Mid-America Apartment Communities Inc

Latest Results (30.08.2026):

Mid‑America Apartment Communities, Inc. reported results for the fourth quarter of 2025. Diluted EPS was $0.48 (Q4 2024: $1.42). FFO per diluted share was $1.79 (Q4 2024: $2.21) while Core FFO per diluted share was $2.23 (unchanged year‑over‑year). Rental and other property revenues for Q4 2025 were $555.6 million and Total NOI was $349.8 million. The company closed the quarter with strong physical occupancy and announced capital markets and portfolio actions to support liquidity and development activity heading into 2026.

Earnings and core operating cash flow

Q4 2025 diluted earnings per share: $0.48 vs $1.42 in Q4 2024. Q4 2025 FFO per diluted share: $1.79 (down from $2.21). Q4 2025 Core FFO per diluted share: $2.23 (flat YoY). Core AFFO per diluted share was $1.91 (Q4 2024: $2.03).

Revenue, NOI and same‑store trends

Q4 2025 rental and other property revenues: $555.6M (slightly above Q4 2024). Total NOI for the quarter: $349.8M. Same Store operating growth (Q4 vs prior year): revenues -0.1%, expenses +0.7%, Same Store NOI -0.5%. Same Store effective blended lease rate growth in Q4 was -1.7% (a 40 bps improvement versus the prior year period).

Occupancy and resident metrics

Average effective rent per unit in Q4 2025: $1,687. Average physical occupancy: 95.7%. Trailing‑12‑month resident turnover in the Same Store Portfolio remained historically low at 40.2%; move‑outs tied to home purchases were 11.1% for the year.

Balance sheet and financing actions

As of December 31, 2025, MAA had $879.2M of combined cash and available capacity under MAALP's revolver. In Q4 MAALP issued $400.0M of unsecured senior notes due 2033 (coupon 4.650%, effective rate ~4.755%) and amended its unsecured revolving credit facility—increasing capacity to $1.5B (option to $2.0B) and extending maturity to Jan 2030. Total debt outstanding at year‑end: $5.405B; Net Debt: $5.345B; Net Debt / Adjusted EBITDAre: 4.3x.

Capital allocation: buybacks, dividend and development

MAA repurchased ~0.2M common shares in Q4 for ~$27M (weighted avg price $131.61). The company declared its 128th consecutive quarterly dividend (annual rate $6.12 / share; Q4 dividend per share $1.53). Q4 development funding: ~ $81M deployed to current/planned projects; lease‑up communities totaled 1,109 units at 65.7% occupancy at quarter end.

Material items and adjustments

Q4 included significant non‑operating items: MAA recognized $53.0M of accrued legal settlements and defense costs in the period; that and other non‑core items are adjusted in Core FFO and Adjusted EBITDAre (Adjusted EBITDAre Q4: $319.7M).

2026 outlook and guidance

MAA issued initial full‑year 2026 guidance: diluted EPS $4.11–$4.47 (midpoint $4.29); Core FFO per diluted share $8.35–$8.71 (midpoint $8.53); Core AFFO per diluted share $7.32–$7.68 (midpoint $7.50). Same Store 2026 guidance midpoint: property revenue growth +0.55%, property operating expense growth +2.65%, Same Store NOI -0.70%. Q1 2026 Core FFO guidance: $2.05–$2.17 per diluted share (midpoint $2.11).