- Cash NOI was lower primarily due to a one-time PENN 1 ground rent true-up payment and free rent associated with backfilling known move-outs.
- Generated $1.5 billion of net proceeds from sales, financings, and the NYU deal, paid down $965 million of debt, and increased cash by $540 million, resulting in cash balances of $1.36 billion and total liquidity of $2.9 billion.
- Lower net interest income from retail preferred repayments and lower NOI from asset sales were offset by lower real estate taxes at THE MART net of tenant reimbursements.
- Net debt-to-EBITDA improved by 1.4 turns to 7.2x from 8.6x, and fixed charge coverage ratio is steadily rising.
- New York office occupancy increased to 86.7% from 84.4% last quarter, mainly due to the full building master lease at 770 Broadway.
- Second quarter comparable FFO was $0.56 per share, beating analyst consensus of $0.53 and essentially flat compared to last year's second quarter.
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- Balance sheet ended Q2 with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity.
- CCRC portfolio generated approximately $200 million of annual NOI, 50% higher than pre-pandemic 2019 levels, with current occupancy at 86%.
- Healthpeak reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share for Q2 2025.
- Lab segment reported 1.5% same-store growth, 6% positive rent mark-to-market, and 87% tenant retention, with total occupancy declining by 150 basis points due to lease expirations and tenant departures.
- Outpatient medical segment achieved 85% tenant retention, 6% positive rent mark-to-market, and 3.9% same-store cash NOI growth.
- Repayment of $450 million senior notes was completed using proceeds from commercial paper program.
- Total portfolio same-store growth was 3.5%, with CCRC segment showing 8.6% same-store growth driven by 5% rate growth and higher entrance fee sales.
- Book value per diluted share, excluding AOCI, increased 6% to $38.05.
- Capital and liquidity remain strong with a consolidated RBC ratio of 378% and Holdco liquidity of $187 million.
- CNO delivered strong Q2 2025 results with operating earnings per diluted share of $0.87, benefiting from favorable insurance product margins and solid investment results.
- Net investment income grew 2% year-over-year, with average yield on allocated investments at 4.92%, up 11 basis points.
- Operating return on equity was 11.8% on a trailing 12-month basis and 11.2% excluding significant items, on track to meet 2025 and 3-year targets.
- Record total new annualized premiums reached $120 million, up 17%, with double-digit insurance sales growth in both Consumer and Worksite divisions.
- Share repurchases totaled $100 million in the quarter, reducing weighted average diluted shares outstanding by 8%.
- Core FFO for Q2 2025 was $0.58 per share, a 9.4% increase year-over-year, driven by strong same-center NOI growth of 5.3%.
- Liquidity totaled approximately $614 million, including cash, lines of credit, and forward equity proceeds.
- Net debt to adjusted EBITDA was 5x at quarter end, with 95% of debt at fixed rates and a weighted average interest rate of 4%.
- Occupancy increased sequentially to 96.6%, with blended leasing spreads of 12% over the trailing 12 months.
- Same-center NOI for the first half of 2025 increased 3.8%.
- Tenant sales rose 6.2% to $465 per square foot on a trailing 12-month basis, supported by increased traffic to centers.
- 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.
- Achieved 4.9% annualized loan growth in Q3 2025, showing strong momentum after portfolio alignment.
- Deposits grew by $17 million with a loan-to-deposit ratio of 88%, supporting liquidity and funding needs.
- Diluted earnings per share (EPS) reached a record $1.13 for the quarter.
- Fee income remained robust, representing 20.8% of operating revenue, consistent with the prior quarter.
- Loan interest income increased to $66.0 million from $63.2 million in Q2, driven by loan growth and yield improvements.
- Net interest margin (NIM) increased slightly to 4.11% from 4.07% in Q2 2025, reflecting prudent loan pricing and funding cost management.
- Noninterest expense declined by $1.3 million quarter-over-quarter, improving efficiency ratio from 60.3% to 56.4%.
- Return on assets (ROA) was 1.60%, and return on equity (ROE) nearly 16%, placing Orrstown near the top of its peer group.
- Book value per common share was $11.20, slightly up from $11.19 in the previous quarter.
- Debt-to-equity ratio increased modestly to 2.6x from 2.2x to support loan growth.
- Liquidity at quarter end was $236.4 million, including $165.9 million cash and $66.1 million undrawn credit capacity.
- Loan portfolio grew by 15% in Q2 2025, with a 100% performing loan book and no 5-rated loans, only 2 rated 4.
- Repurchased 1.7 million common shares for $12.5 million, generating $0.08 per share of book value accretion.
- Sold 2 REO properties at a combined GAAP gain of $7 million, reducing REO exposure to about 5% of total assets.
- TRTX reported GAAP net income of $16.9 million or $0.21 per common share and distributable earnings of $0.24 per common share, covering the quarterly dividend of $0.24 per share.
- Weighted average credit spread on new loans was 2.86%.
- Book value per share was $13.78 as of September 30, 2025, a 0.4% decrease quarter over quarter.
- Debt to equity ratio stood at 1.8x and total leverage ratio at 3.6x, consistent with target ranges.
- Distributable earnings were negative $0.03 per share, excluding realized losses distributable earnings were $0.18 per share.
- Liquidity remained strong with $933 million in near-record levels including $200 million cash and $700 million undrawn revolver.
- Originated $719 million in new loans year to date, with $400 million expected in Q4.
- Paid a $0.25 cash dividend for the third quarter.
- Received $480 million in loan repayments during the quarter, totaling $1.1 billion year to date.
- Reported GAAP net income of $8 million or $0.12 per share for Q3 2025.
- AFFO was $13.6 million or $0.50 per diluted share, also reduced by $0.06 of one-time items.
- FFO on a diluted share basis was $0.23, reduced by $0.28 of one-time items related to the geriatric tenant and severance charges.
- General and administrative expenses were $10.6 million, but excluding $5.9 million in severance and transition-related charges, G&A was $4.7 million, a $400,000 reduction quarter-over-quarter.
- Interest expense increased by $240,000 to $6.6 million due to increased borrowings and an extra day of interest.
- Property operating expenses decreased by approximately $500,000 quarter-over-quarter to $5.6 million, primarily due to lower seasonal expenses such as snow removal and utilities.
- The geriatric behavioral hospital tenant remains unable to pay full rent and interest; notes and interest related to this tenant are fully reserved, and rent is recognized on a cash basis.
- Total revenue for Q2 2025 was $29.1 million, but excluding a $1.7 million reversal of interest receivable from the geriatric behavioral hospital tenant, core revenue was approximately $30.7 million, representing 2.2% growth quarter-over-quarter compared to Q1 2025.
Dafinchi