- Annualized cash based on leases in place at quarter end is $249.8 million.
- Cash G&A expense, excluding stock-based compensation, was $4.4 million or 6.9% of cash rental income, improved from 7.4% last year.
- Cash rental income was $64.5 million, representing growth of over 11% compared to last year.
- No material changes to collectibility or credit reserves, nor any balance sheet impairments.
- Portfolio occupancy remains strong at 99.4%, with 99.8% of base rent collected for Q2.
- Reported AFFO per share of $0.44, up 2.8% from Q2 last year.
- Weighted average 5-year annual cash rent escalator remains 1.4%.
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- FFO decreased to $0.37 per share and AFFO decreased to $54.5 million.
- G&A expenses remain low at approximately 4.9% of revenue.
- Revenue increased by 2.7% compared to Q2 2024.
- Same-property cash NOI declined by 1.1%, impacted by a large property tax refund in the prior year; excluding refunds, NOI was slightly positive.
- Adjusted funds from operations (AFFO) for Q2 2025 were $48.4 million or $1.71 per share, down 12% from the previous quarter.
- Balance sheet remains strong with $2.6 billion in primarily unencumbered gross assets and only $291 million in fixed rate debt.
- Liquidity is robust with over $190 million in cash and undrawn revolver, supporting future growth and investments.
- Repurchased 367,000 shares at an average price of $53.98 for $19.8 million, funded by cash and preferred stock issuance.
- Total revenues for Q2 2025 were $62.9 million, a 12% decrease from Q1 2025, primarily due to tenant defaults.
- Credit quality remained strong with stable nonperforming loans and charge-offs at 11 basis points, unchanged from Q1.
- Deposit growth was strong at over $2 billion, with total assets growing to $69 billion including a $425 million preferred stock offering.
- Net interest income reached a quarterly record of $547 million, driven by $2.3 billion loan growth in Q2.
- Net interest margin remained stable at 3.54%, within the target range.
- Noninterest expenses rose by $15.4 million to $381.5 million, primarily due to higher salaries, benefits, and marketing expenses.
- Noninterest income increased by $7.5 million to $124.1 million, driven by mortgage banking and wealth management revenue growth.
- Tangible book value per share continued to grow, maintaining a consistent upward trend since becoming public.
- Wintrust reported record quarterly net income of $195.5 million, up from $189 million last quarter.
- 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.
- Commercial revenue in Title was strong, with $626 million in the first half of 2025, up 23% year-over-year.
- F&G segment grew assets under management to $69.2 billion, up 13% year-over-year, with adjusted net earnings of $89 million, down from $122 million in Q2 2024.
- FNF reported strong Q2 2025 results with total revenue of $3.6 billion and adjusted net earnings of $318 million, slightly down from $338 million in Q2 2024.
- Personnel costs and other operating expenses increased by 10%, driven by active recruiting and strategic investments in security and technology.
- The Title segment delivered adjusted pretax earnings of $337 million with a 15.5% margin, slightly below the 16.2% margin in Q2 2024 due to higher expenses.
- Assets under custody and administration grew 5% year over year to $17 trillion, while assets under management increased 9% year over year.
- Expenses increased 4.7% year over year, with positive operating leverage of 110 basis points and expense to trust fee ratio improving by 120 basis points to 112%.
- Net interest income on an FTE basis was $596 million, down 3% sequentially but up 5% year over year, with net interest margin increasing to 1.7%.
- Return on average common equity reached 14.8%, with a pretax margin expansion of nearly 200 basis points compared to the prior year.
- Revenue increased 6% year over year, driven by favorable equity markets and well-managed expense growth.
- Third quarter net income was $458 million with earnings per share of $2.29, reflecting a 14% increase year over year excluding notable items.
- Trust and investment servicing fees totaled $1.3 billion, up 6% year over year, with wealth management fees up 5% and asset servicing fees up 6%.
- Year to date, Northern Trust returned 110% of earnings to shareholders, including $431 million in the quarter through dividends and stock repurchases.
- Blended rate growth was 3%, driven by a 5.2% renewal rate with 60% of residents renewing in the quarter.
- Equity Residential's second quarter 2025 results exceeded expectations with strong resident retention and sustained demand across markets.
- Expansion markets such as Atlanta and Dallas performed in line with expectations, with suburban acquisitions outperforming urban submarkets facing supply pressure.
- Markets like Los Angeles and Denver faced challenges from weak job growth, quality of life issues, and heavy concession use.
- Other strong markets included New York City with the highest occupancy and strong blended rate growth, and Washington, D.C. with high occupancy and rent growth despite recent softening.
- Physical occupancy was high at 96.6%, with new lease rates slightly negative due to price sensitivity and concession use in supply-heavy markets.
- San Francisco led the portfolio with 5.8% blended rate growth, driven by strong new lease and renewal increases and favorable migration patterns.
- Bad debt remains below 2%, indicating a healthy customer base.
- Flat same-store revenue growth in Q2 due to gradual rate growth progress.
- Interest income and expense were higher due to a higher-than-forecasted SOFR curve.
- Net rental income was positive 20 basis points in the quarter, partially offset by lower administrative fees and late fees.
- Positive year-over-year rate growth to new customers achieved for the first time since March 2022.
- Same-store expenses increased by 8.6%, driven by higher property taxes in legacy Life Storage properties.
- Same-store occupancy reached 94.6%, up 60 basis points year-over-year and 120 basis points sequentially from Q1.
- Tenant insurance income and management fee income were stronger than expected, augmenting flat same-store revenue.
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