Dafinchi AI

Brixmor Property Group Inc.

BRX

Financial Services

2w

Financial Performance Summary

Ancillary revenues contributed 150 basis points to NOI growth, including a revised parking agreement at Point Orlando.
Balance sheet strong with $1.4 billion liquidity, no debt maturities until June 2026, and debt-to-EBITDA at 5.5x.
Base rent growth contributed 360 basis points to same-property NOI growth, outpacing the drag from short-term occupancy decline.
NAREIT FFO was $0.56 per share in Q2, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption.
Net expense reimbursements detracted 110 basis points due to prior year tax assessment benefits.
Signed new ABR reached a record $21 million in the quarter, with a 450 basis point spread between leased and build occupancy.
Updated same-property NOI growth guidance to 3.9%-4.3% and increased FFO guidance to $2.22-$2.25 for 2025.

CareTrust REIT, Inc.

CTRE

Financial Services

1w

Financial Performance Summary

Fixed charge coverage ratio was strong at 8.2x.
Net debt to annualized normalized EBITDA remained low at 2x, with net debt to enterprise value at 12.3%.
Normalized FAD increased 53.9% to $83.1 million, with a 16.2% increase per share to $0.43.
Normalized FFO increased 58.2% year-over-year to $83.1 million in Q2 2025.
Normalized FFO per share rose 19.4% to $0.43 per share.
Quarterly dividend increased by 15.5% year-over-year while maintaining a comfortable payout ratio.
Total revenues grew 63.3% year-over-year in Q2 2025.

LXP Industrial Trust

LXP

Financial Services

2w

Financial Performance Summary

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.

Getty Realty Corp.

GTY

Financial Services

3w

Financial Performance Summary

AFFO per share increased by 1.7% year-over-year to $0.59 in the quarter.
G&A ratio to cash rental and interest income was 9.9% for Q2 2025, flat compared to prior year periods.
Getty Realty grew its annualized base rent by 9.9% to approximately $204 million during Q2 2025.
Nearly 100% rent collections were maintained with annual rent increases averaging 1.8%.
Net debt to EBITDA was 5.2x (4.6x including unsettled forward equity), within target leverage range of 4.5 to 5.5x.
Total liquidity exceeded $400 million at quarter end, including revolver capacity, cash, and unsettled forward equity.
Trailing 12 months rent coverage was strong at 2.6x, with improvements in convenience stores and car wash portfolios.
Weighted average debt maturity was 5.1 years with a weighted average cost of debt at 4.5%, and no maturities until 2028.

Digital Realty Trust, Inc.

DLR

Financial Services

3w

Financial Performance Summary

Adjusted EBITDA grew 13% year-over-year, reflecting revenue growth and higher fee income.
Core FFO per share reached a record $1.87, up 13% year-over-year and 6% higher than last quarter, reflecting strong upside from hyperscale commencements and better-than-expected 0-1 megawatt plus interconnection bookings.
Data center revenue increased 11% year-over-year, supported by strong renewal spreads, rent escalators and new lease commencements, offsetting disposition impacts.
Development CapEx was over $900 million gross, $700 million net to Digital Realty, with 96 megawatts of new capacity delivered (98% pre-leased) and 16 megawatts of new projects started construction.
Digital Realty posted double-digit growth in revenue, adjusted EBITDA and core FFO this quarter, driven by record lease commencements, low churn and higher fee income.
Gross data center development pipeline stands at $9 billion with a 12.2% expected stabilized yield; land bank grew to 3.7 gigawatts, extending runway to 5 gigawatts.
Leasing in the quarter totaled $177 million at 100% share, including $135 million at Digital Realty's share, with $90 million in the 0-1 megawatt plus interconnection category, an 18% increase over the prior record.
Renewal leases signed in the quarter totaled $177 million with a blended 7.3% cash basis increase, exceeding prior guidance.
Same-capital cash NOI grew 4.4% year-over-year, driven by 5.9% growth in data center revenue; on a constant currency basis, same-capital cash NOI rose 1.8%.
Total churn declined to 1%, with negligible churn in the greater than a megawatt category.

Plymouth Industrial REIT, Inc.

PLYM

Financial Services

6d

Financial Performance Summary

Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.

Farmland Partners Inc.

FPI

Financial Services

3w

Financial Performance Summary

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.

Civista Bancshares, Inc.

CIVB

Financial Services

3w

Financial Performance Summary

Allowance for credit losses to total loans was 1.28%, consistent with prior periods, and allowance to nonperforming loans improved to 175% from 122%.
Effective tax rate was 14.6% for the quarter and 14.7% year-to-date.
Efficiency ratio improved to 64.5% from 64.9% in the linked quarter and 72.6% in Q2 2024.
Loan and lease portfolio grew at an annualized rate of 6.1%, with residential loans increasing by $42 million.
Loan-to-deposit ratio was 98.6%, higher than targeted, with plans to reduce it to 90%-95%.
Margin expanded by 13 basis points to 3.64% compared to the linked quarter.
Net income for Q2 2025 was $11 million or $0.71 per diluted share, a 56% increase over Q2 2024 and a $847,000 increase over the linked quarter.
Net interest income was $34.8 million, up 6.2% from the linked quarter, driven by a 13 basis point increase in earning asset yield to 5.84%.
Noninterest expense was $27.5 million, a 1.3% increase over the first quarter due to merit increases and salary adjustments, but declined 3.2% from Q2 2024 due to fewer FTEs and reduced equipment expense.
Noninterest income declined $1.3 million or 16.2% from the first quarter and $3.8 million from Q2 2024, mainly due to nonrecurring adjustments related to leasing operations.
Pre-provision net revenue increased by $3.3 million or 37.5% over Q2 2024 and $770,000 or 6.7% over the linked quarter.
Tier 1 leverage ratio was 8.8%, tangible common equity ratio was 6.7%, both improving post capital raise and acquisition.