- Full control of 10 anchor spaces vacated by Party City and JOANN's as of Q2 2025.
- Six of the 10 anchor spaces leased with new tenants including Burlington, Boot Barns, Bassett Furniture, Slick City Action Park, and Bob's Discount Furniture.
- Targeting a 40% to 60% positive cash leasing spread on these anchor spaces.
- Overall leasing pipeline of $4.6 million, representing 4.6% of in-place cash rents, supporting earnings growth into 2026.
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- Lease renegotiations are ongoing, with plans to revert some leases back to fixed rents depending on crop performance and market conditions.
- Participation rents are projected to generate most of the income in the fourth quarter, with some recognition spilling into 2026, impacting quarterly earnings patterns.
- Management emphasizes that lease structures are flexible and subject to future negotiations, depending on crop yields, prices, and external factors.
- Sold 5 hotels with an average age of 25 years at a 6% cap rate on 2024 NOI levels for $83 million.
- Currently have 2 additional hotels listed for sale, focusing on opportunistic transactions.
- Sales targeted at low RevPAR hotels to enhance portfolio value and reduce leverage.
- Proceeds from sales to fund development, acquisitions, share repurchases, and shareholder value initiatives.
- Veris Residential has sold or entered contracts for $542 million of non-strategic assets, surpassing the initial $300-$500 million target and raising it to $650 million.
- The company expects the Harborside 8/9 sale to close early next year, generating $0.04 of run rate earnings and further reducing net debt-to-EBITDA to around 9x.
- Proceeds from asset sales are being used to pay down debt, with a goal to delever to below 8x by the end of 2026, significantly strengthening the balance sheet.
- Management emphasized that these strategic asset sales are central to their plan to unlock value and improve financing options, including reducing the cost of capital.
- The company’s focus on monetizing non-core assets is expected to create more optionality and flexibility for future financing and growth strategies.
- Adjusted EBITDA rose 32.1% to $114 million, with an improved margin of 15%, up 139 basis points.
- Adjusted EPS increased by 40.9% to $0.31 from $0.22, demonstrating strong operating leverage.
- Capital Markets revenues surged 37.9%, reflecting a 135% increase in total debt volumes compared to 38% industry growth, and investment sales volumes rose 26% versus 11% industry growth.
- Cash and cash equivalents ended at $195.8 million with net leverage of 1.4x; cash generated by the business was $133.9 million.
- Introduced adjusted free cash flow metric showing $228 million for the 12 months ended June 2025, a 121.4% year-over-year improvement.
- Leasing revenues increased 13.8%, led by double-digit growth in retail volumes and improving office activity in key gateway markets.
- Management services, servicing and other revenues grew 13.6%, driven by 30% growth in Valuation and Advisory and improvements in servicing and asset management.
- Newmark delivered strong revenue growth of 19.9% in Q2 2025, with total revenues reaching $759.1 million compared to $633.4 million a year earlier.
- The company repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share, reducing fully diluted weighted average share count by 1.2% to 252.6 million.
- PECO has been actively acquiring shadow-anchored centers, which now constitute about 7% of their portfolio, with plans to potentially increase this to below 10%.
- Management views shadow-anchored centers as high-growth opportunities with stable, strong properties, especially in markets with strong grocers and traffic.
- The company has acquired 11 unanchored assets, representing approximately 3.5% of the total portfolio, in markets like Minneapolis, Chicago, and Dallas.
- PECO believes unanchored and shadow-anchored assets can deliver 50 to 100 basis points higher unlevered IRR compared to traditional grocery-anchored centers.
- Rapid leasing activity in these unanchored assets has demonstrated the ability to quickly ramp up occupancy, often within months of acquisition.
- This strategic shift aims to diversify the portfolio and capitalize on the strong demand for non-traditional retail locations driven by grocers and local retailers.
- Jim Taylor highlighted the fundamental and accelerating transformation of the portfolio, emphasizing leasing, reinvestment, and capital recycling as key drivers of growth.
- The company is executing a robust value-add plan, with a pipeline of $370 million underway and several hundred million identified for future projects.
- Recent projects include The Davis Collection, BarnPlazo, Wynwood Village, and LaCenterra, which are expected to generate high returns and drive traffic and occupancy growth.
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