Mid-America Apartment Communities, Inc. (MAA) 10-Year Financial Performance & Capital Metrics

MAA • • REIT / Real Estate

Real EstateResidential REITsMultifamily ApartmentsNational Multifamily Operators

AboutMAA, 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.Show more

Revenue $2.19B +2.0%
FFO $1.11B -0.4%
FFO/Share 9.54 -0.5%
FFO Payout 61.66% +5.8%
FFO per Share 9.54 -0.5%
NOI Margin 32.55% -6.4%
FFO Margin 50.84% -2.4%
ROE 8.48% -4.1%
ROA 4.53% -6.9%
Debt/Assets 42.39% +6.6%
Net Debt/EBITDA 3.99 +10.7%
Book Value/Share 52.64 -2.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 6.6% TTM
✓Sustainable FFO payout ratio of 61.7%
✓13 consecutive years of dividend growth
✓Healthy dividend yield of 4.3%

✗Weaknesses

✗Low NOI margin of 32.6%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.28%

5Y5.95%

3Y7.21%

TTM0.91%

Profit (Net Income) CAGR

10Y13.55%

5Y8.32%

3Y-0.39%

TTM6.64%

EPS CAGR

10Y8.59%

5Y8.47%

3Y-0.88%

TTM6.55%

ROCE

10Y Avg4.56%

5Y Avg5.4%

3Y Avg6.18%

Latest6.14%

Peer Comparison

National Multifamily Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UDRUDR, Inc.	12.25B	37.08	142.62	2.72%	8.8%	3.61%	4.94%	1.35
CPTCamden Property Trust	11.53B	108.35	72.23	0.12%	17.15%	5.84%	3.31%	0.73
MAAMid-America Apartment Communities, Inc.	15.86B	135.44	30.16	1.98%	25.23%	9.24%	4.89%	0.81
AVBAvalonBay Communities, Inc.	25.6B	180.80	23.79	5.27%	38.81%	9.61%	5.51%	0.69
EQREquity Residential	23.27B	61.17	22.49	3.69%	37.58%	10.09%	5.39%	0.73
AIVApartment Investment and Management Company	854.37M	5.93	-8.01	11.6%	125.34%	95.46%		3.82

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.04B	1.13B	1.53B	1.57B	1.64B	1.68B	1.78B	2.02B	2.15B	2.19B
Revenue Growth %	0.05%	0.08%	0.36%	0.03%	0.04%	0.02%	0.06%	0.14%	0.06%	0.02%
Property Operating Expenses	726.15M	780.41M	1.11B	1.13B	1.16B	1.2B	1.26B	1.33B	1.4B	1.48B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	25.72M	72.79M	60.18M	38.85M	43.84M	46.86M	52.88M	58.83M	58.58M	56.52M
G&A Expenses	25.72M	29.04M	40.19M	38.85M	43.84M	46.86M	52.88M	58.83M	58.58M	56.52M
EBITDA+	585.8M	595.43M	849.32M	891.51M	930.26M	939.19M	999.28M	1.17B	1.25B	1.24B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	294.9M	323.28M	494.54M	491M	497.79M	511.68M	534.41M	544M	565.86M	586.4M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	290.91M	272.15M	354.78M	400.51M	432.47M	427.51M	464.87M	628.88M	688.9M	656.75M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	122.34M	129.95M	154.75M	173.59M	179.85M	167.56M	156.88M	154.75M	149.23M	168.54M
Interest Coverage	2.38x	2.09x	2.29x	2.31x	2.40x	2.55x	2.96x	4.06x	4.62x	3.90x
Non-Operating Income	-183.86M	-83.66M	-141.76M	-4.88M	-116.03M	-5.89M	-255.14M	-172.86M	-31.18M	-56.66M
Pretax Income+	352.42M	225.86M	341.79M	231.8M	368.66M	265.84M	563.13M	646.99M	570.85M	544.87M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.67M	1.7M	2.62M	2.61M	3.7M	3.33M	13.64M	-6.21M	4.74M	5.24M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	332.29M	212.22M	328.38M	222.9M	353.81M	254.62M	533.79M	637.44M	552.81M	527.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.25%	-0.36%	0.55%	-0.32%	0.59%	-0.28%	1.1%	0.19%	-0.13%	-0.05%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.39%	-0.15%	0.54%	-0.13%	0.19%	-0.1%	0.39%	0.11%	-0.05%	-0%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	4.41	2.69	2.86	1.89	2.99	2.19	4.61	5.48	4.71	4.49
EPS Growth %	1.24%	-0.39%	0.06%	-0.34%	0.58%	-0.27%	1.11%	0.19%	-0.14%	-0.05%
EPS (Basic)	4.41	2.69	2.86	1.89	3.00	2.20	4.62	5.49	4.71	4.49
Diluted Shares Outstanding	75.18M	78.8M	113.69M	117.97M	118.2M	114.5M	115.04M	115.58M	116.64M	116.78M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	6.85B	11.6B	11.49B	11.32B	11.23B	11.19B	11.29B	11.24B	11.48B	11.81B
Asset Growth %	0%	0.69%	-0.01%	-0.01%	-0.01%	-0%	0.01%	-0%	0.02%	0.03%
Real Estate & Other Assets+	6.77B	11.4B	11.35B	11.22B	11.11B	11.11B	11.11B	11.14B	11.39B	11.71B
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	63.64M	121.8M	94.19M	51.67M	70.54M	35.62M	130.6M	61.07M	55.09M	64.53M
Cash & Equivalents	37.56M	33.54M	10.75M	34.26M	20.48M	25.2M	54.3M	38.66M	41.31M	43.02M
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	26.08M	88.26M	83.44M	17.41M	50.06M	10.42M	76.3M	22.41M	13.78M	21.51M
Intangible Assets	6.1M	42.4M	11.2M	3.9M	2.6M	1.3M	900K	0	0	1M
Total Liabilities	3.68B	4.95B	4.91B	4.94B	4.93B	5.09B	5.1B	5.03B	5.19B	5.66B
Total Debt+	3.5B	4.99B	4.5B	4.53B	4.45B	4.56B	4.52B	4.44B	4.57B	5.01B
Net Debt	3.47B	4.96B	4.49B	4.49B	4.43B	4.54B	4.46B	4.4B	4.53B	4.96B
Long-Term Debt	3.43B	4.5B	4.09B	3.99B	4.38B	4.39B	4.52B	4.39B	4.05B	4.73B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K
Capital Lease Obligations	0	9K	9K	9K	33.12M	31.74M	30.25M	28.67M	27.34M	26.09M
Total Current Liabilities+	232.16M	452.61M	815.56M	953.85M	542.26M	700.27M	584.4M	558.01M	1.06B	856.74M
Accounts Payable	5.92M	11.97M	0	0	0	0	0	101.99M	94.46M	124.81M
Deferred Revenue	0	0	0	0	0	0	0	65.13M	65.18M	64.63M
Other Liabilities	21.98M	0	0	0	0	0	0	49.16M	51.54M	50.92M
Total Equity+	3.17B	6.65B	6.58B	6.38B	6.3B	6.1B	6.18B	6.21B	6.3B	6.15B
Equity Growth %	0.04%	1.1%	-0.01%	-0.03%	-0.01%	-0.03%	0.01%	0%	0.01%	-0.02%
Shareholders Equity	3B	6.41B	6.35B	6.16B	6.08B	5.89B	6B	6.03B	6.11B	5.96B
Minority Interest	165.73M	238.28M	233.98M	222.35M	220.89M	216.78M	188.73M	184.66M	185.88M	183.3M
Common Stock	9M	11.21M	11.54M	10.55M	15.27M	16.54M	31.34M	21.82M	20.34M	23.4M
Additional Paid-in Capital	3.63B	7.11B	7.12B	7.14B	7.17B	7.18B	7.23B	7.2B	7.4B	7.42B
Retained Earnings	-634.14M	-707.48M	-784.5M	-989.26M	-1.09B	-1.29B	-1.26B	-1.19B	-1.3B	-1.47B
Preferred Stock	0	9K	9K	9K	9K	9K	9K	9K	9K	9K
Return on Assets (ROA)	0.05%	0.02%	0.03%	0.02%	0.03%	0.02%	0.05%	0.06%	0.05%	0.05%
Return on Equity (ROE)	0.11%	0.04%	0.05%	0.03%	0.06%	0.04%	0.09%	0.1%	0.09%	0.08%
Debt / Assets	0.51%	0.43%	0.39%	0.4%	0.4%	0.41%	0.4%	0.4%	0.4%	0.42%
Debt / Equity	1.11x	0.75x	0.68x	0.71x	0.71x	0.75x	0.73x	0.72x	0.73x	0.81x
Net Debt / EBITDA	5.91x	8.32x	5.29x	5.04x	4.77x	4.83x	4.47x	3.76x	3.61x	3.99x
Book Value per Share	42.12	84.42	57.92	54.09	53.33	53.31	53.76	53.73	54.00	52.64

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	463.72M	485M	660.8M	734.29M	781.42M	823.95M	894.97M	1.06B	1.14B	1.1B
Operating CF Growth %	0.2%	0.05%	0.36%	0.11%	0.06%	0.05%	0.09%	0.18%	0.07%	-0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	350.75M	224.4M	340.54M	231.02M	366.62M	264.01M	550.7M	654.78M	567.83M	541.58M
Depreciation & Amortization	294.9M	323.28M	494.54M	491M	497.79M	511.68M	534.41M	544M	565.86M	586.4M
Stock-Based Compensation	6.15M	11.49M	10.57M	12.44M	13.65M	14.33M	16.66M	18.8M	15.7M	15.79M
Other Non-Cash Items	-205.65M	-92.39M	-137.22M	-6.91M	-109.03M	-4.24M	-262.74M	-143.04M	-17.06M	-49.26M
Working Capital Changes	19.53M	20.4M	-49.92M	9.31M	12.38M	38.17M	55.92M	-16.06M	4.86M	3.79M
Cash from Investing+	-136.22M	-649.13M	-294.21M	-366.35M	-238.27M	-484.73M	-253.59M	-405.24M	-775.26M	-825.5M
Acquisitions (Net)	-32K	-424.16M	-1.5M	-2.9M	-5.39M	-5.35M	-4.67M	-13.85M	-16.64M	-2.87M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	1000K
Other Investing	29.84M	-41M	51.18M	-108.73M	-42.68M	-253.88M	262.36M	-95.21M	-417.4M	-510.23M
Cash from Financing+	-316.6M	222.29M	-399.52M	-405.14M	-524.28M	-374.14M	-546.4M	-722.77M	-367.9M	-271.12M
Dividends Paid	-232.08M	-248.58M	-398.98M	-423.54M	-441.43M	-461.04M	-474.09M	-543.29M	-655.4M	-690.59M
Common Dividends	-232.08M	-247.65M	-395.29M	-419.85M	-437.74M	-457.36M	-470.4M	-539.61M	-651.72M	-686.9M
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	-1000K	1000K	1000K
Share Repurchases	-958K	-2.02M	-4.78M	-2.92M	0	0	0	0	0	0
Other Financing	-20.17M	-16.25M	-21.24M	-20.28M	-14.52M	-21.59M	-28.22M	-74.16M	-38.71M	-28.41M
Net Change in Cash+	10.91M	58.16M	-32.93M	-37.19M	18.87M	-34.93M	94.98M	-69.53M	-5.98M	1.67M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	26.65M	63.64M	121.8M	88.87M	51.67M	70.54M	35.62M	130.6M	61.07M	55.09M
Cash at End	37.56M	121.8M	88.87M	51.67M	70.54M	35.62M	130.6M	61.07M	55.09M	56.76M
Free Cash Flow+	297.7M	301.03M	316.91M	479.58M	591.22M	598.44M	383.69M	762.3M	795.96M	775.92M
FCF Growth %	0.01%	0.01%	0.05%	0.51%	0.23%	0.01%	-0.36%	0.99%	0.04%	-0.03%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	8.34	6.8	7.24	6.05	7.2	6.69	9.29	10.22	9.59	9.54
FFO Payout Ratio	37%	46.25%	48.04%	58.81%	51.4%	59.68%	44.04%	45.67%	58.26%	61.66%
NOI Margin	30.36%	30.65%	27.14%	27.96%	29.03%	28.27%	29.12%	34.05%	34.79%	32.55%
Net Debt / EBITDA	5.91x	8.32x	5.29x	5.04x	4.77x	4.83x	4.47x	3.76x	3.61x	3.99x
Debt / Assets	51.15%	43%	39.18%	39.99%	39.67%	40.76%	40.02%	39.53%	39.77%	42.39%
Interest Coverage	2.38x	2.09x	2.29x	2.31x	2.40x	2.55x	2.96x	4.06x	4.62x	3.90x
Book Value / Share	42.12	84.42	57.92	54.09	53.33	53.31	53.76	53.73	54	52.64
Revenue Growth	5.41%	7.92%	35.87%	2.77%	4.43%	2.25%	5.97%	13.6%	6.37%	1.98%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Same Store	587.9M	642.68M	672.13M	1.44B	1.52B	1.58B	1.7B	1.92B	2.02B	2.08B
Same Store Growth	-	9.32%	4.58%	114.51%	5.28%	3.92%	7.94%	13.04%	5.20%	2.97%
Non Same Store And Other	130.11M	144.79M	507.85M	129.53M	123.14M	100.53M	75.34M	95.16M	123.72M	106.18M
Non Same Store And Other Growth	-	11.28%	250.76%	-74.49%	-4.94%	-18.36%	-25.06%	26.30%	30.01%	-14.18%
Secondary Market Same Store	324.77M	337.88M	349.01M	-	-	-	-	-	-	-
Secondary Market Same Store Growth	-	4.04%	3.29%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Mid-America Apartment Communities, Inc. (MAA) has a price-to-earnings (P/E) ratio of 30.2x. This suggests investors expect higher future growth.

Growth & Financials

Mid-America Apartment Communities, Inc. (MAA) reported $2.20B in revenue for fiscal year 2024. This represents a 391% increase from $449.0M in 2011.

Mid-America Apartment Communities, Inc. (MAA) grew revenue by 2.0% over the past year. Growth has been modest.

Yes, Mid-America Apartment Communities, Inc. (MAA) is profitable, generating $556.0M in net income for fiscal year 2024 (24.1% net margin).

Dividend & Returns

Yes, Mid-America Apartment Communities, Inc. (MAA) pays a dividend with a yield of 4.34%. This makes it attractive for income-focused investors.

Mid-America Apartment Communities, Inc. (MAA) has a return on equity (ROE) of 8.5%. This is below average, suggesting room for improvement.

Industry Metrics

Mid-America Apartment Communities, Inc. (MAA) generated Funds From Operations (FFO) of $1.17B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Mid-America Apartment Communities, Inc. (MAA) offers a 4.34% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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