Mid-America Apartment Communities reported third quarter 2026 revenue of $560.13 million, slightly exceeding the consensus estimate of $558.71 million. Core FFO per share of $2.10 met analyst expectations. While the company continues to navigate high apartment supply in its core Sunbelt markets, management noted that October pricing trends improved counter to normal seasonal patterns, with new resident pricing showing its first year-over-year improvement of the year.
Key Highlights
- Effective blended lease rate growth improved to 0.4% for the quarter, supported by a 5.3% increase in renewal pricing.
- Resident turnover remained at historically low levels of 39.6%, while move-outs related to home buying reached a record low of 10.1%.
- Full-year 2026 Core FFO guidance was updated to a range of $8.43 to $8.55 per share, representing a slight reduction at the midpoint to $8.49.
- The company lower its full-year same-store property revenue growth guidance midpoint to -0.25% from the previous 0.10%.