Dafinchi AI

Camden Property Trust

CPT

2025 Q2

Financial Services

2mo

Financial Performance Summary

Core funds from operations (FFO) for Q2 2025 were $187.6 million or $1.70 per share, $0.01 above the midpoint of prior guidance, driven by higher property tax refunds and lower interest expense.
Full year core FFO guidance midpoint increased by $0.03 per share to $6.81, marking the second consecutive increase.
Full year same-store expense midpoint was decreased from 3% to 2.5%, and same-store net operating income (NOI) midpoint increased from flat to positive 25 basis points.
Net debt-to-EBITDA ratio stands at 4.2x with no significant debt maturities until Q4 2026 and no dilutive maturities until 2027.
Property revenues were in line with expectations despite peak lease-up competition, with strong property expense management, especially in property taxes and insurance.
Property taxes expected to increase less than 2%, down from prior 3% assumption, due to favorable settlements and lower Texas market values.
Q3 core FFO per share guidance is $1.67 to $1.71, a slight sequential decline due to seasonal utility and maintenance expenses.

W. P. Carey Inc.

WPC

2025 Q2

Financial Services

2mo

Financial Performance Summary

AFFO per share was $1.28 for the second quarter, representing a 9.4% increase year-over-year driven by accretive investment activity and sector-leading rent growth.
Comprehensive same-store rent growth was 4% year-over-year, reflecting rent collections, recovery of past due rent, leasing activity, and vacancies.
Contractual same-store rent growth for Q2 was 2.3% year-over-year, with CPI-linked escalations averaging 2.6% and fixed rent increases averaging 2.1%.
Dividend declared at $0.90 per share for Q2, a 3.4% increase over prior year, with a payout ratio of approximately 73% of AFFO per share.
G&A expenses are expected between $99 million and $102 million for the full year, with non-reimbursed property expenses between $50 million and $54 million.
Key leverage metrics remain within target ranges: debt to gross assets at 43.2% and net debt to adjusted EBITDA at 5.8x.
Liquidity at quarter end was about $1.7 billion, with $660 million drawn on the revolver, partially paid down after a $400 million bond issuance.
Nonoperating income is expected around $20 million for the full year, mainly from dividends on equity stakes.
Operating property NOI for 2025 is estimated between $55 million and $60 million, including hotel and student housing properties.
Tax expense on an AFFO basis is expected between $42 million and $46 million, primarily foreign taxes on European assets.

National Retail Properties, Inc.

NNN

2025 Q2

Financial Services

2mo

Financial Performance Summary

Acquisitions totaled just over $230 million in Q2 across 45 properties with an initial cap rate of 7.4% and average lease term over 17 years.
Annualized base rent increased nearly 7% year-over-year to $894 million at quarter-end.
Dispositions included 23 properties in Q2 generating over $50 million in proceeds, with year-to-date dispositions at 33 properties raising over $65 million.
Free cash flow after dividend was approximately $50 million in Q2.
Lease termination fees totaled $2.2 million, primarily from an auto parts store and a full-service restaurant, both resolved quickly.
NNN REIT reported core FFO of $0.84 per share and AFFO of $0.85 per share for Q2 2025, each up 1.2% year-over-year.
NOI margin was 98% for the quarter, with G&A expenses at about 5% of total revenues and NOI, and cash G&A at 3.7% of total revenues.
The balance sheet remains strong with nearly $1.5 billion in liquidity and an average debt maturity of 11 years.
Year-to-date acquisitions reached $460 million across 127 properties with similar cap rates and lease terms.

Mid-America Apartment Communities, Inc.

MAA

2025 Q2

Financial Services

2mo

Financial Performance Summary

Average physical occupancy was stable at 95.4%.
Balance sheet strong with $1 billion in combined cash and borrowing capacity; debt-to-EBITDA at 4x with 94% fixed rate debt.
Development pipeline active units at 2,648 with nearly $1 billion in cost; $92 million funded in Q2.
Lease-up portfolio faced elevated supply pressure, impacting non-same-store NOI negatively.
Net delinquency was low at 0.3% of billed rents.
Renewal lease rates and acceptance exceeded expectations, contributing to blended lease pricing growth of 0.5%, a 100 basis point improvement from Q1.
Same-store expenses were better than expected, primarily due to favorable real estate tax expense.
Same-store revenue was in line with expectations, benefiting from strong collections.
Second quarter core FFO was $2.15 per diluted share, $0.02 ahead of the midpoint of guidance.

Cohen & Steers, Inc.

CNS

2025 Q2

Financial Services

3mo

Financial Performance Summary

Effective fee rate remained stable at 59 basis points.
Effective tax rate was 25.3%.
Ending AUM rose to $88.9 billion from $87.6 billion, positively impacted by market appreciation.
Liquidity improved to $323 million from $295 million in the prior quarter.
Net inflows into open-end funds were offset by institutional net outflows.
Operating margin decreased slightly to 33.6% from 34.7%.
Q2 revenue increased 1.1% to $135 million, driven by higher average AUM and day count.
Reported earnings of $0.73 per share, slightly down from $0.75 sequentially.
Total expenses increased 2.9% due to higher compensation, distribution fees, G&A, and talent acquisition costs.

Broadstone Net Lease, Inc.

BNL

2025 Q2

Financial Services

2mo

Financial Performance Summary

Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
Dividend declared at $0.29 per share payable on or before October 15, 2025.
Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.

LXP Industrial Trust

LXP

2025 Q2

Financial Services

2mo

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.

American Tower Corporation

AMT

2025 Q2

Financial Services

2mo

Consolidated Property Revenue Growth

1.2%

Consolidated property revenue grew 1.2% year-over-year in more than 3% when excluding noncash straight line revenue despite absorbing more than 70 basis points of FX headwinds.

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