- 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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- AFFO per share increased 7% year-over-year to $0.46, with total AFFO up 21% to $93 million.
- Cash G&A was $7.2 million, representing 5.2% of total revenue, down from 5.6% a year ago.
- Declared a cash dividend of $0.30 per share, representing a 65% AFFO payout ratio.
- Diluted share count was 199.6 million, including 0.6 million shares from unsettled forward equity.
- General & Administrative expenses rose to $10.7 million from $8.7 million in Q2 2024, mainly due to increased compensation.
- Income-producing gross assets reached $6.6 billion at quarter end.
- In Q2 2025, Essential Properties invested $334 million at a weighted average cash yield of 7.9% and a GAAP yield of 9.7%.
- Pro forma net debt to annualized adjusted EBITDAre was 3.5x at quarter end.
- Retained free cash flow after dividends reached $34.4 million for the quarter, over $130 million annualized.
- Interest and fee income on client balances decreased 11% year-over-year due to lower short-term interest rates but increased modestly sequentially.
- Net operating revenues increased 4% year-over-year, driven by growth in securities, payments, and FX CFDs, offset by declines in physical contracts, listed and OTC derivatives.
- Segment performance varied: Commercial segment revenues declined 24% with segment income down 36%, Institutional segment achieved record revenues and income growth of 27% and 41%, respectively, and Self-directed retail segment revenues and income increased 18% and 49%.
- StoneX reported Q3 fiscal 2025 net income of $63.4 million with diluted EPS of $1.22, reflecting 2% net income growth but a 2% decline in EPS due to increased shares outstanding.
- Trailing 12-month results showed operating revenues up 17%, net income up 26% to $296.9 million, EPS of $5.87, and return on equity of 16.6%, exceeding the 15% target.
- 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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