You have a point. And I pretty much agree that many of them are chasing yield.
But I am not terribly concerned. I think MAA stock has a very stable base constituency. If the chasers get skittish, I don't forsee huge drops or wild volitility on the horizon.
Smart money, (seeing how mngmt. has gotten things on track and the price appreciated in '03 & '04), will snap up shares on any dips.
Although we have had a steep rise in '05, especially the last 3 months, it has actually been at a "measured pace" (LOL). That's the healthy way for a stock to rise....Again,...I believe much of the '05 assent is due to steady demand and a small float/lack of available shares.
And, who's holding at this price? Take your $46 and re-invest it at 7% and you could get over $3 a share in dividends, instead of the $2.35 here. Where can you get 7% with the same risk profile? At this high price, I'd say the risk profile of MAA is not any better, maybe worse, than other opportunities that yield that. For instance, BDS-UN.TO - and you get risk diversification across a hundred different companies.