- Balance sheet remains strong with over $1.8 billion liquidity, including $560 million cash, and net debt to EBITDA of 4x.
- Core FFO was $0.59 per share, a $0.01 increase over the prior quarter excluding one-time termination revenue.
- Market rents declined approximately 3.5% sequentially and 12.8% year-over-year, but tenant health remained strong with bad debt at only 6 basis points of revenue.
- Net effective and cash leasing spreads for comparable leases were 21% and 8%, respectively, with embedded rent steps averaging 3.7%.
- Rexford Industrial delivered second quarter 2025 results in line with expectations, including 1.7 million square feet of leases executed and same-property occupancy increasing to 96.1%.
- Year-to-date dispositions totaled $134 million at a weighted average cap rate in the low 4% range, achieving an unlevered IRR of 11.9%.
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- 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.
- 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.
- Management highlighted positive inflection in new customer rate growth for the first time since March 2022.
- Occupancy remained high at 94.6%, with a 50 basis point increase year-over-year in July.
- Progress in revenue growth is gradual, with expectations of acceleration in the second half, especially in Q4.
- Demand indicators such as rental volume and customer behavior remain positive, despite softer-than-expected revenue growth.
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