- AFFO per share increased by 1.7% year-over-year to $0.59 in the quarter.
- G&A ratio to cash rental and interest income was 9.9% for Q2 2025, flat compared to prior year periods.
- Getty Realty grew its annualized base rent by 9.9% to approximately $204 million during Q2 2025.
- Nearly 100% rent collections were maintained with annual rent increases averaging 1.8%.
- Net debt to EBITDA was 5.2x (4.6x including unsettled forward equity), within target leverage range of 4.5 to 5.5x.
- Total liquidity exceeded $400 million at quarter end, including revolver capacity, cash, and unsettled forward equity.
- Trailing 12 months rent coverage was strong at 2.6x, with improvements in convenience stores and car wash portfolios.
- Weighted average debt maturity was 5.1 years with a weighted average cost of debt at 4.5%, and no maturities until 2028.
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- 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).
- Excluding the $0.03 impact from noncash provisions, adjusted Q2 EPS was $0.42.
- Liquidity stood at approximately $1.2 billion with no corporate debt maturities until 2027 and a weighted average debt maturity of 19 years.
- Safehold reported Q2 2025 GAAP revenue of $93.8 million, net income of $27.9 million, and earnings per share of $0.39.
- The portfolio earned a 3.7% cash yield and a 5.4% annualized yield on a GAAP basis, with an economic yield of 5.8%, increasing to 7.5% when including inflation adjustments and unrealized capital appreciation.
- The year-over-year decline in GAAP earnings was mainly due to a $1.7 million increase in noncash general provision for credit losses, primarily from new leasehold loan originations.
- Total portfolio value was $6.9 billion with an estimated unrealized capital appreciation portfolio of approximately 37 million square feet of commercial real estate.
- FFO decreased to $0.37 per share and AFFO decreased to $54.5 million.
- G&A expenses remain low at approximately 4.9% of revenue.
- Revenue increased by 2.7% compared to Q2 2024.
- Same-property cash NOI declined by 1.1%, impacted by a large property tax refund in the prior year; excluding refunds, NOI was slightly positive.
- Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
- Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
- Dividend declared at $0.29 per share payable on or before October 15, 2025.
- Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
- Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
- Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
- Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
- Adjusted net revenues for Q2 2025 were $405 million with an 18.1% operating margin and adjusted EPS of $2.95, all higher compared to the same period last year.
- Advisory revenues were $206 million during the quarter, up 12% year-over-year, driven by a broad set of products and higher average fees.
- Compensation ratio was 62% for Q2 and 62.2% for the first half, improved from prior periods due to increased net revenues.
- Corporate financing revenues were $35 million, down 31% from the year ago period, completing 26 financings raising $10 billion for clients.
- Equity brokerage revenues were $58 million, up 12% year-over-year, with 2.9 billion shares traded for over 1,200 clients.
- Fixed income revenues were $54 million, up 21% from Q1 and 37% from the year ago period, driven by depository client activity.
- GAAP results included a $5 million restructuring charge related to headcount reductions and vacated office space from the Aviditi Advisors acquisition.
- Municipal financing revenues were $42 million, up 66% year-over-year, exceeding market issuance growth of 15%.
- Net revenues for the first half of 2025 totaled $789 million, operating income was $142 million with an 18% margin, and diluted EPS was $7.04.
- Non-compensation expenses excluding reimbursed deal costs were $69 million for Q2, up 6% year-over-year, driven by legal and professional fees.
- 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.
- 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.
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