Companies /Real Estate
Mid-America Apartment Communities Inc
NYSE: MAA Reit - Residential
$118.77
▲ $1.56 (+1.33%) today
Markets open · 1:31pm ET

Mid-America Apartment Communities (MAA) Q3 2026 Earnings

Reported Oct 28, 2026, 4:15pm ET · SEC source
$0.72
Miss −9.18%
EPS · est. $0.79 GAAP

No gain on sale of depreciable real estate assets in the quarter (vs. $35.3 million in Q2 2026). Quarter included $959 thousand of legal recoveries and $476 thousand of casualty related charges. Company's non-GAAP Core FFO per diluted Share was $2.10.

$560.1M
Beat +0.25%
Revenue · est. $558.7M
1 quarter
Consecutive EPS misses

How Did MAA Stock React to Q3 2026 Earnings?

% change · around the report
−0.8%0+0.8%+1.6%Oct 28Oct 29report 4:15pm ETearnings−1.1%+1.6%
−0.8%0+0.8%+1.6%Oct 28Oct 29earnings−1.1%+1.6%
MAA +1.6%S&P 500 −1.1%
−2%0Oct 28Oct 29report 4:15pm ETearnings−3.1%+1.6%
−2%0Oct 28Oct 29earnings−3.1%+1.6%
MAA +1.6%NASDAQ −3.1%
−2%0+2%Oct 27Nov 2report 4:15pm ETearnings−1.5%+1.1%
−2%0+2%Oct 27Nov 2earnings−1.5%+1.1%
MAA +1.1%S&P 500 −1.5%
−4%−2%0+2%Oct 27Nov 2report 4:15pm ETearnings−4.0%+1.1%
−4%−2%0+2%Oct 27Nov 2earnings−4.0%+1.1%
MAA +1.1%NASDAQ −4.0%
+1.29%
Day of report
−0.89%
Next session

Did MAA Beat Earnings? Q3 2026 Results

No. Mid-America Apartment Communities reported Q3 2026 earnings of $0.72 a share on Oct 28, 2026, missing the $0.79 consensus estimate by 9.2%. Revenue was $560.1M against a $558.7M estimate.

Mid-America Apartment Communities delivered a mixed third quarter, posting GAAP diluted EPS of $0.72, which missed the $0.79 consensus estimate by 9.18%, while revenue of $560.13 million edged ahead of the $558.71 estimate by 0.25% and grew 1.0% year over year. The GAAP figure included $959 thousand in legal recoveries and $476 thousand of casualty-related charges, with no gains on depreciable real estate sales in either the current or year-ago period. The central drag came from same-store operations, where a 0.4% revenue decline combined with a 2.0% expense increase pushed same-store NOI down 1.8% to $316.04 million, as utilities, repairs, and marketing costs all climbed. Core FFO of $2.10 per diluted share fell from $2.16 a year earlier, with new-lease pricing running negative 6.0% even as renewals rose 5.3%. Management trimmed its full-year GAAP EPS outlook to $3.61 to $3.73, though CEO Brad Hill noted that October new-lease pricing improved against seasonal norms, with blended pricing accelerating more than 100 basis points year over year, pointing toward increasingly positive trends heading into 2027.

Key Takeaways
  • Same Store revenue declined 0.4% and expenses rose 2.0%, driving Same Store NOI down 1.8%
  • Renewal lease pricing up 5.3%, 80 bps better year-over-year; new lease pricing -6.0%; blended 0.4%
  • Same Store average physical occupancy of 95.3% vs 95.6% a year ago
  • Resident turnover historically low at 39.6%; record low 10.1% of move-outs to buy single-family homes
  • Higher interest expense of $54.6 million vs $46.3 million a year ago
  • Same Store utilities up 5.3%, repair and maintenance up 4.8%, marketing up 14.3%; insurance down 10.0%
  • October new lease pricing improved from September, and October blended pricing accelerated more than 100 bps year-over-year
  • Atlanta Same Store NOI down 5.3%, San Antonio down 14.2%, Denver down 6.9%; Austin NOI up 4.4% on 9.2% lower expenses
  • Sequentially, Same Store revenue up 0.3% and NOI down 0.1% vs Q2 2026
  • Interior redevelopment: 5,544 units completed YTD at $5,926 average cost, generating an 8.3% ($114) average effective rent increase

“Third quarter Core FFO met our expectations as we built occupancy through the quarter and expense management remained disciplined. Our focus on resident service and satisfaction supports sector-leading results, with renewing resident lease pricing increasing 80 basis points year-over-year to 5.3%, and record retention.”

Mid-America Apartment Communities CEO, on the earnings call

What Is Mid-America Apartment Communities's Outlook?

MAA updated its full-year 2026 guidance. Per-share guidance: - **Earnings per diluted common share:** lowered to $3.61–$3.73 (midpoint $3.67) from $3.96–$4.20. - **Core FFO per diluted Share:** revised to $8.43–$8.55 (midpoint $8.49) from $8.41–$8.65 (midpoint $8.53). - **Core AFFO per diluted Share:** revised to $7.40–$7.52 (midpoint $7.46) from $7.38–$7.62. Same Store portfolio guidance: - **Property revenue growth:** -0.40% to -0.10% (midpoint -0.25%), previously -0.20% to 0.40%. - **Effective rent growth:** -0.30% to 0.10%. - **Average physical occupancy:** 95.30% to 95.50%. - **Operating expense growth:** 1.15% to 1.65% (midpoint 1.40%), previously 1.25% to 2.25%. - **Real estate tax expense growth:** -0.10% to 0.90%. - **NOI growth:** -1.70% to -0.80% (midpoint -1.25%), previously -1.70% to -0.10%. Other full-year assumptions: - **Total overhead:** $132.5–$136.5 million. - **Multifamily acquisitions:** none. - **Multifamily dispositions:** $125.0–$175.0 million. - **Development investment:** $300.0–$340.0 million. - **Average effective interest rate:** 3.8%–4.0%. - **Capitalized interest:** $16.0–$17.0 million. - **Diluted shares and units:** 119.05–119.25 million. For Q4 2026, Core FFO is expected at $2.12–$2.24 per diluted Share ($2.18 midpoint). Relative to Q3's $2.10, the expected changes are: - Same Store NOI: +$0.09 - Non-Same Store NOI: +$0.02 - Overhead: +$0.01 - Interest expense: -$0.04 Management expects pricing trends to grow increasingly positive into the new year.

MAA YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$200.0M$400.0M$600.0M$554.4M$560.1MRevenue$99.5M$84.0MNet Income
$0$200.0M$400.0M$600.0MRevenueNet Income
MAA income statement, Q3 2026 versus Q3 2025
Metric Q3 2026 Q3 2025 Year over year
Revenue $560.1M $554.4M +1.0%
Net Income $84.0M $99.5M −15.6%

MAA Revenue by Segment

Same Store Communities$519.1M−0.4%
Non-Same Store Communities$28.9M+42.4%
Lease-up/Development Communities$4.8M−25.1%
Commercial Property/Land$7.3M+8.1%

Figures from SEC filings and company reports. Not investment advice.