RAIT Financial Trust (“RAIT”) (NYSE: RAS) today announced first quarter 2014 financial results.
- RAIT introduced a new non-GAAP financial measure – Cash Available for Distribution (“CAD”). CAD per share increased 22.2% to $0.22 for the quarter ended March 31, 2014 from $0.18 for the quarter ended March 31, 2013.
- Total revenues grew 15.4% to $67.3 million for the quarter ended March 31, 2014 from $58.3 million for the quarter ended March 31, 2013.
- On March 18, 2014, RAIT declared a first quarter 2014 common dividend of $0.17 per share, representing a 42% increase from the first quarter 2013 common dividend of $0.12 per common share. The first quarter common dividend record date was April 4, 2014 and was paid on April 30, 2014.
- Investments in mortgages and loans increased 11% to $1.24 billion at March 31, 2014 from $1.12 billion at December 31, 2013
- RAIT originated $224.5 million of loans during the quarter ended March 31, 2014 consisting of $175.6 million bridge loans, $45.9 million conduit loans and $3.0 million mezzanine loans. RAIT increased bridge loan originations 35% to $175.6 million during the quarter ended March 31, 2014 as compared to $130.3 million of bridge loan production for the entire year ended December 31, 2013.
- Average effective rent per unit per month in RAIT’s multifamily portfolio increased 4.2% to $767 for the quarter ended March 31, 2014 from $736 for the quarter ended March 31, 2013.
- As of March 31 2014, RAIT’s investments in real estate increased 20% to $1.2 billion from $1.0 billion at December 31, 2013.
- Rental income increased 29% to $35.2 million during the quarter ended March 31, 2014 from $27.2 million for the quarter ended March 31, 2013 driven largely by the acquisition of 14 properties totaling $7.4 million over the period.
- RAIT expanded its third party property management platform and now owns a retail focused property manager named Urban Retail Properties (“Urban”). Urban managed 62 properties representing 16.7 million square feet in 26 states as of March 31, 2014.
- In April 2014, RAIT completed a $196 million non-recourse, floating-rate CMBS transaction collateralized by first mortgage bridge loans and participations. A RAIT subsidiary sold $155.9 million of investment grade bonds representing an advance rate of approximately 79.5% and a weighted average coupon of LIBOR plus 1.79%. RAIT retained $40.2 million of the unrated bonds and equity.
- In January 2014, RAIT issued 10,000,000 common shares in an underwritten public offering. The public offering price was $8.52 per share and RAIT received $82.6 million of net proceeds. On April 14, 2014, RAIT issued $60 million aggregate principal amount of its 7.625% Senior Notes due 2024 (NYSE:RFT) in an underwritten public offering. RAIT received approximately $57.5 million of net proceeds.
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