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$1.48 PER SHARE NET INCOME

$1.55 PER SHARE NON-GAAP OPERATING EARNINGS

Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share

, /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the first quarter 2026:

PSEG Consolidated (unaudited)
First Quarter Comparative Results

Income

Earnings Per Share 

($ millions, except per share amounts)

1Q 2026

1Q 2025

1Q 2026

1Q 2025

Net Income

$741

$589

$1.48

$1.18

  Reconciling Items

37

129

0.07

0.25

Non-GAAP Operating Earnings

$778

$718

$1.55

$1.43

  Average Shares Outstanding (Diluted)    

500

500

See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

"PSEG delivered a solid operating and financial performance to begin the year," said Ralph LaRossa, PSEG's chair, president and CEO. "Our teams across PSE&G and PSEG Power successfully responded to multiple extreme weather events during the first quarter. These included the worst winter storm to hit our service territory in the past 30 years and several days of single digit temperatures that prompted our highest gas send-out since 2019. PSEG's investments in critical energy infrastructure and our dedicated workforce that worked tirelessly to restore service in frigid conditions proved to be the key factors in our ability to deliver best-in-class storm response and reliability."

 "PSEG has worked with the Governor's Office and the New Jersey Board of Public Utilities to keep electric rates flat in 2026, in keeping with Governor Sherrill's Executive Orders 1 & 2 addressing utility costs and generation supply. PSE&G rates will also benefit from the update to reflect the latest Basic Generation Service auction results effective on June 1. On February 1st, we also kept our residential natural gas rate flat for the remainder of the 2025-2026 winter heating season, providing our customers with the lowest gas bills in New Jersey and in the region. PSEG Nuclear also had a strong first quarter, supplying 8 TWh of reliable, carbon-free baseload energy to New Jersey and the grid." 

LaRossa added, "We continue to execute on our long-term strategy to grow PSEG's non-GAAP Operating Earnings by a compound annual rate of 6% to 8% through 2030 – without the need to issue new equity or sell assets – which remains a core differentiator from our peers."

PSEG Results by Segment (unaudited)
First Quarter Comparative Results 

($ millions)

1Q 2026 

1Q 2025 

PSE&G Net Income/Non-GAAP Operating Earnings

$577

$546

PSEG Power & Other Net Income

164

43

Total PSEG Net Income 

$741

$589

PSEG Power & Other Non-GAAP Operating Earnings 

$201

$172

Total PSEG Non-GAAP Operating Earnings    

$778

$718

PSE&G's results for the first quarter reflect ongoing investments in Energy Efficiency, Gas System Modernization and Transmission; the seasonality of gas demand during the winter months; and the continued, gradual increase in the number of electric and gas customers. These results were partially offset by higher operation and maintenance costs as well as higher depreciation and interest expense related to incremental investments.

PSEG Power & Other results for the quarter reflect higher realized prices and lower operation and maintenance costs, partly offset by lower generating volume and the absence of zero emission certificates. 

PSEG will host a conference call to review its first quarter 2026 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today.  Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it's safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Best-in-Class North America Index for 18 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Operating Earnings is a non-GAAP financial measure that differs from Net Income. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.

See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects; significant resource adequacy challenges that present affordability and reliability concerns and that could cause
policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs; the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits; any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers; any inability to recover the carrying amount of our long-lived assets; disruptions or cost increases in our supply chain, including labor shortages; any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms; the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems; failure to attract and retain a qualified workforce; increases in the costs of equipment, materials, fuel, services and labor; the impact of our covenants in our debt instruments and credit agreements on our business; adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements; any inability to enter into or extend certain significant contracts; development, adoption and use of Artificial Intelligence by us and our third-party vendors; fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; the ability to obtain adequate nuclear fuel supply; changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns; third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel; any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules; risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject; the impact of changes in state and federal legislation and regulations on our business, including PSE&G's ability to recover costs and earn returns on authorized investments; PSE&G's proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned; our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits; adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns; risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks; changes in or violation of federal, state and local environmental laws and regulations and enforcement; delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and changes in tax laws and regulations. All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Attachment 1

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Three Months Ended March 31, 2026

PSEG

Eliminations

PSE&G

PSEG Power
& Other(a)

OPERATING REVENUES  

$          3,848

$                 (653)

$           3,085

$          1,416

OPERATING EXPENSES

Energy Costs

1,507

(653)

1,358

802

Operation and Maintenance

937

-

637

300

Depreciation and Amortization

329

-

295

34

  Total Operating Expenses

2,773

(653)

2,290

1,136

OPERATING INCOME

1,075

-

795

280

Net Gains (Losses) on Trust Investments

(17)

-

-

(17)

Net Other Income (Deductions)

43

-

19

24

Net Non-Operating Pension and OPEB Credits (Costs)

19

-

17

2

Interest Expense

(272)

-

(175)

(97)

INCOME BEFORE INCOME TAXES 

848

-

656

192

Income Tax Expense

(107)

-

(79)

(28)

NET INCOME

$             741

$                       -

$              577

$             164

Reconciling Items Excluded from Net Income(b)

37

-

-

37

OPERATING EARNINGS (non-GAAP)

$             778

$                       -

$              577

$             201

Earnings Per Share

NET INCOME

$            1.48

Reconciling Items Excluded from Net Income(b)

0.07

OPERATING EARNINGS (non-GAAP)

$            1.55

Three Months Ended March 31, 2025

PSEG

Eliminations

PSE&G

PSEG Power
& Other(a)

OPERATING REVENUES  

$          3,222

$                 (534)

$           2,664

$          1,092

OPERATING EXPENSES

Energy Costs

1,186

(534)

1,094

626

Operation and Maintenance

919

-

576

343

Depreciation and Amortization

320

-

280

40

  Total Operating Expenses

2,425

(534)

1,950

1,009

OPERATING INCOME

797

-

714

83

Net Gains (Losses) on Trust Investments

8

-

-

8

Net Other Income (Deductions)

37

(1)

16

22

Net Non-Operating Pension and OPEB Credits (Costs)

16

-

17

(1)

Interest Expense

(241)

1

(157)

(85)

INCOME BEFORE INCOME TAXES 

617

-

590

27

Income Tax (Expense) Benefit

(28)

-

(44)

16

NET INCOME

$             589

$                       -

$              546

$               43

Reconciling Items Excluded from Net Income(b)

129

-

-

129

OPERATING EARNINGS (non-GAAP)

$             718

$                       -

$              546

$             172

Earnings Per Share

NET INCOME

$            1.18

Reconciling Items Excluded from Net Income(b)

0.25

OPERATING EARNINGS (non-GAAP)

$            1.43

(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) See Attachments 7 and 8 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Attachment 2

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)

March 31,

December 31,

2026

2025

DEBT

Commercial Paper and Loans

$                1,165

$                1,529

Long-Term Debt*

23,090

22,545

Total Debt

24,255

24,074

STOCKHOLDERS' EQUITY

Common Stock

5,010

5,062

Treasury Stock

(1,475)

(1,435)

Retained Earnings

13,853

13,446

Accumulated Other Comprehensive Loss

(85)

(91)

Total Stockholders' Equity

17,303

16,982

Total Capitalization

$              41,558

$              41,056

*Includes current portion of Long-Term Debt

Attachment 3

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)

 Three Months Ended March 31, 

2026

2025

Cash Flows From Operating Activities

 Net Income

$                       741

$                       589

 Adjustments to Reconcile Net Income to Net Cash Flows

   From Operating Activities

530

460

Net Cash Provided By (Used In) Operating Activities

1,271

1,049

Net Cash Provided By (Used In) Investing Activities

(736)

(618)

Net Cash Provided By (Used In) Financing Activities

(263)

345

Net Change in Cash, Cash Equivalents and Restricted Cash

272

776

Cash, Cash Equivalents and Restricted Cash at Beginning of Period     

156

154

Cash, Cash Equivalents and Restricted Cash at End of Period

$                       428

$                       930

 Attachment 4

Public Service Electric & Gas Company

 Retail Sales 

(Unaudited)

March 31, 2026

Electric Sales

Three Months

Change vs.

Sales (millions kWh)

Ended

2025

Residential

3,490

6 %

Commercial & Industrial

6,784

3 %

Other

97

(4 %)

Total

10,371

4 %

Gas Sold and Transported

Three Months

Change vs.

Sales (millions therms)

Ended

2025

Firm Sales

Residential Sales

792

6 %

Commercial & Industrial

511

3 %

Total Firm Sales

1,303

5 %

Non-Firm Sales*

Commercial & Industrial

161

24 %

Total Non-Firm Sales

161

Total Sales

1,464

7 %

*Contract Service Gas rate included in non-firm sales

Weather Data*

Three Months

Change vs.

Ended

2025

Degree Days - Actual

2,561

8 %

Degree Days - Normal

2,451

*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data.

Attachment 5

Nuclear Generation Measures

(Unaudited)

GWh Breakdown

Three Months Ended

March 31,

2026

2025

Nuclear - NJ          

5,092

5,464

Nuclear - PA

2,897

2,891

7,989

8,355

Attachment 6

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)

Three Months Ended March 31,

2026

2025

Weighted Average Common Shares Outstanding (millions)     

Basic

499

498

Diluted

500

500

Stock Price at End of Period

$80.95

$82.30

Dividends Paid per Share of Common Stock 

$0.67

$0.63

Dividend Yield

3.3 %

3.1 %

Book Value per Common Share

$34.75

$32.83

Market Price as a Percent of Book Value

233 %

251 %

Attachment 7

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciling Items

Three Months Ended

March 31,

2026

2025

($ millions, Unaudited)

Net Income

$          741

$       589

(Gain) Loss on Nuclear Decommissioning Trust (NDT) 

Fund Related Activity, pre-tax

6

(12)

(Gain) Loss on Mark-to-Market (MTM), pre-tax(a)

41

188

Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)     

(10)

(47)

Operating Earnings (non-GAAP)

$          778

$       718

PSEG Fully Diluted Average Shares Outstanding (in millions)

500

500

($ Per Share Impact -
Diluted, Unaudited)

Net Income

$         1.48

$      1.18

(Gain) Loss on NDT Fund Related Activity, pre-tax

0.01

(0.03)

(Gain) Loss on MTM, pre-tax(a)

0.08

0.38

Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)

(0.02)

(0.10)

Operating Earnings (non-GAAP)

$         1.55

$      1.43

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

Attachment 8

PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation

Three Months Ended

Reconciling Items

March 31,

2026

2025

($ millions, Unaudited)

Net Income

$          164

$         43

(Gain) Loss on NDT Fund Related Activity, pre-tax

6

(12)

(Gain) Loss on MTM, pre-tax(a)

41

188

Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)     

(10)

(47)

Operating Earnings (non-GAAP)

$          201

$       172

PSEG Fully Diluted Average Shares Outstanding (in millions)

500

500

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

SOURCE PSEG

Key Takeaways PEG Q1 adjusted EPS rose to $1.55, beating estimates, while GAAP EPS increased to $1.48.PSEG revenues climbed to $3.85B, topping consensus, as electric and gas sales volumes rose year over year.PSEG operating income jumped to $1.08B, while expenses and interest costs also increased from last year. Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported first-quarter 2026 adjusted earnings of $1.55 per share, which beat the Zacks Consensus Estimate of $1.47 by 5.6%. Earnings increased 8.4% from the prior-year reported figure of $1.43.

The company reported GAAP earnings per share (EPS) of $1.48 compared with $1.18 in the corresponding period of 2025.

PEG’s Total RevenuesOperating revenues totaled $3.85 billion, which surpassed the Zacks Consensus Estimate of $3.27 billion by 17.6%. The top line also increased 19.4% from the year-ago figure of $3.22 billion.

Sales Volume of PEGElectric sales volume totaled 10,371 million kilowatt-hours, which increased 4% year over year. On the other hand, gas sales volume rose 7% to 1,464 million therms.

Under electric sales, residential sales volume totaled 3,490 million kilowatt-hours, up 6% from the prior-year figure. Its commercial and industrial sales volume totaled 6,784 million kilowatt-hours, reflecting year-over-year growth of 3%.

Other sales amounted to 97 million kilowatt-hours, down 4% from the year-ago recorded number.

Total gas sales witnessed year-over-year growth of 5% in firm sales volume. Non-firm gas sales volume increased 24%.

Highlights of PEG’s Earnings ReleaseThe operating income totaled $1.08 billion compared with $0.8 billion in the year-ago period, reflecting an increase of 34.9%.

Total operating expenses were $2.77 billion, up 14.4% from the year-ago figure.

Interest expenses amounted to $272 million, which increased 12.9% year over year.

Segmental Performance of PEGPSE&G: This segment’s net income was $577 million, up from $546 million in the first quarter of 2025.

PSEG Power & Other: Adjusted operating income for this unit amounted to $201 million compared with $172 million in the prior-year quarter.

Financial Update of PEGThe long-term debt (including the current portion of the long-term debt) as of March 31, 2026 was $23.09 billion compared with $22.55 billion as of Dec. 31, 2025.

The net cash flow from operating activities was $1.27 billion during the first three months of 2026 compared with $1.05 billion during the first three months of 2025.

PEG’s 2026 GuidancePEG expects adjusted earnings to be in the range of $4.28-$4.40 per share. The Zacks Consensus Estimate for earnings is currently pegged at $4.36, which lies above the midpoint of the company’s guided range.

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

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PCG reported first-quarter total revenues of $6.88 billion, up 15% from $5.98 billion registered in the year-ago period. The top line also surpassed the Zacks Consensus Estimate of $6.46 billion by 6.6%.

, /PRNewswire/ -- Public Service Enterprise Group (PSEG), a predominantly regulated energy infrastructure company serving approximately 2.4 million electric and 1.9 million natural gas customers in New Jersey, has once again been named to the Dow Jones Best-in-Class North America Index (formerly Dow Jones Sustainability Index) for the 18th consecutive year.

This recognition highlights how PSEG cares for the people and communities we serve, and how our business strategy and operations guide that care.

The Dow Jones Best-in-Class North America Index from S&P Global recognizes companies for their long-term environmental performance, sustainability practices and community and workforce support.

"Being recognized on the Dow Jones Index again this year reinforces PSEG's longstanding commitment to sustainable practices in its operations," said Rick Thigpen, senior vice president for corporate citizenship. "By respecting the environment, caring for our communities and developing our workforce we are taking steps to help create a stronger and more resilient future for everyone. This recognition continues to highlight that our value creation mission which starts with operational excellence and financial discipline continues to be enhanced by practices that further stakeholder alignment and community engagement."

PSEG's focus on sustainable operations

PSEG continues to focus on sustainability, including energy efficiency and biodiversity. Recent examples of sustainability-related work include:

Expanding energy efficiency programs that help customers save energy and save nearly $960 million per yearContinuing to operate PSEG's nuclear plants in South Jersey, which provide over 80% of New Jersey's carbon-free generation and 40% of New Jersey's total energyContinuing work that has reduced operational greenhouse gas (GHG) emissions. PSEG previously achieved a 95 percent reduction in Scope 1 and 2 operational GHG emissions from the 2005 baseline through strategic initiatives such as retiring older fossil generation, divesting remaining fossil assets, modernizing the gas system, upgrading equipment and improving efficiency across facilitiesA vegetation management program that incorporates biodiversity initiatives such as pollinator habitat protection and tree plantingsHow PSEG takes care of communities

PSEG aims to deliver safe, reliable energy and be thoughtful about how we show up for New Jersey. PSEG's work to support the communities we serve includes:

Launching a Community Relief Initiative together with the PSEG Foundation that distributed grants to over 25 local organizations that provide critical assistance including energy assistance, housing relief and food assistance to households facing economic hardshipDonating approximately $12.8 million to local charitable causes in 2025 through the PSEG Foundation and corporate giving initiatives aligned with our Corporate Social Responsibility prioritiesContributing approximately $2.4 billion in spending to New Jersey's economy in 2025.And we fight for our customers: recently FERC delivered good news agreeing with PSE&G that a settlement signed by all PJM Transmission Owners except PSE&G would unfairly shift transmission costs on to New Jersey customers. We work hard to keep costs as low as possible and this includes advocating for policies that make sense for the people of New Jersey.

How PSEG supports and develops our workforce

PSEG also continues to support our approximately 13,000-person workforce. We aim to build a sustainable pipeline of career-ready talent in skilled trades and critical roles, strengthening community relationships and supporting future business needs. This work includes:

Efforts to advance workplace safety and create a safety-first mindset that allows all our employees to go home from work the same way or better than they arrivedOngoing support of career development, reskilling and building connections that attract, develop and retain a workforce that can meet the demands of the futureContinuing our technical school program where we host PSEG days at technical schools in our service territory and hire graduating seniors into full-time roles with offers made on the spotContinuing to sponsor the Clean Energy Jobs Program which has helped place more than 9,300 individuals into clean energy careers since its inceptionEarning a place on the Best-in-Class Index for nearly two decades reflects the dedication of PSEG employees who lead with care every day. PSEG will continue investing in solutions that support customers, strengthen communities and help build a stronger energy future.

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it's safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Best in Class North America Index for 18 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

CONTACT: Media Relations, [email protected], 973-430-7734

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SOURCE PSEG

Residential customers continue to benefit from the region's lowest gas supply rates as a result of cost management, long-term planning and operational excellence.

, /PRNewswire/ -- PSE&G today announced a filing to lower residential gas heating bills by 5% effective October 1, 2026. Despite a volatile natural gas market during this past winter, PSE&G's strategic and long-term planning efforts have helped maintain the lowest bills in the state and region. This reinforces the company's commitment to providing safe, reliable and cost-effective energy to nearly 1.9 million gas customers across New Jersey and caring for our customers.

Long before colder temperatures arrive, PSE&G is working on behalf of customers to help keep winter heating costs as stable and predictable as possible. Throughout the year, teams monitor energy markets, forecast customer demand and secure natural gas in advance of peak heating season. PSE&G's long-term planning approach to natural gas procurement helps reduce exposure to market volatility and supports more predictable energy costs for customers when they need heating the most.

As a result, customers continue to benefit from the lowest residential gas bills in the region and greater protection from the price volatility that can impact energy markets.

"Keeping energy affordable for our customers requires planning, discipline and a long-term approach," said Brian Clark, Senior Vice President of Gas Operations. "By securing supply in advance, maintaining access to valuable storage resources and managing costs responsibly, we're able to help customers avoid many of the market swings that can lead to higher winter heating bills."

Planning Today with Customers in Mind

Natural gas demand is highly seasonal, with approximately two-thirds of residential gas usage occurring between December and March.

Rather than purchasing gas only during periods of peak demand—when prices are often highest—PSE&G purchases much of its supply months or even years in advance.

This long-term approach helps lower costs, reduce exposure to market spikes and provide customers with more predictable gas bills during the winter months.

A Long-Term Advantage for Customers

One of the ways PSE&G helps manage costs is through long-standing access to natural gas storage resources. By purchasing gas when market prices are lower and storing it for future use, PSE&G can better manage supply during periods of higher demand. For customers, that means added protection from sudden price increases and a more stable gas supply cost over time.

Reliable Supply, Closer to Home

PSE&G also benefits from sourcing approximately 90% of its residential gas supply from the Marcellus Shale region in Pennsylvania, one of the nation's largest and most cost-effective natural gas-producing areas.

Because the supply is located close to New Jersey, transportation costs are lower and the company is less exposed to disruptions that can affect more distant supply sources. Combined with a diverse network of pipelines and suppliers, this strategy helps strengthen reliability while keeping costs in check.

Delivering Value Every Day

Behind every customer's bill is a year-round effort by employees across PSE&G who plan with care, procure, operate and maintain the systems that deliver natural gas safely. This helps ensure that our customers have safe, reliable gas during the coldest winter temperatures.

Much of this work takes place long before winter arrives, but its impact is felt when customers need it most: through reliable service, more stable energy costs and the lowest gas bills in the region.

For more on how we work to deliver the region's lowest cost, high quality gas service to customers, read: How PSE&G keeps residential gas bills low.

About PSE&G

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it's safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

View original content to download multimedia:https://www.prnewswire.com/news-releases/pseg-proposes-lowering-gas-bills-by-5--maintaining-the-lowest-gas-bills-in-the-state-and-region-302792642.html

SOURCE Public Service Electric & Gas Company (PSE&G)

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.

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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

Also from this source

Mid-America Apartment Communities, Inc. (MAA) Presents at Nareit REITweek: 2026 Investor Conference Transcript

Posted by Defense World Staff on Apr 5th, 2026

Jupiter Fund Management (OTCMKTS:JFHHF – Get Free Report) and Artisan Partners Asset Management (NYSE:APAM – Get Free Report) are both finance companies, but which is the superior business? We will compare the two businesses based on the strength of their profitability, institutional ownership, earnings, analyst recommendations, risk, dividends and valuation.

Analyst Ratings This is a summary of current ratings and target prices for Jupiter Fund Management and Artisan Partners Asset Management, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Jupiter Fund Management 1 2 0 0 1.67 Artisan Partners Asset Management 0 5 1 0 2.17 Artisan Partners Asset Management has a consensus target price of $44.00, suggesting a potential upside of 20.55%. Given Artisan Partners Asset Management’s stronger consensus rating and higher possible upside, analysts plainly believe Artisan Partners Asset Management is more favorable than Jupiter Fund Management.

Profitability This table compares Jupiter Fund Management and Artisan Partners Asset Management’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Jupiter Fund Management N/A N/A N/A Artisan Partners Asset Management 24.26% 73.73% 21.39% Valuation & Earnings This table compares Jupiter Fund Management and Artisan Partners Asset Management”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Jupiter Fund Management N/A N/A N/A N/A N/A Artisan Partners Asset Management $1.20 billion 2.46 $290.32 million $4.01 9.10 Artisan Partners Asset Management has higher revenue and earnings than Jupiter Fund Management.

Volatility & Risk Jupiter Fund Management has a beta of 0.4, meaning that its stock price is 60% less volatile than the S&P 500. Comparatively, Artisan Partners Asset Management has a beta of 1.76, meaning that its stock price is 76% more volatile than the S&P 500.

Insider & Institutional Ownership 86.5% of Artisan Partners Asset Management shares are owned by institutional investors. 12.5% of Artisan Partners Asset Management shares are owned by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company is poised for long-term growth.

Summary Artisan Partners Asset Management beats Jupiter Fund Management on 10 of the 10 factors compared between the two stocks.

About Jupiter Fund Management (Get Free Report)

Jupiter Fund Management Plc is a publicly owned investment manager. The firm manages mutual funds, hedge funds, client focused portfolios, and multi-manager products for its clients. It invests in the public equity markets across U.K., Europe and global emerging markets. The firm also invests in fixed income markets, fund of funds products, hedge funds, and absolute return funds. Jupiter Fund Management Plc was founded in 1985 and is based in London, United Kingdom.

About Artisan Partners Asset Management (Get Free Report)

Artisan Partners Asset Management Inc. is publicly owned investment manager. It provides its services to pension and profit sharing plans, trusts, endowments, foundations, charitable organizations, government entities, private funds and non-U.S. funds, as well as mutual funds, non-U.S. funds and collective trusts. It manages separate client-focused equity and fixed income portfolios. The firm invests in the public equity and fixed income markets across the globe. It invests in growth and value stocks of companies across all market capitalization. For fixed income component of its portfolio the firm invests in non-investment grade corporate bonds and secured and unsecured loans. It employs fundamental analysis to create its portfolios. Artisan Partners Asset Management Inc. was founded in 1994 and is based in Milwaukee, Wisconsin with additional offices in Atlanta, Georgia; New York City; San Francisco, California; Leawood, Kansas; and London, United Kingdom.

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MILWAUKEE, April 14, 2026 (GLOBE NEWSWIRE) -- Artisan Partners Asset Management Inc. (NYSE: APAM) will report its first quarter 2026 financial results and information relating to its quarterly dividend on April 28, 2026 at approximately 4:30 p.m. (Eastern Time). Artisan Partners Asset Management’s earnings release and supplemental materials will be available on the investor relations section of artisanpartners.com at that time. Chief Executive Officer and President Jason Gottlieb and Chief Financial Officer C.J. Daley will host a conference call on April 29, 2026 at 11:00 a.m. (Eastern Time) to discuss the results.

A live webcast of the conference call will be available via the investor relations section of artisanpartners.com. Those interested in participating in the conference call should dial:

United States/Toll Free:
International:
Conference ID:
1-877-328-5507
1-412-317-5423
10207226   An audio replay of the conference call will be available one hour after the end of the conference until May 6, 2026 at 9:00 a.m. (Eastern Time) by dialing the following:

United States/Toll Free:
International:
Replay Conference ID:
1-855-669-9658
1-412-317-0088
4787506   An audio replay will also be available via the investor relations section of artisanpartners.com within 24 hours after the end of the conference.

About Artisan Partners

Artisan Partners is a global multi-asset investment platform providing a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Artisan Partners Asset Management Inc.

Investor Relations Inquiries
866.632.1770
[email protected]

Artisan Partners (APAM) maintains significant exposure to non-consensus strategies, reducing sensitivity to US mega-cap and tech-led index movements. APAM's AUM grew over 10% with 8% revenue growth and 12% adjusted operating income growth, though March saw AUM growth slow amid market turmoil. APAM is less likely to benefit from a tech-led recovery tied to potential Iran War resolution, favoring passive asset managers over active ones like APAM.

MILWAUKEE, April 28, 2026 (GLOBE NEWSWIRE) -- Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter ended March 31, 2026, and declared a quarterly dividend. The full March 2026 quarter earnings release and investor presentation can be viewed at www.apam.com.

Conference Call

The Company will host a conference call on April 29, 2026, at 11:00 a.m. (Eastern Time) to discuss its results for the three months ended March 31, 2026. Hosting the call will be Jason Gottlieb, Chief Executive Officer and President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10207226. A replay of the call will be available until May 6, 2026, at 9:00 a.m. (Eastern Time), by dialing 855.669.9658 or 412.317.0088 for international callers; the replay conference ID is 4787506. An audio recording will also be available on the Company’s website.

About Artisan Partners

Artisan Partners is a global multi-asset investment platform providing a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Source: Artisan Partners Asset Management Inc.

Investor Relations Inquiries

866.632.1770
[email protected]

On April 29, 2026, Artisan Partners Asset Management Inc APAM shares fell 3.2% to a current price of $36.63. The stock has seen a 52-week range between $34.99 and $48.50, indicating volatility in its performance.

GF Value™ verdict: The current price is $36.63, which is 22.2% below the GF Value™ estimate of $47.09, suggesting significant upside potential.GF Score™ of 82/100 indicates a strong overall performance based on crucial factors.Notable signal: There have been no insider transactions in the last 3 months, indicating a lack of insider activity. Is APAM Overvalued or Undervalued? Artisan Partners Asset Management Inc's current price of $36.63 is considerably below the GF Value™ estimate of $47.09, indicating that the stock is undervalued by approximately 22.2%. This discrepancy presents a potential opportunity for value investors, as the margin of safety suggests that the stock could be a favorable buy at this level. The GF Valuation label of "Modestly Undervalued" further supports this assessment, suggesting that the current price does not reflect the company's intrinsic value accurately.

However, it is important to consider the risks associated with such an opportunity. A modest undervaluation does not guarantee price appreciation, particularly if the company faces operational challenges or market headwinds. Therefore, while the current undervaluation may suggest potential upside, investors should remain cautious and conduct thorough due diligence before making investment decisions.

How Does APAM's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)9.3x11.7x Forward P/E9.2xN/A Currently, Artisan Partners Asset Management Inc trades at a P/E (TTM) of 9.3x, which is significantly below its 5-year median P/E of 11.7x. The forward P/E is slightly lower at 9.2x, indicating that the stock is trading below its historical valuation levels. This analysis aligns with the GF Value™ verdict of being undervalued, reinforcing the notion that the stock may provide a favorable entry point relative to its historical performance.

What Does APAM's GF Score™ Tell Us? MetricRating GF Score™82 Financial Strength7/10 Profitability7/10 Growth5/10 Valuation8/10 Momentum7/10 The GF Score™ of 82/100 reflects a strong overall performance across various metrics, suggesting that Artisan Partners Asset Management Inc is well-positioned for potential long-term growth. The strongest areas include Valuation, where the score is 8/10, indicating that the stock is attractively priced compared to its intrinsic value. Meanwhile, the Growth rank of 5/10 suggests moderate growth potential, which could be an area of concern for some investors. Overall, the scores show a balanced but slightly cautious outlook on the company's future performance.

What Are Insiders Doing with APAM Stock? In the last three months, there have been no insider transactions involving Artisan Partners Asset Management Inc stock. This lack of insider activity might suggest that insiders are currently not making significant moves either to buy or sell shares, potentially indicating a stable outlook or uncertainty regarding future performance. Investors often look for insider buying as a bullish signal, but the absence of transactions does not necessarily imply negative sentiment.

What This Means for Investors Based on the GF Value™ analysis, Artisan Partners Asset Management Inc is currently undervalued, presenting a potential opportunity for investors seeking value. However, it is essential to consider the company's operational performance and market conditions that may impact future growth.

For the complete analysis, visit the Artisan Partners Asset Management Inc APAM stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is APAM's GF Score™?

APAM's GF Score™ is 82/100, indicating a strong overall performance based on key financial metrics, which may lead to higher long-term returns.

Is APAM overvalued or undervalued?

APAM is currently considered undervalued, with a GF Value™ estimate of $47.09 compared to its current price of $36.63, suggesting potential upside.

What is APAM's P/E ratio?

APAM's P/E (TTM) ratio is 9.3x, which is significantly lower than its 5-year median P/E of 11.7x, indicating that the stock is trading below its historical valuation levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

MILWAUKEE, May 11, 2026 (GLOBE NEWSWIRE) -- Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management ("AUM") as of April 30, 2026 totaled $183.0 billion. Artisan Funds and Artisan Global Funds accounted for $89.1 billion of total firm AUM, while separate accounts and other AUM1 accounted for $93.9 billion.

PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY2   As of April 30, 2026 - ($ Millions) Growth Team Global Opportunities$14,572Global Discovery 1,083U.S. Mid-Cap Growth 9,768U.S. Small-Cap Growth 2,852Franchise 962Global Equity Team Global Equity 443Non-U.S. Growth 17,135U.S. Value Team Value Equity 6,065U.S. Mid-Cap Value 1,901Value Income 8International Value Group International Value 53,530International Explorer 1,157Global Special Situations 36Global Value Team Global Value 37,519Select Equity 1,016Sustainable Emerging Markets Team Sustainable Emerging Markets 3,066Credit Team High Income 13,912Credit Opportunities 385Floating Rate 125Custom Credit Solutions 1,514Developing World Team Developing World 3,253Antero Peak Group Antero Peak 2,332Antero Peak Hedge 234International Small-Mid Team Non-U.S. Small-Mid Growth 4,249EMsights Capital Group Global Unconstrained 1,623Emerging Markets Debt Opportunities 1,448Emerging Markets Local Opportunities 1,903Grandview Property Partners Grandview Property Partners3 875  Total Firm Assets Under Management ("AUM")$182,966 1 Separate account and other AUM consists of the assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. Separate account and other AUM includes assets we manage in traditional separate accounts, as well as assets we manage in Artisan-branded collective investment trusts, and in our own private funds.
2 AUM includes $295.4 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (generally reported on a lag not exceeding one quarter).
3 Represents NAV plus uncalled and recallable capital.

ABOUT ARTISAN PARTNERS
Artisan Partners is a global multi-asset investment platform providing a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners' autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Investor Relations Inquiries: 866.632.1770 or [email protected] 
Source: Artisan Partners Asset Management Inc.

On June 08, 2026, Artisan Partners Asset Management Inc APAM shares fell 6.5% today, currently trading at $34.79. This decline continues a downward trend, with the stock down 9.5% year-to-date and 6.2% over the past year, while it reached a 52-week high of $48.50 and a low of $34.78.

GF Value™ verdict: The current price of $34.79 is 26.5% below the GF Value™ estimate of $47.34, indicating undervaluation.GF Score™: With a score of 80/100, APAM is rated as strong, suggesting potential for long-term returns.Most notable signal: APAM has seen no insider transactions in the last 3 months, indicating a neutral sentiment among insiders. Is APAM Overvalued or Undervalued? Artisan Partners Asset Management Inc APAM is currently trading at $34.79, significantly below its GF Value™ estimate of $47.34, which suggests that the stock is undervalued by 26.5%. This margin of safety could present a potential opportunity for investors looking for bargains in the market. The GF Valuation label indicates that APAM is considered modestly undervalued, which typically signals a favorable investment opportunity, although it is essential to consider the market conditions and company performance before making decisions.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The current undervaluation suggests that the market may not fully recognize the company's potential or that there are external factors affecting its valuation.

How Does APAM's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)8.8x11.6x Forward P/E9.1xN/A Artisan Partners is currently trading at a P/E (TTM) of 8.8x, which is 24% below its 5-year median P/E of 11.6x. The forward P/E of 9.1x also indicates that the stock is trading below its historical valuation. This P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that APAM is undervalued in comparison to its historical performance.

What Does APAM's GF Score™ Tell Us? MetricRating GF Score™80/100 Financial Strength7/10 Profitability8/10 Growth5/10 Valuation8/10 Momentum5/10 The GF Score™ of 80/100 indicates a strong overall performance, with notable strengths in Profitability (8/10) and Valuation (8/10). However, the Growth (5/10) and Momentum (5/10) rankings suggest there may be some challenges in these areas. The Financial Strength rating of 7/10 indicates a solid foundation, but there is room for improvement.

What Are Insiders Doing with APAM Stock? In the last three months, there have been no insider transactions reported for Artisan Partners Asset Management Inc. This lack of insider activity may suggest a neutral sentiment among company executives and directors regarding the stock's current valuation and future prospects.

What This Means for Investors Based on the analysis of GF Value™, Artisan Partners Asset Management Inc APAM is currently undervalued, presenting a potential opportunity for investors. However, it is essential to consider other factors such as market conditions and company performance before making investment decisions.

For the complete analysis, visit the Artisan Partners Asset Management Inc APAM stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is APAM's GF Score™?

APAM's GF Score™ is 80/100, indicating strong potential for long-term returns based on its financial performance and valuation metrics.

Is APAM overvalued or undervalued?

APAM is currently undervalued, with a GF Value™ estimate indicating a 26.5% upside from its current trading price.

What is APAM's P/E ratio?

APAM's P/E (TTM) ratio is 8.8x, which is 24% below its 5-year median P/E of 11.6x, suggesting the stock is trading below its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

MarketBeat Week in Review – 04/13 - 04/17 Ralph Lauren NYSE: RL reported stronger-than-expected fourth-quarter and full-year fiscal 2026 results, with management citing broad-based growth across regions, channels and product categories as the company completed the first year of its “Next Great Chapter: Drive” strategic plan.

President and Chief Executive Officer Patrice Louvet said the company’s reported full-year revenue surpassed $8 billion for the first time, supported by growth in both retail and wholesale and in every region. He said Ralph Lauren’s performance reflected “healthy, consistent, sustainable growth” tied to brand elevation, product breadth and expansion in key cities.

Get Ralph Lauren alerts:

After a Huge Rally, Is There Any Upside Left for Ralph Lauren Stock? “There’s no single or one-time element that drove the outperformance,” Louvet said during the call. “That’s really the power of our diversified model.”

Fourth-quarter sales beat expectations Chief Financial Officer Justin Picicci said fourth-quarter revenue increased 12% on a constant-currency basis, ahead of the company’s prior mid-single-digit outlook. Asia led regional growth, with revenue up 28%, followed by North America at 8% and Europe at 6%.

Calvin Klein's Parent May Be the Market's Best BargainRetail comparable sales rose 17% globally, accelerating from the prior quarter, with double-digit growth in both owned digital and brick-and-mortar channels. Total digital ecosystem sales, including the company’s own websites and wholesale digital accounts, grew at a mid-teens rate.

By region, North America revenue increased 8%, driven by 14% growth in direct-to-consumer sales. North America retail comps rose 16%, including 21% growth in digital comps. Wholesale revenue in North America was flat, which Picicci said was ahead of plan as replenishment orders and full-price selling offset reduced off-price sales and rationalization of lower-tier wholesale doors.

Europe revenue rose 6%, with growth in both direct-to-consumer and wholesale. Germany, the U.K., Italy and Spain led the region. Europe retail comps rose 5% on top of an 18% increase a year earlier, while wholesale grew 7%.

Asia revenue increased 28%, with all markets contributing to growth. Retail comps in the region rose 25%. China sales grew more than 50% in the quarter, supported by a strong Lunar New Year period, healthy comparable sales and new customer acquisition.

Margins improve despite tariff pressure Adjusted gross margin expanded 40 basis points to 69%, compared with the company’s expectation for roughly 100 basis points of contraction. Picicci said stronger-than-expected average unit retail growth and favorable channel mix more than offset higher U.S. tariff costs, as well as modest labor and non-cotton material cost headwinds.

Average unit retail rose 16% in the quarter. Picicci said about half of that increase came from stronger full-price selling, reduced discounting and modest targeted pricing, with the rest coming from product, channel and geographic mix.

Adjusted operating expenses rose 14%, or 90 basis points as a percentage of sales, as higher marketing investment more than offset leverage in non-marketing expenses. Marketing represented 8.1% of fourth-quarter sales, up from 6.6% a year earlier, reflecting spending tied to the Winter Olympics and fashion presentations in Milan, New York City and Paris.

Fourth-quarter adjusted operating margin contracted 60 basis points to 9.7%. For the full year, adjusted operating margin expanded 140 basis points to 15.4% on a constant-currency basis, which Picicci said was ahead of plan.

Brand activations and product categories drive growth Louvet highlighted sports, entertainment and fashion activations as important brand drivers. Ralph Lauren served as the official outfitter of Team USA for the 2026 Milan Cortina Olympics and Paralympics and activated around the event with celebrities and friends of the brand, including Usher, Shaun White, Maggie Rogers, Snoop Dogg and Taylor Swift. Louvet said the Olympics campaign helped Ralph Lauren achieve the No. 1 share of voice across social media and improve luxury perception, brand relevance and consideration.

The company added 1.4 million new customers to its direct-to-consumer businesses in the fourth quarter, a low-double-digit increase from a year earlier. Social media followers increased by high single digits to about 70 million, led by Instagram, LINE and Douyin.

Louvet said core product sales, which represent more than 70% of the business, grew mid-teens in both the quarter and the full year. High-potential categories including women’s apparel, outerwear and handbags increased more than 20% for both the quarter and full year, outpacing total company growth.

In the question-and-answer session, Louvet said those categories are expected to remain growth accelerators. He noted that women’s apparel is close to a $2 billion business for Ralph Lauren but still represents about 1% market share, leaving “significant runway.” He also pointed to the planned fall launch of the Polo Blaze handbag family.

Fiscal 2027 outlook calls for continued growth For fiscal 2027, Ralph Lauren expects constant-currency revenue to increase by mid-single digits on a 52-week comparable basis, centered around 4% to 5%. The year includes a 53rd week, expected to add about 1 point to revenue growth.

By region, the company expects North America revenue to grow approximately low single digits, Europe revenue to increase low to mid single digits and Asia revenue to increase high single digits. China is expected to grow in the mid-teens range after growing 40% in fiscal 2026.

Ralph Lauren expects full-year operating margin to expand 40 to 60 basis points in constant currency, with modest gross margin expansion and operating expense leverage more than offsetting continued brand investments and distribution optimization. The outlook does not assume any potential tariff refunds.

For the first quarter, the company expects revenue to rise mid- to high single digits on a constant-currency basis and operating margin to expand 80 to 120 basis points, led by gross margin expansion.

Picicci said the company expects average unit retail growth to continue in fiscal 2027, though at a more normalized mid-single-digit pace after a 15% increase in fiscal 2026. He said first-quarter AUR growth is expected to be high single digits.

Management emphasizes balance sheet and investment plans Ralph Lauren ended the year with $2.1 billion in cash and short-term investments and $1.2 billion in total debt. The company generated about $750 million in free cash flow during fiscal 2026 and returned more than $700 million to shareholders through dividends and repurchases. Its board approved a 10% increase in the annual dividend.

Management said investment priorities remain focused on brand building, product elevation and key city ecosystems, including digital and AI-enabled capabilities. Louvet said marketing spend is expected to reach about 8% of sales in fiscal 2027, and that the company will continue to evaluate marketing investment based on returns.

“We remain on offense,” Louvet said, citing Ralph Lauren’s brand strength, core products, high-potential categories and geographic expansion opportunities as drivers of long-term growth.

About Ralph Lauren NYSE: RLRalph Lauren Corporation NYSE: RL is a global designer, marketer and distributor of premium lifestyle products under the Ralph Lauren name and a portfolio of related brands. The company, founded by Ralph Lauren in 1967 and headquartered in New York City, has grown from a single line of men's neckties into a global lifestyle business that spans apparel, accessories and home goods.

Ralph Lauren's product assortment includes menswear, womenswear and childrenswear along with footwear, leather goods, eyewear, fragrances and home furnishings.

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Ralph Lauren Corporation (RL) Q4 2026 Earnings Call Transcript

Key Takeaways Ralph Lauren posted Q4 FY2026 EPS of $2.80, up 23%, with revenues up 16.6% to $1.98B.Ralph Lauren's global comps rose 17%, driven by digital growth, product elevation and full-price selling.RL guided FY2027 revenue growth of 4%-5% in constant currency and operating margin expansion of 40-60 bps. Ralph Lauren Corporation (RL - Free Report) delivered better-than-expected fourth-quarter fiscal 2026 results, with strength on both the top and bottom lines. Adjusted earnings came in at $2.80 per share, up 23.3% from $2.27 a year ago and ahead of the Zacks Consensus Estimate of $2.52 by 11.1%.

Net revenues rose 16.6% year over year to $1,978.7 million and topped the consensus mark of $1,845 million. Results reflected broad-based demand across regions and channels, supported by higher direct-to-consumer comparable store sales and continued full-price selling momentum.

Direct-to-consumer (DTC) performance stood out in the quarter. Global DTC comparable store sales increased 17%, with positive retail comps across regions and channels. Management also pointed to mid-teens growth in average unit retail, reflecting product elevation, mix benefits and sustained full-price selling trends.

Regionally, North America retail comps rose 16%, driven by a 21% increase in digital commerce and a 14% lift in brick-and-mortar stores. Europe retail comps increased 5%, including 2% increase in brick and mortar stores and 14% digital commerce growth, while Asia delivered 25% comps growth, supported by a 31% gain in digital commerce and 25% growth in stores.

Ralph Lauren’s shares have rallied more than 10% following the earnings release. This Zacks Rank #3 (Hold) company’s stock has gained 18.7% in the past year against the industry’s decline of 21.7%.

RL’s Q4 Revenue Strength Spans RegionsRevenue gains were led by Asia, where sales increased 31% to $564 million, supported by robust demand in China. Europe posted an 18% rise to $620 million, while North America revenues grew 8% to $763 million.

By channel, retail revenues climbed to $1,289.9 million from $1,059.3 million a year ago, reflecting stronger store productivity and digital growth. Wholesale revenues also advanced to $656 million from $602.5 million, while licensing revenues were $32.8 million. The Zacks Consensus Estimate for retail and wholesale channels' revenues stood at $1,193 million and $633 million, respectively.

RL Expands Margins Despite Tariff PressureProfitability improved in the quarter as the gross margin expanded on a healthier product mix and pricing. Gross profit was $1.4 billion, and gross margin was 69.7%, up 110 basis points (bps) from the year-ago quarter. The company noted that margin expansion was driven by favorable geographic, channel and product mix, average unit retail growth and reduced cotton costs, more than offsetting higher U.S. tariffs and other product costs.

Adjusted operating income increased to $218 million, translating to an adjusted operating margin of 11%, up 70 bps year over year.

Ralph Lauren’s Financial DetailsRalph Lauren ended fiscal 2026 with $2.065 billion in cash and short-term investments and total debt of $1.239 billion. Inventories were $1.014 billion at year-end, up 7% from the prior year, reflecting a still-controlled inventory position relative to revenue growth.

The company repurchased approximately $500 million of Class A common stock in fiscal 2026, with $1.4 billion remaining on its authorization at year-end. The board also approved a 10% increase in the quarterly dividend to $1.00 per share, with the next payment expected on July 10, 2026, for shareholders of record as of June 26, 2026.

RL's Q1 & Preliminary FY27 ViewManagement introduced an initial outlook for fiscal 2027 that calls for constant-currency revenue growth in the mid-single digits, centered around 4-5%, alongside operating margin expansion of roughly 40-60 bps in constant currency on modest gross margin expansion and leveraged operating expenses. The company expects foreign currency to be roughly neutral to revenues and margins for the fiscal year. It plans capital expenditures of approximately 4-5% of revenues.

For the first quarter of fiscal 2027, RL expects revenues to increase mid to high-single digits in constant currency, while operating margin is projected to expand 80-120 bps, backed by gross margin gains. Fiscal 2027 will be a 53-week year, with the extra week expected to add about one point to revenue growth and provide a slight benefit to operating margin for the full year.

Key Picks in the Consumer Discretionary Space Columbia Sportswear Company (COLM - Free Report) , which is a marketer and distributor of outdoor and active lifestyle apparel, footwear, accessories and equipment, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for COLM’s current financial-year sales is expected to rise 2.3% from the corresponding year-ago reported figure. COLM delivered a trailing four-quarter earnings surprise of 44.1%, on average.

Gildan Activewear Inc. (GIL - Free Report) , which is a designer and marketer of premium quality branded basic activewear, currently has a Zacks Rank #2 (Buy).

GIL delivered a negative trailing four-quarter earnings surprise of 1.1%, on average. The Zacks Consensus Estimate for Gildan Activewear’s current financial-year sales indicates growth of 68.9% from the year-ago number.

Boyd Gaming (BYD - Free Report) , which is a gaming company, currently carries a Zacks Rank of 2.

BYD delivered a trailing four-quarter earnings surprise of 7.5%, on average. The Zacks Consensus Estimate for BYD’s current financial-year EPS indicates growth of 0.1% from the year-ago number.

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Stock to Watch: Ralph Lauren (RL - Free Report) Ralph Lauren Corp. is a major designer, marketer and distributor of premium lifestyle products in North America, Europe, Asia, and internationally. It offers products in the apparel, footwear, accessories, home furnishings, and other licensed product categories. The company possesses a strong portfolio of globally recognized brand names such as Polo Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection, Double RL, Lauren Ralph Lauren, Polo Golf Ralph Lauren, Ralph Lauren Golf, RLX Ralph Lauren, Polo Ralph Lauren Children, Chaps, Club Monaco and American Living.

RL is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Consumer Discretionary stock. RL has a Momentum Style Score of A, and shares are up 1% over the past four weeks.

Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2027, while the Zacks Consensus Estimate has increased $0.05 to $18.08 per share. RL also boasts an average earnings surprise of +9.1%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, RL should be on investors' short list.

Ralph Lauren Corporation (NYSE:RL) on Thursday posted stronger-than-expected fourth-quarter results.

Adjusted earnings per share of $2.80 beat the analyst consensus estimate of $2.54. Quarterly sales of $1.98 billion outpaced the Street view of $1.85 billion.

For fiscal 2027, Ralph Lauren expects revenue to grow at a mid-single-digit rate in constant currency on a comparable 52-week basis, with projected growth centered around 4% to 5%.

For the first quarter, the company expects revenue to rise at a mid- to high-single-digit rate in constant currency. Ralph Lauren sees operating margin expansion of roughly 80–120 basis points, primarily driven by gross margin improvement.

“For nearly 60 years, our brand has stood for optimism, quality, authenticity, and a life well lived,” said Ralph Lauren, Executive Chairman and Chief Creative Officer. “From the passion and pursuit of greatness at the Olympics — the world’s biggest stage in sports — to joyful traditions like Lunar New Year, we are bringing people together through timeless style that celebrates life’s meaningful moments.”

Ralph Lauren shares rose 1.2% to trade at $379.16 on Friday.

These analysts made changes to their price targets on Ralph Lauren following earnings announcement.

Barclays analyst Adrienne Yih maintained the stock with an Overweight rating and raised the price target from $430 to $439. Wells Fargo analyst Ike Boruchow maintained the stock with an Overweight rating and raised the price target from $400 to $415. Considering buying RL stock? Here’s what analysts think:

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