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.
Adjusted EBITDA declined 5% and adjusted core EPS declined 7% due to a 100 basis point decrease in short-term rates impacting escrow earnings.
Capital Markets segment revenues grew 46% year-over-year with net income up 200% to $33 million and adjusted EBITDA up 116% to $1.3 million.
Cash balance ended at $234 million, supporting capital deployment and dividend payments.
GAAP earnings per share rose 48% year-over-year to $0.99, driven by economies of scale and significant noncash mortgage servicing rights (MSRs) booked.
No new loan defaults were recorded; credit quality remains strong with only 8 defaults in a $65 billion at-risk portfolio.
Quarterly dividend increased to $0.67 per share, marking seven consecutive years of dividend growth.
Servicing & Asset Management segment servicing fees increased 4% to $84 million, but total segment revenues declined 5% due to lower placement fees and investment management fees.
Walker & Dunlop reported a 65% year-over-year increase in total transaction volume to $14 billion in Q2 2025, more than doubling from Q1 2025.
Adjusted EBITDA for the 6 months ended June 30, 2025, was $259,000 compared to a loss of $14.7 million in the 2024 period.
Adjusted EBITDA for the second quarter was a loss of $849,000 compared to positive $2.9 million in the 2024 second quarter.
Adjusted net loss for the 6 months ended June 30, 2025, was $7.1 million or $0.08 per share compared to $23.6 million or $0.28 per share in the 2024 period.
Adjusted net loss for the second quarter was $4.7 million or $0.06 per share compared to $532,000 or $0.01 per share in the 2024 second quarter.
Cash and cash equivalents were approximately $136 million at June 30, 2025, providing ample liquidity.
Development marketing revenue increased to $35.4 million in the first half of 2025 from $17.7 million in the first half of 2024.
Douglas Elliman's revenues increased by 8% year-over-year to $524.8 million in the first half of 2025, marking the strongest first half revenue performance since 2022.
For the 6 months ended June 30, 2025, net loss was $28.7 million or $0.34 per diluted share compared to $43.1 million or $0.52 per diluted share in the 2024 period.
Net loss for the second quarter of 2025 was $22.7 million or $0.27 per diluted share compared to $1.7 million or $0.02 per diluted share in the second quarter of 2024.
Revenues from existing home sales in New York and Northeast markets increased by $16.8 million or 7.9% from the 2024 first half.
Dafinchi