- Cash same-property NOI growth in Q2 was 450 basis points, with onetime items contributing 300 basis points on a cash basis.
- Excluding that lease, cash re-leasing spreads would have been approximately positive 1%, a meaningful improvement year-over-year.
- FFO for the quarter was $1.13 per diluted share, including approximately $0.11 per share of onetime items such as a $10.7 million lease termination fee contributing $0.05 per share.
- GAAP re-leasing spreads were negative 11.2% and cash re-leasing spreads negative 15.2%, impacted by a single large lease in San Francisco with a term under 3 years.
- Occupancy ended Q2 at 80.8%, down from 81.4% in Q1, reflecting expected rightsizing and early vacates related to tenant bankruptcies.
- The removal of the 89% leased 4-building campus held for sale negatively impacted occupancy by 20 basis points but lease commencement acceleration maintained occupancy guidance midpoint.
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- Declared an annualized dividend of $0.95 per share, a 5% increase over prior year.
- For the first half of 2025, Nareit FFO was $72.6 million or $0.93 per diluted share, reflecting a 4.5% year-over-year increase; Core FFO was $0.90 per diluted share, up 3.4%.
- For the quarter, same-property NOI was $42.6 million, a 4.8% increase compared to the same period last year, driven by embedded rent escalations, occupancy gains, positive rent spreads, redevelopment activity, and percentage rents.
- Nareit FFO for Q2 was $35.5 million or $0.45 per diluted share, a 2.3% increase compared to Q2 last year; Core FFO also increased 2.3% to $0.44 per diluted share.
- Net leverage ratio stood at 17%, net debt to adjusted EBITDA was 2.8x on a trailing 12-month basis.
- Same property NOI grew approximately 6% for the first half of the year, with Nareit FFO per share rising nearly 5% year-over-year.
- The company ended the quarter with $787 million of total liquidity, including $500 million borrowing capacity under revolving credit.
- Weighted average interest rate was 4% with a weighted average maturity of 2.9 years.
- Year-to-date same-property NOI totaled $85.1 million, a 5.6% increase over the first 6 months of 2024.
- Annaly delivered an economic return of 0.7% for Q2 2025, marking the seventh consecutive quarter of positive economic returns.
- Book value per share decreased 3% quarter-over-quarter to $18.45 after accounting for dividends.
- Earnings available for distribution (EAD) per share increased by $0.01 to $0.73, exceeding the dividend of $0.70 for the quarter.
- Higher yields on the investment portfolio at 5.41% compared to 5.23% in the prior quarter contributed to results.
- Lower average repo rates of 4.53% during the quarter, a modest decline of 3 basis points, partially offset gains.
- Net interest spread excluding PAA increased to 1.47% in Q2 from 1.24% a year ago; net interest margin ex PAA rose to 1.71% from 1.58%.
- Residential credit business generated additional income due to growth in accretive OBX securitizations and record issuance activity.
- Total facility capacity for residential credit was $4.2 billion with 40% utilization; MSR business had $2.1 billion capacity with 50% utilization.
- Unencumbered assets ended Q2 at approximately $6 billion, including $4.7 billion in unencumbered Agency MBS.
- Year-to-date economic return reached 3.7% with total shareholder return over 10% through quarter end.
- Compensation, general, administrative, and servicing expenses were marginally lower, with transaction expenses down by $5 million.
- Earnings available for distribution were $32.1 million or $0.39 per share, and economic net interest income was $69 million.
- Economic return on GAAP book value was 0.5% for the quarter and 9.8% year-to-date; economic net interest income return on average equity was 10.5%.
- GAAP net income for Q2 2025 was $14 million or $0.17 per share, with GAAP book value at $20.91 per share.
- Total leverage was 4.5:1, with recourse leverage at 1.8:1, increased due to higher investments in agency securities.
- Yield on average interest-earning assets was 6%, average cost of funds was 4.5%, resulting in a net interest spread of 1.5%.
- AFFO was $0.41 per share for the quarter and $0.84 year-to-date, also on track relative to full year guidance of $1.58 to $1.64 per share.
- Blended rent growth was 4% in Q2, driven by 4.7% renewal rent growth and 2.2% growth in new leases.
- Invitation Homes reported second quarter core FFO of $0.48 per share and year-to-date core FFO of $0.97 per share, tracking well against full year guidance of $1.88 to $1.94 per share.
- July preliminary results showed same-store average occupancy at 96.6%, renewal lease rate growth at 5%, and new lease rate growth at 1.3%, with blended lease rate growth of 3.8%.
- Liquidity remained robust with approximately $1.3 billion in unrestricted cash and undrawn revolving credit capacity.
- Net debt to trailing 12-month adjusted EBITDA ratio was 5.3x, slightly below the target range of 5.5 to 6x.
- Over 83% of debt is unsecured and nearly 88% is fixed rate or swapped to fixed rate, with a total swap book over $2 billion at a weighted average strike rate just over 3%.
- Same-store core revenue grew 2.4% year-over-year, with core operating expenses rising 2.2%, resulting in 2.5% NOI growth.
- Average loans grew 2.3% year-over-year to $5.1 billion, led by home equity lines of credit (+17.8%) and commercial loans (+9.2%).
- Capital ratios remained strong with consolidated equity to assets at 10.91% and book value per share up 6.6% to $36.75.
- Net income for Q2 2025 was $15 million, a 19.8% increase over Q2 2024, with year-to-date net income nearly $30 million.
- Net income for Q2 2025 was $15 million, up 19.8% year-over-year, with year-to-date net income nearly $30 million.
- Net interest income increased 10.5% to $41.7 million, driven by margin expansion and loan growth.
- Noninterest expenses decreased by $600,000 year-over-year, with ORE expenses at $522,000 for the quarter.
- Noninterest expenses decreased by $600,000 year-over-year, with ORE expenses controlled at $522,000 for the quarter.
- Noninterest income from wealth management increased 13% to $1.8 million, representing 37.5% of total noninterest income.
- Return on average assets was 0.96% and return on average equity was 8.73% for Q2 2025, both showing double-digit improvement from prior year.
- Return on average assets was 0.96% and return on average equity was 8.73% for Q2 2025, both showing double-digit improvement year-over-year.
- Total deposits increased by $213 million to $5.5 billion, reflecting strong customer confidence.
- Adjusted net operating income was $0.23 per share for the quarter, with net income from continuing operations available to common shareholders at $3.2 million or $0.07 per diluted share.
- Gross written premium for casualty E&S increased 4% year-over-year, with the overall E&S segment growing 3%.
- James River Group reported an annualized adjusted net operating return on tangible common equity of 14% for Q2 2025, consistent with their mid-teens return target.
- Net investment income was $20.5 million, up from $20 million in the previous quarter, with a conservative portfolio averaging an A+ credit rating and 3.5 duration.
- Segment expenses declined over 20% year-to-date compared to the prior year, with corporate expenses down $2.4 million sequentially and $400,000 quarter-over-quarter.
- Tangible common book value per share increased 5.3% to $7.49.
- The combined ratio in the E&S segment was 91.7%, nearly 4 points lower than the prior year quarter, supported by underwriting profit of $11.7 million.
- The group's overall combined ratio was 98.6%, consisting of a 68.1% loss ratio and a 30.5% expense ratio, with retroactive capacity lowering the combined ratio by 6.1%.
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