In Q2 2025, American Assets Trust reported FFO per diluted share of $0.52, slightly above expectations, with same-store cash NOI approximately flat for the quarter and up 1.4% year-to-date.
Liquidity at quarter-end was approximately $544 million, including $144 million cash and $400 million available on revolving credit line.
Mixed-use Waikiki Beach Walk NOI declined 5% year-over-year, with hotel component down approximately 15% due to lower occupancy and RevPAR amid softness in leisure demand.
Multifamily portfolio was approximately 94% leased, with blended rent increases of 6%, though facing competitive leasing environment and elevated operating costs.
Net debt-to-EBITDA ratio was 6.3x trailing 12 months and 6.6x quarter annualized; interest coverage ratio about 3.1x.
Net income attributable to common stockholders per share was $0.09 in Q2 2025.
Office portfolio ended Q2 82% leased, with same-store office cash NOI flat for the quarter and up over 2% year-to-date.
Retail portfolio was 98% leased with same-store cash NOI growth of 4.5%, driven by new and renewal leases and rent escalations.
Same-store multifamily NOI declined 3.9%, and same-store mixed-use NOI declined approximately 5%, primarily due to hotel performance.
Assets under management grew 2% in the quarter, reaching $171 billion at June 30, up $4 billion sequentially due to market performance.
Cash and equivalents were $172.2 million; net debt was $62.5 million or 0.2x EBITDA; gross debt-to-EBITDA remained at 0.7x.
Earnings per share as adjusted increased to $6.25 from $5.73 in the first quarter but decreased 4% year-over-year on lower average assets.
Employment expenses as adjusted decreased 11% sequentially to $97.2 million, reflecting seasonal expenses and lower variable incentive compensation.
ETFs had positive net flows and reached $3.7 billion in AUM with a 74% organic growth rate over the trailing 12 months.
Net income per share on a GAAP basis was $6.12, up from $4.05 in the first quarter due to seasonal items and fair value adjustments.
Operating margin improved to 31.3% from 27.6% sequentially, reflecting seasonal expense impacts.
Other operating expenses as adjusted were $32 million, a 2% sequential increase due to annual equity grants to the Board of Directors.
Total net outflows for the quarter were $3.9 billion, largely in equity strategies; fixed income, alternatives, and multi-assets had modest net outflows.
Total sales were $5.6 billion compared with $6.2 billion in the first quarter, with modest declines across products reflecting market disruption early in the quarter.
NBT Bancorp reported net income of $22.5 million or $0.44 per diluted common share for Q2 2025.
Net interest margin increased 15 basis points to 3.59%, with net interest income at $124.2 million, up $17 million from the prior quarter.
Noninterest income, excluding securities gains, was $46.8 million, down 1.5% sequentially but up 8% year-over-year.
Operating earnings per share, excluding acquisition expenses and related items, were $0.88, up $0.08 from the prior quarter.
Provision for loan losses was $17.8 million, up from $7.6 million in Q1 2025, driven by $13 million acquisition-related provision and a modest economic forecast deterioration.
Revenues grew approximately 10.5% from the prior quarter and 22% year-over-year, driven by net interest income improvements and the Evans merger.
Tangible book value per share was $24.57, 9% higher than a year ago, with a tangible equity ratio above pre-merger levels.
Total operating expenses, excluding acquisition costs, were $105.4 million, a 6.3% increase from the prior quarter, mainly due to Evans acquisition and merit pay increases.
Dafinchi