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What Makes Mid-America Apartment Communities(MAA) a Desirable Long-Term Investment?

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the portfolio underperformed the Russell Midcap Index, mainly because of industrials holdings, which underperformed relative to benchmark peers. On the other hand, technology holdings provided a comparatively strong performance during a quarter where the sector as a whole saw negative returns. The fund's below-benchmark exposure to healthcare also contributed to the relative performance in Q3. The fund returned -6.02% (net) in Q3 compared to -4.68% returns for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Mid Cap Strategy highlighted stocks like Mid-America Apartment Communities, Inc. (NYSE:MAA) in the Q3 2023 investor letter. Mid-America Apartment Communities, Inc. (NYSE:MAA) is a real estate investment trust, that focuses on the operation, acquisition, and development of apartment communities. On December 5, 2023, Mid-America Apartment Communities, Inc. (NYSE:MAA) stock closed at $126.45 per share. One-month return of Mid-America Apartment Communities, Inc. (NYSE:MAA) was 4.55%, and its shares lost 20.59% of their value over the last 52 weeks. Mid-America Apartment Communities, Inc. (NYSE:MAA) has a market capitalization of $15.153 billion.

Diamond Hill Mid Cap Strategy made the following comment about Mid-America Apartment Communities, Inc. (NYSE:MAA) in its Q3 2023 investor letter:

"Mid-America Apartment Communities, Inc. (NYSE:MAA) is a multifamily-focused REIT which owns, operates, acquires and selectively develops apartment communities, primarily in the Southeast and Southwest US. We have owned MAA in the past and chose to reinitiate a position as concerns about slowing internal growth and headwinds from new supply have pushed the share price down. MAA is a strong franchise with a respected management team, an excellent balance sheet and a well-located portfolio in the Sun Belt. We anticipate the supply concerns will prove a near-term headwind, while its competitive advantages should make it an attractive long-term investment."

Aerial view of a residential apartment complex, representing the company's REIT portfolio.

Mid-America Apartment Communities, Inc. (NYSE:MAA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Mid-America Apartment Communities, Inc. (NYSE:MAA) at the end of third quarter which was 26 in the previous quarter.

We discussed Mid-America Apartment Communities, Inc. (NYSE:MAA) in another article and shared the list of stocks recently downgraded by analysts. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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