Mid-america Apartment Communities Stock Earnings Reports

MAA reported third-quarter 2025 results largely in line with expectations: strong occupancy (95.6%), excellent collections (net delinquency ~0.3% of billed rents), and solid renewal performance (renewal lease-over-lease +4.5%). New-lease pricing remains pressured (new leases down ~5.2% year-over-year) amid softer job growth and continued elevated concessions in some submarkets, but supply is moderating materially (starts ~1.8% LTM, well below historical averages) and deliveries are expected to decline further in 2026. Management highlighted progress across redevelopment/renovation programs (2,090 interior upgrades in Q3, ~6,000 planned for 2025) and an expanding development pipeline (own/control 15 sites >4,200 approved units; expect to start 6–8 projects over the next six quarters). Balance sheet strength: $815M combined cash/credit capacity at quarter end, net debt/EBITDA ~4.2x, ~91% fixed-rate debt at a 3.8% effective rate, and a post-quarter amendment expanding the revolver to $1.5B and extending its maturity. Guidance was modestly revised: same-store effective rent growth midpoint lowered to -0.4%, same-store NOI to -1.35%, and full-year core FFO guidance midpoint narrowed to $8.74 per share. Management expects an improving leasing environment into 2026 as supply declines, with redevelopment, technology rollouts (community WiFi), and select accretive developments/acquisitions driving medium-term NOI and earnings growth.