- Average base rent per leased square foot grew 5.3% year-over-year to $25.28.
- Bad debt for the quarter was just under 1% of revenues, consistent with prior year and within forecasted range.
- Debt-to-EBITDAre improved to 7.2x from 7.8x a year ago, with an expected year-end target of about 7x.
- G&A and interest expenses were reduced by about 6% compared to the prior year.
- Leasing spreads remained strong with straight-line leasing spreads of 17.9%, marking the 13th consecutive quarter above 17%.
- Occupancy increased 100 basis points sequentially from Q1 to 93.9%.
- Same-store NOI growth was 2.5% for the quarter and 3.9% for the 6 months, on track to meet the full-year target range of 3% to 4.5%.
- Whitestone REIT delivered core FFO per share of $0.26 for Q2 2025 and $0.51 for the first 6 months, representing a 5.4% and 5.6% year-over-year increase respectively.
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- Asset quality remained excellent with net charge-offs increasing due to fully reserved credits; provision for credit losses was stable.
- Capital markets revenue improved 51% quarter-over-quarter to $10 million, though still below historical run rates.
- Net interest income increased to $62 million, driven by margin expansion and strong loan growth.
- Net interest margin (NIM) increased by 4 basis points to the high end of guidance, expanding 21 basis points over the past 5 quarters.
- Noninterest expenses were well controlled at $49.6 million, slightly below guidance, supporting an adjusted ROAA of 1.29%.
- QCR Holdings delivered strong second quarter earnings with a 13% EPS improvement over the first quarter.
- Tangible book value per share grew by $1.64, reflecting 13% annualized growth for the quarter.
- Tangible common equity to tangible assets ratio rose to 9.92%, and CET1 ratio increased to 10.43%, driven by strong earnings and consistent AOCI.
- Adjusted compensation margin remained at 67% of revenues for the second quarter.
- Adjusted non-compensation expenses were $36 million for the quarter, down from prior year and quarter, driven by lower litigation costs.
- Adjusted tax rate for the first half was 30%, in line with expectations.
- Capital returned to equity holders totaled $24 million in the second quarter and 1.7 million shares repurchased in the first half.
- Declared a quarterly dividend of $0.07 per share.
- In 2025, revenue composition broadened by industry, product, and geography with a higher average fee per engagement.
- Non-compensation expenses for the first half were $86 million, up 9.5% year-over-year, with a mid-single-digit increase expected for the full year.
- Second quarter revenues were $155 million, with first half revenues totaling $367 million, flat year-over-year.
- The company ended the quarter with $145 million in cash, no debt, 63 million Class A shares, and 25 million partnership units outstanding.
- The first half of 2024 included 2 transactions accounting for over 35% of revenue, contributing to a record second quarter last year.
- Attritional combined ratio improved 2.3 points year-over-year to 90.9% in the first half, driven by improvements in loss ratio, acquisition costs, and operating expenses.
- Core combined ratio improved by 3.8 points year-over-year to 89.5% in Q2, marking the 11th consecutive quarter of underwriting profit.
- Gross written premiums grew 10% in Q2 and 14% year-to-date, with net premiums growing 8% in Q2 and 14% in the first half.
- Half year underwriting income was $96 million with core combined ratio of 92.4%, showing slight improvement despite catastrophe losses.
- Insurance & Services segment saw net premium growth of 15% in Q2, outpacing gross premium growth due to increased retention.
- Net investment income was $68 million in Q2, tracking in line with full-year guidance of $265 million to $275 million.
- Second quarter BSCR ratio was 223%, within target range, supporting organic growth opportunities.
- SiriusPoint delivered strong Q2 2025 results with an underlying return on equity (ROE) of 17%, exceeding the target range of 12% to 15%.
- Underlying earnings per share increased over 100% year-over-year to $0.66 in Q2; diluted book value per share grew 4% in Q2 and 10% year-to-date.
- Year-to-date underlying ROE was 15.4%, at the upper end of the target range despite losses from aviation and California wildfires.
- 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.
- Adjusted EBITDA declined 5% and adjusted core EPS declined 7% due to a 100 basis point decrease in short-term rates impacting escrow earnings.
- Capital Markets segment revenues grew 46% year-over-year with net income up 200% to $33 million and adjusted EBITDA up 116% to $1.3 million.
- Cash balance ended at $234 million, supporting capital deployment and dividend payments.
- GAAP earnings per share rose 48% year-over-year to $0.99, driven by economies of scale and significant noncash mortgage servicing rights (MSRs) booked.
- No new loan defaults were recorded; credit quality remains strong with only 8 defaults in a $65 billion at-risk portfolio.
- Quarterly dividend increased to $0.67 per share, marking seven consecutive years of dividend growth.
- Servicing & Asset Management segment servicing fees increased 4% to $84 million, but total segment revenues declined 5% due to lower placement fees and investment management fees.
- Walker & Dunlop reported a 65% year-over-year increase in total transaction volume to $14 billion in Q2 2025, more than doubling from Q1 2025.
- 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.
- Adjusted operating margin was 36.3% for the full year and 33.8% for Q4, with adjusted EPS growing to $16.98 for FY '25 and $4.05 for Q4.
- Client count grew nearly 10% year-over-year to 9,000, with over 237,000 users, driven by wealth and corporate client additions.
- Dividend increased by 6% in Q3, marking 26 consecutive years of dividend increases, with total shareholder returns exceeding $460 million in FY '25.
- Fiscal 2025 annual revenue increased to $2.3 billion with 5.4% overall growth and 4.4% organic growth, marking over 45 consecutive years of top-line growth.
- Gross debt leverage ratio improved to 1.5x, providing strong financial flexibility.
- Operating expenses grew 9.5% year-over-year in Q4, driven by people-related expenses (+13%) and technology expenses (+13%) due to acquisitions and AI investments.
- Q4 organic ASV reached $81.8 million, the largest quarter in company history, with a sequential growth acceleration to 5.7%.
- Share repurchases totaled $107 million in Q4, concluding a $300 million program, with a new $400 million authorization started in September.
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