- AFFO for Q2 2025 was $1.3 million or $0.03 per share, up from the prior year, positively impacted by lower interest expense and increased loan program activity.
- AFFO for the six months was $3.6 million or $0.08 per share, higher than 2024, helped by lower interest expense, higher interest income, and proceeds from a solar lease arrangement.
- For Q2 2025, net income was $7.8 million or $0.15 per share, higher than Q2 2024 due to gains on dispositions of 32 properties, lower G&A costs, lower interest expenses, and higher interest income.
- For the six months ended June 30, 2025, net income was $9.9 million or $0.18 per share, higher than 2024 due to 34 property dispositions, debt reductions, lower G&A, and increased interest income.
- Gain on disposition of assets was $25 million on $81.6 million of property sales in 2025, compared to a loss of $0.1 million in 2024.
- General and administrative expenses decreased primarily due to a one-time severance expense in 2024.
- Interest expense decreased by $2.8 million in Q2 and $5.2 million year-to-date due to debt reductions since October 2024.
- Lines of credit were repaid in full with $23 million payments in early July 2025.
- Undrawn capacity on lines of credit was approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets in 2025.
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- Distributable earnings (DE) were $0.24 per share, negatively impacted by $0.10 per share in credit losses on fair value loans, higher than Q1 by $0.06 per share.
- Economic book value declined modestly by 1% to $13.69 per share, while GAAP book value was $13.12 per share, also down about 1%.
- Excluding credit losses, DE would have been $0.35 per share, nearly covering the common dividend of $0.36 per share.
- G&A expenses declined to $29.9 million from $33.5 million in Q1, including $1.2 million in severance and transition costs related to expense reduction initiatives.
- MFA Financial reported GAAP earnings of $33.2 million or $0.22 per share in Q2 2025, driven by growth in net interest income to $61.3 million and modest net mark-to-market gains.
- MFA paid a common dividend of $0.36 per share for the quarter and delivered a total economic return of 1.5% for Q2 and 3.4% year-to-date.
- Controllable expenses decreased 3.7% year-over-year and were flat year-to-date, driven by lower marketing, administrative, and repairs and maintenance costs.
- Net debt-to-EBITDA was 11.3x trailing 12 months, not reflecting recent asset sales and contracts.
- Net income available to common shareholders was $0.12 per fully diluted share in Q2 versus $0.03 prior year and a net loss of $0.12 in Q1.
- Non-controllable expenses were down 3.2% year-over-year and 2.6% year-to-date due to lower insurance and real estate tax expenses.
- Same Store NOI grew 5.6% in the quarter and 4.4% year-to-date.
- Same Store rental revenue was up 2.5% for the quarter, or 3.8% excluding Liberty Towers and other income recognized last year.
- Second quarter Core FFO was $0.17 per share, up $0.01 from the first quarter, including $0.01 of nonrecurring other income and property management expense savings.
- Weighted average effective interest rate was 4.86%, a reduction of over 20 basis points prior to the credit facility amendment.
- Year-to-date Core FFO was $0.33 per share versus $0.32 last year.
- Core capital increased by $35 million to $1.6 billion, exceeding statutory requirements by 63%.
- Core return on equity was 17%, with an efficiency ratio maintained below the strategic target of 30%.
- Credit provision was $7.8 million, including a $2.8 million charge-off on two loans, partially offset by a $1.7 million recovery.
- Farmer Mac achieved record core earnings of $47.4 million in Q2 2025, a 19% year-over-year increase.
- Net effective spread grew over 12% year-over-year, reaching a record $93.9 million.
- Total outstanding business volume surpassed $30 billion for the first time, ending at $30.6 billion.
- Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
- FFO as adjusted for the quarter was $0.36 per share.
- FFO as adjusted increased by 12% over last year and 8% year-to-date.
- Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
- Net debt to annualized EBITDA was 5.5x in the second quarter.
- Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
- Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
- Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
- Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
- Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.
- Adjusted ROA on a last 12-month basis was 92 basis points, slightly up from 91 basis points in Q2 2024.
- Adjusted ROE excluding AOCI was 8.8%, up 40 basis points over Q2 2024.
- F&G reported adjusted net earnings of $103 million or $0.77 per share in Q2 2025.
- Investment income from alternative investments was $83 million below management's long-term expected return.
- Operating expenses to AUM before flow reinsurance decreased to 56 basis points from 61 basis points in Q2 2024.
- Record AUM before flow reinsurance reached $69.2 billion, a 13% increase over Q2 2024.
- Bad debt was up from a year ago in Q2 but in line year-to-date and within guidance range.
- Core FFO for Q2 was $88.2 million or $0.64 per diluted share, reflecting 8.5% per share growth.
- Core FFO per share increased 8.5% year-over-year.
- NAREIT FFO for Q2 was $86 million or $0.62 per diluted share, reflecting 8.8% per share growth.
- New leasing rent spreads were 34.6% comparable and 28.1% in-line.
- Portfolio occupancy ended Q2 at 97.4%, anchor occupancy at 98.9%, and in-line occupancy at 94.8%.
- Renewal rent spreads were strong with comparable renewal spreads at 19.1% and in-line renewal spreads at 20.7%.
- Same-center NOI increased 4.2% in Q2 2025.
- Tenant improvement costs for renewals were low at $0.49 per square foot.
- Europe accounted for $889 million or 76% of investment volume at a 7.3% weighted average initial cash yield, while U.S. investments totaled $282 million at a 7% yield.
- Net debt to annualized pro forma adjusted EBITDA was 5.5x, in line with the company’s leverage target.
- Portfolio occupancy ended at 98.6%, 10 basis points higher than the prior quarter and above the historical median of 98.2%.
- Realty Income invested $1.2 billion in Q2 2025 at a 7.2% weighted average initial cash yield, with acquisitions having a weighted average lease term of approximately 15.2 years.
- Rent recapture rate was 103.4% across 346 leases, generating $97 million of annual cash from prior rents.
- The company sold 73 properties for $117 million in net proceeds, with $100 million related to vacant properties.
- The company sourced $43 billion in investment opportunities in Q2, matching the total volume sourced in all of 2024 and marking the highest quarterly volume in its history.
- Adjusted EBITDA grew 1.8% year-over-year, or approximately 4.5% excluding noncash net straight line, despite FX headwinds.
- American Tower reported strong second quarter 2025 results with consolidated property revenue growth of 1.2% year-over-year, or more than 3% excluding noncash straight-line revenue.
- Attributable AFFO and AFFO per share declined approximately 6.7% and 6.8%, respectively, primarily due to prior year revenue reserve reversals in India.
- Cash adjusted EBITDA margin declined 40 basis points, partially due to higher contribution from U.S. services business.
- CoreSite data center business posted over 13% property revenue growth with double-digit revenue growth and gross margin expansion.
- On an as-adjusted basis normalizing for India sale, AFFO per share grew approximately 2.4%.
- Organic tenant billings growth was 4.7% consolidated, driven by solid demand across global portfolio, with U.S. and Canada at 3.7% and International at 6.5%.
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