Rithm Property Trust Q4 comprehensive income $2.5 mln, declares dividend

Overview

• Real estate investment trust's Q4 GAAP comprehensive income was $2.5 mln, $0.33 per share

• Earnings available for distribution in Q4 were negative at $(0.5) mln

• Company paid a Q4 common dividend of $2.7 mln or $0.36 per common share

Outlook

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

Result Drivers

• UNREALIZED GAINS - Increase in unrealized gains on residential mortgage loans held-for-sale contributed to comprehensive income

• DIVIDEND MAINTENANCE - Co maintained dividend payout despite negative earnings available for distribution

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 60.2% above its February 12 closing price of $14.98

• The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 17 three months ago

Press Release: ID:nBw6Q4N4Pa

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