MAA · 10-Q · 2026Q3 · Full report

Capital Return Program

MID AMERICA APARTMENT COMMUNITIES INC. · 2026-10-29 · Importance 65 · Surprise 82 · In source text

MAA repurchased 1.3 million common shares for $172.8 million during the first nine months of 2026 at a weighted-average price of $129.41 per share, compared with no repurchases in the same 2025 period. On October 1, 2026, MAA redeemed all outstanding Series I preferred shares, eliminating approximately $3.7 million of annual preferred-dividend obligations. The redemption removed a higher-cost capital component and is expected to be modestly accretive to future FFO per share and cash flow available to common shareholders.

Key facts

• MAA expects to pay quarterly common-stock dividends at an annual rate of $6.12 per share during the year ending December 31, 2026, subject to Board approval.
• MAA repurchased 1.3 million common shares at a weighted average $129.41 per share for total consideration of $172.8 million in the nine months ended September 30, 2026, with no repurchases in 2025.
• During the three and nine months ended September 30, 2026, MAA sold 0.3 million shares under the ATM program upon settlement of a forward sale agreement at a forward price of $130.34 per share.
• On October 1, 2026, MAA completed redemption of all outstanding MAA Series I preferred stock, eliminating approximately $3.7 million of annual preferred dividend obligations and expected to be modestly accretive to future FFO per share and cash flow available to common shareholders.
• MAA’s ATM program permits issuance of up to 4.0 million shares of common stock.
• Proceeds from the 0.3 million ATM shares sold in 2026 were used to redeem MAA Series I preferred stock.
• As of September 30, 2026, 3.7 million MAA common shares remained issuable under the ATM program.
• MAA did not sell shares under the ATM program during the three and nine months ended September 30, 2025.

Impact estimates