Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 338

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 338
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, our marketing techniques and the size of our available inventory. 

Our revenues are derived primarily from rents collected from tenants for our SFR properties pursuant to lease agreements which typically have a term of one to two years. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. 

Once a property is available for its initial lease, we incur ongoing property-related expenses, which consist primarily of property taxes, insurance, HOA fees (when applicable), utility expenses, repairs and maintenance, leasing costs, marketing expenses and property administration. Prior to a property being rentable, certain of these expenses are capitalized as building and improvements. Once a property is rentable, expenditures for ordinary repairs and maintenance thereafter are expensed as incurred, and we capitalize expenditures that improve or extend the life of a property.

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The following table summarizes certain key SFR property metrics as of March 31, 2025 (dollars in thousands):

Number of SFR Properties% of Total SFR PropertiesNet Book Value% of Total Net Book ValueAverage Gross Book Value per Property% of Rented SFR Properties% of Occupied Properties% of Stabilized Occupied PropertiesAverage Monthly RentAverage Sq. Ft.Alabama912.3 %$16,658 1.6 %$183 87.9 %87.9 %94.1 %$1,579 1,540Arizona1433.6 %$53,572 5.3 %$375 95.1 %95.1 %97.1 %$1,982 1,519Florida81220.3 %$210,721 20.8 %$260 91.0 %91.1 %95.0 %$1,919 1,432Georgia73718.4 %$169,528 16.8 %$230 90.9 %90.9 %95.4 %$1,894 1,767Indiana1182.9 %$24,818 2.5 %$210 97.5 %97.5 %100.0 %$1,731 1,623Mississippi1573.9 %$30,971 3.1 %$197 91.1 %91