MAA Dividend

Although MAA has a dividend of 1.52 with an ex-dividend date of Jul 15, you can sell covered calls on Mid-America Apartment Communities, Inc. to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Fri 4:16 PM ET):

Mid-America Apartment Communities, Inc. (MAA)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
149.35	151.75	150.72	-0.38	940K	32	18B

MAA Dividend-Like Income Using Covered Calls

With MAA at 150.72, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield	Annual Premium	Cents/Day
3%	4.52	1.2
5%	7.54	2.1
10%	15.07	4.1

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On MAA Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	155.00	1.60	36	4.4	3.25 (2.2%)
Sep 19	155.00	2.95	71	4.2	3.25 (2.2%)

5% Yield On MAA Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	155.00	1.60	36	4.4	3.25 (2.2%)
Sep 19	155.00	2.95	71	4.2	3.25 (2.2%)

10% Yield On MAA Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	155.00	1.60	36	4.4	3.25 (2.2%)
Sep 19	155.00	2.95	71	4.2	3.25 (2.2%)

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Want more examples? MA Dividend | MAC Dividend