Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written from the desk of Warren Buffett and Charlie Munger MAA is one of the best-run apartment landlords in America — a fortress balance sheet, honest management, a dividend paid every quarter since 1994 without a single cut, and 294 well-located communities across the fastest-growing region of the country. And yet we arrive at two stars. The reason is simple, and it is the most important lesson in this report: the last three years have run a controlled experiment on MAA's moat, and the moat failed the test. From 2021 to 2023, Sunbelt apartments earned wonderful returns. Capital noticed, permits were filed, cranes went up, and by 2024-2026 a flood of new supply drove MAA's new-lease rents down 5.3% while its costs kept rising. Core FFO per share peaked at $9.17 in 2023; the 2026 guidance midpoint is $8.53 — going backwards for three years during an inflationary period.
Recent filings analysed: 8-K (2026-08-28), 8-K (2026-08-04), 8-K (2026-07-30), 10-Q (2026-07-30).
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