Seven Hills Realty Trust Files Q3 2024 10-Q

TL;DR

SEVN's Q3 2024 10-Q is in. Check financials.

AI Summary

Seven Hills Realty Trust (SEVN) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its real estate investment trust operations. Specific financial figures and operational details for the third quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors with a detailed look at Seven Hills Realty Trust's financial health and operational performance during the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, SEVN is subject to market fluctuations and interest rate risks inherent in the real estate sector.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
• 2024-10-28 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Seven Hills Realty Trust (company) — Filer of the 10-Q
• SEVN (company) — Ticker symbol for Seven Hills Realty Trust
• 20240930 (date) — End of the reporting period
• 20241028 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — s common shares of beneficial interest, $0.001 par value per share, outstanding as of

Filing Documents

• sevn-20240930.htm (10-Q) — 1280KB
• citi-tremontxfirstamendm.htm (EX-10.6) — 12KB
• sevn_093024xexhibitx311.htm (EX-31.1) — 10KB
• sevn_093024xexhibitx312.htm (EX-31.2) — 10KB
• sevn_093024xexhibitx313.htm (EX-31.3) — 10KB
• sevn_093024xexhibitx314.htm (EX-31.4) — 10KB
• sevn_093024xexhibitx321.htm (EX-32.1) — 8KB
• citi-tremontxfirstamendm001.jpg (GRAPHIC) — 224KB
• citi-tremontxfirstamendm002.jpg (GRAPHIC) — 271KB
• citi-tremontxfirstamendm003.jpg (GRAPHIC) — 151KB
• citi-tremontxfirstamendm004.jpg (GRAPHIC) — 46KB
• citi-tremontxfirstamendm005.jpg (GRAPHIC) — 42KB
• citi-tremontxfirstamendm006.jpg (GRAPHIC) — 101KB
• 0001452477-24-000042.txt ( ) — 6964KB
• sevn-20240930.xsd (EX-101.SCH) — 40KB
• sevn-20240930_cal.xml (EX-101.CAL) — 59KB
• sevn-20240930_def.xml (EX-101.DEF) — 112KB
• sevn-20240930_lab.xml (EX-101.LAB) — 392KB
• sevn-20240930_pre.xml (EX-101.PRE) — 257KB
• sevn-20240930_htm.xml (XML) — 996KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets — September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations — Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Shareholders' Equity — Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows — Nine Months Ended September 30, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 Warning Concerning Forward-Looking Statements 30 PART II Other Information 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 6. Exhibits 32

Signatures

Signatures 33 References in this Quarterly Report on Form 10-Q to "SEVN", "we", "us" or "our" mean Seven Hills Realty Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise. Table of Contents

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements SEVEN HILLS REALTY TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited) September 30, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 82,197 $ 87,855 Loans held for investment 557,226 626,462 Allowance for credit losses ( 7,282 ) ( 4,376 ) Loans held for investment, net 549,944 622,086 Real estate owned, net 11,182 11,278 Acquired real estate leases, net 3,537 4,137 Accrued interest receivable 3,014 3,632 Prepaid expenses and other assets, net 2,702 2,537 Total assets $ 652,576 $ 731,525 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable, accrued liabilities and other liabilities $ 4,757 $ 3,808 Secured financing facilities, net 375,928 454,422 Due to related persons 2,385 2,047 Total liabilities 383,070 460,277 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $ 0.001 par value per share; 25,000,000 shares authorized; 14,906,453 and 14,811,410 shares issued and outstanding, respectively 15 15 Additional paid in capital 240,316 239,443 Cumulative net income 84,601 71,660 Cumulative distributions ( 55,426 ) ( 39,870 ) Total shareholders' equity 269,506 271,248 Total liabilities and shareholders' equity $ 652,576 $ 731,525 See accompanying notes. 1 Table of Contents SEVEN HILLS REALTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 INCOME FROM INVESTMENTS: Interest and related income $ 15,741 $ 17,137 $ 48,467 $ 48,814 Purchase discount accretion 420 1,075 2,347 3,307 Less: interest and related expenses ( 7,875 ) ( 8,979 ) ( 24,933 ) ( 24,600 ) Income from loan investments, net 8,286 9,233 25,881 27,521 Revenue from real estate owned 571 565 1,718 714 Total revenue 8,857 9,798 27,599 28,235 OTHER EXPENSES: Base management fees 1,083 1,07

View Full Filing

View this 10-Q filing on SEC EDGAR