RAIT Financial Trust (fka RASFQ)

[MCArmel1]

RAIT Financial misses by $0.04, beats on revenue

Jul 31 2014, 07:53 ET | About: RAIT Financial Trust (RAS)

RAIT Financial (NYSE:RAS): Q2 EPS of $0.24 misses by $0.04.
Revenue of $73.3M (+25.1% Y/Y) beats by $38.39M.
Press Release

http://seekingalpha.com/news/1886725-rait-financial-misses-by-0_04-beats-on-revenue?app=1&uprof=45


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.

http://seekingalpha.com/pr/10629865-rait-financial-trust-announces-second-quarter-2014-financial-results