MAA Q3 2026: same-store NOI down 1.8%, full-year EPS guidance cut
MAA's third quarter was a hold, not a break: revenue rose 1.0% to $560.13 million, but same-store NOI fell 1.8% and management cut the full-year EPS midpoint 10.0%. Core FFO of $2.10 per share landed in line with the company's own plan while GAAP EPS of $0.72 missed the $0.7737 consensus. Read Core FFO for the operating story and the balance sheet for the risk.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $0.72, down from $0.84 a year ago and 7.0% below the $0.7737 consensus estimate. Core FFO per share, the number REIT investors actually track, came in at $2.10 versus $2.16, and Core AFFO was $1.79 versus $1.81. The wide gap between $0.72 and $2.10 is mostly depreciation on buildings, which is why the two lines point in different directions.
Revenue of $560.13 million was up 1.0% from $554.37 million a year ago, but the growth came from outside the core portfolio. Same-store revenue slipped 0.4% while same-store expenses rose 2.0%, pushing same-store NOI down 1.8%. Non-same-store and other contributed $40.48 million against $515.33 million from same store.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
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 2026-11-03
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.