Brokerage segment revenue growth was 17%, organic growth 5.3%, adjusted EBITDAC margin expanded 334 basis points to 36.4%.
Completed 9 mergers in Q2 representing $290 million of estimated annualized revenue.
For combined Brokerage and Risk Management segments, posted 16% revenue growth, 5.4% organic growth, net earnings margin of 17.3%, adjusted EBITDAC margin of 34.5% up 307 basis points YoY, adjusted EBITDAC growth of 26%.
GAAP earnings per share of $2.11 and adjusted earnings per share of $2.95.
Reinsurance, wholesale and specialty businesses delivered nearly 7% organic growth, including 5% from Gallagher Re and over 7% from wholesale and specialty.
Retail operations delivered 4% organic growth; U.S. organic 5%, international operations around 3%.
Risk Management segment revenue growth was 9%, organic growth 6.2%, adjusted EBITDAC margin was 21%, better than June expectations.
AFFO per share was $1.28 for the second quarter, representing a 9.4% increase year-over-year driven by accretive investment activity and sector-leading rent growth.
Comprehensive same-store rent growth was 4% year-over-year, reflecting rent collections, recovery of past due rent, leasing activity, and vacancies.
Contractual same-store rent growth for Q2 was 2.3% year-over-year, with CPI-linked escalations averaging 2.6% and fixed rent increases averaging 2.1%.
Dividend declared at $0.90 per share for Q2, a 3.4% increase over prior year, with a payout ratio of approximately 73% of AFFO per share.
G&A expenses are expected between $99 million and $102 million for the full year, with non-reimbursed property expenses between $50 million and $54 million.
Key leverage metrics remain within target ranges: debt to gross assets at 43.2% and net debt to adjusted EBITDA at 5.8x.
Liquidity at quarter end was about $1.7 billion, with $660 million drawn on the revolver, partially paid down after a $400 million bond issuance.
Nonoperating income is expected around $20 million for the full year, mainly from dividends on equity stakes.
Operating property NOI for 2025 is estimated between $55 million and $60 million, including hotel and student housing properties.
Tax expense on an AFFO basis is expected between $42 million and $46 million, primarily foreign taxes on European assets.
Dafinchi