Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
Liquidity remains robust at over $2.2 billion, including $228 million in cash.
Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
Adjusted net investment income was nearly $1.7 billion, up 8%, with a fixed income portfolio yield of 5.1% and new money rate averaging 5.4%.
Annualized core operating return on tangible equity was 21%.
Core operating EPS was a record $6.14, up 14% from a year ago, supported by record underwriting, strong investment results and good premium revenue growth.
Core operating income of $2.5 billion was a record result, up 13%.
Current accident year underwriting income, excluding cats, was up almost 11.5%, supported by a combined ratio of 82.3%, nearly a full point improvement from prior year.
Global P&C premiums grew 5.8% and 6.4% in constant dollars, with commercial up 4.2% and consumer up 11.9%.
International general insurance premiums were up 8.5% or over 10% in constant dollar, with Asia growing over 12.5%, Europe over 8%, and Latin America over 17%.
Life division produced $305 million of pretax income, up about 10.5%.
Life Insurance premiums grew almost 17.5%.
North America P&C premiums, excluding agriculture, were up 5.3%, with personal insurance up 9.1% and commercial up 4.1%.
Operating cash flow in the quarter was $3.2 billion.
Pretax catastrophe losses were $630 million for the quarter, split 60% U.S. and 40% international.
Pretax prior period development was favorable $319 million, mostly short tail commercial property-related lines and personal auto.
Published underwriting income of $1.6 billion was up 15% from a year ago, leading to a combined ratio of 85.6%, more than 1 percentage point better than a year earlier.
Renewal retention on a policy count basis was 86%.
Tangible book value growth was up 23.7% per share from a year ago and 8% from the previous quarter.
Average C&I loans increased 19% year-over-year, with average loans growing $72 million quarter-over-quarter.
Credit quality remained stable with net charge-offs below guidance at 18 basis points annualized, allowance coverage ratio increased to 1.14%, and delinquencies stable at around 1%.
Net interest margin improved to 3.56% in Q2 2025, up from an adjusted 3.48% in Q1 2025 after excluding a 39 basis point interest recovery benefit.
Noninterest expense increased 6.3% quarter-over-quarter and 5.5% year-over-year due to merger-related expenses, with an adjusted efficiency ratio improving to 60.4%.
Noninterest income increased by $2.6 million quarter-over-quarter, driven by fee income and other operating income gains.
Northwest Bancshares reported GAAP net income of $33.7 million and earnings per diluted share of $0.26 for Q2 2025, compared to $0.04 in Q2 2024.
On a non-GAAP basis, adjusting for one-time merger-related expenses, net income was $38.2 million and EPS was $0.30, a 10% increase over the prior year quarter.
Total revenue for Q2 2025 was $150 million, a 53.5% increase year-over-year on a GAAP basis, including impacts from securities portfolio restructuring.
Assets under management increased 13% year-over-year to a record $1.2 trillion, supported by inflows of $52 billion in Q2 and $212 billion over the last 12 months.
Base management fees rose 14% to a record $1.9 billion in Q2, with total fee revenues up 27% year-over-year to $2.5 billion.
Blackstone reported GAAP net income of $1.6 billion for Q2 2025, with distributable earnings also at $1.6 billion or $1.21 per common share.
Distributable earnings increased 25% year-over-year to $1.6 billion in Q2 and 26% over the last twelve months to $6.4 billion or $5 per share.
Dividend was increased by 26% to $4.26 per share, yielding 2.4% on the current share price, double the S&P 500 yield.
Fee-related earnings grew 31% year-over-year, representing one of the best quarters in the firm's history.
Fee-related performance revenues reached $472 million in Q2, more than 2.5 times the prior year quarter, driven by multiple perpetual strategies.
Investment performance was strong with corporate private equity funds appreciating 5.1% in Q2 and 17% over the last 12 months.
Other strategies such as Tactical Opportunities, secondaries, infrastructure, and Life Sciences also delivered strong returns.
Private credit non-investment-grade strategies returned 3.0% in Q2 and over 13% for the last 12 months with low default rates.
AFFO generated during Q2 2025 was approximately $16 million.
Core FFO per diluted share for Q2 2025 was $0.36 versus $0.37 in Q2 2024, with a $0.01 decrease due to higher net interest expense from refinancing activity.
No final debt maturities until 2028 and $450 million available under revolving credit line.
Portfolio trading at roughly $200 per square foot valuation with an implied yield on cost after CapEx of more than 10%.
Repurchased approximately $68 million of 9.25% bonds, recognizing a $7.5 million loss on early extinguishment of debt but expected to save $7.5 million in total interest over 3 years.
Sale of three nonstrategic projects and downtime from lease expirations offset growth from higher economic occupancy and rental rate growth.
Interest expense was $1.1 million this quarter, expected to rise to $1.7 million next quarter due to leverage on upcoming residential acquisitions.
Next quarter guidance includes adjusted EBITDA of approximately $20.5 million, distributable earnings between $0.44 and $0.46 per share, and adjusted EPS between $0.21 and $0.23 per share.
Recurring cash compensation decreased by $3.5 million sequentially to $38.6 million due to cost containment measures; recurring G&A decreased by $1.2 million to $9.5 million.
Recurring service revenues were approximately $44 million, down $1.5 million sequentially due to lower property management fees at RMR Residential, partially offset by seasonal improvements in Sonesta-related fees.
RMR reported adjusted net income of $0.28 per share, distributable earnings of $0.43 per share, and adjusted EBITDA of $20.1 million for Q3 2025, all in line with expectations.
Dafinchi