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Mid-America Apartments, L.P. earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026
Q3 2026 Revenue up 1% year over year to $560M · 15¢ of every $1 of revenue kept as net profit · operating margin 15.5%
Mid-America Apartments, L.P. made $560M in Q3 2026 (+1% Y/Y): Same Store $519M, Non Same Store and Other $41.1M. Operating margin 15.5%, net earnings $84.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $560.1M in Q3 2026, up 1% year over year and up 1% from the previous quarter. Same Store was the largest line at 93% of revenue. Non Same Store and Other added $7.7M year over year (up 23%), 134% of the total change.
Operating profit was $86.6M, a 15.5% margin (down 3.3 points year over year). Operating profit fell $17.2M even though revenue rose $5.8M versus Q3 2025, so costs grew faster than sales. Total costs grew 5% against revenue growth of 1%. Net earnings were $84.0M, down 16% year over year. The effective tax rate was 1.0%.
Operating cash flow was $257.1M (down 4% year over year), 300% of net income including minority interests. Non-cash charges added back $166.8M of depreciation and amortization and $3.7M of share-based compensation. Capital expenditures of $108.4M left free cash flow of $148.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $560M | +1% | 15.5% | $84.0M | $257M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $555M | +1% | 22.5% | $122M | $333M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $554M | +0.8% | 23.8% | $124M | $150M |
| Q4 2025 | 10-K | Feb 6, 2026 | $556M | +1% | 10.5% | $57.6M | $262M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $554M | +0.6% | 18.7% | $99.5M | $266M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $550M | — | 20.3% | $108M | $353M |
| Q1 2025 | 10-Q | May 1, 2025 | $549M | +1% | 34.0% | $182M | $197M |
Charts
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About Mid-America Apartments, L.P.
Unless the context otherwise requires, all references to the “Company” refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references to “MAA” refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, the references to the “Operating Partnership” or “MAALP” refer to Mid-America Apartments, L.P., together with its consolidated subsidiaries. “Common stock” refers to the common stock of MAA, “preferred stock” refers to the preferred stock of MAA, and “shareholders” refers to the holders of shares of MAA’s common stock or preferred stock, as applicable.
In its own words, from its 10-Q, filed Jul 30, 2026.
Mid-America Apartments, L.P. against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +1% against the peers' median +11%. Operating margin: 15.5% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Mid-America Apartments, L.P. | Q3 2026 | $560M | +1% | 15.5% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Mid-America Apartments, L.P. 10-Q on SEC EDGAR · CIK 1581776 · Real Estate Investment Trusts