At a glance
Mid-America Apartment Communities Inc is worth $13.73B, about 31 times its fiscal 2025 earnings. Revenue grew 0.8% to $2.21B in fiscal 2025, with 20.2% kept as profit; over 5 years it has grown 5.7% a year. It pays a 5.17% dividend yield, raised every year for at least 9 years, and returned $3.08B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −3.2% over the past year with dividends reinvested and −6.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.7% in the 2020 crash (S&P 500: 33.7%) and 35.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Mid-America Apartment Communities (MAA) is a real estate investment trust, or REIT: a company that owns income-producing property and must pay out most of its taxable income as dividends. MAA is in the S&P 500 and owns, runs, buys and builds apartment communities, mostly in the Southeast, Southwest and Mid-Atlantic. As of December 31, 2025, it owned all or part of 302 communities with 103,083 units across 16 states and the District of Columbia.
MAA earns its money mainly from rent paid by apartment residents, plus commercial tenants at the 35 communities that include retail space. Revenue was about $2.21 billion in fiscal 2025. Upgrades help lift rents. During 2025 it renovated kitchens and bathrooms in 5,995 apartments, which then rented for 7.0% more than similar unrenovated units. Smart-home technology, installed in over 96,000 units, has added about $25 a month to average rent per unit since early 2019.
It also grows by buying and building. During 2025 it bought a 318-unit community in Kansas City, sold two communities with 576 units and spent $272.0 million on development costs. Eight communities with 2,522 units in total were under development at year-end, in markets including Tampa, Charlotte, Phoenix and Denver. The 10-K gives no clean revenue breakdown by segment or region, so the share from any single market is not available.
Price history
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MAA -3.2% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $560.1M, up 1% from a year earlier, and net income was $84.0M (-15.6%).
- For fiscal 2025, revenue was $2.21B (+0.8% year over year; +5.7% a year from FY2020 to FY2025) with a 20.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.7% good |
|---|---|
| Free cash flow margin | 32.5% good |
| Return on equity (FY2025) | 7.9% weak |
| Return on assets (FY2025) | 3.7% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.68B | $255.0M | $598.4M |
| FY2021 | $1.78B | $533.8M | $615.3M |
| FY2022 | $2.02B | $637.4M | $762.3M |
| FY2023 | $2.15B | $552.8M | $796.0M |
| FY2024 | $2.19B | $527.5M | $775.9M |
| FY2025 | $2.21B | $446.9M | $717.9M |
Valuation snapshot
| Market value | $13.73B |
|---|---|
| P/E ratio | 31.3 |
| Dividend yield | 5.17% |
Rank among 1514 US companies
Market value at each year end
Mid-America Apartment Communities’s market value went from $11.10B at the end of 2016 to $13.73B on Nov 2, 2026, up 24%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $13.73B | -15.6% |
| 2025 | $16.26B | -10.0% |
| 2024 | $18.07B | +15.1% |
| 2023 | $15.69B | -13.5% |
| 2022 | $18.13B | -31.4% |
| 2021 | $26.42B | +82.3% |
| 2020 | $14.49B | -3.7% |
| 2019 | $15.04B | +38.1% |
| 2018 | $10.89B | -4.7% |
| 2017 | $11.43B | +3.0% |
| 2016 | $11.10B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MAA price data to Nov 2, 2026 | -10.6% | -3.2% | +3.8% | -6.6% | +6.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.6% |
| 2025 | -6.3% |
| 2024 | +19.9% |
| 2023 | -10.4% |
| 2022 | -29.8% |
| 2021 | +87.2% |
| 2020 | -0.7% |
| 2019 | +42.5% |
| 2018 | -1.1% |
| 2017 | +6.3% |
| 2016 | +11.6% |
| 2015 | +26.5% |
| 2014 | +28.4% |
| 2013 | -2.2% |
| 2012 | +7.8% |
| 2011 | +2.5% |
| 2010 | +37.7% |
| 2009 | +39.4% |
| 2008 | -8.4% |
| 2007 | -22.0% |
| 2006 | +23.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.9% over that stretch · deepest drop along the way 60.1%, back to its old high 12.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.6% over that stretch · deepest drop along the way 42.7%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.7% over that stretch · deepest drop along the way 35.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($141K) and 6 sales ($286K), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 6, 2026 | Melanie Carpenter EVP & CHRO | sell (plan) | $91K |
| Apr 6, 2026 | Amber Fairbanks EVP, Property Management | sell (plan) | $89K |
| May 21, 2026 | Tamara D Fischer Director | buy | $77K |
| May 21, 2026 | Tamara D Fischer Director | buy | $64K |
| May 8, 2026 | James Barton French EVP Investments | sell | $46K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.2% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.48% | Mar 31, 2026 |
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
| VIKING GLOBAL INVESTORS LP | 5.07% | Sep 28, 2026 |
| Capital World Investors | 0.2% | Dec 31, 2025 |
ETFs with the most weight in MAA
| SPRE SP Funds S&P Global REIT Sharia ETF | 5.25% |
| HAUS Residential REIT ETF | 4.66% |
| REZ iShares Residential and Multisector Real Estate ETF | 4.41% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.35% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 2.74% |
| ICF iShares Cohen & Steers REIT ETF | 2.31% |
| PPTY US Diversified Real Estate ETF | 2.22% |
| VGSR Vert Global Sustainable Real Estate ETF | 2.14% |
What could go wrong
- All apartments, concentrated in a few regions. MAA's portfolio is almost entirely apartments, mostly in the Southeast, Southwest and Mid-Atlantic. A slowdown in apartment demand or job losses in those regions would hit most of its properties at once.
- Oversupply and homebuying can squeeze rents. When developers build more apartments than demand can absorb, MAA may need to cut rents or offer concessions (such as free weeks) to fill units. Cheaper mortgages can also lure renters into buying.
- Short leases reset quickly when rents fall. Apartment leases are short, so falling market rents show up in MAA's income fast. As leases expire, the company may also be unable to renew them or find new residents at the same rent.
- Rising taxes, insurance and storm costs. Property taxes, utilities and insurance premiums can rise faster than rents, and some major costs do not fall when rents do. Storms may also cause damage that insurance does not fully cover.
- Heavy debt and interest-rate exposure. MAA carries substantial debt. Higher interest rates raise refinancing costs and can weigh on the share price, and a credit-rating downgrade could make new borrowing costlier or harder to get.
- Dividend has a thin cash cushion. MAA says future dividends may vary. In fiscal 2025, dividends took 98.8% of free cash flow (cash left after capital spending) and exceeded net income, so a long rental slump could pressure the payout.
Recent events
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
MAA's yield was 5.18% as of October 29, 2026. Its SEC filings show a dividend increase in every fiscal year from 2012 through 2025. Dividends per share grew from $4.025 in fiscal 2020 to $6.075 in fiscal 2025, about 8.6% a year. Fiscal 2025 dividends equaled 158.7% of earnings. For a REIT that is less alarming than it sounds, because depreciation, a noncash charge, cuts reported profit. They also took 98.8% of free cash flow (cash left after capital spending), which leaves a thin cushion. Buybacks were small: $27.2 million in fiscal 2025, none in the two prior years.
The shares have fallen hard in downturns. They dropped 60.1% from peak to low in the 2008 financial crisis and 42.7% in the 2020 COVID crash, regaining their peaks about a year after each low. After a 35.3% drop in the 2022 bear market, they had not regained their January 2022 peak as of October 29, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
Does MAA raise its dividend every year?
Yes, so far. MAA's SEC filings show a dividend increase in every fiscal year from 2012 through 2025, and the streak may be longer. Dividends per share rose from $4.025 in fiscal 2020 to $6.075 in fiscal 2025, about 8.6% a year. Future increases are not guaranteed. The company warns that the form, timing and amount of dividends may vary, and fiscal 2025 dividends took 98.8% of free cash flow.
How does Mid-America Apartment Communities make money?
Mostly by renting apartments. MAA is a real estate investment trust (REIT). As of December 31, 2025, it owned all or part of 302 communities with 103,083 units in 16 states and the District of Columbia, mainly in the Southeast, Southwest and Mid-Atlantic. Revenue was about $2.21 billion in fiscal 2025. It lifts rents by renovating kitchens and bathrooms and adding smart-home technology, and it buys, builds and sells communities to reshape its portfolio.
What is MAA's dividend yield?
MAA's dividend yield was 5.18% as of October 29, 2026. Yield is the yearly dividend divided by the share price, so it rises when the price falls. That has happened here: the stock was down 10.7% year to date through October 29, 2026, and down 29% over the five years to that date. Regular dividends were $6.075 per share in fiscal 2025.
Why does MAA pay out more than it earns?
Mostly because of how REIT profits are measured. In fiscal 2025, MAA's dividends equaled 158.7% of net income. But net income is reduced by depreciation, a large noncash accounting charge for the aging of its buildings. Cash is a clearer test: dividends took 98.8% of free cash flow, the cash left after capital spending. That covers the payout, but with little room to spare if rents weaken or costs rise.
How did MAA stock hold up in past market crashes?
Not well in the short run. MAA fell 60.1% from peak to low during the 2008 financial crisis and 42.7% in the 2020 COVID crash, though it regained its earlier peak about a year after each low. In the 2022 bear market it fell 35.3%, and it had not returned to its January 2022 peak as of October 29, 2026. Over the 10 years to that date, the stock gained 91% in total.