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

> Source: Nexqual · https://nexqual.com/MAA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Mid-America Apartment Communities, Inc. (MAA), nexqual.com/MAA" · informational, not investment advice.

**Price:** USD 121.17 (+2.97% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 117.68 · day 117.98–121.25 · 52w 113.95–144.41 · market cap $14.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.22B, net income $403M (18.2% margin), free cash flow $645M (SEC filings).
- Valuation: P/E 35.7x (avg 33.0x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold MAA (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $267K; 1 not under a Rule 10b5-1 plan ($46K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $141K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -5.4% vs S&P 500 +14.9%; 5Y -27.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.79, revenue estimate $558M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.78B | $2.02B | $2.15B | $2.19B | $2.21B | $2.22B |
| Net income | $534M | $637M | $553M | $528M | $447M | $403M |
| EPS (diluted) | $4.61 | $5.48 | $4.71 | $4.49 | $3.78 | — |
| Free cash flow | $615M | $762M | $796M | $776M | $718M | $645M |
| Net margin | 30.0% | 31.6% | 25.7% | 24.1% | 20.2% | 18.2% |
| Revenue growth | +6.0% | +13.6% | +6.4% | +2.0% | +0.8% | — |
| Cash + short-term investments | $54.3M | $38.7M | $41.3M | $43.0M | $60.3M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 35.7x · P/S 6.5x · P/FCF 22.4x · P/B 2.6x · FCF yield 4.47% · Earnings yield 2.80% · Dividend yield (paid, TTM) 4.94%
P/E at fiscal year-ends: Dec 2025 36.4x, Dec 2024 34.2x, Dec 2023 28.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MAA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Viking Global | Viking Global Investors | 2.00% | $701M | Added +5.1% |
| Christopher Davis | Davis Advisors | 0.01% | $3.0M | Reduced -54.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-08 | French James Barton | EVP Investments | 350 | $46K | 4.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Argo Timothy | EVP, Chief Strategy & Analysis | 183 | $23K | 0.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-04-06 | Carpenter Melanie | EVP & CHRO | 731 | $91K | 3.2% | Yes | Routine (sold in Apr each year 2023–2025) |
| 2026-04-06 | Fairbanks Amber | EVP, Property Management | 711 | $89K | 13.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-06 | Holder Aubrey Clay | EVP, CFO | 145 | $18K | 1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $141K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-21 | Fischer Tamara D | Director | 1,100 | $141K | 128.55 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Goldman Sachs | Target lowered | Neutral | $142 → $125 |
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $146 → $131 |
| 2026-10-14 | UBS | Target lowered | Neutral | $129 → $123 |
| 2026-10-14 | Barclays | Target lowered | Equal-Weight | $146 → $136 |
| 2026-10-13 | RBC Capital | Target lowered | Sector Perform | $138 → $127 |
| 2026-10-12 | Piper Sandler | Target lowered | Neutral | $140 → $121 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $129 → $123 |
| 2026-09-17 | Truist Securities | Target lowered | Buy | $146 → $132 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Underperform | $134 → $125 |
| 2026-09-14 | Evercore ISI Group | Target lowered | In-Line | $130 → $129 |
| 2026-09-08 | Mizuho | Target lowered | Outperform | $152 → $140 |
| 2026-09-01 | Wells Fargo | Target lowered | Overweight | $148 → $146 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.4% | -27.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.4% | -6.1% |
| Volatility (annualized) | 19.5% | 21.6% |
| Max drawdown | -18.8% (Jul 2026→Oct 2026) | -45.4% (Dec 2021→Oct 2023) |

## Peers (REIT - Residential)
SUI (Sun Communities, Inc.) USD 119.86 +2.92% · UDR (UDR, Inc.) USD 36.18 +3.25% · AMH (American Homes 4 Rent) USD 31.9 +3.10% · INVH (Invitation Homes Inc.) USD 27.53 +2.69% · ELS (Equity Lifestyle Properties, In) USD 61.17 +3.40% · CPT (Camden Property Trust) USD 102.74 +2.55%

## More
Full page: https://nexqual.com/MAA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Same Store | $517.4M | 93.2% | -0.3% |
| Non Same Store & Other | $37.7M | 6.8% | +22.1% |
| Total revenue | $555.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.79 | $0.82 | -3.2% | $558.4M | 6 |
| Next quarter (ends 2026-12-31) | $0.87 | $0.87 | +0.2% | $561.0M | 7 |
| Current fiscal year (ends 2026-12-31) | $3.74 | $3.39 | +10.3% | $2.23B | 8 |
| Next fiscal year (ends 2027-12-31) | $3.08 | $3.13 | -1.6% | $2.28B | 7 |