- 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.
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- Manufactured housing same-property NOI increased 7.7% with occupancy up 60 basis points to 97.6%.
- Returned over $830 million to shareholders through special cash distribution and share repurchases.
- RV same-property NOI declined 1.1%, with a 0.9% revenue increase offset by a 3.1% expense increase.
- S&P Global upgraded Sun's credit rating to BBB+ and Moody's to Baa2, citing deleveraging and balance sheet strength.
- Sun Communities reported core FFO per share of $1.76 for Q2 2025, exceeding the high end of guidance.
- Sun paid down approximately $3.3 billion of debt during the quarter, improving balance sheet strength.
- Total North American same-property NOI grew 4.9% in Q2, driven primarily by manufactured housing and cost savings initiatives.
- U.K. same-property NOI increased 10.2% with revenue up 9.5%, partially offset by an 8.8% increase in expenses due to minimum wage hikes.
- Weighted average interest rate on debt was 3.4% with a weighted average maturity of 7.6 years and no floating rate debt outstanding.
- 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.
- Adjusted net interest margin increased to 3.05%, up 13 basis points from prior quarter and 26 basis points year-over-year.
- Common equity Tier 1 capital ratio was 11.38% and risk-based capital ratio was 12.81%.
- Core deposit costs reported at 3.50% but adjusted to 3.57% excluding a legal matter reversal, expected to normalize around 3.57%.
- Net income for Q2 2025 was $61.4 million with diluted EPS of $1.12, representing an 18% increase from Q2 2024 but a 3% decrease from Q1 2025.
- Net interest income was $131.7 million reported, adjusted to $129.4 million after bond restructuring loss.
- Noninterest expense decreased $1.9 million from Q1 but increased 3% year-over-year, with efficiency ratio below 34%.
- Noninterest income declined due to bond portfolio restructuring but merchant services and treasury management fees are expected to grow.
- Pre-provision net revenue was $87.9 million.
- Provision expense increased significantly due to loan growth and charge-offs, maintaining allowance for credit losses ratio at 1.28%.
- Return on average assets was 1.40% and return on common equity was 14.56%.
- Tangible book value grew by an annualized 12.5% from last quarter and nearly 14% year-over-year, ending at $31.27 per share.
- Book value per share grew by an annualized 14% from last quarter and over 13% year-over-year, ending at $32.37 per share.
- Charge-offs totaled just over $9 million, resulting in an annualized net charge-off ratio of 27 basis points.
- Efficiency ratio improved to 35.22% from 36.90% a year ago; adjusted efficiency ratio was 33.31%.
- Net income grew 18% year-over-year, increasing by more than $9 million compared to Q3 2024.
- Net interest income was $133.4 million reported, $137.8 million normalized, with a net interest margin of 3.09% reported and 3.19% normalized.
- Normalized net income was $73.8 million or $1.35 EPS after adjusting for unique transactions.
- Reported net income of $65.6 million and diluted EPS of $1.20 for Q3 2025.
- Return on average assets was 1.47% and return on common equity was 14.9%.
- Adjusted pretax margin improved 1% to 8.5%.
- Agency gross revenues increased $61 million or 25%, net agent revenues up 21%.
- Domestic commercial revenues increased $24 million or 46%, with average fee per file increasing 25% to $16,900.
- Domestic residential fee per file slightly declined to $2,900 from $3,000 last year.
- Employee cost ratio improved to 30% from 31%, other operating expense ratio improved to 25% from 26%.
- Net cash provided by operations improved by $32 million compared to last year.
- On an adjusted basis, second quarter net income was $38 million or $1.34 per diluted share compared to $25 million or $0.91 per diluted share last year.
- Real estate solutions segment revenues improved $20 million or 22%, with adjusted pretax income 15% higher.
- Stewart reported second quarter net income of $32 million or $1.13 per diluted share based on revenues of $722 million.
- Title pretax income improved by $16 million or 48%, with adjusted pretax income $52 million, 35% better than last year.
- Title segment operating revenues improved $96 million or 19%, driven by both direct and agency title operations.
- Total cash and investments were approximately $390 million in excess of statutory premium reserve requirements.
- Total stockholders' equity at June 30 was approximately $1.4 billion with a book value of $51 per share.
- Total title loss expense increased slightly to $22 million, but title loss ratio improved to 3.6% from 4.2% last year.
- Declared quarterly cash dividend of $0.27 per share payable September 15.
- Effective tax rate was 23.5% and expected to remain between 22% and 24%.
- Net income for Q2 2025 was $18.3 million or $0.67 per diluted share.
- Net interest income increased 3.6% quarter-over-quarter to $59.8 million.
- Net interest margin expanded by 13 basis points to 3.44%, driven by higher loan yields and lower deposit costs.
- Repurchased approximately 103,000 shares at $25 per share for $2.6 million; $25.3 million share repurchase authorization remains.
- Return on average assets was 1.00% and return on average equity was 13.04%.
- Total other operating expense was $43.9 million, up $1.9 million quarter-over-quarter due to deferred compensation and software expenses.
- Total other operating income was $13.0 million, up $1.9 million quarter-over-quarter due to higher BOLI income.
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