MAA · 10-Q · 2026Q3 · Full report

Net Income and Profitability

MID AMERICA APARTMENT COMMUNITIES INC. · 2026-10-29 · Importance 30 · Surprise 40 · No source text

Net income available for MAA common shareholders was $83.1 million for the third quarter of 2026, down 15.8% from $98.6 million in the third quarter of 2025. For the first nine months of 2026, net income available to common shareholders was $327.3 million, down 15.3% from $386.6 million. Core FFO attributable to common shareholders and unitholders declined 3.5% to $249.9 million for the quarter and 3.6% to $752.5 million for the nine months, with higher interest expense identified as the primary driver in both periods.

Key facts

• For the three months ended September 30, 2026, MAA net income available for common shareholders was $83.1 million, down 15.8%, and total revenue increased $5.8 million, or 1.0%, compared with 2025.
• For the nine months ended September 30, 2026, MAA net income available for common shareholders was $327.3 million, down 15.3%, and total property revenue increased $15.4 million, or 0.9%, from 2025.
• For the three months ended September 30, 2026, net income available for MAA common shareholders was $83.1 million, compared with $98.6 million in 2025.
• MAA Core FFO for the three months ended September 30, 2026 was $249.9 million, down $9.0 million from 2025, primarily due to an $8.3 million increase in interest expense.
• MAA Core FFO for the nine months ended September 30, 2026 was $752.5 million, down $28.4 million from 2025, primarily due to higher interest, property operating, general and administrative, and property management expenses, partly offset by $15.4 million higher property revenue.
• For the three months ended September 30, 2025, MAA recorded $8.9 million in accrued legal defense costs, partly offset by $5.4 million of non-cash investment gain and $2.0 million of non-cash gain from fair value adjustment of the embedded derivative in MAA Series I preferred stock.
• MAA recorded $20.5 million of non-cash investment gain in other non-operating income for the nine months ended September 30, 2026.
• For the three months ended September 30, 2026, MAA recorded $1.0 million of net legal recoveries, costs and settlements, comprising $2.4 million income in other non-operating income and $1.5 million expense from its real estate joint venture.

Impact estimates