- Adjusted EBITDA increased 35% year-over-year to $45 million, driven by improved results in Pacific Northwest Timber and Real Estate segments.
- Net income attributable to Rayonier was $409 million or $2.63 per share, including a $404 million gain from the sale of the New Zealand joint venture.
- Pacific Northwest Timber segment adjusted EBITDA rose 17% despite a 15% decline in harvest volumes, supported by higher log prices and lower costs.
- Pro forma net income excluding discontinued operations was $10 million or $0.06 per share.
- Rayonier reported second quarter 2025 sales of $107 million and operating income of $15 million.
- Real Estate segment adjusted EBITDA was $19 million, significantly above guidance, due to strong demand and accelerated transaction timing.
- Southern Timber segment adjusted EBITDA declined 16% due to lower harvest volumes and a 14% decrease in weighted average stumpage prices.
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- 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.
- Adjusted noninterest expense rose 1% sequentially and 3% year-over-year, with disciplined expense control and higher employment costs.
- Adjusted noninterest revenue increased 12% sequentially and 3% year-over-year, driven by capital markets fees rebound and wealth management income growth.
- Adjusted pre-provision net revenue rose 5% sequentially and 7% year-over-year.
- Capital ratios strengthened, with CET1 ratio at 10.91%, the highest in company history, supported by earnings and share repurchases.
- Core deposits declined 2% sequentially, driven by public funds and broker deposits, but deposit costs improved with a 4 basis point decline in average cost of deposits to 2.22%.
- Credit quality improved with net charge-offs at $18 million (17 basis points), better than guidance, and nonperforming loans decreased to 0.59% of total loans.
- Loan balances increased by $888 million or 2% sequentially, with strong growth in high-growth verticals and specialty lending.
- Net interest margin expanded modestly to 3.37%, with net interest income growing 6% year-over-year.
- Synovus reported GAAP and adjusted earnings per share of $1.48, a 14% increase from the first quarter and 28% year-over-year.
- Average base rent per leased square foot grew 5.3% year-over-year to $25.28.
- Bad debt for the quarter was just under 1% of revenues, consistent with prior year and within forecasted range.
- Debt-to-EBITDAre improved to 7.2x from 7.8x a year ago, with an expected year-end target of about 7x.
- G&A and interest expenses were reduced by about 6% compared to the prior year.
- Leasing spreads remained strong with straight-line leasing spreads of 17.9%, marking the 13th consecutive quarter above 17%.
- Occupancy increased 100 basis points sequentially from Q1 to 93.9%.
- Same-store NOI growth was 2.5% for the quarter and 3.9% for the 6 months, on track to meet the full-year target range of 3% to 4.5%.
- Whitestone REIT delivered core FFO per share of $0.26 for Q2 2025 and $0.51 for the first 6 months, representing a 5.4% and 5.6% year-over-year increase respectively.
- Adjusted Funds From Operations (AFFO) was negative $3.4 million or $0.10 per share, down from a positive $3.7 million or $0.10 per share in Q2 2024.
- Core operating expenses decreased by about $200,000, with lower G&A costs partially offset by higher property operating expenses related to water rights protection and vacant farms.
- Dividends declared per common share remained steady at $0.14.
- Fixed base cash rents declined by approximately $6.8 million year-over-year due to lease modifications, vacancies, and farm sales.
- Gladstone Land reported a net loss of $7.9 million and a net loss to common shareholders of $13.9 million or $0.38 per share for Q2 2025.
- Interest expense decreased due to loan repayments over the past year.
- Liquidity remains strong with over $150 million in available capital and nearly $170 million in unpledged properties for additional collateral.
Dafinchi