- Adjusted EBITDAre was approximately $133 million for Q2 2025, down about 6% year-over-year.
- Adjusted hotel EBITDA for comparable hotels was $142 million in Q2 2025, down approximately 5% year-over-year.
- Comparable hotels total revenue was $380 million for Q2 2025, slightly down from Q2 2024.
- MFFO for Q2 2025 was approximately $112 million or $0.47 per share, down 6% on a per share basis compared to Q2 2024.
- Q2 2025 comparable hotels RevPAR was $129, down 1.7% compared to Q2 2024, with ADR at $164 and occupancy at 79%.
- Total hotel expenses increased by 2.8% for Q2 2025, with payroll per occupied room up 3% to $39.
- Year-to-date through June, comparable hotels RevPAR was $120, down 1.1%, ADR was $160 (up 0.4%), and occupancy was 75%.
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- Cash and GAAP rent growth were strong at 3.6% and 17.6%, respectively.
- Highwoods Properties delivered FFO of $0.89 per share in Q2 2025, with net income of $18.3 million or $0.17 per share.
- Leasing volumes were strong with 923,000 square feet of second-gen leasing, including 371,000 square feet of new leasing.
- Occupancy was roughly flat from Q1 at 85.6%, while leased rate increased 80 basis points to 88.9%.
- The company raised the mid-point of its 2025 FFO outlook by $0.02 to a range of $3.37 to $3.45 per share.
- The debt-to-adjusted EBITDAre ratio was 6.3x at quarter-end, with $106 million left to fund on the development pipeline and over $700 million of available liquidity.
- The quarter included three atypical items: a $3 million payment from Florida Department of Transportation, $1 million of term fees from early space takebacks, and nearly $1 million write-off of predevelopment costs.
- Adjusted company FFO in Q2 was $0.16 per diluted common share or approximately $47 million.
- Net debt to adjusted EBITDA was 5.8x at quarter end, down 0.4 turns over the last 12 months.
- Portfolio occupancy increased to 94.1% in Q2, up from 93.3% in Q1.
- Repurchased approximately $28 million of floating rate trust preferred securities at a 5% discount to par, yielding approximately 6.6%.
- Same-store NOI growth was 4.7% in Q2 with same-store portfolio 98% leased at quarter end.
- Sold a property in Chillicothe, Ohio for approximately $40 million at a 4.3% cash capitalization rate.
- Core FAD increased by $0.05 to $0.71, reflecting rent escalations and turnaround impact of deferred rent from the prior year.
- Core FFO improved to $0.68 from $0.67 year-over-year, driven by decreased interest expense, increased fair market rent resets, and higher SHOP NOI.
- Debt to annualized adjusted EBITDA for real estate was 4.2x, with an annualized adjusted fixed charge coverage ratio of 5.1x as of June 30.
- SHOP portfolio NOI totaled $2.5 million in Q2 with average occupancy at 81%, generating approximately $780,000 more income than under prior triple net leases for the same period last year.
- Total liquidity stood at $674 million, supported by a new 4-year unsecured credit agreement increasing revolver commitments from $425 million to $600 million, with potential to increase to $1.2 billion.
- Balance sheet is strong with no secured debt maturing before 2028 and weighted average debt maturity of almost 8 years.
- Core community-based rental income increased 5.5% for the quarter and year-to-date.
- Core operating expenses were flat in the quarter, with expense growth 190 basis points lower than guidance.
- Core portfolio generated 6.4% NOI growth in the quarter, 70 basis points higher than guidance.
- Core RV and marina annual base rental income increased 3.7% in the quarter and 3.9% year-to-date.
- Membership business contributed $16 million net in the quarter and $31.4 million year-to-date.
- NOI increased 5% year-to-date compared to last year.
- Normalized per share FFO growth year-to-date is 5.7%.
- Seasonal rent decreased 5.6% and transient decreased 8.6% year-to-date.
- Second quarter normalized FFO was $0.69 per share, in line with midpoint guidance.
- Year-to-date expense growth was 70 basis points including insurance renewal impact.
- Adjusted Funds From Operations (AFFO) was negative $3.4 million or $0.10 per share, down from a positive $3.7 million or $0.10 per share in Q2 2024.
- Core operating expenses decreased by about $200,000, with lower G&A costs partially offset by higher property operating expenses related to water rights protection and vacant farms.
- Dividends declared per common share remained steady at $0.14.
- Fixed base cash rents declined by approximately $6.8 million year-over-year due to lease modifications, vacancies, and farm sales.
- Gladstone Land reported a net loss of $7.9 million and a net loss to common shareholders of $13.9 million or $0.38 per share for Q2 2025.
- Interest expense decreased due to loan repayments over the past year.
- Liquidity remains strong with over $150 million in available capital and nearly $170 million in unpledged properties for additional collateral.
Dafinchi