- 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.
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- Allowance for credit losses declined by 2 basis points to 1.24% of total loans.
- Expenses increased by $3 million compared to Q1, mainly due to salary increases, incentives, and higher medical costs.
- Loan growth was 5% for the quarter, driving total assets to over $9.8 billion.
- Net interest margin expanded to 3.88%, up 7 basis points linked quarter, with net interest income rising almost 4%.
- Noninterest income increased by $3.1 million, aided by a rebound in consumer activity and securities repositioning.
- Q2 2025 EPS was $0.83 with net income of $32 million and ROA of 1.32%.
- Tangible common equity ratio increased by 18 basis points, supported by strong retained earnings and AOCI improvement.
- Adjusted operating earnings were $135.1 million or $0.95 per common share, with an adjusted operating return on tangible common equity of 23.8% and adjusted operating return on assets of 1.46%.
- Adjusted operating noninterest expense increased $58.6 million to $182.4 million from Q1, mainly due to acquisition-related increases.
- Adjusted operating noninterest income increased $22.2 million from Q1, driven by acquisition impacts and increases in fiduciary fees, service charges, interchange fees, and mortgage banking income.
- Allowance for credit losses increased to $342.4 million, or 125 basis points of loans, primarily due to acquisition-related reserves.
- Atlantic Union Bankshares reported second quarter 2025 net income available to common shareholders of $16.8 million and earnings per common share of $0.12.
- CET1 capital ratio was 9.8%, with regulatory capital ratios comfortably above well-capitalized levels.
- Loan balances increased by $8.9 billion to $27.3 billion, driven by Sandy Spring acquisition.
- Loan-to-deposit ratio was approximately 88% at quarter-end.
- Net charge-offs decreased to $666,000 or 1 basis point annualized in Q2, down from 5 basis points in Q1.
- Noninterest income increased $52.3 million to $81.5 million, including gains on sale of $2 billion CRE loans and equity interest in Cary Street Partners.
- Reported noninterest expense increased $145.5 million to $279.7 million, primarily due to merger-related costs and full quarter impact of Sandy Spring acquisition.
- Tax equivalent net interest income increased by $137.8 million from Q1, driven by Sandy Spring acquisition and organic loan growth.
- The adjusted operating efficiency ratio was 48.3% in Q2 2025.
- The reported full tax equivalent net interest margin expanded by 38 basis points to 3.83%, with core net interest margin improving by 8 basis points.
- Total deposits increased by $10.5 billion to $31 billion, primarily from Sandy Spring acquired deposits.
- Ancillary spending remained strong with F&B revenue up 4%, banquet revenue up 1%, and other revenue (including golf and spa) up 13%.
- Business interruption proceeds of $9 million related to Hurricanes Helene and Milton benefited Q2 results, compared to $30 million in Q2 2024 from Hurricane Ian and Maui wildfires.
- Comparable hotel EBITDA margin declined 120 basis points to 31%, impacted by the absence of prior year business interruption proceeds.
- Comparable hotel total RevPAR improved 4.2% year-over-year, driven by stronger transient demand, higher ADR, and increased ancillary spend.
- In Q2 2025, Host Hotels & Resorts delivered adjusted EBITDAre of $496 million, a 3.1% increase year-over-year, and adjusted FFO per share of $0.58, up 1.8%.
- The Westin Cincinnati was sold for $60 million at a 14.3x trailing EBITDA multiple, and 6.7 million shares were repurchased for $105 million in Q2.
- Transient revenue grew 7%, with Maui accounting for approximately 40% of this growth, while group room revenue decreased 5% due to calendar shifts and renovation disruptions.
- AFFO was $0.41 per share for the quarter and $0.84 year-to-date, also on track relative to full year guidance of $1.58 to $1.64 per share.
- Blended rent growth was 4% in Q2, driven by 4.7% renewal rent growth and 2.2% growth in new leases.
- Invitation Homes reported second quarter core FFO of $0.48 per share and year-to-date core FFO of $0.97 per share, tracking well against full year guidance of $1.88 to $1.94 per share.
- July preliminary results showed same-store average occupancy at 96.6%, renewal lease rate growth at 5%, and new lease rate growth at 1.3%, with blended lease rate growth of 3.8%.
- Liquidity remained robust with approximately $1.3 billion in unrestricted cash and undrawn revolving credit capacity.
- Net debt to trailing 12-month adjusted EBITDA ratio was 5.3x, slightly below the target range of 5.5 to 6x.
- Over 83% of debt is unsecured and nearly 88% is fixed rate or swapped to fixed rate, with a total swap book over $2 billion at a weighted average strike rate just over 3%.
- Same-store core revenue grew 2.4% year-over-year, with core operating expenses rising 2.2%, resulting in 2.5% NOI growth.
- Ares reported strong second quarter results with significant growth in AUM and fee-paying AUM driven by fundraising, investing efforts, and market appreciation.
- Corporate private equity composite rose 3.3% gross, private equity secondaries generated 3.1% net and gross returns.
- Credit strategies delivered strong quarterly gross returns ranging from 2.2% to 5.5%, with double-digit returns over the last 12 months.
- Fee-paying AUM (FPAUM) increased to $350 billion, a 17% quarter-over-quarter organic growth on an annualized basis.
- GCP acquisition contributed $103 million in revenues and $34 million in FRE with a 33% FRE margin, temporarily compressing overall FRE margin by 90 basis points.
- Management fees grew 24% year-over-year, total fee-related revenue grew 29%, and fee-related earnings (FRE) grew 26%.
- Management fees reached a record $900 million in the quarter.
- Net accrued performance income increased 8.5% to $1.1 billion, with strong investment results across the business.
- Other fees more than tripled year-over-year due to GCP's vertically integrated real estate capabilities.
- Quarterly AUM increased to $572 billion, representing quarter-over-quarter organic growth of 19% on an annualized basis.
- Real estate equity composite increased 3.4% gross, diversified nontraded REIT generated 4.5% net return for first half of the year.
- Realized income totaled $398 million, a 10% year-over-year increase, with an effective tax rate of 9.5%.
- Second quarter fee-related performance revenues totaled $17 million, mostly from APMF, with expected seasonality in future quarters.
- American Express reported record revenues of $17.9 billion, up 9% year over year in Q2 2025.
- Capital position remains strong with CET1 ratio at 10%, stress capital buffer at the lowest permissible 2.5%, and ROE of 36%.
- Delinquency rates remained flat and write-off rates declined, reflecting strong credit quality.
- Earnings per share were $4.08, up 17% excluding last year's gain from the sale of the certified portfolio.
- Net card fees reached record levels, up 20% FX adjusted, more than doubling since 2019.
- Net interest income grew at a double-digit pace driven by balance sheet growth and margin expansion.
- Operating expenses grew 9% excluding certified, driven by investments in risk management and technology, but operating leverage improved with expenses as a percentage of revenue down from 25% to 21%.
- Reaffirmed full-year guidance of 8% to 10% revenue growth and EPS between $15 and $15.50.
- Returned $2 billion to shareholders including $0.6 billion dividends and $1.4 billion share repurchases.
- Total card member spending increased 7%, with strong growth in goods and services and restaurant spending, offset by softer airline and lodging spend.
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