Mid-America Apartment Communities (MAA)

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Mid-America Apartment Communities (MAA) — Tellvest

Top Analysts & Firms

Most Active Analysts

Analyst	Firm	Questions	ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Haendel Juste	Mizuho Securities	10	10%
Brad Heffern	RBC Capital Markets	9	22%
Eric Wolfe	Citigroup	8	13%
Alex Goldfarb	Piper Sandler	8	25%
Adam Kramer	Morgan Stanley	8	0%
Austin Wurschmidt	KeyBanc Capital Markets	7	0%
Steve Sakwa	Evercore ISI	7	0%
John Kim	BMO Capital Markets	7	0%
Jana Galan	Bank of America	7	0%
Ann Chan	Green Street	7	0%

Most Active Firms

Firm	Analysts	Questions	ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Wells Fargo	2	10	0%
Piper Sandler	2	10	20%
UBS	2	10	0%
Citigroup	2

Latest Quarter Insights

2026 Q1

Sentiment

5/10-1.0

How this score was built

Base5Transcript0EPS0Guidance0Final5

How this score was built

Base5Transcript0

Macro Signals

↑Housing↑Supply Chain→Labor Market

Core FFO of $2.13 beat guidance by $0.02 as blended pricing improved 140 basis points sequentially from Q4, though it remained negative at -0.3%. The top three markets of Atlanta, Dallas, and Orlando all outperformed the portfolio, while 558,000 shares were repurchased at $130.46. FY2026 FFO midpoint was reaffirmed with development spend reduced to $350 million from $400 million.

Key Themes7

positive📊 company

Core FFO Of $2.13 Beat Guidance By $0.02 Driven By Expense Management And Timing Items

Core FFO $2.13 per diluted share, $0.02 above Q1 guidance midpoint. Same-store expenses favorable $0.015 (R&M, personnel, marketing below expectations plus timing). Non-same-store NOI favorable $0.01. Partially offset by unfavorable interest expense $0.005. Same-store revenue in line with expectations.

Margin

mixed📊 company

Blended Pricing Improved 140bps Sequentially From Q4 But Remains Negative At -0.3%

Blended lease-over-lease pricing -0.3%, up 140bps from Q4. New lease pricing improved 110bps sequentially but remains under pressure from elevated supply and macro uncertainty. Renewal growth improved 70bps sequentially. February weather disruption briefly stalled new lease improvement but March and April recovered. Renewals accepted for Q2 above 5%, consistent with recent quarters.

PricingCompetitive Dynamics

neutral

Q&A Topicsfrequency by quarter

	Pricing	Competitive Dynamics	Capex Investment	Demand	Geographic Expansion	Guidance Reliability	Capital Allocation	Macroeconomic
2024Q4	15	8	6	7	4	5	2	3
2025Q1	11	6	6	5	4	3	1	4
2025Q2	15	13	9	7	6	2	1
2025Q3	10	8	8	5	3	4	3	1
2025Q4	11	3	5	5	2	3	3	1
2026Q1	6	3	6	1	2	2	1

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Pricing	15	11	15	10	11	6
Competitive Dynamics	8	6	13	8	3	3
Capex Investment	6	6	9	8	5	6
Demand	7	5	7	5	5	1
Geographic Expansion	4	4	6	3	2	2
Guidance Reliability	5	3	2	4	3	2
Capital Allocation	2	1	1	3	3	1
Macroeconomic	3	4		1	1

Analyst Q&A15 analysts · 15 questions · 7% challenge

Adam KramerMorgan Stanley

if there's any way to sort of maybe disaggregate or break down what sort of percentage of the renewal growth that you guys are able to sort of get each quarter comes from concession burn-off versus...

View in transcript →

Alex GoldfarbPiper Sandler

it would sound like you think there's potential for upside, but yet you trimmed the top end and tightened the range. So can you just talk a little bit more about your decision to revisit guidance n...

View in transcript →

View Real Estate sector trends →View REIT - Residential industry trends →

Industry PeersREIT - Residential

Company	Score	Rev YoY	Headline
MAA Mid-America Apartment Communities	5	+0.8%	Core FFO of $2.13 beat guidance by $0.02 driven by expense management and timing items
AVB AvalonBay Communities	6	+3.3%	Q1 Results Exceeded Expectations
CPT Camden Property Trust	5	+0.1%	California Sale Progressing with Single Buyer in Diligence
EQR Equity Residential	5	+2.5%	San Francisco and New York Exceeding Already High Expectations
ESS Essex Property Trust	5	+1.5%	Q1 core FFO exceeds high end of guidance by $0.11 on revenue and expense beats
INVH Invitation Homes	6	+8.8%	Results in line but tough Q1 2025 comps pressure YoY metrics
UDR UDR, Inc.	5	+0.9%	Q1 results in line with expectations as 2026 off to solid start

Shared themes this quarter

MAAVCPEQESINUD

Capital allocation

MAAVCPEQESINUD

Demand

Macro signal alignment

Housing

↑ MAA↑ AVB↑ CPT↑ EQR↑ ESS INVH

Labor market

MAA AVB CPT EQR ESS UDR

Consumer spending

CPT INVH UDR