Second Quarter 2012 Results

RAIT reported AFFO, a non-GAAP financial measure, for the three-month period ended June 30, 2012 of $12.4 million, or $0.25 per share – diluted based on 49.9 million weighted-average shares outstanding – diluted, as compared to AFFO for the three-month period ended June 30, 2011 of $8.5 million, or $0.22 per share – diluted based on 38.1 million weighted-average shares outstanding – diluted. RAIT reported a net loss allocable to common shares for the three-month period ended June 30, 2012 of $7.0 million, or $0.14 total loss per share – diluted based on 49.9 million weighted-average shares outstanding – diluted, as compared to net loss allocable to common shares for the three-month period ended June 30, 2011 of $20.1 million, or $0.53 total loss per share – diluted based on 38.1 million weighted-average shares outstanding – diluted. The second quarter 2012 net loss includes $22.9 million of unrealized losses relating to non-cash mark-to-market adjustments in RAIT’s legacy Taberna portfolios and the associated hedges. Non-cash mark-to-market gains and losses are excluded from AFFO.

RAIT reported AFFO for the six-month period ended June 30, 2012 of $21.7 million, or $0.46 per share – diluted based on 47.0 million weighted-average shares outstanding – diluted, as compared to AFFO for the six-month period ended June 30, 2011 of $15.5 million, or $0.41 per share – diluted based on 37.3 million weighted-average shares outstanding – diluted. RAIT reported a net loss allocable to common shares for the six-month period ended June 30, 2012 of $114.0 million, or $2.42 total loss per share – diluted based on 47.0 million weighted-average shares outstanding – diluted, as compared to net loss allocable to common shares for the six-month period ended June 30, 2011 of $14.3 million, or $0.38 total loss per share – diluted based on 37.3 million weighted-average shares outstanding – diluted.

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