Balance sheet liquidity was over $300 million with net debt to adjusted EBITDA at 3.3x, 95% fixed rate debt, and a weighted average interest rate of 4.67%.
G&A expenses decreased 3.3% year-over-year to approximately $7 million for the quarter.
Q2 CRE and Corporate-related FFO per share was $0.29, up 3.6% from last year, including a $0.01 non-cash straight-line rent adjustment.
Q2 dividend was $0.225 per share, with a third quarter dividend declared at the same rate.
Q2 NOI was $33.6 million, a 6.3% increase year-over-year, reflecting higher occupancy.
The portfolio delivered strong results in Q2 2025 with same-store NOI growth of 5.3%, driven by a 140 basis point improvement in same-store economic occupancy.
Total company FFO was $0.48 per share, $0.20 higher than Q2 2024, with $0.19 from land operations due to legacy obligation resolutions, land sales, and joint venture income.
Corteva delivered top and bottom line growth in Q2 and first half 2025, with over 200 basis points of operating EBITDA margin expansion in Q2 and 300 basis points for the half.
Crop Protection segment achieved over 350 basis points of margin expansion for the half, driven by productivity, deflation benefits, and volume gains, notably in Brazil.
Currency headwinds, primarily from Turkish Lira and Canadian Dollar, negatively impacted EBITDA by roughly $150 million.
Operating EBITDA grew 13% in Q2 and 14% in the first half, reaching over $3.35 billion for the half.
Organic sales increased 7% in Q2 and 5% in the first half, driven by gains in both Seed and Crop Protection segments.
Seed segment showed 280 basis points of margin expansion and volume gains, especially in North America, with strong branded share gains in corn and soybeans.
SG&A expenses increased due to higher commissions, compensation, and bad debt, aligned with increased R&D investment targeting 8% of sales.
Dafinchi