TPG RE Finance Trust Inc. (TRTX) Declares $0.43 Quarterly Dividend; 21.3% Yield

TPG RE Finance Trust Inc. (NYSE: TRTX) declared a quarterly dividend of $0.43 per share, or $1.72 annualized.

The dividend will be payable on April 24, 2020, to stockholders of record on March 27, 2020, with an ex-dividend date of March 26, 2020.

The annual yield on the dividend is 21.3 percent.

“Our thoughts are with everyone affected by COVID-19 as we work through changing daily challenges and prepare for an uncertain several weeks. We have commented many times on the depth of experience of our management team, and we believe it is invaluable now more than ever.

Our loan portfolio has been constructed with adverse market conditions in mind. We have focused on experienced, well-capitalized borrowers with significant cash equity. We have skewed strongly to office and multifamily assets, which together comprise 72% of our portfolio. In office, we have focused on major markets with top tier tenants and dependable cash flow. In multifamily, we focus on workforce, affordable housing, whose cash flow is more resilient in different economic conditions. We have deliberately scaled back exposure to hotel (13%) and retail (0.6%), making our exposure to CV-impacted asset classes significantly less than the 22% average of our mREIT peers. We recognize that in the near-term hotel revenues will be severely affected, but we are reassured by the fact that we have strong sponsors with significant cash equity to protect beyond this market interruption.

In volatile times, nothing is more important than liquidity. Our liquidity remains strong and is comparable to our reported liquidity at year-end. More than half of our liabilities are comprised of term financings, including our CLO’s. We anticipate prepayments will slow markedly, and our business plan reflects this. We have low future fundings in the near term as less than 1% of our portfolio is comprised of construction loans. Lastly, in the current environment of falling LIBOR, our LIBOR floors – at a weighted average of 1.63% - will provide a boost to cash earnings.

We are actively engaging with our lenders, borrowers and investors. The health and well-being of our people and broader community are of paramount importance. We will continue to maintain our focus and discipline as we work through this period of uncertainty, and we encourage continued dialogue with all of our stakeholders,” commented Greta Guggenheim, CEO and President of TPG RE Finance Trust, Inc.

For a dividend history and other dividend-related data on TPG RE Finance Trust Inc. (TRTX) click here.

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