MID America Apartment Communities
MAA on NYSE. Real estate investment trusts. Market value $13.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Real estate stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.73 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 59 of 100. Our list needs 70 on quality and 60 on price.
$116.99 a share, 2% above its 1-year low
Over the past year the price has ranged from $114.39 to $144.41.
Dividend: 5.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.8bn | $2.0bn | $2.1bn | $2.2bn | $2.2bn |
| Operating margin | |||||
| Operating margin | 40.5% | 39.7% | 33.5% | 32.6% | 29.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.12bn | 0.12bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 5.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $555 million last quarter, up 1% on a year ago.
- Profit: $122 million, up 13% on a year ago.
- Spare cash over the past 12 months: $645 million, down from $757 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $551m |
| December 2024 | $550m |
| March 2025 | $549m |
| June 2025 | $550m |
| September 2025 | $554m |
| December 2025 | $556m |
| March 2026 | $554m |
| June 2026 | $555m |
| Quarter to | Amount |
|---|---|
| September 2024 | $115m |
| December 2024 | $167m |
| March 2025 | $182m |
| June 2025 | $108m |
| September 2025 | $100m |
| December 2025 | $58m |
| March 2026 | $124m |
| June 2026 | $122m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 6 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 774 funds in all.
- Barrow HanleyBarrow Hanley team
- Value
- $175m
- Share of fund
- 0.5%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $701m | 2.0% | Added |
| Barrow HanleyBarrow Hanley team | $175m | 0.5% | |
| Gotham Asset ManagementJoel Greenblatt | $63m | 0.1% | Added |
| Diamond Hill Capital ManagementRic Dillon (founder) | $37m | 0.3% | Cut |
| Davis Selected AdvisersChris Davis | $3m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $2m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $277,880 | <0.1% | Cut |
Largest holders overall
- BlackRock$1.8bn
- Vanguard Portfolio Management$1.4bn
- State Street$1.1bn
- Vanguard Capital Management$1.1bn
- Norges Bank$758mNew
- Viking Global Investors$701mAdded
- AQR Capital Management$524mAdded
- Geode Capital Management$490m
- APG Asset Management US$432m
- Invesco$329mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor10.2%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor8.5%Since 31 March 2026
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Viking Global InvestorsPassive investorat least 5.1%(filed with 11 related holders)Since 28 September 2026
- Capital World InvestorsPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.2% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 8.5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Viking Global Investors Passive investor | at least 5.1% (filed with 11 related holders) | 28 September 2026 | |
Capital World Investors Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $316,097 of shares on the open market. 6 sold $1m, $1m of it under preset trading plans.
- FISCHER TAMARA DDirectorBought
- Date
- 21 May 2026
- Shares
- 1,100
- Price
- $128.55
- Value
- $141,400
- French James BartonEVP InvestmentsSold
- Date
- 8 May 2026
- Shares
- 350
- Price
- $130.98
- Value
- $45,843
- Argo TimothyEVP, Chief Strategy & AnalysisSoldunder a preset trading plan
- Date
- 6 April 2026
- Shares
- 183
- Price
- $124.73
- Value
- $22,826
- Carpenter MelanieEVP & CHROSoldunder a preset trading plan
- Date
- 6 April 2026
- Shares
- 731
- Price
- $124.78
- Value
- $91,214
- Fairbanks AmberEVP, Property ManagementSoldunder a preset trading plan
- Date
- 6 April 2026
- Shares
- 711
- Price
- $124.73
- Value
- $88,683
- Holder Aubrey ClayEVP, CFOSoldunder a preset trading plan
- Date
- 6 April 2026
- Shares
- 145
- Price
- $124.73
- Value
- $18,086
- Carpenter MelanieEVP & CHROSoldunder a preset trading plan
- Date
- 8 January 2026
- Shares
- 145
- Price
- $134.98
- Value
- $19,572
- Fairbanks AmberEVP, Property ManagementSoldunder a preset trading plan
- Date
- 8 January 2026
- Shares
- 185
- Price
- $134.98
- Value
- $24,971
- Holder Aubrey ClayEVP, CFOSoldunder a preset trading plan
- Date
- 8 January 2026
- Shares
- 73
- Price
- $134.98
- Value
- $9,854
- Argo TimothyEVP, Chief Strategy & AnalysisSoldunder a preset trading plan
- Date
- 8 January 2026
- Shares
- 53
- Price
- $134.98
- Value
- $7,154
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 May 2026 | FISCHER TAMARA D Director | Bought | 1,100 | $128.55 | $141,400 |
| 8 May 2026 | French James Barton EVP Investments | Sold | 350 | $130.98 | $45,843 |
| 6 April 2026 | Argo Timothy EVP, Chief Strategy & Analysis | Sold under a preset trading plan | 183 | $124.73 | $22,826 |
| 6 April 2026 | Carpenter Melanie EVP & CHRO | Sold under a preset trading plan | 731 | $124.78 | $91,214 |
| 6 April 2026 | Fairbanks Amber EVP, Property Management | Sold under a preset trading plan | 711 | $124.73 | $88,683 |
| 6 April 2026 | Holder Aubrey Clay EVP, CFO | Sold under a preset trading plan | 145 | $124.73 | $18,086 |
| 8 January 2026 | Carpenter Melanie EVP & CHRO | Sold under a preset trading plan | 145 | $134.98 | $19,572 |
| 8 January 2026 | Fairbanks Amber EVP, Property Management | Sold under a preset trading plan | 185 | $134.98 | $24,971 |
| 8 January 2026 | Holder Aubrey Clay EVP, CFO | Sold under a preset trading plan | 73 | $134.98 | $9,854 |
| 8 January 2026 | Argo Timothy EVP, Chief Strategy & Analysis | Sold under a preset trading plan | 53 | $134.98 | $7,154 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 14 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.