- AFFO per share was $1.28 for the second quarter, representing a 9.4% increase year-over-year driven by accretive investment activity and sector-leading rent growth.
- Comprehensive same-store rent growth was 4% year-over-year, reflecting rent collections, recovery of past due rent, leasing activity, and vacancies.
- Contractual same-store rent growth for Q2 was 2.3% year-over-year, with CPI-linked escalations averaging 2.6% and fixed rent increases averaging 2.1%.
- Dividend declared at $0.90 per share for Q2, a 3.4% increase over prior year, with a payout ratio of approximately 73% of AFFO per share.
- G&A expenses are expected between $99 million and $102 million for the full year, with non-reimbursed property expenses between $50 million and $54 million.
- Key leverage metrics remain within target ranges: debt to gross assets at 43.2% and net debt to adjusted EBITDA at 5.8x.
- Liquidity at quarter end was about $1.7 billion, with $660 million drawn on the revolver, partially paid down after a $400 million bond issuance.
- Nonoperating income is expected around $20 million for the full year, mainly from dividends on equity stakes.
- Operating property NOI for 2025 is estimated between $55 million and $60 million, including hotel and student housing properties.
- Tax expense on an AFFO basis is expected between $42 million and $46 million, primarily foreign taxes on European assets.
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- 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.
- Core funds from operations (FFO) for Q2 2025 were $187.6 million or $1.70 per share, $0.01 above the midpoint of prior guidance, driven by higher property tax refunds and lower interest expense.
- Full year core FFO guidance midpoint increased by $0.03 per share to $6.81, marking the second consecutive increase.
- Full year same-store expense midpoint was decreased from 3% to 2.5%, and same-store net operating income (NOI) midpoint increased from flat to positive 25 basis points.
- Net debt-to-EBITDA ratio stands at 4.2x with no significant debt maturities until Q4 2026 and no dilutive maturities until 2027.
- Property revenues were in line with expectations despite peak lease-up competition, with strong property expense management, especially in property taxes and insurance.
- Property taxes expected to increase less than 2%, down from prior 3% assumption, due to favorable settlements and lower Texas market values.
- Q3 core FFO per share guidance is $1.67 to $1.71, a slight sequential decline due to seasonal utility and maintenance expenses.
- 15 acquisitions completed in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million annual revenues.
- Adjusted earnings per share grew over 10% to $1.03.
- Adjusted EBITDAC margin improved by 100 basis points to 36.7%.
- Brown & Brown delivered $1.3 billion in revenue for Q2, growing 9.1% total and 3.6% organically versus prior year.
- Cash flow from operations was $537 million, up $164 million over first half of 2024.
- Completed 15 acquisitions in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million in annual revenues.
- Dividends paid per share increased 15.4% compared to prior year quarter.
- Generated $537 million cash flow from operations, up $164 million over first half of 2024.
- Programs segment grew 6.1% total revenues with 4.6% organic growth; EBITDAC margin expanded 320 basis points to 52.8%.
- Retail segment revenue grew 7.9% total with 3% organic growth; EBITDAC margin decreased 50 basis points to 27.5% due to seasonality.
- Weighted average shares increased by approximately 10 million due to equity issuance.
- Wholesale Brokerage segment revenues increased 14.5% total and 3.9% organically; EBITDAC margin increased 80 basis points to 34.1%.
- Capital ratios remain strong with tangible common equity (TCE) at 10.01% and common equity Tier 1 ratio at 14.08%.
- Deposits declined by $387 million due to seasonal public fund activity; interest-bearing deposits decreased by $269 million.
- Efficiency ratio improved to 54.1% from 54.91% last quarter, and year-to-date efficiency ratio is nearly 100 basis points better than last year.
- Fee income grew 8% quarter-over-quarter to $106 million, driven by record insurance and annuity fees.
- Loans grew $135 million or 2% annualized, with strong loan production up 6% quarter-over-quarter and 46% year-over-year.
- Net interest income (NII) increased by $3 million or 1% quarter-over-quarter, with a stable net interest margin (NIM) at 3.49%.
- Non-accrual loans increased modestly to $114 million; net charge-offs decreased to 19 basis points.
- Return on Assets (ROA) improved to 1.46% from 1.32% a year ago, reflecting profitability improvement.
- Adjusted diluted EPS was $3.92, a 22% increase year-over-year, more than doubling from three years ago.
- Adjusted operating margin reached nearly 53%, improving over 500 basis points from the prior year.
- Free cash flow guidance increased to approximately $2.5 billion, with share repurchase guidance raised to at least $1.5 billion, targeting over 85% free cash flow returned to shareholders.
- MIS adjusted operating margin expanded 560 basis points to 65.2%, with full-year guidance raised to 63-64%.
- MIS segment revenue grew 12%, surpassing $1 billion for the third consecutive quarter, with strong issuance and tight spreads.
- Moody's achieved record quarterly revenue exceeding $2 billion, up 11% year-over-year in Q3 2025.
- Moody's Analytics adjusted operating margin improved 400 basis points to 34.3%, with full-year margin guidance increased to approximately 33%.
- Moody's Analytics revenue grew 9% year-over-year, with ARR reaching nearly $3.4 billion, up 8%.
- Adjusted EBITDA decreased to $18 million from $20.5 million year-over-year.
- Capital expenditures and leasing costs rose significantly to $15.6 million from $6.3 million due to accelerated leasing activity.
- Core FFO for Q2 2025 was $11.5 million or $0.20 per share, compared to $14.2 million or $0.25 per share in the prior year quarter.
- G&A expenses were $4.8 million, slightly higher than $4.5 million in Q2 2024, with expected savings from restructuring to begin in later quarters.
- Net debt to annualized adjusted EBITDA was 6.93x at quarter end, with net debt to gross real estate assets at 32%.
- Orion Properties reported total revenues of $37.3 million in Q2 2025, down from $40.1 million in Q2 2024.
Dafinchi