RAIT Financial Trust Announces Second Quarter 2014 Financial Results Thu July 31, 2014 7:45 AM|Business Wire | About: RAS
PHILADELPHIA--(BUSINESS WIRE)-- RAIT Financial Trust (RAS) (RAIT) (NYSE:RAS) today announced second quarter 2014 financial results.
Financial Performance • Cash Available for Distribution (CAD) per share increased 41.2% to $0.24 for the quarter ended June 30, 2014 from $0.17 for the quarter ended June 30, 2013. • Total revenues grew 25.1% to $73.3 million for the quarter ended June 30, 2014 from $58.6 million for the quarter ended June 30, 2013.
Dividends • On June 12, 2014, RAIT declared a second quarter 2014 common dividend of $0.18 per share, representing a 38% increase from the second quarter 2013 common dividend of $0.13 per common share. The second quarter common dividend record date was July 11, 2014 and was paid on July 31, 2014.
CRE Loan Portfolio • Investments in mortgages and loans increased 17.9% to $1.32 billion at June 30, 2014 from $1.12 billion at December 31, 2013. • RAIT originated $246.3 million of loans during the quarter ended June 30, 2014 consisting of $112.8 million bridge loans, $119.7 million conduit loans and $13.8 million mezzanine loans. RAIT originated $470.8 million of loans for the six-month period ended June 30, 2014. • RAIT sold $46.9 million of conduit loans during the quarter ended June 30, 2014 which generated $2.8 million of fee income.
CRE Property Portfolio • Based upon properties owned as of June 30, 2014, average effective rent per unit per month in RAITs multifamily portfolio increased 7.5% to $799 for the quarter ended June 30, 2014 from $743 for the quarter ended June 30, 2013. • As of June 30, 2014, RAITs investments in real estate increased 30% to $1.3 billion from $1.0 billion at December 31, 2013. • Rental income increased 41% to $39.2 million during the quarter ended June 30, 2014 from $27.9 million for the quarter ended June 30, 2013 driven largely by the acquisition of 16 properties subsequent to June 30, 2013 which generated $10.6 million of rental income during the quarter ended June 30, 2014.
Assets Under Management • Assets under management increased 47% to $5.3 billion at June 30, 2014 from $3.6 billion at December 31, 2013 due primarily to inclusion of third party retail properties managed by RAITs retail-focused property manager beginning in 2014.
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