- Adjusted EBITDA grew 1.8% year-over-year, or approximately 4.5% excluding noncash net straight line, despite FX headwinds.
- American Tower reported strong second quarter 2025 results with consolidated property revenue growth of 1.2% year-over-year, or more than 3% excluding noncash straight-line revenue.
- Attributable AFFO and AFFO per share declined approximately 6.7% and 6.8%, respectively, primarily due to prior year revenue reserve reversals in India.
- Cash adjusted EBITDA margin declined 40 basis points, partially due to higher contribution from U.S. services business.
- CoreSite data center business posted over 13% property revenue growth with double-digit revenue growth and gross margin expansion.
- On an as-adjusted basis normalizing for India sale, AFFO per share grew approximately 2.4%.
- Organic tenant billings growth was 4.7% consolidated, driven by solid demand across global portfolio, with U.S. and Canada at 3.7% and International at 6.5%.
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- Adjusted diluted EPS grew 10% year-over-year.
- Adjusted expenses increased moderately across divisions, driven by compensation, currency translation, and strategic investments.
- Adjusted expenses increased modestly across divisions, driven by compensation, currency translation, and strategic investments.
- Commodity Insights revenue grew 8%, with Energy & Resources Data & Insights up 10%; operating margin improved by 130 basis points to 48.6%.
- Commodity Insights revenue increased 8%, with Energy & Resources Data & Insights growing 10%.
- Energy Transition and Sustainability revenue grew 7% to $93 million in the quarter.
- Market Intelligence division achieved 7% organic constant currency revenue growth and more than 200 basis points of margin expansion in the quarter.
- Market Intelligence division achieved 7% organic constant currency revenue growth and over 200 basis points of margin expansion.
- Market Intelligence reported 5% revenue growth with 7% organic constant currency growth; operating margin improved by 240 basis points to 35.3%.
- Market Intelligence revenue increased 5% reported and 7% organic constant currency; operating margin improved by 240 basis points to 35.3%.
- Mobility revenue increased 10% year-over-year; margins improved 140 basis points to 42.3%.
- Private Market revenue increased 11% year-over-year to $148 million.
- Private markets revenue showed strong growth, led by private credit within Ratings.
- Ratings revenue increased 1% year-over-year, with transaction revenue down 4% and non-transaction revenue up 8%.
- Ratings revenue increased 1% year-over-year, with transaction revenue down 4% but non-transaction revenue up 8%.
- Revenue increased 6% year-over-year in the second quarter, with subscription revenue increasing 7%.
- S&P Dow Jones Indices revenue increased 15%, driven by Asset-Linked Fees up 17% and Exchange-Traded Derivatives revenue up 15%.
- S&P Dow Jones Indices revenue increased 15%, driven by Asset-Linked Fees up 17% and Exchange-Traded Derivatives revenue up 15%; operating margin improved 60 basis points to 71.3%.
- S&P Global reported 6% year-over-year revenue growth in Q2 2025, with subscription revenue up 7%.
- Trailing 12-month margin expanded by 150 basis points driven by disciplined expense management and strategic investments.
- Trailing 12-month margin expansion of 150 basis points was delivered through strategic investments and disciplined expense management.
- Assets under management (AUM) reached a record $465 billion at quarter-end, with $51 billion of organic inflows over the past 12 months.
- Carlyle delivered record fee-related earnings (FRE) of $323 million in Q2 2025, up 18% year-over-year, with year-to-date FRE at $634 million and a 48% margin.
- Corporate private equity returned nearly $15 billion to investors over the last 12 months, triple the industry average, with strong portfolio realizations and performance.
- Global Credit and Carlyle AlpInvest accounted for 55% of firm-wide FRE, up from less than 30% two years ago, reflecting diversification and growth.
- Management fees increased 7% to $590 million in Q2 and $1.1 billion year-to-date, while capital markets fees more than doubled to $48 million in Q2 and $126 million year-to-date.
- Adjusted Funds From Operations (AFFO) was $53.1 million or $0.24 per share in Q2 2025.
- GNL reported Q2 2025 revenue of $124.9 million and a net loss attributable to common stockholders of $35.1 million.
- Gross outstanding debt was reduced to $3.1 billion, down $2 billion from Q2 2024, with 85% fixed-rate debt and a weighted average interest rate of 4.3%.
- Liquidity increased to approximately $1 billion with $1.1 billion capacity on the revolving credit facility.
- Net debt to adjusted EBITDA ratio improved significantly to 6.6x from 8.1x a year ago.
- AFFO for Q2 2025 was $1.3 million or $0.03 per share, up from the prior year, positively impacted by lower interest expense and increased loan program activity.
- AFFO for the six months was $3.6 million or $0.08 per share, higher than 2024, helped by lower interest expense, higher interest income, and proceeds from a solar lease arrangement.
- For Q2 2025, net income was $7.8 million or $0.15 per share, higher than Q2 2024 due to gains on dispositions of 32 properties, lower G&A costs, lower interest expenses, and higher interest income.
- For the six months ended June 30, 2025, net income was $9.9 million or $0.18 per share, higher than 2024 due to 34 property dispositions, debt reductions, lower G&A, and increased interest income.
- Gain on disposition of assets was $25 million on $81.6 million of property sales in 2025, compared to a loss of $0.1 million in 2024.
- General and administrative expenses decreased primarily due to a one-time severance expense in 2024.
- Interest expense decreased by $2.8 million in Q2 and $5.2 million year-to-date due to debt reductions since October 2024.
- Lines of credit were repaid in full with $23 million payments in early July 2025.
- Undrawn capacity on lines of credit was approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets in 2025.
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