# Mid-America Apartment Communities (MAA) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MAA/thesis · /stocks/MAA/memo

## Financial Snapshot

---
ticker: MAA
step: 04
generated: 2026-05-13
source: quick-research
---

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

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $2.02B | $2.15B | $2.19B | +2.0% |
| NOI Margin | ~65% | ~64% | ~63% | |
| Core FFO (estimated total) | ~$750M | ~$760M | ~$740M | -2.6% |
| Core FFO/Share | ~$8.50 | ~$9.08 | ~$8.85 | -2.5% |
| Net Income | ~$600M | ~$520M | ~$460M | -11.5% |

*FY2024 Core FFO declined modestly as new apartment supply deliveries in Sunbelt markets created concessions that compressed same-store NOI growth. Revenue growth of +2.0% was the lowest in three years.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Core FFO | ~$740M |
| Dividend per Share | ~$5.88 (annualized; ~4.4% yield) |
| Total Debt | ~$5.3B |
| Net Debt / EBITDA | ~5.2x |
| Q4 2024 Same-Store NOI Growth | +4.2% (improvement signal) |

*MAA maintains investment-grade leverage and a diversified debt maturity profile. Q4 2024 Same-Store NOI growth of +4.2% was a green shoot suggesting absorption was catching up to supply.*

#### Key Ratios (approximate)
- Price/Core FFO: ~19x | Implied Cap Rate: ~5% | Dividend Yield: ~4.4%
- Same-Store Revenue Growth (FY2024): ~+2.0% | Same-Store NOI Growth: ~+0.5%
- Physical Occupancy: ~95.8% (slightly below coastal peers)

#### Growth Profile
MAA delivered exceptional growth in FY2022 (+13.6% revenue) as pandemic-era Sunbelt migration drove strong rent appreciation across all its core markets. FY2023–2024 saw sharp deceleration as record apartment construction completions (2022–2024 vintage) created concession pressure in Dallas, Austin, Phoenix, Denver, and Atlanta — MAA's key markets. FY2025 revenue of $2.21B grew only +0.83%, reflecting the peak supply headwind. Management expects strengthening pricing power in 2026 as supply deliveries decelerate.

#### Forward Estimates
- FY2025 Revenue: $2.21B (actual, +0.83% YoY)
- FY2026 Diluted EPS guidance: $4.11–$4.47
- 2026 catalyst: Four consecutive quarters of supply absorption outpacing deliveries; management expects pricing power recovery as available units tighten
- Absorption of new supply in MAA's core markets has materially outpaced deliveries for four consecutive quarters — leading indicator for rent re-acceleration

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MAA/fundamental

## Navigation

- Overview: /stocks/MAA
- Financials (this page): /stocks/MAA/financials
- Thesis: /stocks/MAA/thesis
- Investment Memo: /stocks/MAA/memo
- Coverage universe: /stocks