Resource America, Inc. Reports Operating Results for the First Quarter Ended March 31, 2015
(firmenpresse) - PHILADELPHIA, PA -- (Marketwired) -- 05/07/15 -- (NASDAQ: REXI)
(NASDAQ: REXI) reported adjusted net income attributable to common shareholders, a non-GAAP measure, of $2.2 million, or $0.10 per common share-diluted, for the three months ended March 31, 2015 as compared to adjusted net income attributable to common shareholders of $2.3 million, or $0.11 per common share-diluted, for the three months ended March 31, 2014. 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 $337,000, or $0.01 per common share-diluted, for the three months ended March 31, 2015 as compared to GAAP net income attributable to common shareholders of $990,000, or $0.04 per common share-diluted, for the three months ended March 31, 2014.
The following table details the Company's gross assets under management by operating segment, which increased by $2.8 billion (16%) from March 31, 2014 to 2015 (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 December 31, 2014.
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 $1.0 billion at March 31, 2015, an increase of $200.3 million, or 25%, from $814.3 million at March 31, 2014.
Acquired $73.3 million of assets, placed or assumed financing of $39.2 million and disposed of $68.8 million of multifamily assets during the three months ended March 31, 2015.
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 a record $91.0 million during the three months ended March 31, 2015 and a total of $178.6 million since inception.
Acquired $36.5 million of assets during the three months ended March 31, 2015.
Resource Capital Corp. ("RSO"), a publicly-traded REIT managed by the Company which focuses on commercial real estate assets, had the following highlights:
Originated $156.8 million in new commercial real estate loans during the three months ended March 31, 2015.
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 March 31, 2015 to $3.6 billion, an increase of $948.0 million, or 36%, from March 31, 2014.
Real estate revenues increased 28% to $17.0 million, for the three months ended March 31, 2015 as compared to $13.3 million for the prior year period.
Resource Real Estate Management, Inc., the Company's property management subsidiary, increased the apartment units it manages to 18,937 units as of March 31, 2015 from 18,509 units as of March 31, 2014.
CVC Credit Partners, L.P. ("CCP"), the Company's global joint venture created in April 2012, closed Apidos CLO XX, Ltd. during the quarter. CCP has now closed CLOs issuing notes with a total par value of $6.8 billion. 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 March 31, 2015 to $16.3 billion, an increase of $1.7 billion, or 12%, from March 31, 2014.
The Company repurchased 233,038 of its shares during the first quarter ended March 31, 2015 at an average price of $9.04 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 April 30, 2015 to holders of record as of the close of business on April 16, 2015.
RSO's Board of Directors declared a cash dividend of $0.16 per common share for its three months ended March 31, 2015.
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.
The following table presents the consolidating statement of operations for the first quarter ended March 31, 2015:
The following table presents the consolidating statement of operations for the first quarter ended March 31, 2014:
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Datum: 07.05.2015 - 23:30 Uhr
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