MAA Q2 2026: Core FFO slips to $2.08 as revenue rises 1.0%
MAA's second quarter was steady but not growing: revenue of $555.1 million rose 1.0%, yet Core FFO per share fell 3.3% to $2.08 and same-store NOI dropped 1.0%. Management kept the full-year Core FFO midpoint at $8.53 but cut GAAP EPS guidance. The read-through is a landlord still grinding through soft rent pricing, with lease-rate trends improving off a low base. View: Neutral.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $1.04 rose from $0.92 and came in above the $0.7575 consensus figure provided, helped by a $35.3 million gain on a Raleigh disposition. Core FFO per share, the cleaner REIT measure, fell 3.3% to $2.08 from $2.15, and Core AFFO per share fell to $1.77 from $1.85. Net income of $124.8 million was up 15.4% year over year, but that lift is not an operating story.
Revenue of $555.1 million was up 1.0% from $549.9 million a year earlier, and total NOI of $336.4 million was just above the $335.2 million of a year ago. The growth came from outside the core pool: same-store revenue slipped 0.3% and same-store NOI fell 1.0% to $316.2 million. Non-same-store and other NOI rose to $20.2 million from $15.7 million, which is what kept the top line moving.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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