- AFFO per share increased 7% year-over-year to $0.46, with total AFFO up 21% to $93 million.
- Cash G&A was $7.2 million, representing 5.2% of total revenue, down from 5.6% a year ago.
- Declared a cash dividend of $0.30 per share, representing a 65% AFFO payout ratio.
- Diluted share count was 199.6 million, including 0.6 million shares from unsettled forward equity.
- General & Administrative expenses rose to $10.7 million from $8.7 million in Q2 2024, mainly due to increased compensation.
- Income-producing gross assets reached $6.6 billion at quarter end.
- In Q2 2025, Essential Properties invested $334 million at a weighted average cash yield of 7.9% and a GAAP yield of 9.7%.
- Pro forma net debt to annualized adjusted EBITDAre was 3.5x at quarter end.
- Retained free cash flow after dividends reached $34.4 million for the quarter, over $130 million annualized.
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- Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
- FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
- Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
- Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
- Liquidity remains robust at over $2.2 billion, including $228 million in cash.
- Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
- Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
- The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
- Core FFO per share for Q2 2025 was $0.55, down 11% year-over-year due to decreased same-store NOI and increased interest expense.
- Expense growth was 4.6%, mainly from higher property taxes, marketing, repair and maintenance, and utilities, partially offset by lower personnel costs.
- Net debt-to-EBITDA was 6.8x at quarter end, slightly improved from 6.9x in Q1.
- Occupancy increased sequentially by 140 basis points in Q2 to 85%, further rising to 85.3% in July, narrowing the year-over-year occupancy gap.
- RevPar improved for five consecutive months ending July, with the year-over-year decline narrowing from 4.2% in February to 1.6% in July.
- Same-store NOI declined 6.1% year-over-year.
- Same-store revenues declined 3%, driven by a 240 basis point drop in average occupancy and a 30 basis point decline in average revenue per square foot.
- Adjusted book value per share ex AOCI and with AB ownership at market value was $40.89, up 11% year-over-year.
- Adjusted non-GAAP operating EPS was $1.41, down 8% compared to the prior year, primarily due to elevated individual life mortality claims.
- AllianceBernstein (AB) reported net outflows of $6.7 billion in Q2 but returned to net inflows in June; private markets AUM grew 20% year-over-year to $77 billion.
- Assets under management and administration reached a record $1.1 trillion, up 5% year-to-date.
- GAAP net loss was $349 million, impacted by notable items including a $74 million after-tax negative item in Protection Solutions.
- Non-GAAP operating earnings were $352 million or $1.10 per share, down 23% year-over-year on a per share basis.
- Wealth Management earnings increased 16% year-over-year with $2 billion of advisory net inflows and a 12% trailing 12-month organic growth rate.
- Book value was nearly unchanged from quarter end after accrued dividends were accounted for.
- Capital raised totaled $560 million this year, primarily through common equity issued above book value, accretive to shareholders.
- Dynex Capital's market capitalization grew nearly 50% year-over-year to over $1.5 billion as of June 30, 2025.
- Liquidity remained strong at $891 million, representing 55% of total equity.
- Net interest income increased due to new investments with attractive yields and positive carry from agency RMBS and swaps.
- ROEs on newly acquired positions, fully hedged, ranged from mid-teens to low 20% range.
- The portfolio grew to $14 billion, a 25% increase from the prior quarter and over 50% from the prior year.
- Earnings per share rose sharply by 86% to $2.49 compared to Q2 2024, driven by record collections and operational efficiency.
- Encore Capital Group reported strong Q2 2025 financial results with portfolio purchases up 32% to $367 million and collections increasing 20% to a record $655 million.
- Leverage improved slightly to 2.6x from 2.7x a year ago and remained flat compared to Q1 2025 despite increased portfolio purchases.
- Net income increased 82% to $59 million, with operating expenses growing 15% to $291 million, reflecting onboarding of new portfolios.
- Portfolio revenue increased 12% to $361 million, supported by a 14% growth in average receivable portfolios and improved portfolio yield of 35.5%.
- Average base minimum rent for Malls and Outlets increased 1.3% year-over-year; Mills increased 0.6%.
- Domestic property NOI increased 4.2% year-over-year for the quarter and 3.8% for the first half of the year.
- Funds from operation were $1.19 billion or $3.15 per share, an 8.6% increase from $1.09 billion or $2.90 per share last year.
- Malls and Premium Outlets occupancy ended at 96.0%, up 10 basis points sequentially and 40 basis points year-over-year.
- Occupancy costs remained flat sequentially at 13.1%.
- Portfolio NOI, including international properties at constant currency, grew 4.7% for the quarter and 4.2% for the first half.
- Real estate FFO was $3.05 per share in Q2 2025, up 4.1% from $2.93 in prior year.
- Sales per square foot for Malls and Premium Outlets were $736 for the quarter.
- Second quarter results included a $0.21 per share noncash after-tax gain from Catalyst Brands' deconsolidation of Forever 21 and a $0.13 per share noncash loss from mark-to-market adjustment on exchangeable bonds.
- The Mills achieved a record 99.3% occupancy, up 90 basis points sequentially and 110 basis points year-over-year.
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