- Adjusted EBITDAre increased 7% year-over-year to $73.6 million.
- Average monthly rate in SHOP segment increased 5.4% year-over-year with occupancy up 160 basis points to 80.6%.
- Consolidated SHOP NOI margin improved 180 basis points year-over-year to 11.2%.
- DHC reported Q2 2025 revenue of $382.7 million, a 3% increase year-over-year.
- Funds from Operations (FFO) surged 172% year-over-year to $18.6 million or $0.08 per share.
- Same-property cash basis NOI was $71.2 million, up 11.2% year-over-year but down 30 basis points sequentially.
- Same-property SHOP NOI rose 18.5% year-over-year to $37.4 million.
Explore Similar Insights
- FFO and core FFO per share for Q2 2025 were $0.33 and $0.35 respectively, down from $0.36 in Q2 2024.
- Net assets increased from $1.16 billion to $1.2 billion mainly due to two industrial acquisitions totaling $78.95 million.
- Operating expenses decreased to $25.1 million in Q2 2025 from $26.0 million in Q2 2024, due to incentive fee waivers and lower depreciation, offset by higher property expenses.
- Same-store rents increased by 6.4% in the first half of 2025 compared to the same period in 2024.
- Total operating revenues increased to $39.5 million in Q2 2025 from $37.1 million in Q2 2024, driven by higher recovery and rental rates.
- Ancillary spending remained strong with F&B revenue up 4%, banquet revenue up 1%, and other revenue (including golf and spa) up 13%.
- Business interruption proceeds of $9 million related to Hurricanes Helene and Milton benefited Q2 results, compared to $30 million in Q2 2024 from Hurricane Ian and Maui wildfires.
- Comparable hotel EBITDA margin declined 120 basis points to 31%, impacted by the absence of prior year business interruption proceeds.
- Comparable hotel total RevPAR improved 4.2% year-over-year, driven by stronger transient demand, higher ADR, and increased ancillary spend.
- In Q2 2025, Host Hotels & Resorts delivered adjusted EBITDAre of $496 million, a 3.1% increase year-over-year, and adjusted FFO per share of $0.58, up 1.8%.
- The Westin Cincinnati was sold for $60 million at a 14.3x trailing EBITDA multiple, and 6.7 million shares were repurchased for $105 million in Q2.
- Transient revenue grew 7%, with Maui accounting for approximately 40% of this growth, while group room revenue decreased 5% due to calendar shifts and renovation disruptions.
- 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.
Dafinchi