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Mid-America Apartment Q3 Core FFO per share falls; 2026 EPS outlook lowered

By Reuters News


Overview

  • US apartment REIT's Q3 Core FFO per share fell yr/yr, as did diluted EPS

  • Company repurchased 0.4 mln shares for $50 mln and redeemed Series I preferred stock

  • Same store revenue growth was flat, while expenses rose, leading to lower NOI


Outlook

  • MAA lowers 2026 earnings per share guidance to $3.61-$3.73 from $3.96-$4.20

  • Company now expects 2026 Core FFO per share of $8.43-$8.55, slightly up from prior range

  • MAA sees 2026 same store property revenue growth of -0.4% to -0.1%, down from prior forecast


Result Drivers

  • RENEWAL LEASE PRICING - Co said renewal lease pricing rose 80 basis points yr/yr to 5.3%, supporting blended lease rate growth

  • LOW RESIDENT TURNOVER - Resident turnover in the Same Store Portfolio remained historically low at 39.6%, with record low move-outs to single-family homes


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.72

Q3 Core FFO Per Share

$2.10


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 14 "hold" and 4 "sell" or "strong sell"

  • The average consensus recommendation for the residential reits peer group is "buy."

  • Wall Street's median 12-month price target for Mid-America Apartment Communities Inc is $133.00, about 12% above its October 27 closing price of $118.75

  • The stock recently traded at 37 times the next 12-month earnings vs. a P/E of 42 three months ago


Reuters Recommended Reads

  • Oct 27 - Extra Space Storage Q3 core FFO rises; lifts 2026 outlook on stronger same-store performance

  • Oct 26 - Sun Communities Q3 core FFO per share rises driven by manufactured houses strength

  • Oct 27 - American Assets Trust Q3 FFO rises on higher rental rates; lifts outlook


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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