EarningsQ2 2026 Earnings Report
MX:MAA Q2 2026 EPS Results
Actual EPS$18.51
Consensus EPS$13.10
Beat/MissBeat by +$5.40
One Year Ago EPS$16.51
MX:MAA Q2 2026 Revenue Results
Actual Revenue$9.58B
Expected Revenue$9.60B
Beat/MissMissed by -$18.25M
YoY Revenue Growth+0.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:MAA Upcoming Earnings
Mid-America Apartment's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MAA Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational strengths — expense control, strong resident fundamentals (low delinquency, improved rent-to-income), robust renovation returns, accelerating leasing momentum (sequential improvement in blends and renewals), meaningful Wi‑Fi monetization, and a well-funded development pipeline — which collectively offset near-term revenue and market-specific headwinds. Management slightly lowered revenue and occupancy expectations for the year due to slower-than-expected new-lease recovery in several high-supply markets, but maintained full-year core FFO guidance by leveraging expense savings and non-same-store contributions. Balance sheet and liquidity are strong, and the company remains focused on disciplined capital allocation (development, targeted redevelopments, measured buybacks). Overall, the positives (broad-based improvement, cost control, high-return programs) outweigh the localized supply-driven challenges.Company Guidance
Core FFO Outperformance
Reported core FFO of $2.08 per diluted share for Q2, $0.02 above guidance; maintained full-year core FFO midpoint of $8.53 despite revenue guidance adjustments.
Strong Expense Control Driving Outperformance
Same-store operating expense growth of just 80 basis points year-over-year in Q2; Clay guided full-year same-store expense growth of ~1.75% with continued cost discipline (repair & maintenance and personnel were primary drivers of favorability).
Improving Leasing Metrics and Resident Health
Renewal lease-over-lease rate of 5.2% in Q2 with renewal retention up ~50 basis points year-over-year; blended lease-over-lease rates improved 100 basis points sequentially from Q1 and were +20 basis points versus Q2 2025; turnover fell to 39.6%; rent-to-income ratio improved to 18%; net delinquency remained very low at 0.3% of billed rents.
Demand/Absorption Outpacing New Supply
Units absorbed in Q2 were 1.8x new deliveries and inbound migration rose from ~10% in Q1 to ~13% in Q2 (the largest quarterly increase since tracking), supporting resilient demand.
High Returns from Renovation and Repositioning Programs
Completed 2,012 interior unit upgrades in Q2 and 3,500 YTD (30% higher than H1 2025); renovated units achieved average rent lifts of $110 over non-upgraded units with per-unit spend ~$5,130 and an average cash-on-cash return of ~25% (vs. expected 19%); common-area projects averaging ~13% cash-on-cash returns.
Community Wi‑Fi Monetization Momentum
Wi‑Fi initiative expanded to 28 live properties with resident-revenue growing from $500,000 in Q1 to $850,000 in Q2; plan to expand to 38 additional properties this year.
Measured External Growth and Development Pipeline
Funded approx. $81 million in development/predevelopment in Q2; pipeline at $598 million at June 30 with $237 million remaining commitments and expected to reach ~$804 million with upcoming starts; on track for four development starts in 2026; new developments underwritten to ~6%+ NOI yields.
Solid Liquidity and Capital Moves
Over $880 million of combined cash and revolver capacity; net debt-to-EBITDA ~4.5x; average debt maturity ~6 years at a 3.9% effective rate; repurchased 383,000 shares ($50 million) and established a $350 million delayed-draw term loan with $100 million drawn at quarter-end.
Insurance and Tax Tailwinds
Insurance renewal reduced premiums by >12% (renewal July 1); expecting over a 6% year-over-year decline in insurance costs; management also citing favorable real estate tax trends.
Lease-Up Portfolio Performing and Stabilizing
Several lease-ups showing rapid occupancy gains (examples: Nixie +20% occupancy, Liberty Row +30%, Plaza Midwood +20% quarter-over-quarter); some properties stabilized earlier than expected (e.g., Breakwater moved up two quarters).
MX:MAA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed