Intrinsic value of Mid-America Apartment Communities - MAA

Previous Close

$107.16

  Intrinsic Value

$14.17

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

+100%

Previous close

$107.16

 
Intrinsic value

$14.17

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

+100%

Our model is not good at valuating stocks of financial companies, such as MAA.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MAA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.86
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  1,125
  1,214
  1,306
  1,402
  1,502
  1,606
  1,713
  1,826
  1,942
  2,063
  2,190
  2,321
  2,459
  2,602
  2,751
  2,907
  3,070
  3,240
  3,417
  3,603
  3,797
  4,000
  4,213
  4,436
  4,669
  4,913
  5,169
  5,437
  5,718
  6,013
  6,322
Variable operating expenses, $m
 
  882
  950
  1,019
  1,092
  1,167
  1,246
  1,327
  1,412
  1,500
  1,592
  1,688
  1,787
  1,891
  2,000
  2,113
  2,231
  2,355
  2,484
  2,619
  2,760
  2,908
  3,063
  3,224
  3,394
  3,571
  3,757
  3,952
  4,157
  4,371
  4,595
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  853
  882
  950
  1,019
  1,092
  1,167
  1,246
  1,327
  1,412
  1,500
  1,592
  1,688
  1,787
  1,891
  2,000
  2,113
  2,231
  2,355
  2,484
  2,619
  2,760
  2,908
  3,063
  3,224
  3,394
  3,571
  3,757
  3,952
  4,157
  4,371
  4,595
Operating income, $m
  272
  331
  357
  383
  410
  438
  468
  498
  530
  563
  598
  634
  671
  711
  751
  794
  838
  885
  933
  984
  1,037
  1,092
  1,151
  1,211
  1,275
  1,342
  1,412
  1,485
  1,562
  1,642
  1,726
EBITDA, $m
  595
  680
  732
  785
  841
  899
  960
  1,022
  1,088
  1,156
  1,226
  1,300
  1,377
  1,457
  1,541
  1,628
  1,719
  1,814
  1,914
  2,018
  2,127
  2,240
  2,360
  2,484
  2,615
  2,752
  2,895
  3,045
  3,202
  3,367
  3,540
Interest expense (income), $m
  145
  167
  182
  198
  215
  232
  249
  268
  287
  307
  328
  350
  372
  396
  420
  446
  472
  500
  529
  560
  592
  625
  660
  696
  734
  774
  816
  860
  906
  954
  1,004
Earnings before tax, $m
  226
  165
  174
  185
  195
  207
  218
  231
  243
  256
  270
  284
  299
  315
  331
  348
  366
  384
  404
  424
  445
  468
  491
  515
  541
  568
  596
  625
  656
  688
  722
Tax expense, $m
  2
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
  115
  120
  126
  133
  139
  146
  153
  161
  169
  177
  186
  195
Net income, $m
  212
  120
  127
  135
  143
  151
  159
  168
  177
  187
  197
  208
  219
  230
  242
  254
  267
  281
  295
  310
  325
  341
  358
  376
  395
  414
  435
  456
  479
  502
  527

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,604
  12,514
  13,467
  14,456
  15,485
  16,553
  17,665
  18,820
  20,022
  21,273
  22,576
  23,933
  25,347
  26,822
  28,361
  29,967
  31,645
  33,397
  35,228
  37,143
  39,146
  41,241
  43,434
  45,730
  48,134
  50,652
  53,290
  56,054
  58,951
  61,988
  65,172
Adjusted assets (=assets-cash), $m
  11,570
  12,514
  13,467
  14,456
  15,485
  16,553
  17,665
  18,820
  20,022
  21,273
  22,576
  23,933
  25,347
  26,822
  28,361
  29,967
  31,645
  33,397
  35,228
  37,143
  39,146
  41,241
  43,434
  45,730
  48,134
  50,652
  53,290
  56,054
  58,951
  61,988
  65,172
Revenue / Adjusted assets
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
Average production assets, $m
  9,007
  9,718
  10,458
  11,226
  12,025
  12,855
  13,718
  14,615
  15,549
  16,520
  17,532
  18,586
  19,684
  20,830
  22,025
  23,272
  24,575
  25,935
  27,358
  28,845
  30,400
  32,027
  33,730
  35,513
  37,380
  39,335
  41,384
  43,531
  45,781
  48,139
  50,612
Working capital, $m
  0
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -180
  -190
Total debt, $m
  4,500
  4,929
  5,356
  5,801
  6,263
  6,742
  7,241
  7,760
  8,300
  8,862
  9,447
  10,056
  10,691
  11,353
  12,044
  12,765
  13,518
  14,305
  15,127
  15,987
  16,886
  17,827
  18,812
  19,843
  20,922
  22,053
  23,237
  24,478
  25,779
  27,143
  28,572
Total liabilities, $m
  5,191
  5,619
  6,046
  6,491
  6,953
  7,432
  7,931
  8,450
  8,990
  9,552
  10,137
  10,746
  11,381
  12,043
  12,734
  13,455
  14,208
  14,995
  15,817
  16,677
  17,576
  18,517
  19,502
  20,533
  21,612
  22,743
  23,927
  25,168
  26,469
  27,833
  29,262
Total equity, $m
  6,414
  6,895
  7,420
  7,965
  8,532
  9,121
  9,733
  10,370
  11,032
  11,722
  12,439
  13,187
  13,966
  14,779
  15,627
  16,512
  17,436
  18,402
  19,411
  20,466
  21,569
  22,724
  23,932
  25,197
  26,522
  27,909
  29,363
  30,886
  32,482
  34,156
  35,910
Total liabilities and equity, $m
  11,605
  12,514
  13,466
  14,456
  15,485
  16,553
  17,664
  18,820
  20,022
  21,274
  22,576
  23,933
  25,347
  26,822
  28,361
  29,967
  31,644
  33,397
  35,228
  37,143
  39,145
  41,241
  43,434
  45,730
  48,134
  50,652
  53,290
  56,054
  58,951
  61,989
  65,172
Debt-to-equity ratio
  0.702
  0.710
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.800
Adjusted equity ratio
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  212
  120
  127
  135
  143
  151
  159
  168
  177
  187
  197
  208
  219
  230
  242
  254
  267
  281
  295
  310
  325
  341
  358
  376
  395
  414
  435
  456
  479
  502
  527
Depreciation, amort., depletion, $m
  323
  348
  375
  402
  431
  461
  492
  524
  557
  592
  628
  666
  706
  747
  789
  834
  881
  930
  981
  1,034
  1,090
  1,148
  1,209
  1,273
  1,340
  1,410
  1,483
  1,560
  1,641
  1,725
  1,814
Funds from operations, $m
  504
  469
  502
  537
  574
  612
  651
  692
  735
  779
  826
  874
  924
  976
  1,031
  1,088
  1,148
  1,210
  1,275
  1,344
  1,415
  1,489
  1,567
  1,649
  1,735
  1,824
  1,918
  2,017
  2,120
  2,228
  2,341
Change in working capital, $m
  20
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from operations, $m
  484
  471
  505
  540
  577
  615
  654
  696
  738
  783
  829
  878
  928
  981
  1,036
  1,093
  1,153
  1,215
  1,281
  1,349
  1,421
  1,495
  1,574
  1,656
  1,742
  1,832
  1,926
  2,025
  2,128
  2,237
  2,350
Maintenance CAPEX, $m
  0
  -323
  -348
  -375
  -402
  -431
  -461
  -492
  -524
  -557
  -592
  -628
  -666
  -706
  -747
  -789
  -834
  -881
  -930
  -981
  -1,034
  -1,090
  -1,148
  -1,209
  -1,273
  -1,340
  -1,410
  -1,483
  -1,560
  -1,641
  -1,725
New CAPEX, $m
  -523
  -711
  -740
  -769
  -799
  -830
  -863
  -897
  -933
  -972
  -1,012
  -1,054
  -1,098
  -1,145
  -1,195
  -1,247
  -1,303
  -1,361
  -1,422
  -1,487
  -1,555
  -1,627
  -1,703
  -1,783
  -1,867
  -1,955
  -2,049
  -2,147
  -2,250
  -2,359
  -2,473
Cash from investing activities, $m
  -710
  -1,034
  -1,088
  -1,144
  -1,201
  -1,261
  -1,324
  -1,389
  -1,457
  -1,529
  -1,604
  -1,682
  -1,764
  -1,851
  -1,942
  -2,036
  -2,137
  -2,242
  -2,352
  -2,468
  -2,589
  -2,717
  -2,851
  -2,992
  -3,140
  -3,295
  -3,459
  -3,630
  -3,810
  -4,000
  -4,198
Free cash flow, $m
  -226
  -563
  -583
  -603
  -624
  -646
  -669
  -693
  -719
  -746
  -774
  -805
  -836
  -870
  -906
  -944
  -984
  -1,026
  -1,071
  -1,118
  -1,168
  -1,221
  -1,277
  -1,336
  -1,398
  -1,464
  -1,533
  -1,605
  -1,682
  -1,763
  -1,848
Issuance/(repayment) of debt, $m
  489
  429
  428
  444
  462
  480
  499
  519
  540
  562
  585
  609
  635
  662
  691
  721
  753
  787
  822
  860
  899
  941
  985
  1,031
  1,079
  1,131
  1,184
  1,241
  1,301
  1,364
  1,430
Issuance/(repurchase) of shares, $m
  -2
  395
  398
  411
  424
  438
  453
  468
  485
  502
  521
  540
  561
  583
  606
  631
  657
  685
  714
  745
  778
  813
  850
  889
  930
  973
  1,019
  1,067
  1,118
  1,171
  1,227
Cash from financing (excl. dividends), $m  
  471
  824
  826
  855
  886
  918
  952
  987
  1,025
  1,064
  1,106
  1,149
  1,196
  1,245
  1,297
  1,352
  1,410
  1,472
  1,536
  1,605
  1,677
  1,754
  1,835
  1,920
  2,009
  2,104
  2,203
  2,308
  2,419
  2,535
  2,657
Total cash flow (excl. dividends), $m
  245
  261
  242
  252
  261
  272
  283
  294
  306
  318
  331
  345
  359
  375
  391
  408
  426
  445
  465
  487
  509
  533
  557
  583
  611
  640
  670
  703
  736
  772
  809
Retained Cash Flow (-), $m
  -3,414
  -515
  -525
  -545
  -567
  -589
  -612
  -637
  -662
  -689
  -718
  -748
  -779
  -813
  -848
  -885
  -924
  -966
  -1,009
  -1,055
  -1,103
  -1,155
  -1,208
  -1,265
  -1,325
  -1,387
  -1,454
  -1,523
  -1,596
  -1,673
  -1,754
Prev. year cash balance distribution, $m
 
  34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -220
  -283
  -294
  -305
  -317
  -330
  -343
  -357
  -371
  -387
  -403
  -420
  -438
  -457
  -477
  -498
  -520
  -544
  -568
  -594
  -622
  -651
  -681
  -714
  -747
  -783
  -821
  -860
  -902
  -945
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  -204
  -240
  -228
  -214
  -199
  -184
  -168
  -152
  -136
  -120
  -105
  -90
  -76
  -64
  -53
  -42
  -34
  -26
  -20
  -15
  -11
  -8
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  96.8
  94.0
  91.3
  88.8
  86.4
  84.2
  82.1
  80.2
  78.3
  76.5
  74.8
  73.1
  71.5
  70.0
  68.6
  67.1
  65.8
  64.5
  63.2
  61.9
  60.7
  59.5
  58.4
  57.3
  56.2
  55.1
  54.1
  53.1
  52.1
  51.1

Mid-America Apartment Communities, Inc. is a multifamily focused, self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, acquires and develops apartment communities primarily located in the Southeast and Southwest regions of the United States. It operates through three segments: Large market same store, Secondary market same store and Non-Same Store and Other. Its Large market same store communities are communities in markets with a population of at least one million and at least 1% of the total public multifamily REIT units that it has owned. Its Secondary market same store communities are communities in markets with populations of more than one million but less than 1% of the total public multifamily REIT units or markets with populations of less than one million that it has owned. Its Non-same store communities and other includes recent acquisitions and communities in development or lease-up communities.

FINANCIAL RATIOS  of  Mid-America Apartment Communities (MAA)

Valuation Ratios
P/E Ratio 57.4
Price to Sales 10.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow -311.9
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.9%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 70.2%
Total Debt to Equity 70.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 6.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 68.9%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin 61.7%
EBITDA Margin - 3 Yr. Avg. 65.7%
Operating Margin 24.2%
Oper. Margin - 3 Yr. Avg. 24.8%
Pre-Tax Margin 20.1%
Pre-Tax Margin - 3 Yr. Avg. 22.9%
Net Profit Margin 18.8%
Net Profit Margin - 3 Yr. Avg. 21.9%
Effective Tax Rate 0.9%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 117.5%

MAA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MAA stock intrinsic value calculation we used $1125 million for the last fiscal year's total revenue generated by Mid-America Apartment Communities. The default revenue input number comes from 2016 income statement of Mid-America Apartment Communities. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MAA stock valuation model: a) initial revenue growth rate of 7.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8%, whose default value for MAA is calculated based on our internal credit rating of Mid-America Apartment Communities, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Mid-America Apartment Communities.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MAA stock the variable cost ratio is equal to 72.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MAA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.7% for Mid-America Apartment Communities.

Corporate tax rate of 27% is the nominal tax rate for Mid-America Apartment Communities. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MAA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MAA are equal to 800.6%.

Life of production assets of 27.9 years is the average useful life of capital assets used in Mid-America Apartment Communities operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MAA is equal to -3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6414 million for Mid-America Apartment Communities - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 113.176 million for Mid-America Apartment Communities is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Mid-America Apartment Communities at the current share price and the inputted number of shares is $12.1 billion.

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COMPANY NEWS

▶ [$$] Big REIT Buys: Duke, SL Green, American Tower   [Sep-13-17 05:30AM  Barrons.com]
▶ Construction: MAA prepares for new headquarters in Germantown   [Sep-08-17 03:30PM  American City Business Journals]
▶ MAA Announces Regular Quarterly Preferred Dividend   [Sep-01-17 04:20PM  PR Newswire]
▶ Memphis apartment developers update status of Texas properties   [Aug-30-17 01:15PM  American City Business Journals]
▶ Mid-America Apartment Communities reports 2Q results   [Jul-26-17 10:35PM  Associated Press]
▶ MAA Reports Second Quarter Results   [04:21PM  PR Newswire]
▶ MAA Announces Regular Quarterly Preferred Dividend   [Jun-01-17 04:20PM  PR Newswire]
▶ MAA Announces Quarterly Common Dividend   [May-23-17 04:32PM  PR Newswire]
▶ 3 Top Residential REIT Stocks to Buy in 2017   [May-19-17 10:03AM  Motley Fool]
▶ MAA Announces Pricing of Senior Unsecured Notes Offering   [May-02-17 04:32PM  PR Newswire]
▶ MAA updates its $4B merger integration, trends in rent increases   [May-01-17 01:50PM  American City Business Journals]
▶ Mid-America Apartment Communities reports 1Q results   [Apr-26-17 04:59PM  Associated Press]
▶ MAA Reports First Quarter Results   [04:20PM  PR Newswire]
▶ This Stock Has a 3.4% Dividend and Lots of Room to Grow   [Apr-22-17 07:27AM  Motley Fool]
▶ Memphis-based company No. 1 in nation for apartment ownership   [Apr-09-17 05:30PM  American City Business Journals]
▶ /C O R R E C T I O N -- MAA/   [Mar-23-17 07:02PM  PR Newswire]
▶ 5 Top Dividend Stocks in Residential REITs   [Mar-14-17 08:27AM  Motley Fool]
▶ 5 Top Dividend Stocks in Residential REITs   [08:27AM  at Motley Fool]
▶ MAA Announces Regular Quarterly Preferred Dividend   [Mar-01-17 04:20PM  PR Newswire]
▶ MAA Announces 6% Increase in Common Dividend   [Dec-08-16 04:16PM  PR Newswire]
▶ MAA Announces Regular Quarterly Preferred Dividend   [Dec-02-16 04:57PM  PR Newswire]
▶ MAA and Post complete merger   [09:00AM  PR Newswire]
▶ Mid-America Apartment, AmSurg to join S&P 500   [Nov-29-16 06:21PM  at MarketWatch]
▶ As a REIT merger and as a company, JBG Smith will be unrivaled   [Oct-31-16 04:43PM  at bizjournals.com]
▶ MAA updates investors on $4 billion Post merger   [05:05PM  at bizjournals.com]
Financial statements of MAA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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