Seven Hills Realty Trust announced solid financial results for the third quarter ended September 30, 2024, reporting distributable earnings of $0.36 per share and net income of $0.23 per share. The company's loan commitments totaled $594 million, with $70.6 million in repayment proceeds received during the quarter. Income from loan investments, net, stood at $8.286 million.
The company maintained a conservative leverage profile with a debt-to-equity ratio of 1.4x, $82 million in cash on hand, and $318 million in unused financing capacity. The weighted average risk rating for the portfolio was 3.1, reflecting the quality of its loan book. Office loan exposure slightly increased to 30% due to multifamily loan payoffs, not new office originations.
SEVN declared a quarterly distribution of $0.35 per common share, payable on or about November 14, 2024. Management highlighted the diverse, high-quality portfolio and strong liquidity as key factors positioning the company to capitalize on its pipeline of opportunities in the fourth quarter.
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