RAIT Financial Trust (“RAIT”) (NYSE: RAS) today announced second quarter 2012 financial results.
- Adjusted funds from operations (“AFFO”) increased 45% to $12.4 million for the quarter ended June 30, 2012 from $8.5 million for the quarter ended June 30, 2011.
- AFFO per share increased to $0.25 for the quarter ended June 30, 2012 from $0.22 for the quarter ended June 30, 2011.
- Total revenues grew 4% to $56.3 million for the quarter ended June 30, 2012 from $54.2 million for the quarter ended March 31, 2012.
- Operating income increased 48% to $6.5 million for the quarter ended June 30, 2012 from $4.4 million for the quarter ended June 30, 2011.
- Adjusted book value of $6.56 at June 30, 2012.
- RAIT funded $170.3 million in loans during the quarter ended June 30, 2012 and received $86.4 million from loan repayments during the quarter ended June 30, 2012. As of June 30, 2012, RAIT has approximately $275.4 million of capital available for investment into eligible bridge, mezzanine and CMBS loans.
- RAIT sold $4.6 million of CMBS loans into a securitization and generated a gain of $0.4 million during the quarter. Subsequent to quarter end, RAIT sold $19.1 million of CMBS loans into a securitization, generating a gain of $0.4 million.
- Rental income increased to $25.5 million during the quarter ended June 30, 2012 from $22.1 million during the quarter ended June 30, 2011.
- Declared a second quarter 2012 common dividend of $0.08 per share.
Scott Schaeffer, RAIT’s Chairman and CEO, said, “We’ve had strong loan originations in our core commercial real estate businesses. We funded more than $243 million of loans during the first half of the year, including $37 million small balance CMBS loans. Year to date, we’ve successfully securitized $24 million of CMBS loans. We look to build on this momentum during the second half of 2012.”
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