MAA REPORTS SECOND QUARTER 2026 RESULTS

Rhea-AI Summary

MAA (NYSE: MAA) reported second quarter 2026 diluted EPS of $1.04 versus $0.92 a year earlier, while Core FFO per diluted share was $2.08 versus $2.15. For the first half of 2026, diluted EPS was $2.10 versus $2.46, and Core FFO per share was $4.21 versus $4.35.

Same Store Q2 2026 revenues declined 0.3% year‑over‑year, expenses rose 0.8%, and NOI decreased 1.0%, with effective blended lease rate growth of 0.7%, new lease rate growth of -5.3% and renewal growth of 5.2%. MAA updated full‑year 2026 diluted EPS guidance to $3.96–$4.20 (midpoint $4.08) from $4.18–$4.50, while maintaining the Core FFO midpoint at $8.53 per share and Core AFFO midpoint at $7.50. The Same Store NOI growth midpoint moved to -0.90%. MAA arranged a $350 million unsecured delayed draw term loan (with $100 million drawn), repurchased 0.4 million shares for $50 million, reported Net Debt/Adjusted EBITDAre of 4.5x, and declared its 130th consecutive quarterly dividend at an annual rate of $6.12 per share.

Positive

• Diluted EPS rose to $1.04 in Q2 2026 from $0.92 in Q2 2025
• Q3 2026 Core FFO guidance midpoint $2.10 per share vs. Q2 actual $2.08
• Share repurchases of 0.4 million shares in Q2 2026 for $50 million at $130.66 average price
• Liquidity of $882.8 million in cash and revolver capacity as of June 30, 2026
• Leverage metrics of 31.2% total debt to adjusted total assets and 4.5x Net Debt/Adjusted EBITDAre
• Development pipeline of 6 projects, 1,749 units and $597.5 million expected costs with $237.1 million remaining

Negative

• Core FFO per share declined to $2.08 in Q2 2026 from $2.15 in Q2 2025
• Same Store Q2 2026 revenue -0.3% and NOI -1.0% year-over-year
• Effective new lease rate growth negative at -5.3% in Q2 2026 and -6.0% for the first half of 2026
• Full-year 2026 diluted EPS guidance reduced to $3.96–$4.20 from $4.18–$4.50 (midpoint cut to $4.08)
• Same Store 2026 revenue growth midpoint lowered from 0.55% to 0.10% and NOI growth midpoint from -0.70% to -0.90%

News Explained

MAA had $100 million outstanding by June 30 under a facility capped at $350 million, with proceeds earmarked partly for debt repayment.

MAA disclosed that its operating partnership entered a delayed-draw term loan with up to $350 million committed, of which $100 million was outstanding as of June 30, 2026; this adds borrowing capacity and debt already drawn for general corporate purposes, including repaying other debt.

The $350 million figure is the facility’s committed ceiling, not its current outstanding balance. Advances can be requested through December 21, 2026, the facility matures in November 2030, and an uncommitted accordion could increase total facility indebtedness to $550 million.

MAA also closed a Northern Virginia land acquisition in July, began construction on a 312-unit Nashville community, completed Plaza Midwood, and completed the initial lease-up of Cathedral Arts.

For existing common holders, the financing has mixed structural effects on the supplied facts: the drawn balance is a debt obligation, while the undrawn commitment is liquidity available for corporate uses rather than cash already borrowed.

Market Context

MAA's Q4 2025 earnings event recorded a -3.21% 24-hour reaction, showing that positive operating det...

Analysis

MAA's Q4 2025 earnings event recorded a -3.21% 24-hour reaction, showing that positive operating details have not produced uniform historical outcomes. For this release, guidance reductions remain the central risk to monitor alongside lease-pricing recovery.

Key Figures

Diluted EPS: $1.04 Core FFO per diluted share: $2.08 Same Store blended lease rate growth: 0.7% +5 more

8 metrics

Diluted EPS $1.04 Q2 2026 vs. $0.92 in Q2 2025

Core FFO per diluted share $2.08 Q2 2026 vs. $2.15 in Q2 2025

Same Store blended lease rate growth 0.7% Q2 2026, 20 basis points better year-over-year

DDTL Facility $350.0 million Aggregate committed principal amount

Share repurchase 0.4 million shares for $50 million Q2 2026 repurchases

Annual dividend rate $6.12 per common share Current annual rate

2026 Core FFO guidance $8.41 to $8.65 per diluted share Updated range vs. prior $8.37 to $8.69 range; midpoint remains $8.53

2026 Same Store NOI guidance -1.70% to 0.10% Updated range vs. prior -1.70% to 0.30% range

Previous Earnings Reports

5 past events · Latest: Apr 29 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 29	Q1 earnings report	Positive	-0.4%	Reported quarterly results, repurchases, debt issuance, and maintained dividend
Feb 04	Q4 earnings report	Positive	-3.2%	Reported full-year results, development activity, financing, and 2026 guidance
Oct 29	Q3 earnings report	Positive	+2.0%	Reported quarterly results, development progress, financing capacity, and dividend
Jul 30	Q2 earnings report	Positive	-4.3%	Reported Core FFO, lease growth, occupancy, development pipeline, and guidance
Apr 30	Q1 earnings report	Positive	+1.5%	Reported Core FFO, occupancy, turnover, development costs, and maintained guidance

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings history averaged -0.87% across five events, with reactions ranging from negative to positive.

Key Terms

funds from operations (ffo), core ffo, core affo, delayed draw term loan, +1 more

5 terms

funds from operations (ffo) financial

"Funds from operations (FFO) per Share - diluted"

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

core ffo financial

"Core FFO per Share - diluted"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

core affo financial

"Core AFFO per Share - diluted"

Core AFFO is a REIT-focused profit measure that starts with funds from operations (cash earnings from property operations) and adjusts out non-recurring, one-time or volatile items to show recurring cash generation from the business. Investors use it like a steady-state cash snapshot—similar to looking at a household’s regular monthly paycheck after removing one-off windfalls or expenses—to judge how much cash the real estate operations are likely to produce on an ongoing basis.

delayed draw term loan financial

"entered into a unsecured delayed draw term loan"

A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.

sofr financial

"based upon the Secured Overnight Financing Rate (SOFR)"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GERMANTOWN, Tenn., July 29, 2026 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three and six months ended June 30, 2026.

		Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Earnings per common share - diluted		$	1.04			$	0.92			$	2.10			$	2.46
Funds from operations (FFO) per Share - diluted (1)		$	2.10			$	2.19			$	4.32			$	4.39
Core FFO per Share - diluted (1)		$	2.08			$	2.15			$	4.21			$	4.35

(1)	A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.

Brad Hill, President and Chief Executive Officer, said, "Second quarter Core FFO results exceeded our expectations due to steady demand and continued disciplined expense management. Our focus on new lease pricing resulted in an acceleration in our new lease sequential pricing trends, supported our consistently strong renewal results and delivered blended lease-over-lease pricing that was 20 basis points better year-over-year. As steady demand increasingly outweighs the declining pressure from new deliveries more broadly across our footprint, the improved pricing and operating fundamentals we see in a number of our markets should become more broad-based, supporting an accelerating recovery.  Our pricing momentum, operating discipline, and growing contribution from our new developments, position MAA to deliver attractive future earnings growth."

• During the second quarter of 2026, MAA's Same Store effective blended lease rate growth was 0.7%, a 20 basis point improvement over the same period in the prior year as well as a 100 basis point improvement on a sequential basis, driven by a 170 basis point improvement in new lease pricing from the first quarter of 2026.  
• As of June 30, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.6% with a low level of move-outs associated with buying single-family homes of 10.9% for the quarter.
• During the second quarter of 2026, MAA completed the initial lease-up of MAA Cathedral Arts in Dallas, Texas, completed the development of MAA Plaza Midwood located in Charlotte, North Carolina and began construction of a multifamily apartment community in the Kansas City market.
• During the second quarter of 2026, Mid-America Apartments, L.P. (MAALP), MAA's operating partnership, entered into a unsecured delayed draw term loan (referred to in this release as the DDTL Facility) in the aggregate committed principal amount of up to $350.0 million. The DDTL Facility is scheduled to mature in November 2030. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility.
• During the second quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $130.66 for total consideration of $50 million.

Same Store Operating Results
Same Store results for the three and six months ended June 30, 2026 as compared to the same periods in the prior year are summarized below:

		Three months ended June 30, 2026 vs. 2025								Six months ended June 30, 2026 vs. 2025
		Revenues		Expenses		NOI (1)		Average Effective Rent per Unit		Revenues		Expenses		NOI (1)		Average Effective Rent per Unit
Same Store Operating Growth		-0.3 %		0.8 %		-1.0 %		-0.2 %		-0.3 %		1.1 %		-1.2 %		-0.2 %

(1)	A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.

Same Store operating statistics for the three and six months ended June 30, 2026 are summarized below:

		Three months ended June 30, 2026						Six months ended June 30, 2026						As of June 30, 2026
		Average Effective Rent per Unit				Average Physical Occupancy		Average Effective Rent per Unit				Average Physical Occupancy		Resident Turnover
Same Store Operating Statistics		$	1,688			95.3 %		$	1,687			95.4 %		39.6 %

Same Store net effective lease pricing statistics for the three and six months ended June 30, 2026 are summarized below:

Same Store Net Effective Lease Pricing Statistics		Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Effective Blended Lease Rate Growth		0.7 %		0.3 %
Effective New Lease Rate Growth		-5.3 %		-6.0 %
Effective Renewal Lease Rate Growth		5.2 %		5.3 %

Acquisition and Disposition Activity
In April 2026, MAA closed on the acquisition of a land parcel located in the Nashville market through its pre-purchase development program, and MAA began construction of a 312-unit multifamily apartment community at the property in July 2026.

In July 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and plans future development of a 306-unit multifamily apartment community at the property starting in the third quarter of 2026.

In May 2026, MAA closed on the disposition of a 194-unit multifamily apartment community located in the Raleigh, North Carolina market for net proceeds of approximately $40 million, resulting in a gain on the sale of depreciable real estate assets of approximately $35 million.

Development and Lease-up Activity
A summary of MAA's development communities under construction as of the end of the second quarter of 2026 is set forth below (dollars in thousands):

				Units as of												Development Costs as of												Expected Project
Total				June 30, 2026												June 30, 2026												Completions By Year
Development																Expected				Costs				Expected
Projects (1)				Total				Delivered				Leased				Total				to Date				Remaining				2026				2027				2028
	6				1,749				193				127			$	597,500			$	360,361			$	237,139				2				2				2

(1)	Two of the development projects were leasing as of June 30, 2026.

During the second quarter of 2026, MAA completed the development of MAA Plaza Midwood located in Charlotte, North Carolina and began construction on a 263-unit multifamily apartment community in the Kansas City market. 

MAA funded approximately $81 million of costs for current and planned development projects, including predevelopment activities, during the second quarter of 2026.

A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the second quarter of 2026 is set forth below (dollars in thousands):

Total

As of June 30, 2026

Lease-Up

Total

Physical

Costs

Projects (1)

Units

Occupancy

to Date

5

1,759

74.4

%

$

623,742

(1)	Two of the lease-up projects are expected to stabilize in the third quarter of 2026, two in the fourth quarter of 2026 and one in the third quarter of 2027.

During the second quarter of 2026, MAA completed the lease-up of MAA Cathedral Arts located in Dallas, Texas. 

Balance Sheet and Financing Activities
As of June 30, 2026, MAA had $882.8 million of combined cash and available capacity under MAALP's unsecured revolving credit facility.

In June 2026, MAALP entered into the DDTL Facility in the aggregate committed principal amount of up to $350.0 million.  Advances of loans under the DDTL Facility may be requested by MAALP in one or more draws (subject to a maximum of five draws) and will be available until December 21, 2026.  The DDTL Facility is scheduled to mature in November 2030. Amounts borrowed under the DDTL Facility will bear interest at a variable rate, at MAALP's election, either (1) based upon the Secured Overnight Financing Rate (SOFR) plus an applicable margin ranging from 0.675% to 1.550% based upon MAALP's credit rating or (2) a base rate plus an applicable margin ranging from 0.00% to 0.55% based upon MAALP's credit rating. The DDTL Facility also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million until December 21, 2026. As of June 30, 2026, there was $100.0 million outstanding under the DDTL Facility. MAALP intends to use the loan proceeds for general corporate purposes, including repayment of other debt.

During the second quarter of 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $130.66 for total consideration of $50 million.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2026 were $182.5 million, as compared to $181.8 million for the same period in the prior year.

Balance sheet highlights as of June 30, 2026 are summarized below (dollars in billions):

Total debt to adjusted total assets (1)		Net Debt/Adjusted EBITDAre (2)		Total debt outstanding				Average effective interest rate		Fixed rate debt as a % of total debt		Total debt average years to maturity
31.2 %		4.5x		$	5.7			3.9 %		86.6 %			6.0

(1)	As defined in the covenants for the unsecured senior notes issued by MAALP.
(2)	Adjusted EBITDAre is calculated for the trailing twelve month period ended June 30, 2026. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.

130th Consecutive Quarterly Common Dividend Declared
MAA declared its 130th consecutive quarterly common dividend, which will be paid on July 31, 2026 to holders of record on July 15, 2026. The current annual dividend rate is $6.12 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time.

2026 Earnings and Same Store Guidance 
MAA is updating its prior 2026 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

2026 Guidance		Previous Range		Previous Midpoint			Updated Range		Updated Midpoint
Earnings:		Full Year 2026		Full Year 2026			Full Year 2026		Full Year 2026
Earnings per common share - diluted		$4.18 to $4.50		$4.34			$3.96 to $4.20		$4.08
Core FFO per Share - diluted		$8.37 to $8.69		$8.53			$8.41 to $8.65		$8.53
Core AFFO per Share - diluted		$7.34 to $7.66		$7.50			$7.38 to $7.62		$7.50
MAA Same Store Portfolio:
Property revenue growth		-0.20% to 1.30%		0.55 %			-0.20% to 0.40%		0.10 %
Property operating expense growth		1.90% to 3.40%		2.65 %			1.25% to 2.25%		1.75 %
NOI growth		-1.70% to 0.30%		-0.70 %			-1.70% to 0.10%		-0.90 %

MAA expects Core FFO for the third quarter of 2026 to be in the range of $2.04 to $2.16 per diluted Share, or $2.10 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the second quarter of 2026 to the midpoint of MAA's guidance for the third quarter of 2026 is summarized below:

		Core FFO per diluted Share
Q2 2026 per diluted Share reported results		$	2.08
Same Store NOI			0.01
Non Same Store NOI			0.02
Interest expense			(0.01)
Q3 2026 per diluted Share guidance midpoint		$	2.10

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release. 

Supplemental Material and Conference Call
Supplemental Data to this release can be found on the "For Investors" page of the MAA website at www.maac.com. MAA will host a conference call to further discuss second quarter results on July 30, 2026, at 9:00 AM Central Time. The conference call-in number is (888) 596-4144. You may also join the live webcast of the conference call by accessing the "For Investors" page of the MAA website at www.maac.com. MAA's filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2026, MAA had ownership interest in 104,698 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

Forward-Looking Statements
This release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, our quarterly reports on Form 10-Q, other reports we file with the SEC and in other documents that we publicly disseminate.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

FINANCIAL HIGHLIGHTS

Dollars in thousands, except per share data		Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Rental and other property revenues		$	555,127			$	549,902			$	1,108,852			$	1,099,197
Net income available for MAA common shareholders		$	120,828			$	107,205			$	244,265			$	287,956
Total NOI (1)		$	336,407			$	335,248			$	684,560			$	683,190
Earnings per common share: (2)
Basic		$	1.04			$	0.92			$	2.10			$	2.46
Diluted		$	1.04			$	0.92			$	2.10			$	2.46
Funds from operations per Share - diluted: (2)
FFO (1)		$	2.10			$	2.19			$	4.32			$	4.39
Core FFO (1)		$	2.08			$	2.15			$	4.21			$	4.35
Core AFFO (1)		$	1.77			$	1.85			$	3.74			$	3.89
Dividends declared per common share		$	1.530			$	1.515			$	3.060			$	3.030
Dividends/Core FFO (diluted) payout ratio			73.6	%			70.5	%			72.7	%			69.7	%
Dividends/Core AFFO (diluted) payout ratio			86.4	%			81.9	%			81.8	%			77.9	%
Consolidated interest expense		$	53,132			$	45,111			$	104,541			$	90,272
Debt discount and debt issuance cost amortization			(1,776)				(1,624)				(3,535)				(3,241)
Capitalized interest			4,408				5,048				8,280				10,153
Total interest incurred		$	55,764			$	48,535			$	109,286			$	97,184

(1)	The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO.
(2)	See the "Share and Unit Data" section for additional information.

 

Dollars in thousands, except share price		June 30, 2026				December 31, 2025
Gross Assets (1)		$	18,238,708			$	17,921,913
Gross Real Estate Assets (1)		$	17,968,887			$	17,662,513
Total debt		$	5,691,901			$	5,405,372
Common shares and units outstanding			118,944,528				119,819,916
Share price		$	138.94			$	138.91
Book equity value		$	5,601,501			$	5,839,645
Market equity value		$	16,526,153			$	16,644,185
Net Debt/Adjusted EBITDAre (2)		4.5x				4.3x

(1)	Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release.
(2)	Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable, net and Secured notes payable, net to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data (Unaudited)		Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Revenues:
Rental and other property revenues		$	555,127			$	549,902			$	1,108,852			$	1,099,197
Expenses:
Operating expenses, excluding real estate taxes and insurance			136,525				132,465				264,138				257,420
Real estate taxes and insurance			82,195				82,189				160,154				158,587
Depreciation and amortization			162,548				153,521				324,418				305,871
Total property operating expenses			381,268				368,175				748,710				721,878
Property management expenses			17,955				17,511				40,416				38,089
General and administrative expenses			15,146				12,813				31,862				28,432
Interest expense			53,132				45,111				104,541				90,272
(Gain) loss on sale of depreciable real estate assets			(35,255)				69				(55,419)				(71,842)
Other non-operating income			(2,102)				(4,722)				(18,107)				(5,556)
Income before income tax expense			124,983				110,945				256,849				297,924
Income tax expense			(454)				(600)				(5,975)				(1,638)
Income from continuing operations before real estate joint venture activity			124,529				110,345				250,874				296,286
Income from real estate joint venture			289				530				555				995
Net income			124,818				110,875				251,429				297,281
Net income attributable to noncontrolling interests			3,068				2,748				5,320				7,481
Net income available for shareholders			121,750				108,127				246,109				289,800
Dividends to MAA Series I preferred shareholders			922				922				1,844				1,844
Net income available for MAA common shareholders		$	120,828			$	107,205			$	244,265			$	287,956
Earnings per common share - basic:
Net income available for common shareholders		$	1.04			$	0.92			$	2.10			$	2.46
Earnings per common share - diluted:
Net income available for common shareholders		$	1.04			$	0.92			$	2.10			$	2.46

SHARE AND UNIT DATA

Shares and units in thousands		Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Net Income Shares (1)
Weighted average common shares - basic			116,079				116,976				116,349				116,908
Effect of dilutive securities			65				187				96				241
Weighted average common shares - diluted			116,144				117,163				116,445				117,149
Funds From Operations Shares And Units
Weighted average common shares and units - basic			119,009				119,950				119,284				119,932
Weighted average common shares and units - diluted			119,094				120,015				119,360				119,995
Period End Shares And Units
Common shares at June 30,			116,015				117,071				116,015				117,071
Operating Partnership units at June 30,			2,930				2,950				2,930				2,950
Total common shares and units at June 30,			118,945				120,021				118,945				120,021

(1)

For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA's Quarterly Report on Form 10-Q for the three months ended June 30, 2026, expected to be filed with the SEC on or about July 30, 2026.

 

CONSOLIDATED BALANCE SHEETS

Dollars in thousands (Unaudited)
		June 30, 2026				December 31, 2025
Assets
Real estate assets:
Land		$	2,176,947			$	2,129,401
Buildings and improvements and other			15,218,047				14,852,509
Development and capital improvements in progress			406,830				426,759
			17,801,824				17,408,669
Less: Accumulated depreciation			(6,244,124)				(5,914,017)
			11,557,700				11,494,652
Undeveloped land			73,359				73,359
Investment in real estate joint venture			41,868				41,313
Real estate assets, net			11,672,927				11,609,324
Cash and cash equivalents			51,836				60,258
Restricted cash			13,168				13,717
Other assets			256,653				245,683
Assets held for sale			—				46,401
Total assets		$	11,994,584			$	11,975,383
Liabilities and equity
Liabilities:
Unsecured notes payable, net		$	5,331,445			$	5,044,979
Secured notes payable, net			360,456				360,393
Accrued expenses and other liabilities			701,182				730,366
Total liabilities			6,393,083				6,135,738
Redeemable common stock			18,907				20,402
Shareholders' equity:
Preferred stock			9				9
Common stock			1,157				1,166
Additional paid-in capital			7,283,817				7,401,962
Accumulated distributions in excess of net income			(1,846,433)				(1,734,986)
Accumulated other comprehensive loss			(4,555)				(5,300)
Total MAA shareholders' equity			5,433,995				5,662,851
Noncontrolling interests - Operating Partnership units			136,117				141,503
Total shareholders' equity			5,570,112				5,804,354
Noncontrolling interests - consolidated real estate entities			12,482				14,889
Total equity			5,582,594				5,819,243
Total liabilities and equity		$	11,994,584			$	11,975,383

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD

Amounts in thousands, except per share and unit data		Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Net income available for MAA common shareholders		$	120,828			$	107,205			$	244,265			$	287,956
Depreciation and amortization of real estate assets			161,037				152,149				321,530				303,140
(Gain) loss on sale of depreciable real estate assets			(35,255)				69				(55,419)				(71,842)
MAA's share of depreciation and amortization of real estate assets of real estate joint venture			168				167				338				331
Net income attributable to noncontrolling interests			3,068				2,748				5,320				7,481
FFO attributable to common shareholders and unitholders			249,846				262,338				516,034				527,066
(Gain) loss on embedded derivative in preferred shares (1)			(1,091)				(1,693)				483				(1,283)
Loss (gain) on investments, net of tax (1)(2)			1,068				317				(16,169)				(337)
Casualty related (recoveries) and charges, net (1)			(2,299)				(3,346)				2,220				(3,568)
Core FFO attributable to common shareholders and unitholders			247,524				257,616				502,568				521,878
Recurring capital expenditures			(37,242)				(35,343)				(55,990)				(55,449)
Core AFFO attributable to common shareholders and unitholders			210,282				222,273				446,578				466,429
Redevelopment capital expenditures			(31,749)				(15,435)				(42,516)				(32,844)
Revenue enhancing capital expenditures			(23,519)				(20,104)				(38,081)				(35,292)
Commercial capital expenditures			(2,161)				(2,755)				(3,379)				(6,729)
Other capital expenditures			(10,608)				(12,048)				(22,703)				(27,489)
FAD attributable to common shareholders and unitholders		$	142,245			$	171,931			$	339,899			$	364,075
Dividends and distributions paid		$	182,546			$	181,814			$	365,906			$	363,581
Weighted average common shares - diluted			116,144				117,163				116,445				117,149
FFO weighted average common shares and units - diluted			119,094				120,015				119,360				119,995
Earnings per common share - diluted:
Net income available for common shareholders		$	1.04			$	0.92			$	2.10			$	2.46
FFO per Share - diluted		$	2.10			$	2.19			$	4.32			$	4.39
Core FFO per Share - diluted		$	2.08			$	2.15			$	4.21			$	4.35
Core AFFO per Share - diluted		$	1.77			$	1.85			$	3.74			$	3.89

(1)	Included in Other non-operating income in the Consolidated Statements of Operations.
(2)	For the three months ended June 30, 2026 and 2025, loss on investments is presented net of tax benefit of $0.3 million and $0.1 million, respectively. For the six months ended June 30, 2026 and 2025, gain on investments is presented net of tax expense of $4.3 million and $0.1 million, respectively.

 

RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME

Dollars in thousands		Three Months Ended												Six Months Ended
		June 30, 2026				March 31, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Net income available for MAA common shareholders		$	120,828			$	123,437			$	107,205			$	244,265			$	287,956
Depreciation and amortization			162,548				161,870				153,521				324,418				305,871
Property management expenses			17,955				22,461				17,511				40,416				38,089
General and administrative expenses			15,146				16,716				12,813				31,862				28,432
Interest expense			53,132				51,409				45,111				104,541				90,272
(Gain) loss on sale of depreciable real estate assets			(35,255)				(20,164)				69				(55,419)				(71,842)
Other non-operating (income) expense			(2,102)				(16,005)				(4,722)				(18,107)				(5,556)
Income tax expense			454				5,521				600				5,975				1,638
Income from real estate joint venture			(289)				(266)				(530)				(555)				(995)
Net income attributable to noncontrolling interests			3,068				2,252				2,748				5,320				7,481
Dividends to MAA Series I preferred shareholders			922				922				922				1,844				1,844
Total NOI		$	336,407			$	348,153			$	335,248			$	684,560			$	683,190
Same Store NOI		$	316,219			$	328,696			$	319,502			$	644,915			$	652,418
Non-Same Store and Other NOI			20,188				19,457				15,746				39,645				30,772
Total NOI		$	336,407			$	348,153			$	335,248			$	684,560			$	683,190

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

Dollars in thousands		Three Months Ended								Twelve Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				December 31, 2025
Net income		$	124,818			$	110,875			$	410,714			$	456,566
Depreciation and amortization			162,548				153,521				640,842				622,295
Interest expense			53,132				45,111				199,526				185,257
Income tax expense			454				600				8,932				4,595
EBITDA			340,952				310,107				1,260,014				1,268,713
(Gain) loss on sale of depreciable real estate assets			(35,255)				69				(55,643)				(72,066)
Adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates			422				351				1,571				1,424
EBITDAre			306,119				310,527				1,205,942				1,198,071
(Gain) loss on embedded derivative in preferred shares (1)			(1,091)				(1,693)				655				(1,111)
Loss (gain) on investments (1)			1,414				397				(27,524)				(7,457)
Casualty related (recoveries) and charges, net (1)			(2,299)				(3,346)				1,190				(4,598)
Legal costs, settlements and (recoveries), net (1)(2)			—				—				61,908				61,908
Adjusted EBITDAre		$	304,143			$	305,885			$	1,242,171			$	1,246,813

(1)	Included in Other non-operating income in the Consolidated Statements of Operations
(2)	During both the twelve months ended June 30, 2026 and December 31, 2025, in accordance with its accounting policies, MAA recognized $61.9 million of accrued legal settlements and legal defense costs.

 

RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT

Dollars in thousands
		June 30, 2026				December 31, 2025
Unsecured notes payable, net		$	5,331,445			$	5,044,979
Secured notes payable, net			360,456				360,393
Total debt			5,691,901				5,405,372
Cash and cash equivalents			(51,836)				(60,258)
Net Debt		$	5,640,065			$	5,345,114

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

Dollars in thousands
		June 30, 2026				December 31, 2025
Total assets		$	11,994,584			$	11,975,383
Accumulated depreciation			6,244,124				5,914,017
Accumulated depreciation for Assets held for sale (1)			—				32,513
Gross Assets		$	18,238,708			$	17,921,913

(1)	Included in Assets held for sale in the Consolidated Balance Sheets.

 

RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

Dollars in thousands
		June 30, 2026				December 31, 2025
Real estate assets, net		$	11,672,927			$	11,609,324
Accumulated depreciation			6,244,124				5,914,017
Assets held for sale, net			—				46,401
Accumulated depreciation for Assets held for sale (1)			—				32,513
Cash and cash equivalents			51,836				60,258
Gross Real Estate Assets		$	17,968,887			$	17,662,513

(1)	Included in Assets held for sale in the Consolidated Balance Sheets.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre
For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA's core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges and (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)
Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)
Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA's methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA's share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)
FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.

Funds From Operations (FFO)
FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Assets
Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Gross Real Estate Assets
Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

Net Debt
Net Debt represents Unsecured notes payable,net and Secured notes payable,net less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.

NON-GAAP FINANCIAL MEASURES (Continued)

Net Operating Income (NOI)
Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Non-Same Store and Other NOI
Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

Same Store NOI
Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit
Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy
Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities
Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Effective Blended Lease Rate Growth
Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period.

Effective New Lease Rate Growth
Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.

Effective Renewal Lease Rate Growth
Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.             

Lease-up Communities
New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio
Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover
Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a trailing twelve month basis as of the end of the reported quarter.

Same Store Portfolio (or Same Store)
MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

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SOURCE MAA

FAQ

How did MAA (NYSE: MAA) perform financially in Q2 2026?

MAA reported Q2 2026 diluted EPS of $1.04 and Core FFO per diluted share of $2.08. According to MAA, this compares with diluted EPS of $0.92 and Core FFO of $2.15 per share in Q2 2025, reflecting higher earnings but slightly lower Core FFO.

What are MAA's updated full-year 2026 earnings and FFO guidance ranges?

MAA now guides 2026 diluted EPS to $3.96–$4.20 and Core FFO per share to $8.41–$8.65. According to MAA, the EPS midpoint was reduced to $4.08, while the Core FFO midpoint remains $8.53 and Core AFFO midpoint stays $7.50 per share.

How are MAA's Same Store operating metrics trending in 2026?

In Q2 2026, Same Store revenue fell 0.3% and NOI declined 1.0% year-over-year. According to MAA, effective blended lease rate growth was 0.7%, with new lease rate growth of -5.3% and renewal lease rate growth of 5.2%, and occupancy around 95%.

What capital allocation actions did MAA take in Q2 2026, including share repurchases and dividends?

MAA repurchased 0.4 million shares for $50 million and paid $182.5 million in dividends and distributions in Q2 2026. According to MAA, it also declared its 130th consecutive quarterly dividend, with a current annual dividend rate of $6.12 per common share.

What is included in MAA's development and lease-up pipeline as of June 30, 2026?

MAA had 6 development projects totaling 1,749 units and expected costs of $597.5 million, plus 5 lease-up projects with 1,759 units. According to MAA, lease-up projects were 74.4% physically occupied, and two are expected to stabilize in Q3 2026.

What are MAA's key debt and liquidity metrics as of Q2 2026?

MAA reported $882.8 million of combined cash and revolver capacity and total debt of $5.7 billion. According to MAA, total debt to adjusted total assets was 31.2%, Net Debt/Adjusted EBITDAre was 4.5x, and 86.6% of debt was fixed rate with a 3.9% average interest rate.

What guidance did MAA provide for Q3 2026 Core FFO per share?

MAA expects Q3 2026 Core FFO per diluted share between $2.04 and $2.16, with a midpoint of $2.10. According to MAA, this midpoint is slightly above the Q2 2026 Core FFO of $2.08 per share, driven by higher Same Store and Non-Same Store NOI.