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Mid-America Apartment Communities（MAA）与Regency Centers（REG）财务数据对比。点击上方公司名可切换其他公司
Mid-America Apartment Communities的季度营收约是Regency Centers的1.4倍（$555.6M vs $404.2M），Regency Centers净利率更高（50.1% vs 10.4%，领先39.7%），Regency Centers同比增速更快（8.5% vs 1.0%），过去两年Regency Centers的营收复合增速更高（5.4% vs 1.1%）
Mid-America Apartment Communities（股票代码：MAA）是一家公开上市的房地产投资信托基金，总部位于美国田纳西州孟菲斯市，核心业务为投资美国东南部及西南部地区的公寓物业，深耕美国高增长区域住宅不动产赛道，为股东创造稳定的长期投资回报。
Regency Centers是总部位于美国佛罗里达州杰克逊维尔的房地产投资信托基金，也是以超市为核心租户的大型购物中心运营商之一。截至2020年10月21日，公司共持有415处物业，总建筑面积达5600万平方英尺，知名资产包括Serramonte Center及Village District 30%的股权。
MAA vs REG — 直观对比
营收规模更大
MAA
是对方的1.4倍
$404.2M
营收增速更快
REG
高出7.5%
1.0%
净利率更高
REG
高出39.7%
10.4%
两年增速更快
REG
近两年复合增速
1.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $555.6M | $404.2M |
| 净利润 | $57.6M | $202.5M |
| 毛利率 | — | — |
| 营业利润率 | 10.4% | 71.0% |
| 净利率 | 10.4% | 50.1% |
| 营收同比 | 1.0% | 8.5% |
| 净利润同比 | -65.5% | 134.1% |
| 每股收益（稀释后） | $0.48 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MAAREG
| Q4 25 | $555.6M | $404.2M | ||
| Q3 25 | $554.4M | $387.6M | ||
| Q2 25 | $549.9M | $380.8M | ||
| Q1 25 | $549.3M | $380.9M | ||
| Q4 24 | $549.8M | $372.5M | ||
| Q3 24 | $551.1M | $360.3M | ||
| Q2 24 | $546.4M | $357.3M | ||
| Q1 24 | $543.6M | $363.9M |
净利润MAAREG
| Q4 25 | $57.6M | $202.5M | ||
| Q3 25 | $99.5M | $109.4M | ||
| Q2 25 | $108.1M | $106.0M | ||
| Q1 25 | $181.7M | $109.6M | ||
| Q4 24 | $166.6M | $86.5M | ||
| Q3 24 | $115.2M | $101.5M | ||
| Q2 24 | $102.0M | $102.7M | ||
| Q1 24 | $143.7M | $109.8M |
营业利润率MAAREG
| Q4 25 | 10.4% | 71.0% | ||
| Q3 25 | 18.7% | 72.7% | ||
| Q2 25 | 20.2% | 73.8% | ||
| Q1 25 | 34.0% | 71.8% | ||
| Q4 24 | 31.3% | 71.1% | ||
| Q3 24 | 21.5% | 72.5% | ||
| Q2 24 | 19.3% | 72.3% | ||
| Q1 24 | 27.4% | 72.3% |
净利率MAAREG
| Q4 25 | 10.4% | 50.1% | ||
| Q3 25 | 18.0% | 28.2% | ||
| Q2 25 | 19.7% | 27.8% | ||
| Q1 25 | 33.1% | 28.8% | ||
| Q4 24 | 30.3% | 23.2% | ||
| Q3 24 | 20.9% | 28.2% | ||
| Q2 24 | 18.7% | 28.7% | ||
| Q1 24 | 26.4% | 30.2% |
每股收益（稀释后）MAAREG
| Q4 25 | $0.48 | — | ||
| Q3 25 | $0.84 | — | ||
| Q2 25 | $0.92 | — | ||
| Q1 25 | $1.54 | — | ||
| Q4 24 | $1.43 | — | ||
| Q3 24 | $0.98 | — | ||
| Q2 24 | $0.86 | — | ||
| Q1 24 | $1.22 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $60.3M | — |
| 总债务越低越好 | — | $4.7B |
| 股东权益账面价值 | $5.7B | $6.9B |
| 总资产 | $12.0B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资MAAREG
| Q4 25 | $60.3M | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $54.5M | — | ||
| Q1 25 | $55.8M | — | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $50.2M | — | ||
| Q2 24 | $62.8M | — | ||
| Q1 24 | $54.6M | — |
总债务MAAREG
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.9B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.4B |
股东权益MAAREG
| Q4 25 | $5.7B | $6.9B | ||
| Q3 25 | $5.8B | $6.8B | ||
| Q2 25 | $5.9B | $6.7B | ||
| Q1 25 | $5.9B | $6.7B | ||
| Q4 24 | $5.9B | $6.7B | ||
| Q3 24 | $5.9B | $6.8B | ||
| Q2 24 | $6.0B | $6.8B | ||
| Q1 24 | $6.1B | $7.0B |
总资产MAAREG
| Q4 25 | $12.0B | $13.0B | ||
| Q3 25 | $11.9B | $13.1B | ||
| Q2 25 | $11.8B | $12.7B | ||
| Q1 25 | $11.8B | $12.6B | ||
| Q4 24 | $11.8B | $12.4B | ||
| Q3 24 | $11.8B | $12.4B | ||
| Q2 24 | $11.6B | $12.4B | ||
| Q1 24 | $11.5B | $12.7B |
负债/权益比MAAREG
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.63× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $261.7M | $203.9M |
| 自由现金流经营现金流 - 资本支出 | $158.6M | — |
| 自由现金流率自由现金流/营收 | 28.5% | — |
| 资本支出强度资本支出/营收 | 18.6% | — |
| 现金转化率经营现金流/净利润 | 4.55× | 1.01× |
| 过去12个月自由现金流最近4个季度 | $717.9M | — |
8季度趋势，按日历期对齐
经营现金流MAAREG
| Q4 25 | $261.7M | $203.9M | ||
| Q3 25 | $266.4M | $218.7M | ||
| Q2 25 | $353.4M | $244.0M | ||
| Q1 25 | $196.6M | $161.0M | ||
| Q4 24 | $239.1M | $191.4M | ||
| Q3 24 | $309.5M | $227.6M | ||
| Q2 24 | $349.4M | $203.5M | ||
| Q1 24 | $200.3M | $167.8M |
自由现金流MAAREG
| Q4 25 | $158.6M | — | ||
| Q3 25 | $170.8M | — | ||
| Q2 25 | $264.5M | — | ||
| Q1 25 | $124.0M | — | ||
| Q4 24 | $152.6M | — | ||
| Q3 24 | $215.5M | — | ||
| Q2 24 | $259.7M | — | ||
| Q1 24 | $148.2M | — |
自由现金流率MAAREG
| Q4 25 | 28.5% | — | ||
| Q3 25 | 30.8% | — | ||
| Q2 25 | 48.1% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 27.8% | — | ||
| Q3 24 | 39.1% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 27.3% | — |
资本支出强度MAAREG
| Q4 25 | 18.6% | — | ||
| Q3 25 | 17.2% | — | ||
| Q2 25 | 16.2% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 15.7% | — | ||
| Q3 24 | 17.1% | — | ||
| Q2 24 | 16.4% | — | ||
| Q1 24 | 9.6% | — |
现金转化率MAAREG
| Q4 25 | 4.55× | 1.01× | ||
| Q3 25 | 2.68× | 2.00× | ||
| Q2 25 | 3.27× | 2.30× | ||
| Q1 25 | 1.08× | 1.47× | ||
| Q4 24 | 1.43× | 2.21× | ||
| Q3 24 | 2.69× | 2.24× | ||
| Q2 24 | 3.43× | 1.98× | ||
| Q1 24 | 1.39× | 1.53× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MAA
| Same Store | $515.5M | 93% |
| Non Same Store And Other | $36.8M | 7% |
REG
| Shopping Centers | $418.0M | 103% |
| Propertymanagementservices | $4.1M | 1% |
| Assetmanagementservices | $1.7M | 0% |
