- Excluding Grand Hyatt Scottsdale, hotel EBITDA increased 11.5% and hotel EBITDA margin increased 148 basis points.
- Food and beverage revenues from groups grew significantly, contributing to an 11% increase in same-property total RevPAR.
- Group room revenues increased 15.6% year-over-year, or 7.6% excluding Grand Hyatt Scottsdale.
- Property tax refunds of approximately $1.5 million positively impacted EBITDA margin by about 60 basis points.
- Rooms department expenses increased just over 3% on 0.4% RevPAR growth; food and beverage revenue growth was 12.7%, banquet revenue growth nearly 20%.
- Same-property hotel EBITDA was $84 million, 22.2% above 2024 levels, with a hotel EBITDA margin increase of 269 basis points.
- Same-property RevPAR increased 4% driven by a 140 basis point increase in occupancy and a 2% increase in average daily rate.
- Second quarter same-property total revenue increased 11% compared to Q2 2024.
- Xenia Hotels & Resorts reported net income of $55.2 million for Q2 2025, with adjusted EBITDAre of $79.5 million and adjusted FFO per share of $0.57, a 9.6% increase year-over-year.
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- Interest expense was $1.1 million this quarter, expected to rise to $1.7 million next quarter due to leverage on upcoming residential acquisitions.
- Next quarter guidance includes adjusted EBITDA of approximately $20.5 million, distributable earnings between $0.44 and $0.46 per share, and adjusted EPS between $0.21 and $0.23 per share.
- Recurring cash compensation decreased by $3.5 million sequentially to $38.6 million due to cost containment measures; recurring G&A decreased by $1.2 million to $9.5 million.
- Recurring service revenues were approximately $44 million, down $1.5 million sequentially due to lower property management fees at RMR Residential, partially offset by seasonal improvements in Sonesta-related fees.
- RMR reported adjusted net income of $0.28 per share, distributable earnings of $0.43 per share, and adjusted EBITDA of $20.1 million for Q3 2025, all in line with expectations.
- Cash and GAAP rent growth were strong at 3.6% and 17.6%, respectively.
- Highwoods Properties delivered FFO of $0.89 per share in Q2 2025, with net income of $18.3 million or $0.17 per share.
- Leasing volumes were strong with 923,000 square feet of second-gen leasing, including 371,000 square feet of new leasing.
- Occupancy was roughly flat from Q1 at 85.6%, while leased rate increased 80 basis points to 88.9%.
- The company raised the mid-point of its 2025 FFO outlook by $0.02 to a range of $3.37 to $3.45 per share.
- The debt-to-adjusted EBITDAre ratio was 6.3x at quarter-end, with $106 million left to fund on the development pipeline and over $700 million of available liquidity.
- The quarter included three atypical items: a $3 million payment from Florida Department of Transportation, $1 million of term fees from early space takebacks, and nearly $1 million write-off of predevelopment costs.
- AvalonBay Communities reported second quarter and first half 2025 results exceeding initial guidance, driven by higher occupancy and rental revenue growth.
- Core FFO growth was 3.3% year-to-date, positioning the company towards the top of the sector.
- Development NOI for the year is expected to be modestly lower than budget due to timing delays in deliveries and slower leasing velocity at some communities.
- Development underway is $2.9 billion, match-funded, with yields on cost of 6.2% and currently running 30 basis points ahead of pro forma on communities in lease-up.
- Market occupancy was healthy in established regions at 94.8%, while Sunbelt region occupancy was lower at 89.5% due to elevated standing inventory.
- Operating expenses were tightly managed, contributing to same-store NOI outperformance with OpEx growth forecasted at 3.1%, 100 basis points better than original guidance.
- Q2 core FFO per share was $2.82 versus guidance of $2.77, with revenue exceeding by $0.02 and operating expenses better by $0.05, partially offset by lease-up NOI and overhead.
- Same-store NOI growth is now projected at 2.7%, 30 basis points above initial outlook.
Dafinchi