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Mar 31, 2025
MAA Q1 2025 Earnings Report
MAA reported steady results with slight declines in key non-GAAP metrics but strong operational fundamentals.
Key Takeaways
MAA delivered solid Q1 results with high occupancy and low turnover. Core FFO and AFFO saw slight declines year-over-year, while net income and EPS improved significantly.
Forward Guidance
MAA maintained full-year 2025 guidance, expecting slight revenue growth and modest NOI contraction, but strong positioning for lease-up activity.
Positive Outlook
- Maintained Core FFO guidance range of $8.61–$8.93 for FY2025
- Occupancy and turnover trends support strong spring/summer leasing season
- Expectations for accelerating performance as new supply declines
- Balance sheet remains well-positioned with $1B liquidity
- Ongoing lease-ups and developments expected to stabilize across 2025
Challenges Ahead
- Core AFFO per share declined YoY
- New lease pricing dropped 6.3% YoY
- Same Store NOI down 0.6% YoY
- Slight decline in blended lease rates and average rents
Historical Earnings Impact
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Avg. Return Before/After Earnings
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