--- title: "Mid America Apartment Com | 8-K: FY2026 Q2 Revenue: USD 555.13 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294256778.md" datetime: "2026-07-29T20:29:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294256778.md) - [en](https://longbridge.com/en/news/294256778.md) - [zh-HK](https://longbridge.com/zh-HK/news/294256778.md) --- # Mid America Apartment Com | 8-K: FY2026 Q2 Revenue: USD 555.13 M Revenue: As of FY2026 Q2, the actual value is USD 555.13 M. EPS: As of FY2026 Q2, the actual value is USD 1.04, beating the estimate of USD 0.7773. EBIT: As of FY2026 Q2, the actual value is USD 178.12 M. ### Portfolio Statistics (as of June 30, 2026) Mid-America Apartment Communities, Inc. reported a total multifamily portfolio of 102,873 units, with 96,561 units in Same Store communities, 4,360 units in Stabilized Non-Same Store communities, and 1,759 units in Lease-up communities. An additional 193 development units were delivered. The total gross real assets for multifamily communities stood at $17,377,275 thousand, with a physical occupancy of 94.0% and an average effective rent per unit of $1,692. Stabilized communities accounted for $16,380,954 thousand in gross real assets (94.2% of total) with 94.8% physical occupancy and an average effective rent of $1,685 per unit. Lease-up/development communities had $996,321 thousand in gross real assets (5.8% of total), 59.5% physical occupancy, and an average effective rent of $2,060 per unit. Mid-America Apartment Communities, Inc.’s 35% ownership in a 269-unit joint venture property in Washington, D.C., had a gross investment of $83.7 million and generated $4.3 million in Net Operating Income (NOI) for the six months ended June 30, 2026. ### Net Operating Income (NOI) - Three Months Ended June 30, 2026 vs. 2025 #### Operating Revenues - Same Store Communities: $517,438 thousand in Q2 2026, down -0.3% from $519,039 thousand in Q2 2025. - Non-Same Store Communities: $22,612 thousand in Q2 2026, up from $21,787 thousand in Q2 2025. - Lease-up/Development Communities: $8,023 thousand in Q2 2026, up from $2,310 thousand in Q2 2025. - Total Multifamily Portfolio: $548,073 thousand in Q2 2026, up from $543,136 thousand in Q2 2025. - Commercial Property/Land: $7,054 thousand in Q2 2026, up from $6,766 thousand in Q2 2025. - Total Operating Revenues: $555,127 thousand in Q2 2026, up from $549,902 thousand in Q2 2025. #### Property Operating Expenses - Same Store Communities: $201,219 thousand in Q2 2026, up 0.8% from $199,537 thousand in Q2 2025. - Non-Same Store Communities: $9,992 thousand in Q2 2026, down from $10,151 thousand in Q2 2025. - Lease-up/Development Communities: $4,631 thousand in Q2 2026, up from $1,834 thousand in Q2 2025. - Total Multifamily Portfolio: $215,842 thousand in Q2 2026, up from $211,522 thousand in Q2 2025. - Commercial Property/Land: $2,878 thousand in Q2 2026, down from $3,132 thousand in Q2 2025. - Total Property Operating Expenses: $218,720 thousand in Q2 2026, up from $214,654 thousand in Q2 2025. #### Net Operating Income - Same Store Communities: $316,219 thousand in Q2 2026, down -1.0% from $319,502 thousand in Q2 2025. - Non-Same Store Communities: $12,620 thousand in Q2 2026, up from $11,636 thousand in Q2 2025. - Lease-up/Development Communities: $3,392 thousand in Q2 2026, up from $476 thousand in Q2 2025. - Total Multifamily Portfolio: $332,231 thousand in Q2 2026, up from $331,614 thousand in Q2 2025. - Commercial Property/Land: $4,176 thousand in Q2 2026, up from $3,634 thousand in Q2 2025. - Total Net Operating Income: $336,407 thousand in Q2 2026, up 0.3% from $335,248 thousand in Q2 2025. ### Components of Same Store Portfolio Property Operating Expenses (Three Months Ended June 30, 2026 vs. 2025) - Property Taxes: $68,992 thousand in Q2 2026 vs. $69,090 thousand in Q2 2025, a -0.1% change. - Personnel: $43,411 thousand in Q2 2026 vs. $43,203 thousand in Q2 2025, a 0.5% change. - Utilities: $35,161 thousand in Q2 2026 vs. $33,682 thousand in Q2 2025, a 4.4% change. - Building Repair and Maintenance: $28,214 thousand in Q2 2026 vs. $28,368 thousand in Q2 2025, a -0.5% change. - Office Operations: $8,278 thousand in Q2 2026 vs. $8,131 thousand in Q2 2025, a 1.8% change. - Insurance: $7,801 thousand in Q2 2026 vs. $8,479 thousand in Q2 2025, an -8.0% change. - Marketing: $9,362 thousand in Q2 2026 vs. $8,584 thousand in Q2 2025, a 9.1% change. - Total Property Operating Expenses: $201,219 thousand in Q2 2026 vs. $199,537 thousand in Q2 2025, a 0.8% change. ### Components of Same Store Portfolio Property Operating Expenses (Six Months Ended June 30, 2026 vs. 2025) - Property Taxes: $133,927 thousand in YTD 2026 vs. $132,278 thousand in YTD 2025, a 1.2% change. - Personnel: $85,269 thousand in YTD 2026 vs. $84,764 thousand in YTD 2025, a 0.6% change. - Utilities: $70,146 thousand in YTD 2026 vs. $67,535 thousand in YTD 2025, a 3.9% change. - Building Repair and Maintenance: $52,410 thousand in YTD 2026 vs. $52,239 thousand in YTD 2025, a 0.3% change. - Office Operations: $15,953 thousand in YTD 2026 vs. $16,316 thousand in YTD 2025, a -2.2% change. - Insurance: $15,555 thousand in YTD 2026 vs. $16,921 thousand in YTD 2025, an -8.1% change. - Marketing: $16,243 thousand in YTD 2026 vs. $15,395 thousand in YTD 2025, a 5.5% change. - Total Property Operating Expenses: $389,503 thousand in YTD 2026 vs. $385,448 thousand in YTD 2025, a 1.1% change. ### Multifamily Same Store Portfolio Quarterly Comparisons #### Q2 2026 vs. Q2 2025 - Total Same Store Revenue: $517,438 thousand in Q2 2026, a -0.3% change from $519,039 thousand in Q2 2025. - Total Same Store Expenses: $201,219 thousand in Q2 2026, a 0.8% change from $199,537 thousand in Q2 2025. - Total Same Store NOI: $316,219 thousand in Q2 2026, a -1.0% change from $319,502 thousand in Q2 2025. - Average Effective Rent per Unit: $1,688 in Q2 2026, a -0.2% change from $1,691 in Q2 2025. #### Q2 2026 vs. Q1 2026 (Sequential) - Total Same Store Revenue: $517,438 thousand in Q2 2026, a 0.1% change from $516,980 thousand in Q1 2026. - Total Same Store Expenses: $201,219 thousand in Q2 2026, a 6.9% change from $188,284 thousand in Q1 2026. - Total Same Store NOI: $316,219 thousand in Q2 2026, a -3.8% change from $328,696 thousand in Q1 2026. - Average Effective Rent per Unit: $1,688 in Q2 2026, a 0.2% change from $1,685 in Q1 2026. ### Multifamily Same Store Portfolio Year to Date Comparisons #### YTD Q2 2026 vs. YTD Q2 2025 - Total Same Store Revenue: $1,034,418 thousand in YTD Q2 2026, a -0.3% change from $1,037,866 thousand in YTD Q2 2025. - Total Same Store Expenses: $389,503 thousand in YTD Q2 2026, a 1.1% change from $385,448 thousand in YTD Q2 2025. - Total Same Store NOI: $644,915 thousand in YTD Q2 2026, a -1.2% change from $652,418 thousand in YTD Q2 2025. - Average Effective Rent per Unit: $1,687 in YTD Q2 2026, a -0.2% change from $1,691 in YTD Q2 2025. ### Multifamily Development Pipeline (as of June 30, 2026) Mid-America Apartment Communities, Inc. has an active development pipeline totaling 1,749 units, with 193 units delivered and 127 units leased. Total expected development costs are $597,500 thousand, with $360,361 thousand incurred to date and $237,139 thousand remaining. ### Multifamily Lease-Up Communities (as of June 30, 2026) Five communities are in the lease-up phase, totaling 1,759 units with a combined physical occupancy of 74.4%. Costs to date for these communities amount to $623,742 thousand. ### Multifamily Interior Redevelopment, WiFi Retrofit and Property Repositioning Activity (Six months ended June 30, 2026) Mid-America Apartment Communities, Inc. completed interior redevelopment on 3,504 units with a spend of $17,990 thousand, averaging $5,134 per unit, resulting in an average effective rent increase of $110 per unit, or 7.9%. An estimated 7,000 to 10,000 units remain in the interior redevelopment pipeline. The company spent $14.3 million on its WiFi Retrofit program and $6.7 million on its Property Repositioning program during the six months ended June 30, 2026. ### Acquisition and Disposition Activity (as of June 30, 2026) Land acquisitions in 2026 included Modera Silver (Northern Virginia), MAA Sevilla (Kansas City, MO-KS), and MAA McFarland Farms (Nashville, TN), where Mid-America Apartment Communities, Inc. owns 95% of the joint venture. Multifamily dispositions included MAA Greenwood Forrest (Houston, TX) with 316 units in February 2026, and MAA Hermitage (Raleigh, NC) with 194 units in May 2026. ### Debt and Debt Covenants (as of June 30, 2026) #### Debt Summaries - **Fixed Rate Versus Floating Rate Debt**: Fixed rate debt totaled $4,930,221 thousand (86.6% of total) with an effective interest rate of 3.8% and an average 6.8 years to rate maturity. Floating rate debt was $761,680 thousand (13.4% of total) with an effective interest rate of 4.1% and 0.7 years to rate maturity. Total debt was $5,691,901 thousand with an overall effective interest rate of 3.9% and 6.0 average years to rate maturity. - **Unsecured Versus Secured Debt**: Unsecured debt amounted to $5,331,445 thousand (93.7% of total) at a 3.8% effective interest rate and 4.8 average years to contract maturity. Secured debt was $360,456 thousand (6.3% of total) at a 4.4% effective interest rate and 22.6 average years to contract maturity. - **Unencumbered Versus Encumbered Assets**: Unencumbered gross assets totaled $17,446,298 thousand (95.7% of total) generating $322,812 thousand in Q2 2026 NOI (96.0% of total). Encumbered gross assets were $792,410 thousand (4.3% of total) generating $13,595 thousand in Q2 2026 NOI (4.0% of total). #### Debt Maturities of Outstanding Balances A total of $963,879 thousand in debt matures in 2026, including $664,000 thousand in Commercial Paper and Revolving Credit Facility and $299,879 thousand in Public Bonds. No borrowings were outstanding under the $1.5 billion unsecured revolving credit facility as of June 30, 2026. #### Debt Covenant Analysis Mid-America Apartment Communities, Inc. was in compliance with all bond and bank covenants as of June 30, 2026. Key metrics included total debt to adjusted total assets at 31.2% (required 60% or less), consolidated income available for debt service to total annual debt service charge at 5.7x (required 1.5x or greater), and total unencumbered assets to total unsecured debt at 320.4% (required greater than 150%). ### 2026 Guidance Mid-America Apartment Communities, Inc. expects its full-year 2026 Core FFO per Share to range from $8.41 to $8.65, with a midpoint of $8.53, and Core AFFO per Share is forecasted between $7.38 and $7.62, with a midpoint of $7.50. For the MAA Same Store Portfolio, average physical occupancy is anticipated at a midpoint of 95.50%, with property revenue growth expected at a midpoint of 0.10% and Net Operating Income (NOI) growth guided to a midpoint of -0.90%. ### Related Stocks - [MAA.US](https://longbridge.com/en/quote/MAA.US.md) ## Related News & Research - [Morgan Stanley Keeps Their Buy Rating on Mid-America Apartment (MAA)](https://longbridge.com/en/news/295665976.md) - [Mid-America Apartment Highlights Strong Q2 Results and Growth](https://longbridge.com/en/news/294873135.md) - [MAA expects 2026 development pipeline to hold near $800 million](https://longbridge.com/en/news/294877467.md) - [Mid-America Apartment Communities Vs. W. P. Carey: Why One REIT Dividend Claimed 86% Of Core AFFO](https://longbridge.com/en/news/295003867.md) - [I looked into buying a house in Singapore as -2-](https://longbridge.com/en/news/295452801.md)