Turn the facts in these paragraphs into a series of questions and answers.

And the thing is, that this growth is actually quite visible with a great balance sheet. MAA is one of just eight REITs that are A- rated or better. Also 100% of their debt is fixed and although the company has about 8% of total debt ($350-400 Million) maturing each year, the increase in interest expense is going to be quite gradual. The REIT is also amongst the least leverage with a net debt to EBITDA of 3.5x, compared to the average of peers (AVB, CPT, EQR, ESS, and UDR) of 4.9x.

On top of this, the company pays a reliable dividend which has a long history of growth. The yield currently stands at 3.7%. And sure, I know that’s below treasury yields, but in my opinion investing in MAA at this time is strictly better than treasuries. This is because of capital appreciation and long-term inflation protection which treasuries simply don’t have. Moreover, if one invests in 2-year treasuries, what happens in two years when he needs to re-allocate his money? It could very well happen, that rates have dropped by them and asset prices have moved significantly higher, leaving the investor with a bitter taste. So once again, the yield is lowish, but it’s likely to continue to grow and very unlikely to get cut, given the history and a low payout ratio of just 61%.

With everything I’ve shown you, you shouldn’t expect MAA to be cheap. Sure enough, it trades at 17x FFO which is in line with the historical average and on par with AVB which holds properties of similar quality in less popular legacy markets. Though I don’t think you can count on the market re-rating the stock to 20x anytime soon, with strong underlying revenue growth of 7% this year and 4-5% beyond that, you should easily make 8-10% per year, compounded for a very long time. That’s in line with the S&P 500 returns, but double the dividend and arguably a similar risk profile so it might be a good pick for some income oriented investors. That’s why I rate MAA as a BUY here.
Certainly, I'll be happy to turn these paragraphs into a series of questions and answers. It's important to remember that as an AI chatbot, I am not qualified to give financial advice, and you should consult with a financial professional for any personal investment decisions.

Q: How does MAA's balance sheet appear in terms of growth and stability?
A: MAA's balance sheet shows visible growth and stability. It is one of only eight REITs that are A- rated or better, and 100% of their debt is fixed.

Q: How do MAA's debt maturity schedule and interest expense look?
A: Although MAA has about 8% of total debt ($450-400 million) maturing each year, the increase in interest expense is expected to be gradual.

Q: How does MAA's leverage compare to its peers?
A: MAA is among the least leveraged REITs, with a net debt to EBITDA of 3.5x, compared to the average of peers of 4.9x. Peers include AVB, CPT, EQR, ESS, and UDR.

Q: What can you tell me about MAA's dividend history and yield?
A: MAA pays a reliable dividend with a long history of growth. The current yield stands at 3.7%. Despite being below treasury yields, it offers potential for capital appreciation and long-term inflation protection.

Q: How does MAA's yield compare to investing in treasuries?
A: While the yield is lower compared to treasuries, MAA offers more potential due to capital appreciation and long-term inflation protection. Also, the yield will likely continue growing and is unlikely to be cut, given the low payout ratio of just 61%.

Q: Is MAA considered an expensive investment?
A: MAA is not cheap, trading at 17x FFO, in line with its historical average and on par with similar quality properties in less popular markets. However, with strong underlying revenue growth, investors can expect to make 8-10% per year over a long period.

Q: What is your rating for MAA as an investment option?
A: Given the above factors, I would rate MAA as a Buy.