Balance sheet strengthened with a $300 million delayed draw term loan at 4.1% fixed rate, expanded $1.5 billion line of credit, and a new commercial paper program.
Better same-property operations contributed $0.04 to the beat, split evenly between higher revenue growth and lower operating expenses.
Essex Property Trust reported solid second quarter 2025 results with Core FFO per share exceeding the midpoint of guidance by $0.07.
Lower G&A expenses were timing related and contributed positively to the quarter.
Net debt to EBITDA stands at 5.5x with $1.5 billion in available liquidity.
Revised full year Core FFO per share guidance increased by $0.10 to $15.91, driven by higher same-property revenue growth, lower expenses, and strong joint venture performance.
Structured finance book repayments are causing a temporary headwind to Core FFO growth, expected to largely abate after the next four quarters.
Third quarter Core FFO guidance is $3.94 at midpoint, a $0.09 sequential decline due to seasonal expense increases and preferred equity redemptions.
Washington property taxes declined 9% year-over-year, aiding expense reduction.
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.
Administrative expenses were $86 million, up 5% from prior year, representing 7.1% of premium.
Book value per share as of June 30 is $66.07 (GAAP) and $90.26 excluding AOCI, up 10% from a year ago.
Excess investment income was $35 million, down $8 million from a year ago; net investment income was $282 million, down 1%.
Health insurance premium revenue grew 8% to $378 million; health underwriting margin was down 2% to $98 million due to higher obligations at United American.
Invested assets totaled $21.5 billion, with $18.9 billion in fixed maturities, mostly investment grade rated A-.
Life Insurance premium revenue increased 3% to $840 million; life underwriting margin was $340 million, up 6%.
Net income for the second quarter was $253 million or $3.05 per share compared to $258 million or $2.83 per share a year ago.
Net operating income was $271 million or $3.27 per share, a 10% increase over $2.97 per share from a year ago.
Return on equity through June 30 is 18.8% on a GAAP basis and 14.4% excluding accumulated other comprehensive income (AOCI).
The fixed maturity portfolio has a net unrealized loss of approximately $1.6 billion due to higher market rates but is not a concern due to intent to hold to maturity.
Allowance for credit losses to total portfolio loans was 1.19%, decreasing $9.8 million from prior quarter due to payoffs and portfolio mix changes.
Deposits increased 58% year-over-year to $21.2 billion, including $6.9 billion from Premier and $849 million organic growth.
Efficiency ratio improved 10 percentage points year-over-year to 55.5%, aided by planned acquisition cost savings.
Fee income grew 40% year-over-year to $44 million, driven by acquisition and organic growth.
For the quarter ending June 30, 2025, WesBanco reported net income excluding merger and restructuring expenses of $87.3 million and diluted earnings per share of $0.91, an increase of 86% year-over-year.
Net interest margin improved to 3.59%, driven by the Premier acquisition and loan growth.
Noninterest expense excluding restructuring and merger costs was $145.5 million, up 47.5% year-over-year due to acquisition-related expenses and higher FDIC insurance.
Returns on average assets and tangible equity improved to 1.3% and 17%, respectively.
Total assets increased 52% year-over-year to $27.6 billion, including $18.8 billion in total portfolio loans.
Total assets increased 52% year-over-year to $27.6 billion, including $18.8 billion in total portfolio loans and $4.4 billion in securities.
Total portfolio loans increased 53.6%, with $5.9 billion from Premier and $670 million organic growth.
Dafinchi