- Core FFO per share for Q2 2025 was $0.55, down 11% year-over-year due to decreased same-store NOI and increased interest expense.
- Expense growth was 4.6%, mainly from higher property taxes, marketing, repair and maintenance, and utilities, partially offset by lower personnel costs.
- Net debt-to-EBITDA was 6.8x at quarter end, slightly improved from 6.9x in Q1.
- Occupancy increased sequentially by 140 basis points in Q2 to 85%, further rising to 85.3% in July, narrowing the year-over-year occupancy gap.
- RevPar improved for five consecutive months ending July, with the year-over-year decline narrowing from 4.2% in February to 1.6% in July.
- Same-store NOI declined 6.1% year-over-year.
- Same-store revenues declined 3%, driven by a 240 basis point drop in average occupancy and a 30 basis point decline in average revenue per square foot.
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- Allowance for credit losses declined by 2 basis points to 1.24% of total loans.
- Expenses increased by $3 million compared to Q1, mainly due to salary increases, incentives, and higher medical costs.
- Loan growth was 5% for the quarter, driving total assets to over $9.8 billion.
- Net interest margin expanded to 3.88%, up 7 basis points linked quarter, with net interest income rising almost 4%.
- Noninterest income increased by $3.1 million, aided by a rebound in consumer activity and securities repositioning.
- Q2 2025 EPS was $0.83 with net income of $32 million and ROA of 1.32%.
- Tangible common equity ratio increased by 18 basis points, supported by strong retained earnings and AOCI improvement.
- Community operating expenses increased by 7%, mainly due to acquisitions and higher payroll and maintenance costs, but same-property operating expense ratio improved to 38.2% from 39.4% last year.
- Debt totaled approximately $659 million with a weighted average interest rate of 4.63%, mostly fixed rate, and total market capitalization increased 13% to approximately $2.4 billion.
- Gross sales of manufactured homes increased by 19% for the quarter, with gains from sales at 14% of total sales.
- Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with a 16% increase in normalized FFO in dollar terms to $19.5 million.
- Same-property rental and related income increased by 8%, and same-property NOI increased by 10% for the quarter.
- Total revenue increased approximately 10% year-over-year to $66.6 million, driven by a 9% increase in rental and related income and a sales record of $10.5 million in manufactured home sales.
- AFFO per share increased 7% year-over-year to $0.46, with total AFFO up 21% to $93 million.
- Cash G&A was $7.2 million, representing 5.2% of total revenue, down from 5.6% a year ago.
- Declared a cash dividend of $0.30 per share, representing a 65% AFFO payout ratio.
- Diluted share count was 199.6 million, including 0.6 million shares from unsettled forward equity.
- General & Administrative expenses rose to $10.7 million from $8.7 million in Q2 2024, mainly due to increased compensation.
- Income-producing gross assets reached $6.6 billion at quarter end.
- In Q2 2025, Essential Properties invested $334 million at a weighted average cash yield of 7.9% and a GAAP yield of 9.7%.
- Pro forma net debt to annualized adjusted EBITDAre was 3.5x at quarter end.
- Retained free cash flow after dividends reached $34.4 million for the quarter, over $130 million annualized.
- Average cost of debt on core portfolio was SOFR plus 2.3%.
- Book value ended the quarter at $14.82 per fully converted share.
- Distributable earnings were $29 million or $0.27 per fully converted share.
- FBRT delivered economic returns of 6.6% over 12 months and 11.9% over 24 months, placing it at the top of its peer group.
- FBRT reported GAAP earnings of $24.4 million or $0.21 per fully converted common share for Q2 2025.
- Net leverage position was 2.2x with recourse leverage at 0.3x.
- NewPoint acquisition expected to contribute GAAP net income between $23 million and $27 million and distributable earnings between $13 million and $17 million for 2025.
- NewPoint's MSR portfolio valued at approximately $217 million with an implied life of 6.8 years.
- The Board maintained the Q2 dividend at $0.355 per share.
- Funds from operations (FFO) for Q2 were $0.35 per diluted share.
- Net debt to annualized adjusted EBITDA decreased to 5.1x from 5.2x at the end of 2024, maintaining a strong balance sheet.
- Operating expenses were lower than anticipated in the first half of 2025 due to project timing and cost efficiencies.
- Postal Realty Trust delivered AFFO per share of $0.33 in Q2 2025, exceeding expectations for the first half of the year.
- Recurring capital expenditures in Q2 were $127,000, slightly below guidance, with Q3 expected between $175,000 and $325,000.
- The Board approved a quarterly dividend of $0.2425 per share, a 1% increase from Q2 2024, well covered by AFFO.
- The company updated its full year 2025 AFFO guidance range to $1.24 to $1.26 per share, implying nearly 8% year-over-year growth.
- Weighted average interest rate on debt was 4.5%, with 86% of borrowings at fixed rates.
- Ares Commercial Real Estate reported a GAAP net loss of approximately $11 million or $0.20 per diluted common share for Q2 2025.
- Distributable earnings for Q2 2025 were a net loss of approximately $28 million or $0.51 per diluted common share, including a $33 million realized loss related to the exit of a Massachusetts office life sciences loan.
- Excluding the realized loss, distributable earnings were approximately $5 million or $0.09 per diluted common share.
- Net debt-to-equity ratio, excluding CECL, was stable at 1.2x quarter-over-quarter and down from 1.9x year-over-year.
- Outstanding borrowings decreased 6% quarter-over-quarter and 39% year-over-year to $889 million.
- The Board declared a regular cash dividend of $0.15 per common share for Q3 2025, with an annualized dividend yield above 13% based on the stock price as of July 31, 2025.
- The CECL reserve declined by approximately $20 million to $119 million, representing about 9% of the total outstanding principal balance of loans held for investment.
- The company collected $30 million in repayments during Q2 2025, nearly three times the amount collected in the first half of 2024, strengthening liquidity and the balance sheet.
- Unfunded commitments were reduced by 50% quarter-over-quarter and 58% year-over-year to $37 million.
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