Mid-America Apartment Communities, Inc. (MAA) Earnings Call Transcripts
Mid-America Apartment Communities, Inc.'s Latest Earnings Call - Q3 FY2026
In the third quarter of 2026, Mid-America Apartment Communities, Inc. (MAA) reported core FFO of $2.10 per diluted share, which was in line with expectations. However, management lowered the midpoint of their full-year core FFO guidance by $0.04 to $8.49, citing weaker new lease pricing and occupancy levels. Despite these adjustments, management expressed optimism about improving trends in new resident lease-over-lease rates as they move into the fourth quarter, indicating a potential recovery in leasing conditions.
Reported metrics
| Metric | Value |
|---|---|
| Core FFO | $2.10 (inline) |
| Full Year Core FFO Guidance | $8.49 (null) |
| Same-Store NOI Growth Midpoint | negative 1.25% (null) |
| Renewal Lease-Over-Lease Rates | 5.3% (null) |
| Turnover Rate | 39.6% (null) |
| Average Effective Interest Rate | 4.1% (null) |
Guidance from management
For the fourth quarter, management expects core FFO to be in the range of $2.12 to $2.24 per diluted share, with a midpoint of $2.18. They have lowered their full-year core FFO guidance and revenue growth expectations, reflecting recent performance trends.
What management said
Yes. This is Tim. As far as single-family rental, I mean it is a very vital part of our reasons for move-out and therefore, not a huge competition for us. If we look at Q3, for example, move out to rent-house it was only about 3%, down from 4% a year ago. So really, really minimal at this point. I think it's more of a difference in change in somebody's lifestyle in terms of having a family or that sort of thing that...
What analysts pressed on
Analysts expressed concerns about the slower-than-expected recovery in leasing rates and the impact of elevated supply on pricing power. There were questions regarding the sustainability of demand amidst economic uncertainties and the potential for increased competition from single-family rentals.
Main topics on the call
- Revenue Guidance Reduction — Management lowered the full-year revenue growth midpoint by 35 basis points to negative 0.25%, primarily due to third-quarter performance. They stated, "new lease pricing during the quarter was below our expectations."
- Improving Leasing Trends — Management noted positive trends in October, with preliminary new resident lease-over-lease pricing improving sequentially from September. They mentioned, "we expect October new lease over lease pricing will exceed last ...
- Strong Renewal Performance — Renewal lease-over-lease rates increased by 5.3% for the quarter, contributing to blended lease-over-lease rates being up 10 basis points from the prior year. Management highlighted, "the strong renewal trends continue i...
- Occupancy and Demand Fundamentals — Management indicated that occupancy levels are stabilizing, with a 39.6% turnover rate on a rolling 12-month basis. They stated, "job growth, household formation, inbound migration and population growth... continue to su...
Read the full Mid-America Apartment Communities, Inc. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Mid-America Apartment Communities, Inc.
Mid-America Apartment Communities, Inc. (MAA) is a publicly listed company in the Residential REITs industry, within the Real Estate sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 50 calls on record spanning January 30, 2020 to October 29, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 50 Mid-America Apartment Communities, Inc. earnings call transcripts on record, spanning January 30, 2020 to October 29, 2026. Based on this history, Mid-America Apartment Communities, Inc. reports quarterly. The most recent call on file is dated October 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- MAA
- Exchange
- NYSE
- Country
- US
- Sector
- Real Estate
- Industry
- Residential REITs
- Calls on record
- 50
- First call
- January 30, 2020
- Most recent
- October 29, 2026
- Reporting cadence
- quarterly