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MAA · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 1.0% y/y to $555M, pre-tax margin 22.5% vs 20.2%, net income $121M (+12.7% y/y).
Net income available for MAA common shareholders
$121M
up 12.7% y/y
Rental and other property revenues
$555M
up 1.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Rental and other property revenues | $555 · +1.0% |
| Depreciation and amortization | $163 · +5.9% |
| Operating expenses, excluding real estate taxes and insurance | $137 · +3.1% |
| Real estate taxes and insurance | $82.2 · +0.0% |
| Interest expense | $53.1 · +17.8% |
| Property management expenses | $18 · +2.5% |
| General and administrative expenses | $15.1 · +18.2% |
| Gain on sale of depreciable real estate assets | $35.3 · vs −$0.1 |
| Other non-operating income | $2.1 · −55.5% |
| Income before income tax expense | $125 · +12.7% · 22.5% margin |
| Income tax expense | $0.5 · −24.3% · 0.4% effective rate |
| Income from real estate joint venture | $0.3 · −45.5% |
| Net income attributable to noncontrolling interests | $3.1 · +11.6% |
| Dividends to Series I preferred shareholders | $0.9 · +0.0% |
| Net income available for MAA common shareholders | $121 · +12.7% · $1.04/sh · 21.8% margin |
Verdict: revenue grew 1.0% y/y to $555M, pre-tax margin 22.5% vs 20.2%, net income $121M (+12.7% y/y).
Diluted EPS $1.04 vs $0.92 a year earlier; FFO $2.10 and Core FFO $2.08 per diluted share vs $2.19 and $2.15 (non-GAAP, company definitions); quarterly dividend $1.530 per share vs $1.515.
Source and notation
Source: Mid-America Apartment Communities earnings release and its exhibits, 8-K EX-99 of 07/29/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match the company's 10-Q.
Open as an image: MAA, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “MAA Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/maa/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/maa/q2-2026"><img src="https://whoreportstoday.com/t/maa/q2-2026/sankey.png" alt="MAA Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/maa/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/maa/q2-2026">MAA Q2 2026 earnings chart (Who Reports Today)</a>
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- Net income rose mainly on a one-off: in May 2026 MAA sold a 194-unit apartment community in Raleigh, North Carolina, for net proceeds of about $40 million, with a gain of about $35 million; Core FFO per share, which excludes such gains, fell to $2.08 from $2.15.
- Rental and other property revenues grew 1.0% to $555.1M, while interest expense rose to $53.1M from $45.1M and depreciation and amortization to $162.5M from $153.5M.
- Pre-tax income was $125M, a 22.5% margin vs 20.2% a year earlier.
- The effective tax rate was 0.4% vs 0.5% a year earlier.
- Diluted EPS was $1.04 vs $0.92 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
MAA — Mid-America Apartment Communities (MAA) is a real estate investment trust (REIT) that owns, operates, develops and acquires apartment communities, mainly in the Southeast, Southwest and Mid-Atlantic United States.
Headquarters: Germantown, Tennessee.
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