- Adjusted EBITDAre remained relatively flat at $85 million.
- Cash basis NOI grew by 2.1% compared to the same period last year.
- Interest coverage ratio increased from 1.2x to 1.3x.
- Interest expense decreased by $1.9 million compared to Q1 2025 to $67.9 million, with expected further decline in Q3 to approximately $63.5 million.
- Net debt to total assets ratio increased slightly to 69.9%, net debt coverage ratio remained at 12x.
- NOI was $87.6 million and cash basis NOI was $84.7 million, both increasing year-over-year and sequentially.
- Normalized FFO increased 54% year-over-year to $13.8 million or $0.21 per share, at the high end of guidance.
- Occupancy ended the quarter at 94.3%, exceeding the national industrial average by 170 basis points.
- Variable debt to net debt ratio declined from 64.8% to 34.4% due to refinancing.
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- Funds from operations (FFO) for Q2 were $0.35 per diluted share.
- Net debt to annualized adjusted EBITDA decreased to 5.1x from 5.2x at the end of 2024, maintaining a strong balance sheet.
- Operating expenses were lower than anticipated in the first half of 2025 due to project timing and cost efficiencies.
- Postal Realty Trust delivered AFFO per share of $0.33 in Q2 2025, exceeding expectations for the first half of the year.
- Recurring capital expenditures in Q2 were $127,000, slightly below guidance, with Q3 expected between $175,000 and $325,000.
- The Board approved a quarterly dividend of $0.2425 per share, a 1% increase from Q2 2024, well covered by AFFO.
- The company updated its full year 2025 AFFO guidance range to $1.24 to $1.26 per share, implying nearly 8% year-over-year growth.
- Weighted average interest rate on debt was 4.5%, with 86% of borrowings at fixed rates.
- Adjusted Funds From Operations (AFFO) was negative $3.4 million or $0.10 per share, down from a positive $3.7 million or $0.10 per share in Q2 2024.
- Core operating expenses decreased by about $200,000, with lower G&A costs partially offset by higher property operating expenses related to water rights protection and vacant farms.
- Dividends declared per common share remained steady at $0.14.
- Fixed base cash rents declined by approximately $6.8 million year-over-year due to lease modifications, vacancies, and farm sales.
- Gladstone Land reported a net loss of $7.9 million and a net loss to common shareholders of $13.9 million or $0.38 per share for Q2 2025.
- Interest expense decreased due to loan repayments over the past year.
- Liquidity remains strong with over $150 million in available capital and nearly $170 million in unpledged properties for additional collateral.
- 85% of executed leases in 2025 came from street and urban portfolio compared to 30% in 2024.
- Balance sheet liquidity of approximately $600 million with net debt to EBITDA at 5.5x.
- Executed approximately $7.5 million of new leases in first half of 2025, nearly 100% increase over $3.8 million in 2024.
- FFO as adjusted for realized gains from Albertsons stock sales was $0.32 per share, in line with expectations.
- New 5-year $250 million term loan executed at 120 basis points over SOFR, all-in cost about 4.6% after swaps.
- Projected year-over-year NAREIT FFO growth of about 10% at the midpoint of 2025 guidance.
- Reported NAREIT FFO of $0.27 per share in Q2 2025, an 8% increase over $0.25 in Q2 2024.
- Same-store NOI growth reaffirmed at 5% to 6% for 2025, trending towards midpoint or slightly ahead.
- Total core occupancy increased by 50 basis points to 92.2%, with expectation to reach 94% to 95% by year-end.
- Acquisitions totaled just over $230 million in Q2 across 45 properties with an initial cap rate of 7.4% and average lease term over 17 years.
- Annualized base rent increased nearly 7% year-over-year to $894 million at quarter-end.
- Dispositions included 23 properties in Q2 generating over $50 million in proceeds, with year-to-date dispositions at 33 properties raising over $65 million.
- Free cash flow after dividend was approximately $50 million in Q2.
- Lease termination fees totaled $2.2 million, primarily from an auto parts store and a full-service restaurant, both resolved quickly.
- NNN REIT reported core FFO of $0.84 per share and AFFO of $0.85 per share for Q2 2025, each up 1.2% year-over-year.
- NOI margin was 98% for the quarter, with G&A expenses at about 5% of total revenues and NOI, and cash G&A at 3.7% of total revenues.
- The balance sheet remains strong with nearly $1.5 billion in liquidity and an average debt maturity of 11 years.
- Year-to-date acquisitions reached $460 million across 127 properties with similar cap rates and lease terms.
- FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
- Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
- Other income averaged about $20 million per quarter, consistent with recent history.
- Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
- Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
- Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
- Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
- Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
- Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.
Dafinchi