- 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.
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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.
- Adjusted EBITDAre was approximately $133 million for Q2 2025, down about 6% year-over-year.
- Adjusted hotel EBITDA for comparable hotels was $142 million in Q2 2025, down approximately 5% year-over-year.
- Comparable hotels total revenue was $380 million for Q2 2025, slightly down from Q2 2024.
- MFFO for Q2 2025 was approximately $112 million or $0.47 per share, down 6% on a per share basis compared to Q2 2024.
- Q2 2025 comparable hotels RevPAR was $129, down 1.7% compared to Q2 2024, with ADR at $164 and occupancy at 79%.
- Total hotel expenses increased by 2.8% for Q2 2025, with payroll per occupied room up 3% to $39.
- Year-to-date through June, comparable hotels RevPAR was $120, down 1.1%, ADR was $160 (up 0.4%), and occupancy was 75%.
- Deposits grew by $194 million, outpacing loan growth of $29 million for the quarter.
- Efficiency ratio improved to 56.5%, reflecting strong expense discipline.
- Net charge-offs declined to 18 basis points; non-performing assets improved to 0.63% of total assets.
- Net interest margin increased 10 basis points to 3.57%, with loan yields rising to 5.93%.
- Non-interest income was $70.4 million, representing 21% of total revenue, supported by wealth and consumer businesses.
- Operating earnings of $101.3 million or $0.55 per share for Q3 2025.
- Operating ROA was 1.29% and operating ROTCE was 15.79%, indicating strong profitability.
- Total revenue reached an all-time high driven by net interest income growth and increased fee income.
- Adjusted EBITDA increased 35% year-over-year to $45 million, driven by improved results in Pacific Northwest Timber and Real Estate segments.
- Net income attributable to Rayonier was $409 million or $2.63 per share, including a $404 million gain from the sale of the New Zealand joint venture.
- Pacific Northwest Timber segment adjusted EBITDA rose 17% despite a 15% decline in harvest volumes, supported by higher log prices and lower costs.
- Pro forma net income excluding discontinued operations was $10 million or $0.06 per share.
- Rayonier reported second quarter 2025 sales of $107 million and operating income of $15 million.
- Real Estate segment adjusted EBITDA was $19 million, significantly above guidance, due to strong demand and accelerated transaction timing.
- Southern Timber segment adjusted EBITDA declined 16% due to lower harvest volumes and a 14% decrease in weighted average stumpage prices.
- Consolidated net investment income increased 2% to $59.3 million due to higher portfolio yields.
- Diluted earnings per share increased to $1.93 from $1.91 year-over-year and $1.69 sequentially.
- Essent Group Ltd. reported net income of $195 million for Q2 2025, slightly down from $204 million a year ago.
- Essent Re's risk in force was $2.3 billion, supporting diversification and growth.
- Mortgage insurance in force grew 3% year-over-year to $247 billion with strong credit quality (weighted average FICO 746, original LTV 93%).
- Mortgage insurance net premium earned was $234 million, including $13.6 million from Essent Re third-party business.
- Operating expenses declined to $36.3 million with an expense ratio of 15.5%.
- Persistency remained stable at 86% for 12-months ending June 30, 2025.
- Provision for losses and loss adjustment expenses decreased to $15.4 million from $30.7 million in the prior quarter.
- Return on average equity was 14% annualized for the quarter.
- The company repurchased nearly 7 million shares year-to-date for approximately $390 million and declared a $0.31 dividend for Q3 2025.
Dafinchi