consider MAA stock a solid buy. Read the full article on Seeking AlphaSeeking Alpha • Apr 18
Mid-America Apartment Communities: The True Inflation Story
Summary Mid-America Apartment Communities, Inc. has faced the dual headwinds of rising interest rates and increased apartment supply. Some REIT bulls have argued that inflation is overstated, and rate cuts are coming. Their favorite REIT begs to differ. Read the full article on Seeking AlphaSeeking Alpha • Mar 28
Mid-America Apartment Communities: Sunbelt Superstar
Summary Mid-America Apartment Communities, Inc. remains undervalued and can still be bought. The company has a well-managed portfolio and captures positive job creation trends in attractive growth markets. Mid-America Apartment Communities stock offers a compelling upside with a potential annualized rate of return of 15% and a well-covered dividend. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Mid-America Apartment Communities makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 2,214 | 386 | 56 | 0 |
| 31 Dec 25 | 2,209 | 443 | 55 | 0 |
| 30 Sep 25 | 2,203 | 552 | 55 | 0 |
| 30 Jun 25 | 2,200 | 568 | 55 | 0 |
| 31 Mar 25 | 2,197 | 562 | 55 | 0 |
| 31 Dec 24 | 2,191 | 524 | 57 | 0 |
| 30 Sep 24 | 2,183 | 517 | 58 | 0 |
| 30 Jun 24 | 2,174 | 513 | 58 | 0 |
| 31 Mar 24 | 2,163 | 557 | 60 | 0 |
| 31 Dec 23 | 2,148 | 549 | 59 | 0 |
| 30 Sep 23 | 2,134 | 582 | 58 | 0 |
| 30 Jun 23 | 2,113 | 594 | 57 | 0 |
| 31 Mar 23 | 2,073 | 658 | 58 | 0 |
| 31 Dec 22 | 2,020 | 633 | 59 | 0 |
| 30 Sep 22 | 1,955 | 625 | 58 | 0 |
| 30 Jun 22 | 1,887 | 587 | 59 | 0 |
| 31 Mar 22 | 1,829 | 593 | 56 | 0 |
| 31 Dec 21 | 1,778 | 530 | 53 | 0 |
| 30 Sep 21 | 1,738 | 427 | 50 | 0 |
| 30 Jun 21 | 1,709 | 403 | 49 | 0 |
| 31 Mar 21 | 1,685 | 261 | 47 | 0 |
| 31 Dec 20 | 1,678 | 251 | 47 | 0 |
| 30 Sep 20 | 1,671 | 317 | 46 | 0 |
| 30 Jun 20 | 1,664 | 336 | 45 | 0 |
| 31 Mar 20 | 1,658 | 323 | 45 | 0 |
| 31 Dec 19 | 1,641 | 350 | 44 | 0 |
| 30 Sep 19 | 1,622 | 261 | 42 | 0 |
| 30 Jun 19 | 1,604 | 236 | 38 | 0 |
| 31 Mar 19 | 1,587 | 234 | 37 | 0 |
| 31 Dec 18 | 1,571 | 219 | 39 | 0 |
| 30 Sep 18 | 1,556 | 281 | 35 | 0 |
| 30 Jun 18 | 1,543 | 343 | 37 | 0 |
| 31 Mar 18 | 1,536 | 331 | 37 | 0 |
| 31 Dec 17 | 1,529 | 324 | 40 | 0 |
| 30 Sep 17 | 1,453 | 241 | 40 | 0 |
| 30 Jun 17 | 1,346 | 211 | 38 | 0 |
| 31 Mar 17 | 1,235 | 209 | 35 | 0 |
| 31 Dec 16 | 1,125 | 211 | 29 | 0 |
| 30 Sep 16 | 1,081 | 215 | 27 | 0 |
| 30 Jun 16 | 1,067 | 223 | 26 | 0 |
| 31 Mar 16 | 1,053 | 314 | 26 | 0 |
| 31 Dec 15 | 1,043 | 332 | 26 | 0 |
| 30 Sep 15 | 1,033 | 323 | 24 | 0 |
| 30 Jun 15 | 1,020 | 299 | 25 | 0 |
Quality Earnings: MAA has high quality earnings.
Growing Profit Margin: MAA's current net profit margins (17.4%) are lower than last year (25.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: MAA's earnings have grown by 1.3% per year over the past 5 years.
Accelerating Growth: MAA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MAA had negative earnings growth (-31.3%) over the past year, making it difficult to compare to the Residential REITs industry average (5.2%).
Return on Equity
High ROE: MAA's Return on Equity (7%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/08 08:50 |
| End of Day Share Price | 2026/06/08 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Mid-America Apartment Communities, Inc. is covered by 46 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Wesley Golladay | Baird |
| Anthony Powell | Barclays |
| Richard Hightower | Barclays |