- Closed over $500 million of fund commitments in Q2, totaling over $1 billion to date, providing over $2 billion in combined liquidity and fund availability.
- Discounted debt extinguishment gains are maintained at $20 million in guidance, with potential for higher gains from debt purchases at 1552-1560 Broadway.
- Earnings guidance was raised by $0.40 per share at the midpoint, reflecting substantial increased profit.
- Interest expense is trending about $0.10 per share above expectations due to timing of asset sales and debt payoff delays.
- NOI is trending slightly better than original expectations, offset by some underperformance at SUMMIT due to temporary closure of a premium experience.
- Sale of 50% participation interest in preferred equity position at 625 Madison Avenue generated significant liquidity.
- SL Green concluded over 540,000 square feet of leasing in Q2 2025, bringing year-to-date leasing to 1.3 million square feet, with a pipeline of over 1 million square feet for near-term execution.
- The company realized nearly $90 million profit on a $130 million investment in 522 Fifth Avenue mortgage position within a year.
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- 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.
- Ancillary revenues contributed 150 basis points to NOI growth, including a revised parking agreement at Point Orlando.
- Balance sheet strong with $1.4 billion liquidity, no debt maturities until June 2026, and debt-to-EBITDA at 5.5x.
- Base rent growth contributed 360 basis points to same-property NOI growth, outpacing the drag from short-term occupancy decline.
- NAREIT FFO was $0.56 per share in Q2, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption.
- Net expense reimbursements detracted 110 basis points due to prior year tax assessment benefits.
- Signed new ABR reached a record $21 million in the quarter, with a 450 basis point spread between leased and build occupancy.
- Updated same-property NOI growth guidance to 3.9%-4.3% and increased FFO guidance to $2.22-$2.25 for 2025.
- Agency originations were $857 million in Q2 with strong margins of 1.69%, and loan sales totaled $807 million; mortgage servicing rights income was $10.9 million.
- Balance sheet lending portfolio grew to $11.6 billion with an all-in yield of 7.86%, while total debt on core assets was $9.6 billion with an all-in cost of 6.88%.
- In Q2 2025, Arbor Realty Trust produced distributable earnings of $62.5 million or $0.30 per share excluding $10.5 million of onetime realized losses from REO asset sales, translating into a 10% ROE.
- Leverage was reduced by 25% to a ratio of 3:1 from a peak of 4:1 nearly three years ago, aided by new unsecured rated debt issuance.
- Loan loss reserves increased by $16 million in Q2, including $6.5 million specific reserves and $9.5 million general CECL reserves due to changes in real estate value outlooks.
- Net interest income dropped from $75 million in Q1 to $69 million in Q2 due to increased delinquencies, less back interest collected, and reversals related to foreclosures.
- Net interest spreads declined to 1.08% from 1.26% last quarter, impacted by back interest collection variability and new nonperforming loans.
- Total delinquencies decreased to $529 million at June 30 from $654 million at March 31, with 60+ day delinquencies at $472 million and less than 60 days at $57 million.
- Liquidity remained strong at $4.7 billion as of June 30, including a revolving credit facility upsize and available equity proceeds.
- Net debt-to-EBITDA improved to 5.6x, a 40 basis point improvement since the start of the year.
- Outpatient medical and research portfolio reported 1.7% same-store cash NOI growth, with outpatient medical up 2.2%.
- Senior housing investments year-to-date totaled $1.1 billion, with $3 billion closed since the beginning of last year.
- SHOP same-store portfolio delivered 8.2% revenue growth and 13.3% NOI growth, with U.S. SHOP NOI up 18% after adjusting for a prior year tax refund.
- Total company same-store cash net operating income (NOI) increased 7%, led by SHOP increasing over 13%.
- Ventas reported strong earnings growth with normalized FFO per share growing 9% year-over-year in Q2 2025.
- Ares Commercial Real Estate reported a GAAP net loss of approximately $11 million or $0.20 per diluted common share for Q2 2025.
- Distributable earnings for Q2 2025 were a net loss of approximately $28 million or $0.51 per diluted common share, including a $33 million realized loss related to the exit of a Massachusetts office life sciences loan.
- Excluding the realized loss, distributable earnings were approximately $5 million or $0.09 per diluted common share.
- Net debt-to-equity ratio, excluding CECL, was stable at 1.2x quarter-over-quarter and down from 1.9x year-over-year.
- Outstanding borrowings decreased 6% quarter-over-quarter and 39% year-over-year to $889 million.
- The Board declared a regular cash dividend of $0.15 per common share for Q3 2025, with an annualized dividend yield above 13% based on the stock price as of July 31, 2025.
- The CECL reserve declined by approximately $20 million to $119 million, representing about 9% of the total outstanding principal balance of loans held for investment.
- The company collected $30 million in repayments during Q2 2025, nearly three times the amount collected in the first half of 2024, strengthening liquidity and the balance sheet.
- Unfunded commitments were reduced by 50% quarter-over-quarter and 58% year-over-year to $37 million.
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