RAIT Financial Trust (fka RASFQ)

[MCArmel1]

RAIT Financial FFO of $0.03

Oct 30 2014, 08:24 ET | About: RAIT Financial Trust (RAS) | By: Gaurav Batavia, SA News Editor

RAIT Financial (NYSE:RAS): Q3 FFO of $0.03
Revenue of $75.3M (+20.7% Y/Y) beats by $39.47M.
Press Release


http://seekingalpha.com/news/2076575-rait-financial-ffo-of-0_03?uprof=45#email_link


RAIT Financial Trust Announces Third Quarter 2014 Financial Results
Thu October 30, 2014 8:00 AM|Business Wire | About: RAS

PHILADELPHIA--(BUSINESS WIRE)-- RAIT Financial Trust (RAS) (RAIT) (NYSE: RAS) today announced third quarter 2014 financial results.

Financial Performance
• Total revenues grew 20.7% to $75.3 million for the quarter ended September 30, 2014 from $62.4 million for the quarter ended September 30, 2013.
• Cash Available for Distribution (CAD) per share was $0.00 for the quarter ended September 30, 2014 as a result of the previously announced SEC (SCUR) settlement charge pertaining to Taberna Capital Management of $21.5 million or $0.26 per share.

Dividends
• On September 15, 2014, RAIT declared a third quarter 2014 common dividend of $0.18 per share, representing a 20% increase from the third quarter 2013 common dividend of $0.15 per common share. The third quarter common dividend record date was October 7, 2014 and will be paid on October 31, 2014. RAITs board expects to declare a fourth quarter dividend of at least $0.18 per common share.

CRE Loan Portfolio
• Investments in mortgages and loans increased 22.0% to $1.37 billion at September 30, 2014 from $1.12 billion at December 31, 2013.
• RAIT originated $255.8 million of loans during the quarter ended September 30, 2014 consisting of $102.1 million bridge loans and $153.7 million conduit loans. RAIT originated $726.5 million of loans for the nine-month period ended September 30, 2014.
• RAIT sold $119.6 million of conduit loans during the quarter ended September 30, 2014 which generated $3.5 million of fee income.

CRE Property Portfolio
• Average effective rent per unit per month in RAITs multifamily portfolio increased 6.6% to $811 for the quarter ended September 30, 2014 from $761 for the quarter ended September 30, 2013.
• As of September 30, 2014, RAITs investments in real estate increased 39% to $1.4 billion from $1.0 billion at December 31, 2013.
• Rental income increased 43% to $41.8 million during the quarter ended September 30, 2014 from $29.2 million for the quarter ended September 30, 2013 driven largely by the acquisition of 20 properties subsequent to September 30, 2013 which generated $11.0 million of rental income during the quarter ended September 30, 2014.

Assets Under Management
• Assets under management increased 52% to $5.4 billion at September 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.

Liquidity
• In August 2014, RAIT issued $71.9 million aggregate principal amount of its 7.125% Senior Notes due 2019 (NYSE: RFTA) in an underwritten public offering. RAIT received approximately $69.2 million of net proceeds.

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http://seekingalpha.com/pr/11499885-rait-financial-trust-announces-third-quarter-2014-financial-results