On 12 Nov 2026 our base value for Mid-America Apartment Communities is $139.53 a share, 19.7% above its $116.55 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $139.53 | +19.7% | funds from operations $9.22 a share (FY2025) at its own 5-year median of 15.1× (today 12.6×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $550.70m | $534.41m | $1.09bn | 115.04m | $9.43 | $229.44 | 24.3× |
| 2022 | $654.78m | $544.00m | $1.20bn | 115.58m | $10.37 | $156.99 | 15.1× |
| 2023 | $567.83m | $565.86m | $1.13bn | 116.64m | $9.72 | $134.46 | 13.8× |
| 2024 | $541.58m | $586.40m | $1.13bn | 116.78m | $9.66 | $154.57 | 16.0× |
| 2025 | $456.57m | $622.97m | $1.08bn | 117.11m | $9.22 | $138.91 | 15.1× |
| Median P/FFO | 15.1× |
| Latest FFO per share (FY2025) | $9.22 |
| Value per share = median × latest FFO per share | $139.53 |
For a REIT the base value is the price-to-FFO value: $139.53 a share.
Bear $138.91 · Base $139.53 · Bull $147.50 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 65% chance the price is higher than today's $116.55 in a year, from 19.01% volatility. The simulation assumes the price drifts up at our discount rate of 9% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $115.27 | $139.53 |
| 9 Oct 2026 | $116.86 | $139.53 |
| 16 Oct 2026 | $116.63 | $139.53 |
| 23 Oct 2026 | $119.78 | $139.53 |
| 30 Oct 2026 | $117.21 | $139.53 |
| 6 Nov 2026 | $118.93 | $139.53 |
| 12 Nov 2026 | $116.55 | $139.53 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
Run a full Desk Run on MAA · Mid-America Apartment Communities company page · Call and put prices