Mid-America Apartment Communities, Inc. · MAA · FY2026 Q1 · Calendar Q2 2026

MAA Q1 2026: Core FFO Beats on Stable Occupancy, Development Spend Trimmed

MAA delivered Q1 2026 results that exceeded expectations, with core FFO of $2.13 per share beating guidance and GAAP EPS of $1.09 surpassing the $0.83 consensus by 31.5%. Revenue of $553.7M narrowly missed the $555.8M estimate. Occupancy held stable at 95.5% with gradually improving lease pricing and low delinquency at 0.3%. Management reaffirmed full-year guidance at the midpoint, citing moderating supply pressure and declining concessions as tailwinds. The company trimmed 2026 development spend by $50M to $350M and reduced planned project starts from 5-7 to 4, signaling more disciplined capital deployment. Share repurchases continued at 558,000 shares for $73M at $130.46, extending the buyback program that resumed last quarter for the first time since 2001. Despite the beat, the market reacted negatively with shares underperforming by 1.4% on an abnormal basis in the session…

Reported After market closeNYSEReal Estate $15.52B market cap
100quality score

Company context

Snapshot as of publication

Mid-America Apartment Communities, known as MAA, is a prominent S&P 500 entity operating as a Real Estate Investment Trust (REIT). Its core objective is to generate outstanding, comprehensive investment returns for its shareholders. MAA achieves this by strategically acquiring, developing, redeveloping, owning, and managing high-quality apartment complexes. These properties are primarily located across the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2020, the company held an interest in 102,772 apartment units, a figure that includes communities currently under development, spread throughout 16 states and the District of Columbia.

Earnings scorecard

Reported versus consensus
Reported EPS $1.09 Consensus $1
EPS surprise +31.5% Reported versus consensus
Reported revenue $553.7M Consensus $555.8M
Revenue surprise -0.4% Reported versus consensus

Earnings History

Estimate Beat Miss Match
MAA EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $2.23 Q1 '24 actual $2.22, match Q2 '24 estimate $2.20 Q2 '24 actual $2.22, beat Q3 '24 estimate $2.18 Q3 '24 actual $2.21, beat Q2 '25 estimate $2.14 Q2 '25 actual $2.15, match Q3 '25 estimate $2.17 Q3 '25 actual $2.16, match Q4 '25 estimate $2.22 Q4 '25 actual $2.23, match Q1 '26 estimate $0.83 Q1 '26 actual $1.09, beat Q2 '26 estimate $0.76 Q2 '26 actual $1.07, beat Q3 '26 estimate $0.79 Q4 '26 estimate $0.85 Q1 '27 estimate $0.78 Q2 '27 estimate $0.77
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Analyst Consensus ?

ConsensusHold35 ratings
Bullish1748.6%
Neutral1645.7%
Bearish25.7%

Analyst 52W Price Targets

$133.32Previous close
$129Low
$152.76Average
$225High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Evercore ISI Group In Line In LineMaintainJul 30, 2026
Wells Fargo Overweight OverweightMaintainJul 22, 2026
Piper Sandler Neutral NeutralMaintainJul 21, 2026
Barclays Equal Weight Equal WeightMaintainJul 14, 2026
Scotiabank Sector Underperform Sector UnderperformMaintainJul 9, 2026
Morgan Stanley Overweight OverweightMaintainJun 25, 2026
Truist Securities Buy BuyMaintainJun 10, 2026
Mizuho Outperform OutperformMaintainJun 10, 2026
Show 27 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $133.32. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Evercore ISIAnalyst unavailable$130$134.87 -2.5%Jul 30, 2026
Wells FargoJames Feldman$148$132.24 +11.0%Jul 22, 2026
Piper SandlerAnalyst unavailable$143$133.71 +7.3%Jul 21, 2026
Deutsche BankAnalyst unavailable$137$133.71 +2.8%Jul 20, 2026
BarclaysAnalyst unavailable$147$135.89 +10.3%Jul 14, 2026
ScotiabankAnalyst unavailable$137$137.05 +2.8%Jul 9, 2026
Morgan StanleyAdam Kramer$155$137.36 +16.3%Jun 25, 2026
ScotiabankNicholas Yulico$129$133.89 -3.2%Jun 18, 2026
Mizuho SecuritiesAnalyst unavailable$152$138.91 +14.0%Jun 10, 2026
Evercore ISIAnalyst unavailable$132$137.6 -1.0%Jun 8, 2026
See 43 more

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Market reaction

event-close to next-session close
Stock move -0.4% Event window
SPY move +1.0% Same window
Abnormal move -1.4% Stock minus SPY
Volume 2.1× Versus trailing sessions
Subsequent drift -0.1% Up to 20 sessions
MAASPY benchmark

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Transcript intelligence

What changed

From the prior quarter to Q1 2026, several notable shifts emerged: (1) Development spend was cut from $400M to $350M and the project start count was lowered from 5-7 to 4, reflecting more cautious capital deployment. (2) Share repurchases accelerated sharply, from 207,000 shares at $131.61 in Q4 to 558,000 shares at $130.46 in Q1, totaling $73M. (3) Physical occupancy dipped slightly from 95.7% to 95.5%. (4) Capex outlook shifted from increasing to decreasing. (5) The Wi-Fi retrofit program expanded to target 35+ additional properties, with management projecting meaningful ancillary revenue. (6) Concessions are now described as modestly declining, an improvement from the prior quarter's emphasis on elevated concession levels.

Guidance delta

Full-year 2026 guidance was reaffirmed at the midpoint. The core FFO range of $8.35-$8.71 per share (established last quarter) was maintained. Blended lease growth target of 1%-1.5% was reiterated. Development spend was trimmed by $50M to $350M, with the project start count reduced from 5-7 to 4. Guidance sentiment is maintained.

Key takeaways

  • Core FFO of $2.13 per share beat guidance; GAAP EPS of $1.09 surpassed the $0.83 consensus by 31.5%.
  • Revenue of $553.7M narrowly missed the $555.8M estimate, a 0.4% shortfall.
  • Occupancy remained stable at 95.5% with improving lease pricing and low delinquency at 0.3%.
  • Full-year guidance reaffirmed at midpoint with blended lease growth target of 1%-1.5%.
  • Development spend trimmed to $350M for four new projects targeting 4,300 future units.
  • Share repurchases continued at 558,000 shares for $73M, extending the buyback program resumed last quarter.

Management priorities

  • Disciplined capital allocation balancing share buybacks with selective development starts.
  • Expanding Wi-Fi retrofit program to 35+ additional properties for ancillary revenue.
  • Continuing interior unit upgrades and common-area repositioning across the portfolio.
  • Pursuing selective land acquisitions with clear near-term build paths.
  • Maintaining strong resident retention and renewal pricing momentum.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-31T09:02:02.108103+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T09:02:02.105371+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.