- AFFO was $13.6 million or $0.50 per diluted share, also reduced by $0.06 of one-time items.
- FFO on a diluted share basis was $0.23, reduced by $0.28 of one-time items related to the geriatric tenant and severance charges.
- General and administrative expenses were $10.6 million, but excluding $5.9 million in severance and transition-related charges, G&A was $4.7 million, a $400,000 reduction quarter-over-quarter.
- Interest expense increased by $240,000 to $6.6 million due to increased borrowings and an extra day of interest.
- Property operating expenses decreased by approximately $500,000 quarter-over-quarter to $5.6 million, primarily due to lower seasonal expenses such as snow removal and utilities.
- The geriatric behavioral hospital tenant remains unable to pay full rent and interest; notes and interest related to this tenant are fully reserved, and rent is recognized on a cash basis.
- Total revenue for Q2 2025 was $29.1 million, but excluding a $1.7 million reversal of interest receivable from the geriatric behavioral hospital tenant, core revenue was approximately $30.7 million, representing 2.2% growth quarter-over-quarter compared to Q1 2025.
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- Capital ratios remained strong with CET1 at 13.99% and tangible common equity ratio at 10.20%.
- Core revenues totaled $182 million, with total interest income of $194 million and interest expense of $42 million.
- Net charge-offs were $13 million, down $7.6 million sequentially, with a net charge-off rate of 0.64%.
- Net interest margin was 5.31%, slightly down from 5.42%, impacted by increased liquidity and wholesale funding.
- Noninterest expenses were $94.8 million, in line with guidance of $95-96 million for 2025.
- Record assets exceeded $12 billion and loans surpassed $8 billion, with strong loan origination and core deposit flows.
- Return on average assets was 1.73% and return on average tangible common equity was 17%.
- Second quarter earnings per share diluted was $1.15, a 6.5% increase year-over-year, driven by a 1.5% increase in total core revenue.
- Tangible book value per share was $27.67, and efficiency ratio was 52%.
- Americold reported Q2 2025 AFFO per share of $0.36, with first half performance largely in line with expectations.
- Net debt stood at $3.9 billion with liquidity of approximately $937 million; net debt to pro forma core EBITDA was about 6.3x.
- Rent and storage revenue from fixed commitment contracts remained at 60%, maintaining the record set in Q1 2025.
- Same-store economic occupancy declined slightly in Q2, reflecting ongoing demand headwinds and a lack of typical seasonal uplift.
- Same-store rent and storage revenue per economic occupied pallet increased approximately 1% year-over-year, while warehouse services revenue per throughput pallet increased by 4%.
- Three planned exits of idled facilities generated $20 million in cash proceeds; minority interest in SuperFrio joint venture was exited for $28 million.
- CareTrust REIT closed approximately $1.1 billion of investments in Q2 2025, highlighting a rapid growth trajectory.
- Over the past 18 months, the company deployed roughly $2.7 billion, surpassing total investments of the previous 8 years combined.
- The company acquired Care REIT and entered the U.K. care home market, diversifying its asset and operator base, with a pipeline of approximately $600 million.
- 32 leases commenced totaling 4.2 million square feet, generating cash and straight-line leasing spreads of 24.6% and 41.1%, respectively.
- Cash credit loss through June 30 was approximately 17 basis points, with 6 basis points related to free rent granted to American Tire Distributors.
- Core FFO per share was $0.63 for the quarter, an increase of 3.3% compared to last year.
- Leverage remains low, with net debt to annualized run rate adjusted EBITDA equal to 5.1x.
- Liquidity stood at $961 million at quarter end.
- Moody's upgraded STAG's corporate credit rating to Baa2 with a stable outlook in May.
- Retention for the quarter was 75.3%.
- Same-store cash NOI growth was 3% for the quarter and 3.2% year-to-date.
- Cash NOI was lower primarily due to a one-time PENN 1 ground rent true-up payment and free rent associated with backfilling known move-outs.
- Generated $1.5 billion of net proceeds from sales, financings, and the NYU deal, paid down $965 million of debt, and increased cash by $540 million, resulting in cash balances of $1.36 billion and total liquidity of $2.9 billion.
- Lower net interest income from retail preferred repayments and lower NOI from asset sales were offset by lower real estate taxes at THE MART net of tenant reimbursements.
- Net debt-to-EBITDA improved by 1.4 turns to 7.2x from 8.6x, and fixed charge coverage ratio is steadily rising.
- New York office occupancy increased to 86.7% from 84.4% last quarter, mainly due to the full building master lease at 770 Broadway.
- Second quarter comparable FFO was $0.56 per share, beating analyst consensus of $0.53 and essentially flat compared to last year's second quarter.
Dafinchi