Mid-America Apartment Communities, Inc., or MAA (NYSE:MAA), filed its third-quarter 2026 operating results on October 28, 2026, reporting diluted earnings per common share of $0.72 and Core FFO per diluted share of $2.10 for the three months ended September 30, 2026.

Key Highlights

  • Diluted EPS: Earnings per common share - diluted were $0.72 for Q3 2026, compared to $0.84 in Q3 2025.
  • Core FFO: Core FFO per diluted share was $2.10 for Q3 2026, compared to $2.16 in the prior-year period.
  • Same Store occupancy: Average physical occupancy in the Same Store Portfolio was 95.3% for the three months ended September 30, 2026, with average effective rent per unit of $1,691.
  • Renewal lease pricing: Effective renewal lease rate growth was 5.3% for Q3 2026, an 80 basis point improvement year-over-year.
  • Preferred stock redemption: MAA redeemed all outstanding 8.50% Series I Cumulative Redeemable Preferred Stock on October 1, 2026, using $43.4 million funded from proceeds of a forward sale agreement at $130.34 per share.
  • Share repurchases: MAA repurchased 0.4 million shares of common stock at a weighted average price of $126.72, for total consideration of $50.0 million during Q3 2026.
  • Consecutive dividend: MAA declared its 131st consecutive quarterly common dividend, payable October 30, 2026, at a current annual rate of $6.12 per common share.

MAA's Q3 2026 Operating and Financial Results

Mid-America Apartment Communities, Inc., or MAA, a multifamily apartment REIT headquartered in Germantown, Tennessee, reported third-quarter 2026 results showing a year-over-year decline in both diluted earnings per share and Core FFO per diluted share. Diluted EPS came in at $0.72 versus $0.84 in Q3 2025, while Core FFO per diluted share was $2.10 compared to $2.16 a year earlier. For the nine months ended September 30, 2026, diluted EPS was $2.82 and Core FFO per diluted share was $6.31, against $3.30 and $6.51 respectively in the prior-year period.

Same Store revenues declined 0.4% year-over-year for Q3 2026, while Same Store expenses rose 2.0%, producing a Same Store net operating income decrease of 1.8%. The Same Store Portfolio reported average effective rent per unit of $1,691 and average physical occupancy of 95.3% for the quarter. Resident turnover remained at 39.6% as of September 30, 2026, described in the filing as historically low, with move-outs attributed to single-family home purchases at a record low of 10.1% for the quarter. Effective blended lease rate growth was 0.4% for Q3 2026, reflecting a 5.3% effective renewal rate and a negative 6.0% effective new lease rate.

On the balance sheet, MAA reported total debt outstanding of $5.8 billion as of September 30, 2026, with an average effective interest rate of 4.1%, fixed-rate debt representing 79.3% of total debt, and a total debt average years to maturity of 5.6. The company held $660.7 million of combined cash and available capacity under its unsecured revolving credit facility. During Q3 2026, MAA's operating partnership, Mid-America Apartments, L.P. (MAALP), borrowed an additional $250.0 million under its DDTL Facility, bringing the outstanding balance to $350.0 million. The DDTL Facility is scheduled to mature in November 2030 and includes an accordion feature allowing total unsecured indebtedness to reach $550.0 million. Dividends and distributions paid on common stock and noncontrolling interests during Q3 2026 totaled $182.0 million, compared to $181.8 million in Q3 2025.

On the development front, MAA reported eight communities under construction as of September 30, 2026, representing 2,236 expected units with total expected development costs of $760.0 million, of which $395.6 million had been spent and $364.4 million remained. MAA also had four lease-up communities totaling 1,166 units at 77.6% physical occupancy and $422.2 million of costs incurred to date. In September 2026, a 269-unit community in Washington, D.C. was sold for gross proceeds of approximately $147 million; MAA holds a 35% interest in the joint venture that owned the property.

What Was Disclosed

MAA reported Q3 2026 and nine-month results, Same Store operating statistics, development and lease-up activity, balance sheet highlights including a $350.0 million DDTL Facility balance, preferred stock redemption, share repurchases, and declaration of the 131st consecutive quarterly common dividend at an annual rate of $6.12 per share.