- Empire State Realty Trust reported core FFO of $0.22 per diluted share for the second quarter of 2025.
- Manhattan office portfolio is 93.8% leased with 232,000 square feet leased in Q2, including 202,000 square feet of new leasing at double-digit positive mark-to-market spreads.
- Multifamily portfolio was 99% occupied and achieved 8% year-over-year rent growth in Q2.
- Observatory generated approximately $24 million in NOI in Q2, a 4.3% decline year-over-year, with revenue per capita increasing 2.3% year-over-year.
- Operating expenses increased 8.8% primarily due to higher real estate taxes, cleaning payroll, and repair and maintenance work including $1.4 million of nonrecurring repair work.
- Same-store property cash NOI declined 3% year-over-year after excluding lease termination fees and nonrecurring revenue items from 2024.
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- Adjusted EBITDA was $117 million, $6.5 million above midpoint.
- Adjusted FFO was $0.65 per share, $0.06 ahead of midpoint.
- Business interruption proceeds from LaPlaya insurance claims were $1.5 million above outlook, totaling $3.2 million.
- Ended Q2 with $267 million cash on hand, $49 million increase from last quarter; $640 million revolver availability.
- Energy costs decreased 2.1% due to efficiency efforts.
- Excluding Los Angeles and adjusting for last year's tax credits, same-property hotel EBITDA increased by $2.5 million year-over-year.
- Hotel expenses excluding fixed costs rose 1.7% year-over-year; expenses per occupied room declined 0.8%.
- Invested $21 million in portfolio during the quarter; on track for $65 million to $75 million in 2025.
- LaPlaya resort fully restored; full year BI income forecast increased to $11.5 million from $8.5 million.
- Los Angeles caused a $2.2 million EBITDA headwind, about $700,000 more than anticipated.
- Newport Harbor Island Resort outperformed expectations with a $1.8 million EBITDA beat.
- Out-of-room revenues at resorts rose 3.3%, led by food and beverage growth of 2.5%.
- Portland RevPAR climbed 10.4%, San Diego urban hotels posted 8.6% RevPAR growth.
- Property insurance renewal reduced premiums by roughly 10% with a 13% rate drop and 4% increase in insurable values.
- Resort total RevPAR increased 0.6% with a 1-point occupancy gain offsetting a nearly 3% ADR decline.
- Same-property hotel EBITDA totaled $115.8 million for the quarter, $1.8 million ahead of midpoint.
- Same-property total property RevPAR grew 1.3% year-over-year; excluding Los Angeles, RevPAR rose 2.7%.
- Same-property total revenues grew 1.3%, 2.7% excluding Los Angeles.
- San Francisco led with a 15.2% RevPAR increase, driven by occupancy gains and strong business and leisure demand.
- Urban portfolio RevPAR increased 1.7% overall and 4.1% excluding Los Angeles.
- Weighted average interest cost is 4.2%, with 90% to 96% of debt fixed.
- Adjusted return on assets was 1.31% and pre-provision ROAA was 1.72%.
- Deposits grew by $73 million net of broker deposits, with core deposits up nearly $800 million year-over-year.
- Loan growth was 4% annualized or $110 million, with contributions from nearly all business areas and geographic markets.
- Net interest income increased by $5.2 million quarter-over-quarter, with net interest margin expanding 6 basis points to 4.21%.
- Noninterest expense increased by $5.9 million due to merit increases, deposit costs, acquisition costs, and loan workout expenses.
- Noninterest income increased by $2.1 million from the prior quarter, driven by bank-owned life insurance and community development income.
- Nonperforming assets decreased slightly; net charge-offs were negligible aided by a $3 million recovery on a previously charged-off loan.
- Tangible book value per common share increased to $40.02, an annualized quarterly increase of 15%.
- Tangible common equity to tangible assets ratio was 9.42%, with a return on tangible common equity of 13.96%.
- The company earned $1.36 per diluted share in Q2 2025, up from $1.31 in the prior quarter and $1.19 year-over-year.
- Agency originations were $857 million in Q2 with strong margins of 1.69%, and loan sales totaled $807 million; mortgage servicing rights income was $10.9 million.
- Balance sheet lending portfolio grew to $11.6 billion with an all-in yield of 7.86%, while total debt on core assets was $9.6 billion with an all-in cost of 6.88%.
- In Q2 2025, Arbor Realty Trust produced distributable earnings of $62.5 million or $0.30 per share excluding $10.5 million of onetime realized losses from REO asset sales, translating into a 10% ROE.
- Leverage was reduced by 25% to a ratio of 3:1 from a peak of 4:1 nearly three years ago, aided by new unsecured rated debt issuance.
- Loan loss reserves increased by $16 million in Q2, including $6.5 million specific reserves and $9.5 million general CECL reserves due to changes in real estate value outlooks.
- Net interest income dropped from $75 million in Q1 to $69 million in Q2 due to increased delinquencies, less back interest collected, and reversals related to foreclosures.
- Net interest spreads declined to 1.08% from 1.26% last quarter, impacted by back interest collection variability and new nonperforming loans.
- Total delinquencies decreased to $529 million at June 30 from $654 million at March 31, with 60+ day delinquencies at $472 million and less than 60 days at $57 million.
- Brandywine Realty Trust reported a second quarter net loss of $89 million or $0.51 per share, including $63.4 million in impairments in the Austin portfolio.
- Capital ratio improved to 4.1%, below the 2025 business plan range, due to capital control and construction efficiencies.
- Deferred tenant improvement costs recognized were $5.5 million or $0.03 per share in CAD ratio; accrued but unpaid preferred dividends were $3.8 million or $0.02 per share.
- Development projects incurred $0.14 per share of negative carry, including $0.10 per share in noncash preferred charges.
- FFO contribution from unconsolidated joint ventures was negative $5.8 million, impacted by higher concessions at Solaris House during lease-up.
- FFO for the quarter was $26.1 million or $0.15 per diluted share, meeting consensus estimates.
- Interest expense was $0.5 million less than forecast due to capitalized interest.
- Mark-to-market was 2.1% on a GAAP basis and negative on a cash basis, with increased guidance ranges based on executed leases.
- Second quarter occupancy was 88.6% with 91.1% leased; Philadelphia occupancy was 93.5% and Austin occupancy improved due to asset sales.
- Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
- Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
- Dividend declared at $0.29 per share payable on or before October 15, 2025.
- Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
- Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
- Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
- Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
- Capital expenditures and leasing commissions year-to-date totaled $5.2 million, with full-year guidance between $12 million and $14 million.
- Global Medical REIT reported a second quarter 2025 dividend reduction from $0.21 to $0.15 per share, reflecting a rightsizing aligned with dividend coverage dropping from 110% to 79% on a FAD basis.
- Occupancy as of June 30, 2025, stood at 94.5%, down from the first quarter due to lease expirations and tenant bankruptcies, with expectations to end the year above 95%.
- The company completed a $150 million acquisition of a five-property outpatient medical real estate portfolio at an 8.5% blended going-in cash yield.
- Ancillary revenues contributed 150 basis points to NOI growth, including a revised parking agreement at Point Orlando.
- Balance sheet strong with $1.4 billion liquidity, no debt maturities until June 2026, and debt-to-EBITDA at 5.5x.
- Base rent growth contributed 360 basis points to same-property NOI growth, outpacing the drag from short-term occupancy decline.
- NAREIT FFO was $0.56 per share in Q2, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption.
- Net expense reimbursements detracted 110 basis points due to prior year tax assessment benefits.
- Signed new ABR reached a record $21 million in the quarter, with a 450 basis point spread between leased and build occupancy.
- Updated same-property NOI growth guidance to 3.9%-4.3% and increased FFO guidance to $2.22-$2.25 for 2025.
- BXP reported funds from operations (FFO) of $1.71 per share for Q2 2025, beating the midpoint of guidance by $0.05 and consensus by $0.04, driven by improved operations across the portfolio.
- BXP's total portfolio occupancy ended Q2 at 86.4%, a decline of 50 basis points, impacted by lease expirations and early terminations, partially offset by improvements at other properties.
- Development portfolio lease percentage increased by 500 basis points to 67% in Q2.
- Leasing volume for Q2 was over 1.1 million square feet, with total leasing in 2025 reaching 2.2 million square feet, 18% higher than the prior four quarters.
- Lower expenses were due to reduced real estate taxes from negotiated assessed value reductions and lower G&A expenses from capitalized wages and professional fee savings.
- Outperformance contributors included $0.04 from portfolio operations, $0.01 from earlier-than-anticipated revenue recognition, $0.01 from higher service income primarily in Boston and New York, and $0.02 from lower operating expenses.
- The total portfolio percentage leased was 89.1%, a slight decline of 30 basis points, with a growing gap between leased and occupied space now at 270 basis points.
- Accretive capital allocation included deploying more than $600 million year-to-date, including a $357 million acquisition of five shopping centers in South Orange County, California.
- Expense recovery rates improved meaningfully, contributing to NOI growth, supported by higher average commenced occupancy.
- Leased and commenced occupancy spread was 260 basis points, with an SNO pipeline of $38 million incremental base rent.
- Leverage remains comfortably within target range of 5 to 5.5x, with a strong balance sheet and access to low-cost capital.
- Regency Centers delivered another quarter of excellent results with strong same property NOI growth exceeding 7%, driven primarily by base rent growth of 4.5%.
- The company achieved record low shop move-outs and sustained robust leasing activity with strong rent growth, including cash rent spreads of 10% and GAAP rent spreads of nearly 20%.
- Total NOI growth and core operating earnings per share growth were robust, surpassing expectations.
Dafinchi