Mid America Apartment Communities (MAA) Q2 2026 Earnings
Includes a $35.3 million gain on sale of depreciable real estate assets. Core FFO per diluted share of $2.08 adjusts for this and other non-core items.
How Did MAA Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +3.42%.
Did MAA Beat Earnings? Q2 2026 Results
Yes. Mid America Apartment Communities reported Q2 2026 earnings of $1.04 a share on Jul 29, 2026, beating the $0.78 consensus estimate by 33.8%. Revenue was $555.1M against a $556.6M estimate.
Mid-America Apartment Communities delivered a second-quarter 2026 earnings beat that was more complex beneath the surface, with GAAP diluted EPS of $1.04 clearing the $0.78 consensus by 33.80%, though the result included a $35.3 million gain on the sale of depreciable real estate assets that meaningfully lifted the reported figure. Revenue of $555.13 million edged 0.26% below expectations while growing 0.9% year over year, as steady physical occupancy of 95.3% and a 0.7% blended lease rate improvement were offset by a 0.3% decline in Same Store revenues and a 1.0% contraction in Same Store NOI to $316.22 million. Rising interest expense, which climbed to $53.13 million from $45.11 million a year ago on higher debt levels, weighed on underlying performance. Looking ahead, management held its full-year Core FFO midpoint at $8.53 per diluted share while narrowing the range, though GAAP EPS guidance was trimmed to a $4.08 midpoint; analysts have broadly maintained hold-equivalent ratings with modestly raised price targets following the print.
- Steady demand and disciplined expense management exceeded expectations
- Blended lease-over-lease pricing improved 20 basis points year-over-year
- 170 basis point sequential improvement in new lease pricing from Q1 2026
- Historically low resident turnover at 39.6%
- Low move-outs to single-family home purchases at 10.9%
- Same Store property operating expenses grew only 0.8% year-over-year
- Insurance expense declined 8.0% year-over-year in Same Store portfolio
“Second quarter Core FFO results exceeded our expectations due to steady demand and continued disciplined expense management. Our focus on new lease pricing resulted in an acceleration in our new lease sequential pricing trends, supported our consistently strong renewal results and delivered blended lease-over-lease pricing that was 20 basis points better year-over-year. As steady demand increasingly outweighs the declining pressure from new deliveries more broadly across our footprint, the improved pricing and operating fundamentals we see in a number of our markets should become more broad-based, supporting an accelerating recovery. Our pricing momentum, operating discipline, and growing contribution from our new developments, position MAA to deliver attractive future earnings growth.”
Mid America Apartment Communities CEO, on the earnings call
What Is Mid America Apartment Communities's Outlook?
MAA updated its full-year 2026 guidance, maintaining the Core FFO per diluted share midpoint at $8.53 (range $8.41 to $8.65) while narrowing the range. GAAP EPS guidance was lowered to $3.96-$4.20 (midpoint $4.08, down from $4.34). Same Store property revenue growth guidance was narrowed to -0.20% to 0.40% (midpoint 0.10%, down from 0.55%). Same Store property operating expense growth guidance improved to 1.25% to 2.25% (midpoint 1.75%, down from 2.65%). Same Store NOI growth guidance was updated to -1.70% to 0.10% (midpoint -0.90%, slightly worse than prior -0.70%). Q3 2026 Core FFO per diluted share is expected to be $2.04 to $2.16 (midpoint $2.10). MAA expects multifamily acquisition volume of $150-$250 million, disposition volume of $200-$300 million, and development investment of $300-$400 million for full year 2026. Management noted that as new supply deliveries decline across their footprint, improved pricing and operating fundamentals should become more broad-based, supporting an accelerating recovery.
MAA YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $555.1M | $549.9M | +1.0% |
| Net Income | $124.8M | $108.1M | +15.4% |
| Operating Income | $173.9M | $151.4M | +14.8% |
MAA Revenue by Segment
When Does Mid America Apartment Communities Report Next?
Figures from SEC filings and company reports. Not investment advice.