Dafinchi AI

Gaming and Leisure Properties, Inc.

GLPI

Financial Services

2w

Financial Performance Summary

All rent payments are current from tenants despite the increased provision for credit losses.
Operating expenses increased by $65.6 million primarily due to a noncash provision for credit losses based on a more pessimistic economic forecast.
Record year-over-year revenue, AFFO, and adjusted EBITDA were achieved in the quarter.
Rent coverage ratios ranged from 1.69 to 2.72x on master leases as of the prior quarter end.
Total income from real estate for Q2 2025 exceeded Q2 2024 by over $14 million, driven by cash rent increases of over $22 million from acquisitions and escalations.

Globe Life Inc.

GL

Financial Services

2w

Financial Performance Summary

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.

Rexford Industrial Realty, Inc.

REXR

Financial Services

3w

Financial Performance Summary

Balance sheet remains strong with over $1.8 billion liquidity, including $560 million cash, and net debt to EBITDA of 4x.
Core FFO was $0.59 per share, a $0.01 increase over the prior quarter excluding one-time termination revenue.
Market rents declined approximately 3.5% sequentially and 12.8% year-over-year, but tenant health remained strong with bad debt at only 6 basis points of revenue.
Net effective and cash leasing spreads for comparable leases were 21% and 8%, respectively, with embedded rent steps averaging 3.7%.
Rexford Industrial delivered second quarter 2025 results in line with expectations, including 1.7 million square feet of leases executed and same-property occupancy increasing to 96.1%.
Year-to-date dispositions totaled $134 million at a weighted average cap rate in the low 4% range, achieving an unlevered IRR of 11.9%.

Highwoods Properties, Inc.

HIW

Financial Services

1w

Financial Performance Summary

Cash and GAAP rent growth were strong at 3.6% and 17.6%, respectively.
Highwoods Properties delivered FFO of $0.89 per share in Q2 2025, with net income of $18.3 million or $0.17 per share.
Leasing volumes were strong with 923,000 square feet of second-gen leasing, including 371,000 square feet of new leasing.
Occupancy was roughly flat from Q1 at 85.6%, while leased rate increased 80 basis points to 88.9%.
The company raised the mid-point of its 2025 FFO outlook by $0.02 to a range of $3.37 to $3.45 per share.
The debt-to-adjusted EBITDAre ratio was 6.3x at quarter-end, with $106 million left to fund on the development pipeline and over $700 million of available liquidity.
The quarter included three atypical items: a $3 million payment from Florida Department of Transportation, $1 million of term fees from early space takebacks, and nearly $1 million write-off of predevelopment costs.

Apple Hospitality REIT, Inc.

APLE

Financial Services

2d

Financial Performance Summary

Adjusted EBITDAre was approximately $133 million for Q2 2025, down about 6% year-over-year.
Adjusted hotel EBITDA for comparable hotels was $142 million in Q2 2025, down approximately 5% year-over-year.
Comparable hotels total revenue was $380 million for Q2 2025, slightly down from Q2 2024.
MFFO for Q2 2025 was approximately $112 million or $0.47 per share, down 6% on a per share basis compared to Q2 2024.
Q2 2025 comparable hotels RevPAR was $129, down 1.7% compared to Q2 2024, with ADR at $164 and occupancy at 79%.
Total hotel expenses increased by 2.8% for Q2 2025, with payroll per occupied room up 3% to $39.
Year-to-date through June, comparable hotels RevPAR was $120, down 1.1%, ADR was $160 (up 0.4%), and occupancy was 75%.

Whitestone REIT

WSR

Financial Services

1w

Financial Performance Summary

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.

Colony Bankcorp, Inc.

CBAN

Financial Services

2w

Financial Performance Summary

Core earnings improved meaningfully in the quarter, supported by loan growth and efficiency.
Insurance division pretax income was flat quarter-over-quarter, with increased marketing expenses to drive future growth.
Loan growth was strong at a 15% annualized rate in Q2, slightly below Q1 levels.
Loans held for investment increased by $72.3 million; deposits decreased $66 million seasonally but are up $75 million year-over-year.
Net income increased by $1.4 million quarter-over-quarter, driven by higher net interest income and lower provision expense.
Net interest income increased approximately $1.4 million quarter-over-quarter with cost of funds down 3 basis points to 2.04%.
Net interest margin expanded to 3.12%, benefiting from pricing discipline and a stable core deposit base.
Noninterest expenses increased $1.8 million due to variable compensation and higher data processing costs.
Noninterest income increased over $1 million, led by gains in mortgage, SBSL, and service charge revenue.
Provision expense totaled $450,000; net charge-offs were $1 million, mostly in the SBSL division.
Return on assets (ROA) improved to 1.02%, achieving the 1% target a quarter earlier than projected.