- Balance sheet ended Q2 with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity.
- CCRC portfolio generated approximately $200 million of annual NOI, 50% higher than pre-pandemic 2019 levels, with current occupancy at 86%.
- Healthpeak reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share for Q2 2025.
- Lab segment reported 1.5% same-store growth, 6% positive rent mark-to-market, and 87% tenant retention, with total occupancy declining by 150 basis points due to lease expirations and tenant departures.
- Outpatient medical segment achieved 85% tenant retention, 6% positive rent mark-to-market, and 3.9% same-store cash NOI growth.
- Repayment of $450 million senior notes was completed using proceeds from commercial paper program.
- Total portfolio same-store growth was 3.5%, with CCRC segment showing 8.6% same-store growth driven by 5% rate growth and higher entrance fee sales.
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- AGNC reported a comprehensive loss of $0.13 per common share for Q2 2025.
- Asset portfolio grew to $82 billion, up $3.5 billion from prior quarter, with a focus on higher coupon specified pools.
- Average projected life CPR declined to 7.8% from 8.3%, while actual CPRs averaged 8.7%, up from 7% in prior quarter.
- Dividends declared were $0.36 per common share, with a $0.44 decline in tangible net book value per share.
- Economic return on tangible common equity was negative 1%.
- Liquidity position improved to $6.4 billion in cash and unencumbered Agency MBS, representing 65% of tangible equity.
- Net interest rate spread decreased 11 basis points to 201 basis points largely due to higher swap costs.
- Net spread and dollar roll income declined to $0.38 per common share due to slower capital deployment and higher swap costs.
- Quarter-end leverage increased slightly to 7.6x tangible equity from 7.5x in Q1.
- Balance sheet remains strong with over $1.8 billion liquidity, including $560 million cash, and net debt to EBITDA of 4x.
- Core FFO was $0.59 per share, a $0.01 increase over the prior quarter excluding one-time termination revenue.
- Market rents declined approximately 3.5% sequentially and 12.8% year-over-year, but tenant health remained strong with bad debt at only 6 basis points of revenue.
- Net effective and cash leasing spreads for comparable leases were 21% and 8%, respectively, with embedded rent steps averaging 3.7%.
- Rexford Industrial delivered second quarter 2025 results in line with expectations, including 1.7 million square feet of leases executed and same-property occupancy increasing to 96.1%.
- Year-to-date dispositions totaled $134 million at a weighted average cap rate in the low 4% range, achieving an unlevered IRR of 11.9%.
- AFFO was $0.41 per share for the quarter and $0.84 year-to-date, also on track relative to full year guidance of $1.58 to $1.64 per share.
- Blended rent growth was 4% in Q2, driven by 4.7% renewal rent growth and 2.2% growth in new leases.
- Invitation Homes reported second quarter core FFO of $0.48 per share and year-to-date core FFO of $0.97 per share, tracking well against full year guidance of $1.88 to $1.94 per share.
- July preliminary results showed same-store average occupancy at 96.6%, renewal lease rate growth at 5%, and new lease rate growth at 1.3%, with blended lease rate growth of 3.8%.
- Liquidity remained robust with approximately $1.3 billion in unrestricted cash and undrawn revolving credit capacity.
- Net debt to trailing 12-month adjusted EBITDA ratio was 5.3x, slightly below the target range of 5.5 to 6x.
- Over 83% of debt is unsecured and nearly 88% is fixed rate or swapped to fixed rate, with a total swap book over $2 billion at a weighted average strike rate just over 3%.
- Same-store core revenue grew 2.4% year-over-year, with core operating expenses rising 2.2%, resulting in 2.5% NOI growth.
- Expenses were elevated due to a $3.5 million lawsuit settlement but core expenses were around $111.5 million, expected to normalize next quarter.
- Home Bancshares reported record earnings of $118.4 million or $0.60 earnings per share in Q2 2025, with a return on assets of 2.08%, slightly up from Q1's $115.2 million and 2.07% ROA.
- Loan growth was solid, with CCFG portfolio growing by $122 million in Q2 and total loans funded around $1.1 billion.
- Loan loss reserve remained strong at 1.86%, Tier 1 capital at 15.6%, leverage ratio at 13.4%, and total risk-based capital at 19.3%.
- Non-GAAP earnings for the first six months of 2025 were $233.6 million, up over 15% from the prior year period.
- Tangible common equity grew by $1.36 billion or 11.25% over the past 12 months, from $12.08 billion to $13.44 billion.
- The company repurchased over 3 million shares worth about $86 million and paid $150 million in dividends over the past year.
- The non-GAAP return on tangible common equity was 18.26%, with GAAP ROTCE at 17.68%.
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