Revenue volatility remains extreme, evidenced by a negative $65.9 million print in 2024Q1 and NOI margins that fluctuated between -23.4% and 89.5% over the last ten quarters.
| 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 |
|---|
| Revenue | 38.26M | 52.8M | 47.22M | -16.86M | 217.66M | 75.76M | 28.53M | 234.09M | 260.62M | 265.08M | 260.93M | 251.79M | 218.36M | 170.07M | 128.74M | 121.32M | 119.76M | 124.14M | 142.19M | 153.25M | 153.25M | 141.62M | 131.9M | 108.4M | 91.22M | 90.97M | 92.33M | 85.27M | 76.75M | 59.24M | 40.51M |
| Revenue Growth % | 76.1% | 11.82% | 380.09% | -107.75% | 187.28% | 165.55% | -87.81% | -10.18% | -1.68% | 1.59% | 3.63% | 15.31% | 28.4% | 32.1% | 6.11% | 1.3% | -3.53% | -12.69% | -7.22% | 0% | 8.21% | 7.38% | 21.67% | 18.83% | 0.27% | -1.47% | 8.27% | 11.1% | 29.56% | 46.23% | 142.35% |
| Property Operating Expenses | 20.98M | 8.22M | 4.17M | 67.42M | 66.71M | 7.43M | 0 | 71.51M | 73.29M | 74.78M | 74.89M | 73.61M | 62.43M | 46.36M | 35.79M | 36.4M | 36.59M | 37.88M | 28.41M | 23.86M | 24.62M | 20.99M | 20.52M | 19.1M | 13.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 17.28M | 44.58M | 43.05M | -16.86M | 150.95M | 68.33M | 28.53M | 162.58M | 187.33M | 190.3M | 186.03M | 178.18M | 155.94M | 123.71M | 92.94M | 84.92M | 83.17M | 86.26M | 113.77M | 129.4M | 128.63M | 120.64M | 111.37M | 89.3M | 77.78M | 90.97M | 92.33M | 85.27M | 76.75M | 59.24M | 40.51M |
| NOI Margin % | 45.17% | 84.44% | 91.16% | 100% | 69.35% | 90.19% | 100% | 69.45% | 71.88% | 71.79% | 71.3% | 70.76% | 71.41% | 72.74% | 72.2% | 70% | 69.44% | 69.49% | 80.02% | 84.43% | 83.93% | 85.18% | 84.44% | 82.38% | 85.26% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 15.4M | 5.66M | 28.1M | -16.86M | 116.15M | 12.96M | 28.53M | 108.56M | 121.19M | 117.49M | 113.83M | 109.52M | 102.85M | 78.58M | 58.92M | 55.91M | 21.53M | 82.19M | 94.98M | 99.8M | 93.67M | 128.65M | 109.53M | 97.12M | 80.75M | 77.67M | 74.56M | 68.31M | 64.34M | 46.39M | 37.85M |
| G&A Expenses | 6.37M | 14.03M | 3.42M | 3.27M | 36.7M | 12.96M | 1.99M | 29.91M | 33.86M | 26.16M | 22.04M | 20.08M | 21.67M | 22.27M | 19.45M | 19.65M | 18.33M | 13.45M | 15.8M | 14.29M | 13M | 13.51M | 11.14M | 8.52M | 8.83M | 8.34M | 5.52M | 5.96M | 5.83M | 4.75M | 4.68M |
| EBITDA | 1.88M | 38.92M | -44.43M | -46.18M | 37.93M | 127.63M | 0 | 133.28M | 139.59M | 154.73M | 162.7M | 154.94M | 104.51M | 101.43M | 47.6M | 65.28M | 64.83M | 37.35M | 37.71M | 90.43M | 46.84M | 43.11M | 47.49M | 34.52M | 28.21M | 30.39M | 33.04M | 30.27M | 24.6M | 21.07M | 7.46M |
| EBITDA Margin % | 4.9% | 73.71% | -94.09% | 273.92% | 17.43% | 168.46% | 0% | 56.94% | 53.56% | 58.37% | 62.35% | 61.53% | 47.86% | 59.64% | 36.98% | 53.8% | 54.14% | 30.09% | 26.52% | 59.01% | 30.57% | 30.44% | 36.01% | 31.84% | 30.92% | 33.4% | 35.78% | 35.5% | 32.05% | 35.57% | 18.43% |
| Depreciation & Amortization | 0 | 0 | 0 | 534K | 444K | 72.25M | 302K | 79.26M | 87.33M | 91.33M | 91.79M | 89.44M | 81.18M | 56.3M | 39.48M | 36.26M | 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 |
| D&A / Revenue % | 0% | 0% | 0% | -3.17% | 0.2% | 95.37% | 1.06% | 33.86% | 33.51% | 34.46% | 35.18% | 35.52% | 37.18% | 33.11% | 30.67% | 29.88% | 26.71% | 24.86% | 22.59% | 24.13% | 21.32% | 21.28% | 20.84% | 21.2% | 19.44% | 18.78% | 16.54% | 15.61% | 15.88% | 13.87% | 11.84% |
| Operating Income | 11.35M | 1.53M | -44.43M | -46.71M | 37.49M | 55.38M | 0 | 54.02M | 52.26M | 63.4M | 70.91M | 65.5M | 23.33M | 45.13M | 8.13M | 29.02M | 32.84M | 6.48M | 5.59M | 53.45M | 14.17M | 12.97M | 20M | 11.54M | 10.47M | 13.3M | 17.76M | 16.96M | 12.41M | 12.86M | 2.67M |
| Operating Margin % | 29.67% | 2.91% | -94.09% | 277.09% | 17.22% | 73.09% | 0% | 23.08% | 20.05% | 23.92% | 27.18% | 26.01% | 10.68% | 26.54% | 6.31% | 23.92% | 27.43% | 5.22% | 3.93% | 34.88% | 9.25% | 9.16% | 15.16% | 10.65% | 11.48% | 14.62% | 19.24% | 19.89% | 16.17% | 21.7% | 6.58% |
| Interest Expense | 4M | 37.39M | 43.57M | 59.29M | 35.59M | 37.02M | 39.32M | 40.06M | 43.44M | 44.87M | 43.07M | 40.78M | 33.74M | 29.07M | 25.89M | 28.14M | 35.36M | 31.09M | 36.52M | 42.61M | 45.41M | 42.42M | 38.35M | 29.43M | 26.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.04x | -1.02x | -0.01x | 3.41x | 1.50x | -0.01x | 3.34x | 1.42x | 2.58x | 2.43x | 2.65x | 4.96x | 4.28x | 3.84x | 0.70x | -0.16x | 1.27x | 1.64x | 1.25x | 1.78x | 1.44x | 1.46x | 1.38x | 1.42x | - | - | - | - | - | - |
| Non-Operating Income | 5.67M | 0 | -89.17M | 534K | -83.88M | 55.38M | 302K | -79.9M | -9.41M | -52.33M | -33.57M | -42.52M | -13.49M | -22.9M | -25.93M | 9.26M | -16.21M | -33.05M | -36.3M | 0 | -66.86M | -47.94M | -35.98M | -28.98M | -26.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 3.07M | 1.53M | -92.91M | -46.71M | 85.78M | 42.07M | 33.57M | 91.69M | 18.23M | 70.86M | 61.41M | 67.23M | -2.36M | 8.44M | 8.62M | -36.51M | -23.72M | -2.22M | 23.5M | 38.67M | 35.62M | 18.49M | 16.64M | 11.09M | 11.01M | 13.86M | 21.56M | 17.96M | 0 | 0 | 0 |
| Pretax Margin % | 8.02% | 2.91% | -196.75% | 277.09% | 39.41% | 55.53% | 117.66% | 39.17% | 7% | 26.73% | 23.54% | 26.7% | -1.08% | 4.96% | 6.7% | -30.1% | -19.81% | -1.79% | 16.53% | 25.24% | 23.25% | 13.06% | 12.62% | 10.23% | 12.06% | 15.24% | 23.35% | 21.06% | 0% | 0% | 0% |
| Income Tax | 191K | 60K | 145K | 243K | 2.83M | 293K | -39K | 179K | 198K | 143K | 299K | 339K | 54K | 64K | -34K | 795K | 81.56M | 29.56M | 26.21M | 14.78M | 0 | 0 | 7.25M | 0 | 0 | 0 | 6.01M | 5.12M | 3.75M | 3.66M | 2.38M |
| Effective Tax Rate % | 6.23% | 3.91% | -0.16% | -0.52% | 3.31% | 0.7% | -0.12% | 0.2% | 1.09% | 0.2% | 0.49% | 0.5% | -2.29% | 0.76% | -0.39% | -2.18% | -343.78% | -1333.8% | 111.55% | 38.22% | 0% | 0% | 43.54% | 0% | 0% | 0% | 27.87% | 28.51% | - | - | - |
| Net Income | 2.88M | 1.47M | -91.83M | -47.07M | -15.01M | 41.85M | 28.5M | 91.51M | 17.62M | 69.06M | 59.66M | 65.11M | -2.36M | 11M | 7.2M | -26.76M | -20.15M | 13.72M | 23.5M | 38.67M | 35.62M | 18.49M | 15.12M | 11.09M | 11.01M | 13.86M | 11.76M | 11.84M | 8.66M | 9.2M | 292K |
| Net Margin % | 7.52% | 2.79% | -194.48% | 279.2% | -6.9% | 55.24% | 99.88% | 39.09% | 6.76% | 26.05% | 22.87% | 25.86% | -1.08% | 6.47% | 5.6% | -22.06% | -16.82% | 11.05% | 16.53% | 25.24% | 23.25% | 13.06% | 11.46% | 10.23% | 12.06% | 15.24% | 12.73% | 13.88% | 11.28% | 15.53% | 0.72% |
| Net Income Growth % | 113.53% | 101.6% | -95.1% | -213.58% | -135.86% | 46.88% | -68.86% | 419.39% | -74.49% | 15.75% | -8.36% | 2854.19% | -121.5% | 52.65% | 126.92% | -32.81% | -246.85% | -41.62% | -39.23% | 8.56% | 92.64% | 22.31% | 36.3% | 0.79% | -20.61% | 17.92% | -0.7% | 36.74% | -5.87% | 3050% | -91.75% |
| Funds From Operations (FFO) | 0 | 1.47M | -91.83M | -46.54M | -14.57M | 114.11M | 28.8M | 170.77M | 104.95M | 160.4M | 151.46M | 154.55M | 78.82M | 67.3M | 46.68M | 9.5M | 11.84M | 44.59M | 55.62M | 75.65M | 68.3M | 48.63M | 42.61M | 34.07M | 28.74M | 30.95M | 27.03M | 25.15M | 20.85M | 17.41M | 5.09M |
| FFO Margin % | 0% | 2.79% | -194.48% | 276.04% | -6.69% | 150.61% | 100.94% | 72.95% | 40.27% | 60.51% | 58.05% | 61.38% | 36.09% | 39.57% | 36.26% | 7.83% | 9.89% | 35.92% | 39.12% | 49.36% | 44.57% | 34.34% | 32.31% | 31.43% | 31.51% | 34.02% | 29.28% | 29.49% | 27.16% | 29.39% | 12.56% |
| FFO Growth % | 0% | - | - | -219.47% | -112.77% | 296.24% | -83.14% | 62.72% | -34.57% | 5.9% | -2% | 96.08% | 17.11% | 44.17% | 391.56% | -19.8% | -73.44% | -19.84% | -26.48% | 10.76% | 40.45% | 14.12% | 25.07% | 18.53% | -7.12% | 14.49% | 7.48% | 20.64% | 19.71% | 242.12% | 11.77% |
| FFO per Share | 0.00 | 0.19 | -13.71 | -11.50 | -1.02 | 8.32 | 2.16 | 11.68 | 7.86 | 12.10 | 11.44 | 11.73 | 6.56 | 6.76 | 6.30 | 1.48 | 2.03 | 12.05 | 15.60 | 24.50 | 24.51 | 17.28 | 15.01 | 14.46 | 16.23 | 26.06 | 22.57 | 20.91 | 17.46 | 14.62 | 4.18 |
| FFO Payout Ratio % | - | 748.98% | -12.46% | -44.24% | -349.67% | 25.37% | 149.01% | 46.28% | 75.13% | 49.01% | 50.23% | 47.07% | 80.08% | 72.71% | 80.11% | 301.52% | 190.01% | 45.93% | 11.23% | 49.02% | 53.41% | 74.03% | 75.24% | 72.95% | 63.49% | 49.44% | 57.21% | 61.15% | 63.11% | 68.72% | 187.52% |
| EPS (Diluted) | 0.38 | -0.36 | -13.74 | -12.06 | -1.98 | 4.50 | -0.78 | 6.24 | 1.32 | 4.68 | 3.96 | 4.38 | -0.20 | 0.36 | 0.96 | -4.20 | -3.42 | 3.72 | 7.56 | 11.46 | 10.38 | 4.20 | 3.60 | 3.42 | 6.66 | 8.82 | 7.02 | 7.02 | 5.88 | 7.50 | 0.24 |
| EPS Growth % | 90.42% | 97.38% | -13.93% | -509.09% | -144% | 676.92% | -112.5% | 372.73% | -71.79% | 18.18% | -9.59% | 2325.61% | -154.67% | -62.5% | 122.86% | -22.81% | -191.94% | -50.79% | -34.03% | 10.4% | 147.14% | 16.67% | 5.26% | -48.65% | -24.49% | 25.64% | 0% | 19.39% | -21.6% | 3025% | -92% |
| EPS (Basic) | - | -0.36 | -13.74 | -12.06 | -2.04 | 4.56 | -0.78 | 6.90 | 1.32 | 4.68 | 3.96 | 4.38 | -0.20 | 0.36 | 0.96 | -4.20 | -3.42 | 3.72 | 7.56 | 11.52 | 10.44 | 4.20 | 3.66 | 3.48 | 6.72 | 8.88 | 7.02 | 7.02 | 5.94 | 7.50 | 0.24 |
| Diluted Shares Outstanding | 7.62M | 7.57M | 6.7M | 4.05M | 14.25M | 13.72M | 13.33M | 14.62M | 13.35M | 13.26M | 13.24M | 13.17M | 12.02M | 9.95M | 7.41M | 6.41M | 5.84M | 3.7M | 3.57M | 3.09M | 2.79M | 2.81M | 2.84M | 2.36M | 1.77M | 1.19M | 1.2M | 1.2M | 1.19M | 1.19M | 1.22M |
Operational instability and merger
As reported in recent financial filings, RPT experienced extreme revenue volatility, including a negative $65.9 million revenue print in 2024Q1, which suggests significant accounting adjustments or asset divestitures that complicate the assessment of underlying organic growth trends within the company's open-air shopping center portfolio.
The wild swings in quarterly revenue and NOI margins, ranging from negative territory to 89.5%, indicate that the company's operational performance is currently obscured by non-recurring items or structural changes. Investors should monitor whether these fluctuations represent legacy accounting clean-ups or fundamental instability in the property-level income stream.
Based on the provided income statement data, NOI margins have fluctuated wildly between -23.4% and 89.5% over the last ten quarters, suggesting that the company's ability to manage property-level operating expenses is currently compromised by significant volatility in its core rental income generation.
The lack of margin stability implies that the company may be struggling with high fixed-cost absorption during periods of lower occupancy or revenue recognition issues. Such erratic profitability metrics warrant extreme caution, as they suggest the property-level cost structure is not currently optimized for consistent cash flow generation.
According to historical context and financial statements, the company's recent performance reflects a period of severe operational disruption, culminating in a negative $73.9 million FFO in 2024Q1, which appears to be a direct consequence of the strategic transition and eventual acquisition by Kimco Realty.
The negative FFO and EPS figures during the 2024 period highlight the severe financial strain that likely necessitated the merger. Analysts should view these figures as a reflection of a business in transition rather than a baseline for future operational performance under the new ownership structure.
Financial data indicates that GAAP net income has been consistently negative or highly volatile, with a $74.0 million loss in 2024Q1, suggesting that standard accounting metrics are failing to capture the true economic reality of the company's retail asset portfolio during its final independent quarters.
The extreme divergence between revenue and net income suggests that significant non-cash charges or one-time transaction costs are heavily impacting the bottom line. Investors should be wary of relying on these GAAP figures, as they likely overstate the severity of the operational decline while masking potential underlying asset value.
Quick answers to the most common questions about buying RPT stock.
For fiscal year 2025, Rithm Property Trust Inc. (RPT) reported total revenue of $52.8M. This represents a 30.3% increase compared to $40.5M in 1996.
Rithm Property Trust Inc. (RPT) is profitable, generating $1.5M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
Rithm Property Trust Inc. (RPT) reported an operating income of $1.5M, resulting in an operating profit margin of 2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Rithm Property Trust Inc. (RPT) generated $44.6M in gross profit for the year, representing a gross profit margin of 84.4%. This demonstrates the company's core pricing power and production efficiency.