NYSE$MAA

Mid-America Apartment Communities Inc. · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Mid-America Apartment Communities reported Q4 2025 results with improving occupancy and blended pricing trends.

Core FFO results were in line with expectations as occupancy and blended pricing improved, supporting a constructive 2026 leasing outlook. MAA declared its 128th consecutive quarterly dividend ($6.12 annual rate) and issued initial 2026 Core FFO guidance of $8.35–8.71 per diluted share.

  • Improving occupancy and blended pricing into 2026.
  • 2026 Core FFO guide $8.35–8.71 per share.
  • Sunbelt supply deceleration supports revenue recovery thesis.
  • Dividend continuity with $6.12 annualized rate.

Headline financials

Total Revenue

$1.5B

Previous: $550M+172.8%
EPS (adj)

$2.14

Previous: $2.23-4.0%
FFO attributable

$215M

Previous: $265M-18.9%
Core FFO per Share

$2.23

Previous: $2.23+0.0%
Core AFFO per Share

$1.91

Previous: $2.03-5.9%
Avg Physical Occupancy

95.7%

Previous: 95.6%+0.1%
Resident Turnover

40.2%

No prior period
Avg Effective Rent

$1.69K

Previous: $1.69K-0.2%
New Lease Rate Growth

-8.1%

No prior period
Renewal Lease Rate Growth

4.7%

No prior period
Blended Lease Rate Growth

-1.7%

No prior period
Total NOI

$350M

Previous: $345M+1.4%
Property Revenue Growth

-0.1%

No prior period
Property Expense Growth

0.7%

No prior period
NOI Growth

-0.5%

No prior period
Debt to Assets

30.2%

No prior period
Net Debt / EBITDAre

4.3

Previous: 4+7.5%
Total Debt Outstanding

$5.41B

Previous: $4.98B+8.5%
Avg Interest Rate

3.8%

No prior period
Fixed-Rate Debt

87.5%

No prior period
Debt Maturity

6.4

No prior period
Dividends / Core FFO

68.6%

Previous: 67.9%+1.0%
Dividends / Core AFFO

80.1%

Previous: 74.6%+7.4%
Net Income

$56.6M

Previous: $166M-65.8%
Operating Income

$57.7M

Previous: $172M-66.5%

Revenue & EPS history

MAA · Revenue · Quarterly

$1.5B

Q4 2025+172.8%vs Q4 2024
Beat estimate in 7 of 15 quarters(47%)
ActualEstimate

Forward guidance

REIT outlook focuses on occupancy, rent growth, dividends, and balance-sheet flexibility.

Tailwinds

  • Dividend-supported cash flows.
  • Portfolio quality and operator coverage.
  • Rate sensitivity managed via hedging.

Headwinds

  • Operator credit stress.
  • Development and supply in submarkets.
  • Interest rate and refinancing risk.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

+0.3%

Avg return

Earnings day

+0.6%

Avg return

5 days after

+1.5%

Avg return

30 days after

56%

38 / 68 earnings

Positive

+10.8%

Q2 2011

Best reaction

-6.2%

Q2 2014

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-1.3%+0.3%-0.5%
Q4 2025-3.2%+1.0%-1.7%
Q3 2025+2.0%+2.2%+7.6%
Q1 2025+1.5%+3.1%-1.9%
Q4 2024+1.3%-0.5%+6.0%
Q3 2024+0.2%+0.8%+8.7%
Q2 2024+3.6%+3.7%+14.9%
Q1 2024+1.3%+5.2%+2.9%
Q4 2023-0.9%-0.1%+7.4%
Q3 2023-6.1%-9.5%-5.5%
Q2 2023-1.6%-1.4%-4.7%
Q1 2023+2.4%+4.5%-1.3%
Q4 2022+4.4%+3.6%-4.3%
Q3 2022+0.0%+2.3%+4.9%
Q2 2022+5.9%+4.7%+0.1%
Q1 2022+1.3%-6.7%-9.6%
Q4 2021+3.8%+2.5%+4.4%
Q3 2021+1.8%-0.6%+0.4%
Q2 2021+2.6%+3.7%+0.5%
Q1 2021+0.2%+0.9%+3.6%
Q4 2020-0.5%-0.1%-1.2%
Q3 2020-1.2%+4.3%+8.0%
Q2 2020+4.0%+3.4%+3.7%
Q1 2020+1.2%+0.5%+10.7%
Q4 2019+0.0%-0.2%-6.0%
Q3 2019+2.6%+2.8%+0.5%
Q2 2019+1.3%-1.4%+6.3%
Q1 2019+0.1%+0.4%+4.4%
Q4 2018-2.0%-0.7%-0.3%
Q3 2018-1.8%-2.6%+3.6%
Q2 2018-0.9%+0.5%+2.8%
Q1 2018-0.8%+0.6%+2.2%
Q4 2017-1.3%-4.4%-7.8%
Q3 2017-4.3%-2.1%+0.0%
Q2 2017+1.5%+2.1%+5.6%
Q1 2017-3.4%-1.8%-0.3%
Q4 2016+2.9%+3.0%+6.5%
Q3 2016-2.4%-0.4%-1.1%
Q2 2016-1.9%-0.0%-11.3%
Q1 2016+3.2%
Q4 2015-5.2%
Q3 2015+1.6%
Q2 2015+3.9%
Q1 2015-2.8%
Q4 2014-2.2%
Q3 2014-0.2%
Q2 2014-6.2%
Q1 2014+0.2%
Q4 2013+1.3%
Q3 2013-2.5%
Q2 2013-2.8%
Q1 2013+0.1%
Q4 2012+0.4%
Q3 2012-0.4%
Q2 2012-0.4%
Q1 2012-1.2%
Q4 2011+0.9%
Q3 2011-1.3%
Q2 2011+10.8%
Q1 2010+1.3%
Q1 2011+2.1%
Q4 2010+2.1%
Q4 2008+2.1%
Q3 2009+2.9%
Q3 2010+2.9%
Q4 2009-1.9%
Q2 2010-1.9%
Q2 2009-1.9%

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