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Resource Capital Corporation's CEO Discusses Q1 2012 Earnings Call Transcript

Stocks in this article: RSO

From a financial standpoint, our Adjusted Funds From Operations or AFFO rose to $0.23 from $0.21 last quarter. We paid a sizeable and sustainable dividend of $0.20 for the quarter, and our book value per share increased to $5.46 per share from $5.38 per share as of December 31, 2011.

From an operational standpoint; we also faired well. While our real estate loan production only posed $17 million of net investment for the quarter, we did not sell any loans or get paid off on any loans. Our loan book actually grew.

In addition our pipeline for real estate loans grew substantially and we are in the process of closing $73 million of new real estate loans during the second quarter. As Dave Bloom will tell you, over 85% of our current real estate portfolio are now whole loans, senior loans, and less than 11% mezzanine positions.

We worked hard to obtain those ratios. Also late in the quarter we closed a $150 million warehouse line with Wells Fargo. This will really expand our ability to accelerate our whole loan origination and to generate additional growth. The world of real estate finance is finally [settling], and this should add I believe to our portfolio over the next few quarters.

Our Syndicated Bank Loan portfolio continued to perform well. Credit improved substantially across the entire company, provisions for loan decreased 64% from last quarter. This trend has continued over the last few quarters.

Our leasing joint venture continues to grow and improve its portfolio. We expect that venture to turn profitable later this year. We continue to be very excited about its prospect.

Without a doubt, the most exciting aspect of the last three months was all of the growth in our businesses. As compared to the quarter ending, March 31, 2011; this quarter we recorded revenues of 25.4 million versus 20.6 million a year ago; a tremendous achievement given the steadfastness of our debt-to-equity level.

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