Q2 25 EPS
$0.92
BEAT +8.88%
Est. $0.85
Q2 25 Revenue
$549.9M
MISS 0.27%
Est. $551.4M
vs S&P Since Q2 25
-24.6%
TRAILING MARKET
MAA -10.5% vs S&P +14.0%
Market Reaction
Did MAA Beat Earnings? Q2 2025 Results
Mid-America Apartment Communities delivered a mixed second quarter for fiscal 2025, posting GAAP earnings per share of $0.92 against a consensus estimate of $0.84, a beat of 8.88%, while revenue of $549.90 million edged just 0.27% below forecasts des… Read more Mid-America Apartment Communities delivered a mixed second quarter for fiscal 2025, posting GAAP earnings per share of $0.92 against a consensus estimate of $0.84, a beat of 8.88%, while revenue of $549.90 million edged just 0.27% below forecasts despite growing 0.6% year-over-year from $546.43 million. The headline EPS strength masked some underlying pressure: Core FFO slipped to $2.15 per diluted share from $2.22 a year ago, as same-store NOI fell 2.6% amid a 3.8% rise in property operating expenses and a 0.5% decline in effective rent per unit. The most consequential development may be the sequential turn in leasing momentum, with same-store effective blended lease rate growth reaching 0.5% in Q2, a 100 basis point improvement from Q1, driven largely by new lease pricing recovery. That trend underpins management's decision to hold its full-year Core FFO guidance steady at a midpoint of $8.77 per diluted share, even as same-store NOI growth expectations were revised to a midpoint of -1.15%. With a development pipeline approaching $1.00 billion and occupancy holding at 95.4%, MAA's long-term positioning remains intact despite near-term cost headwinds.
Key Takeaways
- • Record demand for rental housing in MAA's Sunbelt markets
- • Record resident retention with historically low turnover at 41.0%
- • Record low move-outs to single-family home purchases at 11.0%
- • 100 basis point sequential improvement in Same Store blended pricing
- • 150 basis point sequential improvement in new lease pricing from Q1 to Q2
- • Same Store effective blended lease rate growth of 0.5% in Q2
- • Average physical occupancy of 95.4% in the Same Store portfolio
MAA YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
MAA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Second quarter Core FFO results exceeded our expectations. Despite increased macroeconomic uncertainty, we are encouraged by the record demand for rental housing that persists in our markets, leading to second quarter blended lease performance 40 bps higher than last year. Our uniquely diversified portfolio, backed by a strong operating and resident service platform, delivered record resident retention and robust renewal pricing, resulting in strong occupancy and a 100 bps sequential improvement in Same Store blended pricing. As we move further from the peak level of supply reached in 2024, the strengthening demand/supply dynamic coupled with our growing development pipeline, which is nearing $1 billion, should support robust revenue and earnings performance and enhance long-term value creation.”
— Brad Hill, Q2 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% |