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Mid-America Apartment Communities
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.Q4 2025 earnings summary5 Feb, 2026
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.
Reconcile negative 2026 SS NOI guidance with positive outlook
Detail 2026 interest expense impact on Core FFO
How will 2026 development completions impact NOI?
Why increase development despite near-term FFO hit?
Impact of concession burn-off on 2027 churn
What triggered the share repurchases?
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Next Mid-America Apartment Communities earnings date
Q1 202630 Apr, 2026
Mid-America Apartment Communities
Next Mid-America Apartment Communities earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Mid-America Apartment Communities, Inc. is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through acquiring, owning and operating a portfolio of high-quality apartment communities in the Midwest and Southeast. The Company invests in apartment communities located in major metropolitan areas of Chicago, Dallas/Ft. Worth, Houston, Kansas City, Minneapolis/St. Paul and St. Louis.
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