ARE vs ESRT vs MAA Stock Comparison

Alexandria Real Estate Equities, Empire State Realty Trust and Mid America Apartment Communities Prices as of Oct 28, 2026 Peers: Industry group
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Head to Head

10 decided of 12

Mid America Apartment Communities leads on 6 of the 12 questions below (Mid America Apartment Communities 6, Alexandria Real Estate Equities 2, Empire State Realty Trust 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionAREESRTMAALeader
Larger companyMarket capitalisation $6.95B $855.51M $13.54B MAA
Cheaper on earningsLower P/E, profitable companies only -4.7x 277.2x 35.3x MAA
Cheaper on forward earningsLower price / next fiscal year consensus EPS 25.6x — 32.7x ARE
Faster revenue growthRevenue growth, trailing twelve months -9.9% +2.0% +1.0% ESRT
More profitableNet margin, trailing twelve months -52.0% 0.4% — ESRT
Better return on capitalReturn on invested capital — -1.1% — –
Less leveragedLower net debt / EBITDA — 5.0x — –
Higher dividend yieldTrailing dividend yield 7.22% 3.11% 5.24% ARE
Better 1-year returnPrice return, last 12 months -36.6% -36.1% -10.7% MAA
Better 5-year returnAnnualised price return, 5 years -27.9%/yr -12.5%/yr -10.6%/yr MAA
Less volatileAnnualised volatility, 1 year 45.6% 36.5% 19.8% MAA
Higher overall scoreMean of the five percentile scores vs peers 39/100 35/100 49/100 MAA

Percentile Scorecard

AREESRTMAA

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisAREESRTMAA
Valuation 75 #37 of 145 78 #33 of 145 38 #91 of 145
Growth 7 #132 of 142 1 #140 of 142 14 #123 of 142
Profitability 14 #116 of 135 25 #101 of 135 78 #30 of 135
Financial Health 73 #38 of 136 57 #59 of 136 –
Shareholder Returns 29 #94 of 131 12 #115 of 131 65 #47 of 131
Overall 39 35 49
  • ARE ranked among 149 companies in Property REITs
  • ESRT ranked among 149 companies in Property REITs
  • MAA ranked among 149 companies in Property REITs

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodAREESRTMAASPY
1 month -18.0%+22.7%-1.2% +0.9%
3 months -25.8%-14.3%-15.0% +5.9%
6 months -2.8%-11.4%-10.0% +8.5%
Year to date -18.5%-23.6%-16.0% +13.3%
1 year -36.6%-36.1%-10.7% +12.4%
3 years -56.5%-37.9%-0.7% +88.1%
3 years, per year -24.2%-14.7%-0.2% +23.5%
5 years -80.4%-48.6%-42.8% +68.2%
5 years, per year -27.9%-12.5%-10.6% +11.0%
10 years -62.0%-74.0%+29.2% +263.4%
10 years, per year -9.2%-12.6%+2.6% +13.8%

Risk

MeasureAREESRTMAASPY
Volatility, 1Y 45.6%36.5%19.8% 12.7%
Downside volatility, 1Y 48.5%41.7%19.2% 12.7%
Beta vs S&P 500, 1Y 0.760.320.04 1.00
Return / volatility, 1Y -0.80-0.99-0.54 0.98
Max drawdown, 5Y -82.1%-65.6%-50.2% -25.4%
From 52-week high -36.6%-36.1%-17.9% -0.9%
52-week high $62.94$7.79$142.19 $779.14
52-week low $39.91$3.93$114.20 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleAREESRTMAA
P/E now vs peer median -4.7xmedian 25.8x 277.2xmedian 25.8x 35.3xmedian 25.8x
P/S now vs peer median 2.5xmedian 4.0x 1.1xmedian 4.0x 6.1xmedian 4.0x
EV/EBITDA now vs peer median —median 14.2x 9.9xmedian 14.2x —median 14.2x
P/FCF now vs peer median -14.7xmedian 23.0x -2.0xmedian 23.0x 29.0xmedian 23.0x
P/B now vs peer median 0.4xmedian 1.3x 0.5xmedian 1.3x 2.5xmedian 1.3x
PEG now vs peer median 0.05median 1.91 -4.63median 1.91 -2.75median 1.91

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsAREESRTMAA
Revenue $2.76B $784.18M $2.22B
Operating income – -$34.52M –
Net income -$1.39B $9.26M $394.48M
Free cash flow -$473.23M -$437.31M –
EPS (diluted) $-8.40 $0.01 $3.31
Cash & equivalents $508.86M $85.61M $25.69M
Total debt $12.90B $4.54B –
Shares (diluted) 170.75M 268.95M 116.14M
Enterprise value $2.96B $1.14B $13.67B

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricAREESRTMAA
P/E -4.7x 277.2x 35.3x
P/FCF -14.7x -2.0x 29.0x
P/Operating cash flow 5.9x 3.8x –
P/S 2.5x 1.1x 6.1x
P/B 0.4x 0.5x 2.5x
P/Tangible book 0.4x 0.5x 2.5x
EV/EBITDA – 9.9x –
EV/EBIT – -50.0x –
EV/Revenue 6.4x 2.2x 6.1x
EV/FCF -37.4x -3.9x –
EV/Operating cash flow 14.9x 7.6x –
PEG (3Y EPS CAGR) 0.05 -4.63 -2.75

Growth

14 metrics
MetricAREESRTMAA
Revenue growth (1Y) -9.9% 2.0% 1.0%
Revenue CAGR (3Y) -0.5% 2.9% 1.4%
Gross profit growth (1Y) – – –
Gross profit CAGR (3Y) – – –
Operating income growth (1Y) – -123.1% –
Operating income CAGR (3Y) – -31.0% –
Net income growth (1Y) -339.2% -86.5% -30.8%
Net income CAGR (3Y) -74.6% -51.3% -13.1%
EPS growth (1Y) -239.7% -92.4% -29.9%
EPS CAGR (3Y) -100.7% -59.8% -12.8%
Operating cash flow growth (1Y) -13.7% -13.3% –
Operating cash flow CAGR (3Y) -9.5% -0.8% –
Free cash flow growth (1Y) 33.5% -169.4% –
Free cash flow CAGR (3Y) 43.5% -149.9% –

Profitability

14 metrics
MetricAREESRTMAA
Gross margin – – –
EBITDA margin – 22.1% –
Operating margin – -4.4% –
Pretax margin – 1.3% –
Net margin -52.0% 0.4% –
FCF margin -17.1% -55.8% –
Operating cash flow margin 43.0% 29.0% –
Return on equity -6.6% 0.5% 7.2%
Return on assets -3.6% 0.2% 3.3%
Return on invested capital – -1.1% –
Return on capital employed – – –
Asset turnover 0.1x 0.2x 0.2x
Cash conversion (OCF / net income) -0.9x 24.6x –
Stock comp / revenue 1.5% 3.9% –

Financial Health

11 metrics
MetricAREESRTMAA
Debt / assets 37.9% 22.4% –
Debt / equity 0.7x 0.5x –
Net debt / EBITDA – 5.0x –
Debt / FCF -27.3x -2.2x –
Liabilities / assets 45.9% 58.1% 54.8%
Equity / assets 54.1% 41.9% 45.1%
Interest coverage – -0.3x –
Current ratio – – –
Quick ratio – – –
Cash ratio – – –
Altman Z-score – – –

Shareholder Returns

7 metrics
MetricAREESRTMAA
Dividend yield 7.2% 3.1% 5.2%
Net buyback yield – – –
Shareholder yield 7.2% 3.1% 5.2%
Payout ratio (earnings) -43.0% 259.1% –
Payout ratio (FCF) -126.5% -5.5% –
Dividend growth (1Y) -34.4% 2.2% –
Dividend CAGR (3Y) -10.2% 1.9% –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusAREESRTMAA
Forward P/E 25.6xFY2026 – 32.7xFY2026
EPS, next fiscal year $1.56FY2026 $-0.35FY2027 $3.57FY2026
EPS growth, next FY – -240.0%FY2027 -5.6%FY2026
EPS growth, the year after -150.6% – -9.0%
Revenue, next fiscal year $2.71BFY2026 $758.24MFY2026 $2.29BFY2026
Revenue growth, next FY -8.2%FY2026 -1.3%FY2026 +3.8%FY2026
Revenue growth, the year after -13.7% +4.5% +1.5%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersAREESRTMAA
Held by institutions 97.2% 83.6% 97.1%
Institutions holding 595 228 771
Change in shares held, QoQ +14.1% +0.4% +8.2%
Institutions buying 336 141 395
Institutions selling 191 51 262
Buyers to sellers 1.76 2.76 1.51

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

AREESRTMAA
ARE 1.00 0.34 0.31
ESRT 0.34 1.00 0.29
MAA 0.31 0.29 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, ARE, ESRT and MAA?

Mid America Apartment Communities (MAA) is the largest by market capitalisation: Alexandria Real Estate Equities (ARE) $6.95B, Empire State Realty Trust (ESRT) $855.51M, Mid America Apartment Communities (MAA) $13.54B.

Which stock is cheaper, ARE, ESRT and MAA?

Mid America Apartment Communities (MAA) trades on the lowest price-to-earnings ratio (Alexandria Real Estate Equities (ARE) -4.7x, Empire State Realty Trust (ESRT) 277.2x, Mid America Apartment Communities (MAA) 35.3x). On next year's consensus earnings, Alexandria Real Estate Equities (ARE) is cheapest (Alexandria Real Estate Equities (ARE) 25.6x, Mid America Apartment Communities (MAA) 32.7x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Empire State Realty Trust (ESRT) grew revenue fastest over the trailing twelve months: Alexandria Real Estate Equities (ARE) -9.9%, Empire State Realty Trust (ESRT) +2.0%, Mid America Apartment Communities (MAA) +1.0%.

Which company is more profitable?

Empire State Realty Trust (ESRT) has the highest net margin (Alexandria Real Estate Equities (ARE) -52.0%, Empire State Realty Trust (ESRT) 0.4%).

Which stock has performed better?

Over the past year Mid America Apartment Communities (MAA) returned the most: Alexandria Real Estate Equities (ARE) -36.6%, Empire State Realty Trust (ESRT) -36.1%, Mid America Apartment Communities (MAA) -10.7%. Over five years, Mid America Apartment Communities (MAA) compounded fastest (Alexandria Real Estate Equities (ARE) -27.9%/yr, Empire State Realty Trust (ESRT) -12.5%/yr, Mid America Apartment Communities (MAA) -10.6%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Alexandria Real Estate Equities (ARE) has the highest dividend yield: Alexandria Real Estate Equities (ARE) 7.22%, Empire State Realty Trust (ESRT) 3.11%, Mid America Apartment Communities (MAA) 5.24%.

Which stock is riskier?

By one-year price volatility, Mid America Apartment Communities (MAA) has been the steadiest (Alexandria Real Estate Equities (ARE) 45.6%, Empire State Realty Trust (ESRT) 36.5%, Mid America Apartment Communities (MAA) 19.8%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, ARE, ESRT and MAA?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Mid America Apartment Communities (MAA) leads on 6. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.