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.
Adjusted operating margin was 18.5% for the quarter, a 150 basis point improvement over prior year, driven by strong organic growth and expense management.
Free cash flow for the first half of 2025 was $217 million, down $88 million from prior year due to increased incentive costs, retirement program redesign, higher cash taxes, and absence of TRANZACT cash inflows.
Health, Wealth & Career (HWC) segment revenue grew 4% with strong growth in Health at 8%, Wealth at 3%, Career at 1%, and flat growth in Benefits Delivery & Outsourcing (BD&O).
HWC operating margin increased 190 basis points to 23.8%, and R&B operating margin improved 60 basis points to 21.2%, or 100 basis points excluding foreign exchange impact.
Returned $591 million to shareholders via $500 million in share repurchases and $91 million in dividends during the quarter.
Risk & Broking (R&B) segment revenue grew 6%, with Corporate Risk & Broking (CRB) growing 6% or 7% excluding book of business activity and fiduciary interest income.
WTW delivered 5% organic revenue growth and 150 basis points of adjusted operating margin expansion in Q2 2025, with adjusted EPS of $2.86, up roughly 20% year-over-year.
Dafinchi