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%.