Mid-America Apartment Communities, Inc. (MAA-PI)
ValueMarkers Composite Index
77% below intrinsic value ($231)
Mid-America Apartment Communities, Inc. (MAA-PI) — VMCI valuation read
Headline read on MAA-PI: VMCI of 54/100 versus a Real Estate sector median of 50. The 4-point above-median position is what makes Mid-America Apartment Communities, Inc. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on MAA-PI: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on MAA-PI: value (MAA-PI trades at 25.0x earnings, 39% above the Real Estate median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -1.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.
MAA-PI fell 3.4% over the trailing 7 days, with a -11.2% read on a 30-day basis.
MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2020, MAA had ownership interest in 102,772 apartment units, including communities currently in development, across 16 states and the District of Columbia.
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