MAA (NYSE: MAA) to retire 8.5% preferred, expected to lift Core FFO
Rhea-AI Filing Summary
Mid-America Apartment Communities, Inc. (MAA) announced it will redeem for cash all outstanding shares of its 8.50% Series I Cumulative Redeemable Preferred Stock on October 1, 2026 at a redemption price of $50.00 per share plus unpaid accrued dividends for October 1, 2026.
MAA will first pay the full quarterly dividend of $1.0625 per share on September 30, 2026 to holders of record on September 15, 2026. The redemption will be funded with proceeds from a forward sale agreement under MAA’s ATM equity offering program, with an initial forward sale price of $130.00 per share. MAA characterizes this as a targeted capital structure initiative expected to be accretive to Core FFO per share, retiring legacy preferred equity from the Post Properties acquisition, simplifying the capital structure, and eliminating an embedded derivative and related accounting complexity.
Positive
- Redemption of 8.50% Series I preferred expected to be accretive to Core FFO per share, as MAA states that preferred dividend savings are expected to exceed dilution from common shares issued via the forward sale agreement.
- Capital structure simplified by retiring legacy preferred equity and removing an embedded derivative associated with the Series I Shares, which MAA states will also eliminate related accounting complexity.
Negative
- None.
Filing Explained
The planned October 1, 2026 redemption retires Series I preferred shares but requires common-stock issuance that can reduce existing holders’ percentage ownership.
MAA’s announced redemption remains scheduled, not completed, for
Under the disclosed terms, holders of record on
Because additional common shares increase total share count, the required issuance would reduce existing common holders’ percentage ownership absent offsetting changes.
8-K Event Classification
Key Figures
Key Terms
Cumulative Redeemable Preferred Stock financial
forward sale agreement financial
ATM equity offering program financial
embedded derivative financial
FAQ
What did MAA (NYSE: MAA) announce regarding its 8.50% Series I preferred stock?
What is the redemption price and key dates for MAA’s Series I preferred (MAA)?
What dividend will MAA (MAA) Series I preferred holders receive before redemption?
How large is MAA’s apartment portfolio mentioned in this 8-K filing?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 7.01 Regulation FD Disclosure.
On August 28, 2026, Mid-America Apartment Communities, Inc., or the Company, issued a press release announcing the redemption by the Company of all outstanding shares of its 8.50% Series I Cumulative Redeemable Preferred Stock. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.
The information included in this Current Report under this Item 7.01 is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing. In addition, the information included in this Current Report under this Item 7.01 will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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99.1 |
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Press Release dated August 28, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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MID-AMERICA APARTMENT COMMUNITIES, INC. |
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August 28, 2026 |
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/s/A. Clay Holder |
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A. Clay Holder |
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Executive Vice President and Chief Financial Officer |
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(Principal Financial Officer) |
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MID-AMERICA APARTMENTS, L.P. |
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By: Mid-America Apartment Communities, Inc., its general partner |
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August 28, 2026 |
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/s/A. Clay Holder |
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A. Clay Holder |
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Executive Vice President and Chief Financial Officer |
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(Principal Financial Officer) |
Exhibit 99.1
PRESS RELEASE
Mid-America Apartment Communities to Redeem All Outstanding Shares of Its 8.50% Series I Cumulative Redeemable Preferred Stock
GERMANTOWN, Tenn., August 28, 2026 /PR Newswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), announced today that it will redeem for cash all of the outstanding shares of MAA’s 8.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Shares, on October 1, 2026.
MAA will pay a redemption price for the Series I Shares of $50.00 per share plus unpaid accrued dividends for October 1, 2026. Dividends on the Series I Shares will cease to accrue, and the Series I Shares will no longer be deemed outstanding, from and after the redemption date. All rights of the holders of the Series I Shares, except the right to receive the redemption price without interest, will cease on and after the redemption date.
Prior to the redemption date, MAA will pay the full quarterly dividend on the Series I Shares of $1.0625 per share on September 30, 2026, to holders of Series I Shares on September 15, 2026, which is the record date for such dividend.
All Series I Shares are held in book-entry form through The Depository Trust Company (DTC). Series I Shares held in book-entry form through DTC will be redeemed, including payment of the redemption price, according to DTC’s procedures.
The Series I Shares were originally issued by Post Properties, Inc., or Post, in 1996 and were converted into MAA Series I Shares in connection with MAA’s acquisition of Post in December 2016. Under the terms of the original Series I Shares, the redemption price must be funded with proceeds from the sale of other capital stock. To satisfy this requirement, MAA intends to fund the redemption with proceeds received upon settlement of a forward sale agreement entered into under its ATM equity offering program. The agreement has an initial forward sale price of $130.00 per share, subject to customary adjustments. MAA views the preferred redemption and the required common equity issuance as a targeted capital structure initiative rather than a traditional capital raising transaction. The transaction is expected to be accretive to Core FFO per share because the preferred dividend savings are expected to exceed the dilution associated with the common shares issued in connection with the redemption. The redemption will retire legacy preferred equity, simplify MAA’s capital structure and eliminate the embedded derivative associated with the Series I Shares and its related accounting complexity.
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.