Dafinchi AI

Reinsurance Group of America, Incorporated

RGA

Financial Services

2w

Financial Performance Summary

Book value per share increased to $156.63, representing a compounded annual growth rate of 9.7% since 2021.
Consolidated net premiums increased 14% year-over-year, with traditional business premiums up 11% on a constant currency basis, driven by strong growth in the U.S., EMEA, and Asia.
Excess capital increased to $3.8 billion at the end of Q2, or $2.3 billion pro forma for the Equitable transaction; deployable capital rose to $3.4 billion.
Investment income was strong, with a nonspread portfolio yield of 4.98% (up 8 basis points from Q1) and total variable investment income of $105 million, driven by realizations in limited partnerships and real estate joint ventures.
RGA reported operating EPS of $4.72 per share for Q2 2025, with an adjusted operating return on equity (ROE) of 14.3% for the trailing 12 months, in line with intermediate-term targets.
The effective tax rate was 25.2% for the quarter, above the expected 23%-24%, due to valuation allowances on foreign tax credits, but full-year tax rate guidance remains unchanged.
The quarter's results were below expectations due to large claims volatility in U.S. individual life and unfavorable claims in the healthcare excess business within U.S. Group.

Sun Communities, Inc.

SUI

Financial Services

2w

Financial Performance Summary

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.

Phillips Edison & Company, Inc.

PECO

Financial Services

3w

Financial Performance Summary

Bad debt was up from a year ago in Q2 but in line year-to-date and within guidance range.
Core FFO for Q2 was $88.2 million or $0.64 per diluted share, reflecting 8.5% per share growth.
Core FFO per share increased 8.5% year-over-year.
NAREIT FFO for Q2 was $86 million or $0.62 per diluted share, reflecting 8.8% per share growth.
New leasing rent spreads were 34.6% comparable and 28.1% in-line.
Portfolio occupancy ended Q2 at 97.4%, anchor occupancy at 98.9%, and in-line occupancy at 94.8%.
Renewal rent spreads were strong with comparable renewal spreads at 19.1% and in-line renewal spreads at 20.7%.
Same-center NOI increased 4.2% in Q2 2025.
Tenant improvement costs for renewals were low at $0.49 per square foot.

Brandywine Realty Trust

BDN

Financial Services

3w

Financial Performance Summary

Brandywine Realty Trust reported a second quarter net loss of $89 million or $0.51 per share, including $63.4 million in impairments in the Austin portfolio.
Capital ratio improved to 4.1%, below the 2025 business plan range, due to capital control and construction efficiencies.
Deferred tenant improvement costs recognized were $5.5 million or $0.03 per share in CAD ratio; accrued but unpaid preferred dividends were $3.8 million or $0.02 per share.
Development projects incurred $0.14 per share of negative carry, including $0.10 per share in noncash preferred charges.
FFO contribution from unconsolidated joint ventures was negative $5.8 million, impacted by higher concessions at Solaris House during lease-up.
FFO for the quarter was $26.1 million or $0.15 per diluted share, meeting consensus estimates.
Interest expense was $0.5 million less than forecast due to capitalized interest.
Mark-to-market was 2.1% on a GAAP basis and negative on a cash basis, with increased guidance ranges based on executed leases.
Second quarter occupancy was 88.6% with 91.1% leased; Philadelphia occupancy was 93.5% and Austin occupancy improved due to asset sales.