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 ResultsSame 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 EndedMarch 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 ActivityIn 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 ActivityA 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 ActivitiesAs 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 DeclaredMAA 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 GuidanceMAA 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 CallSupplemental 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 MAAMAA, 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 StatementsThis 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
$
