Dafinchi AI

ELS

Financial Services

Balance sheet is strong with no secured debt maturing before 2028 and weighted average debt maturity of almost 8 years.
Core community-based rental income increased 5.5% for the quarter and year-to-date.
Core operating expenses were flat in the quarter, with expense growth 190 basis points lower than guidance.
Core portfolio generated 6.4% NOI growth in the quarter, 70 basis points higher than guidance.
Core RV and marina annual base rental income increased 3.7% in the quarter and 3.9% year-to-date.
Membership business contributed $16 million net in the quarter and $31.4 million year-to-date.
NOI increased 5% year-to-date compared to last year.
Normalized per share FFO growth year-to-date is 5.7%.
Seasonal rent decreased 5.6% and transient decreased 8.6% year-to-date.
Second quarter normalized FFO was $0.69 per share, in line with midpoint guidance.
Year-to-date expense growth was 70 basis points including insurance renewal impact.

KNSL

Financial Services

Book value per share increased by 16% since year-end 2024.
Diluted operating earnings per share was $4.78 for the quarter compared to $3.75 in Q2 2024.
Expense ratio improved to 20.7% from 21.1% last year, benefiting from ceding commissions and expense management.
In Q2 2025, Kinsale's operating earnings per share increased by 27.5% and gross written premium grew by 4.9% over Q2 2024.
Net income and net operating earnings increased by 44.9% and 27.4%, respectively.
Net investment income increased by 29.6% due to portfolio growth from strong operating cash flows.
The company posted a combined ratio of 75.8% and a 6-month operating return on equity of 24.7%.

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