- Interest expense was $1.1 million this quarter, expected to rise to $1.7 million next quarter due to leverage on upcoming residential acquisitions.
- Next quarter guidance includes adjusted EBITDA of approximately $20.5 million, distributable earnings between $0.44 and $0.46 per share, and adjusted EPS between $0.21 and $0.23 per share.
- Recurring cash compensation decreased by $3.5 million sequentially to $38.6 million due to cost containment measures; recurring G&A decreased by $1.2 million to $9.5 million.
- Recurring service revenues were approximately $44 million, down $1.5 million sequentially due to lower property management fees at RMR Residential, partially offset by seasonal improvements in Sonesta-related fees.
- RMR reported adjusted net income of $0.28 per share, distributable earnings of $0.43 per share, and adjusted EBITDA of $20.1 million for Q3 2025, all in line with expectations.
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- Excluding Grand Hyatt Scottsdale, hotel EBITDA increased 11.5% and hotel EBITDA margin increased 148 basis points.
- Food and beverage revenues from groups grew significantly, contributing to an 11% increase in same-property total RevPAR.
- Group room revenues increased 15.6% year-over-year, or 7.6% excluding Grand Hyatt Scottsdale.
- Property tax refunds of approximately $1.5 million positively impacted EBITDA margin by about 60 basis points.
- Rooms department expenses increased just over 3% on 0.4% RevPAR growth; food and beverage revenue growth was 12.7%, banquet revenue growth nearly 20%.
- Same-property hotel EBITDA was $84 million, 22.2% above 2024 levels, with a hotel EBITDA margin increase of 269 basis points.
- Same-property RevPAR increased 4% driven by a 140 basis point increase in occupancy and a 2% increase in average daily rate.
- Second quarter same-property total revenue increased 11% compared to Q2 2024.
- Xenia Hotels & Resorts reported net income of $55.2 million for Q2 2025, with adjusted EBITDAre of $79.5 million and adjusted FFO per share of $0.57, a 9.6% increase year-over-year.
- Adjusted EBITDA was $11.2 million, positive but down year-over-year, impacted by lower gross margin and strategic investments including severance costs.
- Agent count was 82,704, down 5% year-over-year but up 1% sequentially quarter-over-quarter, with increased transactions per agent indicating higher productivity.
- eXp World Holdings generated $1.3 billion in revenue in Q2 2025, with real estate sales volume up 1% year-over-year despite a 2% decrease in sales transactions.
- International segment revenue grew 59% year-over-year, driven by increased productive agents and new market launches, though adjusted EBITDA loss increased due to expansion and events.
- Non-GAAP gross margin was 12%, while GAAP gross margin was 7.1%, down 40 basis points from Q2 2024 due to more agents reaching their cap.
- North America Realty segment remains the largest revenue and profit generator with $1.3 billion revenue and $19.8 million adjusted EBITDA in Q2.
- Other affiliated services contributed modest revenue but had an adjusted EBITDA loss of $2.3 million.
- The company ended Q2 with $94.6 million in cash, after paying $17 million of a $34 million antitrust litigation settlement.
- Adjusted free cash flow was $25 million, a more than tenfold increase compared to Q2 2024.
- Gross loss ratio improved significantly to 67% in Q2 2025 from 79% in Q2 2024, with a trailing 12-month gross loss ratio of 70%, the best in company history.
- Gross profit grew over 100% in Q2, with a gross margin of 39%, among the highest recorded.
- Lemonade reported strong Q2 2025 financial results with 29% year-on-year growth in in force premium (IFP), marking the seventh consecutive quarter of growth acceleration.
- Net loss narrowed to $44 million ($0.60 per share) from $57 million ($0.81 per share) in the prior year, and adjusted EBITDA loss improved slightly to $41 million from $43 million.
- Operating expenses excluding loss and loss adjustment expense increased 21% to $129 million, driven by growth spend and a $12 million one-time tax refund benefit.
- Revenue increased 35% year-over-year to $164 million, driven by gross earned premium growth, higher ceding commission rates, and a 16% increase in investment income.
- Total cash, cash equivalents, and investments ended at approximately $1.03 billion, up $11 million from year-end 2024.
- Average base minimum rent for Malls and Outlets increased 1.3% year-over-year; Mills increased 0.6%.
- Domestic property NOI increased 4.2% year-over-year for the quarter and 3.8% for the first half of the year.
- Funds from operation were $1.19 billion or $3.15 per share, an 8.6% increase from $1.09 billion or $2.90 per share last year.
- Malls and Premium Outlets occupancy ended at 96.0%, up 10 basis points sequentially and 40 basis points year-over-year.
- Occupancy costs remained flat sequentially at 13.1%.
- Portfolio NOI, including international properties at constant currency, grew 4.7% for the quarter and 4.2% for the first half.
- Real estate FFO was $3.05 per share in Q2 2025, up 4.1% from $2.93 in prior year.
- Sales per square foot for Malls and Premium Outlets were $736 for the quarter.
- Second quarter results included a $0.21 per share noncash after-tax gain from Catalyst Brands' deconsolidation of Forever 21 and a $0.13 per share noncash loss from mark-to-market adjustment on exchangeable bonds.
- The Mills achieved a record 99.3% occupancy, up 90 basis points sequentially and 110 basis points year-over-year.
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