Brandywine Realty Trust reported a second quarter net loss of $89 million or $0.51 per share, including $63.4 million in impairments in the Austin portfolio.
Capital ratio improved to 4.1%, below the 2025 business plan range, due to capital control and construction efficiencies.
Deferred tenant improvement costs recognized were $5.5 million or $0.03 per share in CAD ratio; accrued but unpaid preferred dividends were $3.8 million or $0.02 per share.
Development projects incurred $0.14 per share of negative carry, including $0.10 per share in noncash preferred charges.
FFO contribution from unconsolidated joint ventures was negative $5.8 million, impacted by higher concessions at Solaris House during lease-up.
FFO for the quarter was $26.1 million or $0.15 per diluted share, meeting consensus estimates.
Interest expense was $0.5 million less than forecast due to capitalized interest.
Mark-to-market was 2.1% on a GAAP basis and negative on a cash basis, with increased guidance ranges based on executed leases.
Second quarter occupancy was 88.6% with 91.1% leased; Philadelphia occupancy was 93.5% and Austin occupancy improved due to asset sales.
Cost of interest-bearing liabilities declined to 3.96% from 4.02%, helped by CD repricing and growth in lower-cost fintech deposits.
Diluted earnings per share were $0.02 for the quarter, impacted by elevated credit provisions and changes in noninterest income.
Interest income increased while interest expense decreased in Q2 2025, resulting in a net interest margin above 2% on a tax-effective basis.
Net income for Q2 was $28 million ($29.1 million fully taxable equivalent), up 11.5% and 11% respectively from Q1.
Net interest margin improved to 1.96% (2.04% fully taxable equivalent), driven by higher loan yields and lower deposit costs.
Noninterest income was $5.6 million, including $1.6 million gain on sale of SBA loans, down $7 million from the prior quarter due to holding loans longer.
Yield on average interest-earning assets rose to 5.65% from 5.57%, with loan yields exceeding 7.5% on new originations.
Book value per share increased to $156.63, representing a compounded annual growth rate of 9.7% since 2021.
Consolidated net premiums increased 14% year-over-year, with traditional business premiums up 11% on a constant currency basis, driven by strong growth in the U.S., EMEA, and Asia.
Excess capital increased to $3.8 billion at the end of Q2, or $2.3 billion pro forma for the Equitable transaction; deployable capital rose to $3.4 billion.
Investment income was strong, with a nonspread portfolio yield of 4.98% (up 8 basis points from Q1) and total variable investment income of $105 million, driven by realizations in limited partnerships and real estate joint ventures.
RGA reported operating EPS of $4.72 per share for Q2 2025, with an adjusted operating return on equity (ROE) of 14.3% for the trailing 12 months, in line with intermediate-term targets.
The effective tax rate was 25.2% for the quarter, above the expected 23%-24%, due to valuation allowances on foreign tax credits, but full-year tax rate guidance remains unchanged.
The quarter's results were below expectations due to large claims volatility in U.S. individual life and unfavorable claims in the healthcare excess business within U.S. Group.
Adjusted EBITDA grew 5%, exceeding the top end of the outlook, with margins improving 200 basis points sequentially.
Adjusted EPS was $1.36, meeting expectations despite higher depreciation and amortization expenses.
Banking EBITDA margin contracted 70 basis points due to an $8 million bad debt charge; Capital Markets margin contracted 50 basis points due to acquisition-related dilution.
Banking revenue grew 6%, above the high end of guidance, driven by commercial excellence and strong client retention.
Capital Markets revenue grew 5%, slightly below expectations due to temporary slowdown in loan syndication activity.
FIS delivered 5% revenue growth in Q2 2025, accelerating from 4% in Q1, driven primarily by momentum in the Banking segment.
Free cash flow was $292 million with a cash conversion rate of 52% in Q2, and 61% year-to-date, improving from 53% prior year.
Leverage increased modestly to 3x, or 2.9x excluding currency impacts, with a long-term target of 2.8x.
Recurring revenue represented 81% of total revenue, growing 6% overall with 7% growth in Banking recurring revenue.
Adjusted net investment income was nearly $1.7 billion, up 8%, with a fixed income portfolio yield of 5.1% and new money rate averaging 5.4%.
Annualized core operating return on tangible equity was 21%.
Core operating EPS was a record $6.14, up 14% from a year ago, supported by record underwriting, strong investment results and good premium revenue growth.
Core operating income of $2.5 billion was a record result, up 13%.
Current accident year underwriting income, excluding cats, was up almost 11.5%, supported by a combined ratio of 82.3%, nearly a full point improvement from prior year.
Global P&C premiums grew 5.8% and 6.4% in constant dollars, with commercial up 4.2% and consumer up 11.9%.
International general insurance premiums were up 8.5% or over 10% in constant dollar, with Asia growing over 12.5%, Europe over 8%, and Latin America over 17%.
Life division produced $305 million of pretax income, up about 10.5%.
Life Insurance premiums grew almost 17.5%.
North America P&C premiums, excluding agriculture, were up 5.3%, with personal insurance up 9.1% and commercial up 4.1%.
Operating cash flow in the quarter was $3.2 billion.
Pretax catastrophe losses were $630 million for the quarter, split 60% U.S. and 40% international.
Pretax prior period development was favorable $319 million, mostly short tail commercial property-related lines and personal auto.
Published underwriting income of $1.6 billion was up 15% from a year ago, leading to a combined ratio of 85.6%, more than 1 percentage point better than a year earlier.
Renewal retention on a policy count basis was 86%.
Tangible book value growth was up 23.7% per share from a year ago and 8% from the previous quarter.
Dafinchi