- Fixed charge coverage ratio was strong at 8.2x.
- Net debt to annualized normalized EBITDA remained low at 2x, with net debt to enterprise value at 12.3%.
- Normalized FAD increased 53.9% to $83.1 million, with a 16.2% increase per share to $0.43.
- Normalized FFO increased 58.2% year-over-year to $83.1 million in Q2 2025.
- Normalized FFO per share rose 19.4% to $0.43 per share.
- Quarterly dividend increased by 15.5% year-over-year while maintaining a comfortable payout ratio.
- Total revenues grew 63.3% year-over-year in Q2 2025.
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- Blended cash leasing spreads reached 17%, the highest in 5 years, with non-option renewals at nearly 20% for the quarter and 16% over the last 12 months.
- Kite Realty Group delivered strong Q2 2025 results with NAREIT FFO per share of $0.51 and core FFO per share of $0.50.
- Net debt-to-EBITDA stands at 5.1x, among the lowest in the peer set, after significant transactional activity and opportunistic bond issuance.
- Net debt-to-EBITDA stands at 5.1x, among the lowest in the peer set, following asset sales, joint ventures, and opportunistic bond issuance.
- New leasing volume more than doubled sequentially, driven by 11 new anchor leases including grocery tenants Whole Foods and Trader Joe's.
- Same-property NOI grew 3.3%, driven by higher minimum rents (+250 bps), improved net recoveries (+50 bps), and overage rent (+30 bps).
- Small shop lease rates increased 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators at 3.4% for H1 2025.
- Small shop lease rates increased 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators of 3.4% for the first half of 2025.
- The company sold 3 noncore assets and completed 2 joint ventures involving 4 assets totaling over $1 billion in gross transactional activity.
- Deposit costs were managed below 2%, with cumulative deposit beta reaching mid-50% range, matching terminal beta from the rising rate cycle.
- Loan growth was strong, with commercial loans up about $3 billion year-to-date, and average loans up $1.6 billion period-end.
- Net charge-offs were $102 million, down 7% sequentially, with credit metrics improving for the sixth consecutive quarter.
- Net interest income grew 28% year-over-year and 4% sequentially, with net interest margin increasing 8 basis points to 2.66%.
- Noninterest income rose 10% year-over-year, driven by investment banking, commercial mortgage servicing, commercial payments, and wealth management.
- Pre-provision net revenue increased by $44 million sequentially, marking the fifth consecutive quarter of growth, with aggregate PPNR up over 60% since Q1 2024.
- Reported second quarter earnings per share of $0.35, with revenues up 21% year-over-year and expenses up about 6% excluding charitable contributions.
- Tangible book value per share increased 3% sequentially and 27% year-over-year.
- Adjusted leverage was modest at 1.6x as of quarter end, with total gross leverage at 1.9x, below the target range of 2x to 3x.
- Declared and paid a $0.23 per share dividend; repurchased $6.6 million of common stock in Q2 with $93.4 million remaining in the repurchase program.
- Ladder generated distributable earnings of $30.9 million or $0.23 per share in Q2 2025, achieving a return on equity of 7.7%.
- Loan portfolio totaled $1.6 billion with a weighted average yield of approximately 9%, and 5 loans on nonaccrual totaling $162.3 million (3.6% of total assets).
- Real estate portfolio of $936 million generated $15.1 million in net operating income, primarily from net lease properties with long-term leases to investment-grade tenants.
- Securities portfolio was $2 billion, up 82% from year-end, with a weighted average yield of 5.9%, 99% investment-grade and 97% AAA rated.
- Book value per share increased quarter-over-quarter to $13.49.
- Combined cash and unencumbered assets increased to about $920 million, more than 50% of total equity.
- Ellington Financial reported GAAP net income of $0.45 per share and adjusted distributable earnings (ADE) of $0.47 per share in Q2 2025.
- Leverage ratios remained stable with recourse debt-to-equity at 1.7:1 and overall debt-to-equity at 8.7:1 including securitizations.
- Longbridge segment contributed $0.13 per share to ADE, driven by strong origination volumes, securitization gains, and servicing income.
- Net interest margin (NIM) on the credit portfolio increased by 21 basis points, while the NIM on Agency decreased by 17 basis points.
- Portfolio size remained roughly unchanged quarter-over-quarter with growth in mortgage loan portfolios offset by securitizations and tactical sales.
- The company achieved an annualized economic return of nearly 14% and a total economic return of 3.3% for the quarter (non-annualized).
Dafinchi