Dafinchi AI

Plymouth Industrial REIT, Inc.

PLYM

Financial Services

1w

Strong Leasing Activity and Long-Term Tenant Commitments

Plymouth commenced over 1.4 million square feet of leasing in Q2, bringing the year-to-date total to nearly 6 million square feet.
Leasing activity is broad-based, with particular strength among life manufacturing users seeking long-term commitments.
Management highlighted ongoing lease renewals and expansions, with a focus on large spaces and tenant retention, supporting occupancy near 96.5% by year-end.

Urban Edge Properties

UE

Financial Services

2w

Record High Shop Occupancy and Pricing Power Enhancement

Shop occupancy reached a record high of 92.5%, up 270 basis points YoY, with a target to exceed 93% in H2 2025.
Management highlighted increased pricing power through better lease terms, including exclusives, radius restrictions, and faster store openings, leveraging high occupancy levels.

SKT

Financial Services

1w

Financial Performance Summary

Core FFO for Q2 2025 was $0.58 per share, a 9.4% increase year-over-year, driven by strong same-center NOI growth of 5.3%.
Liquidity totaled approximately $614 million, including cash, lines of credit, and forward equity proceeds.
Net debt to adjusted EBITDA was 5x at quarter end, with 95% of debt at fixed rates and a weighted average interest rate of 4%.
Occupancy increased sequentially to 96.6%, with blended leasing spreads of 12% over the trailing 12 months.
Same-center NOI for the first half of 2025 increased 3.8%.
Tenant sales rose 6.2% to $465 per square foot on a trailing 12-month basis, supported by increased traffic to centers.

Essential Properties Realty Trust, Inc.

EPRT

Financial Services

3w

Focus on Middle Market Sale-Leasebacks Amid Volatile Macroeconomic Environment

The company continued to source attractive investment opportunities in a volatile macroeconomic backdrop, emphasizing middle market sale leasebacks with growing operators.
88% of investments ($334 million) were supported by existing relationships, highlighting the importance of recurring tenant relationships.
Management highlighted the resilience of portfolio performance, with healthy tenant credit trends and rent performance, ahead of budgeted credit losses.

Brixmor Property Group Inc.

BRX

Financial Services

2w

Financial Performance Summary

Ancillary revenues contributed 150 basis points to NOI growth, including a revised parking agreement at Point Orlando.
Balance sheet strong with $1.4 billion liquidity, no debt maturities until June 2026, and debt-to-EBITDA at 5.5x.
Base rent growth contributed 360 basis points to same-property NOI growth, outpacing the drag from short-term occupancy decline.
NAREIT FFO was $0.56 per share in Q2, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption.
Net expense reimbursements detracted 110 basis points due to prior year tax assessment benefits.
Signed new ABR reached a record $21 million in the quarter, with a 450 basis point spread between leased and build occupancy.
Updated same-property NOI growth guidance to 3.9%-4.3% and increased FFO guidance to $2.22-$2.25 for 2025.

Agree Realty Corporation

ADC

Financial Services

2w

Financial Performance Summary

Agree Realty invested over $350 million in 110 properties during Q2 2025, including $328 million in acquisitions across 91 retail net lease assets with a weighted average cap rate of 7.1% and lease term of 12.2 years.
Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, and AFFO per share was $1.06, a 1.7% increase year-over-year.
Liquidity stood at $2.3 billion with no material debt maturities until 2028 and pro forma net debt to recurring EBITDA at 3.1x, the lowest since Q4 2022.
The company declared monthly dividends of $0.256 per share for Q2, representing a 2.4% year-over-year increase and a payout ratio of 72% of AFFO per share.
The portfolio occupancy rebounded to 99.6% post re-tenanting of former Big Lots, with investment-grade exposure at 68%.

Rexford Industrial Realty, Inc.

REXR

Financial Services

1mo

Impact of Hertz Lease Expiry and Redevelopment Plans at LAX

Hertz lease at LAX is set to expire in March 2026, with plans to develop a 400,000 sq ft facility.
This development is a strategic move to replace the lease and create a unique market offering.
Management is confident in delivering this project, which is expected to significantly enhance long-term value.

Kimco Realty Corporation

KIM

Financial Services

2w

Record Small Shop Occupancy Reaches 92.2%, Signaling Strong Demand for Necessity Retail

Kimco achieved a new all-time high in small shop occupancy at 92.2%, reflecting ongoing demand for well-located, necessity-driven retail.
Small shop occupancy has increased by 190 basis points since last year and 90 basis points sequentially.
Leasing momentum is driven by new prospecting tools, retailer relationships, and targeted outreach, with 174 new leases executed for 916,000 sq ft at a 34% spread.

Equity Residential

EQR

Financial Services

1w

Financial Performance Summary

Blended rate growth was 3%, driven by a 5.2% renewal rate with 60% of residents renewing in the quarter.
Equity Residential's second quarter 2025 results exceeded expectations with strong resident retention and sustained demand across markets.
Expansion markets such as Atlanta and Dallas performed in line with expectations, with suburban acquisitions outperforming urban submarkets facing supply pressure.
Markets like Los Angeles and Denver faced challenges from weak job growth, quality of life issues, and heavy concession use.
Other strong markets included New York City with the highest occupancy and strong blended rate growth, and Washington, D.C. with high occupancy and rent growth despite recent softening.
Physical occupancy was high at 96.6%, with new lease rates slightly negative due to price sensitivity and concession use in supply-heavy markets.
San Francisco led the portfolio with 5.8% blended rate growth, driven by strong new lease and renewal increases and favorable migration patterns.