Completed 555 full and partial upgrades in Q2, leased 381 upgraded units with an average rent premium of $73 and 26% ROI.
Core FFO for Q2 was $18 million or $0.71 per diluted share, up from $0.69 in Q2 2024.
Entered a new 5-year $100 million SOFR swap at 3.489% fixed rate.
Net loss for Q2 2025 was $7 million or $0.28 loss per diluted share on total revenue of $63.1 million, compared to net income of $10.6 million or $0.40 EPS on $64.2 million revenue in Q2 2024.
NOI was $38 million on 35 properties versus $38.9 million on 36 properties in Q2 2024.
Paid a Q2 dividend of $0.51 per share, a 147.6% increase since inception, with 1.39x core FFO coverage and 72.2% payout ratio.
Repurchased 223,109 shares for $7.6 million at an average price of $34.29 per share.
Same-store rent and occupancy decreased 1.3% and 0.8%, respectively, leading to a 1.1% decrease in same-store NOI compared to Q2 2024.
Since inception, 9,113 upgrades installed with average monthly rental increases of $165, $50, and $43 for full/partial upgrades, kitchen/laundry appliances, and tech packages respectively, with strong ROI.
Dafinchi