Dafinchi AI

CubeSmart

CUBE

2025 Q2

Financial Services

2mo

Continued Stabilization and Positive Momentum in Occupancy and Rate Trends

Occupancy growth from trough-to-peak increased to 190 basis points in 2025, up from 180 basis points last year.
Net effective rates for new customers increased by 28.3%, significantly higher than 15% in 2024.
Occupancy and move-in rate gaps to last year have narrowed throughout 2025, with July showing further improvement.
Urban markets like the Acela Corridor and Chicago outperform others, indicating a stickier customer base less reliant on housing transactions.

Equity Residential

EQR

2025 Q2

Financial Services

2mo

Blended Rate Growth Beat

Our blended rate growth of 3% was about where we thought it would be driven by strong renewal rate of 5.2% and with 60% of the residents renewing in the quarter.

Ventas, Inc.

VTR

2025 Q2

Financial Services

2mo

Accelerated Growth in Senior Housing Operating Portfolio (SHOP) with 18% Same-Store Cash NOI Growth in Q2

SHOP communities in the U.S. delivered 18% same-store cash NOI growth in Q2, adjusted for a prior year tax refund.
Revenue increased over 8% for the entire same-store SHOP portfolio.
Occupancy improved by 60 basis points sequentially in June, with move-ins reaching their second-highest level in over 5 years.
Management emphasized the strong momentum in occupancy and move-in activity, with continued growth expected into July.

Urban Edge Properties

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
FFO as adjusted for the quarter was $0.36 per share.
FFO as adjusted increased by 12% over last year and 8% year-to-date.
Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
Net debt to annualized EBITDA was 5.5x in the second quarter.
Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.

Public Storage

PSA

2025 Q2

Financial Services

2mo

Financial Performance Summary

Expense control was strong, leading to better than anticipated NOI outcomes.
Non-same-store and ancillary NOI growth contributed positively to overall financial results.
Public Storage reported core FFO growth of 1.2% in the second quarter, with FFO growth accelerating 240 basis points from the prior year quarter.
Rental rates increased 0.6%, offsetting a slight occupancy decline of 40 basis points, improved from 80 basis points at the start of the year.
Same-store revenue growth was in the 2% to 4% range in key markets like the West Coast, Washington, D.C., and Chicago.
Tenant insurance premiums and adoption increased, contributing to ancillary business outperformance.

Digital Realty Trust, Inc.

DLR

2025 Q2

Financial Services

3mo

Financial Performance Summary

Adjusted EBITDA grew 13% year-over-year, reflecting revenue growth and higher fee income.
Core FFO per share reached a record $1.87, up 13% year-over-year and 6% higher than last quarter, reflecting strong upside from hyperscale commencements and better-than-expected 0-1 megawatt plus interconnection bookings.
Data center revenue increased 11% year-over-year, supported by strong renewal spreads, rent escalators and new lease commencements, offsetting disposition impacts.
Development CapEx was over $900 million gross, $700 million net to Digital Realty, with 96 megawatts of new capacity delivered (98% pre-leased) and 16 megawatts of new projects started construction.
Digital Realty posted double-digit growth in revenue, adjusted EBITDA and core FFO this quarter, driven by record lease commencements, low churn and higher fee income.
Gross data center development pipeline stands at $9 billion with a 12.2% expected stabilized yield; land bank grew to 3.7 gigawatts, extending runway to 5 gigawatts.
Leasing in the quarter totaled $177 million at 100% share, including $135 million at Digital Realty's share, with $90 million in the 0-1 megawatt plus interconnection category, an 18% increase over the prior record.
Renewal leases signed in the quarter totaled $177 million with a blended 7.3% cash basis increase, exceeding prior guidance.
Same-capital cash NOI grew 4.4% year-over-year, driven by 5.9% growth in data center revenue; on a constant currency basis, same-capital cash NOI rose 1.8%.
Total churn declined to 1%, with negligible churn in the greater than a megawatt category.

Gladstone Commercial Corporation

GOOD

2025 Q2

Financial Services

2mo

Cap Rate Trends and Market Valuations

Cap rates are estimated to be in the high 8% range, with some competition pushing them toward 9%.
The company is cautious about high-growth markets and prefers industrial properties in growth corridors.
Recent sales indicate cap rates that support capital recycling from office to industrial, with no expectation of cap rates reaching into the 9% range this year.

Earnings Feed

Continued Stabilization and Positive Momentum in Occupancy and Rate Trends

Explore Similar Insights

Blended Rate Growth Beat

Accelerated Growth in Senior Housing Operating Portfolio (SHOP) with 18% Same-Store Cash NOI Growth in Q2

Financial Performance Summary

Financial Performance Summary

Financial Performance Summary

Cap Rate Trends and Market Valuations