Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
Earnings per common share - diluted
$
0.48
$
1.42
$
3.78
$
4.49
Funds from operations (FFO) per Share - diluted (1)
$
1.79
$
2.21
$
8.32
$
8.77
Core FFO per Share - diluted (1)
$
2.23
$
2.23
$
8.74
$
8.88
(1) A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.
Brad Hill, President and Chief Executive Officer, said, "With fourth quarter Core FFO results in line with our expectations, we are encouraged by the improving occupancy and blended pricing trends we continue to see, reflecting the resilience of our platform and supporting a constructive outlook for leasing fundamentals heading into 2026. While new supply deliveries are still elevated by historical standards, we are optimistic that the current deceleration in new deliveries, combined with solid demand fundamentals and strong resident retention will lead to strengthening revenue performance throughout the year as tightening market conditions provide increased support for new lease price recovery. While economic uncertainty persists, the long-term outlook for rental housing in our high-demand region remains solid and our growing investments position MAA to deliver meaningful earnings growth as the recovery gains momentum."
During the fourth quarter of 2025, MAA's Same Store effective blended lease rate growth was -1.7%, a 40 basis point improvement over the same period in the prior year.
As of December 31, 2025, resident turnover in the Same Store Portfolio remained historically low at 40.2% with a low level of move-outs associated with buying single-family homes of 11.1% for the year.
During the fourth quarter of 2025, MAA completed the initial lease-up of MAA Vale in Raleigh, North Carolina and began construction of a multifamily apartment community located on a recently acquired land parcel in the Phoenix, Arizona market.
During the fourth quarter of 2025, Mid-America Apartments, L.P. (MAALP), MAA's operating partnership, issued $400.0 million of 7-year unsecured senior notes at a coupon of 4.650% with an issue price of 99.354%, amended its unsecured revolving credit facility, increasing the borrowing capacity to $1.5 billion and extending the maturity to January 2030, and also amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program to $750.0 million.
During the fourth quarter of 2025, MAA repurchased 0.2 million shares of its common stock at a weighted average share price of $131.61 for total consideration of approximately $27 million.
Same Store Operating ResultsSame Store results for the three and twelve months ended December 31, 2025 as compared to the same periods in the prior year are summarized below:
Three months ended December 31, 2025 vs. 2024
Twelve months ended December 31, 2025 vs. 2024
Revenues
Expenses
NOI (1)
Average Effective Rent per Unit
Revenues
Expenses
NOI (1)
Average Effective Rent per Unit
Same Store Operating Growth
-0.1 %
0.7 %
-0.5 %
-0.3 %
-0.1 %
2.0 %
-1.4 %
-0.5 %
(1) A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release.
Same Store operating statistics for the three and twelve months ended December 31, 2025 are summarized below:
Three months ended December 31, 2025
Twelve months ended December 31, 2025
Average Effective Rent per Unit
Average Physical Occupancy
Average Effective Rent per Unit
Average Physical Occupancy
Resident Turnover
Same Store Operating Statistics
$
1,687
95.7 %
$
1,690
95.6 %
40.2 %
Same Store net effective lease pricing statistics for the three and twelve months ended December 31, 2025 are summarized below:
Same Store Net Effective Lease Pricing Statistics
Three Months EndedDecember 31, 2025
Twelve Months EndedDecember 31, 2025
Effective Blended Lease Rate Growth
-1.7 %
-0.1 %
Effective New Lease Rate Growth
-8.1 %
-5.8 %
Effective Renewal Lease Rate Growth
4.7 %
4.6 %
Acquisition ActivityIn October 2025, MAA acquired a land parcel in the Kansas City market adjacent to a recently acquired community and plans future development of additional multifamily apartment units at the property. MAA also closed on the acquisition of a land parcel located in the Phoenix, Arizona market during October 2025 and began construction on a 280-unit multifamily apartment community.
In January 2026, MAA closed on the acquisition of a land parcel located in the Northern Virginia market through its pre-purchase development program and plans future development of a 287-unit multifamily apartment community at the property starting in the second half of 2026.
Development and Lease-up ActivityA summary of MAA's development communities under construction as of the end of the fourth quarter of 2025 is set forth below (dollars in thousands):
Units as of
Development Costs as of
Expected Project
Total
December 31, 2025
December 31, 2025
Completions By Year
Development
Expected
Costs
Expected
Projects (1)
Total
Delivered
Leased
Total
to Date
Remaining
2026
2027
2028
8
2,522
660
374
$
932,000
$
625,612
$
306,388
5
1
2
(1) Three of the development projects were leasing as of December 31, 2025.
MAA funded approximately $81 million of costs for current and planned development projects, including predevelopment activities, during the fourth quarter of 2025.
A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the fourth quarter of 2025 is set forth below (dollars in thousands):
Total
As of December 31, 2025
Lease-Up
Total
Physical
Costs
Projects (1)
Units
Occupancy
to Date
3
1,109
65.7
%
$
326,461
(1) Two of the lease-up projects are expected to stabilize in the second quarter of 2026 and one in the third quarter of 2026.
During the fourth quarter of 2025, MAA completed the lease-up of MAA Vale located in Raleigh, North Carolina.
Balance Sheet and Financing ActivitiesAs of December 31, 2025, MAA had $879.2 million of combined cash and available capacity under MAALP's unsecured revolving credit facility.
In October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The amended facility has a maturity date of January 2030 with two six-month extension options, and bears interest at a rate based on the Secured Overnight Financing Rate plus a spread determined by a credit ratings grid, currently at 0.725%. MAALP also amended its commercial paper program in October 2025 to increase the maximum aggregate principal amount of notes that may be outstanding under the program to $750.0 million.
In November 2025, MAALP publicly issued $400.0 million of unsecured senior notes due January 2033 with a coupon rate of 4.650% per annum and at an issue price of 99.354%. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2026. The notes have an effective interest rate of 4.755%. The proceeds from the sale of the notes were used to repay borrowings under MAALP's commercial paper program, which were used to repay MAALP's 2015 publicly issued notes that matured in November 2025.
During the fourth quarter of 2025, MAA repurchased 0.2 million shares of its common stock at a weighted average share price of $131.61 for total consideration of approximately $27 million.
Dividends and distributions paid on shares of common stock and noncontrolling interests during the fourth quarter of 2025 were $181.8 million, as compared to $176.3 million for the same period in the prior year.
Balance sheet highlights as of December 31, 2025 are summarized below (dollars in billions):
Total debt to adjusted total assets (1)
Net Debt/Adjusted EBITDAre (2)
Total debt outstanding
Average effective interest rate
Fixed rate debt as a % of total debt
Total debt average years to maturity
30.2 %
4.3x
$
5.4
3.8 %
87.5 %
6.4
(1)
As defined in the covenants for the unsecured senior notes issued by MAALP.
(2)
Adjusted EBITDAre is calculated for the trailing twelve month period ended December 31, 2025. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release.
Corporate SustainabilityAs of December 31, 2025, MAA's corporate initiatives have led to significant progress in MAA's key sustainability performance areas: People Engagement, Portfolio Resiliency, and Stakeholder Commitment. Documented within MAA's 6th annual Corporate Sustainability Report, published in September 2025, and using performance data through December 31, 2024, MAA achieved a 29% reduction in energy use intensity (EUI) and a 44% reduction in greenhouse gas emission intensity (GEI) from its 2018 baseline, establishing a rapid pace toward its goal to reduce EUI and GEI by 35% and 45% by 2028, respectively.
MAA believes its resource-efficiency initiatives advance an integrated pathway for sustainability while strengthening operational efficiency and resiliency. Through 2025, MAA expanded smart irrigation systems to 55 properties, completed a building automation system pilot across nine properties to improve common-area energy performance, and initiated solar installations at three properties. These efforts were in parallel to continued portfolio enhancements, including 15,700+ ENERGY STAR appliance installations and EV charging ports now totaling 545 across MAA's portfolio.
In 2025, MAA also reported strong resident and community outcomes, including a 4.7/5 average Google Star rating, and hosted a second annual MAAke a Difference Day, building on MAA's inaugural MAAke a Difference Day in 2024. Most recent third-party benchmarking results provide additional validation of performance, including a CDP Climate Change score of B and a GRESB Standing Investments score of 80, exceeding the GRESB global average and earning Green Star status.
128th Consecutive Quarterly Common Dividend DeclaredMAA declared its 128th consecutive quarterly common dividend, which was paid on January 30, 2026 to holders of record on January 15, 2026. The current annual dividend rate is $6.12 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time.
2026 Earnings and Same Store GuidanceMAA is providing its initial 2026 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2026 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.
FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.
2026 Guidance
Full Year 2026
Earnings:
Range
Midpoint
Earnings per common share - diluted
$4.11 to $4.47
$4.29
Core FFO per Share - diluted
$8.35 to $8.71
$8.53
Core AFFO per Share - diluted
$7.32 to $7.68
$7.50
MAA Same Store Portfolio:
Property revenue growth
-0.20% to 1.30%
0.55 %
Property operating expense growth
1.90% to 3.40%
2.65 %
NOI growth
-1.70% to 0.30%
-0.70 %
The projected difference between Core FFO per diluted Share for the full year of 2025 to the midpoint of MAA's guidance for the full year of 2026 is summarized below:
Core FFO per diluted Share
2025 per diluted Share reported results
$
8.74
Same Store NOI
(0.08)
Development, Lease-up and Other Non-Same Store NOI
0.19
2026 forecasted acquisitions and dispositions
(0.01)
Total overhead
(0.05)
Interest expense (1)
(0.25)
Other non-operating expense (income)
(0.01)
2026 per diluted Share guidance midpoint
$
8.53
(1)
The projected year-over-year change in Interest expense is driven by higher interest expense as a result of completion of development projects in 2025 and 2026, incremental borrowings related to our acquisition activities in 2025, redevelopment activities and debt refinancing.
MAA expects Core FFO for the first quarter of 2026 to be in the range of $2.05 to $2.17 per diluted Share, or $2.11 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the fourth quarter of 2025 to the midpoint of MAA's guidance for the first quarter of 2026 is summarized below:
Core FFO per diluted Share
Q4 2025 per diluted Share reported results
$
2.23
Same Store NOI (1)
(0.03)
Total overhead
(0.06)
Interest expense
(0.02)
Other non-operating expense (income)
(0.01)
Q1 2026 per diluted Share guidance midpoint
$
2.11
(1)
The sequential quarter-over-quarter change is calculated with projected Same Store Portfolio NOI for the first quarter of 2026 compared to Same Store NOI from the fourth quarter of 2025, which is recast for the 2026 Same Store Portfolio as provided in the Supplemental Data to this release.
MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.
Supplemental Material and Conference CallSupplemental Data to this release can be found on the "For Investors" page of the MAA website at www.maac.com. MAA will host a conference call to further discuss fourth quarter results on February 5, 2026, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. You may also join the live webcast of the conference call by accessing the "For Investors" page of the MAA website at www.maac.com. MAA's filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.
About MAAMAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of December 31, 2025, MAA had ownership interest in 104,945 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at [email protected], or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.
Forward-Looking StatementsThis release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2026 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.
The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2025, expected to be filed with the SEC on or about February 6, 2026, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time.
Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.
FINANCIAL HIGHLIGHTS
Dollars in thousands, except per share data
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
Rental and other property revenues
$
555,556
$
549,832
$
2,209,126
$
2,191,015
Net income available for MAA common shareholders
$
56,649
$
165,724
$
443,221
$
523,855
Total NOI (1)
$
349,820
$
344,899
$
1,371,319
$
1,370,923
Earnings per common share: (2)
Basic
$
0.48
$
1.42
$
3.79
$
4.49
Diluted
$
0.48
$
1.42
$
3.78
$
4.49
Funds from operations per Share - diluted: (2)
FFO (1)
$
1.79
$
2.21
$
8.32
$
8.77
Core FFO (1)
$
2.23
$
2.23
$
8.74
$
8.88
Core AFFO (1)
$
1.91
$
2.03
$
