MAAMID AMERICA APARTMENT COMMUNITIES INC.

Real Estate Investment Trusts

Revenue: $2.2B; 0.8% YoY
Operating margin: —
EBITDA: —
Market cap: $13.6B
Employees: 2,507; $881K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
241% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$881K · 54th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$923K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.8B	$2.0B	$2.1B	$2.2B	$2.2B	0.8%
Net income	$534M	$637M	$553M	$528M	$447M	15%
Operating cash flow	$895M	$1.1B	$1.1B	$1.1B	$1.1B	1.8%
Stock-based comp	$17M	$19M	$16M	$16M	$17M	6.7%
Buybacks	—	—	$0	$0	$27M
Dividends	$470M	$540M	$652M	$687M	$709M	3.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $241K · 3
Open-market sells, 12 mo: $1M · 14
Net: −$923K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	130	130
FY2024	—	—	138	125
FY2023	—	—	115	104
FY2022	—	—	130	97
FY2021	—	—	185	142