$MAA · MID AMERICA APARTMENT COMMUNITIES INC.
MAA reported Q3 2026 results with diluted EPS of $0.72 on revenue of $560.1M, down from $0.84 EPS on $554.4M revenue in Q3 2025. Same-Store NOI declined 1.8% YoY as expense growth (+2.0%) outpaced revenue (-0.4%). Full-year 2026 guidance calls for Core FFO of $8.43–$8.55 per share and Same-Store NOI growth of -1.25% at the midpoint.
- Q3 diluted EPS of $0.72 vs $0.84 YoY, a 14.3% decline
- Same-Store NOI fell 1.8% YoY on -0.4% revenue and +2.0% expense growth
- Core FFO per share of $2.10 missed the prior-year $2.16
- Full-year 2026 Core FFO guidance midpoint of $8.49 implies continued pressure
- Same-Store effective new lease rates dropped 6.0% while renewals rose 5.3%
Price data unavailable — markets closed; no regular-session reaction yet. Extended-hours last trade at $116.75, flat vs the regular close.
MAA's -6.0% new lease rate decline and negative Same-Store NOI guidance signal that Sunbelt multifamily supply headwinds are worsening, not easing, for one of the sector's largest operators.
MAA's Sunbelt-focused portfolio is absorbing the brunt of new multifamily supply deliveries, with new lease pricing -6.0% reflecting competitive pressure. This mirrors broader Sunbelt REIT struggles as record development pipelines compress rents in markets like Austin, Phoenix, and Nashville.
Same-Store NOI growth guidance of -1.25% at midpoint signals persistent operating headwinds. New resident lease pricing at -6.0% and rising interest expense (+18% YoY to $57.2M total interest incurred) pressure margins. The $350M drawn on the delayed-draw term loan adds leverage at a time when Net Debt/Adjusted EBITDA re ticked up to 4.7x from 4.3x at year-end 2025.