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

Executive summary

• Core FFO for Q4 and full-year 2025 met expectations, with occupancy and blended lease rates improving year-over-year despite elevated new supply.

• Entering 2026 with higher earn-in and revenue momentum, supported by improved rent-to-income ratios and decelerating new deliveries, down over 60% from peak.

• Resident turnover remained historically low at 40.2% for 2025, with only 11.1% of move-outs due to home purchases.

• Strategic investments in technology, community enhancements, and redevelopment are expanding, with capital investments in these areas increasing by over 10% in 2026.

• Development pipeline grew to $932 million, with new projects in Scottsdale, AZ, and Arlington, VA, and plans to start 5-7 new developments in 2026.

Financial highlights

• Core FFO for Q4 2025 was $2.23 per diluted share; full year Core FFO was $8.74 per share, slightly down from $8.88 in 2024.

• Average physical occupancy for Q4 was 95.7%, up 10 bps year-over-year and sequentially.

• Rental and other property revenues for 2025 were $2.21 billion, up from $2.19 billion in 2024.

• Net income available for common shareholders was $443.2 million for 2025, down from $523.9 million in 2024.

• Repurchased 207,000 shares at a weighted average price of $131.61, first buyback since 2001.

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).

• Same-store revenue growth midpoint projected at 0.55%, with blended rental pricing expected to rise 1%-1.5%.

• Renewal pricing expected in the 5%-5.25% range; effective rent growth at 0.35% midpoint.

• Same Store property revenue growth projected at -0.2% to 1.3%, NOI growth at -1.7% to 0.3%.

• External growth in 2026 to be funded by $350-$450 million in debt and internal cash flow; $250 million in acquisitions to be match-funded with dispositions.