Rithm Property Trust returns to profit in Q2 but distributable earnings stay negative

Overview

• US commercial real estate REIT posted Q2 GAAP comprehensive income after prior quarter loss

• Earnings available for distribution stayed negative, though loss narrowed from previous quarter

• Company maintained common dividend at $0.36 per share

Outlook

• Company did not provide specific guidance or outlook for future quarters or full year

Result Drivers

• NET INTEREST INCOME - Co reported higher net interest income versus prior qtr, contributing to improved results

• REALIZED AND UNREALIZED GAINS - Co cited net realized and unrealized gains on investment portfolio assets as a key variable impacting performance

Company press release: ID:nBw5XxQ7ja

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Rithm Property Trust Inc is $24.00, about 102% above its July 27 closing price of $11.88

Reuters Recommended Reads

• July 28 - Rithm Capital Q2 profit falls

• July 28 - Redwood Trust Q2 net loss narrows sequentially, mortgage banking production doubles y/y

• July 28 - Curbline Properties Q2 profit falls on increased interest expense

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)