Q1 25 EPS
$1.54
BEAT +78.03%
Est. $0.87
Q1 25 Revenue
$549.3M
MISS 0.32%
Est. $551.1M
vs S&P Since Q1 25
-45.8%
TRAILING MARKET
MAA -16.8% vs S&P +29.0%
Market Reaction
Did MAA Beat Earnings? Q1 2025 Results
Mid-America Apartment Communities delivered a headline earnings beat in Q1 2025, posting GAAP EPS of $1.54 against a consensus estimate of $0.86, a 78.03% positive surprise, though revenue of $549.29 million came in just 0.32% below the $551.07 milli… Read more Mid-America Apartment Communities delivered a headline earnings beat in Q1 2025, posting GAAP EPS of $1.54 against a consensus estimate of $0.86, a 78.03% positive surprise, though revenue of $549.29 million came in just 0.32% below the $551.07 million consensus while still growing 1.0% year-over-year. The standout driver was same store operating performance, where average physical occupancy reached 95.6%, up 30 basis points from a year earlier, and resident turnover hit a record low of 41.5% on a trailing twelve-month basis; blended lease pricing improved 160 basis points sequentially, 70 basis points better than last year's comparable trend, pointing to recovering pricing power as new supply across MAA's Sunbelt markets decelerates. The company also completed the sale of its two Columbia, South Carolina communities for roughly $83.00 million in gross proceeds, recognizing approximately $72.00 million in net gains. Looking ahead, MAA held its full-year 2025 Core FFO guidance unchanged at $8.61 to $8.93 per diluted share, with management expecting revenue momentum to continue building as apartment deliveries decline through the remainder of the year.
Key Takeaways
- • Strong demand for apartment housing driving 95.6% average physical occupancy, 30 basis points above prior year
- • Record low resident turnover of 41.5% on trailing twelve month basis with record low move-outs to buy single-family homes
- • Same Store blended lease pricing increased 160 basis points sequentially, 70 basis points better than prior year's sequential trend
- • Property tax decline of 6.7% year-over-year within Same Store expenses
- • Gain on sale of depreciable real estate assets of approximately $72 million from Columbia, SC dispositions
- • Other property revenues increased 2.3% year-over-year
- • Reduced delinquency in Same Store portfolio
MAA YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MAA Revenue by Segment
With YoY comparisons, source: SEC Filings
“First quarter Core FFO was slightly ahead of our expectations, after considering certain timing-related events in the quarter. Same Store operating performance exceeded our expectations with strong demand for apartment housing driving high occupancy, reduced delinquency and improved pricing trends. Our Same Store blended lease pricing increased by 160 basis points sequentially, 70 basis points better than last year's sequential trend. With strong occupancy, improved year-over-year exposure, and record low resident turnover, MAA is well positioned for the busy spring and summer leasing season. As the decline in new deliveries in our markets accelerates throughout 2025, we continue to believe our revenue performance momentum will improve. Our balance sheet is well positioned to provide near term flexibility and to capture emerging new growth opportunities.”
— Brad Hill, Q1 2025 Earnings Press Release
MAA Earnings Trends
MAA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MAA EPS Trend
Earnings per share: estimate vs actual
MAA Revenue Trend
Quarterly revenue: estimate vs actual
MAA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $0.90 | $0.48 | -46.67% | $555.6M | -0.13% |
| FY Full Year | $4.11 | $3.78 | -8.03% | $2.21B | -0.03% |
| Q3 25 MISS | $0.85 | $0.84 | -1.18% | $554.4M | -0.20% |
| Q2 25 BEAT | $0.85 | $0.92 | +8.88% | $549.9M | -0.27% |
| Q1 25 BEAT | $0.87 | $1.54 | +78.03% | $549.3M | -0.32% |