MAA REPORTS THIRD QUARTER 2026 RESULTS
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 TABLE OF CONTENTS Earnings Release 3 Financial Highlights 7 Consolidated Statements of Operations/Share and Unit Data 8 Consolidated Balance Sheets 9 Reconciliation of Non-GAAP Financial Measures 10 Non-GAAP Financial Measures 13 Other Key Definitions 14 Portfolio St
How this was made
The 30-second read
Why it matters
The earnings release updates investors on core FFO, occupancy, and lease‑rate growth, setting expectations for the full‑year outlook.
Market read
MAA's earnings and guidance revision are material for REIT investors and may influence pricing of peer multifamily property stocks.
What to watch
Potential upside from the new lease‑up projects and the $250 M term‑loan draw could support cash flow beyond the guidance.
MAA Reports Third Quarter 2026 Results
Third-quarter Core FFO met management expectations, occupancy building and renewal pricing strengthened, but Same Store NOI declined, new-lease pricing remained negative, GAAP earnings and Core FFO were below the prior-year period, and full-year earnings and Same Store guidance were reduced.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Rental and other property revenues, three months ended September 30, 2026GAAP | $560.1M | – | – |
| Rental and other property revenues, nine months ended September 30, 2026GAAP | $1.67B | – | – |
| Total property operating expenses, three months ended September 30, 2026GAAP | 389,013 | – | – |
| Total property operating expenses, nine months ended September 30, 2026GAAP | 1,137,723 | – | – |
| Property management expenses, three months ended September 30, 2026GAAP | 18,191 | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | 13,393 | – | – |
| Interest expense, three months ended September 30, 2026GAAP | 54,625 | – | – |
| Net income available for MAA common shareholders, three months ended September 30, 2026GAAP | $83.08M | – | – |
| Net income available for MAA common shareholders, nine months ended September 30, 2026GAAP | $327.3M | – | – |
| Earnings per common share - diluted, three months ended September 30, 2026GAAP | $ 0.72 | – | – |
| Earnings per common share - diluted, nine months ended September 30, 2026GAAP | $ 2.82 | – | – |
| Total NOI, three months ended September 30, 2026non-GAAP | $337.9M | – | – |
| Total NOI, nine months ended September 30, 2026non-GAAP | $1.02B | – | – |
| Same Store NOI, three months ended September 30, 2026non-GAAP | $316.0M | – | -1.8% |
| Same Store NOI, nine months ended September 30, 2026non-GAAP | $961.0M | – | -1.4% |
| FFO per Share - diluted, three months ended September 30, 2026non-GAAP | $ 2.11 | – | – |
| FFO per Share - diluted, nine months ended September 30, 2026non-GAAP | $ 6.43 | – | – |
| Core FFO per Share - diluted, three months ended September 30, 2026non-GAAP | $ 2.10 | – | – |
| Core FFO per Share - diluted, nine months ended September 30, 2026non-GAAP | $ 6.31 | – | – |
| Core AFFO per Share - diluted, three months ended September 30, 2026non-GAAP | $ 1.79 | – | – |
| Core AFFO per Share - diluted, nine months ended September 30, 2026non-GAAP | $ 5.53 | – | – |
| Same Store property revenue growth, three months ended September 30, 2026other | -0.4% | – | -0.4% |
| Same Store property operating expense growth, three months ended September 30, 2026other | 2.0% | – | 2.0% |
| Same Store average effective rent per unit, three months ended September 30, 2026other | $ 1,691 | – | -0.1% |
| Same Store average physical occupancy, three months ended September 30, 2026other | 95.3% | – | – |
| Effective blended lease rate growth, three months ended September 30, 2026other | 0.4% | – | – |
| Effective new lease rate growth, three months ended September 30, 2026other | -6.0% | – | – |
| Effective renewal lease rate growth, three months ended September 30, 2026other | 5.3% | – | – |
| Resident turnover as of September 30, 2026other | 39.6% | – | – |
| Total debt, September 30, 2026GAAP | $5.84B | – | – |
| Net Debt, September 30, 2026non-GAAP | $5.81B | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 and fourth quarter 2026 outlook
- RevenueProperty revenue growth: -0.40% to -0.10%
- Operating expensesProperty operating expense growth: 1.15% to 1.65%
- NoteEarnings per common share - diluted: $3.61 to $3.73
- NoteCore FFO per Share - diluted: $8.43 to $8.55
- NoteCore AFFO per Share - diluted: $7.40 to $7.52
- NoteMAA Same Store Portfolio NOI growth: -1.70% to -0.80%
- NoteFourth quarter 2026 Core FFO per diluted Share: $2.12 to $2.24
- NoteFourth quarter 2026 Core FFO per diluted Share midpoint: $2.18
Capital returns
- During the third quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $126.72 for total consideration of $50.0 million.
- Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2026 were $182.0 million, as compared to $181.8 million for the same period in the prior year.
- MAA declared its 131st consecutive quarterly common dividend, which will be paid on October 30, 2026 to holders of record on October 15, 2026.
- The current annual dividend rate is $6.12 per common share.
- On October 1, 2026, MAA redeemed all of the outstanding Series I preferred shares with $43.4 million of cash funded from proceeds received from the sale of 0.3 million shares of common stock through MAA’s at-the-market share offering program.
What drove it
- Same Store effective blended lease rate growth was 0.4%, driven by an 80 basis point improvement in renewal lease pricing.
- Renewal lease rate growth was 5.3%, while effective new lease rate growth was -6.0%.
- Average physical occupancy was 95.3% for the third quarter, and resident turnover was 39.6% as of September 30, 2026.
- MAA completed the initial lease-up of MAA Val Vista in Phoenix and MAA Breakwater in Tampa, completed MAA Milepost II in Denver, and began construction in Northern Virginia, Nashville and Kansas City.
- MAA sold a 269-unit Washington, D.C. multifamily community for gross proceeds of approximately $147 million; MAA holds a 35% interest in the joint venture that owned the property.
Concerns
- Same Store NOI growth was -1.8% for the third quarter and -1.4% for the nine months ended September 30, 2026.
- Same Store property revenue growth was -0.4% for the third quarter, while Same Store property operating expense growth was 2.0%.
- Effective new lease rate growth was -6.0%.
- Interest expense was 54,625 for the third quarter of 2026, compared with 46,277 for the same period in 2025.
- MAA stated that higher interest rates and new resident year-over-year pricing improvement occurring about a quarter later than expected affected blended pricing and occupancy.
- Updated full-year 2026 earnings per common share - diluted guidance is $3.61 to $3.73, compared with the previous range of $3.96 to $4.20.
What to watch
- October new resident lease pricing improved from September, resulting in the year’s first year-over-year improvement in new resident lease-over-lease pricing, according to management.
- October blended pricing accelerated more than 100 basis points year-over-year, according to management.
- The updated full-year Same Store Portfolio property revenue growth range is -0.40% to -0.10%, and the updated NOI growth range is -1.70% to -0.80%.
- MAA expects two lease-up projects to stabilize in the fourth quarter of 2026, one in the second quarter of 2027 and one in the third quarter of 2027.
- Development projects as of September 30, 2026 comprised 8 projects and 2,236 total units, with total expected development costs of $ 760,000 and expected remaining costs of $ 364,419.
Balance sheet and cash flow
- As of September 30, 2026, MAA had $660.7 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.
- Cash and cash equivalents as of September 30, 2026 were $ 25,693, compared with $ 60,258 as of December 31, 2025.
- Total debt outstanding was $ 5.8 billion, with an average effective interest rate of 4.1%, fixed rate debt as a % of total debt of 79.3%, and total debt average years to maturity of 5.6.
- Total debt to adjusted total assets was 31.7% and Net Debt/Adjusted EBITDA re was 4.7x as of September 30, 2026.
- MAALP borrowed an additional $250.0 million on its DDTL Facility during the third quarter of 2026; $350.0 million was outstanding under the facility as of September 30, 2026.
- MAA funded approximately $84 million of costs for current and planned development projects, including predevelopment activities, during the third quarter of 2026.
Analysis
MAA reported third-quarter rental and other property revenues of $ 560,130, compared with $ 554,373 in the prior-year quarter. Net income available for MAA common shareholders was $ 83,076, compared with $ 98,616, and diluted earnings per common share were $ 0.72, compared with $ 0.84. Core FFO per diluted share was $ 2.10, compared with $ 2.16, while Core AFFO per diluted share was $ 1.79, compared with $ 1.81.
Property-level trends remained under pressure. Same Store property revenue growth was -0.4% and property operating expense growth was 2.0%, producing Same Store NOI growth of -1.8%. Total NOI was $ 337,862, compared with $ 338,309, while Same Store NOI was $ 316,039, compared with $ 321,879. Average physical occupancy was 95.3%, and management cited historically low resident turnover of 39.6%.
Leasing indicators showed a bifurcated pricing environment. Effective blended lease rate growth was 0.4%, supported by 5.3% effective renewal lease rate growth, while effective new lease rate growth was -6.0%. Management said October new resident lease pricing improved from September and October blended pricing accelerated more than 100 basis points year-over-year. The reported improvement followed management's statement that new-resident year-over-year pricing recovery arrived about a quarter later than anticipated.
Capital allocation included $50.0 million of common-share repurchases and $182.0 million of dividends and distributions paid. MAALP also borrowed an additional $250.0 million under its DDTL Facility, which had $350.0 million outstanding at September 30, 2026. MAA ended the quarter with $660.7 million of combined cash and revolver capacity, total debt outstanding of $ 5.8 billion and Net Debt/Adjusted EBITDA re of 4.7x.
The updated outlook lowered full-year earnings per common share - diluted to $3.61 to $3.73 from $3.96 to $4.20, while Core FFO per Share - diluted was updated to $8.43 to $8.55 from $8.41 to $8.65. Full-year property revenue growth guidance moved to -0.40% to -0.10%, and NOI growth guidance moved to -1.70% to -0.80%. MAA expects fourth-quarter Core FFO per diluted Share of $2.12 to $2.24, with the $2.18 midpoint reflecting Same Store NOI and Non Same Store NOI growth, partly offset by interest expense.
Management, verbatim
Third quarter Core FFO met our expectations as we built occupancy through the quarter and expense management remained disciplined.
Brad Hill, President and Chief Executive Officer
Our revised forecast reflects higher interest rates and new resident year-over-year pricing improvement occurring about a quarter later than we expected, impacting our blended pricing and occupancy as we built occupancy through the quarter.
Brad Hill, President and Chief Executive Officer
These trends support our continued optimism that pricing trends will grow increasingly positive into the new year.
Brad Hill, President and Chief Executive Officer
Not in the filing
stated, not guessed- GAAP operating income was not reported as a line item.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Quarterly GAAP earnings per diluted common share guidance was not provided.
- Prior-release outlook was not provided separately; therefore, no actual-versus-prior-guidance comparisons are included.
- Segment revenue disclosures were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing includes detailed operating metrics, development activity, and a share repurchase, providing a comprehensive view of MAA's Q3 performance.
Ticker impact
Mid-America Apartment Communities reported Q3 2026 earnings and updated guidance in an SEC 8‑K filing.
likely pressure as the market prices in the revised guidance and higher cost environment
Guidance was updated downward due to higher rates and slower pricing improvements, which typically weighs on REIT valuations.
Market effects
Provides insight into multifamily REIT performance amid rising interest rates, affecting comparable property stocks.
Highlights occupancy and pricing trends in U.S. apartment markets, especially in Phoenix, Tampa, Denver, and Virginia.
Limited to U.S. real‑estate sector; no broader macro impact.
Counterpoint
If the revised forecast underestimates demand recovery, the stock could rebound on stronger lease‑rate trends.
Key entities
- ExecutiveBrad Hill
President and CEO who commented on the results and outlook.
