Resource America, Inc. Reports Operating Results for the Fourth Quarter and Year Ended December 31, 2014
(firmenpresse) - PHILADELPHIA, PA -- (Marketwired) -- 03/04/15 -- (NASDAQ: REXI)
(NASDAQ: REXI) reported adjusted net income attributable to common shareholders, a non-GAAP measure, of $2.1 million, or $0.09 per common share-diluted, and $12.1 million, or $0.54 per common share-diluted, for the three months and year ended December 31, 2014, respectively, as compared to adjusted net income attributable to common shareholders of $3.5 million, or $0.16 per common share-diluted, and $11.8 million, or $0.54 per common share-diluted, for the three months and year ended December 31, 2013, respectively. A reconciliation of the Company's reported GAAP net income 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 Company reported GAAP net income attributable to common shareholders of $1.7 million, or $0.08 per common share-diluted, and $7.0 million, or $0.31 per common share-diluted, for the three months and year ended December 31, 2014, respectively, as compared to GAAP net income attributable to common shareholders of $1.4 million, or $0.06 per common share-diluted, and $6.4 million, or $0.29 per common share-diluted, for the three months and year ended December 31, 2013.
The following table details the Company's assets under management by operating segment which, in gross, increased by $2.9 billion (17%) from December 31, 2013 to 2014 (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 fiscal year ended December 31, 2013.
Resource Real Estate Opportunity REIT, Inc. ("Opportunity REIT I"), a public non-traded real estate investment trust ("REIT") managed by the Company which specializes in acquiring and managing distressed real estate assets, had the following highlights:
Increased total assets to $978.4 million at December 31, 2014, an increase of $299.8 million, or 44%, from $678.6 million at December 31, 2013.
Acquired $19.9 million and $427.0 million of multifamily assets and placed financing of $57.3 million and $347.8 million during the three months and year ended December 31, 2014. In addition, disposed of $30.1 million of multifamily assets during the year ended December 31, 2014.
In October 2014, the Board of Directors of Opportunity REIT I authorized a 50% increase to the annual distribution rate to 6% from 4%.
Resource Real Estate Opportunity REIT II, Inc. ("Opportunity REIT II"), a public non-traded real estate investment trust ("REIT") managed by the Company, commenced its initial public offering in early 2014. Opportunity REIT II is offering up to $1.0 billion in common stock and specializes in acquiring multifamily rental properties and selected loans. Opportunity REIT II had the following highlights:
Raised $47.2 million as of December 31, 2014 and $90.4 million through March 3, 2015.
Acquired $54.3 million and $67.0 million of multifamily assets and placed financing of $31.1 million and $38.5 during the three months and year ended December 31, 2014.
Resource Capital Corp. ("RSO"), a publicly-traded REIT managed by the Company which focuses on commercial real estate assets, had the following highlights:
Originated $302.3 million and $777.3 million in new commercial real estate loans during the three months and year ended December 31, 2014.
During the three months and year ended December 31, 2014, raised $25.5 million and $202.7 million in equity capital through its DRIP and preferred equity programs.
In October 2014, RSO's Board of Directors authorized RSO to repurchase up to $50.0 million of its outstanding common stock.
In January 2015, completed a $100.0 million public offering of its 8.00% convertible senior notes due 2020.
In February 2015, completed a $346.2 million commercial real estate securitization that issued $282.1 million of floating-rate notes at a weighted average coupon of LIBOR plus 1.90%.
The Company's real estate operating segment increased its gross assets under management at December 31, 2014 to $3.4 billion, an increase of $865.0 million, or 35%, from December 31, 2013.
CVC Credit Partners, L.P. ("CCP"), the Company's global joint venture, closed Apidos CLO XIX, Ltd. (issuing notes with a par value of $500.0 million) and CVC Cordatus Loan Fund IV Limited (issuing notes with a par of EUR400.0 million) during the quarter. In February 2015, CCP closed Apidos CLO XX, Ltd. (issuing notes with a par value of $500.0 million). Since creating this joint venture in April 2012, CCP has closed 13 collateralized loan obligation issuers (issuing notes with a total par value of $6.8 billion) and expects to receive approximately $31.8 million in fees on an annual run rate basis. The Company has a 33% interest in this joint venture.
The Company's financial fund management operating segment increased its gross assets under management at December 31, 2014 to $16.1 billion, an increase of $1.9 billion, or 14%, from December 31, 2013.
Financial fund management revenues increased 68% and 44%, to $7.6 million and $28.4 million, for the three months and year ended December 31, 2014, respectively, as compared to $4.5 million and $19.8 million for the three months and year ended December 31, 2013, respectively.
In September 2014, the Company's Board of Directors authorized the Company to repurchase up to an additional 1.5 million shares of its outstanding common stock.
The Company repurchased 239,790 of its shares during the fourth quarter ended December 31, 2014 at an average price of $9.31 per share.
The Company's Board of Directors authorized a cash dividend of $0.06 per share on the Company's common stock which was paid on January 30, 2015 to holders of record as of the close of business on January 16, 2015.
RSO's Board of Directors declared a cash dividend of $0.20 per common share for its three months ended December 31, 2014.
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, for its joint ventures, and for outside investors in the real estate, financial fund management and commercial finance sectors.
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, or SEC. 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 SEC. 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 Opportunity REIT II was declared effective by the SEC on February 6, 2014. 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, consolidating statements of operations and reconciliation of GAAP net income attributable to common shareholders to adjusted net income attributable to common shareholders.
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Datum: 05.03.2015 - 01:46 Uhr
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