Centerline Holding Co (fka CLNH)

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Centerline Holding Company Reports Fourth Quarter 2008

Financial Results

NEW YORK--(BUSINESS WIRE)--Mar. 10, 2009-- Centerline Holding Company (OTC:CLNH) (“Centerline” or the “Company”), the parent company of Centerline Capital Group, a provider of real estate financial and asset management services, today announced financial results for the fourth quarter and twelve months ended December 31, 2008.

Fourth Quarter Highlights:

Reported an adjusted Loss Per Share (“Adjusted EPS”)(a) of ($0.65) for the three months ended December 31, 2008, as compared to Adjusted EPS of ($0.98) for the three months ended December 31, 2007; Adjusted EPS, excluding certain non-cash items, was ($0.04) for the three months ended December 31, 2008, as compared to Adjusted EPS, excluding certain non-cash items of $0.30 for the three months ended December 31, 2007. Net Loss per diluted share was ($1.22) for the three months ended December 31, 2008, as compared to Net Loss per diluted share of ($1.15) for the three months ended December 31, 2007;
Closed an agreement with its bank lenders modifying the Company's corporate debt facilities and extending the maturity date of its term loan to December 31, 2009 and its revolving credit facility to September 30, 2010. Through the date of this news release, $19.2 million of the $68.9 million term loan balance outstanding as of December 31, 2008 has been repaid;
Expanded direct Assets Under Management (“AUM”) – AUM grew to over $14.0 billion, an increase of 17.6% over the fourth quarter of 2007;
Originated and delivered nearly $175.0 million of multifamily loans on behalf of Fannie Mae and Freddie Mac, with an additional $47.2 million of multifamily loans originated in the fourth quarter of 2008, closed and scheduled for purchase by Fannie Mae and Freddie Mac in the first quarter of 2009;
Raised $11.9 million of capital for Affordable Housing tax credit funds;
Maintained strong credit performance in its Fannie Mae and Freddie Mac servicing portfolio; at December 31, 2008, only three loans with an outstanding balance of $32.8 million were delinquent, representing 0.37% of our $8.8 billion agency servicing portfolio;
Maintained strong credit in its special servicing portfolio. At December 31, 2008, Centerline was the named special servicer on a portfolio of $113.8 billion. At that date, $973.9 million (or 0.86% of the portfolio) was delinquent, compared to the industry average of 1.16%, as reported by Trepp;
Recognized a $32.7 million non-cash goodwill impairment charge, a $2.0 million non-cash intangible asset impairment charge and a $15.9 million non-cash fixed asset impairment charge; and
Completed a refinancing of certain CMBS assets held on its balance sheet and repaid an existing repurchase loan facility. With this refinancing, Centerline has no remaining repurchase debt on its balance sheet.
(a) See “Selected Financial Data” for a reconciliation of GAAP net income (loss) to Adjusted EPS.

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