- Liquidity remained strong at $4.7 billion as of June 30, including a revolving credit facility upsize and available equity proceeds.
- Net debt-to-EBITDA improved to 5.6x, a 40 basis point improvement since the start of the year.
- Outpatient medical and research portfolio reported 1.7% same-store cash NOI growth, with outpatient medical up 2.2%.
- Senior housing investments year-to-date totaled $1.1 billion, with $3 billion closed since the beginning of last year.
- SHOP same-store portfolio delivered 8.2% revenue growth and 13.3% NOI growth, with U.S. SHOP NOI up 18% after adjusting for a prior year tax refund.
- Total company same-store cash net operating income (NOI) increased 7%, led by SHOP increasing over 13%.
- Ventas reported strong earnings growth with normalized FFO per share growing 9% year-over-year in Q2 2025.
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- Commercial lending loan portfolio grew by $946 million to $15.5 billion, with $1.9 billion in loan originations and $1.3 billion funded during the quarter.
- Liquidity stood at $1.1 billion post-quarter with $9.3 billion of credit availability and an adjusted debt to undepreciated equity ratio of 2.5x.
- Starwood Property Trust reported distributable earnings (DE) of $151 million or $0.43 per share for Q2 2025, with GAAP net income at $130 million or $0.38 per share.
- The company committed $3.2 billion towards new investments in the quarter, including $1.9 billion in commercial lending and $700 million in infrastructure lending, surpassing the full year 2024 capital deployment with $5.5 billion in the first half of 2025.
- The infrastructure lending portfolio reached a record $3.1 billion with $642 million funded in the quarter and repayments of $288 million.
- The Property segment contributed $17 million of DE, driven by the Woodstar affordable multifamily portfolio with partial impact from new HUD rent increases.
- Employee Benefits segment earnings rose 15% to $69 million, driven by improved loss ratios and favorable claims experience.
- Investment Management net inflows were about $2 billion in Q2, contributing to nearly $10 billion year-to-date.
- Investment Management segment posted $51 million in adjusted operating earnings for Q2 and $214 million over the last 12 months, increases of 2% and 15% respectively.
- Retirement segment generated $235 million in adjusted operating earnings for the quarter, up 10% year-over-year, with over $860 million in the last 12 months, up 19%.
- Total defined contribution net inflows were approximately $12 billion in Q2, with year-to-date net flows exceeding $40 billion.
- Voya Financial reported adjusted operating earnings per share of $2.46 in Q2 2025, a 13% increase year-over-year.
- Voya generated approximately $200 million of excess capital in Q2 and $400 million year-to-date, strengthening the balance sheet.
- Capital markets activity included a Fitch upgrade to BBB+ and a $450 million senior unsecured bond issuance at 5.25% coupon.
- Cash same-store NOI growth for the quarter was 8.7%, driven by rental rate increases and contractual rent bumps, partially offset by lower average occupancy.
- Guidance for full-year 2025 NAREIT FFO remains at a midpoint of $2.92 per share with a narrowed range of $2.88 to $2.96.
- In-service occupancy at quarter end was 94.2%, down 110 basis points due to a known move-out and two developments entering service.
- NAREIT funds from operations (FFO) were $0.76 per fully diluted share in 2Q 2025, up from $0.66 in 2Q 2024.
- Overall cash rental rate increase for new and renewal leasing was 33%, or 38% excluding a large fixed-rate renewal.
- Closed over $500 million of fund commitments in Q2, totaling over $1 billion to date, providing over $2 billion in combined liquidity and fund availability.
- Discounted debt extinguishment gains are maintained at $20 million in guidance, with potential for higher gains from debt purchases at 1552-1560 Broadway.
- Earnings guidance was raised by $0.40 per share at the midpoint, reflecting substantial increased profit.
- Interest expense is trending about $0.10 per share above expectations due to timing of asset sales and debt payoff delays.
- NOI is trending slightly better than original expectations, offset by some underperformance at SUMMIT due to temporary closure of a premium experience.
- Sale of 50% participation interest in preferred equity position at 625 Madison Avenue generated significant liquidity.
- SL Green concluded over 540,000 square feet of leasing in Q2 2025, bringing year-to-date leasing to 1.3 million square feet, with a pipeline of over 1 million square feet for near-term execution.
- The company realized nearly $90 million profit on a $130 million investment in 522 Fifth Avenue mortgage position within a year.
- Food and beverage revenues increased 9% and other revenues increased 3% in the second quarter.
- Occupancy declined less than 0.5% to 78%, representing the second highest nominal occupancy in the past five years.
- Operating expenses increased only 1.5% year-over-year or 2% on a per occupied room basis, limiting EBITDA margin contraction to 160 basis points year-over-year.
- Same-store RevPAR declined 3.6% year-over-year, driven by a 3.3% decline in average daily rate and a 125 basis point headwind from special events in the prior year.
- Second quarter adjusted EBITDA was $50.9 million and adjusted FFO was $32.7 million or $0.27 per share, benefiting from lower interest expense and accretive share repurchases.
Dafinchi