Gaming And Leisure Properties Beats Q2
- Adjusted Funds from Operations (AFFO) per share rose to $0.96, surpassing both analyst expectations and prior-year levels in Q2 2025.
- Net income and GAAP earnings per share fell sharply, with net income (GAAP) down 27.2% year over year.
- Quarterly dividend increased to an annualized $3.12 per share, maintaining the company's REIT distribution strength as of Q2 2025.
These 10 stocks could mint the next wave of millionaires ›
Gaming And Leisure Properties (NASDAQ:GLPI), a real estate investment trust specializing in gaming properties, reported Q2 2025 results on July 25, 2025. The most notable headline from the release was the company's record-high non-GAAP earnings per share, which beat analyst expectations in Q2 2025. AFFO per share reached $0.96. However, the period also saw a significant year-over-year drop in GAAP net income, with net income per share falling to $0.54 compared to the prior-year $0.77. Revenue for the quarter was $394.9 million, coming in just below the consensus GAAP revenue estimate of $397.0 million, a 3.8% increase compared to Q2 2024. In summary, the quarter showcased robust cash flow and leasing growth, but also highlighted rising credit loss provisions and softness in headline net income.
Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change
EPS – Net income, per diluted common share $0.54 $0.75 $0.77 (29.9 %)
Revenue $394.9 million $397.0 million $380.6 million 3.8 %
AFFO per diluted common share and OP/LTIP units (Non-GAAP) $0.96 $0.94 2.1 %
Adjusted EBITDA $361.5 million $340.4 million 6.2 %
Net income $156.2 million $214.4 million (27.2 %)
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Key Focus Areas
Gaming And Leisure Properties is a real estate investment trust (REIT) that owns and leases out casino properties across the United States. Its business model centers on acquiring gaming-related real estate and leasing these properties to leading gaming operators through long-term, triple-net leases. In these leases, tenants handle property taxes, insurance, and maintenance, which supports predictable cash flow for the company.
The company's recent strategy has concentrated on portfolio diversification, both geographically and by operator, as well as disciplined capital deployment through development funding and sale-leaseback transactions. Key factors for success are stable lease structures, strong tenant rent coverage, ongoing property development, and full occupancy. Effective management of variable-rate debt and adherence to REIT tax rules are also critical.
Quarter in Review: Financial and Operational Highlights
AFFO per diluted share and OP/LTIP units (non-GAAP) reached a new high at $0.96, up 2.1% from the previous year and Non-GAAP EPS was above analyst expectations. AFFO is a non-GAAP measure frequently used by REITs to track core cash flows, important for assessing dividend strength. Adjusted EBITDA, another key performance indicator measuring recurring earnings before noncash charges and interest expenses, also set a record at $361.5 million, Adjusted EBITDA was $361.5 million, up 6.2% compared to Q2 2024.
While revenue (GAAP) climbed 3.8% year over year, net income saw a sharp decline. Net income (GAAP) fell to $156.2 million, a 27.2% decrease compared to Q2 2024, and net income per diluted share (GAAP) dropped to $0.54. This drop reflected higher non-cash provisions for credit losses: $53.7 million compared to a net benefit in Q2 2024. According to company management, these credit reserves arose from a 'more pessimistic forward-looking economic forecast' in Q1 2025.
The lease portfolio and rent coverage ratios remained a focus for stability. Gaming and Leisure Properties holds 68 facilities in 20 states as of June 30, 2025 and has leased them to eight different operating partners, such as PENN, Bally's, Caesars, and Boyd. For the period, occupancy was 100% as of December 31, 2024. Lease structures commonly feature annual escalators. Recent master lease coverage ratios remained solid, though the Pinnacle Master Lease at 1.69x as of March 31, 2025, edged closer to escalation thresholds set in the agreements.
On the development side, the company advanced several sale-leaseback and funding projects. These included continuing funding toward new ventures like Bally's Chicago casino, with project oversight ongoing due to construction complexity. Funding also supported the Ione Band tribal gaming project and the landside redevelopment at Bally's Belle of Baton Rouge. As of June 30, 2025, the company listed over $740 million in growth commitments not yet fully drawn. The Hollywood Casino Joliet move, with $130 million in funding at a 7.75% cap rate, remained on schedule for an August 2025 opening.
Competition in the gaming REIT sector stayed strong, with larger rivals, such as VICI Properties, positioned to influence future deal flow and acquisition pricing. Management reported 'renewed interest' from potential partners, as volatility in capital markets increased counterparty engagement in deal discussions. In terms of risk management, the company remained vigilant regarding ongoing state-level gaming and iGaming legislative developments. Management emphasized the importance of bricks-and-mortar operations for rent stability and was 'hard against iGaming.'
Financially, the company's capital structure remained robust. Net debt to EBITDA was reported at 4.7x, within the company's comfort range in Q1 2025. Significant transactions included a $404.0 million forward equity sale in Q2 2025 and the start of a $1.25 billion at-the-market equity offering program to provide liquidity. Debt maturities are well staggered, averaging 6.1 years with a weighted average interest rate of 5.064% as of June 30, 2025.
Dividend management is a key part of the company's REIT obligations. The annualized dividend climbed to $3.12 per share, a 2.6% increase from $3.04 in Q2 2024, maintaining a payout yield of 6.7% at period end.
Outlook and What to Watch
For fiscal 2025, management updated Adjusted Funds from Operations (non-GAAP) guidance to a range of $1.112 billion to $1.118 billion, or $3.85 to $3.87 per diluted share and OP/LTIP units. This range represents a slight increase at the low end of previous AFFO guidance. The forecast factors in anticipated funding for major projects, including Hollywood Casino Joliet and second-half 2025 development commitments totaling $338 million. Management noted that AFFO (Adjusted Funds From Operations, a non-GAAP metric) at the lower end of this full-year guidance would assume no escalations on variable-rate master leases and a meaningful rise in variable interest rates.
No other significant changes to fiscal year guidance were given, and management made it clear that future acquisitions or other major deals are not included in the AFFO forecast. Leadership remains focused on measured capital allocation and solid underwriting, carefully monitoring tenant performance and rent coverage ratios as economic conditions develop. Dividend growth and the stability of rental cash flows, through escalated lease terms and diversification, are expected to remain central priorities.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,040%* — a market-crushing outperformance compared to 182% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
*Stock Advisor returns as of July 21, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
6 minutes ago
- Toronto Star
Flagship Communities Real Estate Investment Trust Announces Second Quarter 2025 Results
Not for distribution to U.S. newswire services or dissemination in the United States. TORONTO, Aug. 06, 2025 (GLOBE NEWSWIRE) — Flagship Communities Real Estate Investment Trust ('Flagship' or the 'REIT') (TSX: MHC.U; today released its second quarter 2025 results. The financial results of the REIT are prepared in accordance with International Accounting Standard 34 ('IAS 34'), Interim Financial Reporting, as issued by the International Accounting Standards Board (the 'IASB'). Results are shown in U.S. dollars, unless otherwise noted.
Cision Canada
6 minutes ago
- Cision Canada
BSR REIT ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS
LITTLE ROCK, Ark. and TORONTO, Aug. 6, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR", or the "REIT") (TSX: HOM.U) (TSX: today announced its financial results for the three and six months ended June 30, 2025 ("Q2 2025" and "YTD 2025," respectively). All comparisons are to the corresponding periods in the prior year. Results are presented in U.S. dollars. References to "Same Community" correspond to stabilized properties the REIT has owned for equivalent periods throughout YTD 2025 and the three and six months ended June 30, 2024 ("Q2 2024" and "YTD 2024," respectively). "Non-Same Community" properties include: Venue Craig Ranch Apartments, Forayna Vintage Park and Botanic Luxury Living (collectively, the "Property Acquisitions"); Aura 35Fifty, which was developed and completed in December 2024 (the "Non-Stabilized Property"); Bluff Creek Apartments, Cielo I, Cielo II, Retreat at Wolf Ranch, Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisco and Wimberly (collectively, the "Property Dispositions"). The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis as of and for the three and six months ended June 30, 2025 are prepared in accordance with the accounting standards issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "GAAP"), and are available on the REIT's website at and at A reconciliation of Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") to net income and comprehensive income, as well as an expanded discussion of the components of FFO and AFFO, and a reconciliation of Net Asset Value ("NAV") to unitholders equity can be found under "Non-GAAP Measures" in this release. Calculations of FFO per Unit, AFFO per Unit and NAV per Unit include trust units of the REIT ("Units"), Class B Units of BSR Trust, LLC ("Class B Units") and issued deferred units of the REIT granted to trustees ("Deferred Units"). "Our second quarter results reflect the growing positive momentum supporting our business and reinforce our expected pivot to sustained growth in the quarters to come," said Dan Oberste, the REIT's President and Chief Executive Officer. "Just as we said we would, following the closing of our transformative dispositions earlier this year, our team was able to expeditiously and accretively redeploy a significant portion of the proceeds into two highly attractive assets in the north Houston market. Combined with our recent Dallas acquisition and lease up of our Austin development, we are excited about the opportunity this new crop of acquisitions brings to our residents and Unitholders. With additional capital ready to deploy and our Same-Community portfolio approaching an inflection point on blended trade-outs, we are highly confident in the REIT's increased growth trajectory." Q2 2025 Highlights Same Community weighted average occupancy was 95.6% as of June 30, 2025, compared to 95.4% as of June 30, 2024; During Q2 2025, excluding short term leases, Same Community rental rates for new leases and renewals changed -3.7% and 1.7%, respectively, resulting in a -0.7% blended change over the prior leases. The blended decrease represents a 200 basis point sequential improvement relative to blended rates in the first three months of 2025; As of June 30, 2025, the occupancy of the Non-Stabilized Property was 59.7%, which is an improvement from 35.3% as of March 31, 2025; As of June 30, 2025, the REIT's total liquidity was $82.5 million; On April 3, 2025, the REIT entered into a new receive-variable based USD-SOFR CME/pay fixed interest rate swap with a notional value of $150.0 million at a fixed rate of 2.88% effective July 1, 2025, and maturing July 1, 2030, subject to the counterparty's optional early termination date of July 1, 2027; On April 30, 2025, the REIT sold six properties (Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisco and Wimberly) comprising 1,844 apartment units located in Dallas, TX for $431.5 million (the "Contribution Transaction"). Under the Contribution Transaction, $193.0 million in cash was received and the balance was settled through the cancellation of 15,000,000 Class B Units; and On May 14, 2025, the REIT acquired Forayna Vintage Park, a 350-unit apartment community in Houston, TX and Botanic Luxury Living, a 288-unit apartment community in Spring, TX (Houston MSA) for $141.0 million. The REIT funded the transaction using the Credit Facility, a mortgage note and available cash. Subsequent Highlight During July 2025, excluding short term leases, Same Community rental rates for new leases and renewals changed -1.5% and 2.8%, respectively, resulting in a 1.1% blended increase over the prior leases. The blended increase represents the first return to a positive blended spread since the third quarter of 2024. Outlook and Guidance for 2025 Based on the Property Dispositions and Property Acquisitions to date, the financial results depicted throughout this document are inherently dissimilar from the comparative period results in the prior year. This is due to (1) the stabilized nature of the Property Dispositions (which were 95.8% occupied in aggregate at the time of their respective sales), (2) the timing related to the rotation of assets and full redeployment of proceeds from the Property Dispositions and (3) the overall portfolio concentration and occupancy of the current Non-Same Community properties as of June 30, 2025, which was 88.1% for the Property Acquisitions and 59.7% for our Non-Stabilized Property in Austin, which is still in the initial lease-up period. As Property Acquisitions and the Non-Stabilized Property continue to perform through stabilization, comparisons of current performance to prior periods will become more meaningful. However, even once stabilized, there will continue to be some inherent differences when comparing to the prior year results, with the exception of metrics presented on a "per Unit" basis, given that a portion of the Contribution Transaction was recapitalized through the cancellation of 15,000,000 Class B Units. Accordingly, the REIT has suspended the release of guidance. The REIT will revisit providing guidance in a future period. Q2 2025 Financial Summary In thousands of U.S. dollars, except per unit amounts Q2 2025 Q2 2024 Change Change % Revenue, Total Portfolio $ 33,697 $ 42,232 $ (8,535) (20.2 %) Revenue, Same Community 1 Properties $ 26,638 $ 26,693 $ (55) (0.2 %) Revenue, Non-Same Community 1 Properties $ 7,059 $ 15,539 $ (8,480) nm* Net loss and comprehensive loss $ (22,479) $ (39,205) $ 16,726 nm* NOI 1, Total Portfolio $ 17,850 $ 24,106 $ (6,256) (26.0 %) NOI 1, Same Community 1 Properties $ 14,326 $ 15,065 $ (739) (4.9 %) NOI 1, Non-Same Community 1 Properties $ 3,524 $ 9,041 $ (5,517) nm* Funds from Operations ("FFO") 1 $ 9,153 $ 14,106 $ (4,953) (35.1 %) FFO per Unit 1 $ 0.21 $ 0.26 $ (0.05) (19.2 %) Maintenance capital expenditures $ (669) $ (1,401) $ 732 (52.2 %) Straight line rental revenue differences $ (107) $ 8 $ (115) nm* AFFO 1 $ 8,377 $ 12,713 $ (4,336) (34.1 %) AFFO per Unit 1 $ 0.19 $ 0.24 $ (0.05) (20.8 %) Weighted Average Unit Count $ 43,951,971 $ 53,838,699 $ (9,886,728) (18.4 %) Q2 2025 Q4 2024 Change Change % Unitholders' equity $ 585,873 $ 657,596 $ (71,723) (10.9 %) NAV 1 $ 653,265 $ 901,308 $ (248,043) (27.5 %) NAV per Unit 1 $ 16.74 $ 16.75 $ (0.01) (0.0 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Total portfolio revenue of $33.7 million for Q2 2025 decreased 20.2% compared to $42.2 million for Q2 2024. This decrease was primarily the result of the Property Dispositions which reduced revenue by $12.3 million and a $0.1 million reduction from Same Community properties (discussed below), partially offset by $3.8 million of revenue generated from the Property Acquisitions and the Non-Stabilized Property. Total revenue resulting from the Property Acquisitions and the Non-Stabilized Property is expected to continue to improve in future periods as the lease-up and operational enhancements continue to progress through stabilization. Same Community revenue of $26.6 million for Q2 2025 decreased $0.1 million, or 0.2%, compared to $26.7 million for Q2 2024, primarily due to lower average monthly in-place leases of $1,440 as of June 30, 2025 as compared to $1,461 as of June 30, 2024. Lower average monthly rent was partially offset by higher occupancy and an increase in other property income, driven by enhanced resident participation in credit building services, an increase in utility reimbursements and an increase in properties receiving valet trash service over the prior year. The change in net loss and comprehensive loss between Q2 2025 and Q2 2024 is primarily due to non-cash adjustments to the fair value of investment properties, partially offset by the non-cash adjustments to derivatives and other financial liabilities and the costs of dispositions. As such, the net loss and comprehensive loss is not considered comparable period over period. Total portfolio NOI for Q2 2025 of $17.9 million decreased 26.0% from $24.1 million in Q2 2024. The decrease was the result of the Property Dispositions which reduced NOI by $7.3 million and a $0.7 million reduction from Same Community properties (described below), partially offset by the contribution of $1.8 million from Property Acquisitions. Same Community NOI for Q2 2025 of $14.3 million decreased 4.9% from $15.1 million in Q2 2024 and was attributable to a $0.4 million increase in operating expenses, which include higher utility expenses, repair, maintenance and turnover expenses, partially offset by a reduction in property insurance costs, and a $0.3 million increase in real estate taxes as a result of higher tax assessments and fewer property tax refunds received in Q2 2025 as compared to Q2 2024, as well as the $0.1 million decrease in revenue described above. FFO in Q2 2025 was $9.2 million, or $0.21 per Unit, compared to $14.1 million, or $0.26 per Unit, for Q2 2024. The decrease was primarily related to the decrease in NOI described above, partially offset by a decrease in net finance costs of $1.5 million (which resulted from the net paydown of debt following the Property Dispositions and Property Acquisitions). In addition, the reduction in FFO was also partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units which were cancelled on April 30, 2025, in conjunction with the Contribution Transaction. AFFO was $8.4 million, or $0.19 per Unit for Q2 2025 compared to $12.7 million, or $0.24 per Unit, for Q2 2024. The decrease in AFFO was primarily the result of the decrease in FFO, partially offset by a reduction in maintenance capital expenditures resulting from the Property Acquisitions and Property Dispositions. In addition, the reduction in AFFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units discussed above. NAV was $653.3 million, or $16.74 per unit, as of June 30, 2025 compared to $901.3 million, or $16.75 per unit, as of December 31, 2024. The decrease in NAV from December 31, 2024 to June 30, 2025 was primarily due to the Contribution Transaction, which included the cancellation of 15,000,000 Class B Units which were exchanged by participating Class B Unitholders for new units of the purchaser, resulting in a $238.5 million decrease in Class B Units upon their cancellation. As this resulted in a reduction in the total unit count outstanding, NAV was flat on a per Unit basis. YTD 2025 Financial Summary YTD 2025 YTD 2024 Change Change % Revenue, Total Portfolio $ 77,173 $ 84,215 $ (7,042) (8.4 %) Revenue, Same Community 1 Properties $ 53,340 $ 53,207 $ 133 0.2 % Revenue, Non-Same Community 1 Properties $ 23,833 $ 31,008 $ (7,175) nm* Net loss and comprehensive loss $ (63,327) $ (40,776) $ (22,551) nm* NOI 1, Total Portfolio $ 41,880 $ 47,945 $ (6,065) (12.6 %) NOI 1, Same Community 1 Properties $ 29,141 $ 29,616 $ (475) (1.6 %) NOI 1, Non-Same Community 1 Properties $ 12,739 $ 18,329 $ (5,590) nm* FFO 1 $ 21,586 $ 27,723 $ (6,137) (22.1 %) FFO per Unit 1 $ 0.44 $ 0.51 $ (0.07) (13.7 %) Maintenance capital expenditures $ (1,218) $ (2,114) $ 896 (23.0 %) Straight line rental revenue differences $ (204) $ (8) $ (196) nm* AFFO 1 $ 20,164 $ 25,601 $ (5,437) (21.2 %) AFFO per Unit 1 $ 0.41 $ 0.48 $ (0.07) (14.6 %) Weighted Average Unit Count 48,901,137 53,847,588 (9.2 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Total portfolio revenue of $77.2 million for YTD 2025 decreased 8.4% compared to $84.2 million for YTD 2024. This decrease was the result of Property Dispositions which reduced revenue by $12.5 million, partially offset by contributions of $5.4 million from the Property Acquisitions and the Non-Stabilized Property, and $0.1 million from Same Community properties (discussed further below). Total revenue resulting from the Property Acquisitions and the Non-Stabilized Property is expected to continue to improve in future periods as the lease-up and operational enhancements continue to progress through stabilization. Same Community revenue of $53.3 million for YTD 2025 increased $0.1 million, or 0.2%, compared to $53.2 million for YTD 2024, primarily due to a $0.1 million increase in other property income, driven by enhanced resident participation in credit building services, an increase in utility reimbursements and an increase in properties receiving valet trash service over the prior year. The change in net loss and comprehensive loss between YTD 2025 and YTD 2024 is primarily due to non-cash adjustments to derivatives and other financial liabilities and the costs of dispositions, partially offset by non-cash adjustments to the fair value of investment properties. As such, the net loss and comprehensive loss is not considered comparable period over period. Total portfolio NOI for YTD 2025 of $41.9 million decreased 12.6% from $47.9 million in YTD 2024. The decrease was the result of a reduction of $7.7 million from Property Dispositions, $0.4 million from the Non-Stabilized Property and $0.5 million from Same Community properties (described below), partially offset by contributions of $2.5 million from Property Acquisitions. The 1.6% decrease in Same Community NOI for YTD 2025 of $29.1 million compared to $29.6 million in YTD 2024 was attributable to a $0.3 million increase in operating expenses, which includes higher payroll costs, higher utility expenses, repair, maintenance and unit turnover expenses, partially offset by a reduction in property insurance costs, as well as a $0.4 million increase in taxes, offset by the $0.1 million increase in other property income described above. FFO in YTD 2025 was $21.6 million, or $0.44 per Unit, compared to $27.7 million, or $0.51 per Unit, for YTD 2024. The decrease was primarily related to the decrease in NOI described above. The reduction in FFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units which were cancelled on April 30, 2025, in conjunction with the Contribution Transaction. AFFO was $20.2 million, or $0.41 per Unit for YTD 2025 compared to $25.6 million, or $0.48 per Unit, for YTD 2024. The decrease in AFFO was primarily the result of the decrease in FFO, partially offset by a reduction of maintenance capital expenditures resulting from the Property Acquisitions and Property Dispositions. In addition, the reduction in AFFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units discussed above. June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Operational Information Number of real estate investment properties 25 29 32 31 Total apartment units 6,802 8,008 8,904 8,666 Average monthly rent on in-place leases $ 1,491 $ 1,503 $ 1,489 $ 1,507 Average monthly rent on in-place leases, Same Community 1 Properties $ 1,440 $ 1,443 $ 1,447 $ 1,467 Weighted average occupancy rate 94.6 % 95.9 % 95.6 % 94.7 % Weighted average ending occupancy rate, Same Community 1 Properties 95.6 % 95.9 % 95.6 % 94.6 % Retention rate 57.4 % 56.9 % 56.0 % 55.4 % Debt to Gross Book Value 1 48.9 % 45.3 % 46.5 % 46.4 % Q2 2025 Q1 2025 Q4 2024 Q3 2024 Operating Results Revenue, Total Portfolio $ 33,697 $ 43,476 $ 42,165 $ 42,290 Revenue, Same Community 1 Properties $ 26,638 $ 26,702 $ 26,624 $ 26,787 Revenue, Non-Same Community 1 Properties $ 7,059 $ 16,774 $ 15,541 $ 15,503 NOI 1, Total Portfolio $ 17,850 $ 24,030 $ 21,736 $ 22,256 NOI 1, Same Community 1 Properties $ 14,326 $ 14,815 $ 13,552 $ 13,990 NOI 1, Non-Same Community 1 Properties $ 3,524 $ 9,215 $ 8,184 $ 8,266 NOI Margin 1, Total Portfolio 53.0 % 55.3 % 51.5 % 52.6 % NOI Margin 1, Same Community 1 Properties 53.8 % 55.5 % 50.9 % 52.2 % NOI Margin 1, Non-Same Community 1 Properties 49.9 % 54.9 % 52.7 % 53.3 % Net (loss) income and comprehensive (loss) income $ (22,479) $ (40,848) $ 39,785 $ (39,251) Distributions on Class B Units $ 1,427 $ 2,822 $ 2,815 $ 2,750 Fair value adjustment to investment properties $ 2,856 $ 74 $ 16,069 $ (15,161) Fair value adjustment to investment properties (IFRIC 21) $ 6,351 $ (22,420) $ 6,552 $ 7,332 Property tax liability adjustment, net (IFRIC 21) $ (6,351) $ 22,420 $ (6,552) $ (7,332) Fair value adjustment to derivatives and other financial liabilities $ 21,028 $ 45,272 $ (45,958) $ 63,049 Fair value adjustment to unit-based compensation $ 27 $ (65) $ (848) $ 775 Costs of dispositions of investment properties $ 6,294 $ 5,181 $ — $ — Principal payments on lease liability $ — $ (36) $ (36) $ (36) Depreciation of right-to-use asset $ — $ 33 $ 34 $ 33 FFO 1 $ 9,153 $ 12,433 $ 11,861 $ 12,159 FFO per Unit $ 0.21 $ 0.23 $ 0.22 $ 0.23 Maintenance capital expenditures $ (669) $ (549) $ (933) $ (1,067) Straight line rental revenue differences $ (107) $ (97) $ (51) $ 13 AFFO 1 $ 8,377 $ 11,787 $ 10,877 $ 11,105 AFFO per Unit 1 $ 0.19 $ 0.22 $ 0.20 $ 0.21 AFFO Payout Ratio 73.0 % 63.8 % 68.9 % 65.9 % Weighted Average Unit Count 43,951,971 53,905,295 53,805,811 53,789,870 1 Liquidity and Capital Structure As of June 30, 2025, the REIT had liquidity of $82.5 million, consisting of cash and cash equivalents of $21.5 million and $61.0 million available under its senior secured revolving credit facility ("Credit Facility"). The REIT also has the flexibility to obtain additional liquidity through adding properties to the borrowing base of the Credit Facility. As of June 30, 2025, the REIT had total mortgage notes payable of $408.1 million, excluding the revolving credit facility, with a weighted average contractual interest rate of 3.5% (including interest rate swap agreements) and a weighted average term to maturity of 3.7 years. In aggregate, mortgage notes payable and the revolving credit facility totaled $659.9 million as of June 30, 2025, with a weighted average contractual interest rate of 3.8% (including interest rate swap agreements). Debt to Gross Book Value as of June 30, 2025, was 48.9%. As of June 30, 2025, 100% of the REIT's debt was fixed or economically hedged to fixed rates. Outside of the regular principal amortization of existing loans and borrowings; a balloon payment of $27.8 million on one property mortgage comes due in the next twelve months. No formal agreements have been entered into at this time to refinance this mortgage; however, the REIT has borrowing capacity under its credit facility as well as various other alternatives to refinance this specific property. Distributions and Units Outstanding Cash distributions declared to holders of both Units and Class B Units totalled $6.1 million for Q2 2025, representing an AFFO Payout Ratio of 73.0%. 100% of the REIT's cash distributions were classified as return of capital. As of June 30, 2025, the total number of Units outstanding was 33,500,425. There were also 5,176,049 Class B Units, which are redeemable for Units on a one-for-one basis, and 345,389 Deferred Units outstanding as of June 30, 2025, for a total non-weighted unit count of 39,021,863. These are weighted for the purpose of calculating FFO per Unit, AFFO per Unit and NAV per Unit as defined above. On April 30, 2024, 15,000,000 Class B Units were cancelled as a result of the Contribution Transaction, which has had a substantial impact on the REIT's weighted average unit count based on the size and timing of that reduction. As such our weighted average unit count was 43,951,971 and 48,901,137 for the three and six months ended June 30, 2025, respectively, and should continue to decline at a proportional rate excluding any further changes to the unit counts in the future. Conference Call Dan Oberste, President and Chief Executive Officer, and Tom Cirbus, Chief Financial Officer, will host a conference call for analysts and investors on Thursday, August 7 th, 2025, at 12:00 pm (ET). Participants can register and enter their phone number at: to receive an instant automated call back. Alternatively, they can dial 647-932-3411 or 800-715-9871 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: A replay of the call will be available until Thursday, August 14th, 2025. To access the replay, dial 647-362-9199 or 800-770-2030 (Passcode: 4609192#). A transcript of the call will be archived on the REIT's website. About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Non-GAAP Measures Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit are key measures of performance commonly used by real estate operating companies and real estate investment trusts. They are not measures recognized under and do not have standardized meanings prescribed by IFRS Accounting Standards. Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit as calculated by the REIT may not be comparable to similar measures presented by other issuers. For complete definitions of these measures, as well as an explanation of their composition and how the measures provide useful information to investors, please refer to the section titled "Non-GAAP Measures" in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2025, which section is incorporated herein by reference. Three months ended June 30, 2025 Three months ended June 30, 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 Net loss and comprehensive loss $ (22,479) $ (39,205) $ (63,327) $ (40,776) Adjustments to arrive at FFO Distributions on Class B Units 1,427 2,617 4,249 5,243 Fair value adjustment to investment properties 2,856 30,683 2,930 69,401 Fair value adjustment to investment properties (IFRIC 21) 6,351 8,327 (16,069) (13,884) Property tax liability adjustment, net (IFRIC 21) (6,351) (8,327) 16,069 13,884 Fair value adjustment to derivatives and other financial liabilities 21,028 19,729 66,300 (6,424) Fair value adjustment to unit-based compensation 27 283 (38) 281 Costs of dispositions of investment properties 6,294 — 11,475 — Principal payments on lease liability — (35) (36) (69) Depreciation of right-to-use asset — 34 33 67 Funds from Operations ("FFO") $ 9,153 $ 14,106 $ 21,586 $ 27,723 FFO per Unit $ 0.21 $ 0.26 $ 0.44 $ 0.51 Adjustments to arrive at AFFO Maintenance capital expenditures (669) (1,401) (1,218) (2,114) Straight line rental revenue differences (107) 8 (204) (8) Adjusted Funds from Operations ("AFFO") $ 8,377 $ 12,713 $ 20,164 $ 25,601 AFFO per Unit $ 0.19 $ 0.24 $ 0.41 $ 0.48 Distributions declared $ 6,119 $ 6,929 $ 13,634 $ 13,875 AFFO Payout Ratio 73.0 % 54.5 % 67.6 % 54.2 % Weighted average unit count 43,951,971 53,838,699 48,901,137 53,847,588 Three months ended June 30, 2025 Three months ended June 30, 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 Total revenue $ 33,697 $ 42,232 $ 77,173 $ 84,215 Property operating expenses (10,604) (12,066) (23,211) (24,026) Real estate taxes 1,108 2,267 (28,151) (26,128) 24,201 32,433 25,811 34,061 Property tax liability adjustment (IFRIC 21) (6,351) (8,327) 16,069 13,884 Net Operating Income ("NOI") $ 17,850 $ 24,106 $ 41,880 $ 47,945 NOI margin 53.0 % 57.1 % 54.3 % 56.9 % June 30, 2025 December 31, 2024 Loans and borrowings (current portion) $ 29,162 $ 49,951 Loans and borrowings (non-current portion) 630,753 737,572 Convertible Debentures — 41,764 Total loans and borrowings and Convertible Debentures ("Debt") 659,915 829,287 Gross Book Value $ 1,348,625 $ 1,782,583 Debt to Gross Book Value 48.9 % 46.5 % Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements in this news release include, but are not limited to, statements which reflect management's expectations regarding objectives, plans, goals, strategies, future growth metrics Revenue, Property Expenses and NOI growth), results of operations, performance, business prospects, and opportunities for the REIT, the anticipated closing of the Transaction, the economic and strategic impact of the Transaction, the satisfaction of the conditions to closing the Transaction and the timing thereof, the use of proceeds in respect of the Transaction, and future acquisitions. The words "expects", "expectation", "anticipates", "anticipated", "believes", "will" or variations of such words and phrases identify forward-looking statements herein. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include assumptions relating to the satisfaction of all closing conditions for the Transaction, the receipt of all approvals for the Transaction, the closing of the Transaction and anticipated timing thereof, the anticipated benefits of the Transaction and ability of the REIT to execute value-enhancing growth initiatives, the REIT's future growth potential, results of operations, demographic and industry trends, no changes in legislative or regulatory matters, the tax laws as currently in effect, stability of the general economy over 2025, the impact of COVID-19, lease renewals and rental increases, the ability to re-lease or find new tenants, the timing and ability of the REIT to sell and acquire certain properties, project costs and timing, a continuing trend toward land use intensification at reasonable costs and development yields, including residential development in urban markets, access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and ability to refinance debts as they mature, the availability of investment opportunities for growth in the REIT's target markets, the valuations to be realized on property sales relative to current IFRS Accounting Standards carrying values, and the market price of the Units. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction, the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements in respect of the Transaction, material losses in respect of the properties to be sold pursuant to the Transaction, the REIT's ability to obtain any approvals for the Transaction, either party's failure to consummate the Transaction when required or on the terms as originally negotiated, risks related to the disruption of management time from ongoing business operations due to the Transaction, potential litigation relating to the Transaction, including the effects of any outcomes related thereto, the possibility of unexpected costs and liabilities related to the Transaction, the REIT's ability to execute its growth strategies, the REIT's ability to execute future acquisitions, the impact of changing conditions in the U.S. multifamily housing market, increasing competition in the U.S. multifamily housing market, the effect of fluctuations and cycles in the U.S. real estate market, the marketability and value of the REIT's portfolio, changes in the attitudes, financial condition and demand of the REIT's demographic market, fluctuation in interest rates and volatility in financial markets, the impact of U.S. and global tariffs, developments and changes in applicable laws and regulations, the impact of climate change, the impact of COVID-19 on the operations, business and financial results of the REIT and the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and in the REIT's Annual Information Form dated March 5, 2025, both of which are available on SEDAR+ ( If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release. Certain statements included in this news release are considered financial outlook for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management's current expectations relating to the future growth of the REIT, as disclosed in this news release. These forward-looking statements have been approved by management to be made as at the date of this news release. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in this news release and actual results could differ materially from such conclusions, forecasts or projections. There can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement.
Globe and Mail
6 minutes ago
- Globe and Mail
Informa TechTarget to Announce Q2 2025 Financial Results on August 12, 2025
TechTarget, Inc. (Nasdaq: TTGT) ('Informa TechTarget' or the 'Company'), a leading growth accelerator for the B2B Technology sector, today announced that it will release its Q2 2025 financial results for the three months ended June 30, 2025 before the market opens on Tuesday, August 12, 2025. The Company's Chief Executive Officer, Gary Nugent, and Chief Financial Officer, Dan Noreck, will host a live conference call and webcast at 8:30 a.m. Eastern Time on that day to discuss the Company's financial results and outlook. The Q2 2025 financial results will be available prior to the conference call and webcast on the investor relations section of the Company's website at Conference Call Dial-In Information: United States (Toll Free): 1-833-470-1428 United States: 1-404-975-4839 United Kingdom (Toll Free): +44 808 189 6484 United Kingdom: +44 20 8068 2558 Global Dial-in Numbers Access code: 967110 Please access the call at least 10 minutes prior to the time the conference is set to begin. Please ask to be joined into the Informa TechTarget call. Conference Call Webcast Information: This webcast can be accessed via Informa TechTarget's website at Conference Call Replay Information: A replay of the conference call will be available via telephone beginning one (1) hour after the conference call through September 11, 2025 at 11:59 p.m. ET. To hear the replay: United States (Toll Free): 1-866-813-9403 United States: 1-929-458-6194 Access Code: 703085 A web version will also be available for replay during the same period on Informa TechTarget's website at About Informa TechTarget TechTarget, Inc. (Nasdaq: TTGT), which also refers to itself as Informa TechTarget, informs, influences and connects the world's technology buyers and sellers, helping accelerate growth from R&D to ROI. With a vast reach of over 220 highly targeted technology-specific websites and over 50 million permissioned first-party audience members, Informa TechTarget has a unique understanding of and insight into the technology market. Underpinned by those audiences and their data, we offer expert-led, data-driven, and digitally enabled services that have the potential to deliver significant impact and measurable outcomes to our clients: Trusted information that shapes the industry and informs investment Intelligence and advice that guides and influences strategy Advertising that grows reputation and establishes thought leadership Custom content that engages and prompts action Intent and demand generation that more precisely targets and converts Informa TechTarget is headquartered in Boston, MA and has offices in 19 global locations. For more information, visit and follow us on LinkedIn.
