- G&A expenses improved significantly to $13.5 million in Q2 2025 from $20.7 million in Q2 2024, reflecting ongoing cost reduction efforts.
- Same-store cash NOI was $87.1 million in Q2 2025, down from $104.1 million in Q2 2024, mainly due to lower office occupancy.
- Second quarter 2025 revenue was $190 million, down from $218 million year-over-year, primarily due to asset sales and lower office occupancy.
- Second quarter FFO excluding specified items was $8 million or $0.04 per diluted share, compared to $24.5 million or $0.17 per diluted share in the prior year.
- Specified items in Q2 2025 totaled $19.2 million or $0.09 per diluted share, including onetime expenses related to forfeited noncash compensation, debt repayment, and cost cutting.
- Studio revenue increased 3% quarter-over-quarter to $34.2 million, with studio NOI improving by $5.4 million due to cost reductions and higher occupancy.
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- Adjusted non-GAAP earnings excluding significant variances were $469 million or $2.07 per share, an 18% increase in EPS over 2024.
- Life insurance sales were strong with record nonqualified sales, but pretax operating earnings declined due to higher mortality.
- Net cash flow was negative $2.6 billion in the quarter, an improvement sequentially driven by positive net cash flow from global institutional clients.
- Non-GAAP operating ROE, excluding AAR, was 14.9%, improving 170 basis points compared to the year-ago period.
- Principal Asset Management sales were $33 billion, up 19% over the prior year quarter.
- Reported non-GAAP operating earnings were $489 million, up 27% year over year, and EPS was $2.16, up 33%.
- Retirement Solutions sales were $6 billion, up 7% year over year.
- Revenue growth, strong margin and expense discipline supported results, alongside a lower effective tax rate and share repurchases.
- Second quarter reported net income excluding exited business was $432 million with minimal credit losses of $17 million.
- Specialty Benefits earnings grew 10% with margin expansion of 100 basis points.
- Total company managed AUM reached $753 billion, a 5% increase over the sequential quarter and 8% over 2024.
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