Dafinchi AI

VTR

Financial Services

2w

Accelerated Growth in Senior Housing Operating Portfolio (SHOP) with 18% Same-Store Cash NOI Growth in Q2

SHOP communities in the U.S. delivered 18% same-store cash NOI growth in Q2, adjusted for a prior year tax refund.
Revenue increased over 8% for the entire same-store SHOP portfolio.
Occupancy improved by 60 basis points sequentially in June, with move-ins reaching their second-highest level in over 5 years.
Management emphasized the strong momentum in occupancy and move-in activity, with continued growth expected into July.

Invitation Homes Inc.

INVH

Financial Services

2w

Financial Performance Summary

AFFO was $0.41 per share for the quarter and $0.84 year-to-date, also on track relative to full year guidance of $1.58 to $1.64 per share.
Blended rent growth was 4% in Q2, driven by 4.7% renewal rent growth and 2.2% growth in new leases.
Invitation Homes reported second quarter core FFO of $0.48 per share and year-to-date core FFO of $0.97 per share, tracking well against full year guidance of $1.88 to $1.94 per share.
July preliminary results showed same-store average occupancy at 96.6%, renewal lease rate growth at 5%, and new lease rate growth at 1.3%, with blended lease rate growth of 3.8%.
Liquidity remained robust with approximately $1.3 billion in unrestricted cash and undrawn revolving credit capacity.
Net debt to trailing 12-month adjusted EBITDA ratio was 5.3x, slightly below the target range of 5.5 to 6x.
Over 83% of debt is unsecured and nearly 88% is fixed rate or swapped to fixed rate, with a total swap book over $2 billion at a weighted average strike rate just over 3%.
Same-store core revenue grew 2.4% year-over-year, with core operating expenses rising 2.2%, resulting in 2.5% NOI growth.

UDR

Financial Services

2w

Record High Apartment Absorption Driven by Favorable Market Fundamentals

First half 2025 saw record high absorption, supported by employment and income growth exceeding expectations.
Demand outpacing supply across many markets, with elevated homeownership costs and housing undersupply bolstering occupancy and pricing prospects.
Management emphasizes positive industry fundamentals and UDR's competitive advantages in leveraging these trends.

American Homes 4 Rent

AMH

Financial Services

2w

Financial Performance Summary

AMH Development delivered 636 homes in Q2, on track with expectations, while acquisitions remained disciplined with only 5 homes acquired.
AMH reported net income attributable to common shareholders of $105.6 million or $0.28 per diluted share for Q2 2025.
Core FFO per share was $0.47, representing 4.9% year-over-year growth; adjusted FFO per share was $0.42, up 6.3% year-over-year.
Core operating expense growth was 3.6%, leading to Same-Home Core NOI growth of 4.1% for the quarter.
Net debt to adjusted EBITDA was 5.2x at quarter-end, with $323 million cash on hand and a fully undrawn $1.25 billion revolving credit facility.
Same-Home average occupied days were 96.3% in Q2 and 96.1% in July, with blended rental rate spreads of 4.3% in Q2 and 3.8% in July.
Same-Home core revenue growth was 3.9% for the quarter, driven by strong leasing and rate growth with foot traffic up over 5% year-over-year.

Annaly Capital Management, Inc.

NLY

Financial Services

3w

Financial Performance Summary

Annaly delivered an economic return of 0.7% for Q2 2025, marking the seventh consecutive quarter of positive economic returns.
Book value per share decreased 3% quarter-over-quarter to $18.45 after accounting for dividends.
Earnings available for distribution (EAD) per share increased by $0.01 to $0.73, exceeding the dividend of $0.70 for the quarter.
Higher yields on the investment portfolio at 5.41% compared to 5.23% in the prior quarter contributed to results.
Lower average repo rates of 4.53% during the quarter, a modest decline of 3 basis points, partially offset gains.
Net interest spread excluding PAA increased to 1.47% in Q2 from 1.24% a year ago; net interest margin ex PAA rose to 1.71% from 1.58%.
Residential credit business generated additional income due to growth in accretive OBX securitizations and record issuance activity.
Total facility capacity for residential credit was $4.2 billion with 40% utilization; MSR business had $2.1 billion capacity with 50% utilization.
Unencumbered assets ended Q2 at approximately $6 billion, including $4.7 billion in unencumbered Agency MBS.
Year-to-date economic return reached 3.7% with total shareholder return over 10% through quarter end.

The Progressive Corporation

PGR

Financial Services

1w

Progressive's Record Growth and Market Share Gains in 2024

Progressive achieved over $5 billion in premiums written and added 2.4 million policies in force in the first half of 2025.
Gained more than 1.5 points in personal auto market share in 2024, the largest increase in 15 years.
Outperformed industry combined ratio by more than 7 points, with auto premiums increasing nearly fivefold over 15 years.

Acadia Realty Trust

AKR

Financial Services

2w

Financial Performance Summary

85% of executed leases in 2025 came from street and urban portfolio compared to 30% in 2024.
Balance sheet liquidity of approximately $600 million with net debt to EBITDA at 5.5x.
Executed approximately $7.5 million of new leases in first half of 2025, nearly 100% increase over $3.8 million in 2024.
FFO as adjusted for realized gains from Albertsons stock sales was $0.32 per share, in line with expectations.
New 5-year $250 million term loan executed at 120 basis points over SOFR, all-in cost about 4.6% after swaps.
Projected year-over-year NAREIT FFO growth of about 10% at the midpoint of 2025 guidance.
Reported NAREIT FFO of $0.27 per share in Q2 2025, an 8% increase over $0.25 in Q2 2024.
Same-store NOI growth reaffirmed at 5% to 6% for 2025, trending towards midpoint or slightly ahead.
Total core occupancy increased by 50 basis points to 92.2%, with expectation to reach 94% to 95% by year-end.

Empire State Realty Trust, Inc.

ESRT

Financial Services

3w

Financial Performance Summary

Empire State Realty Trust reported core FFO of $0.22 per diluted share for the second quarter of 2025.
Manhattan office portfolio is 93.8% leased with 232,000 square feet leased in Q2, including 202,000 square feet of new leasing at double-digit positive mark-to-market spreads.
Multifamily portfolio was 99% occupied and achieved 8% year-over-year rent growth in Q2.
Observatory generated approximately $24 million in NOI in Q2, a 4.3% decline year-over-year, with revenue per capita increasing 2.3% year-over-year.
Operating expenses increased 8.8% primarily due to higher real estate taxes, cleaning payroll, and repair and maintenance work including $1.4 million of nonrecurring repair work.
Same-store property cash NOI declined 3% year-over-year after excluding lease termination fees and nonrecurring revenue items from 2024.

CTO Realty Growth, Inc.

CTO

Financial Services

2w

Progress on Anchor Space Mark-to-Market Opportunity and Leasing Strategy

Full control of 10 anchor spaces vacated by Party City and JOANN's as of Q2 2025.
Six of the 10 anchor spaces leased with new tenants including Burlington, Boot Barns, Bassett Furniture, Slick City Action Park, and Bob's Discount Furniture.
Targeting a 40% to 60% positive cash leasing spread on these anchor spaces.
Overall leasing pipeline of $4.6 million, representing 4.6% of in-place cash rents, supporting earnings growth into 2026.