Resource America, Inc. Reports Operating Results for the Third Quarter Ended September 30, 2015
(firmenpresse) - PHILADELPHIA, PA -- (Marketwired) -- 11/05/15 -- (NASDAQ: REXI)
reported adjusted net income attributable to common shareholders, a non-GAAP measure, of $762,000, or $0.03 per common share-diluted, and $6.4 million, or $0.28 per common share-diluted, for the three and nine months ended September 30, 2015 as compared to adjusted net income attributable to common shareholders of $2.8 million, or $0.13 per common share-diluted, and $10.2 million, or $0.46 per common share-diluted, for the three and nine months ended September 30, 2014, 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 Company reported a GAAP net loss attributable to common shareholders of $1.1 million, or $0.05 per common share-diluted, and $2.4 million, or $0.11 per common share-diluted, for the three and nine months ended September 30, 2015 as compared to GAAP net income attributable to common shareholders of $1.5 million, or $0.07 per common share-diluted, and $5.2 million, or $0.24 per common share-diluted, for the three and nine months ended September 30, 2014.
The following table details the Company's gross assets under management by operating segment, which increased by $2.3 billion (12%) from September 30, 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, increased total assets to $1.1 billion at September 30, 2015, an increase of 16%, from $956.0 million at September 30, 2014.
Resource Real Estate Opportunity REIT II, Inc. (Opportunity REIT II), a public non-traded REIT managed by the Company that specializes in acquiring multifamily rental properties and selected loans had the following highlights:
Raised $82.9 million during the three months ended September 30, 2015 and a total of $352.4 million since inception.
Acquired $110.9 million of assets and placed $53.5 million of financing during the three months ended September 30, 2015.
Increased total assets to $382.0 million at September 30, 2015.
Resource Real Estate Diversified Income Fund, a public closed-end real estate focused investment company managed by the Company, has raised $78.0 million since inception.
On October 5, 2015, Resource Innovation Office REIT, Inc. commenced its $1.1 billion initial public offering of common stock. Resource Innovation Office Advisor, LLC, a subsidiary of Resource Real Estate, will be the external manager.
Resource Apartment REIT III, Inc. filed a registration statement with the SEC on November 2, 2015 to raise up to $1.0 billion.
Resource Capital Corp. ("RSO"), a publicly-traded REIT managed by the Company which focuses on commercial real estate assets, had the following highlights:
Originated $147.8 million in new commercial real estate loans during the three months ended September 30, 2015.
In August 2015, completed a $312.9 million commercial real estate securitization that issued $223.7 million of floating-rate notes at a weighted average coupon of LIBOR plus 1.71% basis points.
In September 2015, closed a new three-year, $250.0 million commercial real estate term facility with Morgan Stanley Bank, N.A. to finance the continued expansion of RSO's core commercial real estate lending business.
The Company's real estate operating segment increased its gross assets under management at September 30, 2015 to $4.0 billion, an increase of $953.0 million, or 31%, from September 30, 2014.
Real estate revenues increased 13% and 32% to $16.2 million and $54.3 million for the three and nine months ended September 30, 2015, respectively, as compared to $14.3 million and $41.0 million for the three and nine months ended September 30, 2014.
Resource Real Estate Management, Inc., the Company's property management subsidiary, managed 19,211 apartment units as of September 30, 2015 as compared to 20,740 units as of September 30, 2014.
CVC Credit Partners, L.P. ("CCP"), the Company's global joint venture, closed Apidos CLO XXII, Ltd. in October 2015. CCP has now closed CLOs issuing notes with a total par value of $8.3 billion. On July 2, 2015, CVC Capital Partners SICAV-FIS, S.A., the Company's joint venture partner, exercised its option to buy down the Company's interest by 9% for $4.9 million. At September 30, 2015, the Company had a 24% interest in this joint venture.
The Company's financial fund management operating segment increased its gross assets under management at September 30, 2015 to $16.9 billion, an increase of $1.2 billion, or 8%, from September 30, 2014.
On August 13, 2015, the Company's Board of Directors authorized the repurchase of $25.0 million of its common stock. $14.6 million remains available for repurchase under this plan.
The Company repurchased 1,306,301 of its shares during the third quarter ended September 30, 2015 at an average price of $7.91 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 October 30, 2015 to holders of record as of the close of business on October 19, 2015.
RSO's Board of Directors declared a cash dividend of $0.64 per common share for its three months ended September 30, 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 Innovation REIT was declared effective by the SEC on October 5, 2015. A written prospectus relating to these securities may be obtained by contacting Resource Securities, Inc., 1845 Walnut Street, 18th Floor, Philadelphia, PA 19103.
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.
A registration statement relating to securities offered by Income Fund was declared effective by the SEC on November 3, 2013. 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 (loss) attributable to common shareholders to adjusted net income attributable to common shareholders.
Thomas C. Elliott
Chief Financial Officer
215-546-5005
Resource America, Inc.
One Crescent Drive, Suite 203
Philadelphia, PA 19112
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Datum: 06.11.2015 - 00:00 Uhr
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