RAIT Financial Trust (“RAIT”) (NYSE: RAS) today announced fourth quarter and fiscal 2012 financial results.
- Adjusted funds from operations (“AFFO”) increased 39% to $16.9 million for the quarter ended December 31, 2012 from $12.1 million for the quarter ended December 31, 2011.
- AFFO per share increased 11% to $0.33 for the quarter ended December 31, 2012 from $0.30 for the quarter ended December 31, 2011.
- Operating income increased 164% to $11.3 million for the quarter ended December 31, 2012 from $4.3 million for the quarter ended December 31, 2011.
- Total revenues grew 16% to $54.9 million for the quarter ended December 31, 2012 from $47.5 million for the quarter ended December 31, 2011.
- RAIT originated $375.5 million of loans in 2012 consisting of $119.3 million CMBS loans, $240.8 million bridge loans and $15.4 million mezzanine loans.
- RAIT sold $97.9 million of CMBS loans during the year ended December 31, 2012 which generated $6.2 million of fee income. RAIT sold $56.8 million of CMBS loans during the quarter ended December 31, 2012 which generated $3.8 million of fee income.
- Rental income increased 9% to $27.1 million during the quarter ended December 31, 2012 from $24.8 million during the quarter ended December 31, 2011.
- Average effective rent per unit in RAIT’s multifamily portfolio increased 5% to $718 for the quarter ended December 31, 2012 from $681 for the quarter ended December 31, 2011.
- As of December 31, 2012, RAIT has approximately $500.0 million of capital available for investment into eligible bridge, mezzanine and CMBS loans.
- On December 21, 2012, RAIT raised net proceeds of approximately $49.1 million in an underwritten public offering of RAIT’s common shares. RAIT raised additional net proceeds of $7.4 million on January 16, 2013 when the overallotment option for this offering was exercised in full.
- On December 14, 2012, RAIT entered into a new $150 million facility with Column Financial, Inc., a subsidiary of Credit Suisse AG, to finance RAIT’s bridge lending business.
- RAIT declared a fourth quarter 2012 common dividend of $0.10 per share, representing a 11% increase from the prior quarter's dividend of $0.09 per common share and a 67% increase from the fourth quarter 2011 dividend of $0.06 per common share.
Scott Schaeffer, RAIT’s Chairman and CEO, said, “We continue executing on our multi-strategy approach of growing our core commercial real estate lending businesses and managing our property portfolio. During 2012, we funded more than $376 million of loans and sold $98 million CMBS loans. Net operating income, in our equity portfolio, increased 16% in the fourth quarter of 2012 compared to the fourth quarter of 2011. This success has led to a 67% increase in the common dividend from the fourth quarter of 2011 and has improved our access to capital. We remain focused on lending 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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