- Book value per share was $13.78 as of September 30, 2025, a 0.4% decrease quarter over quarter.
- Debt to equity ratio stood at 1.8x and total leverage ratio at 3.6x, consistent with target ranges.
- Distributable earnings were negative $0.03 per share, excluding realized losses distributable earnings were $0.18 per share.
- Liquidity remained strong with $933 million in near-record levels including $200 million cash and $700 million undrawn revolver.
- Originated $719 million in new loans year to date, with $400 million expected in Q4.
- Paid a $0.25 cash dividend for the third quarter.
- Received $480 million in loan repayments during the quarter, totaling $1.1 billion year to date.
- Reported GAAP net income of $8 million or $0.12 per share for Q3 2025.
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- Average loans increased by 2.5% to $5.2 billion, an all-time high.
- Deposits grew by $217 million to $5.5 billion year-over-year.
- Efficiency ratio improved by nearly 9% compared to the prior year quarter.
- Net income for 2025Q3 was $16.3 million, a 26.3% increase year-over-year.
- Net interest income grew 11.5% to $43.1 million compared to 2024Q3.
- Net interest margin expanded by 18 basis points to 2.79%.
- Nonperforming loans decreased to 0.36% of total loans, improving credit quality.
- Return on average assets increased to 1.02%, and return on average equity rose to 9.29%.
- 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.
- Asset quality improved with net charge-offs declining and total NPAs to assets ratio at 0.45%, the lowest since September 2024.
- Capital markets revenue rebounded sharply to $24 million, up $14 million from the prior quarter, exceeding guidance.
- Core deposits grew $410 million or 8% annualized year-to-date, supporting strong funding base.
- Efficiency ratio improved to 55.8%, the lowest in four years, reflecting disciplined expense management.
- Loan growth accelerated by $286 million or 17% annualized, net of planned runoff from M2 equipment loans.
- Net interest income increased by $3 million or 18% annualized, driven by net interest margin (NIM) expansion and strong loan growth.
- Record quarterly net income of $37 million and earnings per share of $2.17, representing 26% growth compared to the prior quarter.
- Wealth management revenue grew 8% linked quarter to over $5 million, with year-over-year growth of 15% annualized.
- Liquidity remained strong at over $1 billion, representing more than 50% of total equity.
- Net interest income increased due to new investments with attractive yields and swaps adding carry value.
- Over $130 million gains realized on the portfolio in Q3 from spread tightening.
- Raised $254 million in new capital in Q3, $776 million year-to-date, growing the portfolio by 10% since Q2 and over 50% since the start of the year.
- Third quarter net interest income did not include the impact of the September FOMC rate cut, expected to boost Q4 margins.
- Total economic return was 10.3% for the quarter and 11.5% year-to-date.
- Year-to-date shareholder returns were 20%, 23% over the last year, and nearly 72% over three years with dividends reinvested.
- Empire State Realty Trust reported core FFO of $0.22 per diluted share for the second quarter of 2025.
- Manhattan office portfolio is 93.8% leased with 232,000 square feet leased in Q2, including 202,000 square feet of new leasing at double-digit positive mark-to-market spreads.
- Multifamily portfolio was 99% occupied and achieved 8% year-over-year rent growth in Q2.
- Observatory generated approximately $24 million in NOI in Q2, a 4.3% decline year-over-year, with revenue per capita increasing 2.3% year-over-year.
- Operating expenses increased 8.8% primarily due to higher real estate taxes, cleaning payroll, and repair and maintenance work including $1.4 million of nonrecurring repair work.
- Same-store property cash NOI declined 3% year-over-year after excluding lease termination fees and nonrecurring revenue items from 2024.
- Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
- Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
- Dividend declared at $0.29 per share payable on or before October 15, 2025.
- Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
- Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
- Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
- Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
- Cash NOI was lower primarily due to a one-time PENN 1 ground rent true-up payment and free rent associated with backfilling known move-outs.
- Generated $1.5 billion of net proceeds from sales, financings, and the NYU deal, paid down $965 million of debt, and increased cash by $540 million, resulting in cash balances of $1.36 billion and total liquidity of $2.9 billion.
- Lower net interest income from retail preferred repayments and lower NOI from asset sales were offset by lower real estate taxes at THE MART net of tenant reimbursements.
- Net debt-to-EBITDA improved by 1.4 turns to 7.2x from 8.6x, and fixed charge coverage ratio is steadily rising.
- New York office occupancy increased to 86.7% from 84.4% last quarter, mainly due to the full building master lease at 770 Broadway.
- Second quarter comparable FFO was $0.56 per share, beating analyst consensus of $0.53 and essentially flat compared to last year's second quarter.
- Agree Realty invested over $350 million in 110 properties during Q2 2025, including $328 million in acquisitions across 91 retail net lease assets with a weighted average cap rate of 7.1% and lease term of 12.2 years.
- Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, and AFFO per share was $1.06, a 1.7% increase year-over-year.
- Liquidity stood at $2.3 billion with no material debt maturities until 2028 and pro forma net debt to recurring EBITDA at 3.1x, the lowest since Q4 2022.
- The company declared monthly dividends of $0.256 per share for Q2, representing a 2.4% year-over-year increase and a payout ratio of 72% of AFFO per share.
- The portfolio occupancy rebounded to 99.6% post re-tenanting of former Big Lots, with investment-grade exposure at 68%.
- Adjusted diluted EPS was $0.04.
- Adjusted EBITDA was $172 million, representing a 13% margin.
- Adjusted revenue reached $1.34 billion, above the high end of guidance, representing 9% year-over-year growth.
- Gain on sale margin for Q2 was 280 basis points, consistent with the 12-month average.
- Held $6 billion in available cash and $7.6 billion in mortgage servicing rights, totaling $13.6 billion in balance sheet value.
- Home equity loan volume nearly doubled year-over-year, hitting new records for units and volume.
- Net rate lock volume increased by 13% year-over-year, exceeding $28 billion.
- Redfin's financials were not included in Q2 results as the acquisition closed on July 1.
- Served over 100,000 origination clients, a 19% year-over-year increase, driven by home equity loan growth.
- Total liquidity stood at $9.1 billion, including cash, undrawn lines of credit, and MSR credit facilities.
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