- 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.
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- AFFO for Q2 was $1.24 per share, up 3.3% from $1.20 in prior year.
- Consolidated debt at quarter end was $2.8 billion with 86% fixed or swapped at blended coupon of ~4.3%.
- FFO as adjusted for Q2 2025 was $1.26 per share, up 3.3% from $1.22 in prior year.
- For the first half of 2025, FFO as adjusted was $2.45 per share, up 4.7% from $2.34 prior year; AFFO was $2.44 per share, up 4.7%.
- G&A expenses increased to $13.2 million from $12 million due to higher payroll and franchise taxes.
- Interest expense increased by $426,000 due to higher weighted average interest rate and additional borrowing.
- Key credit ratios remain strong: fixed charge coverage at 3.3x, interest and debt service coverage at 3.9x, net debt to adjusted EBITDAre at 5.1x (5x adjusted), net debt to gross assets at 39%.
- Liquidity strong with $13 million cash and $405 million drawn on $1 billion revolver.
- Mortgage and other financing income increased by $1.9 million due to additional mortgage note investments.
- Net proceeds from dispositions in Q2 totaled $35.6 million with a net gain of $16.8 million, excluded from FFO and AFFO.
- Percentage rents increased to $4.6 million from $2 million prior year, primarily from one theater tenant.
- Total revenue for Q2 was $178.1 million versus $173.1 million prior year, driven by rental revenue increase of $5.3 million and higher percentage rents.
- Annualized cash based on leases in place at quarter end is $249.8 million.
- Cash G&A expense, excluding stock-based compensation, was $4.4 million or 6.9% of cash rental income, improved from 7.4% last year.
- Cash rental income was $64.5 million, representing growth of over 11% compared to last year.
- No material changes to collectibility or credit reserves, nor any balance sheet impairments.
- Portfolio occupancy remains strong at 99.4%, with 99.8% of base rent collected for Q2.
- Reported AFFO per share of $0.44, up 2.8% from Q2 last year.
- Weighted average 5-year annual cash rent escalator remains 1.4%.
- Declared an annualized dividend of $0.95 per share, a 5% increase over prior year.
- For the first half of 2025, Nareit FFO was $72.6 million or $0.93 per diluted share, reflecting a 4.5% year-over-year increase; Core FFO was $0.90 per diluted share, up 3.4%.
- For the quarter, same-property NOI was $42.6 million, a 4.8% increase compared to the same period last year, driven by embedded rent escalations, occupancy gains, positive rent spreads, redevelopment activity, and percentage rents.
- Nareit FFO for Q2 was $35.5 million or $0.45 per diluted share, a 2.3% increase compared to Q2 last year; Core FFO also increased 2.3% to $0.44 per diluted share.
- Net leverage ratio stood at 17%, net debt to adjusted EBITDA was 2.8x on a trailing 12-month basis.
- Same property NOI grew approximately 6% for the first half of the year, with Nareit FFO per share rising nearly 5% year-over-year.
- The company ended the quarter with $787 million of total liquidity, including $500 million borrowing capacity under revolving credit.
- Weighted average interest rate was 4% with a weighted average maturity of 2.9 years.
- Year-to-date same-property NOI totaled $85.1 million, a 5.6% increase over the first 6 months of 2024.
- Blended lease rate growth was 2.8%, driven by 5% renewal rate growth and 30 basis points new lease rate growth.
- Debt to enterprise value was 28%, net debt-to-EBITDAre was 5.5x, and liquidity was over $1.1 billion as of June 30.
- Occupancy averaged 96.9%, 30 basis points higher than historical second quarter averages.
- Second quarter FFO as adjusted per share was $0.64, exceeding the high end of prior guidance, a 5% sequential increase.
- UDR reported second quarter 2025 same-store revenue growth of 2.5% and NOI growth of 2.9%, both exceeding initial guidance.
- Year-over-year same-store expense growth was only 1.7%, better than expected due to favorable real estate taxes and insurance savings.
- Year-to-date results exceeded initial expectations, leading to a raised full year 2025 FFOA per share guidance range of $2.49 to $2.55.
- Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
- FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
- Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
- Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
- Liquidity remains robust at over $2.2 billion, including $228 million in cash.
- Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
- Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
- The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
- 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.
Dafinchi