BXP narrows FY25 FFO view to $6.84-$6.92 from $6.80-$6.92, consensus $6.86
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an hour ago
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Brookfield Infrastructure Partners LP (BIP) Q2 2025 Earnings Call Highlights: Record Capital ...
Funds from Operations (FFO): $638 million or $0.81 per unit, up 5% year-over-year; 9% increase excluding foreign exchange effects. Utilities Segment FFO: $187 million, slightly ahead of the prior year. Transport Segment FFO: $304 million, slightly ahead of the prior year after adjustments. Midstream Segment FFO: $157 million, a 10% increase over the previous year. Data Segment FFO: $113 million, a 45% increase compared to the prior year. Capital Recycling Proceeds: $2.4 billion secured to date in 2025. Australian Export Terminal Sale: $280 million in proceeds, 22% cumulative return, 4 times capital multiple. European Data Center Platform Sale: $200 million in proceeds, finalizing a 90% sell-down. Global Intermodal Logistics Operations Sale: $115 million in proceeds, two-thirds of the portfolio sold. UK Port Operation Sale: $385 million in proceeds, 19% IRR, 7.5 times capital multiple. New Investments: $1.3 billion capital deployment in data, transport, and midstream segments. Hotwire Acquisition: Up to $500 million equity purchase cost, closing expected late Q3 2025. Railcar Leasing Platform Acquisition: $300 million equity contribution, closing anticipated Q1 2026. Colonial Pipeline Acquisition: $9 billion acquisition, $500 million equity consideration, closing today. Warning! GuruFocus has detected 10 Warning Signs with BIP. Release Date: July 31, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Brookfield Infrastructure Partners LP (NYSE:BIP) reported a 5% increase in funds from operations (FFO) to $638 million, or $0.81 per unit, compared to the previous year. The company's data segment saw a significant 45% increase in FFO, driven by acquisitions and new capacity commissioning. BIP successfully executed its capital recycling strategy, securing $2.4 billion in sale proceeds, setting an annual record. The Canadian midstream segment experienced a 10% increase in FFO, supported by strong organic growth and higher customer activity. BIP made significant new investments, including a $9 billion acquisition of Colonial, the largest refined products pipeline system in the U.S., expected to yield a mid-teen cash return. Negative Points The sale of the Mexican regulated natural gas transmission business partially offset the strong performance in the utilities segment. Foreign exchange effects negatively impacted the overall FFO growth, which would have been 9% without these effects. The transport segment's FFO was only slightly ahead of the prior year after adjustments for capital recycling and foreign exchange. There is uncertainty in the regulatory approval process for the NS and UP merger, which could impact BIP's rail operations. The liquidity position, while strong, does not account for the $1.3 billion in new investments, potentially affecting future flexibility. Q & A Highlights Q: What has prompted the acceleration in deal velocity for Brookfield Infrastructure Partners (NYSE:BIP) in 2025 compared to 2024? A: Sam Pollock, Chief Executive Officer, explained that while operating conditions have remained consistent, there was a lull in transaction activity last year. The current acceleration is likely due to investors returning to the market, driven by strong capital markets and significant dry powder. BIP is optimistic about the current market, particularly with the impact of AI infrastructure on their businesses. Q: Are there opportunities to monetize partial stakes in Canadian midstream businesses, given the attractive backdrop? A: Sam Pollock, CEO, indicated that while there are always opportunities to sell down stakes, the focus is primarily on organic growth opportunities. However, bringing in partners to fund growth is a possibility, and there is significant interest in the Canadian midstream sector from both retail and institutional investors. Q: What protections does Brookfield have in place for the Intel JV, and when is it expected to start generating returns? A: Sam Pollock, CEO, stated that the arrangement with Intel is largely financial and contractual, with no commercial risk on capital cost overruns or product commercialization. Contributions from this investment are expected as early as the end of next year or early 2027. Q: How might the potential east-west mergers of Class 1 railroads impact Genesee & Wyoming? A: David Joynt, Managing Partner, noted that while the merger is subject to regulatory review, Genesee & Wyoming operates as a neutral party in the rail network, providing first-mile and last-mile access. They are in a unique position to maintain a competitive market and will engage with merger parties and regulators. Q: Why is the US considered one of the most attractive investment geographies for BIP currently? A: Sam Pollock, CEO, explained that the US is attractive due to the AI infrastructure boom, which drives opportunities in power, transmission, and midstream investments. While other countries are also investing in AI, the US currently leads in deployment, creating significant opportunities for BIP. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 hours ago
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Invitation Homes' Q2 FFO and Revenues Beat, Rents Improve Y/Y
Invitation Homes Inc. INVH reported second-quarter 2025 core funds from operations (FFO) per share of 48 cents, topping the Zacks Consensus Estimate of 47 cents. The reported figure compared favorably with the prior-year quarter's 47 cents. Results reflect higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent. Total revenues of $681.4 million surpassed the Zacks Consensus Estimate of $676.9 million. The figure also improved 4.3% year over year. Invitation Homes' Second Quarter in Detail During the second quarter, Invitation Homes' same-store core revenues grew 2.4%, and same-store core operating expenses increased 2.2% year over year. As a result, same-store NOI improved 2.5% year over year. Invitation Homes witnessed yearly same-store renewal rent growth of 4.7% and a same-store new lease rent increase of 2.2%, resulting in same-store blended rent growth of 4.0%. Same-store average occupancy was 97.2%, down 40 basis points year over year. Invitation Homes' Q2 Portfolio Activity In the second quarter of 2025, the company acquired 939 wholly owned homes for around $316 million and 101 homes in its joint ventures for around $34 million. During the same period, the company disposed of 295 wholly owned homes for gross proceeds amounting to around $111 million and 63 homes in its joint venture for gross proceeds of $30 million. In the second quarter, Invitation Homes launched its developer lending program by providing a $32.7 million loan to a homebuilder for developing a community consisting of 156 homes in Houston. Invitation Homes' Balance Sheet Invitation Homes exited the second quarter of 2025 with total liquidity of $1.28 billion, including unrestricted cash and undrawn capacity on its revolving credit facility. Moreover, secured and unsecured debt aggregated $8.25 billion as of June 30, 2025, and its Net Debt/TTM adjusted EBITDAre was 5.3X. In April, S&P Global Ratings reaffirmed issuer and issue-level credit ratings for Invitation Homes at 'BBB' and upgraded its outlook to 'Positive' from 'Stable'. Invitation Homes' 2025 Guidance Invitation Homes has maintained its initial 2025 outlook. It expects core FFO per share between $1.88 and $1.94, with a midpoint of $1.91. The Zacks Consensus Estimate is pegged at $1.93, which lies within the guided range. The full-year guidance is based on the assumption of 1.75% to 3.25% growth in same-store revenues and a 2.75-4.25% increase in same-store expenses. Same-store NOI is projected to rise by 1.00% to 3.00%. INVH's Zacks Rank Invitation Homes currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Invitation Home Price, Consensus and EPS Surprise Invitation Home price-consensus-eps-surprise-chart | Invitation Home Quote Performance of Other Residential REITs Essex Property Trust Inc. ESS reported a second-quarter 2025 core FFO per share of $4.03, beating the Zacks Consensus Estimate of $3.99. The figure also improved 2.3% from the year-ago quarter. The quarterly results reflected favorable growth in same-property revenues and NOI. However, same-property operating expenses partly acted as a dampener. UDR Inc. UDR reported a second-quarter 2025 normalized FFO per share of 64 cents, which outpaced the Zacks Consensus Estimate of 62 cents. The figure also increased 3.2% from the year-ago quarter. UDR's quarterly results reflected year-over-year growth in same-store NOI, led by a higher effective blended lease rate. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Dominion Realty Trust, Inc. (UDR) : Free Stock Analysis Report Essex Property Trust, Inc. (ESS) : Free Stock Analysis Report Invitation Home (INVH) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
10 hours ago
- Yahoo
Ventas Q2 FFO and Revenues Top Estimates, Same-Store Cash NOI Rises
Ventas, Inc. VTR reported second-quarter 2025 normalized funds from operations (FFO) per share of 87 cents, beating the Zacks Consensus Estimate of 85 cents. The reported figure increased 9% from the prior-year quarter's tally. Results reflect an increase in same-store cash net operating income (NOI) year over year on strong performance in the senior housing operating portfolio (SHOP), outpatient medical and research (OM&R) portfolio and triple-net leased properties. The company also increased its guidance for 2025 normalized FFO per share. VTR clocked in revenues of $1.42 billion in the second quarter, surpassing the Zacks Consensus Estimate of $1.37 billion. Also, the figure increased 18.3% on a year-over-year basis. Per Debra A. Cafaro, chairman and CEO of Ventas, 'We are experiencing an unprecedented multiyear growth opportunity in senior housing driven by secular demand from a large and growing aging population, historically low new supply and an attractive product offering that is valuable to seniors. Our advantaged platform enables us to drive performance in our existing communities and make compelling investments in senior housing.' VTR's Second Quarter in Detail In the reported quarter, same-store cash NOI for the total property portfolio (1,158 assets) increased 6.6% to $485.3 million from the prior-year quarter. Segment-wise, the same-store cash NOI for the SHOP portfolio (506 assets) climbed 13.3% year over year to $226.1 million. Average monthly Revenues per occupied room (RevPOR) growth of nearly 5.3% resulted in a margin expansion of 130 basis points (bps), aiding the rise in the segment's same-store cash NOI. The same-store average occupancy expanded 240 bps year over year to 87.6% in the second quarter for the SHOP portfolio. For the OM&R portfolio (403 assets), same-store cash NOI improved 1.7% year over year to $135.9 million. The uptick was backed by higher annualized average rent and revenue per occupied square foot. The triple-net leased portfolio's (249 assets) same-store cash NOI rose 1% year over year to $123.4 million. VTR's Balance Sheet Position Ventas exited the second quarter of 2025 with cash and cash equivalents of $614.2 million, up from $182.3 million as of March 31, 2025. Moreover, it ended the quarter with $4.7 billion of liquidity, up from $2.9 billion as of Mar. 31, 2025. It had a net debt to further adjusted EBITDA ratio of 5.6. 2025 Guidance by VTR VTR has increased its 2025 normalized FFO per share in the range of $3.41-$3.46 compared with the prior guided range of $3.36-$3.46. The Zacks Consensus Estimate of $3.45 lies within the new guided range. The total same-store cash NOI growth is estimated to be between 6% and 8%. The SHOP segment's same-store cash NOI is anticipated to be between 12% and 16%. The OM&R portfolio segment's same-store cash NOI is expected to be in the range of 2.25-2.75%, while the triple-net leased same-store cash NOI is projected between negative 1.0% and negative 0.5%. The company has increased its guidance for investment volume for the senior housing segment to $2.0 billion from the earlier guidance of $1.5 billion. VTR's Zacks Rank Ventas currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Ventas, Inc. Price, Consensus and EPS Surprise Ventas, Inc. price-consensus-eps-surprise-chart | Ventas, Inc. Quote Performance of Other Healthcare REITs Welltower Inc.'s WELL second-quarter 2025 normalized FFO per share of $1.28 surpassed the Zacks Consensus Estimate of $1.22. The reported figure improved 21.9% year over year. Results reflect a rise in revenues on a year-over-year basis. The total portfolio same-store NOI increased year over year, driven by same-store NOI growth in the SHOP. WELL increased its guidance for 2025 normalized FFO per share. Healthpeak Properties, Inc. DOC reported second-quarter FFO as adjusted per share of 46 cents, meeting the Zacks Consensus Estimate. The metric was 45 cents per share in the prior-year quarter. Results reflected lower-than-expected revenues. Growth in total merger-combined same-store cash (adjusted) NOI was witnessed across the portfolio. However, higher interest expenses affected DOC's results to some extent. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ventas, Inc. (VTR) : Free Stock Analysis Report Healthpeak Properties, Inc. (DOC) : Free Stock Analysis Report Welltower Inc. (WELL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
