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.
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.
Average cost of debt on core portfolio was SOFR plus 2.3%.
Book value ended the quarter at $14.82 per fully converted share.
Distributable earnings were $29 million or $0.27 per fully converted share.
FBRT delivered economic returns of 6.6% over 12 months and 11.9% over 24 months, placing it at the top of its peer group.
FBRT reported GAAP earnings of $24.4 million or $0.21 per fully converted common share for Q2 2025.
Net leverage position was 2.2x with recourse leverage at 0.3x.
NewPoint acquisition expected to contribute GAAP net income between $23 million and $27 million and distributable earnings between $13 million and $17 million for 2025.
NewPoint's MSR portfolio valued at approximately $217 million with an implied life of 6.8 years.
The Board maintained the Q2 dividend at $0.355 per share.
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.
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.
Dafinchi