A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
In 2026-Q2, MAA reported total property revenues of $555.1M (up 1.0% YoY) and net income available to common shareholders of $120.8M (up 12.7% YoY aided by asset sales), while Core FFO declined 3.9% to $247.5M due to rising interest costs and operating expenses.
Filed · Source: SEC EDGAR 10-Q filing
MAA posted 2026-Q2 revenue of $555.1M (+1.0% YoY) and Core FFO of $247.5M (-3.9% YoY), as development revenue gains were offset by higher interest expenses and property operating costs.
Last 4 quarters: 2 beats, 2 misses
Reported EPS of $2.08 versus the $0.76 analyst consensus — a +174.6% beat for Jun 2026.
Total property revenues for 2026-Q2 rose 1.0% YoY to $555.1M from $549.9M. Growth was driven by a 22.1% increase in Non-Same Store revenue to $37.7M from completed developments and acquisitions, which offset a 0.3% decline in Same Store revenue to $517.4M.
Source: 10-Q Item 2 MD&A, p.33
In 2026-Q2, Same Store average effective rent per unit declined 0.2% YoY to $1,688, while average physical occupancy slightly eased to 95.3% compared to 95.4% in 2026-Q2. Trailing twelve-month resident turnover improved to 39.6% from 41.0%.
Source: 10-Q Item 2 MD&A, p.32
Core FFO attributable to common shareholders and unitholders fell 3.9% YoY to $247.5M in 2026-Q2. The decline was driven by an $8.0M increase in interest expense to $53.1M, a $4.1M increase in property operating expenses, and a $2.3M increase in G&A expenses.
Source: 10-Q Item 2 MD&A, p.33-35
Net income available for MAA common shareholders grew 12.7% YoY to $120.8M for 2026-Q2. Results were significantly supported by $35.3M in gains from the sale of depreciable real estate assets.
Source: 10-Q Item 2 MD&A, p.32
MAA maintains $764.0M in variable rate debt and faces higher market borrowing costs relative to its fixed-rate debt portfolio. Higher effective interest rates contributed to an $8.0M YoY increase in interest expense in 2026-Q2, which may continue to pressure cash flow and Core FFO.
Source: 10-Q Item 2 MD&A, p.32-33
New apartment deliveries in several Sunbelt and Mid-Atlantic markets continue to put pressure on rental pricing. Same Store average effective rent per unit fell 0.2% YoY in 2026-Q2, and persistent local housing supply could further constrain renewal pricing and growth on new leases.
Source: 10-Q Item 2 MD&A, p.32
Property operating expenses increased 1.9% YoY in 2026-Q2, driven by higher utility and marketing costs. Unfavorable trends in real estate taxes, utilities, insurance, or inflationary labor expenses could compress operating margins.
Source: 10-Q Item 2 MD&A, p.33
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
See the MAA earnings preview — expected date, analyst estimates and what to watch →
MAA generated total property revenues of $555.1M in 2026-Q2, representing a 1.0% increase compared to 2025-Q2. Net income available for common shareholders rose 12.7% YoY to $120.8M, driven by $35.3M in gains from real estate sales.
Core FFO attributable to common shareholders and unitholders was $247.5M in 2026-Q2, a decrease of 3.9% from $257.6M in 2025-Q2. The decline resulted from an $8.0M increase in interest expenses, higher property operating expenses, and higher administrative costs.
Same Store revenues declined 0.3% YoY to $517.4M in 2026-Q2, driven by a 0.2% drop in average effective rent per unit to $1,688. Physical occupancy remained steady at 95.3%, while resident turnover improved to 39.6%.
Expected release date, analyst estimates & what to watch
MAA reported modest revenue growth of 0.8% to $553.7M in Q1 FY2026, but net income fell sharply by 31.5% to $124.4M, reflecting higher liabilities and increased capital deployment including $72.8M in share buybacks.
MAA (Mid-America Apartment Communities) posted modest FY2025 revenue growth of +0.8% to $2.21B, but net income fell 15.3% to $447M as rising liabilities and higher depreciation weighed on profitability.
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