Mid-America Apartment Communities (MAA) · Q2 2026 results and valuation

At 3.0% growth a year (3-year revenue growth), the model's fair value is $42.72 a share — the stock trades 177% above it. Today's price assumes 11.5% growth a year.

1. Guidance

   Turning to its outlook for the year, Mid-America Apartment Communities has maintained its core FFO guidance and have updated its same-store revenue and expense guidance to reflect its current view…

2. Guidance

   The company expects to add additional projects to the pipeline during the balance of the year and into early next year to grow its portfolio.

3. Fading

   With an assumed backdrop of steady demand, Mid-America Apartment Communities expects gradual seasonal improvement in new lease rates through the second and early…

   Source quote

   “With an assumed backdrop of steady demand, we expect gradual seasonal improvement in new lease rates through the second and early... Strong renewal performance continued in the second quarter with retention rates and lease-over-lease growth rates on renewals accepted remaining consistent with what we have seen in the last few quarters. As we get later in the year, improving fundamentals will become even more impactful to setting up a stronger 2027.”

4. Fading

   Development spending cuts are taking longer than expected because deal approvals remain fluid.

   Source quote

   “Can take a little bit longer than you think things of that nature. Well, as I mentioned in my opening comments, the pullback in development spend, just development is a little bit fluid with timing of when deals can start approvals. So that's the nature of the reduction from -- as we mentioned in the prior call, we could start between 5 and 7 deals this year, just based on where we are in the approval cycle of those, it looks like be closer to 4%.”

Typical — more cautious than in Q1 2026.

Sentences that drove the tone

“With a track record of successfully navigating economic cycles for over 30 years, we remain confident in our ability to emerge from this recovery period with a stronger, more efficient,...”

“As we wrap up July and head into August and September, we see the opportunity for growing momentum and remain confident in our ability to deliver compounding revenue and earnings...”

“From a pricing standpoint, new lease-over-lease growth improved 170 basis points sequentially from the first quarter, 20 basis points ahead of the acceleration achieved from the first quarter to the...”