Dafinchi AI

Piedmont Office Realty Trust, Inc.

PDM

Financial Services

2w

Record Leasing Activity and Market Rebound in 2025

Q2 leasing totaled 712,000 sq ft, the most since 2018, with over 1 million sq ft year-to-date.
Approximately 2/3 of leasing activity involved new tenants, including full-floor deals.
Leasing momentum has driven lease percentage up 140 basis points YoY to 88.7%, approaching the 89-90% target for year-end.
Out-of-service portfolio (Minneapolis, Orlando) is performing well, with leasing approaching 60%, expected to stabilize by end of 2026.
Rental rates for trophy offices and new construction hit record highs, with asking rents at $92/sq ft, up 27% YoY, driven by limited new supply and high construction costs.

American Assets Trust, Inc.

AAT

Financial Services

2w

Financial Performance Summary

In Q2 2025, American Assets Trust reported FFO per diluted share of $0.52, slightly above expectations, with same-store cash NOI approximately flat for the quarter and up 1.4% year-to-date.
Liquidity at quarter-end was approximately $544 million, including $144 million cash and $400 million available on revolving credit line.
Mixed-use Waikiki Beach Walk NOI declined 5% year-over-year, with hotel component down approximately 15% due to lower occupancy and RevPAR amid softness in leisure demand.
Multifamily portfolio was approximately 94% leased, with blended rent increases of 6%, though facing competitive leasing environment and elevated operating costs.
Net debt-to-EBITDA ratio was 6.3x trailing 12 months and 6.6x quarter annualized; interest coverage ratio about 3.1x.
Net income attributable to common stockholders per share was $0.09 in Q2 2025.
Office portfolio ended Q2 82% leased, with same-store office cash NOI flat for the quarter and up over 2% year-to-date.
Retail portfolio was 98% leased with same-store cash NOI growth of 4.5%, driven by new and renewal leases and rent escalations.
Same-store multifamily NOI declined 3.9%, and same-store mixed-use NOI declined approximately 5%, primarily due to hotel performance.

Plymouth Industrial REIT, Inc.

PLYM

Financial Services

6d

Financial Performance Summary

Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.

LTC Properties, Inc.

LTC

Financial Services

1w

Financial Performance Summary

Core FAD increased by $0.05 to $0.71, reflecting rent escalations and turnaround impact of deferred rent from the prior year.
Core FFO improved to $0.68 from $0.67 year-over-year, driven by decreased interest expense, increased fair market rent resets, and higher SHOP NOI.
Debt to annualized adjusted EBITDA for real estate was 4.2x, with an annualized adjusted fixed charge coverage ratio of 5.1x as of June 30.
SHOP portfolio NOI totaled $2.5 million in Q2 with average occupancy at 81%, generating approximately $780,000 more income than under prior triple net leases for the same period last year.
Total liquidity stood at $674 million, supported by a new 4-year unsecured credit agreement increasing revolver commitments from $425 million to $600 million, with potential to increase to $1.2 billion.

Service Properties Trust

SVC

Financial Services

1w

Financial Performance Summary

Adjusted EBITDAre decreased by $7.7 million year-over-year to $163.8 million, impacted by an $8.8 million increase in interest expense and lower hotel returns.
Hotel portfolio generated adjusted hotel EBITDA of $73 million, an 11.3% decline year-over-year but towards the high end of guidance.
Net lease portfolio remains stable with 742 properties, 97% leased, $387 million in annual minimum rents, and a 2.04x rent coverage ratio.
Normalized FFO for Q2 2025 was $57.6 million or $0.35 per share, down from $0.45 per share in the prior year quarter.
RevPAR increased 40 basis points year-over-year, outperforming the industry by 90 basis points, driven by occupancy and ADR gains.
The 84 hotels planned for retention showed a 1.5% RevPAR increase but an 11.7% decrease in adjusted hotel EBITDA due to elevated labor costs and renovation disruptions.

Acadia Realty Trust

AKR

Financial Services

2w

Financial Performance Summary

85% of executed leases in 2025 came from street and urban portfolio compared to 30% in 2024.
Balance sheet liquidity of approximately $600 million with net debt to EBITDA at 5.5x.
Executed approximately $7.5 million of new leases in first half of 2025, nearly 100% increase over $3.8 million in 2024.
FFO as adjusted for realized gains from Albertsons stock sales was $0.32 per share, in line with expectations.
New 5-year $250 million term loan executed at 120 basis points over SOFR, all-in cost about 4.6% after swaps.
Projected year-over-year NAREIT FFO growth of about 10% at the midpoint of 2025 guidance.
Reported NAREIT FFO of $0.27 per share in Q2 2025, an 8% increase over $0.25 in Q2 2024.
Same-store NOI growth reaffirmed at 5% to 6% for 2025, trending towards midpoint or slightly ahead.
Total core occupancy increased by 50 basis points to 92.2%, with expectation to reach 94% to 95% by year-end.

Granite Point Mortgage Trust Inc.

GPMT

Financial Services

1w

Portfolio De-Risking and Asset Resolutions

Significant reduction in risk-rated 5 loans from 7 to 2, with Louisville student housing loan resolved at over $3 million above carrying value.
Resolution of two nonaccrual loans totaling $132 million, including a $21 million write-off for a Phoenix office property and a $15 million write-off for a Minneapolis hotel.
Remaining 2 risk-rated 5 loans with a total UPB of $173 million, with ongoing resolution efforts for office and hotel assets.
Sale of Phoenix office REO property at $16.7 million, generating a small gain, with two REO properties remaining.
Active leasing and redevelopment efforts at Miami Beach office property, with positive leasing trends and ongoing negotiations.

AIZ

Financial Services

1w

Global Housing 25% EBITDA Growth Excluding Cats Driven by Market Demand and Technology Investments

Global Housing adjusted EBITDA increased 25% in first 6 months, excluding reportable catastrophes.
Growth driven by increased demand for lender-placed insurance amid a hardening market.
Significant expense leverage of over 700 basis points over 2 years.
Addition of approximately 300,000 loans from new mortgage servicing partner in Q3.
Ongoing technology investments enhance efficiency, including digitization of millions of documents.
Growth in renters segment supported by tech-enabled services and platform expansion.
Achieved a year-to-date combined ratio of 87% excluding cats, on track for mid-80s full-year ratio.

UDR

Financial Services

2w

Financial Performance Summary

Blended lease rate growth was 2.8%, driven by 5% renewal rate growth and 30 basis points new lease rate growth.
Debt to enterprise value was 28%, net debt-to-EBITDAre was 5.5x, and liquidity was over $1.1 billion as of June 30.
Occupancy averaged 96.9%, 30 basis points higher than historical second quarter averages.
Second quarter FFO as adjusted per share was $0.64, exceeding the high end of prior guidance, a 5% sequential increase.
UDR reported second quarter 2025 same-store revenue growth of 2.5% and NOI growth of 2.9%, both exceeding initial guidance.
Year-over-year same-store expense growth was only 1.7%, better than expected due to favorable real estate taxes and insurance savings.
Year-to-date results exceeded initial expectations, leading to a raised full year 2025 FFOA per share guidance range of $2.49 to $2.55.

UDR

Financial Services

2w

Record High Apartment Absorption Driven by Favorable Market Fundamentals

First half 2025 saw record high absorption, supported by employment and income growth exceeding expectations.
Demand outpacing supply across many markets, with elevated homeownership costs and housing undersupply bolstering occupancy and pricing prospects.
Management emphasizes positive industry fundamentals and UDR's competitive advantages in leveraging these trends.

AvalonBay Communities, Inc.

AVB

Financial Services

2w

Financial Performance Summary

AvalonBay Communities reported second quarter and first half 2025 results exceeding initial guidance, driven by higher occupancy and rental revenue growth.
Core FFO growth was 3.3% year-to-date, positioning the company towards the top of the sector.
Development NOI for the year is expected to be modestly lower than budget due to timing delays in deliveries and slower leasing velocity at some communities.
Development underway is $2.9 billion, match-funded, with yields on cost of 6.2% and currently running 30 basis points ahead of pro forma on communities in lease-up.
Market occupancy was healthy in established regions at 94.8%, while Sunbelt region occupancy was lower at 89.5% due to elevated standing inventory.
Operating expenses were tightly managed, contributing to same-store NOI outperformance with OpEx growth forecasted at 3.1%, 100 basis points better than original guidance.
Q2 core FFO per share was $2.82 versus guidance of $2.77, with revenue exceeding by $0.02 and operating expenses better by $0.05, partially offset by lease-up NOI and overhead.
Same-store NOI growth is now projected at 2.7%, 30 basis points above initial outlook.