Monitor Q4 2026 results for confirmation of management's expectation that new lease pricing trends improve into 2027, as October data showed first YoY improvement in new lease pricing. The elevated leverage (4.7x Net Debt/EBITDAre vs 4.3x) and continued Same Store revenue decline warrant watching for any further guidance reductions or dividend risk.
Price Chart
Executive Summary
MAA reported Q3 2026 Core FFO per share of $2.10, below the consensus estimate of $2.10? Actually the consensus was $2.10? Wait, the consensus was $0.80 EPS but for REITs the Street basis is AFFO/FFO. The Street-EPS reference shows the Street convention for MAA is FFO/Core FFO per share, with Sep 2026 consensus of $2.10. MAA reported Core FFO of $2.10, exactly in line. However, GAAP EPS of $0.72 declined 14.3% YoY from $0.84. Same Store revenue declined 0.4% YoY and NOI declined 1.8% YoY. Full-year Core FFO guidance midpoint was narrowed to $8.49 from $8.53, while the midpoint of Q4 Core FFO guidance of $2.18 is above Q3's $2.10. The results show continued pressure from higher interest rates and negative new lease pricing (-6.0%), partially offset by strong renewal pricing (+5.3%) and record low turnover.
Key Financial Metrics
Key Facts
- Q3 2026 Core FFO per share of $2.10 vs consensus of $2.10 (in line)
- GAAP diluted EPS of $0.72, down 14.3% from $0.84 in Q3 2025
- Same Store revenue declined 0.4% YoY; Same Store NOI declined 1.8% YoY
- Same Store effective blended lease rate growth of 0.4%, with new lease pricing down 6.0% YoY and renewal pricing up 5.3%
- Full-year 2026 Core FFO guidance midpoint narrowed to $8.49 from $8.53 (previous range $8.41-$8.65, updated $8.43-$8.55)
- Q4 2026 Core FFO guidance midpoint of $2.18, above Q3's $2.10
- Same Store NOI growth guidance lowered to -1.70% to -0.80% from -1.70% to -0.10%
- Net Debt/Adjusted EBITDAre increased to 4.7x from 4.3x at year-end 2025
- Repurchased 0.4M shares for $50.0M at weighted avg price of $126.72
- Borrowed additional $250M under DDTL Facility; $350M outstanding as of Sep 30, 2026
Financial Impact
Core FFO per share in line with consensus; GAAP EPS down 14.3% YoY; Same Store NOI declined 1.8% YoY; full-year Core FFO guidance midpoint lowered by $0.04
Segment Breakdown
| Segment | Growth |
|---|---|
| Same Store | -0.4% |
Risk Factors
- Same Store revenue declining 0.4% YoY with new lease pricing down 6.0%
- Net Debt/Adjusted EBITDAre increased to 4.7x from 4.3x
- Full-year Core FFO guidance midpoint lowered by $0.04
- Higher interest rate environment pressuring refinancing costs and new resident pricing
- GAAP EPS declining 14.3% YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302922696 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | Press Release | $118.26 $117.21 | ▲ +0.89% | ▼ −0.89% | $117.21 (+0.89%) |
Oct 27, 2026 3d ago | Institutional Cluster | $116.75 $118.26 | ▲ +1.29% | ▲ +1.68% | $117.21 (+0.39%) |
Oct 23, 2026 7d ago | Institutional Cluster | $119.78 $119.58 | ▲ +0.17% | ▲ +0.88% | $117.21 (+2.15%) |
Oct 5, 2026 25d ago | SC 13G | $116.99 $114.21 | ▼ −2.38% | ▼ −2.14% | $117.21 (+0.19%) |
Oct 1, 2026 29d ago | 25-NSE | $116.38 $115.27 | ▼ −0.95% | ▼ −1.69% | $117.21 (+0.71%) |
Jul 29, 2026 13w ago | Press Release | $133.32 $132.38 | ▼ −0.71% | ▼ −1.37% | $117.21 (−12.08%) |
Apr 6, 2026 29w ago | DEFA14A | $54.75 $54.84 | ▲ +0.16% | ▲ +0.10% | $117.21 (+114.08%) |
Feb 28, 2026 34w ago | Institutional Cluster | $134.09 $133.55 | ▲ +0.40% | ▼ −0.51% | $117.21 (+12.59%) |
US Market Status
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