- Adjusted EPS excluding goodwill impairment was $2.24 with adjusted ROTCE of 9.7%.
- Cost of credit was $2.5 billion, primarily from U.S. Card net credit losses and firm-wide ACL build.
- Expenses up 9% to $14.3 billion, but adjusted expenses up only 3%, driven by compensation and severance.
- Net interest income excluding markets rose 6%, driven by USPB, services, wealth, and banking.
- Non-interest revenues excluding markets increased 12%, led by banking and wealth.
- Positive operating leverage generated for the firm and each of the five businesses.
- Reported net income of $3.8 billion and EPS of $1.86 with ROTCE of 8%.
- Revenues increased 9% year-over-year, with every business achieving record third-quarter revenue.
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- Cash same-store net operating income (NOI) rose 6.4% for the quarter despite lower occupancy.
- Debt to total market capitalization was 14.2%, unadjusted debt-to-EBITDA ratio was 3.0x, and interest and fixed charge coverage increased to 16x.
- FFO per share for Q2 met the high end of guidance range and increased from $2.05 in the prior year quarter.
- Funds from operations (FFO) were $2.21 per share in Q2 2025, up 7.8% year-over-year excluding involuntary conversions.
- Quarter-end leasing was 97.1% with occupancy at 96%, and average quarterly occupancy was 95.9%, down 110 basis points from Q2 2024.
- Quarterly re-leasing spreads were 44% GAAP and 30% cash; year-to-date spreads were similar at 46% GAAP and 31% cash.
- Tenant collections remain healthy with uncollectible rents estimated at 35 to 45 basis points of revenues, slightly better than historic run rate.
- Top 10 tenants accounted for 6.9% of rents, down 90 basis points from last year, reflecting increased tenant and geographic diversification.
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