Cash flow generation is consistently weak, as the company paid dividends despite reporting negative operating cash flow in seven of the last ten quarters, including a $5.8 million outflow in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -7.4M | -4.5M | 290K | -46.46M | 97.67M | 92.86M | 63.06M | 90.59M | 106.32M | 117.92M | 117.09M | 105.16M | 110.59M | 85.58M | 62.19M | 44.7M | 43.25M | 48.06M | 27M | 85.99M | 46.78M | 44.6M | 46.39M | 26.03M | 18.55M | 24.56M | 17.13M | 23.95M | 16.79M | 17.03M | 14.25M |
| Operating CF Growth % | -36.08% | -1650% | 100.62% | -147.57% | 5.18% | 47.27% | -30.39% | -14.79% | -9.84% | 0.71% | 11.35% | -4.91% | 29.22% | 37.61% | 39.13% | 3.36% | -10.02% | 78.03% | -68.6% | 83.79% | 4.89% | -3.84% | 78.21% | 40.34% | -24.47% | 43.38% | -28.5% | 42.63% | -1.36% | 19.47% | 510.19% |
| Operating CF / Revenue % | -19.34% | -8.51% | 0.61% | 275.6% | 44.87% | 122.57% | 221.02% | 38.7% | 40.8% | 44.49% | 44.88% | 41.76% | 50.65% | 50.32% | 48.31% | 36.85% | 36.11% | 38.72% | 18.99% | 56.11% | 30.53% | 31.5% | 35.17% | 24.01% | 20.33% | 26.99% | 18.55% | 28.09% | 21.88% | 28.74% | 35.18% |
| Net Income | 2.88M | 1.47M | -93.05M | -46.96M | -14.94M | 70.26M | -10.47M | 93.69M | 18.04M | 70.72M | 61.11M | 66.89M | -2.41M | 11.46M | 7.09M | -28.5M | -23.72M | 15.71M | 23.32M | 38.67M | 35.23M | 13.94M | 15.12M | 11.09M | 8.84M | 8.31M | 11.76M | 11.84M | 8.66M | 9.2M | 292K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 72.25M | 77.21M | 78.65M | 87.33M | 91.33M | 91.79M | 89.44M | 81.18M | 56.84M | 39.82M | 37.03M | 31.99M | 30.87M | 32.12M | 36.98M | 32.67M | 30.13M | 27.49M | 22.98M | 17.74M | 17.08M | 15.27M | 13.31M | 12.19M | 8.22M | 4.8M |
| Stock-Based Compensation | -77K | 13K | 16.98M | 1.48M | 1.93M | 4.08M | 3.74M | 3.49M | 4.67M | 2.71M | 2.86M | 1.89M | 2.09M | 2.15M | 2.12M | 1.85M | 1.28M | 1.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -8.18M | -2.89M | 51.93M | 15.22M | 96.26M | -55.07M | 1.79M | -80.85M | 7.03M | -40.94M | -33.43M | -40.83M | 22.39M | 8.38M | 5.54M | 33.11M | 17.41M | 1.22M | -4.91M | -20.73M | -16.59M | 11.01M | 5.99M | 4.68M | 3.11M | 5.78M | 1.32M | 4.78M | 4.86M | 3.99M | 4.75M |
| Working Capital Changes | -2.1M | -3.09M | 24.43M | -16.21M | 16.35M | 1.42M | -9.18M | -4.57M | -10.94M | -6.05M | -5.54M | -12.57M | 7.28M | 6.68M | 7.65M | 422K | 8.08M | 3.19M | -23.54M | 31.07M | -4.53M | -10.48M | -2.21M | -12.72M | -11.14M | -6.62M | -11.23M | -5.98M | -8.91M | -4.38M | 4.41M |
| Cash from Investing | 114.82M | -37.06M | 297.27M | 172.82M | -63.73M | -167.13M | -18.93M | 95.09M | 42.26M | -10.34M | 7.75M | -154.33M | -315.72M | -355.75M | -173.21M | -79.75M | -101.94M | -3.44M | 33.6M | 23.18M | 42.11M | -85.96M | -105.56M | -81.21M | -80.41M | 5.77M | -12.78M | -10.7M | -38.28M | -153.18M | 19.75M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | -156.53M | -11K | -4.74M | 3M | 0 | 0 | 14.1M | -14K | -4.98M | -3.87M | 0 | 0 | 0 | 0 | 0 | 31.95M | 0 | 0 | 0 | 10.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 46.7M | -116.58M | -263.32M | -75.25M | -4.82M | -1.96M | 0 | 56.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.28M | -13.72M | -10.92M | -6.08M | -38.18M | -22.89M | -44.31M | -6.55M | 0 | 0 | -2.47M | -1.43M | -2.33M | 0 | 0 | 0 |
| Sale of Investments | 142.99M | 58.04M | 121.8M | 171M | 216.14M | 712K | 0 | 3.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -72.45M | 21.48M | 438.79M | 77.08M | -245.64M | 18.78M | 4.21M | 96.68M | 116.44M | 52.91M | 79.78M | -107.51M | -234.97M | -306.15M | -130.91M | 32.22M | -497K | 29.07M | 107.56M | 148.49M | 60.57M | 17.82M | 20.07M | 14.98M | 14.87M | 29.97M | 15.98M | 34.8M | 221K | -691K | 61.48M |
| Cash from Financing | -108.04M | 57.43M | -286.15M | -121.37M | -42.1M | -123.18M | 52.8M | -115.86M | -116.75M | -103.08M | -127.9M | 46.48M | 208.67M | 271.73M | 103.09M | 37.02M | 60.38M | -41.11M | -70.28M | -105.74M | -84.48M | 41.24M | 54.34M | 65.09M | 64.3M | -27.73M | -7.15M | -12.06M | 21M | 137.65M | -41.93M |
| Dividends Paid | -12.28M | -11.03M | -11.45M | -20.59M | -50.94M | -28.95M | -42.91M | -79.03M | -78.84M | -78.61M | -76.08M | -72.75M | -63.12M | -48.94M | -37.4M | -28.64M | -22.5M | -20.48M | -6.25M | -37.09M | -36.48M | -36M | -32.06M | -24.85M | -18.25M | -15.3M | -15.46M | -15.38M | -13.16M | -11.97M | -9.54M |
| Common Dividends | -12.28M | -11.03M | -11.45M | -20.59M | -50.94M | -28.95M | -42.91M | -79.03M | -78.84M | -78.61M | -76.08M | -72.75M | -63.12M | -48.94M | -37.4M | -28.64M | -22.5M | -20.48M | -6.25M | -37.09M | -36.48M | -36M | -32.06M | -24.85M | -18.25M | -15.3M | -15.46M | -15.38M | -13.16M | -11.97M | -9.54M |
| Debt Issuance (Net) | -2M | 1000K | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -223K | 0 | 0 | 0 | -1.39M | -1.51M | -1.34M | -704K | -1.82M | -522K | -202K | 200M | 275M | 185M | 55.5M | 346.79M | 154.7M | 176.19M | -34.15M | -25.93M | -7.8M | 414.77M | 190.74M | 106.45M | -53.18M | -654K | -1.25M | 0 | 52.39M | 217.95M | 0 |
| Other Financing | -164.75M | 0 | -30.51M | -70.47M | 135.57M | -94.24M | 95.71M | -36.82M | -37.91M | -24.47M | -51.83M | 119.24M | 271.79M | 320.67M | 140.49M | 65.66M | 82.89M | -20.64M | -64.03M | -68.66M | -48M | 77.23M | 86.4M | 89.95M | 82.55M | -12.43M | 8.31M | 3.32M | 34.16M | 149.62M | -32.38M |
| Net Change in Cash | -625K | 15.88M | 11.42M | 4.99M | -36.58M | -197.45M | 96.93M | 69.83M | 31.83M | 4.5M | -3.06M | -2.69M | 3.54M | 1.56M | -7.92M | 1.98M | 1.74M | 3.5M | -9.68M | 3.43M | 4.41M | -116K | -4.84M | 9.91M | 4.43M | 2.6M | -2.81M | 1.19M | -483K | 1.49M | -7.93M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.99M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 80.13M | 64.25M | 52.83M | 47.84M | 14.03M | 211.48M | 114.55M | 44.72M | 12.89M | 3.58M | 6.64M | 9.34M | 5.79M | 4.23M | 12.15M | 10.18M | 8.43M | 5.29M | 14.98M | 11.55M | 7.14M | 15.04M | 19.88M | 9.97M | 5.54M | 2.94M | 5.74M | 4.55M | 5.03M | 3.54M | 11.47M |
| Cash at End | 96.81M | 80.13M | 64.25M | 52.83M | 47.84M | 14.03M | 211.48M | 114.55M | 44.72M | 8.08M | 3.58M | 6.64M | 9.34M | 5.79M | 4.23M | 12.15M | 10.18M | 8.8M | 5.29M | 14.98M | 11.55M | 14.93M | 15.04M | 19.88M | 9.97M | 5.54M | 2.94M | 5.74M | 4.55M | 5.03M | 3.54M |
| Free Cash Flow | -7.4M | -4.5M | 290K | -46.46M | 68.27M | 64.72M | 39.94M | 33.99M | 29.15M | 54.67M | 45.06M | 44.23M | 29.85M | 40.96M | 23.76M | -56.99M | -44.47M | 26.47M | -40.88M | -1.15M | -3.64M | -14.86M | -72.7M | -70.17M | -87M | 2.83M | -10.21M | -19.22M | -21.71M | -135.47M | -27.48M |
| FCF Growth % | -207.08% | -1650% | 100.62% | -168.06% | 5.47% | 62.07% | 17.48% | 16.61% | -46.68% | 21.33% | 1.86% | 48.19% | -27.12% | 72.36% | 141.7% | -28.15% | -268.02% | 164.74% | -3470.48% | 68.54% | 75.52% | 79.55% | -3.61% | 19.35% | -3175.33% | 127.72% | 46.91% | 11.44% | 83.98% | -393.03% | -2166.54% |
| FCF / Revenue % | -19.34% | -8.51% | 0.61% | 275.6% | 31.36% | 85.43% | 139.97% | 14.52% | 11.18% | 20.62% | 17.27% | 17.57% | 13.67% | 24.08% | 18.46% | -46.97% | -37.13% | 21.32% | -28.75% | -0.75% | -2.37% | -10.49% | -55.12% | -64.73% | -95.37% | 3.11% | -11.05% | -22.54% | -28.28% | -228.66% | -67.82% |
Operational instability and merger
According to reported financial statements, RPT's FFO/NI ratio reached an extreme 21.37 in 2025Q3, highlighting a profound disconnect between GAAP earnings and actual cash-based performance that suggests significant non-cash accounting distortions during the company's final periods of independent operation prior to its acquisition by Kimco Realty.
The extreme volatility in the FFO to Net Income relationship indicates that GAAP metrics were largely uninformative regarding the company's underlying cash-generating capacity. Investors should monitor these wide variances as evidence that standard accounting profit was heavily obscured by non-cash charges and merger-related adjustments.
As evidenced by the $74.0 million net loss reported in 2024Q1, GAAP net income consistently failed to reflect the economic reality of the portfolio, with the company's financial data showing persistent negative earnings that appear to be exacerbated by significant depreciation and amortization charges inherent in retail real estate.
The consistent divergence between GAAP net income and the company's operational cash flow suggests that the income statement was heavily burdened by non-cash expenses. This distortion makes it difficult to assess the true profitability of the retail assets without adjusting for the significant depreciation that characterizes the sector.
Based on the provided quarterly figures, RPT consistently paid dividends despite reporting negative operating cash flow in seven of the last ten quarters, which suggests that the company may have relied on external financing or asset sales to sustain distributions rather than internal cash generation.
The persistent payment of dividends during periods of negative operating cash flow warrants investigation into the sustainability of the company's capital allocation strategy. It appears that the dividend was not supported by recurring cash flow, potentially necessitating the use of debt or equity issuance to maintain payouts.
Financial data indicates that RPT experienced a negative $5.8 million in operating cash flow during 2025Q3, a trend that suggests the company's core operations were unable to cover basic overhead, let alone the capital requirements necessary to maintain its retail shopping center portfolio during the merger transition.
The recurring negative free cash flow suggests that the company's operational structure was likely unsustainable as a standalone entity. The lack of positive cash flow generation implies that the business model was heavily reliant on external capital to bridge the gap between property-level income and corporate-level obligations.
Quick answers to the most common questions about buying RPT stock.
Rithm Property Trust Inc. (RPT) generated $-4.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rithm Property Trust Inc. (RPT) reported negative free cash flow of $4.5M in 2025, indicating capital requirements exceeded cash from operations.
Rithm Property Trust Inc. (RPT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rithm Property Trust Inc. (RPT) returned $11.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.