Mid-America Apartment Communities (MAA) Q4 2025 earnings summary

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.