Adjusted Funds From Operations (AFFO) was $53.1 million or $0.24 per share in Q2 2025.
GNL reported Q2 2025 revenue of $124.9 million and a net loss attributable to common stockholders of $35.1 million.
Gross outstanding debt was reduced to $3.1 billion, down $2 billion from Q2 2024, with 85% fixed-rate debt and a weighted average interest rate of 4.3%.
Liquidity increased to approximately $1 billion with $1.1 billion capacity on the revolving credit facility.
Net debt to adjusted EBITDA ratio improved significantly to 6.6x from 8.1x a year ago.
Agency gross revenues increased $61 million or 25%, net agent revenues up 21%.
Domestic commercial revenues increased $24 million or 46%, with average fee per file increasing 25% to $16,900.
Domestic residential fee per file slightly declined to $2,900 from $3,000 last year.
Employee cost ratio improved to 30% from 31%, other operating expense ratio improved to 25% from 26%.
Net cash provided by operations improved by $32 million compared to last year.
On an adjusted basis, second quarter net income was $38 million or $1.34 per diluted share compared to $25 million or $0.91 per diluted share last year.
Real estate solutions segment revenues improved $20 million or 22%, with adjusted pretax income 15% higher.
Stewart reported second quarter net income of $32 million or $1.13 per diluted share based on revenues of $722 million.
Title pretax income improved by $16 million or 48%, with adjusted pretax income $52 million, 35% better than last year.
Title segment operating revenues improved $96 million or 19%, driven by both direct and agency title operations.
Total cash and investments were approximately $390 million in excess of statutory premium reserve requirements.
Total stockholders' equity at June 30 was approximately $1.4 billion with a book value of $51 per share.
Total title loss expense increased slightly to $22 million, but title loss ratio improved to 3.6% from 4.2% last year.
Average C&I loans increased 19% year-over-year, with average loans growing $72 million quarter-over-quarter.
Credit quality remained stable with net charge-offs below guidance at 18 basis points annualized, allowance coverage ratio increased to 1.14%, and delinquencies stable at around 1%.
Net interest margin improved to 3.56% in Q2 2025, up from an adjusted 3.48% in Q1 2025 after excluding a 39 basis point interest recovery benefit.
Noninterest expense increased 6.3% quarter-over-quarter and 5.5% year-over-year due to merger-related expenses, with an adjusted efficiency ratio improving to 60.4%.
Noninterest income increased by $2.6 million quarter-over-quarter, driven by fee income and other operating income gains.
Northwest Bancshares reported GAAP net income of $33.7 million and earnings per diluted share of $0.26 for Q2 2025, compared to $0.04 in Q2 2024.
On a non-GAAP basis, adjusting for one-time merger-related expenses, net income was $38.2 million and EPS was $0.30, a 10% increase over the prior year quarter.
Total revenue for Q2 2025 was $150 million, a 53.5% increase year-over-year on a GAAP basis, including impacts from securities portfolio restructuring.
Core FFO per share was $0.45, consistent with the prior year quarter despite growth in core FFO due to reduced leverage.
Core FFO was $14.7 million for the quarter, a $4.3 million increase compared to $10.3 million in the prior year quarter.
Net debt to EBITDA was 6.9x, improved from 7.5x a year ago but up from 6.3x at the start of the year due to acquisitions and tenant vacancies.
The company signed approximately 227,000 square feet of new leases, renewals, and extensions at an average cash base rent of $25.43 per square foot in Q2 2025.
The property portfolio of 5.3 million square feet was 93.9% leased and 90.2% occupied at quarter-end.
The signed not open leasing pipeline stands at $4.6 million, representing 4.6% of in-place cash rents.
Year-to-date leasing totaled 339,000 square feet with a 27% cash rent spread on comparable leases.
Dafinchi