MAA
Mid-America Apartment Communities, Inc.133.19
+0.49+0.37%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Cap alloc prioritizes development; market color.
Q&A elaborated on capital allocation, favoring development at 6-6.5% yields over scaled buybacks—despite recent repurchases at a 'persistent discount'—to capture superior returns amid muted supply starts. Transaction market cap rates hold at 4.6% for core, 5.25-5.5% value-add, with robust appetite expected. Renewals fetch $180-185 premiums over new leases; concessions stable at 5 weeks across 2/3 comps. Atlanta/Dallas posted 260bps blended pricing gains YoY. RealPage settlement clears distraction sans changes. Development lease-ups face temporary pressure. Markets firming. Watch 2027 new lease momentum.
Key Stats
Market Cap
15.99BP/E (TTM)
28.28Basic EPS (TTM)
4.71Dividend Yield
0.05%Recent Filings
8-K
Issued $200M notes due 2033
Mid-America Apartments, L.P. issued $200 million of 4.650% senior notes due 2033 on February 27, 2026, adding to $400 million issued in November 2025. Notes are fungible, pay interest semi-annually starting July 15, 2026, and mature January 15, 2033, with make-whole redemption before November 15, 2032. Funds use not disclosed. Debt taps familiar terms.
8-K
MAA 2026 Core FFO guidance issued
MAA released its 2026 investor presentation via 8-K on February 27, guiding Core FFO per share to $8.35-$8.71 amid easing Sunbelt supply and steady 95.6% occupancy. Same-store NOI growth targets -1.7% to 0.3%, backed by $1B development pipeline and unit redevelopments yielding 18.5% returns. Balance sheet stays rock-solid. Supply tailwinds build momentum.
8-K
MAA OP prices $200M notes
Mid-America Apartments, L.P. priced $200 million of 4.650% senior notes due 2033 on February 25, 2026, as additional notes alongside $400 million issued in November 2025. Notes priced at 100.237% with 4.606% reoffer yield; closing expected February 27. Proceeds repay commercial paper, then general purposes like debt reduction or property investments. Risks hinge on market volatility.
8-K
MAA updates REIT tax disclosures
MAA filed updated U.S. federal income tax considerations on REIT status, stock ownership, and disposition, superseding prior disclosures including its February 14, 2025 8-K. This ensures current guidance on REIT qualification tests, distributions, and stockholder taxation. No business changes disclosed. Filing clarifies tax risks.
10-K
FY2025 results
MAA posted FY2025 property revenues up 0.8% y/y to $2.21B, with Same Store flat at 0.1% on 0.5% lower average effective rent per unit of $1,690 yet steady 95.6% occupancy and turnover dipping to 40.2%. Non-Same Store surged 18.9%, fueled by one acquisition and completed developments like MAA Nixie, while expenses climbed 2.2% on personnel and utilities; Core FFO slipped to $1.05B. Q4 saw $27M share repurchases at $132 avg and $400M notes issuance, bolstering $5.4B debt at 3.8% rate with net debt/EBITDAre at 4.3x. Solid demand absorbed new supply. Extreme weather threatens properties.
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