Mid-America Apartment Communities management check
MAA · Real Estate · Multi-Family Residential REITs · CEO Mr. Bolton
Filings as of
3 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $130, against $130 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.97 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- n/a
Do they own the stock?
No recent CEO filingLight activity: $141k bought, $46k sold in six months.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.2% a year over the last three fiscal years. Stock-based pay was 0.8% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Bolton, Mr. Hill. 5 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 51 | 45 | |
| Pay for performance | 98 | 86 | |
| CEO cost | — | — | 23 |
| Skin in the game | — | — | 32 |
| Dilution | 47 | 23 | |
| Stable leadership | 60 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Multi-Family Residential REITs, by management score. Mid-America Apartment Communities is 8th of 29 in its sector.
Pay versus performance
From the proxy statement filed April 6, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Bolton, Mr. Hill | $5.9m | $8.5m | $2.1m | $130 | $130 | — |
| 2024 | Mr. Bolton | $8.4m | $9.1m | $1.8m | $138 | $125 | — |
| 2023 | Mr. Bolton | $8.0m | $2.1m | $2.4m | $115 | $104 | — |
| 2022 | Mr. Bolton | $8.4m | $2.9m | $3.1m | $130 | $97 | — |
| 2021 | Mr. Bolton | $7.7m | $22.3m | $2.9m | $185 | $142 | — |
The board says pay is tied most to Core FFO per share. Its other key measures: 3-Year annualized TSR of MAA versus 3-Year annualized TSR of the Dow Jones U.S. Real Estate Apartment Index, Annual Core FFO per Share, Annual SS NOI Growth, Annual FAD.
Insiders and the CEO's stake
Light activity: $141k bought, $46k sold in six months.
- BoughtTamara D FischerDirector$141kMay 21, 2026
- SoldJames Barton FrenchEVP Investments$46kMay 8, 2026
Leadership and governance on file
- Mar 31, 2025Leadership change8-K 5.02
- Dec 10, 2024Leadership change8-K 5.02
- Sep 25, 2024Leadership change8-K 5.02
- Aug 5, 2024Leadership change8-K 5.02
- Dec 13, 2023Leadership change8-K 5.02
- Sep 6, 2023Leadership change8-K 5.02
- Mar 21, 2023Leadership change8-K 5.02
- Dec 9, 2022Leadership change8-K 5.02
- Oct 19, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 20, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $3.1bn returned to owners in buybacks and dividends, 114% of net income, and $83.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8bn | $2.0bn | $2.1bn | $2.2bn | $2.2bn |
| Net income | $533.8m | $637.4m | $552.8m | $527.5m | $446.9m |
| Stock-based pay | $16.7m | $18.8m | $15.7m | $15.8m | $16.8m |
| Buybacks | — | — | $0 | $0 | $27.2m |
| Dividends | $470.4m | $539.6m | $651.7m | $686.9m | $709.0m |
| Diluted shares | 115m | 116m | 117m | 117m | 117m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.