- Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
- FFO as adjusted for the quarter was $0.36 per share.
- FFO as adjusted increased by 12% over last year and 8% year-to-date.
- Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
- Net debt to annualized EBITDA was 5.5x in the second quarter.
- Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
- Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
- Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
- Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
- Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.
Explore Similar Insights
- Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
- Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
- Dividend declared at $0.29 per share payable on or before October 15, 2025.
- Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
- Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
- Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
- Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
- Adjusted cash operating expenses were $198 million with a compensation ratio of 19% cash and 23% including stock.
- Adjusted EBITDA margin reached 65%, the highest since Q1 2022, reflecting disciplined expense management and operational efficiency.
- Adjusted EPS was $1.53 for Q2 2025, an 83% increase compared to Q2 2024.
- Debt to LTM adjusted EBITDA ratio stood at 1.5x, maintaining financial flexibility.
- Equity TCV was up 17% quarter-over-quarter, or about 12% excluding sub-dollar share volumes; notional U.S. equity volumes increased 9% quarter-to-quarter.
- Growth initiatives accounted for $1.3 million per day or 15% of total adjusted net trading income per day, an all-time high.
- Market Making contributed $451 million and Execution Services contributed $116 million to adjusted net trading income.
- Virtu Financial reported $568 million in adjusted net trading income for Q2 2025, equating to $9.2 million per day, marking a recent high and a 50% increase from $6.1 million per day in Q2 2024.
- Virtu repurchased $66 million of shares in Q2 2025 and $135 million year-to-date, totaling $1.4 billion since inception at an average price of about $26 per share.
- Adjusted net income from continuing operations increased to $152.8 million or $0.81 per share in Q3 2025.
- Adjusted return on assets was 1.13% for the quarter.
- Credit quality remained stable with net charge-offs at 26 basis points annualized and stable non-performing assets.
- Deposits increased by $3.4 billion, with core customer deposits up $3.1 billion largely due to the Industry acquisition.
- Loans grew by $1.3 billion, including $1 billion from Industry acquisition and $300 million organic growth.
- Net interest margin improved by 6 basis points to 3.46%, driven by higher securities yields and lower funding costs.
- Net interest revenue increased 12% to $46 million driven by balance sheet growth and net interest margin improvement.
- Total adjusted revenue grew 9% quarter-over-quarter to $517 million.
- AFFO for Q2 2025 was $1.3 million or $0.03 per share, up from the prior year, positively impacted by lower interest expense and increased loan program activity.
- AFFO for the six months was $3.6 million or $0.08 per share, higher than 2024, helped by lower interest expense, higher interest income, and proceeds from a solar lease arrangement.
- For Q2 2025, net income was $7.8 million or $0.15 per share, higher than Q2 2024 due to gains on dispositions of 32 properties, lower G&A costs, lower interest expenses, and higher interest income.
- For the six months ended June 30, 2025, net income was $9.9 million or $0.18 per share, higher than 2024 due to 34 property dispositions, debt reductions, lower G&A, and increased interest income.
- Gain on disposition of assets was $25 million on $81.6 million of property sales in 2025, compared to a loss of $0.1 million in 2024.
- General and administrative expenses decreased primarily due to a one-time severance expense in 2024.
- Interest expense decreased by $2.8 million in Q2 and $5.2 million year-to-date due to debt reductions since October 2024.
- Lines of credit were repaid in full with $23 million payments in early July 2025.
- Undrawn capacity on lines of credit was approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets in 2025.
- Adjusted EBITDA margins were 32.5% company-wide, with Workforce Solutions margins at 53.3%, USIS at 35%, and International at 26.4%.
- Adjusted EPS was $2.00, $0.10 above the midpoint of April guidance, driven by operating leverage and cost management.
- AWS revenue grew 8%, led by verifier government and consumer lending, with mortgage up 9%.
- Equifax Inc. reported Q2 2025 revenue of $1.54 billion, up 8% in constant currency and 7% reported, the highest quarterly revenue in company history.
- Free cash flow was $239 million in Q2, up over $100 million from prior year, with expected 2025 free cash flow over $900 million and cash conversion over 95%.
- International revenue grew 6% in constant currency, slightly below expectations due to economic weakness in Canada.
- Share repurchases totaled $127 million in Q2 under a new $3 billion program, with dividends paid of $62 million.
- USIS revenue increased 9%, with mortgage revenue up 20% due to price increases and preapproval product growth.
- Workforce Solutions revenue rose 8%, driven by verifier revenue growth of 10% and government revenue growth of 14%.
Dafinchi