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HB Wealth Management LLC raised its position in Mid-America Apartment Communities, Inc. (NYSE:MAA – Free Report) by 37.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,255 shares of the real estate investment trust’s stock after acquiring an additional 5,469 shares during the quarter. HB Wealth Management LLC’s holdings in Mid-America Apartment Communities were worth $2,814,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Mid-America Apartment Communities during the 2nd quarter valued at about $1,820,661,000. Norges Bank purchased a new stake in Mid-America Apartment Communities in the 4th quarter worth approximately $750,603,000. Viking Global Investors LP bought a new stake in shares of Mid-America Apartment Communities in the 3rd quarter worth approximately $369,597,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Mid-America Apartment Communities in the 2nd quarter worth approximately $175,377,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Mid-America Apartment Communities by 15,892.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,221,025 shares of the real estate investment trust’s stock valued at $169,649,000 after buying an additional 1,213,390 shares during the period. 93.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes Several analysts recently weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating on shares of Mid-America Apartment Communities in a report on Thursday, August 27th. Citigroup reaffirmed a “market outperform” rating on shares of Mid-America Apartment Communities in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. assumed coverage on shares of Mid-America Apartment Communities in a research note on Thursday, July 16th. They set a “neutral” rating and a $147.00 target price on the stock. Piper Sandler reduced their price target on shares of Mid-America Apartment Communities from $143.00 to $140.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Finally, Barclays decreased their price target on shares of Mid-America Apartment Communities from $147.00 to $146.00 and set an “equal weight” rating for the company in a research note on Monday, August 17th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $143.94.

View Our Latest Research Report on Mid-America Apartment Communities Mid-America Apartment Communities Price Performance Shares of MAA stock opened at $128.04 on Wednesday. The business’s fifty day moving average is $133.36 and its 200 day moving average is $131.15. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 1.02. The stock has a market cap of $14.86 billion, a price-to-earnings ratio of 37.44 and a beta of 0.73. Mid-America Apartment Communities, Inc. has a twelve month low of $120.30 and a twelve month high of $145.80.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $2.08 EPS for the quarter, beating the consensus estimate of $0.76 by $1.32. Mid-America Apartment Communities had a return on equity of 6.99% and a net margin of 18.17%.The business had revenue of $555.13 million during the quarter, compared to analyst estimates of $556.18 million. During the same quarter last year, the firm posted $2.15 earnings per share. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. Mid-America Apartment Communities has set its FY 2026 guidance at 8.410-8.650 EPS and its Q3 2026 guidance at 2.040-2.160 EPS. Research analysts expect that Mid-America Apartment Communities, Inc. will post 8.52 EPS for the current fiscal year.

(Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

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Mid-America Apartment Communities, Inc. remains rated Hold due to fair valuation and mixed fundamentals despite recent share outperformance. MAA faces modest declines in effective rent and occupancy, with rising expenses offset by incremental unit growth and an ongoing development pipeline. Management targets $45M in NOI from technology and operational initiatives through 2030, leveraging smart home tech, community Wi-Fi, and process efficiencies.

 | Source: INmune Bio, Inc.

Orphan Drug Designation application and pre-MAA Scientific Advice package submitted for Ebstrocel™ in RDEB
Filings support a planned EU MAA in Q1 2027; orphan designation, if granted and maintained through approval, may provide regulatory incentives and 10 years of market exclusivity

BOCA RATON, Fla., Aug. 26, 2026 (GLOBE NEWSWIRE) -- INmune Bio Inc. (NASDAQ: INMB) ("INmune Bio" or the "Company"), a late-stage biotechnology company focused on inflammation and immunology, today announced that it has submitted two regulatory packages to the European Medicines Agency (EMA) for Ebstrocel™: an application for Orphan Drug Designation and a Scientific Advice package to streamline the upcoming Marketing Authorization Application (MAA) in Europe. Ebstrocel™, the first product from the Company’s CORDStrom™ platform, is an investigational pooled, allogeneic, umbilical cord-derived mesenchymal stromal cell therapy being developed as a systemic treatment for recessive dystrophic epidermolysis bullosa (RDEB).

The EMA filings are intended to support the Company’s planned EU MAA in Q1 2027 and form part of a coordinated global registration strategy that includes a planned UK MAA in Q4 2026 and a planned U.S. Biologics License Application (BLA) in Q1 2027.

“These EMA submissions are another execution milestone as we move Ebstrocel from late-stage clinical development toward potential commercialization,” said David Moss, co-founder and Chief Executive Officer of INmune Bio. “Our focus is on converting the clinical, regulatory and manufacturing progress achieved to date into a defined sequence of registration milestones across the UK, European Union and United States. Each step advances Ebstrocel toward patients and provides an opportunity to validate the broader regulatory and commercial potential of the CORDStrom platform.”

Regulatory and Strategic Highlights

EU orphan designation: The application seeks orphan medicinal product designation for Ebstrocel™ in RDEB in Europe to align with the ODD already granted in USA. If granted, sponsors may receive incentives that include protocol assistance and fee reductions. If Ebstrocel™ later receives marketing authorization and maintains orphan status, the approved orphan indication may benefit from 10 years of EU market exclusivity, subject to applicable requirements.Pre-MAA engagement: The Scientific Advice package is intended to support dialogue with EMA on scientific, regulatory and procedural requirements before the planned MAA, helping the Company identify and address key questions earlier in the filing process.Defined global catalyst sequence: The Company is targeting a UK MAA in Q4 2026, followed by planned EU MAA and U.S. BLA submissions in Q1 2027.Platform leverage: Ebstrocel™ is the first disease-specific CORDStrom™ product to advance toward potential marketing authorization. Progress with Ebstrocel™ is expected to inform development of additional scalable, off-the-shelf therapies from the platform. RDEB and the Ebstrocel™ Opportunity

RDEB is a rare, debilitating genetic disease characterized by extreme skin fragility, chronic wounds, scarring and significant systemic complications. Ebstrocel™ is being developed as a systemic therapy intended to address disease manifestations beyond topical wound care.

“RDEB is a systemic disease with substantial unmet need beyond the visible manifestations of skin injury,” said Mark Lowdell, Ph.D., Chief Scientific Officer of INmune Bio and inventor of the CORDStrom™ platform. “Advancing Ebstrocel through European regulatory pathways is important for patients and for CORDStrom. Ebstrocel is our first opportunity to demonstrate how a pooled, scalable, off-the-shelf stromal cell platform can progress through late-stage regulatory development.”

About the European Regulatory Submissions

Orphan Drug Designation in the European Union is intended to support the development of medicines for rare, serious conditions. If granted, the designation can provide access to regulatory incentives during development. Market exclusivity is available only after marketing authorization and maintenance of orphan status at the time of approval.

The pre-MAA Scientific Advice process is designed to facilitate interaction with EMA in advance of an MAA submission and to help sponsors address scientific, regulatory and procedural considerations as they prepare a marketing authorization package.

About Ebstrocel™ and CORDStrom™

Ebstrocel™ is the RDEB-specific investigational product from INmune Bio’s proprietary CORDStrom™ platform. CORDStrom™ is a platform of pooled, allogeneic, human umbilical cord-derived mesenchymal stromal cell therapies designed to reduce donor variability and manufacturing inconsistency. The Company’s fully closed, semi-automated manufacturing approach is intended to support scalable, reproducible and off-the-shelf products that can be tailored for different therapeutic applications and routes of administration.

INmune Bio plans to continue its interactions with European regulators as it advances toward the planned MAA for Ebstrocel™.

About INmune Bio Inc.

INmune Bio Inc. is a publicly traded (NASDAQ: INMB), late-stage biotechnology company focused on developing treatments that target the innate immune system to fight disease. Moving beyond early-stage exploration, the Company’s clinical-development strategy centers on advanced precision medicine, matching drug mechanisms directly to patient biology to optimize clinical outcomes.

INmune Bio is actively advancing two late-stage product platforms toward registrational milestones:

CORDStrom™: A proprietary, pooled, allogeneic, human umbilical cord-derived mesenchymal stromal cell platform engineered to address the historical clinical challenges of donor variability and manufacturing inconsistency. Following successful clinical readouts in RDEB, the platform is transitioning to regulatory filing phases, with a UK MAA planned for 2026 and an EU MAA and U.S. BLA planned for Q1 2027.XPro1595™: A Dominant-Negative Tumor Necrosis Factor (DN-TNF) platform that selectively neutralizes soluble TNF (sTNF) to eliminate neuroinflammation without compromising protective immune function. Backed by FDA Fast Track designation and regulatory alignment from an End-of-Phase 2 meeting, XPro1595™ is positioned for an integrated Phase 2b/3 seamless adaptive registrational program in neuroinflammation-enriched early Alzheimer’s disease. To learn more about INmune Bio’s pipeline and its approach to harnessing the innate immune system, please visit www.inmunebio.com.

Forward Looking Statements

The Company’s product candidates are in clinical development and there is no assurance that any specific outcome will be achieved. Any statements contained in this press release related to the development or commercialization of product candidates and other business and financial matters, including without limitation, trial results and data, including the timing of key milestones, future plans or expectations, and the prospects for receiving regulatory approval or commercializing or selling any product or drug candidates, may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject to several risks and uncertainties. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements because of these risks and uncertainties. CORDStrom™, XPro1595™ (XPro™, pegipanermin), and INKmune™ have either finished clinical trials, are still in clinical trials or are preparing to start clinical trials and have not been approved by the U.S. Food and Drug Administration (FDA), the UK MHRA or any regulatory body and there cannot be any assurance that they will be approved by the FDA, the UK MHRA or any regulatory body or that any specific results will be achieved. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to produce more drug for clinical trials; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q and the Company’s Current Reports on Form 8-K. The Company assumes no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.

INmune Bio Contacts

, /PRNewswire/ -- /PR Newswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), announced today that it will redeem for cash all of the outstanding shares of MAA's 8.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Shares, on October 1, 2026.

MAA will pay a redemption price for the Series I Shares of $50.00 per share plus unpaid accrued dividends for October 1, 2026. Dividends on the Series I Shares will cease to accrue, and the Series I Shares will no longer be deemed outstanding, from and after the redemption date. All rights of the holders of the Series I Shares, except the right to receive the redemption price without interest, will cease on and after the redemption date.

Prior to the redemption date, MAA will pay the full quarterly dividend on the Series I Shares of $1.0625 per share on September 30, 2026, to holders of Series I Shares on September 15, 2026, which is the record date for such dividend.

All Series I Shares are held in book-entry form through The Depository Trust Company (DTC). Series I Shares held in book-entry form through DTC will be redeemed, including payment of the redemption price, according to DTC's procedures.

The Series I Shares were originally issued by Post Properties, Inc., or Post, in 1996 and were converted into MAA Series I Shares in connection with MAA's acquisition of Post in December 2016. Under the terms of the original Series I Shares, the redemption price must be funded with proceeds from the sale of other capital stock. To satisfy this requirement, MAA intends to fund the redemption with proceeds received upon settlement of a forward sale agreement entered into under its ATM equity offering program. The agreement has an initial forward sale price of $130.00 per share, subject to customary adjustments. MAA views the preferred redemption and the required common equity issuance as a targeted capital structure initiative rather than a traditional capital raising transaction. The transaction is expected to be accretive to Core FFO per share because the preferred dividend savings are expected to exceed the dilution associated with the common shares issued in connection with the redemption. The redemption will retire legacy preferred equity, simplify MAA's capital structure and eliminate the embedded derivative associated with the Series I Shares and its related accounting complexity.

About MAA
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2026, MAA had ownership interest in 104,698 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at [email protected], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

SOURCE MAA

Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA – Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,262,251 shares of the real estate investment trust’s stock, valued at approximately $175,377,000. Barrow Hanley Mewhinney & Strauss LLC owned about 1.09% of Mid-America Apartment Communities at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Algebris UK Ltd. raised its stake in shares of Mid-America Apartment Communities by 27.5% in the fourth quarter. Algebris UK Ltd. now owns 132,098 shares of the real estate investment trust’s stock worth $18,358,000 after buying an additional 28,528 shares during the period. Norges Bank bought a new position in shares of Mid-America Apartment Communities during the 4th quarter valued at approximately $750,603,000. Swiss Life Asset Management Ltd grew its stake in shares of Mid-America Apartment Communities by 466.5% during the 4th quarter. Swiss Life Asset Management Ltd now owns 45,424 shares of the real estate investment trust’s stock valued at $6,310,000 after acquiring an additional 37,405 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in Mid-America Apartment Communities by 4.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 216,565 shares of the real estate investment trust’s stock worth $30,083,000 after acquiring an additional 8,724 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Mid-America Apartment Communities by 29.5% in the 4th quarter. BNP Paribas Financial Markets now owns 246,786 shares of the real estate investment trust’s stock worth $34,281,000 after acquiring an additional 56,224 shares in the last quarter. 93.60% of the stock is currently owned by institutional investors.

Here are the key news stories impacting Mid-America Apartment Communities this week:

Positive Sentiment: Zacks Research raised its 2026 EPS forecast to $8.50 from $8.47 and increased its estimates for third-quarter 2026 EPS to $2.10 from $2.09 and fourth-quarter EPS to $2.19 from $2.18. These modest upward revisions provide some support for the stock by suggesting near-term results could slightly exceed prior expectations. MarketBeat MAA analyst estimates Neutral Sentiment: Analysts remain moderately positive on MAA’s prospects despite its underperformance versus the broader market. The consensus full-year EPS forecast is approximately $8.51, close to Zacks Research’s $8.50 estimate for 2026, indicating expectations are broadly aligned but not signaling a major earnings catalyst. Mid-America Apartment Communities Stock: Analyst Estimates and Ratings Negative Sentiment: Zacks Research made several downward revisions to longer-term forecasts: 2027 EPS was reduced to $8.59 from $8.68, 2028 EPS to $8.93 from $9.27, and estimates for first-quarter 2028, second-quarter 2028, third-quarter 2027, and fourth-quarter 2027 were also cut. The reductions suggest analysts see somewhat slower earnings growth ahead, which is a negative factor for valuation. Negative Sentiment: Additional cuts lowered second-quarter 2028 EPS to $2.16 from $2.21, first-quarter 2028 EPS to $2.19 from $2.25, and third-quarter 2027 EPS to $2.10 from $2.16. Although some quarterly estimates increased, the larger downward revisions—particularly to full-year 2028 earnings—create pressure on investor sentiment. Wall Street Analysts Forecast Growth Several equities analysts have weighed in on the stock. UBS Group lowered their price target on shares of Mid-America Apartment Communities from $134.00 to $132.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Scotiabank reduced their price objective on shares of Mid-America Apartment Communities from $137.00 to $134.00 and set a “sector underperform” rating for the company in a research note on Tuesday, August 4th. BNP Paribas Exane upgraded shares of Mid-America Apartment Communities from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Mid-America Apartment Communities from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Barclays dropped their target price on shares of Mid-America Apartment Communities from $147.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Mid-America Apartment Communities has a consensus rating of “Hold” and an average target price of $144.81. Check Out Our Latest Stock Report on Mid-America Apartment Communities

Mid-America Apartment Communities Stock Performance MAA opened at $131.48 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.09 and a current ratio of 0.09. The stock has a market capitalization of $15.25 billion, a price-to-earnings ratio of 38.44 and a beta of 0.73. The company has a fifty day moving average of $134.88 and a 200 day moving average of $131.53. Mid-America Apartment Communities, Inc. has a fifty-two week low of $120.30 and a fifty-two week high of $146.41.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $2.08 EPS for the quarter, topping the consensus estimate of $0.76 by $1.32. Mid-America Apartment Communities had a net margin of 18.17% and a return on equity of 6.99%. The business had revenue of $555.13 million for the quarter, compared to analysts’ expectations of $556.18 million. During the same quarter in the previous year, the company earned $2.15 EPS. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. Mid-America Apartment Communities has set its FY 2026 guidance at 8.410-8.650 EPS and its Q3 2026 guidance at 2.040-2.160 EPS. As a group, sell-side analysts forecast that Mid-America Apartment Communities, Inc. will post 8.52 earnings per share for the current fiscal year.

About Mid-America Apartment Communities (Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

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Fielder Capital Group LLC bought a new position in shares of Mid-America Apartment Communities, Inc. (NYSE: MAA) in the undefined quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 53,661 shares of the real estate investment trust's stock, valued at approximately

Scholar Rock (NASDAQ: SRRK), a global biopharmaceutical company dedicated to improving the lives of patients with rare, severe, and debilitating neuromuscular d

As Home Prices Hit Highs, These Apartment REITs Offer GrowthMid-America Apartment Communities NYSE: MAA reported second-quarter Core FFO of $2.08 per diluted share, exceeding its guidance by $0.02, as lower-than-expected property operating expenses and contributions from its non-same-store portfolio offset slightly softer same-store revenue.

Chief Executive Officer Brad Hill said new resident and blended lease-over-lease rates improved sequentially, although the recovery in new lease pricing has been slower than the company expected because of cautious consumer sentiment and elevated, though moderating, apartment supply in several major markets.

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“As demand remains resilient and new deliveries continue to decline, we expect the recovery to expand and accelerate,” Hill said. He cited job growth, household formation, population and wage growth, along with an increase in inbound migration to MAA properties during the second quarter. Inbound migration rose to about 13% in the second quarter from roughly 10% in the first quarter, the largest quarterly increase MAA has recorded since it began tracking the metric, according to Hill.

Leasing trends and market performance Chief Strategy and Analysis Officer Tim Argo said new lease growth improved by 170 basis points sequentially from the first quarter, exceeding the pace of improvement seen from the first to second quarter of 2025 by 20 basis points. Blended lease-over-lease pricing increased 100 basis points from the first quarter and was 20 basis points above the second-quarter 2025 level.

Renewal performance remained a source of support. Turnover declined to 39.6%, while renewal lease rates were 5.2% for the quarter. MAA’s rent-to-income ratio improved to 18%, and net delinquency was 0.3% of billed rents, consistent with recent quarters.

Virginia, South Carolina and the Washington, D.C., area continued to outperform the broader portfolio on pricing, including Norfolk, Richmond, Charleston and Greenville. MAA’s two largest concentration markets, Atlanta and Dallas, also outperformed the portfolio on blended pricing in the second quarter.

Austin remained an underperforming market but showed improvement, with blended pricing 300 basis points better and occupancy 40 basis points higher than in the second quarter of 2025. Orlando’s blended pricing improved 130 basis points year over year. Phoenix, Charlotte, Raleigh and Savannah continued to face pressure from heavy new supply.

For the third quarter, Argo said MAA expects blended pricing to improve from the second quarter, which would be unusual given that third-quarter blended pricing has typically trailed the second quarter during the past four years. The company expects July pricing to be similar to the second quarter, but cited stronger pre-leasing trends for August and September, higher renewal retention and increased lead and visit volume.

MAA expects July occupancy to finish at approximately 95.4%. Management said third-quarter renewal retention is above both the second quarter of 2026 and the third quarter of 2025, with renewal rates continuing in the 5%-plus range.

Development, renovations and lease-ups The company funded approximately $81 million in development and pre-development costs during the quarter. Its development pipeline totaled $598 million at June 30, with $237 million of remaining funding commitments over the next three years. Including two projects expected to begin in the third quarter, MAA expects the pipeline to reach about $804 million.

MAA began construction on a Kansas City project in the second quarter and started a Nashville development in July. It also expects to start a Northern Virginia project next month and one additional project later in the year, putting it on track for four development starts in 2026.

Hill said the company continues to view development as a priority capital-allocation opportunity, citing expected yields of roughly 6% to 6.5% for new projects under conservative underwriting. The current lease-up portfolio is projected to generate average cash yields of about 6%, although Hill said yields are currently closer to 5% because of concessions.

MAA completed 2,118 interior unit upgrades during the second quarter, bringing its first-half total to 3,504 units, up 30% from the first half of 2025. Renovated units generated average rent increases of $110 over non-upgraded units. With average spending of $5,134 per unit, the program produced an estimated 25% cash-on-cash return, above the company’s 19% expectation.

The company also continued to expand its community-wide Wi-Fi initiative. Revenue from the initial 28 live properties rose to $850,000 in the second quarter from $500,000 in the first quarter, and MAA plans to add another 38 properties this year.

Outlook, expenses and capital allocation MAA maintained its full-year Core FFO guidance midpoint of $8.53 per diluted share. However, it reduced its expectations for effective rent growth and average occupancy, saying the recovery in new lease pricing has progressed more slowly than assumed in its prior guidance.

Those revenue revisions were offset by expense controls, lower expected real estate taxes, favorable insurance costs and contribution from non-same-store properties. The company expects more than $25 million of incremental year-over-year NOI in 2026 from its non-same-store portfolio.

Same-store operating expense growth was 80 basis points year over year in the second quarter. Chief Financial Officer Clay Holder said repair and maintenance and personnel costs were key contributors to favorable expense performance. MAA renewed its insurance coverage on July 1, with total premiums declining more than 12%; it expects insurance costs to decline by more than 6% year over year for 2026.

At quarter-end, MAA had more than $880 million of combined cash and borrowing capacity under its revolving credit facility. Net debt to EBITDA was 4.5 times, while outstanding debt had an average maturity of six years and an effective rate of 3.9%.

During the quarter, the company repurchased 383,000 common shares for $50 million, at a weighted average price of $130.66 per share. MAA also entered an unsecured delayed term loan with $350 million of committed principal, including $100 million outstanding at quarter-end.

The company sold a 30-year-old, high-capital-expenditure property in Raleigh during the second quarter and expects to close on two additional dispositions in the second half, including a 42-year-old Dallas property and its sole property in Washington, D.C. Management said those sales are expected to complete its planned 2026 disposition activity.

About Mid-America Apartment Communities (NYSE:MAA)Mid-America Apartment Communities, Inc NYSE: MAA is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA's portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways Mid-America Apartment missed Q2 core FFO estimates as same-store NOI declined on weaker revenues.MAA reported improved blended lease-rate growth despite pressure from elevated apartment supply.Mid-America Apartment narrowed its 2026 core FFO guidance while updating same-store revenue and NOI outlooks. Mid-America Apartment Communities, Inc. (MAA - Free Report) reported second-quarter 2026 core funds from operations (FFO) per share of $2.08, missing the Zacks Consensus Estimate of $2.10. The metric declined 3.3% from the year-ago quarter.

Rental and other property revenues increased 1% year over year to $555.13 million but missed the consensus mark of $555.97 million.

Same-store NOI fell 1%, though blended lease-rate growth improved to 0.7% amid steady demand.

MAA's Same-Store Portfolio Remains Under PressureSame-store revenues declined 0.3% year over year, while property operating expenses increased 0.8%. The combination drove a 1% decrease in same-store NOI. Same-store NOI totaled $316.22 million, down from $319.50 million a year earlier.

Average effective rent per unit slipped 0.2% to $1,688. Average physical occupancy was 95.3%, reflecting continued pressure from elevated apartment deliveries across several of MAA’s Sunbelt markets.

Mid-America Apartment Sees Better Leasing TrendsLeasing indicators showed sequential improvement despite the decline in property-level earnings. Effective blended lease-rate growth reached 0.7%, improving 20 basis points year over year and 100 basis points from the first quarter.

Effective new-lease pricing declined 5.3%, but that marked a 170-basis-point sequential improvement. Renewal lease rates increased 5.2%, helping offset weaker pricing on new leases.

Resident turnover remained historically low at 39.6%. Move-outs associated with residents purchasing single-family homes represented only 10.9% during the quarter, supporting occupancy and renewal demand.

Mid-America Apartment Advances Development PipelineMAA ended the quarter with six development projects totaling 1,749 units. Expected development costs were $597.50 million, of which $360.36 million had been funded, leaving $237.14 million of expected spending.

The company completed MAA Plaza Midwood in Charlotte, NC, and began construction of a 263-unit community in Kansas City, MO. It also completed the initial lease-up of MAA Cathedral Arts in Dallas.

Five lease-up projects contained 1,759 units and were 74.4% occupied at quarter-end. Costs incurred on those communities totaled $623.74 million. Management expects four projects to stabilize during the second half of 2026.

Mid-America Apartment Maintains Balance Sheet CapacityMAA ended June with $882.8 million of combined cash and available borrowing capacity. Total debt was $5.69 billion, with an average effective interest rate of 3.9% and an average maturity of six years.

Fixed-rate borrowings represented 86.6% of total debt. Net debt to adjusted EBITDAre was 4.5X compared with 4.3X at the end of 2025.

During the quarter, MAA repurchased 0.4 million shares for $50 million. The company also entered into a delayed-draw term loan with commitments of up to $350 million and had $100 million outstanding at quarter-end.

MAA Updates Its 2026 OutlookMAA narrowed its full-year core FFO guidance range to $8.41-$8.65 per share from $8.37-$8.69. The midpoint remained unchanged at $8.53. The Zacks Consensus Estimate is pinned at $8.51, which lies in the guided range.

The company reduced its same-store revenue growth outlook to a range of negative 0.2% to positive 0.4%, with a midpoint of 0.1%. Its same-store operating expense growth range was lowered to 1.25%-2.25%, while projected NOI growth was revised to negative 1.7% to negative 0.1%.

For the third quarter, MAA expects core FFO per share of $2.04-$2.16. The $2.10 midpoint reflects anticipated contributions from same-store and non-same-store NOI, partly offset by higher interest expense. The consensus estimate stands at $2.10.

MAA’s Zacks RankCurrently, MAA carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Residential REITsEquity Residential (EQR - Free Report) reported second-quarter 2026 normalized FFO per share of $1.02, beating the Zacks Consensus Estimate of $1.01. The figure improved 3% year over year.

Results reflected higher same-store NOI supported by strong physical occupancy and better-than-anticipated renewal rates achieved.

AvalonBay Communities (AVB - Free Report) reported second-quarter 2026 core FFO per share of $2.86, surpassing the Zacks Consensus Estimate of $2.80. Favorable same-store residential revenues and expense results drove the FFO outperformance

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

, /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three and six months ended June 30, 2026.

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Earnings per common share - diluted

$

1.04

$

0.92

$

2.10

$

2.46

Funds from operations (FFO) per Share - diluted (1)

$

2.10

$

2.19

$

4.32

$

4.39

Core FFO per Share - diluted (1)

$

2.08

$

2.15

$

4.21

$

4.35

(1)

A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.

Brad Hill, President and Chief Executive Officer, said, "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."

During the second quarter of 2026, MAA's Same Store effective blended lease rate growth was 0.7%, a 20 basis point improvement over the same period in the prior year as well as a 100 basis point improvement on a sequential basis, driven by a 170 basis point improvement in new lease pricing from the first quarter of 2026.   As of June 30, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.6% with a low level of move-outs associated with buying single-family homes of 10.9% for the quarter. During the second quarter of 2026, MAA completed the initial lease-up of MAA Cathedral Arts in Dallas, Texas, completed the development of MAA Plaza Midwood located in Charlotte, North Carolina and began construction of a multifamily apartment community in the Kansas City market. During the second quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA's operating partnership, entered into a unsecured delayed draw term loan (referred to in this release as the DDTL Facility) in the aggregate committed principal amount of up to $350.0 million. The DDTL Facility is scheduled to mature in November 2030. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility. During the second quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $130.66 for total consideration of $50 million. Same Store Operating Results
Same Store results for the three and six months ended June 30, 2026 as compared to the same periods in the prior year are summarized below:

Three months ended June 30, 2026 vs. 2025

Six months ended June 30, 2026 vs. 2025

Revenues

Expenses

NOI (1)

Average Effective
Rent per Unit

Revenues

Expenses

NOI (1)

Average Effective
Rent per Unit

Same Store Operating Growth

-0.3 %

0.8 %

-1.0 %

-0.2 %

-0.3 %

1.1 %

-1.2 %

-0.2 %

(1)

A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.

Same Store operating statistics for the three and six months ended June 30, 2026 are summarized below:

Three months ended June 30, 2026

Six months ended June 30, 2026

As of June 30, 2026

Average Effective
Rent per Unit

Average Physical
Occupancy

Average Effective
Rent per Unit

Average Physical
Occupancy

Resident Turnover

Same Store Operating Statistics

$

1,688

95.3 %

$

1,687

95.4 %

39.6 %

Same Store net effective lease pricing statistics for the three and six months ended June 30, 2026 are summarized below:

Same Store Net Effective Lease Pricing Statistics

Three Months Ended
June 30, 2026

Six Months Ended
June 30, 2026

Effective Blended Lease Rate Growth

0.7 %

0.3 %

Effective New Lease Rate Growth

-5.3 %

-6.0 %

Effective Renewal Lease Rate Growth

5.2 %

5.3 %

Acquisition and Disposition Activity
In April 2026, MAA closed on the acquisition of a land parcel located in the Nashville market through its pre-purchase development program, and MAA began construction of a 312-unit multifamily apartment community at the property in July 2026.

In July 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and plans future development of a 306-unit multifamily apartment community at the property starting in the third quarter of 2026.

In May 2026, MAA closed on the disposition of a 194-unit multifamily apartment community located in the Raleigh, North Carolina market for net proceeds of approximately $40 million, resulting in a gain on the sale of depreciable real estate assets of approximately $35 million.

Development and Lease-up Activity
A summary of MAA's development communities under construction as of the end of the second quarter of 2026 is set forth below (dollars in thousands):

Units as of

Development Costs as of

Expected Project

Total

June 30, 2026

June 30, 2026

Completions By Year

Development

Expected

Costs

Expected

Projects (1)

Total

Delivered

Leased

Total

to Date

Remaining

2026

2027

2028

6

1,749

193

127

$

597,500

$

360,361

$

237,139

2

2

2

(1)

Two of the development projects were leasing as of June 30, 2026.    

During the second quarter of 2026, MAA completed the development of MAA Plaza Midwood located in Charlotte, North Carolina and began construction on a 263-unit multifamily apartment community in the Kansas City market. 

MAA funded approximately $81 million of costs for current and planned development projects, including predevelopment activities, during the second quarter of 2026.

A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the second quarter of 2026 is set forth below (dollars in thousands):

Total

As of June 30, 2026

Lease-Up

Total

Physical

Costs

Projects (1)

Units

Occupancy

to Date

5

1,759

74.4

%

$

623,742

(1)

Two of the lease-up projects are expected to stabilize in the third quarter of 2026, two in the fourth quarter of 2026 and one in the third quarter of 2027.

During the second quarter of 2026, MAA completed the lease-up of MAA Cathedral Arts located in Dallas, Texas. 

Balance Sheet and Financing Activities
As of June 30, 2026, MAA had $882.8 million of combined cash and available capacity under MAALP's unsecured revolving credit facility.

In June 2026, MAALP entered into the DDTL Facility in the aggregate committed principal amount of up to $350.0 million.  Advances of loans under the DDTL Facility may be requested by MAALP in one or more draws (subject to a maximum of five draws) and will be available until December 21, 2026.  The DDTL Facility is scheduled to mature in November 2030. Amounts borrowed under the DDTL Facility will bear interest at a variable rate, at MAALP's election, either (1) based upon the Secured Overnight Financing Rate (SOFR) plus an applicable margin ranging from 0.675% to 1.550% based upon MAALP's credit rating or (2) a base rate plus an applicable margin ranging from 0.00% to 0.55% based upon MAALP's credit rating. The DDTL Facility also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million until December 21, 2026. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility. MAALP intends to use the loan proceeds for general corporate purposes, including repayment of other debt.

During the second quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $130.66 for total consideration of $50 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2026 were $182.5 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of June 30, 2026 are summarized below (dollars in billions):

Total debt to adjusted

total assets (1)

Net Debt/Adjusted

EBITDAre (2)

Total debt

outstanding

Average effective

interest rate

Fixed rate debt as a %

of total debt

Total debt average

years to maturity

31.2 %

4.5x

$

5.7

3.9 %

86.6 %

6.0

(1)

As defined in the covenants for the unsecured senior notes issued by MAALP.

(2) 

Adjusted EBITDAre is calculated for the trailing twelve month period ended June 30, 2026. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

130th Consecutive Quarterly Common Dividend Declared
MAA declared its 130th consecutive quarterly common dividend, which will be paid on July 31, 2026 to holders of record on July 15, 2026. The current annual dividend rate is $6.12 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time.

2026 Earnings and Same Store Guidance 
MAA is updating its prior 2026 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2026 Guidance

Previous Range

Previous Midpoint

Updated Range

Updated Midpoint

Earnings:

Full Year 2026

Full Year 2026

Full Year 2026

Full Year 2026

Earnings per common share - diluted

$4.18 to $4.50

$4.34

$3.96 to $4.20

$4.08

Core FFO per Share - diluted

$8.37 to $8.69

$8.53

$8.41 to $8.65

$8.53

Core AFFO per Share - diluted

$7.34 to $7.66

$7.50

$7.38 to $7.62

$7.50

MAA Same Store Portfolio:

Property revenue growth

-0.20% to 1.30%

0.55 %

-0.20% to 0.40%

0.10 %

Property operating expense growth

1.90% to 3.40%

2.65 %

1.25% to 2.25%

1.75 %

NOI growth

-1.70% to 0.30%

-0.70 %

-1.70% to 0.10%

-0.90 %

MAA expects Core FFO for the third quarter of 2026 to be in the range of $2.04 to $2.16 per diluted Share, or $2.10 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the second quarter of 2026 to the midpoint of MAA's guidance for the third quarter of 2026 is summarized below:

Core FFO per diluted Share

Q2 2026 per diluted Share reported results

$

2.08

Same Store NOI

0.01

Non Same Store NOI

0.02

Interest expense

(0.01)

Q3 2026 per diluted Share guidance midpoint

$

2.10

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release. 

Supplemental Material and Conference Call
Supplemental Data to this release can be found on the "For Investors" page of the MAA website at www.maac.com. MAA will host a conference call to further discuss second quarter results on July 30, 2026, at 9:00 AM Central Time. The conference call-in number is (888) 596-4144. You may also join the live webcast of the conference call by accessing the "For Investors" page of the MAA website at www.maac.com. MAA's filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2026, MAA had ownership interest in 104,698 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at [email protected], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements
This release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Rental and other property revenues

$

555,127

$

549,902

$

1,108,852

$

1,099,197

Net income available for MAA common shareholders

$

120,828

$

107,205

$

244,265

$

287,956

Total NOI (1)

$

336,407

$

335,248

$

684,560

$

683,190

Earnings per common share: (2)

Basic

$

1.04

$

0.92

$

2.10

$

2.46

Diluted

$

1.04

$

0.92

$

2.10

$

2.46

Funds from operations per Share - diluted: (2)

FFO (1)

$

2.10

$

2.19

$

4.32

$

4.39

Core FFO (1)

$

2.08

$

2.15

$

4.21

$

4.35

Core AFFO (1)

$

1.77

$

1.85

$

3.74

$

3.89

Dividends declared per common share

$

1.530

$

1.515

$

3.060

$

3.030

Dividends/Core FFO (diluted) payout ratio

73.6

%

70.5

%

72.7

%

69.7

%

Dividends/Core AFFO (diluted) payout ratio

86.4

%

81.9

%

81.8

%

77.9

%

Consolidated interest expense

$

53,132

$

45,111

$

104,541

$

90,272

Debt discount and debt issuance cost amortization

(1,776)

(1,624)

(3,535)

(3,241)

Capitalized interest

4,408

5,048

8,280

10,153

Total interest incurred

$

55,764

$

48,535

$

109,286

$

97,184

(1)

The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.

(2)

See the "Share and Unit Data" section for additional information.

Dollars in thousands, except share price

June 30, 2026

December 31, 2025

Gross Assets (1)

$

18,238,708

$

17,921,913

Gross Real Estate Assets (1)

$

17,968,887

$

17,662,513

Total debt

$

5,691,901

$

5,405,372

Common shares and units outstanding

118,944,528

119,819,916

Share price

$

138.94

$

138.91

Book equity value

$

5,601,501

$

5,839,645

Market equity value

$

16,526,153

$

16,644,185

Net Debt/Adjusted EBITDAre (2)

4.5x

4.3x

(1)

Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable, net and Secured notes payable, net to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Revenues:

Rental and other property revenues

$

555,127

$

549,902

$

1,108,852

$

1,099,197

Expenses:

Operating expenses, excluding real estate taxes and insurance

136,525

132,465

264,138

257,420

Real estate taxes and insurance

82,195

82,189

160,154

158,587

Depreciation and amortization

162,548

153,521

324,418

305,871

Total property operating expenses

381,268

368,175

748,710

721,878

Property management expenses

17,955

17,511

40,416

38,089

General and administrative expenses

15,146

12,813

31,862

28,432

Interest expense

53,132

45,111

104,541

90,272

(Gain) loss on sale of depreciable real estate assets

(35,255)

69

(55,419)

(71,842)

Other non-operating income

(2,102)

(4,722)

(18,107)

(5,556)

Income before income tax expense

124,983

110,945

256,849

297,924

Income tax expense

(454)

(600)

(5,975)

(1,638)

Income from continuing operations before real estate joint venture activity

124,529

110,345

250,874

296,286

Income from real estate joint venture

289

530

555

995

Net income

124,818

110,875

251,429

297,281

Net income attributable to noncontrolling interests

3,068

2,748

5,320

7,481

Net income available for shareholders

121,750

108,127

246,109

289,800

Dividends to MAA Series I preferred shareholders

922

922

1,844

1,844

Net income available for MAA common shareholders

$

120,828

$

107,205

$

244,265

$

287,956

Earnings per common share - basic:

Net income available for common shareholders

$

1.04

$

0.92

$

2.10

$

2.46

Earnings per common share - diluted:

Net income available for common shareholders

$

1.04

$

0.92

$

2.10

$

2.46

SHARE AND UNIT DATA

Shares and units in thousands

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net Income Shares (1)

Weighted average common shares - basic

116,079

116,976

116,349

116,908

Effect of dilutive securities

65

187

96

241

Weighted average common shares - diluted

116,144

117,163

116,445

117,149

Funds From Operations Shares And Units

Weighted average common shares and units - basic

119,009

119,950

119,284

119,932

Weighted average common shares and units - diluted

119,094

120,015

119,360

119,995

Period End Shares And Units

Common shares at June 30,

116,015

117,071

116,015

117,071

Operating Partnership units at June 30,

2,930

2,950

2,930

2,950

Total common shares and units at June 30,

118,945

120,021

118,945

120,021

(1)

For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA's Quarterly Report on Form 10-Q for the three months ended June 30, 2026, expected to be filed with the SEC on or about July 30, 2026.

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)

June 30, 2026

December 31, 2025

Assets

Real estate assets:

Land

$

2,176,947

$

2,129,401

Buildings and improvements and other

15,218,047

14,852,509

Development and capital improvements in progress

406,830

426,759

17,801,824

17,408,669

Less: Accumulated depreciation

(6,244,124)

(5,914,017)

11,557,700

11,494,652

Undeveloped land

73,359

73,359

Investment in real estate joint venture

41,868

41,313

Real estate assets, net

11,672,927

11,609,324

Cash and cash equivalents

51,836

60,258

Restricted cash

13,168

13,717

Other assets

256,653

245,683

Assets held for sale

—

46,401

Total assets

$

11,994,584

$

11,975,383

Liabilities and equity

Liabilities:

Unsecured notes payable, net

$

5,331,445

$

5,044,979

Secured notes payable, net

360,456

360,393

Accrued expenses and other liabilities

701,182

730,366

Total liabilities

6,393,083

6,135,738

Redeemable common stock

18,907

20,402

Shareholders' equity:

Preferred stock

9

9

Common stock

1,157

1,166

Additional paid-in capital

7,283,817

7,401,962

Accumulated distributions in excess of net income

(1,846,433)

(1,734,986)

Accumulated other comprehensive loss

(4,555)

(5,300)

Total MAA shareholders' equity

5,433,995

5,662,851

Noncontrolling interests - Operating Partnership units

136,117

141,503

Total shareholders' equity

5,570,112

5,804,354

Noncontrolling interests - consolidated real estate entities

12,482

14,889

Total equity

5,582,594

5,819,243

Total liabilities and equity

$

11,994,584

$

11,975,383

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD

Amounts in thousands, except per share and unit data

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income available for MAA common shareholders

$

120,828

$

107,205

$

244,265

$

287,956

Depreciation and amortization of real estate assets

161,037

152,149

321,530

303,140

(Gain) loss on sale of depreciable real estate assets

(35,255)

69

(55,419)

(71,842)

MAA's share of depreciation and amortization of real estate assets of real estate joint venture

168

167

338

331

Net income attributable to noncontrolling interests

3,068

2,748

5,320

7,481

FFO attributable to common shareholders and unitholders

249,846

262,338

516,034

527,066

(Gain) loss on embedded derivative in preferred shares (1)

(1,091)

(1,693)

483

(1,283)

Loss (gain) on investments, net of tax (1)(2)

1,068

317

(16,169)

(337)

Casualty related (recoveries) and charges, net (1)

(2,299)

(3,346)

2,220

(3,568)

Core FFO attributable to common shareholders and unitholders

247,524

257,616

502,568

521,878

Recurring capital expenditures

(37,242)

(35,343)

(55,990)

(55,449)

Core AFFO attributable to common shareholders and unitholders

210,282

222,273

446,578

466,429

Redevelopment capital expenditures

(31,749)

(15,435)

(42,516)

(32,844)

Revenue enhancing capital expenditures

(23,519)

(20,104)

(38,081)

(35,292)

Commercial capital expenditures

(2,161)

(2,755)

(3,379)

(6,729)

Other capital expenditures

(10,608)

(12,048)

(22,703)

(27,489)

FAD attributable to common shareholders and unitholders

$

142,245

$

171,931

$

339,899

$

364,075

Dividends and distributions paid

$

182,546

$

181,814

$

365,906

$

363,581

Weighted average common shares - diluted

116,144

117,163

116,445

117,149

FFO weighted average common shares and units - diluted

119,094

120,015

119,360

119,995

Earnings per common share - diluted:

Net income available for common shareholders

$

1.04

$

0.92

$

2.10

$

2.46

FFO per Share - diluted

$

2.10

$

2.19

$

4.32

$

4.39

Core FFO per Share - diluted

$

2.08

$

2.15

$

4.21

$

4.35

Core AFFO per Share - diluted

$

1.77

$

1.85

$

3.74

$

3.89

(1)

Included in Other non-operating income in the Consolidated Statements of Operations.

(2)

For the three months ended June 30, 2026 and 2025, loss on investments is presented net of tax benefit of $0.3 million and $0.1 million, respectively. For the six months ended June 30, 2026 and 2025, gain on investments is presented net of tax expense of $4.3 million and $0.1 million, respectively.

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME

Dollars in thousands

Three Months Ended

Six Months Ended

June 30,
2026

March 31,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Net income available for MAA common shareholders

$

120,828

$

123,437

$

107,205

$

244,265

$

287,956

Depreciation and amortization

162,548

161,870

153,521

324,418

305,871

Property management expenses

17,955

22,461

17,511

40,416

38,089

General and administrative expenses

15,146

16,716

12,813

31,862

28,432

Interest expense

53,132

51,409

45,111

104,541

90,272

(Gain) loss on sale of depreciable real estate assets

(35,255)

(20,164)

69

(55,419)

(71,842)

Other non-operating (income) expense

(2,102)

(16,005)

(4,722)

(18,107)

(5,556)

Income tax expense

454

5,521

600

5,975

1,638

Income from real estate joint venture

(289)

(266)

(530)

(555)

(995)

Net income attributable to noncontrolling interests

3,068

2,252

2,748

5,320

7,481

Dividends to MAA Series I preferred shareholders

922

922

922

1,844

1,844

Total NOI

$

336,407

$

348,153

$

335,248

$

684,560

$

683,190

Same Store NOI

$

316,219

$

328,696

$

319,502

$

644,915

$

652,418

Non-Same Store and Other NOI

20,188

19,457

15,746

39,645

30,772

Total NOI

$

336,407

$

348,153

$

335,248

$

684,560

$

683,190

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands

Three Months Ended

Twelve Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

December 31, 2025

Net income

$

124,818

$

110,875

$

410,714

$

456,566

Depreciation and amortization

162,548

153,521

640,842

622,295

Interest expense

53,132

45,111

199,526

185,257

Income tax expense

454

600

8,932

4,595

EBITDA

340,952

310,107

1,260,014

1,268,713

(Gain) loss on sale of depreciable real estate assets

(35,255)

69

(55,643)

(72,066)

Adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates

422

351

1,571

1,424

EBITDAre

306,119

310,527

1,205,942

1,198,071

(Gain) loss on embedded derivative in preferred shares (1)

(1,091)

(1,693)

655

(1,111)

Loss (gain) on investments (1)

1,414

397

(27,524)

(7,457)

Casualty related (recoveries) and charges, net (1)

(2,299)

(3,346)

1,190

(4,598)

Legal costs, settlements and (recoveries), net (1)(2)

—

—

61,908

61,908

Adjusted EBITDAre

$

304,143

$

305,885

$

1,242,171

$

1,246,813

(1)

Included in Other non-operating income in the Consolidated Statements of Operations

(2)

During both the twelve months ended June 30, 2026 and December 31, 2025, in accordance with its accounting policies, MAA recognized $61.9 million of accrued legal settlements and legal defense costs.

RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT

Dollars in thousands

June 30, 2026

December 31, 2025

Unsecured notes payable, net

$

5,331,445

$

5,044,979

Secured notes payable, net

360,456

360,393

Total debt

5,691,901

5,405,372

Cash and cash equivalents

(51,836)

(60,258)

Net Debt

$

5,640,065

$

5,345,114

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands

June 30, 2026

December 31, 2025

Total assets

$

11,994,584

$

11,975,383

Accumulated depreciation

6,244,124

5,914,017

Accumulated depreciation for Assets held for sale (1)

—

32,513

Gross Assets

$

18,238,708

$

17,921,913

(1)

Included in Assets held for sale in the Consolidated Balance Sheets. 

RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

Dollars in thousands

June 30, 2026

December 31, 2025

Real estate assets, net

$

11,672,927

$

11,609,324

Accumulated depreciation

6,244,124

5,914,017

Assets held for sale, net

—

46,401

Accumulated depreciation for Assets held for sale (1)

—

32,513

Cash and cash equivalents

51,836

60,258

Gross Real Estate Assets

$

17,968,887

$

17,662,513

(1)

Included in Assets held for sale in the Consolidated Balance Sheets.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre
For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA's core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges and (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)
Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)
Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA's methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA's share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)
FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

Funds From Operations (FFO)
FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets
Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets
Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt
Net Debt represents Unsecured notes payable,net and Secured notes payable,net less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.

NON-GAAP FINANCIAL MEASURES (Continued)

Net Operating Income (NOI)
Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI
Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Same Store NOI
Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit
Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy
Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities
Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Effective Blended Lease Rate Growth
Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period.

Effective New Lease Rate Growth
Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Effective Renewal Lease Rate Growth
Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.             

Lease-up Communities
New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio
Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover
Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a trailing twelve month basis as of the end of the reported quarter.

Same Store Portfolio (or Same Store)
MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

SOURCE MAA

Posted by Defense World Staff on Jul 28th, 2026

Entropy Technologies LP acquired a new position in Mid-America Apartment Communities, Inc. (NYSE:MAA – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,063 shares of the real estate investment trust’s stock, valued at approximately $1,351,000.

A number of other hedge funds have also modified their holdings of the company. Physician Wealth Advisors Inc. raised its holdings in shares of Mid-America Apartment Communities by 65.2% during the fourth quarter. Physician Wealth Advisors Inc. now owns 190 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 75 shares during the last quarter. Values First Advisors Inc. raised its stake in shares of Mid-America Apartment Communities by 0.5% during the 1st quarter. Values First Advisors Inc. now owns 15,472 shares of the real estate investment trust’s stock worth $1,889,000 after buying an additional 82 shares during the period. Blue Trust Inc. lifted its position in shares of Mid-America Apartment Communities by 9.6% during the 4th quarter. Blue Trust Inc. now owns 1,041 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 91 shares in the last quarter. New Mexico Educational Retirement Board lifted its position in shares of Mid-America Apartment Communities by 1.9% during the 4th quarter. New Mexico Educational Retirement Board now owns 5,400 shares of the real estate investment trust’s stock valued at $750,000 after buying an additional 100 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in Mid-America Apartment Communities by 1.5% in the 4th quarter. Larson Financial Group LLC now owns 7,008 shares of the real estate investment trust’s stock valued at $974,000 after acquiring an additional 102 shares during the period. 93.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets In related news, Director Tamara D. Fischer acquired 1,100 shares of the stock in a transaction on Thursday, May 21st. The shares were bought at an average price of $128.55 per share, with a total value of $141,405.00. Following the completion of the purchase, the director owned 1,100 shares of the company’s stock, valued at approximately $141,405. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.60% of the company’s stock.

Mid-America Apartment Communities Stock Down 0.4% MAA stock opened at $133.41 on Tuesday. The company has a market cap of $15.53 billion, a price-to-earnings ratio of 40.43 and a beta of 0.74. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.99. Mid-America Apartment Communities, Inc. has a 12 month low of $120.30 and a 12 month high of $152.35. The firm has a 50-day moving average of $134.87 and a two-hundred day moving average of $131.79.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last released its earnings results on Wednesday, April 29th. The real estate investment trust reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $1.30. The business had revenue of $553.73 million for the quarter, compared to analyst estimates of $555.75 million. Mid-America Apartment Communities had a net margin of 17.60% and a return on equity of 6.61%. The business’s revenue was up .8% on a year-over-year basis. During the same period last year, the company posted $2.20 EPS. Mid-America Apartment Communities has set its Q2 2026 guidance at 2.000-2.120 EPS and its FY 2026 guidance at 8.370-8.690 EPS. As a group, analysts forecast that Mid-America Apartment Communities, Inc. will post 8.51 earnings per share for the current fiscal year.

Mid-America Apartment Communities Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be given a dividend of $1.53 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.12 dividend on an annualized basis and a yield of 4.6%. Mid-America Apartment Communities’s dividend payout ratio (DPR) is presently 185.45%.

Analysts Set New Price Targets Several brokerages recently commented on MAA. Wall Street Zen lowered shares of Mid-America Apartment Communities from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Barclays increased their price objective on shares of Mid-America Apartment Communities from $139.00 to $147.00 and gave the company an “equal weight” rating in a report on Tuesday, July 14th. UBS Group cut their target price on shares of Mid-America Apartment Communities from $134.00 to $132.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Truist Financial upped their price target on shares of Mid-America Apartment Communities from $136.00 to $146.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Mid-America Apartment Communities in a research note on Thursday, July 16th. They issued a “neutral” rating and a $147.00 price target on the stock. Eight analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $145.25.

Read Our Latest Stock Analysis on Mid-America Apartment Communities

About Mid-America Apartment Communities (Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

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Apartment real estate investment trusts (REITs) are set up for a better second half of 2026, and the July income calendar makes this a natural moment to look at the group. New multifamily supply is rolling off. Housing starts peaked at 1.522 million units in March and fell to 1.177 million by May, a sharp deceleration that historically translates into stronger pricing power for existing landlords 12 to 18 months out. Demographics reinforce the setup: Millennials aging into peak household formation and Gen Z entering the rental market are colliding with a construction sector whose Q1 2026 growth was just 1.0%, keeping structural undersupply intact.

Three names stand out for investors who want durable, cash distributions rather than speculation. Each is a different flavor of the same thesis.

Mid-America Apartment Communities (MAA) Mid-America Apartment Communities (NYSE:MAA | MAA Price Prediction) is the Sun Belt anchor of this list, with a $16.8 billion market cap and a dividend record that few residential REITs can match. Management just declared its 128th consecutive quarterly dividend, extending a payout streak that dates back to the company’s 1994 IPO with no cuts or suspensions. The 2026 quarterly rate stepped up to $1.53 per share from $1.515 in 2025, and the forward yield sits around 4.3%. The next payment comes on July 31 with an ex-dividend date is July 15.

The bull case is clear. MAA guided 2026 Core FFO to $8.35 to $8.71 per share, and CEO Brad Hill has been direct that Sun Belt supply is decelerating in a way that should reset lease pricing. Same-store occupancy held at 95.7% in Q4 2025, and an $932 million, 2,522-unit development pipeline gives the company organic growth optionality without needing to overpay in the acquisition market. Shares have quietly perked up, gaining 3.75% year to date to $142.67.

Risk to watch: Q4 2025 EPS came in at 48 cents, missing the 90-cent estimate, and a $53 million legal settlement charge plus roughly 25 cents per share of interest expense headwind in 2026 mean the recovery will be uneven quarter to quarter.

Equity Residential (EQR) Equity Residential (NYSE:EQR) is the coastal counterweight to MAA. At a $27 billion market cap, it is the largest name on this list, and its urban portfolio is doing exactly what the bull thesis predicted. San Francisco delivered 6.0% Q4 revenue growth and New York 4.2% growth at 97.6% occupancy. Resident turnover fell to 7.8% in Q1 2026, the lowest in company history, which is the sort of retention that quietly compounds cash flow.

The dividend was raised 1.4% to an annual rate of $2.81, with the last payment of 70 cents hitting shareholders on July 10. Yield sits at roughly 4.0%. Management has been aggressive on capital returns, repurchasing about 4.8 million shares in 2025 at an average price of $62.03, with another $200 million planned for the first half of 2026. S&P affirmed the A- credit rating with a positive outlook, and Goldman Sachs raised its price target to $71. Shares are up 14.68% year to date to $70.62.

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Risk to watch: EQR’s expansion markets (Denver, Atlanta, Dallas/Austin) are still showing negative revenue growth, and Q1 2026 EPS of $0.24 missed the $0.29 estimate after $36.6 million of insurance and litigation reserves. Income-focused investors interested in building broader dividend exposure alongside REITs may want to review the free Ten Dividend Kings research report as a companion read.

Camden Property Trust (CPT) Camden Property Trust (NYSE:CPT) is the smallest of the three at a $11.6 billion market cap, and it is the most direct bet on the Sun Belt supply cliff. The portfolio spans 172 properties and 58,759 apartment homes across 16 markets. Q1 2026 EPS of 40 cents beat the 25-cent estimate, and management raised the 2026 EPS midpoint to 66 cents with Core FFO guided to $6.60 to $6.90 per share.

Under new CEO Alex Jessett, Camden is deploying its $600 million share repurchase program aggressively, buying back 2.63 million shares in Q1 at an average $105.88, plus $171.3 million of post-quarter acquisitions in Alpharetta and Lake Nona. The last quarterly dividend of $1.06 paid out on July 17, for an annualized rate of $4.24 and a yield of about 3.6%. Shares have gained 8.39% year to date to $118.24.

Risk to watch: Same-property NOI declined 0.7% year over year, Austin revenue fell 2.7%, and a $53 million litigation settlement tied to revenue management software pushed net debt to EBITDA to 4.7x. Blended new lease rates were still negative at -1.4%, so the pricing recovery is not yet in the numbers.

What to Watch Next All three REITs pay in July, all three have raised distributions into 2026, and all three benefit from the same supply-demand equation. MAA offers the deepest dividend track record and highest yield, EQR offers the coastal recovery story with the strongest year-to-date price action, and CPT offers the highest-conviction Sun Belt turnaround if new leases inflect positive later in 2026. The catalyst to keep an eye on: Q2 2026 earnings reports, where blended lease rate trends will show whether the supply thesis is finally translating into pricing power.

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Contact [email protected] for any questions or corrections.

Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System lessened its stake in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA – Free Report) by 34.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 269,258 shares of the real estate investment trust’s stock after selling 138,697 shares during the period. California Public Employees Retirement System owned 0.23% of Mid-America Apartment Communities worth $32,882,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. State Street Corp grew its holdings in shares of Mid-America Apartment Communities by 1.6% in the third quarter. State Street Corp now owns 8,119,375 shares of the real estate investment trust’s stock valued at $1,134,520,000 after purchasing an additional 125,130 shares during the period. Norges Bank acquired a new stake in Mid-America Apartment Communities during the fourth quarter worth about $750,603,000. Viking Global Investors LP raised its stake in Mid-America Apartment Communities by 46.7% during the fourth quarter. Viking Global Investors LP now owns 3,880,048 shares of the real estate investment trust’s stock worth $538,977,000 after purchasing an additional 1,234,966 shares during the period. Geode Capital Management LLC raised its stake in Mid-America Apartment Communities by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 3,423,986 shares of the real estate investment trust’s stock worth $473,977,000 after purchasing an additional 40,028 shares during the period. Finally, Invesco Ltd. boosted its holdings in Mid-America Apartment Communities by 6.7% in the 4th quarter. Invesco Ltd. now owns 2,154,600 shares of the real estate investment trust’s stock valued at $299,295,000 after purchasing an additional 134,739 shares during the last quarter. Hedge funds and other institutional investors own 93.60% of the company’s stock.

Mid-America Apartment Communities Stock Performance Shares of Mid-America Apartment Communities stock opened at $132.24 on Wednesday. The stock has a market capitalization of $15.39 billion, a price-to-earnings ratio of 40.07 and a beta of 0.74. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.13 and a quick ratio of 0.13. The business has a 50-day moving average of $134.45 and a 200 day moving average of $131.95. Mid-America Apartment Communities, Inc. has a 12 month low of $120.30 and a 12 month high of $153.93.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $1.30. Mid-America Apartment Communities had a net margin of 17.60% and a return on equity of 6.61%. The company had revenue of $553.73 million for the quarter, compared to analyst estimates of $555.75 million. During the same period in the prior year, the firm earned $2.20 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Mid-America Apartment Communities has set its Q2 2026 guidance at 2.000-2.120 EPS and its FY 2026 guidance at 8.370-8.690 EPS. As a group, sell-side analysts forecast that Mid-America Apartment Communities, Inc. will post 8.5 earnings per share for the current year.

Mid-America Apartment Communities Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be paid a $1.53 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.12 annualized dividend and a dividend yield of 4.6%. Mid-America Apartment Communities’s payout ratio is 185.45%.

Insider Activity In related news, Director Tamara D. Fischer bought 1,100 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was purchased at an average cost of $128.55 per share, for a total transaction of $141,405.00. Following the completion of the acquisition, the director owned 1,100 shares in the company, valued at approximately $141,405. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.60% of the company’s stock.

Analyst Ratings Changes Several analysts have recently weighed in on the stock. Scotiabank increased their price target on shares of Mid-America Apartment Communities from $129.00 to $137.00 and gave the company a “sector underperform” rating in a research note on Thursday, July 9th. Morgan Stanley lifted their price target on shares of Mid-America Apartment Communities from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Piper Sandler upped their price objective on Mid-America Apartment Communities from $140.00 to $143.00 and gave the company a “neutral” rating in a report on Tuesday. Truist Financial increased their price objective on Mid-America Apartment Communities from $136.00 to $146.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Finally, Cantor Fitzgerald cut their target price on Mid-America Apartment Communities from $141.00 to $132.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. Eight analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Mid-America Apartment Communities currently has an average rating of “Hold” and an average price target of $144.75.

Check Out Our Latest Research Report on Mid-America Apartment Communities

About Mid-America Apartment Communities (Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

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CAMBRIDGE, Mass.--(BUSINESS WIRE)--Scholar Rock (NASDAQ: SRRK), a global biopharmaceutical company dedicated to improving the lives of patients with rare, severe, and debilitating neuromuscular diseases by applying its world-leading platform in myostatin biology, today provided an update on the anticipated timing of a Committee for Medicinal Products for Human Use (CHMP) opinion for the apitegromab marketing authorisation application (MAA) for children and adults with spinal muscular atrophy (S.

Mid-America Apartment Communities is efficiently priced, with the current NAVPS only 4.5% above the market price, warranting a hold rating. MAA's Sunbelt-focused portfolio benefits from strong job growth, in-migration, and affordability but faces headwinds from recent oversupply in key markets. Operating performance is stabilizing, with negative new lease growth moderating and same-store NOI growth guidance for 2026 less negative than 2025.

© Ridofranz / Getty Images

If Mid-America Apartment Communities (NYSE:MAA | MAA Price Prediction) lives up to its billing as a retiree’s hedge against a hawkish Fed, the dividend has to be the load-bearing wall. With the 10-year Treasury at 4.49% and the Warsh Fed potentially pivoting back toward hikes, MAA’s ~4.6% yield on Sun Belt apartments needs to be durable. Let’s see if it is.

Dividend Snapshot Metric Value Annual Dividend $6.12 per share Dividend Yield ~4.6% Consecutive Quarterly Payments 128 Consecutive Annual Increases ~15 years Most Recent Raise ~1% (Dec 2025) Aristocrat Status No (not yet) Core FFO Cleanly Outruns the Payout REIT dividends are funded by cash flow rather than GAAP earnings, so the headline payout ratio looks scary until you adjust. The $6.12 dividend against FY2025 GAAP EPS of $3.78 is over 100%, normal for a depreciation-heavy REIT. What matters is Core FFO.

Metric Value Assessment FFO Payout Ratio (2025) ~70% Healthy AFFO Payout Ratio (2025) ~78.6% Adequate 2026 FFO Payout (Guided) ~71.7% Healthy Management’s 2026 Core FFO midpoint of $8.53 leaves roughly $2.41 per share above the dividend. That cushion absorbs the $0.25/share interest expense headwind from refinancing without breaking a sweat.

Balance Sheet Built for a Hawkish Fed Metric Value Assessment Net Debt/EBITDA 4.5x Manageable Avg Debt Maturity 6.1 years Strong Effective Rate on Debt 3.9% Locked in low Liquidity ~$840M cash + revolver capacity Solid buffer With debt locked at 3.9% for an average of 6.1 years, a Warsh rate-hike scenario pressures the refinancing math at the margin while leaving the dividend intact.

A 27-Year Streak Without a Cut Year Annual Dividend 2026 $6.12 2025 $6.06 2024 $5.88 2023 $5.60 2022 $4.78 MAA paid through 2008-2009 without a cut and has hiked every year since 2010. Recent growth has decelerated to ~1%, which is the fair tradeoff for a payout that’s never been broken.

Management’s Dividend Doctrine CEO Brad Hill on the Q1 2026 call: “We’re really focused on generating high-quality compounding earnings growth that supports a steady and growing dividend. We really think that’s the best way to drive total shareholder return over the full cycle.” COO Tim Argo reported Q1 2026 occupancy at 95.5% and net delinquency at just 0.3% of billings. Those are the numbers that fund the check.

Verdict: Safe, With Slow Growth Baked In Dividend Safety Rating: Safe. The ~72% FFO payout, 4.5x leverage, and Sun Belt demand backdrop (deliveries down 40% YoY) all point one way. The income case holds up for investors who can accept low-single-digit raises while supply digests through 2027. The risk case sharpens if a hawkish Fed crushes job growth in Texas and Florida, since blended lease pricing is already running negative 0.3%. On balance, this dividend is built to outlast the rate cycle.

Posted by Defense World Staff on Apr 7th, 2026

Mid-America Apartment Communities, Inc. (NYSE:MAA – Get Free Report) EVP Aubrey Clay Holder sold 145 shares of Mid-America Apartment Communities stock in a transaction on Monday, April 6th. The shares were sold at an average price of $124.73, for a total transaction of $18,085.85. Following the completion of the sale, the executive vice president owned 13,679 shares in the company, valued at approximately $1,706,181.67. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Aubrey Clay Holder also recently made the following trade(s):

On Thursday, January 8th, Aubrey Clay Holder sold 73 shares of Mid-America Apartment Communities stock. The stock was sold at an average price of $134.98, for a total transaction of $9,853.54. On Tuesday, January 6th, Aubrey Clay Holder sold 51 shares of Mid-America Apartment Communities stock. The shares were sold at an average price of $136.50, for a total transaction of $6,961.50. Mid-America Apartment Communities Trading Down 0.1% Shares of Mid-America Apartment Communities stock opened at $124.80 on Tuesday. Mid-America Apartment Communities, Inc. has a twelve month low of $120.30 and a twelve month high of $169.00. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average price of $130.13 and a 200-day moving average price of $132.96. The firm has a market cap of $14.59 billion, a price-to-earnings ratio of 33.02 and a beta of 0.80.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last announced its quarterly earnings results on Wednesday, February 4th. The real estate investment trust reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($1.74). The firm had revenue of $555.56 million for the quarter, compared to the consensus estimate of $556.80 million. Mid-America Apartment Communities had a net margin of 20.23% and a return on equity of 7.44%. Mid-America Apartment Communities’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.23 earnings per share. Mid-America Apartment Communities has set its Q1 2026 guidance at 2.050-2.170 EPS and its FY 2026 guidance at 8.350-8.710 EPS. Equities research analysts anticipate that Mid-America Apartment Communities, Inc. will post 8.84 EPS for the current fiscal year.

Mid-America Apartment Communities Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be issued a $1.53 dividend. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $6.12 dividend on an annualized basis and a dividend yield of 4.9%. Mid-America Apartment Communities’s dividend payout ratio (DPR) is 161.90%.

Institutional Investors Weigh In On Mid-America Apartment Communities Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Mid-America Apartment Communities during the 4th quarter worth about $750,603,000. Viking Global Investors LP bought a new position in Mid-America Apartment Communities during the 3rd quarter valued at about $369,597,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Mid-America Apartment Communities by 621.0% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,208,081 shares of the real estate investment trust’s stock worth $168,805,000 after purchasing an additional 1,040,525 shares during the period. Millennium Management LLC lifted its stake in Mid-America Apartment Communities by 3,129.2% in the fourth quarter. Millennium Management LLC now owns 738,065 shares of the real estate investment trust’s stock worth $102,525,000 after purchasing an additional 715,209 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Mid-America Apartment Communities by 461.9% in the second quarter. Daiwa Securities Group Inc. now owns 721,418 shares of the real estate investment trust’s stock worth $106,777,000 after purchasing an additional 593,020 shares during the last quarter. Hedge funds and other institutional investors own 93.60% of the company’s stock.

Analyst Upgrades and Downgrades A number of research firms recently issued reports on MAA. Citigroup decreased their price target on shares of Mid-America Apartment Communities from $155.00 to $148.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. BMO Capital Markets upgraded shares of Mid-America Apartment Communities from a “hold” rating to an “outperform” rating and upped their target price for the company from $150.00 to $158.00 in a research report on Friday, January 9th. Mizuho increased their price target on shares of Mid-America Apartment Communities from $146.00 to $150.00 and gave the company an “outperform” rating in a report on Monday, January 12th. Truist Financial dropped their price target on Mid-America Apartment Communities from $142.00 to $136.00 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Mid-America Apartment Communities in a research note on Friday, March 27th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $149.74.

Get Our Latest Stock Analysis on Mid-America Apartment Communities

About Mid-America Apartment Communities (Get Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

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Mid-America Apartment has quality assets trading and is trading at an  attractive valuation. MAA's 2026 core FFO guidance is $8.53, pressured mainly by rising interest expenses rather than rent declines. Sunbelt apartment oversupply is abating, with new starts down sharply, setting up for potential rent growth in 12–18 months.

Posted by Defense World Staff on Apr 16th, 2026

B&I Capital AG grew its position in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA – Free Report) by 11.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,975 shares of the real estate investment trust’s stock after buying an additional 5,500 shares during the quarter. Mid-America Apartment Communities accounts for approximately 2.7% of B&I Capital AG’s investment portfolio, making the stock its 15th biggest holding. B&I Capital AG’s holdings in Mid-America Apartment Communities were worth $7,637,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of MAA. Viking Global Investors LP bought a new position in shares of Mid-America Apartment Communities during the 3rd quarter worth approximately $369,597,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Mid-America Apartment Communities by 621.0% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,208,081 shares of the real estate investment trust’s stock worth $168,805,000 after buying an additional 1,040,525 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Mid-America Apartment Communities in the 2nd quarter worth approximately $54,314,000. UBS Group AG raised its holdings in shares of Mid-America Apartment Communities by 65.7% in the 3rd quarter. UBS Group AG now owns 712,167 shares of the real estate investment trust’s stock worth $99,511,000 after purchasing an additional 282,278 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Mid-America Apartment Communities by 10.0% in the 3rd quarter. Invesco Ltd. now owns 2,019,861 shares of the real estate investment trust’s stock worth $282,235,000 after purchasing an additional 184,453 shares during the period. Institutional investors own 93.60% of the company’s stock.

Insider Activity In other news, EVP Amber Fairbanks sold 711 shares of Mid-America Apartment Communities stock in a transaction on Monday, April 6th. The shares were sold at an average price of $124.73, for a total transaction of $88,683.03. Following the completion of the sale, the executive vice president directly owned 4,471 shares of the company’s stock, valued at approximately $557,667.83. The trade was a 13.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 1,039 shares of company stock worth $129,594. Insiders own 1.20% of the company’s stock.

Mid-America Apartment Communities Stock Down 1.7% Mid-America Apartment Communities stock opened at $124.14 on Thursday. Mid-America Apartment Communities, Inc. has a 1-year low of $120.30 and a 1-year high of $169.00. The firm has a market capitalization of $14.51 billion, a price-to-earnings ratio of 32.84 and a beta of 0.80. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.93. The firm has a 50 day simple moving average of $129.01 and a 200 day simple moving average of $132.29.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The real estate investment trust reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($1.74). The firm had revenue of $555.56 million for the quarter, compared to analysts’ expectations of $556.80 million. Mid-America Apartment Communities had a net margin of 20.23% and a return on equity of 7.44%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.23 earnings per share. Mid-America Apartment Communities has set its Q1 2026 guidance at 2.050-2.170 EPS and its FY 2026 guidance at 8.350-8.710 EPS. On average, analysts predict that Mid-America Apartment Communities, Inc. will post 8.84 earnings per share for the current year.

Mid-America Apartment Communities Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th will be given a dividend of $1.53 per share. This represents a $6.12 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Wednesday, April 15th. Mid-America Apartment Communities’s payout ratio is 161.90%.

Analyst Ratings Changes MAA has been the topic of a number of research reports. Morgan Stanley lowered their price target on shares of Mid-America Apartment Communities from $164.00 to $156.00 and set an “overweight” rating on the stock in a report on Monday, March 16th. Truist Financial lowered their price target on shares of Mid-America Apartment Communities from $142.00 to $136.00 and set a “buy” rating on the stock in a report on Tuesday, March 31st. Barclays lowered their price target on shares of Mid-America Apartment Communities from $144.00 to $138.00 and set an “equal weight” rating on the stock in a report on Friday, March 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mid-America Apartment Communities in a report on Friday, March 27th. Finally, Colliers Securities cut shares of Mid-America Apartment Communities from a “moderate buy” rating to a “hold” rating in a report on Monday, February 9th. Eight analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Mid-America Apartment Communities presently has an average rating of “Hold” and a consensus target price of $149.74.

Get Our Latest Stock Analysis on Mid-America Apartment Communities

Mid-America Apartment Communities Profile (Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

Featured Articles Five stocks we like better than Mid-America Apartment Communities

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, /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended March 31, 2026.

Three months ended March 31,

2026

2025

Earnings per common share - diluted

$

1.06

$

1.54

Funds from operations (FFO) per Share - diluted (1)

$

2.23

$

2.21

Core FFO per Share - diluted (1)

$

2.13

$

2.20

(1)

A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.

Brad Hill, President and Chief Executive Officer, said, "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."

During the first quarter of 2026, MAA's Same Store effective blended lease rate growth was -0.3%, a 20 basis point improvement over the same period in the prior year as well as a 140 basis point improvement on a sequential basis, driven by a 110 basis point improvement in new lease pricing and a 70 basis point improvement in renewal pricing from the fourth quarter of 2025. As of March 31, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.9% with a low level of move-outs associated with buying single-family homes of 11.1% for the quarter. During the first quarter of 2026, MAA completed the development of MAA Breakwater located in Tampa, Florida and MAA Liberty Row located in Charlotte, North Carolina. During the first quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA's operating partnership, issued $200.0 million of 7-year unsecured senior notes at a coupon of 4.650% with an issue price of 100.237%. During the first quarter of 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 for total consideration of approximately $73 million. Same Store Operating Results
Same Store results for the three months ended March 31, 2026 as compared to the same period in the prior year are summarized below:

Three months ended March 31, 2026 vs. 2025

Revenues

Expenses

NOI (1)

Average Effective Rent per Unit

Same Store Operating Growth

-0.4 %

1.3 %

-1.3 %

-0.3 %

(1)

A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.

Same Store operating statistics for the three months ended March 31, 2026 are summarized below:

Three months ended March 31, 2026

Average Effective Rent per
Unit

Average Physical
Occupancy

Resident Turnover

Same Store Operating Statistics

$

1,685

95.5 %

39.9 %

Same Store net effective lease pricing statistics for the three months ended March 31, 2026 are summarized below:

Same Store Net Effective Lease Pricing Statistics

Three Months Ended
March 31, 2026

Effective Blended Lease Rate Growth

-0.3 %

Effective New Lease Rate Growth

-7.0 %

Effective Renewal Lease Rate Growth

5.4 %

Acquisition and Disposition Activity
In January 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and plans future development of a 287-unit multifamily apartment community at the property. MAA also acquired a land parcel located in the Kansas City market in February 2026 through its pre-purchase development program and began construction on a 263-unit multifamily apartment community in April 2026.

In April 2026, MAA closed on the acquisition of a land parcel located in the Nashville market through its pre-purchase development program and plans future development of a 312-unit multifamily apartment community at the property.

In February 2026, MAA closed on the disposition of a 316-unit multifamily apartment community located in Houston, Texas for net proceeds of approximately $41 million, resulting in a gain on the sale of depreciable real estate assets of approximately $20 million.

Development and Lease-up Activity
A summary of MAA's development communities under construction as of the end of the first quarter of 2026 is set forth below (dollars in thousands):

Units as of

Development Costs as of

Expected Project

Total

March 31, 2026

March 31, 2026

Completions By Year

Development

Expected

Costs

Expected

Projects (1)

Total

Delivered

Leased

Total

to Date

Remaining

2026

2027

2028

6

1,788

217

66

$

622,500

$

388,279

$

234,221

3

1

2

(1)

Two of the development projects were leasing as of March 31, 2026. 

During the first quarter of 2026, MAA completed the development of MAA Breakwater located in Tampa, Florida and MAA Liberty Row located in Charlotte, North Carolina.

MAA funded approximately $100 million of costs for current and planned development projects, including predevelopment activities, during the first quarter of 2026.

A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the first quarter of 2026 is set forth below (dollars in thousands):

Total

As of March 31, 2026

Lease-Up

Total

Physical

Costs

Projects (1)

Units

Occupancy

to Date

5

1,843

68.3

%

$

633,153

(1)

Two of the lease-up projects are expected to stabilize in the second quarter of 2026, two in the fourth quarter of 2026 and one in the first quarter of 2027.

Balance Sheet and Financing Activities
As of March 31, 2026, MAA had $839.2 million of combined cash and available capacity under MAALP's unsecured revolving credit facility.

In February 2026, MAALP publicly issued $200.0 million of unsecured senior notes due January 2033 with a coupon rate of 4.650% per annum and at an issue price of 100.237%. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2026. The notes have an effective interest rate of 4.606%. The proceeds from the sale of the notes were used to repay borrowings under MAALP's commercial paper program.

During the first quarter of 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 for total consideration of approximately $73 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the first quarter of 2026 were $183.4 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of March 31, 2026 are summarized below (dollars in billions):

Total debt to adjusted
total assets (1)

Net Debt/Adjusted
EBITDAre (2)

Total debt
outstanding

Average effective
interest rate

Fixed rate debt as a %
of total debt

Total debt average
years to maturity

31.3 %

4.5x

$

5.7

3.9 %

87.1 %

6.1

(1)

As defined in the covenants for the unsecured senior notes issued by MAALP.

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period ended March 31, 2026. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

129th Consecutive Quarterly Common Dividend Declared
MAA declared its 129th consecutive quarterly common dividend, which will be paid on April 30, 2026 to holders of record on April 15, 2026. The current annual dividend rate is $6.12 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time.

2026 Earnings and Same Store Guidance
MAA is updating its prior 2026 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2026 Guidance

Previous Range

Previous Midpoint

Updated Range

Updated Midpoint

Earnings:

Full Year 2026

Full Year 2026

Full Year 2026

Full Year 2026

Earnings per common share - diluted

$4.11 to $4.47

$4.29

$4.18 to $4.50

$4.34

Core FFO per Share - diluted

$8.35 to $8.71

$8.53

$8.37 to $8.69

$8.53

Core AFFO per Share - diluted

$7.32 to $7.68

$7.50

$7.34 to $7.66

$7.50

MAA Same Store Portfolio:

Property revenue growth

-0.20% to 1.30%

0.55 %

-0.20% to 1.30%

0.55 %

Property operating expense growth

1.90% to 3.40%

2.65 %

1.90% to 3.40%

2.65 %

NOI growth

-1.70% to 0.30%

-0.70 %

-1.70% to 0.30%

-0.70 %

MAA expects Core FFO for the second quarter of 2026 to be in the range of $2.00 to $2.12 per diluted Share, or $2.06 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the first quarter of 2026 to the midpoint of MAA's guidance for the second quarter of 2026 is summarized below:

Core FFO per diluted Share

Q1 2026 per diluted Share reported results

$

2.13

Same Store NOI

(0.11)

Total overhead

0.05

Interest expense

(0.02)

Share repurchases

0.01

Q2 2026 per diluted Share guidance midpoint

$

2.06

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release. 

Supplemental Material and Conference Call
Supplemental Data to this release can be found on the "For Investors" page of the MAA website at www.maac.com. MAA will host a conference call to further discuss first quarter results on April 30, 2026, at 9:00 AM Central Time. The conference call-in number is (888) 596-4144. You may also join the live webcast of the conference call by accessing the "For Investors" page of the MAA website at www.maac.com. MAA's filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of March 31, 2026, MAA had ownership interest in 104,629 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at [email protected], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements
This release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data

Three months ended March 31,

2026

2025

Rental and other property revenues

$

553,725

$

549,295

Net income available for MAA common shareholders

$

123,437

$

180,751

Total NOI (1)

$

348,153

$

347,942

Earnings per common share: (2)

Basic

$

1.06

$

1.55

Diluted

$

1.06

$

1.54

Funds from operations per Share - diluted: (2)

FFO (1)

$

2.23

$

2.21

Core FFO (1)

$

2.13

$

2.20

Core AFFO (1)

$

1.98

$

2.04

Dividends declared per common share

$

1.530

$

1.515

Dividends/Core FFO (diluted) payout ratio

71.8

%

68.9

%

Dividends/Core AFFO (diluted) payout ratio

77.3

%

74.3

%

Consolidated interest expense

$

51,409

$

45,161

Debt discount and debt issuance cost amortization

(1,759)

(1,617)

Capitalized interest

3,872

5,105

Total interest incurred

$

53,522

$

48,649

(1)

The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.

(2)

See the "Share and Unit Data" section for additional information.

Dollars in thousands, except share price

March 31, 2026

December 31, 2025

Gross Assets (1)

$

18,089,045

$

17,921,913

Gross Real Estate Assets (1)

$

17,813,327

$

17,662,513

Total debt

$

5,656,520

$

5,405,372

Common shares and units outstanding

119,285,488

119,819,916

Share price

$

122.12

$

138.91

Book equity value

$

5,708,496

$

5,839,645

Market equity value

$

14,567,144

$

16,644,185

Net Debt/Adjusted EBITDAre (2)

4.5x

4.3x

(1)

Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.

(2)

Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable, net and Secured notes payable, net to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)

Three months ended March 31,

2026

2025

Revenues:

Rental and other property revenues

$

553,725

$

549,295

Expenses:

Operating expenses, excluding real estate taxes and insurance

127,613

124,955

Real estate taxes and insurance

77,959

76,398

Depreciation and amortization

161,870

152,350

Total property operating expenses

367,442

353,703

Property management expenses

22,461

20,578

General and administrative expenses

16,716

15,619

Interest expense

51,409

45,161

Gain on sale of depreciable real estate assets

(20,164)

(71,911)

Other non-operating income

(16,005)

(834)

Income before income tax expense

131,866

186,979

Income tax expense

(5,521)

(1,038)

Income from continuing operations before real estate joint venture activity

126,345

185,941

Income from real estate joint venture

266

465

Net income

126,611

186,406

Net income attributable to noncontrolling interests

2,252

4,733

Net income available for shareholders

124,359

181,673

Dividends to MAA Series I preferred shareholders

922

922

Net income available for MAA common shareholders

$

123,437

$

180,751

Earnings per common share - basic:

Net income available for common shareholders

$

1.06

$

1.55

Earnings per common share - diluted:

Net income available for common shareholders

$

1.06

$

1.54

SHARE AND UNIT DATA

Shares and units in thousands

Three months ended March 31,

2026

2025

Net Income Shares (1)

Weighted average common shares - basic

116,622

116,840

Effect of dilutive securities

118

252

Weighted average common shares - diluted

116,740

117,092

Funds From Operations Shares And Units

Weighted average common shares and units - basic

119,562

119,913

Weighted average common shares and units - diluted

119,629

119,975

Period End Shares And Units

Common shares at March 31,

116,353

116,916

Operating Partnership units at March 31,

2,932

3,061

Total common shares and units at March 31,

119,285

119,977

(1)

For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA's Quarterly Report on Form 10-Q for the three months ended March 31, 2026, expected to be filed with the SEC on or about April 30, 2026.

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)

March 31, 2026

December 31, 2025

Assets

Real estate assets:

Land

$

2,157,019

$

2,129,401

Buildings and improvements and other

15,052,435

14,852,509

Development and capital improvements in progress

369,883

426,759

17,579,337

17,408,669

Less: Accumulated depreciation

(6,074,082)

(5,914,017)

11,505,255

11,494,652

Undeveloped land

73,359

73,359

Investment in real estate joint venture

41,578

41,313

Real estate assets, net

11,620,192

11,609,324

Cash and cash equivalents

71,529

60,258

Restricted cash

13,336

13,717

Other assets

262,382

245,683

Assets held for sale

27,063

46,401

Total assets

$

11,994,502

$

11,975,383

Liabilities and equity

Liabilities:

Unsecured notes payable, net

$

5,296,096

$

5,044,979

Secured notes payable, net

360,424

360,393

Accrued expenses and other liabilities

629,486

730,366

Total liabilities

6,286,006

6,135,738

Redeemable common stock

18,186

20,402

Shareholders' equity:

Preferred stock

9

9

Common stock

1,161

1,166

Additional paid-in capital

7,331,507

7,401,962

Accumulated distributions in excess of net income

(1,787,111)

(1,734,986)

Accumulated other comprehensive loss

(4,928)

(5,300)

Total MAA shareholders' equity

5,540,638

5,662,851

Noncontrolling interests - Operating Partnership units

138,537

141,503

Total shareholders' equity

5,679,175

5,804,354

Noncontrolling interests - consolidated real estate entities

11,135

14,889

Total equity

5,690,310

5,819,243

Total liabilities and equity

$

11,994,502

$

11,975,383

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD

Amounts in thousands, except per share and unit data

Three months ended March 31,

2026

2025

Net income available for MAA common shareholders

$

123,437

$

180,751

Depreciation and amortization of real estate assets

160,493

150,991

Gain on sale of depreciable real estate assets

(20,164)

(71,911)

MAA's share of depreciation and amortization of real estate assets of real estate joint
venture

170

164

Net income attributable to noncontrolling interests

2,252

4,733

FFO attributable to common shareholders and unitholders

266,188

264,728

Loss on embedded derivative in preferred shares (1)

1,574

410

Gain on investments, net of tax (1)(2)

(17,237)

(654)

Casualty related charges and (recoveries), net (1)

4,519

(222)

Core FFO attributable to common shareholders and unitholders

255,044

264,262

Recurring capital expenditures

(18,748)

(20,106)

Core AFFO attributable to common shareholders and unitholders

236,296

244,156

Redevelopment capital expenditures

(10,767)

(17,409)

Revenue enhancing capital expenditures

(14,562)

(15,188)

Commercial capital expenditures

(1,218)

(3,974)

Other capital expenditures

(12,095)

(15,441)

FAD attributable to common shareholders and unitholders

$

197,654

$

192,144

Dividends and distributions paid

$

183,360

$

181,767

Weighted average common shares - diluted

116,740

117,092

FFO weighted average common shares and units - diluted

119,629

119,975

Earnings per common share - diluted:

Net income available for common shareholders

$

1.06

$

1.54

FFO per Share - diluted

$

2.23

$

2.21

Core FFO per Share - diluted

$

2.13

$

2.20

Core AFFO per Share - diluted

$

1.98

$

2.04

(1)

Included in Other non-operating income in the Consolidated Statements of Operations.

(2)

For the three months ended March 31, 2026 and 2025, gain on investments is presented net of tax expense of $4.7 million and $0.2 million, respectively.

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME

Dollars in thousands

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Net income available for MAA common shareholders

$

123,437

$

56,649

$

180,751

Depreciation and amortization

161,870

159,774

152,350

Property management expenses

22,461

18,507

20,578

General and administrative expenses

16,716

13,850

15,619

Interest expense

51,409

48,708

45,161

Gain on sale of depreciable real estate assets

(20,164)

(224)

(71,911)

Other non-operating (income) expense

(16,005)

51,464

(834)

Income tax expense

5,521

1,191

1,038

Income from real estate joint venture

(266)

(691)

(465)

Net income attributable to noncontrolling interests

2,252

(330)

4,733

Dividends to MAA Series I preferred shareholders

922

922

922

Total NOI

$

348,153

$

349,820

$

347,942

Same Store NOI

$

328,696

$

329,656

$

332,916

Non-Same Store and Other NOI

19,457

20,164

15,026

Total NOI

$

348,153

$

349,820

$

347,942

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands

Three Months Ended

Twelve Months Ended

March 31, 2026

March 31, 2025

March 31, 2026

December 31, 2025

Net income

$

126,611

$

186,406

$

396,771

$

456,566

Depreciation and amortization

161,870

152,350

631,815

622,295

Interest expense

51,409

45,161

191,505

185,257

Income tax expense

5,521

1,038

9,078

4,595

EBITDA

345,411

384,955

1,229,169

1,268,713

Gain on sale of depreciable real estate assets

(20,164)

(71,911)

(20,319)

(72,066)

Adjustments to reflect MAA's share of EBITDAre of
unconsolidated affiliates

424

348

1,500

1,424

EBITDAre

325,671

313,392

1,210,350

1,198,071

Loss (gain) on embedded derivative in preferred shares (1)

1,574

410

53

(1,111)

Gain on investments (1)

(21,894)

(810)

(28,541)

(7,457)

Casualty related charges and (recoveries), net (1)

4,519

(222)

143

(4,598)

Legal costs, settlements and (recoveries), net (1)(2)

—

—

61,908

61,908

Adjusted EBITDAre

$

309,870

$

312,770

$

1,243,913

$

1,246,813

(1)

Included in Other non-operating income in the Consolidated Statements of Operations

(2)

During both the twelve months ended March 31, 2026 and December 31, 2025, in accordance with its accounting policies, MAA recognized $61.9 million of accrued legal settlements and legal defense costs.

RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT

Dollars in thousands

March 31, 2026

December 31, 2025

Unsecured notes payable, net

$

5,296,096

$

5,044,979

Secured notes payable, net

360,424

360,393

Total debt

5,656,520

5,405,372

Cash and cash equivalents

(71,529)

(60,258)

Net Debt

$

5,584,991

$

5,345,114

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands

March 31, 2026

December 31, 2025

Total assets

$

11,994,502

$

11,975,383

Accumulated depreciation

6,074,082

5,914,017

Accumulated depreciation for Assets held for sale (1)

20,461

32,513

Gross Assets

$

18,089,045

$

17,921,913

(1)

Included in Assets held for sale in the Consolidated Balance Sheets. 

RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

Dollars in thousands

March 31, 2026

December 31, 2025

Real estate assets, net

$

11,620,192

$

11,609,324

Accumulated depreciation

6,074,082

5,914,017

Assets held for sale, net

27,063

46,401

Accumulated depreciation for Assets held for sale (1)

20,461

32,513

Cash and cash equivalents

71,529

60,258

Gross Real Estate Assets

$

17,813,327

$

17,662,513

(1)

Included in Assets held for sale in the Consolidated Balance Sheets. 

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre
For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA's core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges and (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)
Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)
Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA's methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA's share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)
FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

Funds From Operations (FFO)
FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets
Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets
Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt
Net Debt represents Unsecured notes payable,net and Secured notes payable,net less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.

NON-GAAP FINANCIAL MEASURES (Continued)

Net Operating Income (NOI)
Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI
Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Same Store NOI
Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit
Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy
Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities
Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Effective Blended Lease Rate Growth
Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period.

Effective New Lease Rate Growth
Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Effective Renewal Lease Rate Growth
Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Lease-up Communities
New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio
Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover
Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a trailing twelve month basis as of the end of the reported quarter.

Same Store Portfolio (or Same Store)
MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

SOURCE MAA

Key Takeaways MAA reported Q1 core FFO of $2.13, beating estimates but down 3.2% year over year.MAA saw same-store NOI fall 1.3% as revenues dipped and expenses rose, pressuring margins.MAA leasing trends improved sequentially, with better pricing and low turnover aiding stability. Mid-America Apartment Communities, Inc. (MAA - Free Report) reported first-quarter 2026 core funds from operations (FFO) per share of $2.13, edging past the Zacks Consensus Estimate of $2.12. The metric declined 3.2% from a year ago.

Results reflected the same-store effective blended lease rate growth year over year, though lower occupancy marred the performance to an extent.

Rental and other property revenues rose marginally year over year to $553.73 million but missed the consensus mark of $555.97 million.

MAA’s Same-Store Math Shows Pressure on NOI & Improved LeasingSame-store trends were mixed in the quarter. Same-store revenues declined 0.4% from the year-ago period, while expenses increased 1.3%, resulting in a 1.3% drop in same-store NOI. Average effective rent per unit slipped 0.3% to $1,685.

Leasing indicators suggested stabilization, though not a full rebound. In the first quarter of 2026, MAA’s same-store effective blended lease rate growth was -0.3%, improving 20 basis points year over year and 140 basis points sequentially. The sequential lift was driven by a 110-basis-point improvement in effective new-lease pricing and a 70-basis-point improvement in renewal pricing from the fourth quarter of 2025. The 7% decline in effective new-lease rates was partly offset by 5.4% growth in renewal pricing.

The average physical occupancy for the same-store portfolio in the first quarter was 95.5%, a decline of 10 basis points (bps) over the prior-year period. Our estimate was pegged at 95.7%.

As of March 31, 2026, resident turnover in the same-store portfolio remained historically low at 39.9%. This stemmed from low levels of move-outs related to buying single-family homes (11.1/%). 

Interest expenses increased 13.8% year over year.

MAA’s Advanced Development and Lease-Up ActivityOn the investment side, MAA completed two developments during the quarter: MAA Breakwater in Tampa, FL, and MAA Liberty Row in Charlotte, NC. As of March 31, 2026, the company had six active development projects totaling 1,788 units, with expected total costs of $622.5 million and $388.3 million spent to date.

Lease-up remained a meaningful swing factor. MAA ended the quarter with five lease-up communities totaling 1,843 units at 68.3% physical occupancy, with $633.2 million of costs incurred. The company also expanded its land pipeline, adding parcels in Northern Virginia and Kansas City through its pre-purchase development program and another parcel in Nashville, TN, in April 2026.

Mid-America Apartment Keeps Liquidity and Leverage SteadyMAA exited the quarter with $839.2 million of combined cash and available capacity under its unsecured revolving credit facility.

In February 2026, MAA disposed of a 316-unit apartment community in Houston, TX, generating net proceeds of about $41 million.

Balance sheet metrics remained steady. Total debt stood at $5.7 billion as of March 31, 2026, with net debt to adjusted EBITDAre at 4.5X. The average effective interest rate was 3.9%, fixed-rate debt represented 87.1% of the total, and the average years to maturity was 6.1.

MAA Returns Capital and Maintains 2026 OutlookCapital returns continued alongside portfolio investment. During the first quarter, MAA repurchased 0.6 million shares at a weighted average price of $130.46 for a total consideration of about $73 million.

For the second quarter of 2026, MAA guided core FFO per share in the band of $2.00-$2.12, implying a $2.06 midpoint and reflecting expected headwinds from same-store NOI and interest expense, partly offset by lower overhead and share repurchases. The Zacks Consensus Estimate of $2.10 lies within the range.

Management maintained its 2026 core FFO per share at $8.53 (range: $8.37-$8.69). The Zacks Consensus Estimate for the same is currently pegged at $8.53 and lies within the range.

MAA’s Zacks RankCurrently, MAA carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Residential REITsEssex Property Trust Inc. (ESS - Free Report) reported first-quarter 2026 core FFO per share of $4.06, beating the Zacks Consensus Estimate of $3.96 by 2.5%. The figure improved 2.3% from $3.97 in the year-ago quarter. Results reflected favorable growth in same-property NOI and higher occupancy.

AvalonBay Communities (AVB - Free Report) reported first-quarter 2026 core FFO per share of $2.83, surpassing the Zacks Consensus Estimate of $2.80. AVB’s same-store economic occupancy held at 96.1%, underscoring steady demand heading into the peak leasing season. The quarter benefited from incremental development NOI and commercial NOI.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Mid-America Apartment Communities remains a 'hold' as valuation is fair and near-term fundamentals show some pressure despite robust occupancy. MAA faces rising expenses and modest declines in effective rent, impacting profitability, though revenue continues to grow with incremental unit additions. Management expects slower new supply growth and favorable rent-vs-buy dynamics in core markets, supporting long-term demand.

Mid-America Apartment Communities is rated 'Buy' for dependable income and long-term value, trading at a forward P/FFO of 15.1. MAA benefits from strong Sunbelt and Mid-Atlantic market exposure, with Q1 core FFO per share exceeding guidance and healthy 95.5% occupancy. Management guides for 1%-1.5% full-year blended lease growth, supported by low resident turnover and an active $350M development pipeline.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced that President and CEO, Brad Hill, as well as other members of MAA's executive management team, will present at the Nareit REITweek: 2026 Investor Conference on Wednesday, June 3, 2026, from 8:45 a.m. ET to 9:15 a.m. ET.

The Company's presentation will be webcast live. A link to the webcast as well as presentation materials are available under "Corporate Profile" on the "For Investors" page of the Company's website at www.maac.com.

About MAA
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to the "For Investors" page at www.maac.com or contact Investor Relations at [email protected].

SOURCE MAA

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