Mid America Apartment Communities (MAA) Q1 2026 Earnings
Includes $20.2 million gain on sale of depreciable real estate assets and $16.0 million other non-operating income (including $17.2 million net-of-tax gain on investments offset by $1.6 million loss on embedded derivative and $4.5 million casualty charges). Prior year included $71.9 million gain on sale of depreciable assets.
Did MAA Beat Earnings? Q1 2026 Results
Yes. Mid America Apartment Communities reported Q1 2026 earnings of $1.06 a share on Apr 29, 2026, beating the $0.81 consensus estimate by 31.6%. Revenue was $553.7M against a $555.5M estimate.
Mid-America Apartment Communities delivered a headline beat in Q1 2026, with GAAP diluted EPS of $1.06 clearing the $0.81 consensus by 31.64%, though investors should note the figure includes a $20.2 million gain on the sale of depreciable real estate assets and $16.0 million in other non-operating income, among them a $17.2 million net-of-tax gain on investments partly offset by casualty charges. Revenue of $553.73 million came in just fractionally shy of the $555.48 million estimate, a miss of 0.32%, though it still represented 0.8% growth year over year. The more operationally telling metric, Core FFO per diluted share, landed at $2.13, down from $2.20 a year ago, pressured by higher interest expense and softer Same Store results, with Same Store NOI declining 1.3%. On the forward outlook, MAA raised the midpoint of its full-year GAAP EPS guidance to $4.34 while holding Core FFO guidance steady at a $8.53 midpoint, with management pointing to improving sequential lease pricing trends and historically low resident turnover of 39.9% as reasons for measured optimism heading into the back half of the year.
- Five consecutive quarters of improving year-over-year blended rent performance
- Same Store blended lease rate growth of -0.3%, a 20 basis point improvement YoY and 140 basis point improvement sequentially
- Historically low trailing twelve-month resident turnover at 39.9%
- Low level of move-outs to buy a home at 11.1% for the quarter
- Expense management focus with Same Store expense growth of 1.3%; insurance costs down 8.1% and office operations down 6.2% YoY
- Absorption outpacing deliveries with market-level occupancies increasing during the quarter
- Same Store average physical occupancy of 95.5%
“We are encouraged by our first quarter results, with Core FFO exceeding our expectations, driven in part by focus on expense management and strong resident retention. Our blended lease-over-lease pricing was ahead of our performance last year, and we have now seen five consecutive quarters of improving year-over-year blended rent performance. Demand has held up well across our footprint, with absorption outpacing deliveries and market level occupancies increasing during the quarter. Our teams are executing with discipline, focusing on expense management while delivering a great resident experience. This focus combined with a low level of move outs to buy a home is driving strong retention, pushing our trailing twelve-month resident turnover to the lowest level in our history. We're optimistic about the growth opportunities ahead in our high-demand markets as the supply–demand fundamentals continue to improve.”
Mid America Apartment Communities CEO, on the earnings call
What Was Mid America Apartment Communities's Outlook in Q1 2026?
MAA updated its full-year 2026 guidance, narrowing the GAAP EPS range to $4.18–$4.50 (midpoint of $4.34, raised from prior $4.29) while maintaining Core FFO per diluted Share at $8.37–$8.69 (midpoint $8.53) and Core AFFO at $7.34–$7.66 (midpoint $7.50). Same Store portfolio guidance was maintained with property revenue growth of -0.20% to 1.30% (midpoint 0.55%), operating expense growth of 1.90% to 3.40% (midpoint 2.65%), and NOI growth of -1.70% to 0.30% (midpoint -0.70%). Q2 2026 Core FFO is expected at $2.00–$2.12 per diluted Share (midpoint $2.06), with the sequential decline from Q1 driven by seasonal Same Store NOI pressure partially offset by lower overhead. Full-year guidance includes multifamily acquisition volume of $150–$250 million, disposition volume of $200–$300 million, and development investment of $300–$400 million.
MAA YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $553.7M | $549.3M | +0.8% |
| Operating Income | $186.3M | $159.4M | +16.9% |
| Net Income | $126.6M | $181.7M | −30.3% |
MAA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.