MID AMERICA APARTMENT COMMUNITIES (MAA) Company Report

MAA markets achieved 93% occupancy (including lease-ups) as of September 2025, up from 88% in May 2024, supported by slowing multifamily starts and steady demand.
Portfolio is concentrated in high-growth Sunbelt markets, with the top 10 markets representing 74% of same-store NOI, diversified across 26 submarkets.
A pipeline of 2,965 units in active developments and initial lease-ups is expected to deliver $55 M–$65 M of stabilized incremental NOI and $0.09 per share to Core FFO upon stabilization.
Strong balance sheet with an A- rating, 23.8% debt to total capitalization, an expanded $1.5 B revolving credit facility, and issuance of $400 M senior notes at 4.65% due January 2033.
2025 guidance calls for Core FFO of $8.68–$8.80 per share and Q4 Core FFO of $2.17–$2.29 per share.

Nov 11, 2025, 2:50 AM

8-K

Mid-America Apartment Communities issues $400M senior notes due 2033

MAA

Debt Issuance

On November 10, 2025, Mid-America Apartments, L.P., a subsidiary of Mid-America Apartment Communities, Inc., issued $400 million aggregate principal amount of 4.650% Senior Notes due January 15, 2033.
The Notes bear interest at 4.650% per annum, payable semi-annually on January 15 and July 15, commencing July 15, 2026.
The Notes are callable at the issuer’s option at a make-whole premium prior to November 15, 2032, and at 100% of principal thereafter, plus accrued interest.
The issuance was effected under a Tenth Supplemental Indenture dated November 10, 2025, amending the Original Indenture of May 9, 2017.

Nov 10, 2025, 9:15 PM

8-K

MAA announces pricing of senior unsecured notes offering

MAA

Debt Issuance

$400 million aggregate principal of 4.650% senior unsecured notes due January 15, 2033 priced at 99.354% of the principal amount
Closing expected on November 10, 2025, with net proceeds to repay borrowings under its unsecured commercial paper program and for general corporate purposes, including debt repayment and apartment community investments
Joint book-running managers: J.P. Morgan Securities, Citigroup Global Markets, PNC Capital Markets, TD Securities (USA) and Wells Fargo Securities

Nov 3, 2025, 10:25 PM

8-K

MAA announces pricing of senior unsecured notes

MAA

Debt Issuance

Mid-America Apartments, L.P. priced a $400 million offering of 4.650% senior unsecured notes due January 15, 2033, at 99.354% of par.
The offering is expected to close on November 10, 2025, subject to customary closing conditions.
Net proceeds will repay borrowings under its unsecured commercial paper program, with remaining funds for general corporate purposes, including debt repayment and the acquisition, development and redevelopment of apartment communities.
Joint book-running managers for the offering are J.P. Morgan Securities, Citigroup Global Markets, PNC Capital Markets, TD Securities and Wells Fargo Securities.

Nov 3, 2025, 9:45 PM

Press Release

MAA reports Q3 2025 earnings and updates guidance

MAA

Earnings

Guidance Update

New Projects/Investments

Occupancy rose to 95.6%, with blended rental rate growth of +0.3%, driven by new leases at –5.2% and renewals at +4.5%, and net delinquency at 0.3%.
Core FFO was $2.16 per share, in line with guidance, and full-year core FFO guidance was narrowed to $8.68–$8.80 (midpoint $8.74), alongside same-store NOI revised to –1.35%.
Expanded development pipeline: acquired a 318-unit Kansas City property at a 5.8% NOI yield (6.5% post-Phase Two), launched a Scottsdale project at 6.1% yield, and controls 15 sites approved for 4,200+ units, expecting 6–8 starts over the next six quarters.
Strong liquidity and balance sheet: $850 million of cash and revolver capacity, net debt/EBITDA 4.2x, 91% of debt fixed at 3.8%, revolver increased to $1.5 billion (matures January 2030) and commercial paper capacity to $750 million.

Oct 30, 2025, 2:00 PM

Transcript

MAA reports Q3 2025 earnings results

MAA

Earnings

Guidance Update

New Projects/Investments

Reported core FFO of $2.16 per diluted share for Q3 2025, in line with guidance; average physical occupancy rose to 95.6% (+20 bps qoq) and blended rent pricing improved 0.3% (+50 bps yoy).
Lowered full-year 2025 guidance: core FFO midpoint to $8.74 per share (range $8.68–$8.80), same store revenue to -0.05% and same store NOI to -1.35%.
Maintains strong liquidity with $850 M in combined cash and revolving credit capacity, net debt/EBITDA at 4.2×, and 91% of debt at a 3.8% effective rate.
Advanced development pipeline by funding $78 M of a $797 M program (leaving $254 M unfunded) and controls 15 sites (over 4,200 units); expects to begin 6–8 projects over the next six quarters.

Oct 30, 2025, 2:00 PM

Transcript

MAA reports Q3 2025 results

MAA

Earnings

Guidance Update

New Projects/Investments

MAA reported core FFO of $2.16 per share, in line with Q3 guidance.
Average physical occupancy rose to 95.6%, with blended lease pricing up 0.3% year-over-year despite new leases down 5.2%; net delinquency remained low at 0.3% of billed rents.
Full-year 2025 guidance was revised: effective rent growth lowered to -0.4%, same store revenue to -0.05%, property expense growth to 2.2%, same store NOI to -1.35%, and core FFO narrowed to $8.68–$8.80 (midpoint $8.74).
Development pipeline remains robust with 15 sites approved for 4,200 units, $78 M funded in Q3 of a $797 M pipeline and $254 M remaining; acquisitions include a 318-unit Kansas City property for $96 M yielding 5.8% NOI, and a Scottsdale shovel-ready project yielding 6.1% NOI.
Balance sheet strength with $850 M liquidity, net debt/EBITDA at 4.2×, 91% fixed-rate debt at 3.8%, and expanded revolving credit capacity to $1.5 B maturing January 2030.

Oct 30, 2025, 2:00 PM

Transcript

MAA reports Q3 2025 results

MAA

Earnings

Guidance Update

New Projects/Investments

Core FFO of $2.16 per diluted share, in line with the midpoint of third-quarter guidance.
Average physical occupancy rose to 95.6%, net delinquency was 0.3%, new lease rates declined 5.2% yoy, renewals increased 4.5%, and blended lease rates grew 0.3%.
Full-year guidance updated: core FFO now $8.68–$8.80 (midpoint $8.74); effective rent growth cut to –0.4%, same-store revenue to –0.05%, expense growth to 2.2%, and same-store NOI to –1.35%.
Strong liquidity of $850 M under the revolver, net debt/EBITDA at 4.2x, 91% of debt fixed at an average 3.8% for 6.3 years; revolver increased to $1.5 B (Jan 2030 maturity) and CP capacity to $750 M.
Invested $78 M in a $797 M development pipeline (with $254 M remaining); acquired a 318-unit Kansas City asset for ~$96 M (5.8% initial NOI yield; ~6.5% post Phase II) and secured shovel-ready land in Scottsdale.

Oct 30, 2025, 2:00 PM

Transcript

MAA reports Q3 2025 earnings and updates guidance

MAA

Earnings

Guidance Update

New Projects/Investments

MAA reported Q3 2025 diluted EPS of $0.84 and FFO per diluted share of $2.14, compared to $0.98 and $2.10 in Q3 2024, respectively.
MAA revised its full-year 2025 EPS guidance to $4.18–$4.30 (midpoint $4.24) and Core FFO guidance to $8.68–$8.80 (midpoint $8.74).
Same Store effective blended lease rate growth was 0.3%, with resident turnover at 40.2% during Q3 2025.
In Q3 2025, MAA acquired a 318-unit Kansas City community, completed development of MAA Nixie, and initial lease-ups of Novel West Midtown, Novel Daybreak, and MAA Milepost 35.
As of September 30, 2025, MAA had $814.7 million of combined cash and revolver capacity and amended its revolving credit facility to $1.5 billion.

Oct 29, 2025, 8:15 PM

8-K

MAA reports third quarter 2025 results

MAA

Earnings

Guidance Update

New Projects/Investments

Rental and other property revenues of $554.4 million and net income of $98.6 million; diluted EPS of $0.84 vs $0.98 in Q3 2024.
FFO per diluted share of $2.14 and Core FFO per diluted share of $2.16; Q4 2025 Core FFO guidance of $2.17–$2.29, midpoint $2.23.
Same Store effective blended lease rate growth of 0.3% and resident turnover at a record low 40.2%.
Liquidity of $814.7 million (cash and revolver capacity) and Net Debt/Adjusted EBITDA of 4.2x as of September 30, 2025.
Acquired a 318-unit community in Kansas City, added land for future Phoenix development, and declared its 127th consecutive dividend at an annual rate of $6.06 per share.

Oct 29, 2025, 8:15 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for MID AMERICA APARTMENT COMMUNITIES.

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