Key Highlights

  • MAA's $1.53 quarterly dividend, its 131st consecutive, has an October 15, 2026 ex-dividend date and is payable October 30.
  • The company states it has never reduced or suspended its quarterly common dividend in over 30 years as a public company.
  • Second-quarter diluted EPS was $1.04, FFO was $2.10 per share and Core FFO was $2.08 per share.
  • Same Store revenues fell 0.3%, expenses rose 0.8% and Same Store NOI fell 1.0%.

Mid-America Apartment Communities' (NYSE:MAA) $1.53 quarterly dividend yields 5.26% and sits beside second-quarter diluted EPS of $1.04, FFO of $2.10 per share and Core FFO of $2.08 per share. The board approved it on September 22, 2026. The company states its annual dividend rate is $6.12 per common share.

Dividend Program and Shareholder Returns

MAA's board approved a quarterly dividend of $1.53 per share on September 22, 2026, payable October 30 to shareholders of record on October 15. The company described it as its 131st consecutive quarterly cash dividend. It states it has never reduced or suspended its quarterly common dividend in its more than 30-year history as a public company.

The 130th consecutive quarterly dividend of $1.53 was declared May 19, 2026, payable July 31 to holders of record July 15. The company reports a second-quarter dividends to Core FFO payout ratio of 73.6% and a dividends to Core AFFO payout ratio of 86.4%. Dividends and distributions paid in the quarter were $182.5 million.

About the Company

MAA is a real estate investment trust and member of the S&P 500, based in Germantown, Tennessee. It focuses on the ownership, management, acquisition, development and redevelopment of apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions. At June 30, 2026 it had an ownership interest in 104,698 apartment units across 16 states and the District of Columbia.

Financial Performance Behind the Payout

MAA reported second-quarter net income available for common shareholders of $120.8 million, or $1.04 per diluted share, versus $107.2 million, or $0.92. FFO was $2.10 per diluted share versus $2.19, and Core FFO, a non-GAAP measure, was $2.08 versus $2.15. Core AFFO was $1.77 versus $1.85. First-half Core FFO was $4.21 versus $4.35.

Rental and other property revenues were $555.1 million versus $549.9 million. Same Store revenues declined 0.3%, expenses increased 0.8% and NOI declined 1.0%, to $316.2 million from $319.5 million. Same Store average physical occupancy was 95.3%.

Same Store effective blended lease rate growth was 0.7%, with new lease rate growth of negative 5.3% and renewal lease rate growth of 5.2%.

Share Repurchases, Liquidity and Financing

During the second quarter MAA repurchased 0.4 million shares at a weighted average price of $130.66 for total consideration of $50 million. At June 30 it had $882.8 million of combined cash and available capacity under its revolving credit facility. In June 2026 its operating partnership entered a delayed draw term loan of up to $350.0 million, with $100.0 million outstanding at quarter end.

Net debt to adjusted EBITDAre was 4.5x, total debt was $5.7 billion at an average effective interest rate of 3.9%, and 86.6% of debt was fixed rate. Management stated that second-quarter Core FFO exceeded its expectations due to steady demand and disciplined expense management.

Outlook

MAA's 2026 Core FFO guidance is $8.41 to $8.65 per diluted share, narrowed from $8.37 to $8.69, with the midpoint unchanged at $8.53. Guidance for diluted EPS is $3.96 to $4.20, and Same Store NOI growth is negative 1.70% to negative 0.10%, with a midpoint of negative 0.90%. Third-quarter Core FFO guidance is $2.04 to $2.16 per diluted share.