Mid-America Apartment Communities: Advantages Being Ignored Amid Supply Glut

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Investment Thesis

Mid-America Apartment Communities (NYSE:MAA) is the largest and arguably strongest Sunbelt apartment REIT with about 102,000 units in the portfolio. This portfolio is well diversified across various types of multifamily communities, including highly amenitized and luxurious

Price to FFO
Mid-America Apartment 14.4x
Camden Property Trust (CPT) 14.0x
BSR REIT (OTCPK:BSRTF) 13.3x
AvalonBay Communities (AVB) 16.7x
Equity Residential (EQR) 15.9x

Q2 Core FFO/Share Growth Q2 SS NOI Growth
MAA 12.9% 8.6%

CPT

5.6% 6.2%
BSR 5.3%* 11.7%
AVB 9.5% 5.4%
EQR 5.6%** 5.4%

Net Debt To EBITDA
MAA 3.4x
CPT 4.2x
BSR ~6x
AVB 4.1x
EQR 4.3x

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