- Adjusted EBITDA decreased to $18 million from $20.5 million year-over-year.
- Capital expenditures and leasing costs rose significantly to $15.6 million from $6.3 million due to accelerated leasing activity.
- Core FFO for Q2 2025 was $11.5 million or $0.20 per share, compared to $14.2 million or $0.25 per share in the prior year quarter.
- G&A expenses were $4.8 million, slightly higher than $4.5 million in Q2 2024, with expected savings from restructuring to begin in later quarters.
- Net debt to annualized adjusted EBITDA was 6.93x at quarter end, with net debt to gross real estate assets at 32%.
- Orion Properties reported total revenues of $37.3 million in Q2 2025, down from $40.1 million in Q2 2024.
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- BOK Financial reported earnings of $140 million or EPS of $2.19 for Q2 2025.
- Fee income increased 7.2% sequentially, with record quarterly results in several fee income lines.
- Loan growth reaccelerated with a 2.5% increase quarter-over-quarter, led by commercial real estate (6.9%) and core C&I portfolios (1.1%).
- Net interest income grew for the fifth consecutive quarter with margin expansion of 2 basis points.
- Nonperforming assets decreased to $74 million, with net charge-offs minimal at $561,000 for the quarter.
- Total expenses increased by $7 million, driven by technology project costs and operational losses, while personnel expenses remained consistent.
- 30-plus delinquency was 5.07%, down 29 basis points year-over-year.
- Capital generation was $222 million, up 63% year-over-year.
- C&I adjusted earnings were $1.45 per share, up 42%.
- C&I net charge-offs were 7.6%, down 60 basis points from last quarter and down 88 basis points year-over-year.
- Consumer loan net charge-offs were 7.2%, down 64 basis points from last quarter and down 110 basis points year-over-year.
- Consumer loan yield was 22.6%, up 19 basis points from the first quarter and up 67 basis points year-over-year.
- GAAP net income was $167 million or $1.40 per diluted share, up 137% from $0.59 per diluted share in Q2 2024.
- Interest income grew 10% year-over-year driven by receivables growth and yield improvement.
- Managed receivables ended the quarter at $25.2 billion, up 7% from a year ago.
- Net leverage at the end of Q2 was 5.5x, flat to last quarter.
- Operating expenses were $415 million, up 11% compared to a year ago.
- Originations grew 9%, driven by expanded use of granular data and product innovations.
- Total revenue grew 10% and receivables grew 7% year-over-year, crossing the $25 billion mark for the first time.
- AFFO per share was $1.28 for the second quarter, representing a 9.4% increase year-over-year driven by accretive investment activity and sector-leading rent growth.
- Comprehensive same-store rent growth was 4% year-over-year, reflecting rent collections, recovery of past due rent, leasing activity, and vacancies.
- Contractual same-store rent growth for Q2 was 2.3% year-over-year, with CPI-linked escalations averaging 2.6% and fixed rent increases averaging 2.1%.
- Dividend declared at $0.90 per share for Q2, a 3.4% increase over prior year, with a payout ratio of approximately 73% of AFFO per share.
- G&A expenses are expected between $99 million and $102 million for the full year, with non-reimbursed property expenses between $50 million and $54 million.
- Key leverage metrics remain within target ranges: debt to gross assets at 43.2% and net debt to adjusted EBITDA at 5.8x.
- Liquidity at quarter end was about $1.7 billion, with $660 million drawn on the revolver, partially paid down after a $400 million bond issuance.
- Nonoperating income is expected around $20 million for the full year, mainly from dividends on equity stakes.
- Operating property NOI for 2025 is estimated between $55 million and $60 million, including hotel and student housing properties.
- Tax expense on an AFFO basis is expected between $42 million and $46 million, primarily foreign taxes on European assets.
Dafinchi