MAA REPORTS THIRD QUARTER 2025 RESULTS

Core Insights - Mid-America Apartment Communities, Inc. (MAA) reported its operating results for the third quarter of 2025, showing resilience despite economic uncertainties and elevated supply [1][2]. Financial Performance - Earnings per diluted common share for Q3 2025 were $0.84, down from $0.98 in Q3 2024 [2][21]. - Funds from operations (FFO) per diluted share increased slightly to $2.14 from $2.10 year-over-year, while Core FFO per diluted share decreased to $2.16 from $2.21 [2][22]. - Total rental and other property revenues for Q3 2025 were $554.373 million, compared to $551.126 million in Q3 2024 [21]. Same Store Operating Results - Same Store revenues decreased by 0.3% in Q3 2025 compared to Q3 2024, while expenses increased by 2.3% [3][4]. - The Same Store net operating income (NOI) showed a decline of 1.8% for the nine months ended September 30, 2025, compared to the same period in 2024 [3][4]. Leasing and Occupancy - Average effective rent per unit for Same Store properties was $1,693 with an occupancy rate of 95.6% as of September 30, 2025 [4][6]. - Resident turnover remained low at 40.2%, with a record low of 10.8% of move-outs attributed to buying single-family homes [6][5]. Acquisition and Development Activities - MAA acquired a 318-unit multifamily apartment community in Kansas City in August 2025 and a land parcel for future development in Scottsdale, Arizona [5][6]. - The company plans to begin construction on a 280-unit multifamily apartment community in Phoenix during Q4 2025 [5][6]. Balance Sheet and Financing - As of September 30, 2025, MAA had $814.7 million in combined cash and available capacity under its unsecured revolving credit facility [6][10]. - The company amended its unsecured revolving credit facility to increase borrowing capacity to $1.5 billion, with a maturity date extended to January 2030 [9][10]. Dividend Information - MAA declared its 127th consecutive quarterly common dividend, with an annual rate of $6.06 per common share [12][10]. Guidance and Outlook - MAA updated its guidance for 2025, expecting earnings per diluted common share to range from $5.25 to $5.49 and Core FFO per share to range from $8.65 to $8.89 [15][16].