UPDATE: KeyBanc Capital Markets Initiates Coverage on Mid America Apartment Communities with Hold Rating

In a report published Friday, KeyBanc Capital Markets initiated coverage on Mid America Apartment Communities MAA with a Hold rating. KeyBanc Capital noted, “We are initiating coverage on MAA, Inc. (MAA-NYSE) with a HOLD rating. MAA is a mid-cap REIT that owns apartment properties primarily in the Sunbelt region of the United States, including both the Southeast and the Southwest. Approximately 60% of MAA's portfolio is located in larger cities in the Sunbelt, similar to peers such as Camden Property Trust (CPT-NYSE) and Post Properties (PPS-NYSE), while 40% is more uniquely located in smaller, secondary markets in this region. This strategy makes MAA a more defensive apartment play, as it tends to mute growth in the up-cycle but also make results more stable during fundamental pull-backs.” Mid America Apartment Communities closed on Thursday at $62.91.