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RAIT Financial Trust Announces Fourth Quarter And Fiscal 2013 Financial Results

Stocks in this article: RAS

RAIT Financial Trust (“RAIT”) (NYSE:RAS) today announced fourth quarter and fiscal 2013 financial results.

Highlights

  • Adjusted funds from operations (“AFFO”) per share increased 17% to $1.29 for the year ended December 31, 2013 from $1.10 for the year ended December 31, 2012. AFFO per share increased 3% to $0.34 for the quarter ended December 31, 2013 from $0.33 for the quarter ended December 31, 2012.
  • AFFO increased 64% to $87.7 million for the year ended December 31, 2013 from $53.4 million for the year ended December 31, 2012.
  • Operating income increased 113% to $64.9 million for the year ended December 31, 2013 from $30.5 million for the year ended December 31, 2012.
  • Fee and other income increased 125% to $28.8 million for the year ended December 31, 2013 from $12.8 million for the year ended December 31, 2012.
  • Total revenues grew 23% to $246.9 million for the year ended December 31, 2013 from $200.8 million for the year ended December 31, 2012.
  • RAIT increased loan originations 61% in 2013. RAIT originated $602.9 million of loans during the year ended December 31, 2013 consisting of $448.1 million conduit loans, $135.0 million bridge loans and $19.8 million mezzanine loans. RAIT originated $375.5 million of loans during the year ended December 31, 2012 consisting of $119.3 million conduit loans, $240.8 million bridge loans and $15.4 million mezzanine loans.
  • RAIT sold $406.9 million of conduit loans during the year ended December 31, 2013 which generated $18.4 million of fee income.
  • Average effective rent per unit per month in RAIT’s multifamily portfolio increased 4% to $756 for the quarter ended December 31, 2013 from $725 for the quarter ended December 31, 2012.
  • In December 2013, RAIT issued $125 million of its 4.00% Convertible Senior Notes due 2033 in an underwritten public offering and used the majority of the proceeds to repurchase $80.9 million of RAIT’s $115 million 7.00% Convertible Senior Notes due 2031.
  • RAIT declared 2013 common dividends of $0.56 per share, representing a 60% increase from the 2012 common dividends of $0.35 per common share.

Scott Schaeffer, RAIT’s Chairman and CEO, said, “During 2013 we successfully raised and deployed capital utilizing our commercial real estate platform which subsequently led to a 60% increase in the common dividend. Total revenues increased 23% over 2012 and loan originations increased 61% over 2012. Our apartment portfolio experienced more than 4% rental rate growth and we listed our subsidiary, Independence Realty Trust, an apartment equity REIT, on the NYSE MKT. In 2014, we expect to continue to profitably deploy capital into our lending business while managing and opportunistically growing the real estate portfolio.”

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