Dafinchi AI

Federal Realty Investment Trust

FRT

2025 Q2

Financial Services

2mo

Financial Performance Summary

Comparable property-level operating income grew approximately 5% excluding tax credit impact.
Comparable retail leasing reached 644,000 square feet, near an all-time quarterly record.
Completed asset sales totaling $143 million at blended yields in the mid- to upper 5% range.
Excluding tax credit income, FFO per share was $1.76, beating consensus and prior year results.
Liquidity improved to $1.55 billion with strong credit metrics; net debt-to-EBITDA at 5.4x excluding tax credit income.
Reported FFO per share of $1.91 for Q2 2025 includes $0.15 from new market tax credit income recognized earlier than guided.

Healthpeak Properties, Inc.

DOC

2025 Q2

Financial Services

3mo

Financial Performance Summary

Balance sheet ended Q2 with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity.
CCRC portfolio generated approximately $200 million of annual NOI, 50% higher than pre-pandemic 2019 levels, with current occupancy at 86%.
Healthpeak reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share for Q2 2025.
Lab segment reported 1.5% same-store growth, 6% positive rent mark-to-market, and 87% tenant retention, with total occupancy declining by 150 basis points due to lease expirations and tenant departures.
Outpatient medical segment achieved 85% tenant retention, 6% positive rent mark-to-market, and 3.9% same-store cash NOI growth.
Repayment of $450 million senior notes was completed using proceeds from commercial paper program.
Total portfolio same-store growth was 3.5%, with CCRC segment showing 8.6% same-store growth driven by 5% rate growth and higher entrance fee sales.

American Homes 4 Rent

AMH

2025 Q2

Financial Services

2mo

Financial Performance Summary

AMH Development delivered 636 homes in Q2, on track with expectations, while acquisitions remained disciplined with only 5 homes acquired.
AMH reported net income attributable to common shareholders of $105.6 million or $0.28 per diluted share for Q2 2025.
Core FFO per share was $0.47, representing 4.9% year-over-year growth; adjusted FFO per share was $0.42, up 6.3% year-over-year.
Core operating expense growth was 3.6%, leading to Same-Home Core NOI growth of 4.1% for the quarter.
Net debt to adjusted EBITDA was 5.2x at quarter-end, with $323 million cash on hand and a fully undrawn $1.25 billion revolving credit facility.
Same-Home average occupied days were 96.3% in Q2 and 96.1% in July, with blended rental rate spreads of 4.3% in Q2 and 3.8% in July.
Same-Home core revenue growth was 3.9% for the quarter, driven by strong leasing and rate growth with foot traffic up over 5% year-over-year.

Alexandria Real Estate Equities, Inc.

ARE

2025 Q2

Financial Services

3mo

FFO per Share Beat

+1.3%

$2.33

FFO per share diluted as adjusted was $2.33 for 2Q '25, up 1.3% compared to the prior quarter and included the positive impact from the recent development deliveries in San Francisco and San Diego.

T. Rowe Price Group, Inc.

TROW

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted compensation and related costs of $662 million essentially flat to Q1 2025; technology, occupancy, and facility costs up 7% from Q1 2025.
Adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and Q2 2024 EPS of $2.26.
Adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.
Adjusted operating expenses of just over $1.1 billion, up 1% from Q1 2025 and 3.7% from Q2 2024.
Average equity AUM down 5% and overall average AUM down 2% from Q1 2025; effective fee rate lowered to 39.6 basis points due to mix shift and flows into lower-priced products.
Net outflows of $14.9 billion driven by U.S. equities, timing of client redemptions, and rebalancing activity coinciding with equity market snapback.
Positive net flows in fixed income, multi-asset, alternatives, and $2.5 billion net flows into ETF products.
Returned over $395 million to stockholders in first half of 2025, including $286 million in dividends and $109 million in share buybacks during Q2.

First Merchants Corporation

FRME

2025 Q2

Financial Services

3mo

Financial Performance Summary

First Merchants delivered 9.1% annualized loan growth and $0.98 earnings per share in Q2 2025.
Net charge-offs were low at 0.07% of average loans annualized, with a provision reflecting improved asset quality and macroeconomic factors.
Net income was $56.4 million, up 43% year-over-year, supported by improved credit quality and a lower provision for credit losses of $5.6 million versus $24.5 million in Q2 2024.
Net interest income increased by $2.7 million and noninterest income by $1.3 million in Q2.
Noninterest expense was well controlled at $93.6 million, a modest increase primarily due to marketing and loan origination costs.
Noninterest income totaled $31.3 million, with customer-related fees up $1.6 million year-over-year, driven by mortgage sales and treasury management fees.
Return on assets was 1.23% and efficiency ratio was 54%, reflecting strong operational discipline.
Tangible common equity ratio improved to 8.92%, above target, supporting capital flexibility.
Year-to-date net income was $111.2 million, a 28% increase from 2024, with earnings per share up 30% to $1.92.

Ellington Financial Inc.

EFC

2025 Q2

Financial Services

2mo

Financial Performance Summary

Book value per share increased quarter-over-quarter to $13.49.
Combined cash and unencumbered assets increased to about $920 million, more than 50% of total equity.
Ellington Financial reported GAAP net income of $0.45 per share and adjusted distributable earnings (ADE) of $0.47 per share in Q2 2025.
Leverage ratios remained stable with recourse debt-to-equity at 1.7:1 and overall debt-to-equity at 8.7:1 including securitizations.
Longbridge segment contributed $0.13 per share to ADE, driven by strong origination volumes, securitization gains, and servicing income.
Net interest margin (NIM) on the credit portfolio increased by 21 basis points, while the NIM on Agency decreased by 17 basis points.
Portfolio size remained roughly unchanged quarter-over-quarter with growth in mortgage loan portfolios offset by securitizations and tactical sales.
The company achieved an annualized economic return of nearly 14% and a total economic return of 3.3% for the quarter (non-annualized).

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