MAA(US:MAA)2026-02-04 21:15Portfolio Overview - As of December 31, 2025, the total multifamily portfolio consists of 102,814 units, with 96,568 in stabilized communities and 660 in development[1]. - The total gross real assets for the multifamily portfolio amounted to $17,116,615,000 as of December 31, 2025[2]. - The company’s stabilized communities achieved a gross real asset value of $16,150,772,000 with a physical occupancy rate of 94.4%[2]. - The total multifamily units in development are 660, contributing to the overall growth strategy of the company[1]. - MAA has a total of 2,660 units in its multifamily development pipeline, with expected development costs of $932 million as of December 31, 2025[9]. Financial Performance - The total operating revenues for the multifamily portfolio increased to $555,556,000 for the three months ended December 31, 2025, compared to $549,832,000 for the same period in 2024, reflecting a growth of 1.4%[3]. - The net operating income (NOI) for the total multifamily portfolio reached $349,820,000, representing a 1.4% increase from $344,899,000 in the previous year[3]. - Same store communities reported operating revenues of $518,521,000, a slight decrease of 0.1% from $518,796,000 in the prior year[3]. - Total revenues for the same store portfolio decreased by 0.1% to $518.5 million in Q4 2025 compared to $518.7 million in Q4 2024[6]. - Net Operating Income (NOI) for Q4 2025 was $1,304,000,000, down 1.4% from $1,320,000,000 in Q4 2024[8]. - Total revenues for the same store portfolio in Q4 2025 were $2,077,568,000, a slight decrease of 0.1% compared to Q4 2024[8]. Occupancy Rates - The average effective rent per unit for the total multifamily communities was $1,690 as of December 31, 2025, with a physical occupancy rate of 94.7%[2]. - The total same store portfolio consists of 96,568 apartment units, with an average physical occupancy of 95.7% for the three months ended December 31, 2025[5]. - The overall average occupancy for the year ended December 31, 2025, was 95.6%, slightly up from 95.5% in 2024[5]. - The company has shown consistent occupancy rates across major markets, with only minor fluctuations year-over-year[5]. - The average physical occupancy for multifamily lease-up communities is currently at 65.7%, with a total of 1,109 units and costs to date amounting to $326.5 million[10]. Rent Trends - The average effective rent per unit in Orlando, FL was $1,976, the highest among the listed markets, with a physical occupancy rate of 96.2%[2]. - Average effective rent per unit decreased by 0.3% to $1,68 in Q4 2025 from $1,69 in Q4 2024[6]. - The average effective rent in Atlanta, GA was $1,78 in Q4 2025, a decrease of 0.5% from $1,79 in Q4 2024[6]. - Average effective rent in Austin, TX decreased by 3.7% to $1,49 in Q4 2025 from $1,56 in Q4 2024[6]. - The overall same store portfolio experienced a 1.7% increase in average effective rent per unit in Q4 2025 compared to Q4 2024[8]. Expenses and Debt - Property operating expenses for same store communities increased by 0.7% to $188,692,000 for the three months ended December 31, 2025[4]. - Total expenses for the same store portfolio decreased by 0.3% to $329.8 million in Q4 2025 compared to $331.0 million in Q4 2024[6]. - The company has a total debt of $5.41 billion, with 87.5% being fixed-rate debt at an effective interest rate of 3.8%[14]. - MAA's total unencumbered assets to total unsecured debt ratio stands at 330.5%, significantly exceeding the required 150%[17]. Future Guidance - MAA expects Core FFO per diluted share and Core AFFO per diluted share to be provided in their 2026 guidance, which is based on current expectations[19]. - Full Year 2026 diluted earnings per share guidance is projected to be between $4.11 and $4.47, with a midpoint of $4.29[20]. - Core FFO per share guidance for 2026 is estimated to range from $8.35 to $8.71, with a midpoint of $8.53[20]. - Property revenue growth for 2026 is projected to be between -0.20% and 1.30%, with a midpoint of 0.55%[20]. - Development investment for 2026 is projected to be between $350 million and $450 million, with a midpoint of $400 million[20]. Acquisitions and Dispositions - The company has acquired 318 apartment units in Kansas City, MO-KS, with the closing date in August 2025[12]. - MAA's multifamily dispositions include 240 units in Columbia, SC, scheduled for closing in March 2025[13]. Corporate Expenses and Dividends - Total corporate expenses are projected to be between $134 million and $138 million, with a midpoint of $136 million[20]. - The dividend per share is set at $1.5150 for Q4 2024 through Q3 2025, with an increase to $1.5300 for Q4 2025[21].