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RAIT Financial Trust Announces Third Quarter 2012 Financial Results

RAIT Financial Trust (“RAIT”) (NYSE: RAS) today announced third quarter 2012 financial results.

  • Adjusted funds from operations (“AFFO”) increased 67% to $14.9 million for the quarter ended September 30, 2012 from $8.9 million for the quarter ended September 30, 2011.
  • AFFO per share increased 30% to $0.30 for the quarter ended September 30, 2012 from $0.23 for the quarter ended September 30, 2011.
  • Operating income increased 129% to $9.4 million for the quarter ended September 30, 2012 from $4.1 million for the quarter ended September 30, 2011.
  • Total revenues grew 7% to $60.3 million for the quarter ended September 30, 2012 from $56.3 million for the quarter ended June 30, 2012.
  • RAIT sold $36.5 million of CMBS loans and generated $2.1 million of fee income for the quarter ended September 30, 2012.
  • As of September 30, 2012, RAIT has approximately $290.7 million of capital available for investment into eligible bridge, mezzanine and CMBS loans.
  • Rental income increased to $26.4 million during the quarter ended September 30, 2012 from $23.6 million during the quarter ended September 30, 2011.
  • RAIT declared a third quarter 2012 common dividend of $0.09 per share, representing a 12.5% increase from the prior quarter's dividend of $0.08 per common share and a 50% increase from the fourth quarter 2011 dividend of $0.06 per common share.
  • Adjusted book value increased to $6.65 at September 30, 2012 from $6.56 at June 30, 2012.
  • On October 1, 2012, ARS VI Investor I, LLC (the “Investor”), an affiliate of Almanac Realty Investors, LLC, committed to invest $100 million in securities issued by RAIT. The Investor made its first $20 million investment in RAIT pursuant to this commitment on October 17, 2012. RAIT expects to use proceeds received pursuant to this commitment to fund RAIT’s expanding loan origination and investment activities, including CMBS and bridge lending.

Scott Schaeffer, RAIT’s Chairman and CEO, said, “We continue growing our core commercial real estate lending businesses. We funded more than $285 million of loans during the first nine months of the year, including $50 million small balance CMBS loans. Year to date, we’ve securitized $41.9 million of CMBS loans. This success has led to a 50% increase in the common dividend from the fourth quarter of 2011 and has improved our access to capital. We remain focused on lending, accretively, against cash-flowing commercial real estate properties with the goal of delivering a consistent and steadily growing common dividend to our shareholders.”

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