- 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.
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- Four Technologies delivered eighth consecutive quarter of triple-digit GMV and revenue growth, generating $11.1 million adjusted EBITDA year-to-date with 23% margin.
- Non-GAAP diluted EPS of $0.90 exceeded guidance range of $0.70 to $0.75, marking the third consecutive earnings beat this year.
- Progressive Leasing GMV declined 10% year-over-year to $410.9 million, but adjusted for Big Lots and tightening, underlying GMV grew mid-single digits.
- Progressive Leasing gross margin expanded by approximately 80 basis points year-over-year to 32%.
- Q3 2025 consolidated revenue was $590.1 million, slightly down year-over-year due to Big Lots bankruptcy and smaller lease portfolio.
- Q3 Progressive Leasing EBITDA was $64.5 million or 11.6% of revenue, within the 11%-13% margin target.
- Write-offs improved to 7.4%, within targeted 6% to 8% annual range, showing sequential and year-over-year improvement.
- Adjusted EBITDA was $104 million and adjusted FFO per diluted share was $0.48.
- Excluding these factors, portfolio RevPAR grew slightly by 0.2%, with urban hotels outperforming by 140 basis points.
- Hotel EBITDA was $113 million with margins of 31.1%, flat excluding renovation impacts.
- Non-room revenues grew by 1.5%, driven by ROI initiatives in food and beverage and ancillary services.
- Operating expenses were flat year-over-year, limiting margin compression to 90 basis points.
- RLJ reported second quarter 2025 RevPAR of $155, a 2.1% decline year-over-year, impacted by renovations and the Austin Convention Center closure.
- Completed 555 full and partial upgrades in Q2, leased 381 upgraded units with an average rent premium of $73 and 26% ROI.
- Core FFO for Q2 was $18 million or $0.71 per diluted share, up from $0.69 in Q2 2024.
- Entered a new 5-year $100 million SOFR swap at 3.489% fixed rate.
- Net loss for Q2 2025 was $7 million or $0.28 loss per diluted share on total revenue of $63.1 million, compared to net income of $10.6 million or $0.40 EPS on $64.2 million revenue in Q2 2024.
- NOI was $38 million on 35 properties versus $38.9 million on 36 properties in Q2 2024.
- Paid a Q2 dividend of $0.51 per share, a 147.6% increase since inception, with 1.39x core FFO coverage and 72.2% payout ratio.
- Repurchased 223,109 shares for $7.6 million at an average price of $34.29 per share.
- Same-store rent and occupancy decreased 1.3% and 0.8%, respectively, leading to a 1.1% decrease in same-store NOI compared to Q2 2024.
- Since inception, 9,113 upgrades installed with average monthly rental increases of $165, $50, and $43 for full/partial upgrades, kitchen/laundry appliances, and tech packages respectively, with strong ROI.
- 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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