Mid-America Apartment Communities, Inc. · MAA · FY2026 Q3 · Calendar Q4 2026

MAA lowers full-year guidance as new-lease pricing remains soft

MAA's demand backdrop remains constructive as renewals, lease-up activity and easing supply support the portfolio, but weaker new-lease pricing and modest occupancy pressure led to lower full-year guidance. The key test is whether pricing recovers while development, technology investment and balance-sheet flexibility remain disciplined.

Reported After market closeNYSEReal Estate $13.55B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.72 Consensus $0.77
EPS surprise -5.9% Reported versus consensus
Reported revenue $560.1M Consensus $558.1M
Revenue surprise +0.4% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +1.3% Event window
SPY move -0.4% Same window
Abnormal move +1.7% Stock minus SPY
Volume 1.3× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
MAASPY benchmark

Ask FN2 about MAA FY2026 Q3

Transcript, numbers and history already loaded
Why did MAA rise 1.3% after missing EPS estimates in FY2026 Q3?What changed in MAA's guidance and outlook in FY2026 Q3?Give me the bull and bear case for MAA after FY2026 Q3 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Management lowered full-year guidance after weaker new-lease pricing and modest occupancy. At the same time, it reported strong renewal and lease-over-lease performance, continued easing of supply pressure in parts of the Sun Belt, and progress on Wi-Fi, unit upgrades, redevelopments and three joint-venture developments.

Guidance delta

Lowered. Management cited weaker new-lease pricing and modest occupancy as the reasons for the change.

Key takeaways

  • Core FFO met Q3 expectations, while full-year guidance was lowered.
  • Renewal rates and lease-over-lease performance remained strong, with occupancy near 95.5%.
  • Wi-Fi, interior upgrades and redevelopment projects continued to support ancillary revenue and property returns.
  • Supply pressures are receding in some Sun Belt markets, but conditions remain uneven.
  • Capital allocation remains focused on development, modest acquisitions, share repurchases and financial flexibility.

Management priorities

  • Complete and stabilize three joint-venture developments in Kansas City, Northern Virginia and Nashville.
  • Expand community Wi-Fi service to 66 properties.
  • Accelerate interior upgrades and repositioning projects, with 8–12 additional projects targeted for 2027.
  • Maintain disciplined capital allocation and consider fixed-rate debt issuance to reduce floating-rate exposure.

Follow MAA with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
MAA EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. 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 $0.77 Q3 '26 actual $0.72, miss Q4 '26 estimate $0.85 Q1 '27 estimate $0.78
Show 2 more >

Analyst Consensus ?

ConsensusHold35 ratings
Bullish1645.7%
Neutral1748.6%
Bearish25.7%

Analyst 52W Price Targets

$118.26Current
$121Low
$148.21Average
$225High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Goldman Sachs Neutral NeutralMaintainOct 21, 2026
Wells Fargo Overweight OverweightMaintainOct 19, 2026
UBS Neutral NeutralMaintainOct 14, 2026
Barclays Equal Weight Equal WeightMaintainOct 14, 2026
RBC Capital Sector Perform Sector PerformMaintainOct 13, 2026
Show 30 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $118.26. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Goldman SachsAnalyst unavailable$125$117.36 +5.7%Oct 21, 2026
UBSAmi Probandt$124$115.82 +4.9%Oct 14, 2026
BarclaysAnalyst unavailable$136$116.45 +15.0%Oct 14, 2026
Piper SandlerAnalyst unavailable$121$116.86 +2.3%Oct 12, 2026
Evercore ISISteve Sakwa$123$118.36 +4.0%Sep 21, 2026
See 63 more

Track every rating change on MAA the moment it posts. Free to start.

Start free

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.

Historical context

All MAA earnings
-3.0%FY2026 Q2 · Calendar Q3 2026-0.4%FY2026 Q1 · Calendar Q2 2026-3.2%FY2025 Q4 · Calendar Q1 2026

Real Estate peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
VICI VICI Properties Inc. FY2026 Q3 · Calendar Q4 2026 — +4.3% VICI raises AFFO outlook as Caesars lease risk persists
INVH Invitation Homes Inc. FY2026 Q3 · Calendar Q4 2026 +49.5% -0.4% Invitation Homes pairs steady rent growth with higher guidance
EQIX Equinix, Inc. FY2026 Q3 · Calendar Q4 2026 +20.0% +5.4% Equinix raises guidance as AI demand drives capacity expansion
EXR Extra Space Storage Inc. FY2026 Q3 · Calendar Q4 2026 -1.7% +0.1% Extra Space Storage raises Core FFO guidance as occupancy holds at 94%

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

Get the MAA recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-10-29T19:10:14.469706+00:00
  2. FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
  3. Polygon adjusted daily market bars · 2026-10-29T22:40:40.749143+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T22:40:40.746419+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 · As of 2026-10-29. For educational purposes only; not investment advice.