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Research Alert: Mid-american Apartment Communities Post Q1 Ffo In Line

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

MAA delivered Q1 2026 Core FFO of $2.13, in line with consensus but down from $2.20 in Q1 2025, with total revenue flat Y/Y to $553.7M. Same-store NOI fell 1.3% Y/Y, with expenses outpacing revenue, though blended lease rate improved sequentially to -0.3% from Q4 2025's -1.7%. The trust's Sun Belt footprint continues facing new supply pressures, but absorption is outpacing deliveries. MAA is seeing near-term headwinds, with core FFO per share expected at $8.37-$8.69 (midpoint of $8.53). Management maintained full-year 2026 guidance for same-store NOI growth projected at -1.7% to +0.3%, reflecting continued near-term headwinds with expected sequential improvement. Development pipeline totals 1,788 units under construction with $622.5M in expected costs, while balance sheet positioning remained solid at 4.5x net debt-to-EBITDAre and $839.2M liquidity. We believe the 4.7% dividend yield remains attractive given the trust's 129th consecutive quarterly dividend payment and 71.8% payout ratio against core FFO.

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