We consider a wave equation with semilinear porous acoustic boundary conditions. This is a coupled system of second and first order in time partial differential equations, with possibly semilinear boundary conditions on the interface. The results obtained are (i) strong stability for the linear model, (ii) exponential decay rates for the energy of the linear model, and (iii) local exponential decay rates for the energy of the semilinear model. This work builds on a previous result showing generation of a well-posed dynamical system. The main tools used in the proofs are (i) the Stability Theorem of Arendt-Batty, (ii) energy methods used in the study of a wave equation with boundary damping, and (iii) an abstract result of I. Lasiecka applicable to hyperbolic-like systems with nonlinearly perturbed boundary conditions.