MAA

A month has gone by since the last earnings report for Mid-America Apartment Communities (MAA). Shares have lost about 3.4% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Mid-America Apartment Communities due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Mid-America Apartment reported second-quarter 2026 core FFO per share of $2.08, missing the Zacks Consensus Estimate of $2.10. The metric declined 3.3% from the year-ago quarter. Rental and other property revenues increased 1% year over year to $555.13 million but missed the consensus mark of $555.97 million. Same-store NOI fell 1%, though blended lease-rate growth improved to 0.7% amid steady demand. Same-store revenues declined 0.3% year over year, while property operating expenses increased 0.8%. The combination drove a 1% decrease in same-store NOI. Same-store NOI totaled $316.22 million, down from $319.50 million a year earlier. Average effective rent per unit slipped 0.2% to $1,688. Average physical occupancy was 95.3%, reflecting continued pressure from elevated apartment deliveries across several of MAA’s Sunbelt markets. Leasing indicators showed sequential improvement despite the decline in property-level earnings. Effective blended lease-rate growth reached 0.7%, improving 20 basis points year over year and 100 basis points from the first quarter. Effective new-lease pricing declined 5.3%, but that marked a 170-basis-point sequential improvement. Renewal lease rates increased 5.2%, helping offset weaker pricing on new leases. Resident turnover remained historically low at 39.6%. Move-outs associated with residents purchasing single-family homes represented only 10.9% during the quarter, supporting occupancy and renewal demand. MAA ended the quarter with six development projects totaling 1,749 units. Expected development costs were $597.50 million, of which $360.36 million had been funded, leaving $237.14 million of expected spending. The company completed MAA Plaza Midwood in Charlotte, NC, and began construction of a 263-unit community in Kansas City, MO. It also completed the initial lease-up of MAA Cathedral Arts in Dallas. Five lease-up projects contained 1,759 units and were 74.4% occupied at quarter-end. Costs incurred on those communities totaled $623.74 million. Management expects four projects to stabilize during the second half of 2026. MAA ended June with $882.8 million of combined cash and available borrowing capacity. Total debt was $5.69 billion, with an average effective interest rate of 3.9% and an average maturity of six years. Fixed-rate borrowings represented 86.6% of total debt. Net debt to adjusted EBITDAre was 4.5X compared with 4.3X at the end of 2025. During the quarter, MAA repurchased 0.4 million shares for $50 million. The company also entered into a delayed-draw term loan with commitments of up to $350 million and had $100 million outstanding at quarter-end. MAA narrowed its full-year core FFO guidance range to $8.41-$8.65 per share from $8.37-$8.69. The midpoint remained unchanged at $8.53. The company reduced its same-store revenue growth outlook to a range of negative 0.2% to positive 0.4%, with a midpoint of 0.1%. Its same-store operating expense growth range was lowered to 1.25%-2.25%, while projected NOI growth was revised to negative 1.7% to negative 0.1%. For the third quarter, MAA expects core FFO per share of $2.04-$2.16. The $2.10 midpoint reflects anticipated contributions from same-store and non-same-store NOI, partly offset by higher interest expense. In the past month, investors have witnessed a upward trend in estimates review. Currently, Mid-America Apartment Communities has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Mid-America Apartment Communities has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Mid-America Apartment Communities, Inc. (MAA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

SHOP Same Store Cash NOI increased 20.1% on a year-over-year basis  $400 million of 2026 SHOP acquisitions completed or under definitive agreement Secured an additional $650 million of credit facility commitments at improved spreads and terms  Transformed net leverage profile with successful IPO  Appointed Albert M. Campbell to Board of Directors, including its audit committee NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHP) (the “Company”), a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States, today announced results for the quarter ended June 30, 2026. Michael Anderson, Chief Executive Officer and President, commented, “The second quarter marked an important inflection point for the Company as we completed our transition to the public markets. Since then, we have executed decisively on the outlined agenda. We closed 19 acquisitions, delivered solid organic growth across our SHOP portfolio and also made meaningful progress towards building a balance sheet consistent with an investment-grade, unsecured issuer. We are pleased to strengthen our Board with the addition of Al Campbell, reinforcing our commitment to strong governance as we scale. Together, these results reflect disciplined capital allocation which the Company expects will drive sustained value creation for our shareholders.” Financial Performance and Recent Highlights Net loss attributable to common stockholders of $(0.13) per basic and diluted share. Nareit defined Funds From Operations (“FFO”) of $0.19 per diluted share and Normalized Funds From Operations (“Normalized FFO”) of $0.18 per diluted share. Second quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was 6.8% year-over-year. Senior Housing Operating Portfolio (“SHOP”) Segment: Same Store Cash NOI growth was 20.1% on a year-over-year basis. Same Store average occupancy totaled 84.1%, an increase of 1.4% on a year-over-year basis. Same Store RevPOR increased 5.9% on a year-over-year basis. Same Store Cash NOI Margin of 22.4%, an expansion of 2.3% on a year-over-year basis. Outpatient Medical Facility (“OMF”) Segment: Same Store Cash NOI decreased by (0.4)% on a year-over-year basis. Same Store ending occupancy totaled 94.3%, an increase of 0.2% on a year-over-year basis. Transactional Activity Acquisitions and Pipeline In late June 2026, the Company acquired two SHOP communities located in the Midwest with 211 total units for a purchase price of $98 million. The communities will be managed by Senior Lifestyle Corporation. In early July 2026, the Company acquired 16 SHOP communities comprised of 916 total units and located across several Midwestern, Southern, Mid-Atlantic and Pacific Northwest states for an aggregate purchase price of approximately $166 million. The communities will be managed by the Company's existing operating partners. Thirteen of these communities were acquired through a joint venture with Discovery Senior Living. The Company owns approximately 98.5% of the joint venture and, as part of this transaction, holds a right of first refusal and purchase option on an additional 13 senior living communities managed by Discovery Senior Living. In late July 2026, the Company acquired one SHOP community located in Iowa with 87 total units for a purchase price of approximately $16 million. The community will be managed by one of the Company's existing operating partners. In late June 2026, the Company entered into a definitive purchase and sale agreement to acquire three SHOP communities located in Illinois with 178 total units for a purchase price of approximately $30 million. This transaction is expected to close in the third quarter of 2026, subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement. In July 2026, the Company entered into a definitive purchase and sale agreement to acquire two SHOP communities located in Florida with 200 total units for a purchase price of $90 million. The transaction is expected to close in the third quarter of 2026, subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement. Non-Core SHOP Disposition In May 2026, the Company entered into a definitive purchase and sale agreement to sell one non-core SHOP community in California for approximately $42 million, equating to a 1.7% trailing twelve-month yield. Balance Sheet and Capital As of June 30, 2026, total debt outstanding (net of discounts and unamortized debt issuance costs) was approximately $0.8 billion with a weighted average economic interest rate of 5.69% (when giving effect to interest rate hedges and caps) and an average remaining term of 3.6 years. Net Leverage (Net Debt as of June 30, 2026 to Annualized Adjusted EBITDA for the quarter ended June 30, 2026) improved 4.3x to 4.9x as of June 30, 2026 from 9.2x as of June 30, 2025. In April 2026, the Company repaid in full the $186 million of indebtedness under its revolving facility with proceeds from its initial public offering. In August 2026, the Company recast its senior unsecured credit facilities, which provide for, among other things, (i) an increase in total lender commitments from $550 million to $1.2 billion, with the revolving facility increasing from $400 million to $750 million, the term loan increasing from $150 million to $300 million and a new $150 million delayed draw term loan facility being added, (ii) an extension of the maturity of the revolving facility and the term loan (including the delayed draw term loan) to August 2030 and August 2029, respectively, and (iii) a reduction in the applicable pricing for interest rates based on the Company's corporate leverage ratio. In connection with the credit facilities recast, the Company repaid the $332 million outstanding under its Fannie Mae secured debt due to mature in November 2026. Common and Preferred Stock Common Stock In April 2026, the Company completed its public offering (the “Offering”) and issued an aggregate of 44.3 million shares of Class A common stock, $0.01 par value per share (“Class A common stock”), for aggregate gross offering proceeds of approximately $531.3 million. In connection with the Offering, the Class A common stock became listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “NHP” and began trading on April 22, 2026. On July 1, 2026, the Board of Directors declared a quarterly dividend of $0.075 per share of its common stock (including its Class A Common Stock). The dividend was paid in cash on July 30, 2026 to holders of record as of the close of business on July 15, 2026. Preferred Stock On June 22, 2026, the Board of Directors declared dividends on the Company's outstanding preferred stock as follows: A dividend of $0.4609375 per share on its 7.375% Series A Preferred Stock to holders of record at the close of business on July 2, 2026. The dividend was paid on July 15, 2026. A dividend of $0.4453125 per share on its 7.125% Series B Preferred Stock to holders of record at the close of business on July 2, 2026. The dividend was paid on July 15, 2026. During the three months ended June 30, 2026, the Company completed its tender offer of previously outstanding preferred stock with an aggregate liquidation preference of approximately $28.1 million at a weighted average yield of 8.1%, representing a $2.50 discount to the liquidation preference of $25.00 per share and resulting in dividend savings of $2.0 million annually. Appointment of Albert M. Campbell to the Board of Directors On August 4, 2026, the Board of Directors elected Albert M. Campbell to serve as a member of the Board and its audit committee, effective August 10, 2026. Mr. Campbell is a seasoned financial executive with a 35-year career spanning various financial and accounting leadership roles. From 1998 to 2024, he worked with Mid-America Apartment Communities, Inc. (NYSE: MAA), a large publicly traded multifamily REIT, where Mr. Campbell held various financial positions, including Treasurer and Director of Financial Planning, before becoming Executive Vice President and Chief Financial Officer in January 2010. As Chief Financial Officer, he had responsibilities in the areas of corporate finance, treasury, investor relations, accounting, information technology, and strategic planning. He led key areas of company growth, including balance sheet restructuring, corporate mergers, systems integrations, and team building. Mr. Campbell began his career as a Certified Public Accountant with Arthur Andersen & Company before serving in various finance and accounting roles with Thomas & Betts Corporation, a former publicly held electrical parts manufacturer and distributor. He currently serves on the Board of Directors and Strategy Committee of Orgill, Inc., a large privately held distributor of hardware products, as well as on the Advisory Board of Middleburg, a large privately held developer of multifamily communities. He is a Certified Public Accountant (inactive status) and graduated magna cum laude with a Bachelor of Professional Accountancy from Mississippi State University. Revised Full Year 2026 Guidance For the full year 2026, the Company is revising certain guidance ranges as follows: Full Year 2026 Guidance Commentary The revision in the Company’s guidance is primarily the result of SHOP segment outperformance through the current quarter as well as expectations for the remainder of the year, the expected disposition of a non-core SHOP asset, and an anticipated increase in equity-based compensation related to ongoing refreshment of our Board of Directors. Note: The Company’s 2026 guidance contains forward-looking statements and is based on a number of assumptions and estimates, including those identified later in this press release. These assumptions and estimates are based on existing market conditions, transaction timing and other assumptions for the year ending December 31, 2026; actual results may differ materially. Supplemental Information Additional information regarding these results can be found in the Company’s supplemental financial package that will be available on the Investor Relations section of the Company’s website at nhpreit.com. About National Healthcare Properties National Healthcare Properties, Inc. (Nasdaq: NHP) is a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States. Additional information about the Company can be found on its website at nhpreit.com. Investor & Media Contact Email: [email protected] Forward-Looking Statements This press release may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. All statements (other than statements of historical fact) in this press release regarding the Company's prospects, expectations, intentions, plans, financial position, guidance and business strategy may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of terminology such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “predict,” “project,” “potential,” “continue” or the negatives of these terms or variations of them or similar expressions. Risks and uncertainties, the occurrence of which could adversely affect the Company's business and cause actual results to differ materially from those expressed or implied in the forward-looking statements, include, but are not limited to, the following: changes in economic cycles generally and in the real estate and healthcare markets specifically; the success of the Company's growth strategy, including its ability to successfully identify, complete and integrate new acquisitions; the Company’s ability to complete acquisitions or dispositions on the terms and timing the Company expects, or at all; changes to inflation and interest rates; competition in the real estate and healthcare markets; the Company's ability to retain certain key personnel; legislative and regulatory changes in the healthcare and real estate industries; reductions or changes in reimbursement from third-party payors, including Medicare and Medicaid; discovery of previously undetected environmentally hazardous conditions; the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; system failures, cyber incidents or deficiencies in the Company's cybersecurity systems; the availability of capital on favorable terms, or at all; the Company's ability to remain qualified as a real estate investment trust for U.S. federal income tax purposes; and other risks and uncertainties described in the section titled Risk Factors of the Company's most recent Annual Report on Form 10-K and all other filings with the Securities and Exchange Commission. Finally, the Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements. Financial Statements and Definitions This press release includes certain non-GAAP financial measures, including Nareit FFO, Normalized FFO, Net Debt, EBITDA, Adjusted EBITDA, NOI, Cash NOI and Same Store Cash NOI. While the Company believes that non-GAAP financial measures are helpful in evaluating its operating performance, the use of non-GAAP financial measures in this press release should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. There are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, the Company’s computation of non-GAAP financial measures may not be comparable to those reported by other REITs. Definitions of these non-GAAP financial measures and reconciliations to their most directly comparable GAAP measures are provided below. Nareit FFO​ and Normalized FFO The Company calculates FFO consistent with the standards established over time by Nareit. Nareit defines FFO as net income or loss (computed in accordance with GAAP), adjusted for (i) real estate-related depreciation and amortization, (ii) impairment charges on depreciable real property, (iii) gains or losses from sales of depreciable real property and (iv) similar adjustments for non-controlling interests and unconsolidated entities. The Company calculates Normalized FFO by further adjusting FFO to reflect the performance of its portfolio for items it believes are not directly attributable to its operations. The Company's adjustments to FFO to arrive at Normalized FFO include removing the impacts of (i) acquisition and transaction related costs; (ii) termination fees to related parties; (iii) severance and other related costs; (iv) mark-to-market gains and losses on non-designated derivatives and amortization related to terminated derivatives; (v) casualty-related charges, net relating to significantly disruptive events that are infrequent in nature; (vi) gains and losses on extinguishment of debt; (vii) similar adjustments for non-controlling interests; and (viii) certain other items set forth in the Normalized FFO reconciliation included therein. The Company considers FFO and Normalized FFO to be useful supplemental measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and Normalized FFO can help investors compare the Company's operating performance between periods or to other companies (though other companies may calculate these measures differently than the Company does and the value of any such comparison may be limited). While FFO and Normalized FFO are relevant and widely used measures of operating performance of REITs, they do not represent, nor are they meant to replace, cash flows from operations and net income or loss as defined by GAAP, and should not be considered alternatives to those measures in evaluating the Company's liquidity or operating performance. Rather, FFO and Normalized FFO should be reviewed in conjunction with these and other GAAP measurements as an indication of the Company's operational performance and are not necessarily indicative of cash available to fund the Company's future cash requirements, including the Company's ability to pay dividends and other distributions to the Company's stockholders. Additionally, the Company's computation of FFO and Normalized FFO may not be comparable to FFO and Normalized FFO reported by other REITs that do not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition or that interpret the current NAREIT definition or define Normalized FFO differently than the Company does. Adjusted EBITDAThe Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, excluding (i) acquisition and transaction related costs; (ii) termination fees to related parties; (iii) impairment charges; (iv) casualty-related charges; (v) gains and losses on sale of real estate investments; (vi) gains and losses on extinguishment of debt; (vii) gains and losses on our derivatives; and (viii) non-cash items such as amortization of intangibles and equity-based compensation. Annualized Adjusted EBITDA means Adjusted EBITDA for the specified quarter, multiplied by four. Cash NOI and NOICash NOI is defined as NOI excluding non-cash items such as straight-line rent adjustments and amortization of above and below market lease and lease intangibles that are included in GAAP revenue from tenants and property operating and maintenance. Cash NOI Margin​For the SHOP segment, Cash NOI divided by revenue from tenants or residents excluding net amortization of above- and below-market lease and lease intangibles. Net Debt​Net debt means total debt, net of deferred financing costs, mortgage discounts and premiums less cash and cash equivalents. Net Debt to Annualized Adjusted EBITDA or Net Leverage​Net Debt to Annualized Adjusted EBITDA or Net Leverage means Net Debt divided by Annualized Adjusted EBITDA. Non-Core Properties​Non-Core properties are assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are scheduled to be sold with closing conditions substantially fulfilled. Leased % or Ending occupancyLeased % or Ending occupancy for the OMF segment is presented as of the end of the period shown. Recurring Capital ExpendituresRecurring Capital Expenditures means capital expenditures incurred to maintain the properties in current market condition and which are generally recurring in nature. Same Store​Same Store means operational properties owned by the Company for the full duration of the applicable comparative periods and that are not otherwise excluded. Properties are excluded from “same store” if they are (i) Non-Core Properties, (ii) sold, classified as held for sale, or classified as discontinued operations in accordance with GAAP, (iii) impacted by materially disruptive events, or (iv) undergoing, or intended to undergo, significant redevelopment. Redeveloped properties in our OMF segment will be included in Same Store once substantial completion of work has occurred for the full period in the periods presented. Same Store Cash NOISame Store Cash NOI is defined as Cash NOI for our Same Store properties. (1) Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount. (1) Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation. (1) For Q2 2026, includes $1.5 million of amortization reclassified from OCI to earnings (reduced interest expense) from a swap termination.

Interested in Mid-America Apartment Communities, Inc.? Here are five stocks we like better. Second-quarter Core FFO exceeded guidance by $0.02 at $2.08 per diluted share, as lower property expenses and contributions from non-same-store properties offset softer same-store revenue. MAA maintained its full-year Core FFO midpoint of $8.53 per share. Leasing trends improved sequentially, with new lease growth up 170 basis points and blended lease pricing up 100 basis points. However, management said cautious consumers and elevated apartment supply are slowing the recovery in new lease pricing, despite resilient demand and rising inbound migration. MAA continued investing in growth, funding an $598 million development pipeline and completing 2,118 unit renovations during the quarter. Renovated units generated an average $110 rent premium and an estimated 25% cash-on-cash return, while expense controls and lower insurance costs supported the outlook. As Home Prices Hit Highs, These Apartment REITs Offer Growth Mid-America Apartment Communities (NYSE:MAA) reported second-quarter Core FFO of $2.08 per diluted share, exceeding its guidance by $0.02, as lower-than-expected property operating expenses and contributions from its non-same-store portfolio offset slightly softer same-store revenue. Chief Executive Officer Brad Hill said new resident and blended lease-over-lease rates improved sequentially, although the recovery in new lease pricing has been slower than the company expected because of cautious consumer sentiment and elevated, though moderating, apartment supply in several major markets. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now “As demand remains resilient and new deliveries continue to decline, we expect the recovery to expand and accelerate,” Hill said. He cited job growth, household formation, population and wage growth, along with an increase in inbound migration to MAA properties during the second quarter. Inbound migration rose to about 13% in the second quarter from roughly 10% in the first quarter, the largest quarterly increase MAA has recorded since it began tracking the metric, according to Hill. Chief Strategy and Analysis Officer Tim Argo said new lease growth improved by 170 basis points sequentially from the first quarter, exceeding the pace of improvement seen from the first to second quarter of 2025 by 20 basis points. Blended lease-over-lease pricing increased 100 basis points from the first quarter and was 20 basis points above the second-quarter 2025 level. → Microsoft Just Flipped the AI Spending Narrative Overnight Renewal performance remained a source of support. Turnover declined to 39.6%, while renewal lease rates were 5.2% for the quarter. MAA’s rent-to-income ratio improved to 18%, and net delinquency was 0.3% of billed rents, consistent with recent quarters. Virginia, South Carolina and the Washington, D.C., area continued to outperform the broader portfolio on pricing, including Norfolk, Richmond, Charleston and Greenville. MAA’s two largest concentration markets, Atlanta and Dallas, also outperformed the portfolio on blended pricing in the second quarter. → Carrier Earnings Could Send the Stock to a New All-Time High Austin remained an underperforming market but showed improvement, with blended pricing 300 basis points better and occupancy 40 basis points higher than in the second quarter of 2025. Orlando’s blended pricing improved 130 basis points year over year. Phoenix, Charlotte, Raleigh and Savannah continued to face pressure from heavy new supply. For the third quarter, Argo said MAA expects blended pricing to improve from the second quarter, which would be unusual given that third-quarter blended pricing has typically trailed the second quarter during the past four years. The company expects July pricing to be similar to the second quarter, but cited stronger pre-leasing trends for August and September, higher renewal retention and increased lead and visit volume. MAA expects July occupancy to finish at approximately 95.4%. Management said third-quarter renewal retention is above both the second quarter of 2026 and the third quarter of 2025, with renewal rates continuing in the 5%-plus range. The company funded approximately $81 million in development and pre-development costs during the quarter. Its development pipeline totaled $598 million at June 30, with $237 million of remaining funding commitments over the next three years. Including two projects expected to begin in the third quarter, MAA expects the pipeline to reach about $804 million. MAA began construction on a Kansas City project in the second quarter and started a Nashville development in July. It also expects to start a Northern Virginia project next month and one additional project later in the year, putting it on track for four development starts in 2026. Hill said the company continues to view development as a priority capital-allocation opportunity, citing expected yields of roughly 6% to 6.5% for new projects under conservative underwriting. The current lease-up portfolio is projected to generate average cash yields of about 6%, although Hill said yields are currently closer to 5% because of concessions. MAA completed 2,118 interior unit upgrades during the second quarter, bringing its first-half total to 3,504 units, up 30% from the first half of 2025. Renovated units generated average rent increases of $110 over non-upgraded units. With average spending of $5,134 per unit, the program produced an estimated 25% cash-on-cash return, above the company’s 19% expectation. The company also continued to expand its community-wide Wi-Fi initiative. Revenue from the initial 28 live properties rose to $850,000 in the second quarter from $500,000 in the first quarter, and MAA plans to add another 38 properties this year. MAA maintained its full-year Core FFO guidance midpoint of $8.53 per diluted share. However, it reduced its expectations for effective rent growth and average occupancy, saying the recovery in new lease pricing has progressed more slowly than assumed in its prior guidance. Those revenue revisions were offset by expense controls, lower expected real estate taxes, favorable insurance costs and contribution from non-same-store properties. The company expects more than $25 million of incremental year-over-year NOI in 2026 from its non-same-store portfolio. Same-store operating expense growth was 80 basis points year over year in the second quarter. Chief Financial Officer Clay Holder said repair and maintenance and personnel costs were key contributors to favorable expense performance. MAA renewed its insurance coverage on July 1, with total premiums declining more than 12%; it expects insurance costs to decline by more than 6% year over year for 2026. At quarter-end, MAA had more than $880 million of combined cash and borrowing capacity under its revolving credit facility. Net debt to EBITDA was 4.5 times, while outstanding debt had an average maturity of six years and an effective rate of 3.9%. During the quarter, the company repurchased 383,000 common shares for $50 million, at a weighted average price of $130.66 per share. MAA also entered an unsecured delayed term loan with $350 million of committed principal, including $100 million outstanding at quarter-end. The company sold a 30-year-old, high-capital-expenditure property in Raleigh during the second quarter and expects to close on two additional dispositions in the second half, including a 42-year-old Dallas property and its sole property in Washington, D.C. Management said those sales are expected to complete its planned 2026 disposition activity. Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform. MAA's portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Mid-America Apartment Communities Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Core FFO exceeded expectations due to strong expense control and sequential improvements in lease rates that outpaced prior-year trends. Management reported the strongest quarterly increase in inbound migration since tracking began, with Q2 absorption levels reaching 1.8 times new deliveries. New resident lease rates are recovering slower than anticipated due to cautious consumer sentiment and unprecedented supply levels in high-concentration markets. Operational scale and centralization efforts drove significant expense favorability, with same-store operating expenses growing only 80 basis points year-over-year. The portfolio is benefiting from single-family affordability challenges, which sustain demand for high-quality rental housing among a financially stable resident base. Strategic diversification is providing a buffer, as mid-tier markets with lower supply pressure are currently outperforming larger, more supplied markets. Record-low turnover and a 50-basis-point improvement in renewal rate growth reflect successful resident loyalty and customer service initiatives. Management expects an extended prime leasing season, with August and September pricing trends projected to exceed July performance. Third quarter blended pricing is anticipated to be better than the second quarter, a reversal of the typical seasonal trailing trend seen over the last four years. The company aims to sustain a development pipeline of approximately $1 billion, viewing current supply-demand dynamics as an attractive window for disciplined investment. Full-year guidance assumes a 50-basis-point blended lease growth, supported by easier year-over-year comparisons in the fourth quarter. Incremental NOI from the non-same-store portfolio is projected to contribute over $25 million in year-over-year growth for 2026. Portfolio recycling efforts are nearly complete for 2026, including the sale of a high-CapEx property in Raleigh and the planned exit from the District of Columbia. Insurance costs declined by over 12% following a successful July renewal, marking the third consecutive year of premium reductions. Supply pressure remains acute in Charlotte and Austin, with concessions in the Charlotte lease-up portfolio reaching eight to 10 weeks on specific floor plans. The company entered a $350 million unsecured delayed-draw term loan to manage upcoming debt maturities and support the development pipeline. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while the recovery trajectory remains positive, the pace of new lease pricing recovery was slower than initially modeled. The reduction reflects a more conservative view on effective rent growth and occupancy for the remainder of the year to align with current market speed. Current lease-up yields are approximately 5% due to high concessions but are expected to reach underwritten 6% levels as concessions burn off. New development starts are being underwritten at 6.25% to 6.5% yields, utilizing conservative rent trending that sits 2% to 4% below submarket expectations. Expense favorability is driven by structural improvements, including better personnel staffing and higher resident retention reducing turn costs. Management expects these efficiencies to persist, though growth rates may normalize slightly from the current low levels. Development remains the primary priority due to higher long-term Total Shareholder Return (TSR) potential and the ability to deliver into a low-supply window in 2027-2028. Share repurchases are viewed as a balanced tool to manage capital without introducing the earnings volatility associated with aggressive acquisition of low-cap-rate assets.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Mid-America Apartment Communities stock sits at a crossroads, with a Discounted Cash Flow (DCF) intrinsic value estimate pointing to meaningful upside while traditional market multiples indicate the shares are not cheap, all against a five year price decline of about 12.9%. Over the past five years, Mid-America Apartment Communities has delivered a share price decline of about 12.9%, which may leave long term holders questioning whether the current price reflects the underlying portfolio of properties. The key support for the current valuation can come from the reliability and timing of rental cash flows. A major risk is any sustained pressure on occupancy or rent growth that would weigh on future cash generation. The company scores only 2 out of 6 on the broader valuation checks. This leans more toward Mid-America Apartment Communities not screening as a clear bargain overall, even though one model suggests upside. The issue now is whether investors should treat the DCF based intrinsic value signal or the richer market multiples as the more reliable guide to where Mid-America Apartment Communities stock stands today. Find out why Mid-America Apartment Communities' -3.3% return over the last year is lagging behind its peers. The Discounted Cash Flow (DCF) approach here values Mid-America Apartment Communities by projecting its future cash generation and discounting it back to today. The model is built on Adjusted Funds From Operations, which is a common way to look at cash flow for residential REITs. Mid-America Apartment Communities generated about $913.0 million of free cash flow over the latest twelve months, and the model assumes those cash flows keep growing rather than contracting. On that basis, the 2 stage DCF framework points to an estimated intrinsic value of about $194 per share, which sits above the current market price. That gap equates to an implied discount of roughly 29.3%, so the cash flow outlook suggests the stock is not pricing in the full value of the existing portfolio and its projected rental income. On this DCF view, Mid-America Apartment Communities stock currently appears undervalued on a cash flow basis. Our Discounted Cash Flow (DCF) analysis suggests Mid-America Apartment Communities is undervalued by 29.3%. Track this in your watchlist or portfolio, or discover 49 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Mid-America Apartment Communities. P/E is a useful cross check for Mid-America Apartment Communities because earnings already factor in interest costs and depreciation, which matter for a capital intensive REIT. The stock currently trades at about 41.5x earnings, which is above both the Residential REITs industry average of roughly 22.2x and the peer group average of about 29.6x. A tailored fair P/E multiple for Mid-America Apartment Communities, which reflects its size, risk profile and sector, comes out at about 31.0x. The current 41.5x level therefore sits meaningfully above this fair ratio and implies investors are paying a premium vs what this framework suggests for the earnings stream. This indicates a market price that already reflects a relatively full view of the company’s prospects compared with sector benchmarks. On this P/E basis, Mid-America Apartment Communities stock appears overvalued relative to both its tailored fair multiple and its Residential REIT peers. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives build on this valuation split for Mid-America Apartment Communities' stock and outline what kind of future growth, margins and earnings path would need to occur for the current price to appear either too low or too high. Each narrative links its figure to a clear view on how growth, profitability and key risks might develop, which you can revisit over time as new information appears on the Community page. You can add your voice to the Mid-America Apartment Communities story by sharing a data backed Narrative on where its growth, margins and execution go from here. Put your case on record in the Simply Wall St community and see how it stacks up as new results come through. Do you think there's more to the story for Mid-America Apartment Communities? Head over to our Community to see what others are saying! Mid-America Apartment Communities sits between an intrinsic value view that points to upside on Discounted Cash Flow (DCF) and market multiples that signal the stock is already overvalued. The split mainly comes down to how much weight you put on long term rental cash flow versus what investors are currently willing to pay for its earnings compared with Residential REIT peers. Broader valuation checks are weak, so the DCF signal stands somewhat on its own. The key question from here is whether rental cash flows and occupancy remain resilient enough to close that gap, or whether the market multiple moves closer to sector norms. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MAA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Core FFO results exceeded expectations due to strong expense management and sequential improvement in lease rates. Demand remains robust, with second-quarter absorption outpacing new deliveries by 1.8 times and inbound migration hitting a record high. Resident health is strong, with a rent-to-income ratio improving to 18% and net delinquency remaining low at 0.3% of billed rents. Interior renovation and repositioning programs are delivering high returns, with a 25% cash-on-cash return on unit upgrades, well above the 19% target. Expense control is excellent, with same-store operating expense growth of only 80 basis points year-over-year in the second quarter. The recovery in new resident lease rates is slower than expected due to cautious consumer sentiment and elevated new supply in key markets. Same-store revenue guidance was slightly reduced due to a slower-than-anticipated pace of recovery in new lease pricing. Markets like Charlotte, Raleigh, and Phoenix continue to face significant challenges from heavy supply pressure despite strong demand. Consumer sentiment remains cautious, leading prospects to shop around longer and delay leasing decisions, which impacts pricing momentum. The acquisition market remains slow with high cap rates for desired assets, limiting external growth opportunities through purchases. Here are the key highlights from the Mid-America Apartment Communities Inc (NYSE:MAA) Q2 2026 earnings call, presented as Q&A pairs. Warning! GuruFocus has detected 6 Warning Signs with MAA. Is MAA fairly valued? Test your thesis with our free DCF calculator. Q: Can you discuss your guidance for blended rent growth in the second half of the year and confirm if you expect August and September blends to increase from July?A: Tim Argo, Chief Operating Officer: Yes, we expect August and September pricing to improve from July due to higher renewal rates and retention. For the full year, we are tracking a blended rate of around 0.6% for the back half, which would make Q3 slightly better than Q2 and Q4 slightly better than Q1. This is driven by strong demand, moderating supply, and less of a seasonal drop-off than we saw last year. Q: What gives you confidence that the revenue recovery will continue and that you won't need to cut guidance again in the third or fourth quarter?A: Tim Argo, Chief Operating Officer: Our optimism is based on strong forward-looking trends. For Q3, we have locked in renewal rates in the 5%-plus range with retention rates well above last year. On the new lease side, pre-leasing for August is running 70-80 basis points better than last year, and September is even higher. Lead volume is up 15% and visit volume is up 10% year-over-year, suggesting an extended prime leasing season. Q: Why are you allocating capital to development and dispositions rather than buying back more stock, given the slow recovery and cap rates below 5% for acquisitions?A: Brad Hill, CEO: Our capital allocation is balanced. The 4.5% to 5% cap rates are for new, high-quality assets, while we are selling older, higher-CapEx properties at cap rates in the high 5% to low 6% range. We continue to believe development is the best long-term use of capital, with expected yields of 6% to 6.5% and NOI growth that outperforms our portfolio by 50-100 basis points. We are also investing in highly accretive interior renovation and Wi-Fi initiatives. Q: Can you provide more color on the "cautious consumer" comment and what is driving the slower recovery in new lease pricing?A: Brad Hill, CEO: Our residents remain very healthy, with rent-to-income ratios at a record low of 18% and strong collections. However, in markets with a lot of supply options, prospects are shopping around more and taking longer to make decisions. This has led to more last-minute, immediate move-ins, which are the most volatile part of the new lease pricing curve. We are seeing this change in Q3 with more pre-leasing activity. Q: You mentioned that second-quarter in-migration was the strongest quarterly increase you have ever tracked. Can you provide any numbers or additional color?A: Brad Hill, CEO: We saw in-migration increase from about 10% in the first quarter to 13% in the second quarter. This was not driven by any single market but was a broad-based increase across our portfolio. While absolute levels of in-migration have been higher, we have never seen a quarterly increase of this magnitude, which is a positive incremental demand signal. Q: What is driving the better-than-expected performance from your lease-up properties, and what is the overall concession activity in your markets?A: Tim Argo, Chief Operating Officer: The lease-up portfolio is benefiting from moderating supply pressure and strong demand. For example, MAA Val Vista gained over 20% occupancy in the quarter. The two Charlotte assets are the most challenged due to the local supply pipeline. Overall, concessions are stable at 4-5 weeks across most markets, with improvement in Orlando and Charleston, while Charlotte and Austin remain the highest. Q: The expense growth has been a bright spot. Are there any one-time items or factors that won't repeat in 2027?A: Clay Holder, CFO: The expense control is a result of our continued operational focus, not one-time items. We are seeing benefits from full staffing, which lowers turnover costs, and from our centralization efforts. We also had a very successful insurance renewal on July 1st, with premiums declining over 12%, marking our third consecutive year of reduction. Property taxes are also benefiting from lower NOI in some markets. We expect 2027 expense growth to look similar to this year. Q: Are you seeing any signs that developers are getting more comfortable and ramping up new starts again?A: Brad Hill, CEO: No, we are not seeing an uptick in starts. While permits may ebb and flow, the developers we work with are still struggling to find equity capital for new projects. New starts have been below long-term averages for 13 consecutive quarters, and we expect that trend to continue for the foreseeable future. Q: Can you discuss the true net effective cash yield on your current lease-up pipeline, considering the impact of concessions?A: Brad Hill, CEO: Our projected NOI cash yields on the current lease-up pipeline are around 6%. Due to higher concessions, they are currently delivering closer to a 5% yield. However, we are getting 9% to 10% lease-over-lease increases on renewals at these properties, which is burning off concessions and giving us confidence we will hit our underwritten 6% yields. For new projects we are underwriting today, we are targeting 6.25% to 6.5% yields. Q: Have any of your markets changed structurally in your view, for example, due to a tougher regulatory environment?A: Brad Hill, CEO: Broadly, no. We have seen the most regulatory change in Nevada, but we only have two non-core properties there. We are selling our one property in the District of Columbia, which has a lot of regulatory activity. Denver is a market where supply is coming down rapidly, so we expect performance to turn around. Overall, our markets continue to have strong demand drivers, with 11 of the 18 markets with >1% job growth being in our footprint. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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. 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 ResultsSame 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: Same Store operating statistics for the three and six months ended June 30, 2026 are summarized below: Same Store net effective lease pricing statistics for the three and six months ended June 30, 2026 are summarized below: Acquisition and Disposition ActivityIn 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 ActivityA 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): 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): During the second quarter of 2026, MAA completed the lease-up of MAA Cathedral Arts located in Dallas, Texas. Balance Sheet and Financing ActivitiesAs 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): 130th Consecutive Quarterly Common Dividend DeclaredMAA 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. 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: 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 CallSupplemental 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 MAAMAA, 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 [email protected], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations. Forward-Looking StatementsThis 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. NON-GAAP FINANCIAL MEASURES Adjusted EBITDAreFor 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. EBITDAFor 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. EBITDAreFor 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 AssetsGross 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 AssetsGross 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 DebtNet 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 NOINon-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 NOISame 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 UnitAverage 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 OccupancyAverage Physical Occupancy represents the average of the daily physical occupancy for an applicable period. Development CommunitiesCommunities 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 GrowthEffective 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 GrowthEffective 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 GrowthEffective 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 CommunitiesNew 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 PortfolioNon-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 TurnoverResident 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/maa-reports-second-quarter-2026-results-302838251.html

Mid-America Apartment Communities MAA — commonly known as MAA — is a real estate investment trust (REIT) that focuses on owning, operating and acquiring apartment communities throughout the Southeast, Southwest and Mid-Atlantic regions of the United States. The company is slated to report second-quarter 2026 results on July 29, after market close. In the last reported quarter, this Germantown, TN-based residential REIT reported core FFO per share of $2.13, delivering a surprise of 0.47%. Results reflected same-store effective blended lease rate growth year over year. Over the trailing four quarters, MAA surpassed the Zacks Consensus Estimate on three occasions and missed on the other, the average beat being 0.23%. This is depicted in the chart below: Mid-America Apartment Communities, Inc. price-eps-surprise | Mid-America Apartment Communities, Inc. Quote Let’s see how things have shaped up before this announcement. The U.S. multifamily market entered the second half of 2026 with a clearer recovery taking shape, as strong renter demand and a rapidly shrinking supply pipeline began translating into lower vacancy and improving rent growth. According to a Cushman & Wakefield report, net absorption reached roughly 124,600 units, up from 83,500 units in the first quarter and 8% above the prior year, making it the fifth-strongest quarter in nearly 25 years. The supply picture also became more favorable. Approximately 88,000 units were delivered during the quarter, down 27% year over year. Around 475,000 units remained under construction at quarter-end, equal to just 3.5% of existing inventory. Improving demand and slowing supply pushed the national vacancy rate down 35 basis points quarter over quarter to 8.9%, its first move below 9% since 2024. On a trailing four-quarter basis, absorption of approximately 362,000 units exceeded deliveries of about 358,000 units for the first time since early 2022, indicating vacancy is likely to have passed its cyclical peak. The recovery was particularly pronounced in previously overbuilt markets: Austin; Charleston, SC; Savannah, GA; Huntsville, AL; Salt Lake City, UT, and Colorado Springs recorded some of the largest quarterly vacancy declines. Rent growth remains modest but is beginning to improve. National asking rents reached approximately $1,945 per month, up 1.5% year over year, compared with 1.1% growth in the first quarter. The Bay Area led the recovery, with San Francisco rents rising 13%, San Jose 7% and the East Bay 4.8%. Norfolk, VA; Toledo, OH; Reno, NV; and Boise, ID, also posted strong gains. High-supply markets remained softer, with rents still declining in Austin and Sarasota, FL, although the pace of those declines moderated as excess supply was absorbed. Overall, the market appears to be shifting from stabilization into an occupancy-led recovery, with broader rent growth likely as the construction pipeline continues to shrink. MAA’s second-quarter 2026 results should reflect continued operating stability, with renewals, occupancy and moderating supply pressure supporting performance. Management said renewal growth remained above 5% entering the quarter, while April physical occupancy held at 95.5% and 60-day exposure improved 20 basis points from a year earlier. The company expects blended lease growth to accelerate from the first quarter’s negative 0.3%, helped by steady renewals and a more normal seasonal improvement in new lease pricing through July. New lease rates will likely remain the main swing factor. Management noted improving momentum in March and April and expects May and June to perform better than last year, supported by strong lead volume, positive absorption and fewer deliveries. Atlanta and Dallas are showing better pricing and occupancy trends, while Austin, Charlotte and Savannah, GA, remain pressured by elevated concessions and supply. For the quarter, MAA guided core FFO to $2.00-$2.12 per share, with a midpoint of $2.06. Higher seasonal maintenance costs and increased interest expense are likely to have limited the upside, although property dispositions and disciplined expense control may have partly offset those pressures. The Zacks Consensus Estimate for quarterly revenues is pegged at $557.28 million. This suggests a 1.34% rise from the year-ago quarter’s reported figure. For the second quarter, we project an average physical occupancy of 95.6%. However, we expect same-store property net operating income to fall 1.3% year over year. Our estimate indicates a 16.5% increase in the company’s interest expenses. Before the second-quarter earnings release, the company’s activities were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly core FFO per share has remained unchanged at $2.08 for more than two months. This also suggests a year-over-year decline of 3.26%. Our proven model does not conclusively predict a surprise in terms of FFO per share for MAA this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here. MAA currently carries a Zacks Rank of 3 and has an Earnings ESP of -0.20%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are two stocks from the broader REIT sector — Extra Space Storage EXR and Cousins Properties CUZ— you may want to consider, as our model shows that these have the right combination of elements to report an FFO beat this quarter. Extra Space Storage is slated to report quarterly numbers on July 28. EXR has an Earnings ESP of +0.39% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Cousins is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Mid-America Apartment Communities, Inc. (MAA) : Free Stock Analysis Report Cousins Properties Incorporated (CUZ) : Free Stock Analysis Report Extra Space Storage Inc (EXR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

With a market cap of $16.5 billion, Mid-America Apartment Communities, Inc. (MAA) owns, manages, acquires, develops, and redevelops high-quality apartment communities across the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of March 31, 2026, the company held ownership interests in 104,629 apartment units, including communities under development, spanning 16 states and the District of Columbia. MAA is expected to release its fiscal Q2 2026 results after the market closes on Wednesday, Jul. 29. Ahead of this event, analysts project the REIT to report a core FFO of $2.08 per share, a 3.3% decrease from $2.15 per share in the year-ago quarter. It has exceeded Wall Street’s core FFO expectations in three of the past four quarters while missing on another occasion. Sentiment Could Be Turning Sour on Nvidia. Here’s Where 1 Analyst Thinks NVDA Stock Is Headed Next. Dear Netflix Stock Fans, Mark Your Calendars for July 16 Google Just Launched 2 New AI Models. What That Means for GOOGL Stock. Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! For fiscal 2026, analysts forecast the Germantown, United States-based company to post a core FFO of $8.50 per share, a 2.8% decline from $8.74 per share in fiscal 2025. However, core FFO is anticipated to rise 2% year-over-year to $8.67 per share in fiscal 2026. Shares of Mid-America Apartment Communities have dropped 6% over the past 52 weeks, underperforming the broader S&P 500 Index's ($SPX) 19.7% increase and the State Street Real Estate Select Sector SPDR ETF's (XLRE) 6.3% return over the same time frame. Shares of MAA fell marginally following its Q1 2026 results on Apr. 29 despite reporting core FFO of $2.13 per share, which slightly beat the consensus estimate, as investors focused on weaker operating fundamentals, including rental and other property revenues of $553.7 million, which missed expectations. Sentiment was further pressured by declining same-store performance, with same-store revenues down 0.4%, same-store NOI down 1.3%, average effective rent per unit falling to $1,685, and same-store physical occupancy slipping 10 bps year-over-year to 95.5%, alongside a 13.8% increase in interest expense. Analysts' consensus view on MAA stock is cautiously optimistic, with an overall "Moderate Buy" rating. Among 26 analysts covering the stock, nine suggest a "Strong Buy," one gives a "Moderate Buy," 13 recommend a "Hold," and three advise "Strong Sell." The average analyst price target of $141.76, indicating a marginal potential upside from the current levels. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com