Welcome to our dedicated page for Rithm Property Trust news (Ticker: RPT), a resource for investors and traders seeking the latest updates and insights on Rithm Property Trust stock.
Rithm Property Trust Inc. reports developments for a real estate investment trust organized as a Maryland corporation and externally managed by an affiliate of Rithm Capital Corp. The company follows a flexible commercial real estate-focused investment strategy and communicates operating results using measures such as GAAP comprehensive income or loss, earnings available for distribution, dividends and book value.
Recurring news for RPT includes quarterly and annual earnings releases, common and preferred stock dividend declarations, tax treatment of distributions, stock repurchase authorization updates and other capital actions tied to its listed common stock and 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
RPT Realty (NYSE:RPT) reported a net income of $15.2 million for Q1 2021, or $0.19 per diluted share, a positive shift from a loss of $(1.3) million in Q1 2020. The company established a new retail real estate platform, RGMZ, with partners GIC, Zimmer, and Monarch, and signed 62 leases totaling 556,235 square feet, with a 50.7% rent spread. However, same property NOI decreased by 8.5%, impacted by COVID-19-related rent collection issues. The board declared a dividend of $0.075 for Q2 2021, and raised its 2021 FFO guidance to $0.81-$0.89 per share.
RPT Realty (NYSE:RPT) announced its first quarter 2021 earnings release scheduled for May 5, 2021, post-market. A conference call to discuss results will be held on May 6, 2021, at 9:00 AM (ET). The call will be accessible via a live webcast on the company's website and by phone. RPT Realty operates a national portfolio of open-air shopping centers, with 49 properties representing 11.9 million square feet of gross leasable area, 92.8% of which was leased as of December 31, 2020.
RPT Realty (NYSE:RPT) announced that Brian Harper, President and CEO, will present at the Citi 2021 Virtual Global Property CEO Conference on March 9, 2021, at 11:15 AM ET. A live webcast of the event will be available on the Company's website. Following the presentation, a replay will be accessible until March 9, 2022. RPT Realty operates a national portfolio of open-air shopping centers, with properties primarily located in major U.S. markets. As of December 31, 2020, their portfolio included 49 centers with 11.9 million square feet of gross leasable area, achieving a 92.8% occupancy rate.
RPT Realty (NYSE: RPT) has appointed Tyler Sorenson as Managing Director to spearhead investments for its new core net lease retail real estate platform. Sorenson, formerly Vice President of Acquisitions at Spirit Realty Capital, has extensive experience managing retail acquisitions. RPT's platform aims to invest over $1.2 billion in net lease retail assets to secure attractive returns. With notable co-investors, this initiative is expected to create value for RPT shareholders while adapting to market shifts in retail. The company operates a national portfolio of open-air shopping destinations, focusing on top U.S. markets.
RPT Realty announced the formation of a new core net lease retail platform with GIC, Zimmer Partners, and Monarch Alternative Capital, aiming to acquire over $1.2 billion in retail assets. The initial portfolio includes 42 single-tenant properties valued at $151 million. RPT will retain a 6.4% equity interest in the platform and manage it, generating fees while aiming for scalable growth. A $175 million secured credit facility has been established, expandable to $500 million. The initiative is poised to enhance RPT's operational capabilities and shareholder value.
RPT Realty (NYSE:RPT) reported a net loss of $(7.4) million, or $(0.09) per diluted share, for Q4 2020, significantly down from $71.1 million, or $0.83 per share, in Q4 2019. For the full year, the loss totaled $(16.9) million, or $(0.21) per diluted share, compared to $84.8 million, or $1.04 per share, in 2019. The company declared a Q1 2021 cash dividend of $0.075 per share, payable on April 1. FFO for Q4 was $14.7 million, nearly stable year-over-year. As of February 10, 2021, 94% of tenants were operational, and 91% of Q4 rent has been collected.
RPT Realty (NYSE:RPT) announced key tax reporting details for 2020 dividend distributions on its common and preferred shares. The common share dividends include a gross distribution of $0.440 per share, with a total ordinary dividend of $0.390818. Preferred shares saw a gross distribution of $3.625 per share, all classified as ordinary dividends. These amounts will be reported on Form 1099-DIV for tax purposes. Investors are advised to consult tax professionals regarding the specific treatment of these distributions.
RPT Realty (NYSE:RPT) will release its fourth quarter 2020 earnings on February 17, 2021, post-market. A conference call to discuss the results will follow on February 18, 2021, at 9:00 AM (ET). Investors can access the call via RPT's website or by phone. As of September 30, 2020, RPT's portfolio included 49 shopping centers with 93.3% leased space, totaling 11.9 million square feet.
RPT Realty (NYSE:RPT) has received its first investment-grade credit rating from Fitch Ratings, Inc. with a Long-Term Issuer Default Rating of ‘BBB-‘ and a stable outlook. The rating reflects RPT's solid management, enhanced operational performance, and strong financial position, including below-average tenant exposure and proactive balance sheet management. Brian Harper, President and CEO, emphasized that this rating underscores their commitment to maintaining a sound balance sheet despite challenging market conditions. RPT Realty operates 49 shopping centers across the U.S., with a 93.3% leasing rate as of September 30, 2020.
RPT Realty reported a net loss of $3.6 million or $0.05 per diluted share in Q3 2020, a decline from a net income of $3.8 million in Q3 2019. Despite challenges, 94% of tenants were operational by October 30, 2020, with a 42.9% re-leasing spread, the highest since 2018. The company has a backlog of $3.0 million in signed but not opened ABR. However, it suspended the common dividend to preserve liquidity amid COVID-19. Cash reserves stand at $220.1 million with no debt maturities until June 2021.