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Mid-America Apartment Communities (MAA) investor relations material
Mid-America Apartment Communities Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fourth quarter and full-year 2025 Core FFO was $2.23 and $8.74 per share, respectively, in line with guidance and expectations.
Occupancy improved 10 basis points year-over-year, with blended lease-over-lease performance up 40 basis points.
Resident turnover remained historically low at 40.2% for 2025, with only 11.1% of move-outs due to home purchases.
Portfolio fundamentals are recovering, with higher earn-in and revenue momentum expected for 2026.
Strategic investments in technology, redevelopment, and development pipeline expansion are underway, including new projects in Phoenix and acquisitions.
Financial highlights
Q4 2025 diluted EPS was $0.48, down from $1.42 in Q4 2024; full-year 2025 diluted EPS was $3.78, down from $4.49 in 2024.
Rental and other property revenues for 2025 were $2.21 billion, up from $2.19 billion in 2024.
Average physical occupancy for Q4 was 95.7%, up 10 basis points from both Q4 2024 and Q3 2025.
Completed 1,227 interior unit upgrades in Q4, totaling 5,995 for the year, with $95 rent increases and 19% cash-on-cash return.
Net income available for common shareholders was $443.2 million for 2025, down from $523.9 million in 2024.
Outlook and guidance
2026 Core FFO projected at $8.35–$8.71 per share, midpoint $8.53; diluted EPS $4.11–$4.47, midpoint $4.29.
Blended rental pricing expected to grow 1%–1.5% in 2026; renewal pricing to remain strong at 5%–5.25%.
Same-store revenue growth projected at 0.55%, with effective rent growth at 0.35% and occupancy averaging 95.6%.
Same-store NOI expected to decline 0.75% at midpoint due to expense growth outpacing revenue.
Q1 2026 Core FFO per share guidance midpoint is $2.11, down from Q4 2025's $2.23.
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