RAIT Financial Trust Announces Second Quarter 2013 Financial Results

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

Highlights
  • Adjusted funds from operations (“AFFO”) increased 78% to $22.1 million for the quarter ended June 30, 2013 from $12.4 million for the quarter ended June 30, 2012.
  • AFFO per share increased 28% to $0.32 for the quarter ended June 30, 2013 from $0.25 for the quarter ended June 30, 2012.
  • Operating income increased 126% to $14.7 million for the quarter ended June 30, 2013 from $6.5 million for the quarter ended June 30, 2012.
  • Total revenues grew 22% to $58.6 million for the quarter ended June 30, 2013 from $47.9 million for the quarter ended June 30, 2012.
  • RAIT originated $170.8 million of loans in the quarter ended June 30, 2013 consisting of $139.0 million conduit loans, $19.2 million bridge loans and a $12.6 million mezzanine loan. RAIT originated $265.7 million of loans in the six-month period ended June 30, 2013.
  • RAIT sold $78.8 million of conduit loans during the quarter ended June 30, 2013 which generated $4.5 million of fee income. RAIT sold $120.2 million of conduit loans during the six-months ended June 30, 2013 and generated $7.7 million of fee income.
  • Rental income increased 9% to $27.9 million during the quarter ended June 30, 2013 from $25.5 million during the quarter ended June 30, 2012.
  • Average effective rent per unit per month in RAIT’s multifamily portfolio increased 5% to $727 for the quarter ended June 30, 2013 from $695 for the quarter ended June 30, 2012.
  • On April 3, 2013, RAIT raised proceeds of $70.2 million in an underwritten public offering of RAIT’s common shares.
  • RAIT declared a second quarter 2013 common dividend of $0.13 per share, representing an 8% increase from the prior quarter's dividend of $0.12 per common share and a 63% increase from the second quarter 2012 dividend of $0.08 per common share.

Scott Schaeffer, RAIT’s Chairman and CEO, said, “The second quarter results demonstrate our ability to profitably deploy capital into our lending lines and to manage our existing real estate portfolio. During the first half of 2013, loan originations and loan sales continue to trend higher resulting in increased operating income and AFFO per share from the second quarter of 2012. Notwithstanding the increase in outstanding shares from two secondary offerings, RAIT’s performance led to an 8% increase in the common dividend from the first quarter of 2013 and a 63% increase from the second quarter 2012 dividend of $0.08 per common share.”

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