Core bank ROA was approximately 1.38%, supported by a low cost of deposits around 1.75%.
Core expenses normalized to approximately $21 million, with expected reductions from technology savings and amortization ending.
Net interest income would have been $27.5 million excluding interest reversals, up from $26.4 million in Q1 and $24.9 million a year ago.
Net interest margin (NIM) excluding consumer program effects was 3.15%, up from 3.13% last quarter and 2.80% a year ago.
Noninterest income was $10.6 million, driven primarily by increased mortgage revenue.
Pretax pre-provision earnings were about $8.4 million after adjustments for mortgage support costs and interest write-offs.
Primis Financial Corp. reported $8.4 million in net income or $0.34 per share for Q2 2025, including a $7.5 million pretax gain on a portion of its interest in PFH.
Provision expense was $1.2 million, with no provision required for the consumer program this quarter.
Average base rent per leased square foot grew 5.3% year-over-year to $25.28.
Bad debt for the quarter was just under 1% of revenues, consistent with prior year and within forecasted range.
Debt-to-EBITDAre improved to 7.2x from 7.8x a year ago, with an expected year-end target of about 7x.
G&A and interest expenses were reduced by about 6% compared to the prior year.
Leasing spreads remained strong with straight-line leasing spreads of 17.9%, marking the 13th consecutive quarter above 17%.
Occupancy increased 100 basis points sequentially from Q1 to 93.9%.
Same-store NOI growth was 2.5% for the quarter and 3.9% for the 6 months, on track to meet the full-year target range of 3% to 4.5%.
Whitestone REIT delivered core FFO per share of $0.26 for Q2 2025 and $0.51 for the first 6 months, representing a 5.4% and 5.6% year-over-year increase respectively.
G&A expenses were $14.6 million for the quarter, representing only 1.5% of total revenue, among the lowest ratios in the triple net REIT sector and across all REITs.
Liquidity totaled approximately $2.9 billion, including $325.6 million from outstanding forwards, $2.4 billion available under revolving credit facility, and $233 million in cash.
Total debt stands at $17.1 billion with net debt to annualized Q2 adjusted EBITDA at approximately 5.1x, within the target leverage range of 5 to 5.5x.
VICI Properties reported FFO per share of $0.60 for Q2 2025, a 4.9% increase from $0.57 in Q2 2024, highlighting efficient triple net model with margins in the high 90% range excluding noncash items.
Weighted average interest rate is 4.47% adjusted for hedging, with a weighted average debt maturity of 6.5 years.
Dafinchi