What is Mid America Apartment Communities Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Mid America Apartment Communities Inc.'s reported free cash flow gives $115.99 per share. The share price was $118.35 on September 25, 2026, 2% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 0.5% | 10.0% | $72.87 | -38% |
| Base | 5.5% | 9.0% | $115.99 | -2% |
| Bull | 10.5% | 8.0% | $201.98 | +71% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $147.65 | $157.29 | $169.06 | $183.79 | $202.72 |
| 8.0% | $124.05 | $130.30 | $137.68 | $146.55 | $157.38 |
| 9.0% | $106.79 | $111.06 | $115.99 | $121.75 | $128.54 |
| 10.0% | $93.64 | $96.68 | $100.12 | $104.06 | $108.60 |
| 11.0% | $83.29 | $85.51 | $88.00 | $90.81 | $93.98 |
Where the presets come from
Base: years 1 to 5 grow at Mid America Apartment Communities Inc.'s revenue growth rate over the last 5 fiscal years (5.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions