MAA

What MAA does

MAA (Mid-America Apartment Communities, Inc.) is a self-administered S&P 500 real estate investment trust focused on the ownership, acquisition, development, and management of Class A and B+ apartment communities. As of December 31, 2025, the company owned 104,945 apartment homes across approximately 296 communities in 16 states plus the District of Columbia, with a portfolio deliberately concentrated in Sun Belt high-growth markets across the Southeast, Southwest, and Mid-Atlantic regions. The company's target customer is the middle-market renter priced out of homeownership by elevated mortgage rates and home prices.

MAA's operating platform combines traditional on-site multifamily leasing with a technology layer that includes the SmartRent smart-home platform (smart locks, thermostats, and sensors integrated into a unified resident and property manager app), AI-driven lead management and bill reading functions, and an AI-based revenue management system for rental pricing. The company maintains an investment-grade balance sheet with $1.5 billion in revolving credit, a 3.9% average debt rate locked for 6.1 years, and 4.5x net debt/EBITDA leverage, supporting both acquisition and development pipelines as well as an active share repurchase program ($123M repurchased YTD through May 2026).

The business model is recurring rental income from a highly distributed base of individual leases, supplemented by property development and selective disposition. As of Q1 2026, MAA reported revenue of $553.7 million, 95.5% portfolio occupancy, 0.3% net delinquency, and Core FFO of approximately $2.13 per diluted share, with full-year 2026 Core FFO guidance of $8.37-$8.69 per share. The company has paid 130 consecutive quarterly dividends since its 1994 IPO and increased its annual dividend for 16 consecutive years, with a current yield near 4.6% and a 70% FFO payout ratio. Leadership transitioned in April 2025 with Brad Hill assuming the President & CEO role and Eric Bolton Jr. moving to Executive Chairman.

Name

MAA

Legal name

Mid-America Apartment Communities, Inc.

Website

https://ir.maac.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

MAA is a self-administered S&P 500 multifamily REIT that owns and operates approximately 105,000 Class A/B+ apartment homes across 16 Sun Belt U.S. states, generating recurring rental income from middle-market renters and distributing ~4.6% dividend yield.

Ownership category

akta.pro rank

Product category

Multifamily Apartment REIT

NAICS

Residential Property Managers (531311), Lessors of Residential Buildings and Dwellings (53111), Real Estate Property Managers (53131), Rental and Leasing Services (532)

SIC

Operators Of Apartment Buildings (6513), Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industry

Multifamily (Apartment) Property Management (BPAJAGAD)

Keywords

• Multifamily apartment rentals
• Apartment REIT
• Sun Belt apartments
• Property management
• Real estate investment

Headquarters

HQ city

Germantown

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Apartment Rental Income: Primary revenue stream from rental payments from residents occupying MAA's apartment homes across Sun Belt markets. Occupancy rate of 95.5% and net delinquency of only 0.3% of billings supports consistent cash flow generation.
2. Property Development: Revenue from development of new apartment communities. In Q1 2026, MAA completed two development communities in Tampa and Charlotte, and acquired land parcels in Northern Virginia, Kansas City, and Nashville for future development totaling 862 units.
3. Property Disposition: Revenue from sale of apartment communities. In Q1 2026, MAA disposed of a 316-unit property in Houston for approximately $41 million.
4. Direct Stock Purchase and Distribution Reinvestment Plan (DRSPP): MAA offers a DRSPP allowing shareholders to reinvest distributions and make optional cash investments of $250-$5,000 monthly into additional shares of MAA common stock, with optional cash investments potentially sold at up to 5% discount.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Mid-America Apartment Communities, Inc. (MAA) is a self-managed real estate investment trust that owns, operates, acquires, develops, and redevelops apartment communities primarily in the Sun Belt region of the United States. The company holds ownership interests in 104,945 apartment homes across 16 states and the District of Columbia as of the most recent reporting period. MAA leases these apartment homes directly to residents and earns substantially all of its revenue from rental income on 12-month or shorter leases.

Product overview

MAA (Mid-America Apartment Communities, Inc.) is a self-administered REIT and S&P 500 company that operates as a multifamily apartment owner and operator. The company does not offer a unified software platform with modular components; instead, its core product is residential apartment communities in the Sun Belt region. MAA has begun integrating SmartRent's smart-home platform as an operational enhancement, bundling smart locks, thermostats, and sensors into a unified app-based service for residents and property managers. The company's primary offering is apartment rentals, supported by technology-enabled property management features.

Differentiator

Problem solved

Functional benefit

Products and services

• Apartment Community Operations

Quantifiable outcome

• 95.5% occupancy rate with 0.3% net delinquency
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Parks AssociatesminorStrategic or Co-development Partner · 15 September 2026MAA is participating in Parks Associates' fourth annual Smart Spaces conference in Plano, Texas, bringing together multifamily property owners, operators, and technology providers to discuss connected technologies in residential settings. Executive from MAA will cover topics on smart home devices and integrated building platforms.
• Pegasus ResidentialminorGTM or Marketing Partner · 15 September 2026Pegasus Residential CEO Jackie Ware is serving as a keynote speaker at the Parks Associates Smart Spaces conference where MAA will also present, facilitating peer networking and industry knowledge sharing among multifamily operators.
• Buckhead Investment PartnersminorGTM or Marketing Partner · 15 September 2026Buckhead Investment Partners is participating in the Parks Associates Smart Spaces conference where MAA will present, representing peer multifamily investors/operators in the smart technology ecosystem.
• SmartRentcoreTechnology or Integration · 15 June 2026MAA is deploying SmartRent's smart-home platform across its Sun Belt properties. The platform bundles smart locks, thermostats, and sensors into a unified app-based service for both residents and property managers. This strategic technology deployment positions MAA's properties as more attractive to prospective tenants in the competitive apartment market and enhances operational efficiency.

Scale indicators15 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• AvalonBay Communities: S&P 500 apartment REIT owning ~90,000 units across coastal U.S. markets; directly comparable to MAA as a large-scale, publicly traded multifamily owner-operator with similar Class A/B+ focus and same-store NOI framework.
• Equity Residential: S&P 500 apartment REIT with ~80,000 units concentrated in coastal gateway cities; comparable to MAA in scale and public-company multifamily strategy, but differentiated by urban/coastal focus versus MAA's Sun Belt tilt.
• Camden Property Trust: S&P 500 apartment REIT with ~58,000 units across Sun Belt and Sun Corridor markets; one of the closest direct peers to MAA given overlapping geographic exposure and similar Class A/B+ renter profile.
• Essex Property Trust: Multifamily REIT owning ~62,000 apartment homes on the West Coast; comparable to MAA as a large-cap, publicly traded apartment REIT but with a fully coastal geographic focus rather than Sun Belt.
• UDR, Inc. S&P 500 apartment REIT with ~60,000 units across coastal and select Sun Belt markets; directly comparable to MAA in scale, dividend-oriented structure, and technology-led operating platform ambitions.
• Independence Realty Trust: Sun Belt-focused apartment REIT with ~36,000 units in non-gateway markets; smaller than MAA but highly comparable given its mid-market renter focus and overlapping Sun Belt geography.
• NexPoint Residential Trust: Multifamily REIT owning ~16,000 units concentrated in the Sun Belt; comparable to MAA as a Sun Belt-focused, middle-market apartment owner with a value-add operating strategy.
• Centerspace: Multifamily REIT operating ~12,000 apartment homes across the Mountain, Midwest, and Southeast regions; smaller and more geographically diversified than MAA but operates a similar middle-market rental model.
• Veris Residential: Northeast-focused multifamily REIT (~8,500 units); comparable in public-REIT structure and Class A apartment operations but geographically distinct from MAA's Sun Belt focus.

Emerging players

• American Homes 4 Rent: Single-family rental REIT with ~59,000 homes in the Sun Belt; adjacent to MAA's multifamily strategy, sharing the same Sun Belt renter demographic and benefiting from similar supply-demand tailwinds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MAACommunities
• LinkedInlinkedin.com/company/mid-america-apartment-communities

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MAA