- 85% of executed leases in 2025 came from street and urban portfolio compared to 30% in 2024.
- Balance sheet liquidity of approximately $600 million with net debt to EBITDA at 5.5x.
- Executed approximately $7.5 million of new leases in first half of 2025, nearly 100% increase over $3.8 million in 2024.
- FFO as adjusted for realized gains from Albertsons stock sales was $0.32 per share, in line with expectations.
- New 5-year $250 million term loan executed at 120 basis points over SOFR, all-in cost about 4.6% after swaps.
- Projected year-over-year NAREIT FFO growth of about 10% at the midpoint of 2025 guidance.
- Reported NAREIT FFO of $0.27 per share in Q2 2025, an 8% increase over $0.25 in Q2 2024.
- Same-store NOI growth reaffirmed at 5% to 6% for 2025, trending towards midpoint or slightly ahead.
- Total core occupancy increased by 50 basis points to 92.2%, with expectation to reach 94% to 95% by year-end.
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- Veris Residential has executed or completed approximately $450 million of non-strategic asset sales year-to-date, surpassing the initial target of $300-$500 million by 2026.
- Recent sales include Signature Place in New Jersey for $85 million and 145 Front Street in Worcester for $122 million, both at a cap rate of 5.1%.
- Additional binding contracts for $180 million in sales are expected to close soon, supporting the goal to reduce leverage to below 9x by 2026.
- The asset sales are primarily aimed at deleveraging the balance sheet and reducing debt costs, with a focus on smaller assets and land.
- Ameris Bancorp reported net income of $109.8 million or $1.60 per diluted share in Q2, a 21% increase year-over-year.
- Capital ratios strengthened with common equity Tier 1 at 13% and tangible common equity (TCE) ratio at 11.09%.
- Deposits increased slightly by $20 million, with noninterest-bearing deposits growing to 31% of total deposits.
- Loan growth was 6.5% annualized, driven mostly by commercial and industrial (C&I) loans, with total loan production at $1.9 billion.
- Provision for credit losses was $2.8 million, with asset quality improving across nonperforming assets, net charge-offs, and classified loans.
- Return on assets (ROA) improved to 1.65%, return on tangible common equity (ROTE) rose to 15.8%, and the efficiency ratio improved to 51.63%.
- Revenue grew at an annualized rate of 20.9%, outpacing expense growth, with net interest margin (NIM) expanding 4 basis points to 3.77%.
- Invested over $725 million in H1 2025, more than doubling the previous year's first half.
- Raised full-year investment guidance to $1.4-$1.6 billion, a 58% increase over last year.
- Anticipates accelerating investment in Q3 and Q4, with a pipeline supporting over $100 million in development projects before year-end.
- Focus on expanding the company's market position through diversified, non-speculative ground-up development projects with fixed returns.
- Average base rent per leased square foot grew 5.3% year-over-year to $25.28.
- Bad debt for the quarter was just under 1% of revenues, consistent with prior year and within forecasted range.
- Debt-to-EBITDAre improved to 7.2x from 7.8x a year ago, with an expected year-end target of about 7x.
- G&A and interest expenses were reduced by about 6% compared to the prior year.
- Leasing spreads remained strong with straight-line leasing spreads of 17.9%, marking the 13th consecutive quarter above 17%.
- Occupancy increased 100 basis points sequentially from Q1 to 93.9%.
- Same-store NOI growth was 2.5% for the quarter and 3.9% for the 6 months, on track to meet the full-year target range of 3% to 4.5%.
- Whitestone REIT delivered core FFO per share of $0.26 for Q2 2025 and $0.51 for the first 6 months, representing a 5.4% and 5.6% year-over-year increase respectively.
- Adjusted EBITDAre remained relatively flat at $85 million.
- Cash basis NOI grew by 2.1% compared to the same period last year.
- Interest coverage ratio increased from 1.2x to 1.3x.
- Interest expense decreased by $1.9 million compared to Q1 2025 to $67.9 million, with expected further decline in Q3 to approximately $63.5 million.
- Net debt to total assets ratio increased slightly to 69.9%, net debt coverage ratio remained at 12x.
- NOI was $87.6 million and cash basis NOI was $84.7 million, both increasing year-over-year and sequentially.
- Normalized FFO increased 54% year-over-year to $13.8 million or $0.21 per share, at the high end of guidance.
- Occupancy ended the quarter at 94.3%, exceeding the national industrial average by 170 basis points.
- Variable debt to net debt ratio declined from 64.8% to 34.4% due to refinancing.
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