MAA · 8-K · 20260804PR332847
Development Pipeline
MID AMERICA APARTMENT COMMUNITIES INC. · 2026-08-04 · Importance 58 · Surprise 42 · Contradicted
MAA expects its 2026 development pipeline to remain approximately $800 million, with anticipated stabilized NOI yields of 6.0%–6.5% approximately four years after construction starts. The company started a 263-unit community in the Kansas City MSA in the second quarter, began construction on a 312-unit Nashville MSA community in July 2026, and expects to start a 306-unit Northern Virginia community in the third quarter of 2026. Active developments and completed projects in lease-up at June 30, 2026 represented expected incremental stabilized NOI of $70 million–$75 million and expected value creation of $258 million.
Key facts
- ’26F Development Pipeline: ~$800M expected at 6/30/2026 source
- TOTAL ACTIVE DEVELOPMENTS at 6/30/2026: 1,749 units with expected cost $597.5 million source
- 2026 development pipeline expected to be maintained at approximately $800M with expected stabilized NOI yields of 6.0%-6.5% source
- Expected total stabilized incremental NOI from all active developments + completed developments in lease-up at 6/30/2026: $70M - $75M source
- Expected total value creation from active and lease-up developments: $258M source
- MAA Breakwater (Tampa, FL): 495 units, cost to date $194.7M, physical occupancy 90.9%, expected stabilization 3Q 2026 source
- July 2026: Purchased land in Northern Virginia; expected 3Q 2026 development start of a 306-unit community source
- MAA Sevilla (Kansas City, MO-KS): active development 263 units, expected cost $77.0M, expected 1st occupancy 1Q 2028, expected stabilization 2Q 2029 source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | probable | +6.5% | Expected total stabilized incremental NOI from all active developments + completed developments in lease-up at 6/30/2026: $70M - $75M |
| operating_income | positive | probable | +4.5% | 2026 development pipeline expected to be maintained at approximately $800M with expected stabilized NOI yields of 6.0%-6.5% |
| assets | positive | probable | — | ’26F Development Pipeline: ~$800M expected at 6/30/2026 |
| assets | positive | realized | — | TOTAL ACTIVE DEVELOPMENTS at 6/30/2026: 1,749 units with expected cost $597.5 million |
| assets | positive | probable | — | Expected total value creation from active and lease-up developments: $258M |
| assets | positive | realized | — | MAA Breakwater (Tampa, FL): 495 units, cost to date $194.7M, physical occupancy 90.9%, expected stabilization 3Q 2026 |
| operating_income | positive | probable | — | MAA Breakwater (Tampa, FL): 495 units, cost to date $194.7M, physical occupancy 90.9%, expected stabilization 3Q 2026 |
| assets | positive | realized | — | July 2026: Purchased land in Northern Virginia; expected 3Q 2026 development start of a 306-unit community |
| assets | positive | realized | — | 2Q 2026: Started development of a 263-unit community in Kansas City MSA |
| assets | positive | realized | — | 2Q 2026: Purchased land in Nashville MSA; began construction of a 312-unit community in July 2026 |
| assets | positive | realized | — | TOTAL DEVELOPMENT LEASE-UPS at 6/30/2026: 1,759 units with cost to date $623.7 million and physical occupancy 74.4% |
| assets | positive | realized | — | MAA Val Vista (Phoenix, AZ): 317 units, cost to date $77.0M, physical occupancy 91.5%, expected stabilization 3Q 2026 |