Revenue: As of FY2026 Q1, the actual value is USD 553.73 M.EPS: As of FY2026 Q1, the actual value is USD 1.06, beating the estimate of USD 0.8052.EBIT: As of FY2026 Q1, the actual value is USD 198.52 M.<h3>Segmented Financial Metrics</h3><h4>Revenue</h4>Total Rental and Other Property Revenues for Mid-America Apartment Communities, Inc. increased by 0.8% to $553,725 thousand for the three months ended March 31, 2026, compared to $549,295 thousand for the same period in 2025.<ul><li>Same Store Segment: Revenue decreased by 0.4% to $516,980 thousand in Q1 2026 from $518,827 thousand in Q1 2025. Rental revenues were $513,759 thousand in Q1 2026, down from $515,417 thousand in Q1 2025, while other property revenues were $3,221 thousand in Q1 2026, down from $3,410 thousand in Q1 2025.</li><li>Non-Same Store and Other Segment: Revenue increased by 20.6% to $36,745 thousand in Q1 2026 from $30,468 thousand in Q1 2025, primarily due to increased revenues from completed units in development communities and recently acquired communities. Rental revenues were $36,367 thousand in Q1 2026, up from $30,215 thousand in Q1 2025, and other property revenues were $378 thousand in Q1 2026, up from $253 thousand in Q1 2025.</li></ul><h4>Operational Metrics</h4>Net Income Available for Mid-America Apartment Communities, Inc. Common Shareholders decreased by 31.7% to $123,437 thousand for the three months ended March 31, 2026, from $180,751 thousand for the same period in 2025.Total Property Operating Expenses (excluding depreciation and amortization) increased by 2.1% to $205,572 thousand in Q1 2026 from $201,353 thousand in Q1 2025.<ul><li>Same Store Segment Expenses: Increased by 1.3% to $188,284 thousand in Q1 2026 from $185,911 thousand in Q1 2025, driven by increases in real estate tax expense ($1.7 million) and utilities expense ($1.1 million), partially offset by a decrease in insurance expense ($0.7 million).</li><li>Non-Same Store and Other Segment Expenses: Increased by 12.0% to $17,288 thousand in Q1 2026 from $15,442 thousand in Q1 2025, due to increased operating expenses from completed units in development communities and recently acquired communities.</li></ul>Net Operating Income (NOI) for the Same Store segment was $328,696 thousand in Q1 2026, compared to $332,916 thousand in Q1 2025. Non-Same Store and Other NOI was $19,457 thousand in Q1 2026, up from $15,026 thousand in Q1 2025, leading to a Total NOI of $348,153 thousand in Q1 2026, slightly up from $347,942 thousand in Q1 2025.Depreciation and Amortization increased by $9,520 thousand to $161,870 thousand in Q1 2026 from $152,350 thousand in Q1 2025, due to completed development communities, acquisitions, and capital spend activities.Property Management Expenses rose by $1,883 thousand to $22,461 thousand in Q1 2026 from $20,578 thousand in Q1 2025. General and Administrative Expenses increased by $1,097 thousand to $16,716 thousand in Q1 2026 from $15,619 thousand in Q1 2025.Interest Expense increased by $6,248 thousand to $51,409 thousand in Q1 2026 from $45,161 thousand in Q1 2025, driven by increased average outstanding debt and decreased capitalized interest.Gain on Sale of Depreciable Real Estate Assets was $20,164 thousand in Q1 2026, a decrease from $71,911 thousand in Q1 2025.Other Non-Operating Income was $16,005 thousand in Q1 2026, an increase of $15,171 thousand from $834 thousand in Q1 2025, primarily driven by a $21.9 million non-cash gain from investments, partially offset by $4.5 million in casualty-related charges and a $1.6 million non-cash loss from derivative fair value adjustment.<h4>Cash Flow</h4>Net Cash Provided by Operating Activities was $149,644 thousand for Q1 2026, a decrease of $46,974 thousand from $196,618 thousand for Q1 2025, primarily due to the timing of cash payments.Net Cash Used in Investing Activities was - $122,558 thousand for Q1 2026, an increased cash outflow of $61,153 thousand from - $61,405 thousand for Q1 2025. This was driven by $28,984 thousand in real estate purchases, increased development costs of $9,034 thousand, and decreased proceeds from real estate asset dispositions by $40,327 thousand, partially offset by decreased capital improvements of $14,267 thousand.Net Cash Used in Financing Activities was - $16,196 thousand for Q1 2026, a decreased cash outflow of $106,324 thousand from - $122,520 thousand for Q1 2025, mainly due to $200,474 thousand in proceeds from notes payable, partially offset by $72,780 thousand for common share repurchases and $11,034 thousand for acquisition of noncontrolling interest.<h4>Unique Metrics</h4>Mid-America Apartment Communities, Inc. acquired two acres of land in Arlington, Virginia for approximately $20 million and four acres in Kansas City, Kansas for approximately $5 million in Q1 2026. In February 2026, a 316-unit multifamily community was sold for net proceeds of approximately $41 million, yielding a $20 million gain. As of March 31, 2026, the company had six development communities under construction, totaling 1,788 apartment units, with total expected costs of $622.5 million and $388.3 million incurred. Three developments are expected to be completed in 2026, one in 2027, and two in 2028.Investment in marketable equity securities was $2.9 million as of March 31, 2026, down from $3.9 million at December 31, 2025. Investments in technology-focused limited partnerships totaled $101.8 million as of March 31, 2026, up from $78.2 million at December 31, 2025, generating $22.9 million of income in Q1 2026 compared to $1.7 million in Q1 2025, with future capital commitments totaling $20.0 million. The company entered into a legal settlement agreement for $53.0 million in January 2026 to resolve class action litigation, with the first payment of $26.5 million made in March 2026 and the settlement still subject to court approval.<h4>Future Outlook and Strategy</h4>Mid-America Apartment Communities, Inc. anticipates a decline in new apartment deliveries in 2026 and plans to mitigate economic volatility by maintaining its diverse portfolio across various markets, submarkets, product types, and price points. The company expects capital expenditures for development, redevelopment, repositioning, and recurring replacements to be consistent with 2025 levels, with additional development projects planned for the future. Elevated borrowing costs are expected to persist, impacting variable rate borrowings and future financing, while the dividend policy targets an annual rate of $6.12 per share for 2026, subject to Board approval.

Mid America Apartment Com | 10-Q: FY2026 Q1 Revenue: USD 553.73 M