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Mid-America Apartment — REIT card

MAA
ResidentialMarket cap $13.5B4-quarter TTM
Close · Oct 16, 2026116.63P/E 34.1 · EV yield 6.5%
P/Cash FFO14.1×Cash FFO/sh 8.29
Yield · spread to 10y5.2%+0.16 pt vs. the bond
−13% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
12×18×23×29×34×2021202220232024202520262021-09-30 · 26.5× (close 186.75 · Cash FFO/sh 7.06)2021-12-31 · 32.3× (close 229.44 · Cash FFO/sh 7.10)2022-03-31 · 27.7× (close 209.45 · Cash FFO/sh 7.55)2022-06-30 · 21.6× (close 174.67 · Cash FFO/sh 8.09)2022-09-30 · 17.8× (close 155.07 · Cash FFO/sh 8.71)2022-12-31 · 16.9× (close 156.99 · Cash FFO/sh 9.29)2023-03-31 · 15.9× (close 151.04 · Cash FFO/sh 9.47)2023-06-30 · 15.9× (close 151.86 · Cash FFO/sh 9.56)2023-09-30 · 13.4× (close 128.65 · Cash FFO/sh 9.62)2023-12-31 · 13.9× (close 134.46 · Cash FFO/sh 9.70)2024-03-31 · 13.6× (close 131.58 · Cash FFO/sh 9.68)2024-06-30 · 14.9× (close 142.61 · Cash FFO/sh 9.55)2024-09-30 · 16.7× (close 158.90 · Cash FFO/sh 9.49)2024-12-31 · 16.5× (close 154.57 · Cash FFO/sh 9.36)2025-03-31 · 18.0× (close 167.58 · Cash FFO/sh 9.29)2025-06-30 · 15.9× (close 148.01 · Cash FFO/sh 9.32)2025-09-30 · 15.3× (close 139.73 · Cash FFO/sh 9.14)2025-12-31 · 15.9× (close 138.91 · Cash FFO/sh 8.73)2026-03-31 · 14.2× (close 122.12 · Cash FFO/sh 8.63)2026-06-30 · 16.8× (close 138.94 · Cash FFO/sh 8.29)p75 18×med 16×p25 15×now 14.1×
Five-year median 16.2×, middle half 15.2–17.9×, range 13.4–32.3×. Now 14.1×: −13% below its own median, higher than 15% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
00.511.52Revenue: 2.2 $B2.2RevenueProperty & operating: −1.0 $B−1.0Property &operatingEBITDA: 1.2 $B1.2EBITDAInterest: −0.2 $B−0.2InterestD&A: −0.6 $B−0.6D&ANet income: 0.4 $B0.4NetincomeAdd back D&A: 0.6 $B0.6Add backD&ANon- cash: −0.1 $B−0.1Non-cashCash FFO: 1.0 $B1.0CashFFODividends: −0.7 $B−0.7DividendsRetained: 0.3 $B0.3Retained
Cash FFO 0.96B = net income 0.40B + depreciation 0.64B − 0.08B other non-cash items · dividends 0.71B · retained 0.25B

Against its type

MAA (blue) vs. the other Residential REITs on the board (4), grey
P/Cash FFO14.1× vs. 15.6×
Dividend yield5.2% vs. 4.1%
Cash FFO payout74% vs. 64%
Net debt / EBITDA4.6× vs. 4.8×
Interest cover6.2× vs. 5.4×
EBITDA margin56% vs. 57%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.56
Cash FFO / share, quarter1.95
EBITDA margin55%
Interest cover5.7×