- FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
- Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
- Other income averaged about $20 million per quarter, consistent with recent history.
- Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
- Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
- Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
- Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
- Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
- Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.
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- Annaly has maintained a diversified housing finance strategy that has delivered a 13% annualized economic return over the past three years.
- The company's portfolio includes Agency MBS, Residential Credit, and MSR, which collectively contributed to positive results in Q3 2025.
- Annaly's approach involves actively managing convexity and spread risks across different asset classes to optimize returns.
- The firm raised $1.1 billion of equity in Q3, including $800 million through ATM programs, highlighting strong investor confidence.
- Annaly's strategic focus on low note rate MSRs and proprietary assets has helped sustain cash flow stability amid market fluctuations.
- Entertainment segment posted record revenue of $143 million and adjusted EBITDAre of $34 million, driven by investments in Category 10, Block 21, and Southern Entertainment, though margin declined due to investments and one-time tax refunds.
- Group rooms revenue on the books for 2026 and 2027 is up 9% and 10% respectively compared to the same time last year, with mid-single digit ADR growth.
- Leisure demand increased approximately 4% year-over-year, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softness at Gaylord Opryland due to new hotel supply in Nashville.
- RevPAR was essentially flat year-over-year, with total RevPAR declining 160 basis points, impacted by Easter timing and a shift to higher association group mix with lower banquet and AV revenue.
- Ryman Hospitality Properties delivered record consolidated revenue in Q2 2025 with the same-store hospitality segment achieving the second-highest adjusted EBITDAre in its history, trailing only Q2 2024.
- Same-store hospitality segment adjusted EBITDAre was $187 million, down approximately $18 million year-over-year, with a 280 basis point margin decline due to timing of Easter, group mix shift, one-time franchise tax refunds last year, and wage increases.
- Year-to-date same-store hospitality adjusted EBITDAre came within $30,000 of the original operating plan despite a complex operating environment.
- Commercial revenue increased by 33%, driven by broad-based strength across asset classes, notably industrial and multifamily.
- All-time record in National Commercial Services division for fee per file, with a 30% increase in fee per file.
- Strong pipeline with high-quality, large deals, including 11 transactions over $1 million.
- Anticipation of deal acceleration in Q4 due to upcoming renewable energy tax incentives, with a positive outlook for the second half of the year.
- Core FFO for Q2 2025 was $0.58 per share, a 9.4% increase year-over-year, driven by strong same-center NOI growth of 5.3%.
- Liquidity totaled approximately $614 million, including cash, lines of credit, and forward equity proceeds.
- Net debt to adjusted EBITDA was 5x at quarter end, with 95% of debt at fixed rates and a weighted average interest rate of 4%.
- Occupancy increased sequentially to 96.6%, with blended leasing spreads of 12% over the trailing 12 months.
- Same-center NOI for the first half of 2025 increased 3.8%.
- Tenant sales rose 6.2% to $465 per square foot on a trailing 12-month basis, supported by increased traffic to centers.
- Adjusted EBITDAre for Q2 was $73 million and adjusted FFO was $0.28 per diluted share.
- Net leverage stood at 3.5x trailing earnings or 4.8x including preferred equity.
- Second quarter RevPAR increased 2.2% year-over-year, with total RevPAR growth of 3.7%.
- Sold Hilton New Orleans St. Charles at a mid-8% cap rate on 2024 earnings and redeployed proceeds into $100 million of share repurchases.
- Strong ancillary spend offset lighter rooms revenue growth, mitigating margin pressure.
- Total liquidity exceeded $600 million, including cash, equivalents, and credit facility capacity.
- Allowance for credit losses increased to $59 million, with a coverage ratio of 1.25% of total loans.
- CET1 ratio modestly decreased 15 basis points to 14.13%, and Tier 1 leverage was 9.22%.
- Core noninterest expense was $40.4 million, down $1.1 million from the prior quarter, with a core efficiency ratio of 49%.
- Core noninterest income was $9.3 million, up from $9.1 million, mainly due to higher commercial banking fees.
- Core return on average equity was 14.61%, down from 15.23% last quarter, and core return on average assets declined to 1.28%.
- Loan growth was 0.8% quarter-over-quarter, driven by multifamily, commercial and industrial, and commercial real estate loans, partially offset by declines in consumer and residential loans.
- Net charge-offs were 0.3% of total loans, mainly from consumer solar and small business C&I loans.
- Net income was $26 million or $0.84 per diluted share and core net income was $27 million or $0.88 per diluted share.
- Net interest income grew by 3.3% and was $72.9 million, with a net interest margin steady at 3.55%.
- Nonperforming assets totaled $35.2 million or 0.41% of total assets, increasing slightly due to residential nonaccrual loans.
- On-balance sheet deposits increased by $321 million or 4.3% to $7.7 billion, including $112.3 million of temporary pension funding deposits.
- Tangible book value per share increased $0.82 or 3.5% to $24.33, growing 18% over the past 4 quarters.
- The bank repurchased approximately 327,000 shares or $9.7 million in the quarter, the largest repurchase in its history.
- 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.
- Cash and cash equivalents stood at approximately $98.6 million.
- Cash and cash equivalents were approximately $98.6 million.
- Earnings Available to Common (EAD) was about $100,000 or effectively zero.
- Second quarter GAAP income was $1.4 million or $0.03 per diluted share, similar to last quarter.
- Second quarter GAAP income was $1.4 million or $0.03 per diluted share, similar to the previous quarter.
- The company declared a second quarter common stock dividend of $0.06 per share, with no plans to reduce it soon.
- The company reported a common stock dividend of $0.06 per share and does not intend to reduce it soon.
- The stock traded at about $2.70, representing roughly a 50% discount to book value.
- The stock was trading at about $2.70, representing roughly a 50% discount to book value.
- Total equity was $2.95 million with a GAAP book value of $5.37 per share.
- Total equity was $2.95 million with GAAP book value at $5.37 per share.
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