Dafinchi AI

PSA

Financial Services

2w

Financial Performance Summary

Expense control was strong, leading to better than anticipated NOI outcomes.
Non-same-store and ancillary NOI growth contributed positively to overall financial results.
Public Storage reported core FFO growth of 1.2% in the second quarter, with FFO growth accelerating 240 basis points from the prior year quarter.
Rental rates increased 0.6%, offsetting a slight occupancy decline of 40 basis points, improved from 80 basis points at the start of the year.
Same-store revenue growth was in the 2% to 4% range in key markets like the West Coast, Washington, D.C., and Chicago.
Tenant insurance premiums and adoption increased, contributing to ancillary business outperformance.

WELL

Financial Services

2w

Financial Performance Summary

Debt to net debt to adjusted EBITDA ratio improved to below 3 times, the lowest leverage level in company history, with interest coverage over six times.
Expense growth in seniors housing operating portfolio was subdued at 0.2% year over year, contributing to margin expansion of 330 basis points to 30.7%.
Liquidity increased to $9.5 billion with modest upcoming debt maturities.
Long-term post-acute portfolio same-store NOI grew 2.7% year over year with EBITDAR coverage of 1.9 times.
Net income attributable to common stockholders was $0.45 per diluted share.
Senior housing operating portfolio posted 23.4% same-store NOI growth and 10% organic revenue growth driven by 420 basis points occupancy gains.
Senior housing triple net portfolio same-store NOI increased 5.1% year over year with trailing twelve-month EBITDAR coverage at 1.19 times.
Total portfolio same-store net operating income (NOI) increased 13.8% year over year, led by seniors housing operating portfolio growth exceeding 20% for the eleventh consecutive quarter.
UK portfolio showed 27% same-store NOI growth and 600 basis points occupancy increase, reflecting strong demand and favorable positioning.
Welltower Inc. reported strong second quarter 2025 financial results with normalized funds from operations (FFO) per diluted share of $1.28, representing 21.9% year-over-year growth.

Alexandria Real Estate Equities, Inc.

ARE

Financial Services

3w

Financial Performance Summary

FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
Other income averaged about $20 million per quarter, consistent with recent history.
Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.

Healthpeak Properties, Inc.

DOC

Financial Services

3w

Financial Performance Summary

Balance sheet ended Q2 with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity.
CCRC portfolio generated approximately $200 million of annual NOI, 50% higher than pre-pandemic 2019 levels, with current occupancy at 86%.
Healthpeak reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share for Q2 2025.
Lab segment reported 1.5% same-store growth, 6% positive rent mark-to-market, and 87% tenant retention, with total occupancy declining by 150 basis points due to lease expirations and tenant departures.
Outpatient medical segment achieved 85% tenant retention, 6% positive rent mark-to-market, and 3.9% same-store cash NOI growth.
Repayment of $450 million senior notes was completed using proceeds from commercial paper program.
Total portfolio same-store growth was 3.5%, with CCRC segment showing 8.6% same-store growth driven by 5% rate growth and higher entrance fee sales.

CUBE

Financial Services

2w

Financial Performance Summary

CubeSmart posted a solid beat and raise for the second quarter of 2025 with key performance indicators exceeding expectations year-to-date.
FFO per share as adjusted was $0.65, at the high end of guidance.
Move-in rates improved, down 4% in Q2 compared to down 8% in Q1 and down 10% in Q4 2024.
Net debt-to-EBITDA ratio stood at 4.7x, with $300 million senior unsecured notes maturing in November 2025.
Same-store operating expenses grew 1.2%, better than expectations, resulting in negative 1.1% same-store NOI growth.
Same-store revenue growth was down 0.5% year-over-year, with average occupancy down 80 basis points to 90.6%.

CUBE

Financial Services

2w

Continued Stabilization and Positive Momentum in Occupancy and Rate Trends

Occupancy growth from trough-to-peak increased to 190 basis points in 2025, up from 180 basis points last year.
Net effective rates for new customers increased by 28.3%, significantly higher than 15% in 2024.
Occupancy and move-in rate gaps to last year have narrowed throughout 2025, with July showing further improvement.
Urban markets like the Acela Corridor and Chicago outperform others, indicating a stickier customer base less reliant on housing transactions.

Highwoods Properties, Inc.

HIW

Financial Services

2w

Financial Performance Summary

Cash and GAAP rent growth were strong at 3.6% and 17.6%, respectively.
Highwoods Properties delivered FFO of $0.89 per share in Q2 2025, with net income of $18.3 million or $0.17 per share.
Leasing volumes were strong with 923,000 square feet of second-gen leasing, including 371,000 square feet of new leasing.
Occupancy was roughly flat from Q1 at 85.6%, while leased rate increased 80 basis points to 88.9%.
The company raised the mid-point of its 2025 FFO outlook by $0.02 to a range of $3.37 to $3.45 per share.
The debt-to-adjusted EBITDAre ratio was 6.3x at quarter-end, with $106 million left to fund on the development pipeline and over $700 million of available liquidity.
The quarter included three atypical items: a $3 million payment from Florida Department of Transportation, $1 million of term fees from early space takebacks, and nearly $1 million write-off of predevelopment costs.

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.

CTO Realty Growth, Inc.

CTO

Financial Services

2w

Progress on Anchor Space Mark-to-Market Opportunity and Leasing Strategy

Full control of 10 anchor spaces vacated by Party City and JOANN's as of Q2 2025.
Six of the 10 anchor spaces leased with new tenants including Burlington, Boot Barns, Bassett Furniture, Slick City Action Park, and Bob's Discount Furniture.
Targeting a 40% to 60% positive cash leasing spread on these anchor spaces.
Overall leasing pipeline of $4.6 million, representing 4.6% of in-place cash rents, supporting earnings growth into 2026.

Flushing Financial Corporation

FFIC

Financial Services

3w

Financial Performance Summary

Average total deposits increased 6% year-over-year and 1% quarter-over-quarter to $7.6 billion.
Commercial real estate concentration decreased to under 500% for the first time since Q3 2023.
Criticized and classified loans to total loans improved to 108 basis points from 133 basis points prior quarter.
GAAP and core net interest margin expanded 3 basis points quarter-over-quarter, with GAAP NIM at 2.54% and core NIM at 2.52%.
GAAP earnings per share of $0.41 and core earnings per share of $0.32, increases of 128% and 78% year-over-year respectively.
Net charge-offs totaled 15 basis points for the quarter, down from 27 basis points in the prior quarter.
Noninterest-bearing deposits grew 6% year-over-year and 2% quarter-over-quarter to $875 million.
Nonperforming assets stable at 70 to 75 basis points quarter-over-quarter.
Pre-provision pretax net revenue of $23.1 million and core PPNR of $19 million reached highest levels since late 2022.
Strong liquidity with $3.6 billion of undrawn lines and resources at quarter end.
Tangible common equity grew by 25 basis points to 8.04%.