Dafinchi AI

Kimco Realty Corporation

KIM

Financial Services

2w

Record Small Shop Occupancy Reaches 92.2%, Signaling Strong Demand for Necessity Retail

Kimco achieved a new all-time high in small shop occupancy at 92.2%, reflecting ongoing demand for well-located, necessity-driven retail.
Small shop occupancy has increased by 190 basis points since last year and 90 basis points sequentially.
Leasing momentum is driven by new prospecting tools, retailer relationships, and targeted outreach, with 174 new leases executed for 916,000 sq ft at a 34% spread.

Mid-America Apartment Communities, Inc.

MAA

Financial Services

2w

Financial Performance Summary

Average physical occupancy was stable at 95.4%.
Balance sheet strong with $1 billion in combined cash and borrowing capacity; debt-to-EBITDA at 4x with 94% fixed rate debt.
Development pipeline active units at 2,648 with nearly $1 billion in cost; $92 million funded in Q2.
Lease-up portfolio faced elevated supply pressure, impacting non-same-store NOI negatively.
Net delinquency was low at 0.3% of billed rents.
Renewal lease rates and acceptance exceeded expectations, contributing to blended lease pricing growth of 0.5%, a 100 basis point improvement from Q1.
Same-store expenses were better than expected, primarily due to favorable real estate tax expense.
Same-store revenue was in line with expectations, benefiting from strong collections.
Second quarter core FFO was $2.15 per diluted share, $0.02 ahead of the midpoint of guidance.

CUBE

Financial Services

2w

Continued Stabilization and Positive Momentum in Occupancy and Rate Trends

Occupancy growth from trough-to-peak increased to 190 basis points in 2025, up from 180 basis points last year.
Net effective rates for new customers increased by 28.3%, significantly higher than 15% in 2024.
Occupancy and move-in rate gaps to last year have narrowed throughout 2025, with July showing further improvement.
Urban markets like the Acela Corridor and Chicago outperform others, indicating a stickier customer base less reliant on housing transactions.

EastGroup Properties, Inc.

EGP

Financial Services

3w

Financial Performance Summary

Cash same-store net operating income (NOI) rose 6.4% for the quarter despite lower occupancy.
Debt to total market capitalization was 14.2%, unadjusted debt-to-EBITDA ratio was 3.0x, and interest and fixed charge coverage increased to 16x.
FFO per share for Q2 met the high end of guidance range and increased from $2.05 in the prior year quarter.
Funds from operations (FFO) were $2.21 per share in Q2 2025, up 7.8% year-over-year excluding involuntary conversions.
Quarter-end leasing was 97.1% with occupancy at 96%, and average quarterly occupancy was 95.9%, down 110 basis points from Q2 2024.
Quarterly re-leasing spreads were 44% GAAP and 30% cash; year-to-date spreads were similar at 46% GAAP and 31% cash.
Tenant collections remain healthy with uncollectible rents estimated at 35 to 45 basis points of revenues, slightly better than historic run rate.
Top 10 tenants accounted for 6.9% of rents, down 90 basis points from last year, reflecting increased tenant and geographic diversification.

Phillips Edison & Company, Inc.

PECO

Financial Services

3w

PECO's Strategic Focus on Shadow-Anchored Centers and Unanchored Assets

PECO has been actively acquiring shadow-anchored centers, which now constitute about 7% of their portfolio, with plans to potentially increase this to below 10%.
Management views shadow-anchored centers as high-growth opportunities with stable, strong properties, especially in markets with strong grocers and traffic.
The company has acquired 11 unanchored assets, representing approximately 3.5% of the total portfolio, in markets like Minneapolis, Chicago, and Dallas.
PECO believes unanchored and shadow-anchored assets can deliver 50 to 100 basis points higher unlevered IRR compared to traditional grocery-anchored centers.
Rapid leasing activity in these unanchored assets has demonstrated the ability to quickly ramp up occupancy, often within months of acquisition.
This strategic shift aims to diversify the portfolio and capitalize on the strong demand for non-traditional retail locations driven by grocers and local retailers.

Kite Realty Group Trust

KRG

Financial Services

2w

Financial Performance Summary

Blended cash leasing spreads in Q2 were 17%, the highest in 5 years, with non-option renewal spreads near 20% for the quarter and 16% over 12 months.
Blended cash leasing spreads reached 17%, the highest in 5 years, with non-option renewals at nearly 20% for the quarter and 16% over the last 12 months.
Kite Realty Group delivered strong Q2 2025 results with NAREIT FFO per share of $0.51 and core FFO per share of $0.50.
Net debt-to-EBITDA stands at 5.1x, among the lowest in the peer set, after significant transactional activity and opportunistic bond issuance.
Net debt-to-EBITDA stands at 5.1x, among the lowest in the peer set, following asset sales, joint ventures, and opportunistic bond issuance.
New leasing volume more than doubled sequentially, driven by 11 new anchor leases including grocery tenants Whole Foods and Trader Joe's.
Same-property NOI grew 3.3%, driven by higher minimum rents (+250 bps), improved net recoveries (+50 bps), and overage rent (+30 bps).
Small shop lease rates increased 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators at 3.4% for H1 2025.
Small shop lease rates increased 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators of 3.4% for the first half of 2025.
The company sold 3 noncore assets and completed 2 joint ventures involving 4 assets totaling over $1 billion in gross transactional activity.

Paramount Group, Inc.

PGRE

Financial Services

2w

Financial Performance Summary

Leasing activity totaled approximately 405,000 square feet in Q2, the highest quarterly total since 2019, with a year-to-date total of about 690,000 square feet.
Mark-to-market on 205,000 square feet of second-generation space was down 5.4% on a cash basis and up 2.6% on a GAAP basis.
New York portfolio leased occupancy increased to 88.1%, the highest since early 2022, while San Francisco's occupancy was 75.1%, down due to the Google lease expiration.
Paramount Group delivered a strong second quarter with core FFO of $0.17 per share, exceeding consensus by $0.03.
The company ended the quarter with over $534 million in cash and restricted cash, and total debt of $3.2 billion with a weighted average interest rate of 4.3%.

Plymouth Industrial REIT, Inc.

PLYM

Financial Services

1w

Strong Leasing Activity and Long-Term Tenant Commitments

Plymouth commenced over 1.4 million square feet of leasing in Q2, bringing the year-to-date total to nearly 6 million square feet.
Leasing activity is broad-based, with particular strength among life manufacturing users seeking long-term commitments.
Management highlighted ongoing lease renewals and expansions, with a focus on large spaces and tenant retention, supporting occupancy near 96.5% by year-end.

CTO Realty Growth, Inc.

CTO

Financial Services

2w

Progress on Anchor Space Mark-to-Market Opportunity and Leasing Strategy

Full control of 10 anchor spaces vacated by Party City and JOANN's as of Q2 2025.
Six of the 10 anchor spaces leased with new tenants including Burlington, Boot Barns, Bassett Furniture, Slick City Action Park, and Bob's Discount Furniture.
Targeting a 40% to 60% positive cash leasing spread on these anchor spaces.
Overall leasing pipeline of $4.6 million, representing 4.6% of in-place cash rents, supporting earnings growth into 2026.

Office Properties Income Trust

OPI

Financial Services

2w

Leasing activity and renewal outlook amid office sector challenges

Executed 15 leases totaling 416,000 sq ft in Q2 with 6.4% higher rental rates than prior rates.
Renewals accounted for two-thirds of leasing activity, securing over $7 million in annualized revenue.
1.3 million sq ft of leases expiring through 2026, with 742,000 sq ft ($11.2 million) expected not to renew.
Leasing pipeline of 2 million sq ft, over 60% related to renewal discussions.
Positive net absorption likely from multi-tenant properties with existing infrastructure.