MAA - Mid-America Apartment Communities: A Society Of Renters Amid High Rates And Prices

2024-01-27 00:09:51 ET

Summary

• Mid-America Apartment Communities operates over 100,000 rental units in the US, with strong demand in the south and southeast.
• MAA's stock price has fallen due to high interest rates, but revenues reached a record high in Q3 2023 and dividends grew by 16% YoY.
• MAA is expected to benefit from lower interest rates, as housing prices continue to rise and more people are forced to rent.
• MAA, along with most other REITs, could see a return to favor in 2024 as tailwinds from high interest rates hit the equity market.
• MAA is positioned well financially and is relatively undervalued in comparison to its peers.

Investment Thesis

Mid-America Apartment Communities ( MAA ) is a real estate investment trust ((REIT)) which operates over 100,000 multifamily rental units in the United States, mainly in the south and southeast. MAA owns units in some of the largest and highest growing markets in the south such as Atlanta, Dallas, Tampa, and Charlotte. MAA is headquartered in Memphis, TN, and is the largest apartment owner in the United States....

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