G&A expenses improved significantly to $13.5 million in Q2 2025 from $20.7 million in Q2 2024, reflecting ongoing cost reduction efforts.
Same-store cash NOI was $87.1 million in Q2 2025, down from $104.1 million in Q2 2024, mainly due to lower office occupancy.
Second quarter 2025 revenue was $190 million, down from $218 million year-over-year, primarily due to asset sales and lower office occupancy.
Second quarter FFO excluding specified items was $8 million or $0.04 per diluted share, compared to $24.5 million or $0.17 per diluted share in the prior year.
Specified items in Q2 2025 totaled $19.2 million or $0.09 per diluted share, including onetime expenses related to forfeited noncash compensation, debt repayment, and cost cutting.
Studio revenue increased 3% quarter-over-quarter to $34.2 million, with studio NOI improving by $5.4 million due to cost reductions and higher occupancy.
Americold reported Q2 2025 AFFO per share of $0.36, with first half performance largely in line with expectations.
Net debt stood at $3.9 billion with liquidity of approximately $937 million; net debt to pro forma core EBITDA was about 6.3x.
Rent and storage revenue from fixed commitment contracts remained at 60%, maintaining the record set in Q1 2025.
Same-store economic occupancy declined slightly in Q2, reflecting ongoing demand headwinds and a lack of typical seasonal uplift.
Same-store rent and storage revenue per economic occupied pallet increased approximately 1% year-over-year, while warehouse services revenue per throughput pallet increased by 4%.
Three planned exits of idled facilities generated $20 million in cash proceeds; minority interest in SuperFrio joint venture was exited for $28 million.
BXP reported funds from operations (FFO) of $1.71 per share for Q2 2025, beating the midpoint of guidance by $0.05 and consensus by $0.04, driven by improved operations across the portfolio.
BXP's total portfolio occupancy ended Q2 at 86.4%, a decline of 50 basis points, impacted by lease expirations and early terminations, partially offset by improvements at other properties.
Development portfolio lease percentage increased by 500 basis points to 67% in Q2.
Leasing volume for Q2 was over 1.1 million square feet, with total leasing in 2025 reaching 2.2 million square feet, 18% higher than the prior four quarters.
Lower expenses were due to reduced real estate taxes from negotiated assessed value reductions and lower G&A expenses from capitalized wages and professional fee savings.
Outperformance contributors included $0.04 from portfolio operations, $0.01 from earlier-than-anticipated revenue recognition, $0.01 from higher service income primarily in Boston and New York, and $0.02 from lower operating expenses.
The total portfolio percentage leased was 89.1%, a slight decline of 30 basis points, with a growing gap between leased and occupied space now at 270 basis points.
Dafinchi