.2
TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2025 (1)
In apartment units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same
Store |
|
|
Stabilized Non-Same
Store |
|
|
Lease-up |
|
|
Total
Completed
Communities |
|
|
Development
Units
Delivered |
|
|
Total |
|
Atlanta, GA |
|
|
11,434 |
|
|
|
340 |
|
|
|
— |
|
|
|
11,774 |
|
|
|
— |
|
|
|
11,774 |
|
Dallas, TX |
|
|
9,755 |
|
|
|
362 |
|
|
|
386 |
|
|
|
10,503 |
|
|
|
— |
|
|
|
10,503 |
|
Austin, TX |
|
|
6,795 |
|
|
|
384 |
|
|
|
— |
|
|
|
7,179 |
|
|
|
— |
|
|
|
7,179 |
|
Charlotte, NC |
|
|
5,995 |
|
|
|
352 |
|
|
|
— |
|
|
|
6,347 |
|
|
|
316 |
|
|
|
6,663 |
|
Orlando, FL |
|
|
5,907 |
|
|
|
310 |
|
|
|
— |
|
|
|
6,217 |
|
|
|
— |
|
|
|
6,217 |
|
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
306 |
|
|
|
406 |
|
|
|
6,062 |
|
|
|
— |
|
|
|
6,062 |
|
Tampa, FL |
|
|
5,416 |
|
|
|
— |
|
|
|
— |
|
|
|
5,416 |
|
|
|
344 |
|
|
|
5,760 |
|
Houston, TX |
|
|
4,859 |
|
|
|
316 |
|
|
|
— |
|
|
|
5,175 |
|
|
|
— |
|
|
|
5,175 |
|
Nashville, TN |
|
|
4,375 |
|
|
|
— |
|
|
|
— |
|
|
|
4,375 |
|
|
|
— |
|
|
|
4,375 |
|
Fort Worth, TX |
|
|
3,687 |
|
|
|
— |
|
|
|
— |
|
|
|
3,687 |
|
|
|
— |
|
|
|
3,687 |
|
Phoenix, AZ |
|
|
2,968 |
|
|
|
323 |
|
|
|
317 |
|
|
|
3,608 |
|
|
|
— |
|
|
|
3,608 |
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
— |
|
|
|
— |
|
|
|
3,496 |
|
|
|
— |
|
|
|
3,496 |
|
Charleston, SC |
|
|
3,168 |
|
|
|
— |
|
|
|
— |
|
|
|
3,168 |
|
|
|
— |
|
|
|
3,168 |
|
Greenville, SC |
|
|
2,354 |
|
|
|
— |
|
|
|
— |
|
|
|
2,354 |
|
|
|
— |
|
|
|
2,354 |
|
Northern Virginia |
|
|
1,888 |
|
|
|
— |
|
|
|
— |
|
|
|
1,888 |
|
|
|
— |
|
|
|
1,888 |
|
Savannah, GA |
|
|
1,837 |
|
|
|
— |
|
|
|
— |
|
|
|
1,837 |
|
|
|
— |
|
|
|
1,837 |
|
Memphis, TN |
|
|
1,193 |
|
|
|
618 |
|
|
|
— |
|
|
|
1,811 |
|
|
|
— |
|
|
|
1,811 |
|
Richmond, VA |
|
|
1,732 |
|
|
|
— |
|
|
|
— |
|
|
|
1,732 |
|
|
|
— |
|
|
|
1,732 |
|
San Antonio, TX |
|
|
1,504 |
|
|
|
— |
|
|
|
— |
|
|
|
1,504 |
|
|
|
— |
|
|
|
1,504 |
|
Denver, CO |
|
|
1,118 |
|
|
|
352 |
|
|
|
— |
|
|
|
1,470 |
|
|
|
— |
|
|
|
1,470 |
|
Birmingham, AL |
|
|
1,462 |
|
|
|
— |
|
|
|
— |
|
|
|
1,462 |
|
|
|
— |
|
|
|
1,462 |
|
Fredericksburg, VA |
|
|
1,435 |
|
|
|
— |
|
|
|
— |
|
|
|
1,435 |
|
|
|
— |
|
|
|
1,435 |
|
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
318 |
|
|
|
— |
|
|
|
1,428 |
|
|
|
— |
|
|
|
1,428 |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
— |
|
|
|
— |
|
|
|
1,228 |
|
|
|
— |
|
|
|
1,228 |
|
Other |
|
|
6,502 |
|
|
|
496 |
|
|
|
— |
|
|
|
6,998 |
|
|
|
— |
|
|
|
6,998 |
|
Total Multifamily Units |
|
|
96,568 |
|
|
|
4,477 |
|
|
|
1,109 |
|
|
|
102,154 |
|
|
|
660 |
|
|
|
102,814 |
|
(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C.
|
PORTFOLIO STATISTICS (CONTINUED) |
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
Average
Effective |
|
|
As of December 31, 2025 |
|
|
|
Gross Real
Assets |
|
|
Percent to
Total of
Gross Real
Assets |
|
|
Physical
Occupancy |
|
|
Rent per
Unit for
the Three
Months Ended
December 31, 2025 |
|
|
Completed
Units |
|
|
Total Units,
Including
Development |
|
Atlanta, GA |
|
$ |
2,239,150 |
|
|
|
13.1 |
% |
|
|
95.7 |
% |
|
$ |
1,791 |
|
|
|
11,774 |
|
|
|
|
Dallas, TX |
|
|
1,651,472 |
|
|
|
9.7 |
% |
|
|
95.5 |
% |
|
|
1,657 |
|
|
|
10,117 |
|
|
|
|
Charlotte, NC |
|
|
1,282,600 |
|
|
|
7.5 |
% |
|
|
95.8 |
% |
|
|
1,644 |
|
|
|
6,347 |
|
|
|
|
Orlando, FL |
|
|
1,140,603 |
|
|
|
6.7 |
% |
|
|
96.2 |
% |
|
|
1,976 |
|
|
|
6,217 |
|
|
|
|
Tampa, FL |
|
|
1,046,946 |
|
|
|
6.1 |
% |
|
|
96.3 |
% |
|
|
2,091 |
|
|
|
5,416 |
|
|
|
|
Austin, TX |
|
|
988,158 |
|
|
|
5.8 |
% |
|
|
95.2 |
% |
|
|
1,481 |
|
|
|
7,179 |
|
|
|
|
Raleigh/Durham, NC |
|
|
834,254 |
|
|
|
4.9 |
% |
|
|
95.6 |
% |
|
|
1,521 |
|
|
|
5,656 |
|
|
|
|
Houston, TX |
|
|
743,352 |
|
|
|
4.3 |
% |
|
|
96.1 |
% |
|
|
1,444 |
|
|
|
5,175 |
|
|
|
|
Phoenix, AZ |
|
|
606,559 |
|
|
|
3.5 |
% |
|
|
95.9 |
% |
|
|
1,697 |
|
|
|
3,291 |
|
|
|
|
Northern Virginia |
|
|
587,845 |
|
|
|
3.4 |
% |
|
|
95.8 |
% |
|
|
2,575 |
|
|
|
1,888 |
|
|
|
|
Nashville, TN |
|
|
579,949 |
|
|
|
3.4 |
% |
|
|
95.5 |
% |
|
|
1,660 |
|
|
|
4,375 |
|
|
|
|
Charleston, SC |
|
|
452,827 |
|
|
|
2.6 |
% |
|
|
96.3 |
% |
|
|
1,843 |
|
|
|
3,168 |
|
|
|
|
Denver, CO |
|
|
426,341 |
|
|
|
2.5 |
% |
|
|
95.7 |
% |
|
|
1,970 |
|
|
|
1,470 |
|
|
|
|
Fort Worth, TX |
|
|
413,684 |
|
|
|
2.4 |
% |
|
|
95.8 |
% |
|
|
1,580 |
|
|
|
3,687 |
|
|
|
|
Jacksonville, FL |
|
|
334,323 |
|
|
|
2.0 |
% |
|
|
95.1 |
% |
|
|
1,469 |
|
|
|
3,496 |
|
|
|
|
Kansas City, MO-KS |
|
|
296,528 |
|
|
|
1.7 |
% |
|
|
96.1 |
% |
|
|
1,707 |
|
|
|
1,428 |
|
|
|
|
Richmond, VA |
|
|
269,652 |
|
|
|
1.6 |
% |
|
|
96.3 |
% |
|
|
1,717 |
|
|
|
1,732 |
|
|
|
|
Fredericksburg, VA |
|
|
263,244 |
|
|
|
1.5 |
% |
|
|
95.5 |
% |
|
|
1,962 |
|
|
|
1,435 |
|
|
|
|
Greenville, SC |
|
|
252,642 |
|
|
|
1.5 |
% |
|
|
96.3 |
% |
|
|
1,368 |
|
|
|
2,354 |
|
|
|
|
Savannah, GA |
|
|
234,588 |
|
|
|
1.4 |
% |
|
|
95.6 |
% |
|
|
1,697 |
|
|
|
1,837 |
|
|
|
|
Birmingham, AL |
|
|
178,039 |
|
|
|
1.0 |
% |
|
|
95.4 |
% |
|
|
1,440 |
|
|
|
1,462 |
|
|
|
|
San Antonio, TX |
|
|
175,069 |
|
|
|
1.0 |
% |
|
|
95.1 |
% |
|
|
1,323 |
|
|
|
1,504 |
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
Tennessee |
|
|
216,879 |
|
|
|
1.3 |
% |
|
|
95.7 |
% |
|
|
1,314 |
|
|
|
2,754 |
|
|
|
|
Florida |
|
|
201,354 |
|
|
|
1.2 |
% |
|
|
96.3 |
% |
|
|
1,854 |
|
|
|
1,806 |
|
|
|
|
Alabama |
|
|
191,602 |
|
|
|
1.1 |
% |
|
|
93.2 |
% |
|
|
1,351 |
|
|
|
1,648 |
|
|
|
|
Virginia |
|
|
175,433 |
|
|
|
1.0 |
% |
|
|
95.7 |
% |
|
|
1,852 |
|
|
|
1,039 |
|
|
|
|
Kentucky |
|
|
109,686 |
|
|
|
0.6 |
% |
|
|
95.8 |
% |
|
|
1,318 |
|
|
|
1,308 |
|
|
|
|
Utah |
|
|
94,565 |
|
|
|
0.6 |
% |
|
|
89.8 |
% |
|
|
1,615 |
|
|
|
400 |
|
|
|
|
Maryland |
|
|
86,290 |
|
|
|
0.5 |
% |
|
|
96.7 |
% |
|
|
2,375 |
|
|
|
361 |
|
|
|
|
Nevada |
|
|
77,138 |
|
|
|
0.5 |
% |
|
|
96.5 |
% |
|
|
1,600 |
|
|
|
721 |
|
|
|
|
Stabilized Communities |
|
$ |
16,150,772 |
|
|
|
94.4 |
% |
|
|
95.7 |
% |
|
$ |
1,684 |
|
|
|
101,045 |
|
|
|
|
Charlotte, NC |
|
|
212,448 |
|
|
|
1.2 |
% |
|
|
10.2 |
% |
|
|
1,949 |
|
|
|
316 |
|
|
|
541 |
|
Tampa, FL |
|
|
192,360 |
|
|
|
1.1 |
% |
|
|
53.5 |
% |
|
|
2,934 |
|
|
|
344 |
|
|
|
495 |
|
Phoenix, AZ |
|
|
182,272 |
|
|
|
1.1 |
% |
|
|
85.5 |
% |
|
|
1,709 |
|
|
|
317 |
|
|
|
942 |
|
Raleigh/Durham, NC |
|
|
142,841 |
|
|
|
0.8 |
% |
|
|
35.5 |
% |
|
|
1,781 |
|
|
|
406 |
|
|
|
406 |
|
Dallas, TX |
|
|
106,922 |
|
|
|
0.6 |
% |
|
|
81.1 |
% |
|
|
1,713 |
|
|
|
386 |
|
|
|
386 |
|
Richmond, VA |
|
|
53,087 |
|
|
|
0.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
306 |
|
Denver, CO |
|
|
51,656 |
|
|
|
0.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
Charleston, SC |
|
|
24,257 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
336 |
|
Lease-up / Development Communities |
|
$ |
965,843 |
|
|
|
5.6 |
% |
|
|
48.9 |
% |
|
$ |
2,007 |
|
|
|
1,769 |
|
|
|
3,631 |
|
Total Multifamily Communities |
|
$ |
17,116,615 |
|
|
|
100.0 |
% |
|
|
94.7 |
% |
|
$ |
1,690 |
|
|
|
102,814 |
|
|
|
104,676 |
|
(1)Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. As of December 31, 2025, the gross investment in real estate for this community was $83.4 million and includes a mortgage note payable of $52.0 million. For the year ended December 31, 2025, this apartment community achieved NOI of $8.7 million.
|
MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|
|
Units |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
Atlanta, GA |
|
|
11,434 |
|
|
$ |
64,566 |
|
|
$ |
64,825 |
|
|
|
(0.4 |
)% |
|
$ |
25,023 |
|
|
$ |
26,912 |
|
|
|
(7.0 |
)% |
|
$ |
39,543 |
|
|
$ |
37,913 |
|
|
|
4.3 |
% |
|
$ |
1,788 |
|
|
$ |
1,798 |
|
|
|
(0.5 |
)% |
Dallas, TX |
|
|
9,755 |
|
|
|
51,244 |
|
|
|
51,148 |
|
|
|
0.2 |
% |
|
|
20,757 |
|
|
|
20,914 |
|
|
|
(0.8 |
)% |
|
|
30,487 |
|
|
|
30,234 |
|
|
|
0.8 |
% |
|
|
1,665 |
|
|
|
1,662 |
|
|
|
0.2 |
% |
Orlando, FL |
|
|
5,907 |
|
|
|
36,975 |
|
|
|
36,912 |
|
|
|
0.2 |
% |
|
|
12,203 |
|
|
|
12,575 |
|
|
|
(3.0 |
)% |
|
|
24,772 |
|
|
|
24,337 |
|
|
|
1.8 |
% |
|
|
1,980 |
|
|
|
1,990 |
|
|
|
(0.5 |
)% |
Tampa, FL |
|
|
5,416 |
|
|
|
35,892 |
|
|
|
35,800 |
|
|
|
0.3 |
% |
|
|
12,625 |
|
|
|
11,885 |
|
|
|
6.2 |
% |
|
|
23,267 |
|
|
|
23,915 |
|
|
|
(2.7 |
)% |
|
|
2,091 |
|
|
|
2,086 |
|
|
|
0.2 |
% |
Charlotte, NC |
|
|
5,995 |
|
|
|
31,169 |
|
|
|
31,299 |
|
|
|
(0.4 |
)% |
|
|
9,771 |
|
|
|
9,316 |
|
|
|
4.9 |
% |
|
|
21,398 |
|
|
|
21,983 |
|
|
|
(2.7 |
)% |
|
|
1,639 |
|
|
|
1,648 |
|
|
|
(0.6 |
)% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
26,145 |
|
|
|
26,409 |
|
|
|
(1.0 |
)% |
|
|
8,584 |
|
|
|
7,750 |
|
|
|
10.8 |
% |
|
|
17,561 |
|
|
|
18,659 |
|
|
|
(5.9 |
)% |
|
|
1,515 |
|
|
|
1,533 |
|
|
|
(1.2 |
)% |
Austin, TX |
|
|
6,795 |
|
|
|
33,031 |
|
|
|
34,291 |
|
|
|
(3.7 |
)% |
|
|
15,784 |
|
|
|
14,657 |
|
|
|
7.7 |
% |
|
|
17,247 |
|
|
|
19,634 |
|
|
|
(12.2 |
)% |
|
|
1,497 |
|
|
|
1,569 |
|
|
|
(4.6 |
)% |
Nashville, TN |
|
|
4,375 |
|
|
|
23,125 |
|
|
|
23,420 |
|
|
|
(1.3 |
)% |
|
|
7,446 |
|
|
|
7,229 |
|
|
|
3.0 |
% |
|
|
15,679 |
|
|
|
16,191 |
|
|
|
(3.2 |
)% |
|
|
1,660 |
|
|
|
1,680 |
|
|
|
(1.2 |
)% |
Charleston, SC |
|
|
3,168 |
|
|
|
18,485 |
|
|
|
18,047 |
|
|
|
2.4 |
% |
|
|
5,754 |
|
|
|
5,571 |
|
|
|
3.3 |
% |
|
|
12,731 |
|
|
|
12,476 |
|
|
|
2.0 |
% |
|
|
1,843 |
|
|
|
1,817 |
|
|
|
1.4 |
% |
Houston, TX |
|
|
4,859 |
|
|
|
22,797 |
|
|
|
22,450 |
|
|
|
1.5 |
% |
|
|
10,255 |
|
|
|
10,453 |
|
|
|
(1.9 |
)% |
|
|
12,542 |
|
|
|
11,997 |
|
|
|
4.5 |
% |
|
|
1,454 |
|
|
|
1,445 |
|
|
|
0.6 |
% |
Phoenix, AZ |
|
|
2,968 |
|
|
|
16,066 |
|
|
|
16,124 |
|
|
|
(0.4 |
)% |
|
|
4,387 |
|
|
|
4,422 |
|
|
|
(0.8 |
)% |
|
|
11,679 |
|
|
|
11,702 |
|
|
|
(0.2 |
)% |
|
|
1,691 |
|
|
|
1,721 |
|
|
|
(1.7 |
)% |
Fort Worth, TX |
|
|
3,687 |
|
|
|
19,310 |
|
|
|
19,189 |
|
|
|
0.6 |
% |
|
|
8,173 |
|
|
|
8,023 |
|
|
|
1.9 |
% |
|
|
11,137 |
|
|
|
11,166 |
|
|
|
(0.3 |
)% |
|
|
1,580 |
|
|
|
1,580 |
|
|
|
0.0 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
15,131 |
|
|
|
14,770 |
|
|
|
2.4 |
% |
|
|
4,410 |
|
|
|
4,505 |
|
|
|
(2.1 |
)% |
|
|
10,721 |
|
|
|
10,265 |
|
|
|
4.4 |
% |
|
|
2,575 |
|
|
|
2,501 |
|
|
|
3.0 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
15,671 |
|
|
|
15,922 |
|
|
|
(1.6 |
)% |
|
|
6,025 |
|
|
|
5,859 |
|
|
|
2.8 |
% |
|
|
9,646 |
|
|
|
10,063 |
|
|
|
(4.1 |
)% |
|
|
1,469 |
|
|
|
1,493 |
|
|
|
(1.7 |
)% |
Greenville, SC |
|
|
2,354 |
|
|
|
10,673 |
|
|
|
10,370 |
|
|
|
2.9 |
% |
|
|
3,631 |
|
|
|
3,703 |
|
|
|
(1.9 |
)% |
|
|
7,042 |
|
|
|
6,667 |
|
|
|
5.6 |
% |
|
|
1,368 |
|
|
|
1,335 |
|
|
|
2.5 |
% |
Richmond, VA |
|
|
1,732 |
|
|
|
9,407 |
|
|
|
9,025 |
|
|
|
4.2 |
% |
|
|
2,813 |
|
|
|
2,776 |
|
|
|
1.3 |
% |
|
|
6,594 |
|
|
|
6,249 |
|
|
|
5.5 |
% |
|
|
1,717 |
|
|
|
1,672 |
|
|
|
2.7 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
10,051 |
|
|
|
10,221 |
|
|
|
(1.7 |
)% |
|
|
3,577 |
|
|
|
3,525 |
|
|
|
1.5 |
% |
|
|
6,474 |
|
|
|
6,696 |
|
|
|
(3.3 |
)% |
|
|
1,697 |
|
|
|
1,708 |
|
|
|
(0.7 |
)% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
8,924 |
|
|
|
8,643 |
|
|
|
3.3 |
% |
|
|
2,564 |
|
|
|
2,513 |
|
|
|
2.0 |
% |
|
|
6,360 |
|
|
|
6,130 |
|
|
|
3.8 |
% |
|
|
1,962 |
|
|
|
1,891 |
|
|
|
3.8 |
% |
Denver, CO |
|
|
1,118 |
|
|
|
6,709 |
|
|
|
6,912 |
|
|
|
(2.9 |
)% |
|
|
1,994 |
|
|
|
2,176 |
|
|
|
(8.4 |
)% |
|
|
4,715 |
|
|
|
4,736 |
|
|
|
(0.4 |
)% |
|
|
1,918 |
|
|
|
1,968 |
|
|
|
(2.6 |
)% |
Birmingham, AL |
|
|
1,462 |
|
|
|
6,935 |
|
|
|
6,836 |
|
|
|
1.4 |
% |
|
|
2,689 |
|
|
|
2,650 |
|
|
|
1.5 |
% |
|
|
4,246 |
|
|
|
4,186 |
|
|
|
1.4 |
% |
|
|
1,440 |
|
|
|
1,406 |
|
|
|
2.4 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
6,307 |
|
|
|
6,543 |
|
|
|
(3.6 |
)% |
|
|
2,538 |
|
|
|
2,826 |
|
|
|
(10.2 |
)% |
|
|
3,769 |
|
|
|
3,717 |
|
|
|
1.4 |
% |
|
|
1,323 |
|
|
|
1,363 |
|
|
|
(2.9 |
)% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
5,936 |
|
|
|
5,764 |
|
|
|
3.0 |
% |
|
|
2,186 |
|
|
|
2,025 |
|
|
|
8.0 |
% |
|
|
3,750 |
|
|
|
3,739 |
|
|
|
0.3 |
% |
|
|
1,679 |
|
|
|
1,644 |
|
|
|
2.1 |
% |
Memphis, TN |
|
|
1,193 |
|
|
|
5,353 |
|
|
|
5,523 |
|
|
|
(3.1 |
)% |
|
|
1,883 |
|
|
|
1,944 |
|
|
|
(3.1 |
)% |
|
|
3,470 |
|
|
|
3,579 |
|
|
|
(3.0 |
)% |
|
|
1,416 |
|
|
|
1,448 |
|
|
|
(2.2 |
)% |
Huntsville, AL |
|
|
1,228 |
|
|
|
5,065 |
|
|
|
5,339 |
|
|
|
(5.1 |
)% |
|
|
1,954 |
|
|
|
1,752 |
|
|
|
11.5 |
% |
|
|
3,111 |
|
|
|
3,587 |
|
|
|
(13.3 |
)% |
|
|
1,263 |
|
|
|
1,293 |
|
|
|
(2.4 |
)% |
Other |
|
|
6,502 |
|
|
|
33,554 |
|
|
|
33,014 |
|
|
|
1.6 |
% |
|
|
11,666 |
|
|
|
11,509 |
|
|
|
1.4 |
% |
|
|
21,888 |
|
|
|
21,505 |
|
|
|
1.8 |
% |
|
|
1,636 |
|
|
|
1,617 |
|
|
|
1.2 |
% |
Total Same Store |
|
|
96,568 |
|
|
$ |
518,521 |
|
|
$ |
518,796 |
|
|
|
(0.1 |
)% |
|
$ |
188,692 |
|
|
$ |
187,470 |
|
|
|
0.7 |
% |
|
$ |
329,829 |
|
|
$ |
331,326 |
|
|
|
(0.5 |
)% |
|
$ |
1,687 |
|
|
$ |
1,692 |
|
|
|
(0.3 |
)% |
|
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|
|
Units |
|
|
Q4 2025 |
|
|
Q3 2025 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q3 2025 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q3 2025 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q3 2025 |
|
|
% Chg |
|
Atlanta, GA |
|
|
11,434 |
|
|
$ |
64,566 |
|
|
$ |
64,765 |
|
|
|
(0.3 |
)% |
|
$ |
25,023 |
|
|
$ |
27,030 |
|
|
|
(7.4 |
)% |
|
$ |
39,543 |
|
|
$ |
37,735 |
|
|
|
4.8 |
% |
|
$ |
1,788 |
|
|
$ |
1,793 |
|
|
|
(0.3 |
)% |
Dallas, TX |
|
|
9,755 |
|
|
|
51,244 |
|
|
|
51,448 |
|
|
|
(0.4 |
)% |
|
|
20,757 |
|
|
|
23,034 |
|
|
|
(9.9 |
)% |
|
|
30,487 |
|
|
|
28,414 |
|
|
|
7.3 |
% |
|
|
1,665 |
|
|
|
1,665 |
|
|
|
(0.0 |
)% |
Orlando, FL |
|
|
5,907 |
|
|
|
36,975 |
|
|
|
37,044 |
|
|
|
(0.2 |
)% |
|
|
12,203 |
|
|
|
11,553 |
|
|
|
5.6 |
% |
|
|
24,772 |
|
|
|
25,491 |
|
|
|
(2.8 |
)% |
|
|
1,980 |
|
|
|
1,983 |
|
|
|
(0.2 |
)% |
Tampa, FL |
|
|
5,416 |
|
|
|
35,892 |
|
|
|
36,088 |
|
|
|
(0.5 |
)% |
|
|
12,625 |
|
|
|
13,162 |
|
|
|
(4.1 |
)% |
|
|
23,267 |
|
|
|
22,926 |
|
|
|
1.5 |
% |
|
|
2,091 |
|
|
|
2,100 |
|
|
|
(0.4 |
)% |
Charlotte, NC |
|
|
5,995 |
|
|
|
31,169 |
|
|
|
31,337 |
|
|
|
(0.5 |
)% |
|
|
9,771 |
|
|
|
9,901 |
|
|
|
(1.3 |
)% |
|
|
21,398 |
|
|
|
21,436 |
|
|
|
(0.2 |
)% |
|
|
1,639 |
|
|
|
1,649 |
|
|
|
(0.6 |
)% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
26,145 |
|
|
|
26,370 |
|
|
|
(0.9 |
)% |
|
|
8,584 |
|
|
|
8,871 |
|
|
|
(3.2 |
)% |
|
|
17,561 |
|
|
|
17,499 |
|
|
|
0.4 |
% |
|
|
1,515 |
|
|
|
1,524 |
|
|
|
(0.5 |
)% |
Austin, TX |
|
|
6,795 |
|
|
|
33,031 |
|
|
|
33,575 |
|
|
|
(1.6 |
)% |
|
|
15,784 |
|
|
|
17,038 |
|
|
|
(7.4 |
)% |
|
|
17,247 |
|
|
|
16,537 |
|
|
|
4.3 |
% |
|
|
1,497 |
|
|
|
1,521 |
|
|
|
(1.6 |
)% |
Nashville, TN |
|
|
4,375 |
|
|
|
23,125 |
|
|
|
23,164 |
|
|
|
(0.2 |
)% |
|
|
7,446 |
|
|
|
8,132 |
|
|
|
(8.4 |
)% |
|
|
15,679 |
|
|
|
15,032 |
|
|
|
4.3 |
% |
|
|
1,660 |
|
|
|
1,667 |
|
|
|
(0.4 |
)% |
Charleston, SC |
|
|
3,168 |
|
|
|
18,485 |
|
|
|
18,418 |
|
|
|
0.4 |
% |
|
|
5,754 |
|
|
|
6,182 |
|
|
|
(6.9 |
)% |
|
|
12,731 |
|
|
|
12,236 |
|
|
|
4.0 |
% |
|
|
1,843 |
|
|
|
1,840 |
|
|
|
0.2 |
% |
Houston, TX |
|
|
4,859 |
|
|
|
22,797 |
|
|
|
22,841 |
|
|
|
(0.2 |
)% |
|
|
10,255 |
|
|
|
9,861 |
|
|
|
4.0 |
% |
|
|
12,542 |
|
|
|
12,980 |
|
|
|
(3.4 |
)% |
|
|
1,454 |
|
|
|
1,454 |
|
|
|
0.0 |
% |
Phoenix, AZ |
|
|
2,968 |
|
|
|
16,066 |
|
|
|
16,190 |
|
|
|
(0.8 |
)% |
|
|
4,387 |
|
|
|
4,857 |
|
|
|
(9.7 |
)% |
|
|
11,679 |
|
|
|
11,333 |
|
|
|
3.1 |
% |
|
|
1,691 |
|
|
|
1,697 |
|
|
|
(0.4 |
)% |
Fort Worth, TX |
|
|
3,687 |
|
|
|
19,310 |
|
|
|
19,378 |
|
|
|
(0.4 |
)% |
|
|
8,173 |
|
|
|
8,325 |
|
|
|
(1.8 |
)% |
|
|
11,137 |
|
|
|
11,053 |
|
|
|
0.8 |
% |
|
|
1,580 |
|
|
|
1,580 |
|
|
|
0.0 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
15,131 |
|
|
|
15,109 |
|
|
|
0.1 |
% |
|
|
4,410 |
|
|
|
4,698 |
|
|
|
(6.1 |
)% |
|
|
10,721 |
|
|
|
10,411 |
|
|
|
3.0 |
% |
|
|
2,575 |
|
|
|
2,573 |
|
|
|
0.1 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
15,671 |
|
|
|
15,751 |
|
|
|
(0.5 |
)% |
|
|
6,025 |
|
|
|
6,034 |
|
|
|
(0.1 |
)% |
|
|
9,646 |
|
|
|
9,717 |
|
|
|
(0.7 |
)% |
|
|
1,469 |
|
|
|
1,476 |
|
|
|
(0.5 |
)% |
Greenville, SC |
|
|
2,354 |
|
|
|
10,673 |
|
|
|
10,621 |
|
|
|
0.5 |
% |
|
|
3,631 |
|
|
|
4,105 |
|
|
|
(11.5 |
)% |
|
|
7,042 |
|
|
|
6,516 |
|
|
|
8.1 |
% |
|
|
1,368 |
|
|
|
1,367 |
|
|
|
0.1 |
% |
Richmond, VA |
|
|
1,732 |
|
|
|
9,407 |
|
|
|
9,352 |
|
|
|
0.6 |
% |
|
|
2,813 |
|
|
|
2,869 |
|
|
|
(2.0 |
)% |
|
|
6,594 |
|
|
|
6,483 |
|
|
|
1.7 |
% |
|
|
1,717 |
|
|
|
1,708 |
|
|
|
0.5 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
10,051 |
|
|
|
10,169 |
|
|
|
(1.2 |
)% |
|
|
3,577 |
|
|
|
3,932 |
|
|
|
(9.0 |
)% |
|
|
6,474 |
|
|
|
6,237 |
|
|
|
3.8 |
% |
|
|
1,697 |
|
|
|
1,713 |
|
|
|
(1.0 |
)% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
8,924 |
|
|
|
8,962 |
|
|
|
(0.4 |
)% |
|
|
2,564 |
|
|
|
2,574 |
|
|
|
(0.4 |
)% |
|
|
6,360 |
|
|
|
6,388 |
|
|
|
(0.4 |
)% |
|
|
1,962 |
|
|
|
1,963 |
|
|
|
(0.0 |
)% |
Denver, CO |
|
|
1,118 |
|
|
|
6,709 |
|
|
|
6,886 |
|
|
|
(2.6 |
)% |
|
|
1,994 |
|
|
|
2,353 |
|
|
|
(15.3 |
)% |
|
|
4,715 |
|
|
|
4,533 |
|
|
|
4.0 |
% |
|
|
1,918 |
|
|
|
1,936 |
|
|
|
(0.9 |
)% |
Birmingham, AL |
|
|
1,462 |
|
|
|
6,935 |
|
|
|
6,957 |
|
|
|
(0.3 |
)% |
|
|
2,689 |
|
|
|
2,802 |
|
|
|
(4.0 |
)% |
|
|
4,246 |
|
|
|
4,155 |
|
|
|
2.2 |
% |
|
|
1,440 |
|
|
|
1,438 |
|
|
|
0.1 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
6,307 |
|
|
|
6,441 |
|
|
|
(2.1 |
)% |
|
|
2,538 |
|
|
|
2,698 |
|
|
|
(5.9 |
)% |
|
|
3,769 |
|
|
|
3,743 |
|
|
|
0.7 |
% |
|
|
1,323 |
|
|
|
1,338 |
|
|
|
(1.1 |
)% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
5,936 |
|
|
|
5,934 |
|
|
|
0.0 |
% |
|
|
2,186 |
|
|
|
2,190 |
|
|
|
(0.2 |
)% |
|
|
3,750 |
|
|
|
3,744 |
|
|
|
0.2 |
% |
|
|
1,679 |
|
|
|
1,689 |
|
|
|
(0.6 |
)% |
Memphis, TN |
|
|
1,193 |
|
|
|
5,353 |
|
|
|
5,364 |
|
|
|
(0.2 |
)% |
|
|
1,883 |
|
|
|
2,144 |
|
|
|
(12.2 |
)% |
|
|
3,470 |
|
|
|
3,220 |
|
|
|
7.8 |
% |
|
|
1,416 |
|
|
|
1,423 |
|
|
|
(0.5 |
)% |
Huntsville, AL |
|
|
1,228 |
|
|
|
5,065 |
|
|
|
5,087 |
|
|
|
(0.4 |
)% |
|
|
1,954 |
|
|
|
2,083 |
|
|
|
(6.2 |
)% |
|
|
3,111 |
|
|
|
3,004 |
|
|
|
3.6 |
% |
|
|
1,263 |
|
|
|
1,274 |
|
|
|
(0.8 |
)% |
Other |
|
|
6,502 |
|
|
|
33,554 |
|
|
|
33,609 |
|
|
|
(0.2 |
)% |
|
|
11,666 |
|
|
|
12,401 |
|
|
|
(5.9 |
)% |
|
|
21,888 |
|
|
|
21,208 |
|
|
|
3.2 |
% |
|
|
1,636 |
|
|
|
1,634 |
|
|
|
0.1 |
% |
Total Same Store |
|
|
96,568 |
|
|
$ |
518,521 |
|
|
$ |
520,860 |
|
|
|
(0.4 |
)% |
|
$ |
188,692 |
|
|
$ |
198,829 |
|
|
|
(5.1 |
)% |
|
$ |
329,829 |
|
|
$ |
322,031 |
|
|
|
2.4 |
% |
|
$ |
1,687 |
|
|
$ |
1,693 |
|
|
|
(0.3 |
)% |
|
MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2025 AND 2024 |
Dollars in thousands, except Average Effective Rent per Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
|
|
Units |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
|
Q4 2025 |
|
|
Q4 2024 |
|
|
% Chg |
|
Atlanta, GA |
|
|
11,434 |
|
|
$ |
258,343 |
|
|
$ |
260,040 |
|
|
|
(0.7 |
)% |
|
$ |
101,939 |
|
|
$ |
104,908 |
|
|
|
(2.8 |
)% |
|
$ |
156,404 |
|
|
$ |
155,132 |
|
|
|
0.8 |
% |
|
$ |
1,791 |
|
|
$ |
1,819 |
|
|
|
(1.6 |
)% |
Dallas, TX |
|
|
9,755 |
|
|
|
204,807 |
|
|
|
205,360 |
|
|
|
(0.3 |
)% |
|
|
86,001 |
|
|
|
84,968 |
|
|
|
1.2 |
% |
|
|
118,806 |
|
|
|
120,392 |
|
|
|
(1.3 |
)% |
|
|
1,662 |
|
|
|
1,670 |
|
|
|
(0.5 |
)% |
Orlando, FL |
|
|
5,907 |
|
|
|
147,837 |
|
|
|
148,712 |
|
|
|
(0.6 |
)% |
|
|
50,683 |
|
|
|
51,222 |
|
|
|
(1.1 |
)% |
|
|
97,154 |
|
|
|
97,490 |
|
|
|
(0.3 |
)% |
|
|
1,983 |
|
|
|
1,999 |
|
|
|
(0.8 |
)% |
Tampa, FL |
|
|
5,416 |
|
|
|
143,954 |
|
|
|
143,037 |
|
|
|
0.6 |
% |
|
|
51,390 |
|
|
|
48,702 |
|
|
|
5.5 |
% |
|
|
92,564 |
|
|
|
94,335 |
|
|
|
(1.9 |
)% |
|
|
2,093 |
|
|
|
2,093 |
|
|
|
0.0 |
% |
Charlotte, NC |
|
|
5,995 |
|
|
|
125,082 |
|
|
|
125,419 |
|
|
|
(0.3 |
)% |
|
|
39,459 |
|
|
|
37,892 |
|
|
|
4.1 |
% |
|
|
85,623 |
|
|
|
87,527 |
|
|
|
(2.2 |
)% |
|
|
1,645 |
|
|
|
1,654 |
|
|
|
(0.6 |
)% |
Raleigh/Durham, NC |
|
|
5,350 |
|
|
|
105,233 |
|
|
|
106,359 |
|
|
|
(1.1 |
)% |
|
|
35,160 |
|
|
|
34,186 |
|
|
|
2.8 |
% |
|
|
70,073 |
|
|
|
72,173 |
|
|
|
(2.9 |
)% |
|
|
1,524 |
|
|
|
1,540 |
|
|
|
(1.0 |
)% |
Austin, TX |
|
|
6,795 |
|
|
|
134,310 |
|
|
|
139,397 |
|
|
|
(3.6 |
)% |
|
|
63,850 |
|
|
|
61,594 |
|
|
|
3.7 |
% |
|
|
70,460 |
|
|
|
77,803 |
|
|
|
(9.4 |
)% |
|
|
1,532 |
|
|
|
1,603 |
|
|
|
(4.4 |
)% |
Nashville, TN |
|
|
4,375 |
|
|
|
92,892 |
|
|
|
94,218 |
|
|
|
(1.4 |
)% |
|
|
31,283 |
|
|
|
30,756 |
|
|
|
1.7 |
% |
|
|
61,609 |
|
|
|
63,462 |
|
|
|
(2.9 |
)% |
|
|
1,669 |
|
|
|
1,691 |
|
|
|
(1.3 |
)% |
Charleston, SC |
|
|
3,168 |
|
|
|
73,250 |
|
|
|
72,141 |
|
|
|
1.5 |
% |
|
|
24,075 |
|
|
|
23,028 |
|
|
|
4.5 |
% |
|
|
49,175 |
|
|
|
49,113 |
|
|
|
0.1 |
% |
|
|
1,831 |
|
|
|
1,801 |
|
|
|
1.7 |
% |
Houston, TX |
|
|
4,859 |
|
|
|
90,859 |
|
|
|
89,590 |
|
|
|
1.4 |
% |
|
|
40,820 |
|
|
|
38,680 |
|
|
|
5.5 |
% |
|
|
50,039 |
|
|
|
50,910 |
|
|
|
(1.7 |
)% |
|
|
1,450 |
|
|
|
1,443 |
|
|
|
0.5 |
% |
Phoenix, AZ |
|
|
2,968 |
|
|
|
64,432 |
|
|
|
64,830 |
|
|
|
(0.6 |
)% |
|
|
18,074 |
|
|
|
18,099 |
|
|
|
(0.1 |
)% |
|
|
46,358 |
|
|
|
46,731 |
|
|
|
(0.8 |
)% |
|
|
1,702 |
|
|
|
1,734 |
|
|
|
(1.8 |
)% |
Fort Worth, TX |
|
|
3,687 |
|
|
|
77,352 |
|
|
|
76,689 |
|
|
|
0.9 |
% |
|
|
31,341 |
|
|
|
29,946 |
|
|
|
4.7 |
% |
|
|
46,011 |
|
|
|
46,743 |
|
|
|
(1.6 |
)% |
|
|
1,579 |
|
|
|
1,579 |
|
|
|
0.0 |
% |
Northern Virginia |
|
|
1,888 |
|
|
|
60,081 |
|
|
|
57,859 |
|
|
|
3.8 |
% |
|
|
18,208 |
|
|
|
17,916 |
|
|
|
1.6 |
% |
|
|
41,873 |
|
|
|
39,943 |
|
|
|
4.8 |
% |
|
|
2,550 |
|
|
|
2,445 |
|
|
|
4.3 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
63,245 |
|
|
|
64,832 |
|
|
|
(2.4 |
)% |
|
|
24,562 |
|
|
|
23,592 |
|
|
|
4.1 |
% |
|
|
38,683 |
|
|
|
41,240 |
|
|
|
(6.2 |
)% |
|
|
1,478 |
|
|
|
1,514 |
|
|
|
(2.4 |
)% |
Greenville, SC |
|
|
2,354 |
|
|
|
42,260 |
|
|
|
41,371 |
|
|
|
2.1 |
% |
|
|
15,672 |
|
|
|
15,193 |
|
|
|
3.2 |
% |
|
|
26,588 |
|
|
|
26,178 |
|
|
|
1.6 |
% |
|
|
1,356 |
|
|
|
1,331 |
|
|
|
1.8 |
% |
Richmond, VA |
|
|
1,732 |
|
|
|
36,940 |
|
|
|
36,214 |
|
|
|
2.0 |
% |
|
|
11,390 |
|
|
|
11,314 |
|
|
|
0.7 |
% |
|
|
25,550 |
|
|
|
24,900 |
|
|
|
2.6 |
% |
|
|
1,698 |
|
|
|
1,659 |
|
|
|
2.4 |
% |
Savannah, GA |
|
|
1,837 |
|
|
|
40,470 |
|
|
|
40,469 |
|
|
|
0.0 |
% |
|
|
15,058 |
|
|
|
14,831 |
|
|
|
1.5 |
% |
|
|
25,412 |
|
|
|
25,638 |
|
|
|
(0.9 |
)% |
|
|
1,707 |
|
|
|
1,706 |
|
|
|
0.1 |
% |
Fredericksburg, VA |
|
|
1,435 |
|
|
|
35,706 |
|
|
|
34,212 |
|
|
|
4.4 |
% |
|
|
10,184 |
|
|
|
9,945 |
|
|
|
2.4 |
% |
|
|
25,522 |
|
|
|
24,267 |
|
|
|
5.2 |
% |
|
|
1,944 |
|
|
|
1,850 |
|
|
|
5.1 |
% |
Denver, CO |
|
|
1,118 |
|
|
|
27,417 |
|
|
|
28,132 |
|
|
|
(2.5 |
)% |
|
|
8,577 |
|
|
|
8,732 |
|
|
|
(1.8 |
)% |
|
|
18,840 |
|
|
|
19,400 |
|
|
|
(2.9 |
)% |
|
|
1,939 |
|
|
|
1,974 |
|
|
|
(1.8 |
)% |
Birmingham, AL |
|
|
1,462 |
|
|
|
27,695 |
|
|
|
27,151 |
|
|
|
2.0 |
% |
|
|
11,007 |
|
|
|
10,856 |
|
|
|
1.4 |
% |
|
|
16,688 |
|
|
|
16,295 |
|
|
|
2.4 |
% |
|
|
1,426 |
|
|
|
1,403 |
|
|
|
1.6 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
25,730 |
|
|
|
26,354 |
|
|
|
(2.4 |
)% |
|
|
10,641 |
|
|
|
11,299 |
|
|
|
(5.8 |
)% |
|
|
15,089 |
|
|
|
15,055 |
|
|
|
0.2 |
% |
|
|
1,340 |
|
|
|
1,373 |
|
|
|
(2.4 |
)% |
Kansas City, MO-KS |
|
|
1,110 |
|
|
|
23,477 |
|
|
|
22,743 |
|
|
|
3.2 |
% |
|
|
8,607 |
|
|
|
8,161 |
|
|
|
5.5 |
% |
|
|
14,870 |
|
|
|
14,582 |
|
|
|
2.0 |
% |
|
|
1,670 |
|
|
|
1,614 |
|
|
|
3.5 |
% |
Memphis, TN |
|
|
1,193 |
|
|
|
21,521 |
|
|
|
22,143 |
|
|
|
(2.8 |
)% |
|
|
7,931 |
|
|
|
7,901 |
|
|
|
0.4 |
% |
|
|
13,590 |
|
|
|
14,242 |
|
|
|
(4.6 |
)% |
|
|
1,426 |
|
|
|
1,441 |
|
|
|
(1.0 |
)% |
Huntsville, AL |
|
|
1,228 |
|
|
|
20,685 |
|
|
|
21,371 |
|
|
|
(3.2 |
)% |
|
|
7,905 |
|
|
|
7,594 |
|
|
|
4.1 |
% |
|
|
12,780 |
|
|
|
13,777 |
|
|
|
(7.2 |
)% |
|
|
1,276 |
|
|
|
1,307 |
|
|
|
(2.4 |
)% |
Other |
|
|
6,502 |
|
|
|
133,584 |
|
|
|
131,384 |
|
|
|
1.7 |
% |
|
|
49,081 |
|
|
|
46,526 |
|
|
|
5.5 |
% |
|
|
84,503 |
|
|
|
84,858 |
|
|
|
(0.4 |
)% |
|
|
1,627 |
|
|
|
1,604 |
|
|
|
1.5 |
% |
Total Same Store |
|
|
96,568 |
|
|
$ |
2,077,162 |
|
|
$ |
2,080,027 |
|
|
|
(0.1 |
)% |
|
$ |
772,898 |
|
|
$ |
757,841 |
|
|
|
2.0 |
% |
|
$ |
1,304,264 |
|
|
$ |
1,322,186 |
|
|
|
(1.4 |
)% |
|
$ |
1,690 |
|
|
$ |
1,698 |
|
|
|
(0.5 |
)% |
|
MULTIFAMILY DEVELOPMENT PIPELINE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units as of |
|
Development Costs as of |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
December 31, 2025 |
|
|
|
Expected |
|
|
|
|
|
|
|
|
|
|
Expected |
|
Costs |
|
|
Expected |
|
Start |
|
Initial |
|
|
|
|
|
|
Location |
|
Total |
|
Delivered |
|
Leased |
|
Total |
|
to Date |
|
|
Remaining |
|
Date |
|
Occupancy |
|
Completion |
|
Stabilization (1) |
MAA Breakwater |
|
Tampa, FL |
|
|
495 |
|
|
344 |
|
|
297 |
|
$ |
197,500 |
|
$ |
192,360 |
|
|
$ |
5,140 |
|
4Q22 |
|
1Q25 |
|
1Q26 |
|
1Q27 |
Modera Liberty Row (2) |
|
Charlotte, NC |
|
|
239 |
|
|
228 |
|
|
75 |
|
|
112,000 |
|
|
111,567 |
|
(4) |
|
433 |
|
1Q22 |
|
3Q25 |
|
1Q26 |
|
4Q26 |
MAA Plaza Midwood (3) |
|
Charlotte, NC |
|
|
302 |
|
|
88 |
|
|
2 |
|
|
101,500 |
|
|
87,111 |
|
|
|
14,389 |
|
2Q24 |
|
4Q25 |
|
3Q26 |
|
3Q27 |
Modera Chandler (3) |
|
Phoenix, AZ |
|
|
345 |
|
|
— |
|
|
— |
|
|
117,500 |
|
|
75,791 |
|
|
|
41,709 |
|
2Q24 |
|
2Q26 |
|
4Q26 |
|
4Q27 |
MAA Milepost 35 II |
|
Denver, CO |
|
|
219 |
|
|
— |
|
|
— |
|
|
78,000 |
|
|
51,656 |
|
|
|
26,344 |
|
4Q24 |
|
2Q26 |
|
4Q26 |
|
4Q27 |
MAA Rove |
|
Richmond, VA |
|
|
306 |
|
|
— |
|
|
— |
|
|
99,500 |
|
|
53,087 |
|
|
|
46,413 |
|
3Q24 |
|
1Q27 |
|
3Q27 |
|
1Q28 |
MAA Point Hope (3) |
|
Charleston, SC |
|
|
336 |
|
|
— |
|
|
— |
|
|
91,000 |
|
|
24,257 |
|
|
|
66,743 |
|
2Q25 |
|
1Q27 |
|
1Q28 |
|
3Q28 |
MAA One Scottsdale |
|
Phoenix, AZ |
|
|
280 |
|
|
— |
|
|
— |
|
|
135,000 |
|
|
29,783 |
|
|
|
105,217 |
|
4Q25 |
|
1Q28 |
|
3Q28 |
|
2Q29 |
Total Active |
|
|
|
|
2,522 |
|
|
660 |
|
|
374 |
|
$ |
932,000 |
|
$ |
625,612 |
|
|
$ |
306,388 |
|
|
|
|
|
|
|
|
(1)Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)In July 2024, MAA agreed to finance the third party development of this property currently under construction. MAA has the option to purchase the development once it is stabilized.
(3)MAA owns 95% of the joint venture that owns this property.
(4)Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.
|
MULTIFAMILY LEASE-UP COMMUNITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
|
|
Location |
|
Total Units |
|
|
Physical Occupancy |
|
Costs to Date |
|
|
Construction Completed |
|
Expected Stabilization (1) |
Novel Val Vista (2) |
|
Phoenix, AZ |
|
317 |
|
|
85.5% |
|
$ |
76,698 |
|
|
4Q24 |
|
2Q26 |
MAA Cathedral Arts |
|
Dallas, TX |
|
386 |
|
|
81.1% |
|
|
106,922 |
|
|
(3) |
|
2Q26 |
MAA Nixie |
|
Raleigh/Durham, NC |
|
406 |
|
|
35.5% |
|
|
142,841 |
|
|
3Q25 |
|
3Q26 |
Total |
|
|
|
|
1,109 |
|
|
65.7% |
|
$ |
326,461 |
|
|
|
|
|
(1)Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
(2)MAA owns 80% of the joint venture that owns this property.
(3)Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
|
MULTIFAMILY INTERIOR REDEVELOPMENT, WIFI RETROFIT AND PROPERTY REPOSITIONING ACTIVITY |
Dollars in thousands, except per unit data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2025 |
|
|
Program |
|
Units Completed |
|
|
Redevelopment Spend |
|
|
Average Cost per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
Estimated Units Remaining in Pipeline |
Interior Redevelopment |
|
|
5,995 |
|
|
$ |
36,447 |
|
|
$ |
6,080 |
|
|
$ |
95 |
|
|
6.9% |
|
9,000 - 12,000 |
During the fourth quarter of 2025, MAA continued its WiFi Retrofit program and its Property Repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. MAA spent $7.8 million on its WiFi Retrofit program and $12.1 million on its Property Repositioning program during the year ended December 31, 2025.
|
2025 ACQUISITION ACTIVITY AS OF DECEMBER 31, 2025 |
|
|
|
|
|
|
|
Multifamily Acquisitions |
|
Market |
|
Apartment Units |
|
Closing Date |
MAA ONE28 |
|
Kansas City, MO-KS |
|
318 |
|
Aug-25 |
|
|
|
|
|
Land Acquisitions |
|
Market |
|
Closing Date |
MAA Point Hope (1) |
|
Charleston, SC |
|
Jun-25 |
MAA ONE28 II |
|
Kansas City, MO-KS |
|
Oct-25 |
MAA One Scottsdale |
|
Phoenix, AZ |
|
Oct-25 |
(1)Represents a pre-purchase multifamily development. MAA owns 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2025. See “Multifamily Development Pipeline” above for additional information.
|
2025 DISPOSITION ACTIVITY AS OF DECEMBER 31, 2025 |
|
|
|
|
|
|
|
Multifamily Dispositions |
|
Market |
|
Apartment Units |
|
Closing Date |
Fairways |
|
Columbia, SC |
|
240 |
|
Mar-25 |
TPC Columbia |
|
Columbia, SC |
|
336 |
|
Mar-25 |
|
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2025 |
Dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBT SUMMARIES |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Versus Floating Rate Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Rate Maturity |
|
Fixed rate debt |
|
$ |
4,729,372 |
|
|
|
87.5 |
% |
|
|
3.8 |
% |
|
|
7.3 |
|
Floating rate debt |
|
|
676,000 |
|
|
|
12.5 |
% |
|
|
3.9 |
% |
|
|
0.1 |
|
Total |
|
$ |
5,405,372 |
|
|
|
100.0 |
% |
|
|
3.8 |
% |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Versus Secured Debt |
|
Balance |
|
|
Percent of Total |
|
|
Effective Interest Rate |
|
|
Average Years to Contract Maturity |
|
Unsecured debt |
|
$ |
5,044,979 |
|
|
|
93.3 |
% |
|
|
3.8 |
% |
|
|
5.2 |
|
Secured debt |
|
|
360,393 |
|
|
|
6.7 |
% |
|
|
4.4 |
% |
|
|
23.1 |
|
Total |
|
$ |
5,405,372 |
|
|
|
100.0 |
% |
|
|
3.8 |
% |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unencumbered Versus Encumbered Assets |
|
Total Cost |
|
|
Percent of Total |
|
|
Q4 2025 NOI |
|
|
Percent of Total |
|
Unencumbered gross assets |
|
$ |
17,135,380 |
|
|
|
95.6 |
% |
|
$ |
335,564 |
|
|
|
95.9 |
% |
Encumbered gross assets |
|
|
786,533 |
|
|
|
4.4 |
% |
|
|
14,256 |
|
|
|
4.1 |
% |
Total |
|
$ |
17,921,913 |
|
|
|
100.0 |
% |
|
$ |
349,820 |
|
|
|
100.0 |
% |
FIXED INTEREST RATE MATURITIES
|
|
|
|
|
|
|
|
|
|
Maturity |
|
Fixed Rate Debt |
|
|
|
Effective Interest Rate |
|
2026 |
|
$ |
299,516 |
|
|
|
|
1.2 |
% |
2027 |
|
|
598,907 |
|
|
|
|
3.7 |
% |
2028 |
|
|
398,519 |
|
|
|
|
4.2 |
% |
2029 |
|
|
554,833 |
|
|
|
|
3.7 |
% |
2030 |
|
|
298,573 |
|
|
|
|
3.1 |
% |
2031 |
|
|
446,959 |
|
|
|
|
1.8 |
% |
2032 |
|
|
395,428 |
|
|
|
|
5.4 |
% |
2033 |
|
|
393,928 |
|
|
|
|
4.8 |
% |
2034 |
|
|
344,477 |
|
|
|
|
5.1 |
% |
2035 |
|
|
344,342 |
|
|
|
|
5.1 |
% |
Thereafter |
|
|
653,890 |
|
|
|
|
3.8 |
% |
Total |
|
$ |
4,729,372 |
|
|
|
|
3.8 |
% |
|
DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2025 (CONTINUED) |
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity |
|
Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾ |
|
|
Public Bonds |
|
|
Secured |
|
|
Total |
|
2026 |
|
$ |
676,000 |
|
|
$ |
299,516 |
|
|
$ |
— |
|
|
$ |
975,516 |
|
2027 |
|
|
— |
|
|
|
598,907 |
|
|
|
— |
|
|
|
598,907 |
|
2028 |
|
|
— |
|
|
|
398,519 |
|
|
|
— |
|
|
|
398,519 |
|
2029 |
|
|
— |
|
|
|
554,833 |
|
|
|
— |
|
|
|
554,833 |
|
2030 |
|
|
— |
|
|
|
298,573 |
|
|
|
— |
|
|
|
298,573 |
|
2031 |
|
|
— |
|
|
|
446,959 |
|
|
|
— |
|
|
|
446,959 |
|
2032 |
|
|
— |
|
|
|
395,428 |
|
|
|
— |
|
|
|
395,428 |
|
2033 |
|
|
— |
|
|
|
393,928 |
|
|
|
— |
|
|
|
393,928 |
|
2034 |
|
|
— |
|
|
|
344,477 |
|
|
|
— |
|
|
|
344,477 |
|
2035 |
|
|
— |
|
|
|
344,342 |
|
|
|
— |
|
|
|
344,342 |
|
Thereafter |
|
|
— |
|
|
|
293,497 |
|
|
|
360,393 |
|
|
|
653,890 |
|
Total |
|
$ |
676,000 |
|
|
$ |
4,368,979 |
|
|
$ |
360,393 |
|
|
$ |
5,405,372 |
|
(1)The $676.0 million maturing in 2026 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of December 31, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended December 31, 2025, average daily borrowings outstanding under the commercial paper program were $531.8 million.
(2)There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of December 31, 2025. The facility has a maturity date of January 2030 with two six-month extension options.
DEBT COVENANT ANALYSIS (1)
|
|
|
|
|
|
|
Bond Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to adjusted total assets |
|
60% or less |
|
30.2% |
|
Yes |
Total secured debt to adjusted total assets |
|
40% or less |
|
2.0% |
|
Yes |
Consolidated income available for debt service to total annual debt service charge |
|
1.5x or greater for trailing 4 quarters |
|
6.1x |
|
Yes |
Total unencumbered assets to total unsecured debt |
|
Greater than 150% |
|
330.5% |
|
Yes |
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
Compliance |
Total debt to total capitalized asset value |
|
60% or less |
|
23.1% |
|
Yes |
Total secured debt to total capitalized asset value |
|
40% or less |
|
1.6% |
|
Yes |
Total adjusted EBITDA to fixed charges |
|
1.5x or greater for trailing 4 quarters |
|
6.5x |
|
Yes |
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
22.4% |
|
Yes |
(1)The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements, which have been filed by MAA and MAALP with the SEC.
MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below. The guidance projections provided below are based on current expectations and are forward-looking statements.
|
|
|
|
|
|
|
Full Year 2026 |
Earnings: |
|
Range |
|
Midpoint |
Earnings per common share - diluted |
|
$4.11 to $4.47 |
|
$4.29 |
Core FFO per Share - diluted |
|
$8.35 to $8.71 |
|
$8.53 |
Core AFFO per Share - diluted |
|
$7.32 to $7.68 |
|
$7.50 |
|
|
|
|
|
MAA Same Store Portfolio: |
|
|
|
|
Number of units |
|
96,561 |
|
96,561 |
Average physical occupancy |
|
95.30% to 95.90% |
|
95.60% |
Property revenue growth |
|
-0.20% to 1.30% |
|
0.55% |
Effective rent growth |
|
-0.15% to 0.85% |
|
0.35% |
Property operating expense growth |
|
1.90% to 3.40% |
|
2.65% |
NOI growth |
|
-1.70% to 0.30% |
|
-0.70% |
Real estate tax expense growth |
|
1.25% to 3.25% |
|
2.25% |
|
|
|
|
|
Corporate Expenses: ($ in millions) |
|
|
|
|
Property management expenses |
|
$77.5 to $79.5 |
|
$78.5 |
General and administrative expenses |
|
$56.5 to $58.5 |
|
$57.5 |
Total overhead |
|
$134.0 to $138.0 |
|
$136.0 |
|
|
|
|
|
Transaction/Investment Volume: ($ in millions) |
|
|
|
|
Multifamily acquisition volume |
|
$200.0 to $300.0 |
|
$250.0 |
Multifamily disposition volume |
|
$200.0 to $300.0 |
|
$250.0 |
Development investment |
|
$350.0 to $450.0 |
|
$400.0 |
|
|
|
|
|
Debt: |
|
|
|
|
Average effective interest rate |
|
3.6% to 3.8% |
|
3.7% |
Capitalized interest ($ in millions) |
|
$18.0 to $20.0 |
|
$19.0 |
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
Diluted common shares and units |
|
119.75 to 120.05 million |
|
119.90 million |
|
2025 SAME STORE COMPONENTS OF NET OPERATING INCOME RECAST FOR 2026 SAME STORE PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
Q4 2025 |
|
|
Full Year 2025 |
|
Same Store Revenues Recast for 2026 Same Store Portfolio |
|
$ |
518,640 |
|
|
$ |
2,077,526 |
|
Same Store Expenses Recast for 2026 Same Store Portfolio |
|
|
188,984 |
|
|
|
773,572 |
|
Same Store NOI Recast for 2026 Same Store Portfolio |
|
$ |
329,656 |
|
|
$ |
1,303,954 |
|
|
RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2026 GUIDANCE |
|
|
|
|
|
|
|
|
|
|
|
Full Year 2026 Guidance Range |
|
|
|
Low |
|
|
High |
|
Earnings per common share - diluted |
|
$ |
4.11 |
|
|
$ |
4.47 |
|
Real estate depreciation and amortization |
|
|
5.38 |
|
|
|
5.38 |
|
Gains on sale of depreciable assets |
|
|
(1.19 |
) |
|
|
(1.19 |
) |
FFO per Share - diluted |
|
|
8.30 |
|
|
|
8.66 |
|
Non-Core FFO items (1) |
|
|
0.05 |
|
|
|
0.05 |
|
Core FFO per Share - diluted |
|
|
8.35 |
|
|
|
8.71 |
|
Recurring capital expenditures |
|
|
(1.03 |
) |
|
|
(1.03 |
) |
Core AFFO per Share - diluted |
|
$ |
7.32 |
|
|
$ |
7.68 |
|
(1)Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments.
|
|
|
|
|
|
|
|
|
Commercial |
|
Long-Term |
|
|
|
|
Paper Rating |
|
Debt Rating |
|
Outlook |
Fitch Ratings (1) |
|
F1 |
|
A- |
|
Stable |
Moody’s Investors Service (2) |
|
P-2 |
|
A3 |
|
Stable |
Standard & Poor’s Ratings Services (1) |
|
A-2 |
|
A- |
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Stable |
(1)Corporate credit rating assigned to MAA and MAALP
(2)Corporate credit rating assigned to MAALP
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Stock Symbol: |
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MAA |
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Exchange Traded: |
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NYSE |
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Estimated Future Dates: |
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Q1 2026 |
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Q2 2026 |
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Q3 2026 |
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Q4 2026 |
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Earnings release & conference call |
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Late
April |
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Late
July |
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Late
October |
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Early
February |
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Dividend Information - Common Shares: |
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Q4 2024 |
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Q1 2025 |
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Q2 2025 |
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Q3 2025 |
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Q4 2025 |
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Declaration date |
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12/10/2024 |
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3/18/2025 |
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5/21/2025 |
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9/23/2025 |
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12/10/2025 |
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Record date |
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1/15/2025 |
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4/15/2025 |
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7/15/2025 |
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10/15/2025 |
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1/15/2026 |
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Payment date |
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1/31/2025 |
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4/30/2025 |
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7/31/2025 |
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10/31/2025 |
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1/30/2026 |
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Distributions per share |
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$ |
1.5150 |
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$ |
1.5150 |
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$ |
1.5150 |
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$ |
1.5150 |
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$ |
1.5300 |
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MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
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For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com. |
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For Questions Contact: |
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Name |
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Title |
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Andrew Schaeffer |
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Senior Vice President, Treasurer and Director of Capital Markets |
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Jennifer Patrick |
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Director of Investor Relations |
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Phone: 866-576-9689 (toll free) |
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Email: investor.relations@maac.com |