📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Mid-America Apartment Communities, Inc. 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. id-America Apartment Communities, Inc. was incorporated in 1977 in Tennessee and is based in Germantown, Tennessee.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding MAA

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Manager	Shares	Value	% of Fund	Period
Andreas Halvorsen Viking Global Investors	4.80M	$586.0M	1.64%	Mar 2026
Steve Cohen Point72 Asset Management	162.8K	$19.9M	0.03%	Mar 2026
Jim Simons Renaissance Technologies LLC	122.1K	$14.9M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used specific metrics (blended pricing 0.5%, renewal rates 4.5%, occupancy 95.4%) and repeatedly stated 'recovery is underway' and 'absorption at 25-year high' while acknowledging 'economic uncertainty slowed pace' but expressing confidence in acceleration.

Q3 2025

Confident Specific

Management acknowledged challenges (slower job growth, tempered new lease pricing) but repeatedly cited resilience, improving occupancy, strong renewals, and moderating supply. Provided specific metrics (e.g., new lease -5.2%, renewal +4.5%, occupancy 95.6%) and forward-looking optimism for 2026 recovery.

Q4 2025

Confident Specific

Management used concrete numbers and milestones (e.g., 'Core FFO met expectations', 'blended rates improved 40 bps YoY', 'occupancy up 10 bps') while acknowledging headwinds, and provided detailed 2026 guidance with specific ranges for revenue, expenses, and NOI.

Q1 2026 latest

Confident Specific

Management described Q1 results as 'exceeded our expectations' and cited specific metrics like 140 bps sequential improvement in blended lease pricing, strong collections, and 0.3% net delinquency. They provided detailed outlook ranges and trajectories, showing confidence backed by data.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains largely unchanged but is incrementally strengthened by Q1 results that beat expectations and the reaffirmation of full-year guidance. The key positive is the steady improvement in new lease pricing and the expectation of a normal seasonal ramp. However, supply pressure in markets like Charlotte and Austin lingers, and the lack of a specific Q2 blended guidance may cause some caution. The disciplined capital allocation (buybacks, controlled development) supports the story. Next quarter to watch: whether the second quarter shows the anticipated acceleration in new lease rates and whether concessions continue to tick down. The thesis is intact but relies on gradual recovery rather than a sharp upturn.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED MAA Q1 2026 core FFO $2.13 beats guidance; blended lease growth improves 140 bps sequentially.

Revenue & Profitability

Core FFO for Q1 2026 was $2.13 per diluted share, $0.02 ahead of guidance. Same-store expenses were $0.015 favorable, non-same-store NOI was $0.01 favorable, and interest expense was $0.005 unfavorable. Full-year core FFO guidance midpoint was reaffirmed, with Q2 2026 guidance of $2.02-$2.12 per share. The company repurchased 558,000 shares for $73 million at an average price of $130.46.

Outlook

Management is optimistic, citing resilient demand from job growth, migration, and strong wage growth in their footprint. They expect gradual seasonal improvement in new lease rates through the second and third quarters, with a stronger 2027 as supply pressure moderates. Absorption exceeded new deliveries in Q1 2026, and market-level occupancies are firming up. Renewal growth is expected to remain consistent in the 5%+ range.

Growth Drivers

Key growth levers include new development (four projects starting in 2026, $350 million spend), redevelopment (1,386 unit upgrades with 17% returns), and the lease-up portfolio (five properties at 68.3% occupancy). The Wi-Fi initiative is expected to generate about $3 million in revenue in 2026. High-growth markets like Atlanta, Dallas, and Orlando outperformed the portfolio in blended lease pricing.

Balance Sheet & CapEx

Development spend for 2026 is expected to be $350 million, down from the original $400 million due to timing of starts. Interior unit upgrades averaged $7,349 per unit with a 17% cash-on-cash return. The Wi-Fi Retrofit Initiative is expanding to over 35 additional properties. Redevelopment and repositioning projects have achieved NOI yields above 10%. No AI or infrastructure investments were mentioned.

Margins

Margin trajectory was not explicitly guided, but same-store expenses were favorable due to lower repair & maintenance, personnel, and marketing costs. The company is pursuing operating efficiency initiatives, including centralization and specialization. Redevelopment projects deliver strong returns, supporting margin improvement. No specific margin guidance or operating leverage targets were provided.

Key Risks

Risks flagged include elevated supply in certain markets (Austin, Charlotte, Savannah) and broader macro-economic uncertainty. Concessions remain high on lease-up properties (up to eight weeks on some floor plans). Interest expense increased due to incremental borrowings from share repurchases and a litigation settlement. Renewal rate dependency and potential seasonal softening of new lease pricing were also noted.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Core FFO exceeded guidance due to strong expense control and resilient demand, with lease rates and NOI outperforming expectations. Core FFO guidance is maintained, but rent growth and occupancy forecasts are slightly reduced. Expense performance remains strong, aided by successful insurance renewals and disciplined capital allocation.

Q1 2026 Q1 2026 2026-04-30

First quarter results exceeded expectations with strong demand, stable occupancy, and disciplined expense control. Guidance for the year is reaffirmed, with blended lease growth expected to improve and development spend reduced. Share buybacks and a robust balance sheet support ongoing growth.

Q4 2025 Q4 2025 2026-02-05

Core FFO met expectations in Q4 and for 2025, with occupancy and blended lease rates improving year-over-year. 2026 guidance projects modest revenue and rent growth, with strong renewal pricing and continued investment in development and redevelopment. Balance sheet remains strong, supporting growth and capital flexibility.

Q3 2025 Q3 2025 2025-10-30

Core FFO met expectations as strong occupancy and collections offset economic headwinds. Guidance was revised downward for rent growth and NOI, but occupancy remains high and supply pressures are easing. Development and redevelopment initiatives, along with disciplined capital allocation, position the portfolio for long-term growth.

Q2 2025 Q2 2025 2025-07-31

Core FFO exceeded expectations in Q2, driven by strong collections, stable occupancy, and favorable expenses. Guidance for 2025 was reaffirmed, with effective rent growth revised slightly downward but occupancy and FFO targets maintained. Development and acquisition pipelines remain robust, supported by strong balance sheet capacity.

📊 Analysis Methodology

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Investment Risk:
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