- Community operating expenses increased by 7%, mainly due to acquisitions and higher payroll and maintenance costs, but same-property operating expense ratio improved to 38.2% from 39.4% last year.
- Debt totaled approximately $659 million with a weighted average interest rate of 4.63%, mostly fixed rate, and total market capitalization increased 13% to approximately $2.4 billion.
- Gross sales of manufactured homes increased by 19% for the quarter, with gains from sales at 14% of total sales.
- Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with a 16% increase in normalized FFO in dollar terms to $19.5 million.
- Same-property rental and related income increased by 8%, and same-property NOI increased by 10% for the quarter.
- Total revenue increased approximately 10% year-over-year to $66.6 million, driven by a 9% increase in rental and related income and a sales record of $10.5 million in manufactured home sales.
Explore Similar Insights
- Adjusted funds from operations (AFFO) for Q2 2025 were $48.4 million or $1.71 per share, down 12% from the previous quarter.
- Balance sheet remains strong with $2.6 billion in primarily unencumbered gross assets and only $291 million in fixed rate debt.
- Liquidity is robust with over $190 million in cash and undrawn revolver, supporting future growth and investments.
- Repurchased 367,000 shares at an average price of $53.98 for $19.8 million, funded by cash and preferred stock issuance.
- Total revenues for Q2 2025 were $62.9 million, a 12% decrease from Q1 2025, primarily due to tenant defaults.
- Average yields improved to 5.46% from 5.41% in the prior quarter, with average repo rate improving by 3 basis points to 4.5%.
- Book value per share increased 4.3% quarter-over-quarter to $19.25.
- Earnings available for distribution (EAD) per share was $0.73, exceeding the dividend of $0.70 for the quarter.
- Economic leverage ratio modestly decreased to 5.7x with $8.6 billion of repo principal added at attractive spreads.
- Efficiency ratios improved, with OpEx-to-equity ratio at 1.34%, one of the lowest in the mortgage REIT sector.
- Generated an economic return of 8.1% for Q3 2025 and 11.5% year-to-date, marking 8 consecutive quarters of positive economic returns.
- Net interest spread ex-PAA increased to 1.5%, with net interest margin ex-PAA stable at 1.7%.
- Residential Credit yields rose to 6.29% driven by record securitization and loan purchases.
Dafinchi