Resource America, Inc. Reports Operating Results for the Third Quarter Ended September 30, 2013
(firmenpresse) - PHILADELPHIA, PA -- (Marketwired) -- 11/18/13 -- (NASDAQ: REXI) reported GAAP net income attributable to common shareholders of $3.4 million, or $0.16 per common share-diluted, and $5.1 million, or $0.23 per common share-diluted, for the three and nine months ended September 30, 2013, respectively, as compared to a GAAP net loss attributable to common shareholders of $2.3 million, or $0.11 per common share-diluted, and net income attributable to common shareholders of $25.6 million, or $1.23 per common share-diluted, for the three and nine months ended September 30, 2012, respectively. Included in GAAP net income (loss) attributable to common shareholders for the nine months ended September 30, 2012, was a $32.7 million gain, net of tax, on the sale of the Company's credit loan manager.
The Company reported adjusted net income attributable to common shareholders, a non-GAAP measure, of $5.1 million, or $0.23 per common share-diluted, and $10.4 million, or $0.48 per common share-diluted, for the three and nine months ended September 30, 2013, respectively, as compared to adjusted net income attributable to common shareholders of $3.1 million, or $0.15 per common share-diluted, and $103,000, or $0.00 per common share-diluted, for the three and nine months ended September 30, 2012, respectively. A reconciliation of the Company's reported GAAP net income (loss) attributable to common shareholders to adjusted net income attributable to common shareholders, a non-GAAP measure, is included as Schedule I to this release.
The following table details the Company's assets under management by operating segment, which increased by $1.5 billion (10%) from September 30, 2012 to September 30, 2013 (in billions):
A description of how the Company calculates assets under management is set forth in Item 1 of the Company's Annual Report on Form 10-K for the year ended September 30, 2012.
Resource Real Estate Opportunity REIT, Inc, a public non-traded REIT managed by the Company, which specializes in acquiring and managing distressed real estate assets, had the following highlights:
Raised a record $101.5 million during the three months ended September 30, 2013 and a record $58.3 million for the month ended October 31, 2013.
Increased total assets to $382.6 million at September 30, 2013, an increase of $234.0 million, or 157%, from September 30, 2012, reflecting the acquisition during the three months ended September 30, 2013 of four multifamily rental apartment properties totaling $105.3 million located in Plano, TX, Newport News, VA and Denver, CO.
In July 2013, entered into an agreement to acquire 11 multifamily assets totaling 2,513 units and two office properties that contain 75,518 rentable square feet for $52.7 million.
In October 2013, acquired a 437-unit multifamily rental apartment in Alpharetta, GA for $26.3 million.
Resource Capital Corp. ("RSO"), a publicly traded REIT managed by the Company which focuses on commercial real estate assets, had the following highlights:
Originated $94.2 million of commercial real estate whole loans during the quarter.
In July 2013, closed a $200.0 million commercial real estate credit facility with Deutsche Bank AG.
In October 2013, closed a $115.0 million public offering of 6.00% convertible senior notes due 2018.
Resource Real Estate Management, Inc., the Company's property management subsidiary, increased the apartment units it manages to 18,737 units (at 65 properties) as of September 30, 2013 from 17,979 units (at 61 properties) as of September 30, 2012.
The Company's real estate operating segment increased its assets under management at September 30, 2013 to $2.1 billion, an increase of $406.0 million, or 24%, from September 30, 2012.
Real estate revenues increased 42% and 24%, to $16.0 million and $39.4 million, for the three and nine months ended September 30, 2013, respectively, as compared to $11.3 million and $31.9 million for the three and nine months ended September 30, 2012, respectively.
CVC Credit Partners, L.P. ("CCP"), the Company's global joint venture with CVC Capital Partners ("CVC"), closed Apidos CLO XIV (par value $617.0 million) and Apidos CLO XV (par value $500.0 million) in July and October 2013, respectively. In connection with these Collateralized Loan Obligation issuers, CCP expects to receive approximately $4.9 million annually in asset management fees in the future.
The Company's financial fund management operating segment increased its assets under management at September 30, 2013 to $13.8 billion, an increase of $1.1 billion, or 9%, from September 30, 2012.
In August 2013, the Company repurchased 205,627 shares at $7.53 per share. Since August 2012, the Company has repurchased over 588,000 shares at an average price of $6.88 under its share repurchase plan.
The Company's Board of Directors authorized an increase in the Company's cash dividend from $0.03 to $0.04 per share on the Company's common stock and payment on October 31, 2013 to holders of record as of the close of business on October 18, 2013.
RSO's Board of Directors declared a cash dividend of $0.20 per common share for its three months ended September 30, 2013.
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to evaluate, originate, service and manage investment opportunities for its own account and for outside investors in the real estate, financial fund management and commercial finance sectors as well as our joint ventures.
For more information, please visit our website at or contact investor relations at .
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release and its other reports filed with the Securities and Exchange Commission. For information pertaining to risks relating to these forward-looking statements, reference is made to the section "Risk Factors" contained in Item 1A of the Company's Annual Report on Form 10-K and in other of its public filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new or changing information or events except as may be required by law.
A registration statement relating to securities offered by RRE Opportunity REIT was declared effective by the SEC on June 16, 2010. A written prospectus relating to these securities may be obtained by contacting Resource Securities, Inc., 1845 Walnut Street, 18th Floor, Philadelphia, PA 19103.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The remainder of this release contains the Company's unaudited consolidated balance sheets, consolidated statements of operations and reconciliation of GAAP net income (loss) attributable to common shareholders to adjusted net income attributable to common shareholders.
The following financial statements reflect for all periods presented (i) the consolidation of RSO and (ii) reflect the corresponding change in the Company's fiscal year end from September 30th to December 31st to conform to the fiscal year of RSO.
(1) Adjusted net income attributable to common shareholders presents the Company's operations without the effect of its commercial finance operations and gain on the sale of a subsidiary. The Company believes that this provides useful information to investors since it allows investors to evaluate the Company's progress in both its real estate and financial fund management segments for the three and nine months ended September 30, 2013 and 2012 separately from its commercial finance operations and gain realized on the sale of a subsidiary. Adjusted net income attributable to common shareholders should not be considered as an alternative to net income (loss) attributable to common shareholders (computed in accordance with GAAP). Instead, adjusted net income attributable to common shareholders should be reviewed in connection with net income (loss) attributable to common shareholders in the Company's consolidated financial statements, to help analyze how the Company's business is performing.
(2) Dilutive shares used in the calculation of adjusted net income attributable to common shareholders per common share-diluted included an additional 1.0 million shares for the three months ended September 30, 2012, which were anti-dilutive for the period and, as such, were not used in the calculation of GAAP loss attributable to common shareholders per common share-diluted.
Contact:
Thomas C. Elliott
Chief Financial Officer
Resource America, Inc.
One Crescent Drive, Suite 203
Philadelphia, PA 19112
(215) 546-5005
(215) 640-6357 (fax)
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Datum: 18.11.2013 - 22:00 Uhr
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