Seven Hills Realty Trust Q3 net income $2.5M ($0.24/shr); completes merger with Tremont Mortgage Trust

Seven Hills Realty Trust

2021-Q3 EPS reported $0.39

Net income $2.484M ($0.24 diluted), up 114% from $1.16M in Q2 2021; distributable earnings also $0.24 per share.
Completed merger with Tremont Mortgage Trust on Sept 30, 2021; acquired 10 loans with $218.2M commitments; combined portfolio $525.9M.
Funded $76.1M in new first mortgage loans during Q3; combined pro forma Q3 originations $139.5M.
Paid $0.15/share quarterly distribution; adjusted book value $18.83, down 0.4% from Q2 due to $36.4M purchase discount to be accreted.
Pro forma Q3 net income $1.02/share, distributable earnings $0.22/share; all loans current on debt service.

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