Centerline Holding Company Reports First Quarter 2009 Financial Results
NEW YORK, May 15, 2009 (BUSINESS WIRE) -- Centerline Holding Company (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 first quarter ended March 31, 2009.
First Quarter 2009 Highlights: -- For the three months ended March 31, 2009, the Company reported a net loss attributable to Centerline shareholders(1) of ($0.62) per share, as compared to a net loss of ($0.75) per share for the three months ended March 31, 2008; earnings per share ("EPS")(1), excluding certain non-cash items, was ($0.20) for the three months ended March 31, 2009, as compared to EPS, excluding certain non-cash items of ($0.15), for the three months ended March 31, 2008; -- Cash flow from operations, excluding investments in mortgage loans held for sale, was $5.6 million for the three months ended March 31, 2009; -- Net loss was driven primarily by lower business volume and lower interest income in the first quarter 2009, as compared to the same period in 2008, and impairment of investments; -- Centerline paid down the outstanding balance of its senior credit facility debt by $32.1 million to $264.8 million, from 2008 year-end levels of $296.9 million and repaid $3.8 million of the $13.8 million commercial mortgage-backed securities ("CMBS") term loan balance outstanding as of December 31, 2008. Since March 31, 2009 through the date of this press release, Centerline has paid down an additional $21.0 million of its senior credit facility debt; -- Centerline had direct assets under management ("AUM")(2) of more than $14.3 billion as of March 31, 2009; -- Centerline originated $88.4 million of multifamily loans on behalf of Fannie Mae and Freddie Mac in the first quarter of 2009, and raised $38.4 million of capital for Affordable Housing tax-credit funds. In April 2009, it originated $61.8 million of additional multifamily loans and closed an additional $110.3 million of multifamily loans awaiting settlement on behalf of Fannie Mae and Freddie Mac; -- The Company maintained strong credit performance in its Fannie Mae and Freddie Mac servicing portfolio; at March 31, 2009, only six loans, with an outstanding balance of $32.5 million, were delinquent, representing 0.37% of its $8.8 billion agency servicing portfolio; -- Centerline's credit performance in its CMBS special servicing portfolio continued to outperform the market. As of March 31, 2009, Centerline was the named special servicer on a portfolio of $112.3 billion. At that date, $1.9 billion (or 1.71% of the portfolio) was delinquent, compared to an industry average of 1.98%, as reported by Trepp; and -- The Company launched a new business venture, Centerline Real Estate Solutions LLC, established to provide asset management and special servicing, including construction and development monitoring and administration, for third-party owners of commercial real estate loan portfolios outside the CMBS arena. (1) See "Selected Financial Data" for a reconciliation of GAAP net income (loss) attributable to Centerline Holding Company shareholders to EPS (excluding certain non-cash items). (2) See AUM table and footnotes. Financial Results The table below summarizes Centerline's financial results for the three months ended March 31, 2009:
Three Months Ended March 31,(in thousands, except per share data) 2009 2008Revenues $ 112,737 $ 134,187Revenues as adjusted(1) $ 51,134 $ 66,209Expenses $ 321,075 $ 163,137Expenses as adjusted(1) $ 79,871 $ 95,699Other items $ (120,019 ) $ (101,178 )Other items as adjusted(1) $ (5,880 ) $ 299Income tax provision $ (115 ) $ (1,049 )Net Loss Attributable to Centerline Shareholders $ (26,948 ) $ (21,639 )Net Loss Attributable Centerline Shareholders (excluding certain $ (6,173 ) $ (2,489 )non-cash items)(2)Per Share Data (diluted):Net Loss Attributable to Centerline Shareholders $ (0.62 ) $ (0.75 )EPS (excluding certain non-cash items)(2) $ (0.20 ) $ (0.15 )(1) Adjusted to exclude Consolidated Partnerships. See "Adjusted Revenues" and "Selected Financial Data" for a discussion of the use of Adjusted Revenues. (2) See "Selected Financial Data" for a reconciliation of GAAP net income (loss) attributable to Centerline Holding Company Shareholders to EPS (excluding non-cash items).
News 
Market Data 
Discover 
