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Ravelin Properties (RPR.UN) investor relations material
Ravelin Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved $4.1 million in cost savings in H1 2025 from eliminating management fees and tighter overhead control, with expected annualized run-rate savings of $10 million for 2025.
Internalized property management and accounting for Chicago properties, targeting over $2.5 million in annualized savings.
Signed 163,279 sq. ft. of new leases and renewals in Q2 2025 at a weighted average net rental rate of $19.73 per sq. ft.; new/renewed leases (excluding vacant space) were 6.23% above prior rates.
Disposed of a fully occupied Ontario property for $16.5 million, using proceeds to reduce Canadian revolving credit facility borrowings.
Ongoing recapitalization discussions with lenders and advisors.
Financial highlights
Q2 2025 rental revenue was $45.2 million, down 8.9% year-over-year.
Net operating income (NOI) fell 17.6% year-over-year to $20.4 million.
Net loss for Q2 2025 was $10.4 million, a significant improvement from a $150.0 million loss in Q2 2024.
Funds from operations (FFO) dropped 50.9% year-over-year to $2.2 million ($0.03 per unit).
Adjusted FFO (AFFO) was $2.5 million ($0.03 per unit), down 41.6% year-over-year.
Total assets at June 30, 2025 were $1.22 billion, down 0.5% from December 31, 2024.
Total debt was $1.08 billion, down 1.0% from year-end 2024.
Liquidity at June 30, 2025 was $28.8 million, up from $24.3 million at December 31, 2024.
Outlook and guidance
Management expects further improvement in net debt to Adjusted EBITDA as cost savings from internalization are fully realized in future quarters.
Leasing pipeline exceeds 450,000 sq. ft. of renewals and new leases, with 139,533 sq. ft. of rent reviews underway in Ireland.
Anticipates continued cost savings and operational efficiencies from internalization initiatives.
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