- Funds from operations (FFO) for Q2 were $0.35 per diluted share.
- Net debt to annualized adjusted EBITDA decreased to 5.1x from 5.2x at the end of 2024, maintaining a strong balance sheet.
- Operating expenses were lower than anticipated in the first half of 2025 due to project timing and cost efficiencies.
- Postal Realty Trust delivered AFFO per share of $0.33 in Q2 2025, exceeding expectations for the first half of the year.
- Recurring capital expenditures in Q2 were $127,000, slightly below guidance, with Q3 expected between $175,000 and $325,000.
- The Board approved a quarterly dividend of $0.2425 per share, a 1% increase from Q2 2024, well covered by AFFO.
- The company updated its full year 2025 AFFO guidance range to $1.24 to $1.26 per share, implying nearly 8% year-over-year growth.
- Weighted average interest rate on debt was 4.5%, with 86% of borrowings at fixed rates.
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- Adjusted EBITDAre remained relatively flat at $85 million.
- Cash basis NOI grew by 2.1% compared to the same period last year.
- Interest coverage ratio increased from 1.2x to 1.3x.
- Interest expense decreased by $1.9 million compared to Q1 2025 to $67.9 million, with expected further decline in Q3 to approximately $63.5 million.
- Net debt to total assets ratio increased slightly to 69.9%, net debt coverage ratio remained at 12x.
- NOI was $87.6 million and cash basis NOI was $84.7 million, both increasing year-over-year and sequentially.
- Normalized FFO increased 54% year-over-year to $13.8 million or $0.21 per share, at the high end of guidance.
- Occupancy ended the quarter at 94.3%, exceeding the national industrial average by 170 basis points.
- Variable debt to net debt ratio declined from 64.8% to 34.4% due to refinancing.
- Core bank ROA was approximately 1.38%, supported by a low cost of deposits around 1.75%.
- Core expenses normalized to approximately $21 million, with expected reductions from technology savings and amortization ending.
- Net interest income would have been $27.5 million excluding interest reversals, up from $26.4 million in Q1 and $24.9 million a year ago.
- Net interest margin (NIM) excluding consumer program effects was 3.15%, up from 3.13% last quarter and 2.80% a year ago.
- Noninterest income was $10.6 million, driven primarily by increased mortgage revenue.
- Pretax pre-provision earnings were about $8.4 million after adjustments for mortgage support costs and interest write-offs.
- Primis Financial Corp. reported $8.4 million in net income or $0.34 per share for Q2 2025, including a $7.5 million pretax gain on a portion of its interest in PFH.
- Provision expense was $1.2 million, with no provision required for the consumer program this quarter.
- AFFO was $13.6 million or $0.50 per diluted share, also reduced by $0.06 of one-time items.
- FFO on a diluted share basis was $0.23, reduced by $0.28 of one-time items related to the geriatric tenant and severance charges.
- General and administrative expenses were $10.6 million, but excluding $5.9 million in severance and transition-related charges, G&A was $4.7 million, a $400,000 reduction quarter-over-quarter.
- Interest expense increased by $240,000 to $6.6 million due to increased borrowings and an extra day of interest.
- Property operating expenses decreased by approximately $500,000 quarter-over-quarter to $5.6 million, primarily due to lower seasonal expenses such as snow removal and utilities.
- The geriatric behavioral hospital tenant remains unable to pay full rent and interest; notes and interest related to this tenant are fully reserved, and rent is recognized on a cash basis.
- Total revenue for Q2 2025 was $29.1 million, but excluding a $1.7 million reversal of interest receivable from the geriatric behavioral hospital tenant, core revenue was approximately $30.7 million, representing 2.2% growth quarter-over-quarter compared to Q1 2025.
- 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.
- Core FFO per share for Q2 2025 was $0.55, down 11% year-over-year due to decreased same-store NOI and increased interest expense.
- Expense growth was 4.6%, mainly from higher property taxes, marketing, repair and maintenance, and utilities, partially offset by lower personnel costs.
- Net debt-to-EBITDA was 6.8x at quarter end, slightly improved from 6.9x in Q1.
- Occupancy increased sequentially by 140 basis points in Q2 to 85%, further rising to 85.3% in July, narrowing the year-over-year occupancy gap.
- RevPar improved for five consecutive months ending July, with the year-over-year decline narrowing from 4.2% in February to 1.6% in July.
- Same-store NOI declined 6.1% year-over-year.
- Same-store revenues declined 3%, driven by a 240 basis point drop in average occupancy and a 30 basis point decline in average revenue per square foot.
- Capital expenditures were $10 million in Q2, with full-year guidance of $60 million to $65 million excluding timberland acquisitions.
- Lumber shipments set a new quarterly record at 303 million board feet, up from 290 million in Q1.
- PotlatchDeltic reported second quarter total adjusted EBITDDA of $52 million, down from $63 million in the first quarter.
- Real Estate segment delivered $23 million in adjusted EBITDDA, consistent with Q1, selling 7,500 acres at an average price of $3,100 per acre including conservation sales at premiums.
- The company repurchased $56 million of common stock in Q2, totaling $60 million in the first half of 2025, at an average price of $39-$40 per share.
- The Timberlands segment's adjusted EBITDDA decreased slightly from $42 million to $40 million due to seasonally lower harvest volumes and higher forest management costs.
- Wood Products segment earned $2 million in adjusted EBITDDA, down from $12 million in Q1, impacted by lower lumber prices, increased processing costs, and a $3 million inventory impairment charge.
- Fixed charge coverage ratio was strong at 8.2x.
- Net debt to annualized normalized EBITDA remained low at 2x, with net debt to enterprise value at 12.3%.
- Normalized FAD increased 53.9% to $83.1 million, with a 16.2% increase per share to $0.43.
- Normalized FFO increased 58.2% year-over-year to $83.1 million in Q2 2025.
- Normalized FFO per share rose 19.4% to $0.43 per share.
- Quarterly dividend increased by 15.5% year-over-year while maintaining a comfortable payout ratio.
- Total revenues grew 63.3% year-over-year in Q2 2025.
- 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%.
- Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
- Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
- Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
- Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
- Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
- Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
- Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
- Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
- Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
- Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
- Net interest income increased 8% due to higher interest earning assets and lower funding costs.
- Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
- Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
- Operating EPS of $1.71 was up 7% from the prior year.
- Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
- Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
- Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.
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