Mid-America Apartment Communities (MAA) Q3 2025 earnings summary

Executive summary

• Core FFO per share for Q3 2025 was $2.16, meeting expectations despite economic headwinds, elevated supply, and slower job growth, with record-low resident turnover at 40.2%.

• Net income available for common shareholders was $98.6 million for Q3 2025, down 13.7% year-over-year, while revenues rose 0.6% to $554.4 million and property operating expenses increased 2.1%.

• Demand remains healthy, with occupancy levels at 95.6%, up 450 basis points over five quarters and nearing pre-COVID levels.

• Diversified presence in high-growth, affordable markets and strong wage growth among new residents support favorable rent-to-income ratios and resident retention.

• Strategic acquisitions and development pipeline expansion continue, including a 318-unit Kansas City property and land in Scottsdale, AZ.

Financial highlights

• Core FFO for Q3 2025 was $2.16 per diluted share, in line with guidance; net income available for common shareholders was $98.6 million ($0.84 per share).

• Net debt to EBITDA/Adjusted EBITDAre at quarter end was 4.2x; 91.1% of debt is fixed with a 6.3-year average maturity at a 3.8% effective rate.

• $850 million in cash and borrowing capacity at quarter end; $814.7 million as of September 30, 2025.

• Third quarter blended lease pricing was +0.3%, with new lease pricing at -5.2% and renewal lease pricing at +4.5% year-over-year.

• Physical occupancy improved sequentially to 95.6%; average effective rent per unit was $1,693.

Outlook and guidance

• Full-year Core FFO guidance midpoint adjusted to $8.74 per share, range narrowed to $8.68–$8.80; Core AFFO per share guidance midpoint $7.76.

• Effective rent growth guidance midpoint lowered to -0.4% for the year; same store revenue guidance revised to -0.05%.

• Same store NOI growth guidance revised to -1.85% to -0.85% (midpoint -1.35%).

• 2026 expected to see similar demand fundamentals as 2025, with supply pipeline set to decline by about 50% from 2024 peak.

• Sufficient liquidity is expected to fund business needs over the next 12 months, supported by available cash and credit.