- Blended net rental growth of 3.9% for Q3, outperforming the national market.
- Controllable expenses grew 5.7% in Q3 but only 1.9% year-to-date due to technology investments and operational efficiencies.
- Core FFO per share increased to $0.20 for the quarter, up $0.03 from Q2.
- Liquidity stands at $274 million as of September 30.
- Net debt-to-EBITDA ratio reduced by 14.5% since the start of the year to 10x, with weighted average coupon down 32 basis points to 4.8%.
- Net income available to common shareholders was $0.80 per fully diluted share, compared to a loss of $0.10 last year.
- Same-store NOI growth was 1.6% year-to-date but declined 2.7% for the quarter due to lapping favorable 2024 expenses and increased Jersey City tax rates.
- Same-store revenue increased by 2.2% for both the quarter and year-to-date.
Explore Similar Insights
- Liquidity remained strong at over $1 billion, representing more than 50% of total equity.
- Net interest income increased due to new investments with attractive yields and swaps adding carry value.
- Over $130 million gains realized on the portfolio in Q3 from spread tightening.
- Raised $254 million in new capital in Q3, $776 million year-to-date, growing the portfolio by 10% since Q2 and over 50% since the start of the year.
- Third quarter net interest income did not include the impact of the September FOMC rate cut, expected to boost Q4 margins.
- Total economic return was 10.3% for the quarter and 11.5% year-to-date.
- Year-to-date shareholder returns were 20%, 23% over the last year, and nearly 72% over three years with dividends reinvested.
- Adjusted EBITDA was $11.2 million, positive but down year-over-year, impacted by lower gross margin and strategic investments including severance costs.
- Agent count was 82,704, down 5% year-over-year but up 1% sequentially quarter-over-quarter, with increased transactions per agent indicating higher productivity.
- eXp World Holdings generated $1.3 billion in revenue in Q2 2025, with real estate sales volume up 1% year-over-year despite a 2% decrease in sales transactions.
- International segment revenue grew 59% year-over-year, driven by increased productive agents and new market launches, though adjusted EBITDA loss increased due to expansion and events.
- Non-GAAP gross margin was 12%, while GAAP gross margin was 7.1%, down 40 basis points from Q2 2024 due to more agents reaching their cap.
- North America Realty segment remains the largest revenue and profit generator with $1.3 billion revenue and $19.8 million adjusted EBITDA in Q2.
- Other affiliated services contributed modest revenue but had an adjusted EBITDA loss of $2.3 million.
- The company ended Q2 with $94.6 million in cash, after paying $17 million of a $34 million antitrust litigation settlement.
- Allowance for credit losses increased to $59 million, with a coverage ratio of 1.25% of total loans.
- CET1 ratio modestly decreased 15 basis points to 14.13%, and Tier 1 leverage was 9.22%.
- Core noninterest expense was $40.4 million, down $1.1 million from the prior quarter, with a core efficiency ratio of 49%.
- Core noninterest income was $9.3 million, up from $9.1 million, mainly due to higher commercial banking fees.
- Core return on average equity was 14.61%, down from 15.23% last quarter, and core return on average assets declined to 1.28%.
- Loan growth was 0.8% quarter-over-quarter, driven by multifamily, commercial and industrial, and commercial real estate loans, partially offset by declines in consumer and residential loans.
- Net charge-offs were 0.3% of total loans, mainly from consumer solar and small business C&I loans.
- Net income was $26 million or $0.84 per diluted share and core net income was $27 million or $0.88 per diluted share.
- Net interest income grew by 3.3% and was $72.9 million, with a net interest margin steady at 3.55%.
- Nonperforming assets totaled $35.2 million or 0.41% of total assets, increasing slightly due to residential nonaccrual loans.
- On-balance sheet deposits increased by $321 million or 4.3% to $7.7 billion, including $112.3 million of temporary pension funding deposits.
- Tangible book value per share increased $0.82 or 3.5% to $24.33, growing 18% over the past 4 quarters.
- The bank repurchased approximately 327,000 shares or $9.7 million in the quarter, the largest repurchase in its history.
- Capital ratios increased: CET1 ratio up 7 basis points to 11.7%, total risk-based capital ratio up 5 basis points to 14.15%.
- Credit quality improved with nonperforming assets declining 5.3% and net charge-offs at $4.1 million or 12 basis points of average loans.
- Deposit base grew $35 million during the quarter with personal and commercial deposits totaling $13 billion, up 0.8% from prior quarter.
- Loans held for investment increased $223 million or 1.7% linked quarter and $374.8 million or 2.9% year-to-date.
- Net income was $55.8 million in Q2, with fully diluted EPS of $0.92, up 4.5% from prior quarter.
- Net interest income expanded 4.3% to $161.4 million, with net interest margin increasing 6 basis points to 3.81%.
- Noninterest expense increased 0.9% linked quarter, with lower salaries and equipment expense offset by higher professional fees.
- Noninterest income was $39.9 million, unchanged linked quarter excluding gains/losses on bank facility sales.
- Provision for credit losses was $4.7 million; allowance for credit losses was 1.25% of loans held for investment.
- Quarterly cash dividend declared at $0.24 per share payable September 15.
- Repurchased $11 million of common stock in the quarter, $26 million year-to-date, with $74 million remaining in repurchase authority.
- Return on average assets was 1.21% and return on average tangible equity was 13.13%.
- Tangible book value per share was $28.74, up 3.5% linked quarter and 13.9% year-over-year.
- Adjusted EBITDA increased 35% year-over-year to $45 million, driven by improved results in Pacific Northwest Timber and Real Estate segments.
- Net income attributable to Rayonier was $409 million or $2.63 per share, including a $404 million gain from the sale of the New Zealand joint venture.
- Pacific Northwest Timber segment adjusted EBITDA rose 17% despite a 15% decline in harvest volumes, supported by higher log prices and lower costs.
- Pro forma net income excluding discontinued operations was $10 million or $0.06 per share.
- Rayonier reported second quarter 2025 sales of $107 million and operating income of $15 million.
- Real Estate segment adjusted EBITDA was $19 million, significantly above guidance, due to strong demand and accelerated transaction timing.
- Southern Timber segment adjusted EBITDA declined 16% due to lower harvest volumes and a 14% decrease in weighted average stumpage prices.
Dafinchi