Mid-America Apartment Communities (MAA) Q3 2026 earnings summary

Executive summary

• Q3 Core FFO was $2.10 per diluted share, in line with guidance; expense favorability offset weaker same-store revenue and delayed new-lease pricing recovery.

• Q3 revenue increased 1.0% YoY to $560.1M, while net income available to common shareholders fell 15.8% to $83.1M and diluted EPS declined to $0.72.

• October new-lease pricing improved sequentially and blended pricing strengthened YoY; management expects operating improvement to build gradually into 2027.

Financial highlights

• Core FFO was $249.9M, down $9.0M YoY, with higher interest expense the primary driver; diluted FFO was $2.11/share versus $2.14.

• Same-store revenue fell 0.4% YoY to $519.1M; same-store NOI declined to $316.0M from $321.9M, as expenses rose 2.0%.

• Q3 same-store revenue was ~$0.02/share below expectations, while expenses were ~$0.02/share favorable; same-store NOI met expectations.

• Nine-month revenue rose 0.9% to $1.669B; net income available to common shareholders fell 15.3% to $327.3M, and diluted EPS was $2.82 versus $3.30.

Outlook and guidance

• FY26 Core FFO guidance midpoint fell $0.04 to $8.49/share; revised range is $8.43-$8.55. Higher interest rates and delayed new-lease pricing improvement weighed on the outlook.

• FY26 same-store guidance midpoints: revenue growth -0.25%, expense growth 1.40%, and NOI growth -1.25%; projected overhead was reduced by $1.5M.

• FY26 effective rent growth midpoint is -0.10% and average physical occupancy midpoint is 95.4%.

• Q4 Core FFO guidance is $2.12-$2.24/share, with a $2.18 midpoint; seasonal expense declines and higher non-same-store NOI are partly offset by higher interest expense.

• Q4 new-lease pricing is expected to improve YoY; stronger renewals and positive leasing trends provide an earn-in into 2027, with recovery timing varying by market.