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RAIT Financial Trust (RAS)

Q2 2010 Earnings Call Transcript

July 23, 2010 10:00 am ET

Executives

Andres Viroslav – VP and Director, Corporate Communications

Scott Schaeffer – CEO

Jack Salmon – CFO

Analysts

David Chiaverini – BMO Capital Markets

Rob Schwartzberg – Compass Point

Operator

Good day, ladies and gentlemen. And welcome to the second quarter 2010 RAIT Financial Trust earnings conference call. My name is Peter and I’ll be your coordinator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator Instructions)

As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call Mr. Andres Viroslav, Vice President and Director of Corporate Communications. Please proceed.

Andres Viroslav

Thank you, Deidra and good morning to everyone. Thank you for joining us today to review RAIT's Financial Trust second quarter 2010 financial results. On the call with me today are Scott Schaeffer, Chief Executive Officer; and Jack Salmon, RAIT's Chief Financial Officer.

This morning's call is being webcast on our website at www.raitft.com. There will be a replay of the call available via webcast on our website and telephonically, beginning at approximately 11:00 a.m. Eastern Time today. The dial-in for the replay is 888-286-8010 with a confirmation code of 31239567.

Before I turn the call over to Scott, I would like to remind everyone that there may be forward looking statements made in this call. The forward looking statements reflect RAIT's current views with respect to future events and performance. Actual results could differ substantially, materially from what RAIT has projected. Such statements are made in good faith pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to RAIT's press release and filings with the SEC for factors that could affect the accuracy of our expectations or cause our future results to differ materially from those expectations.

Participants may discuss non-GAAP financial measures in this call. A copy of RAIT's press release containing financial information, other statistical information and a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is attached to RAIT's most recent current report on Form 8-K, available at RAIT's website, www.raitft.com, under Investor Relations. RAIT's other SEC filings are also available through this link. RAIT does not undertake to update forward-looking statements in this call or with respect to matters described herein except as may be required by law.

Now I'd like to turn the call over to RAIT's Chief Executive Officer, Scott Schaeffer. Scott?

Scott Schaeffer

Thank you very much, Andres, and thank all of you for joining us this morning as we present RAIT's second quarter results. The quarter ended June 30th, 2010 RAIT generated $0.27 per share in GAAP earning and $6.5 million of REIT taxable income. This is our third consecutive quarter of positive GAAP earnings in the first quarter of REIT taxable income, since the third quarter of 2009.

We are pleased with these results and are hopeful that we have turned the corner and that these trends will continue. Of course, our success is closely tied to continued improvement in general economic and credit market conditions.

On previous calls we’ve described our goals to RAIT as we continue to adapt the business to the current market and beyond. I’d like to take a moment and update you on the progress we’ve made towards achieving these goals during the first half of 2010.

First, deleveraging the balance sheet. During the second quarter we made further strides in the deleveraging process. We repurchased or retired approximately $48.1 million of RAIT's total indebtedness lowering rates after equity ratio to 2.7 times.

Specifically, we took advantages of opportunities to repurchase at substantial discounts $33.5 million of our 6.875% convertible note and CRE, CDO debt, the balance of such convertible debt obtaining at the end of the second quarter is $172 million as compared to $246 million at the beginning of the year.

Also, consequent to quarter end we exchange beneficial 10 million of our convertible debt for a combination of cash and equity. We expect to continue to deleverage the company throughout 2010.

Our second goal is managing the performance of our commercial real estate platform. The credit performance of our commercial real estate portfolio continues to improve. Our CRE related provision for loan losses was $7.6 million in the second quarter as compared to $19.5 million a year ago and our CRE loans are non-accrual remains level up on a link quarter basis and decreased 23% year-over-year.

Our portfolio of directly owned commercial real estate assets totaled $804 million at June 30th, 2010. Average occupancy rate and rent continue to improve in the portfolio as a whole with the multi-family assets being the largest and best performing property prices in the portfolio.

As an owner we benefit from any potential equity upside in the portfolio and future revenue growth that we can achieve through our -- with management towards of this assets towards stabilization. We also continue to execute on our green energy initiatives and are taking advantage of government subsidies in tax credit focus on job creation within our office and retail copies.

So future performance is difficult to predict in the first half of 2010, our occupancy rates rose, our provision for loan losses declined and we continue to pass those yield to collateralization and interest coverage tests on both of our CRE, CDO securitizations.

Also as part of our strategy focused on our commercial real estate platform, during the second quarter we completed the disposition of our collateral management rights for eight month consolidated non-core securitizations to proceed with approximately $16.5 million.

Our third goal is developing new sources of fee income. We began to see new fee income generation from our broker dealer, rates securities and our internal property management company throughout the community. Rate securities generated approximately $800,000 and fee trading income from higher trading volumes during the quarter and due to the community which manages many of our own multi-family property and provides third party property management services was awarded a third party management contract in the second quarter which increased its multi-family units under management by 15% to approximately 12,000 units.

We expect to begin to see the benefit of these additional contracts in the third quarter. We’ve also added to group to internally manage lease office and retail property. This group will initial focus on properties within our portfolio though we look to increase fee income through the addition of third party management contracts. We expect these initiatives to continue their full momentum in the coming quarters.

And finally, we continue to see opportunities for new commercial real estate loans to be funded through our existing CRE, CDO securitizations or through one of the many relationships that we have with various capital providers.

Before I turn the call over to Jack, I’d like to make some brief comments on the market. We continue to believe that our success along with that of our piers remains closely linked to an overall recovery in the economic and credit market condition effecting commercial and real estate. Fortress Investment Group is most important factors for improvement in real estate fundamentals. Employment drives demands for apartment units all it’s space, as well as retail spending. RAIT’s Capital Advisory Group allowed 77 markets and sound that 75 had employment levels higher than each of the market's lowest points. We believe that this may point to an emerging fiscal fatal recovery occurring throughout the country, the improvement in the performance of our portfolio of this year.

And with that, I’d like to turn the call over to Jack, to go through the financial results. Jack.

Jack Salmon

Thank you, Scott. The financial highlights for the quarter ended June 30th, it include, as Scott mentioned GAAP earnings per share diluted from continuing operations of 22.3 million or $0.27 per common share and 53.6 million or $0.68 per common share for the first half of 2010.

Secondly, quarter-over-quarter increases occurred in rental income and REIT taxable income and third a $48 million reduction in total debt outstanding compared to the first quarter of 2010 will result in cumulative decreases with total of outstanding of 134 million, since December 31st, 2009.

These results reflect our ongoing efforts to deleverage the balance sheet, to generate increases in revenue from our core CRE lending and direct ownership of real estate and implementation of our incremental cost reduction. I’ll review some of the key trends in more detail.

2010 second quarter total revenue was 39.7 million of which 51% was derived from rental income, 40% from net interest margin and 9% from fee and other income. The total revenue decrease of 9% as compared to the first quarter of 2010 was primarily due to reduce net interest margin of 1.8 million and 5.3 million lower fee income. Now, this follows the disposition of certain of our CEO asset management contracts in April.

Since, quarterly fee income may vary widely, we have been reinvesting the net cash proceeds to generate recurring annual interest cost savings to the repurchases of debt and also invest the new CRE assets to increase the future cash returns to the portfolio. We used 4.7 million of the net cash proceeds for the Fortress transaction to repurchase 33.5 million of gathering the second quarter loan, which will result in 1.6 million of annual interest cost savings a return of 34% on your reinvested cash.

We expect to save approximately 2 million annually from reducing G&A cost associated with managing the contracts that were sold. In our own real estate portfolio, we generated rental income of 20.3 million as compared to 18.5 million during the first quarter of 2010. This is a 9% increase on a quarter-over-quarter basis. The primary reason for the 1.8 million increased in rent was the increased occupancy of 3.6% portfolio live, primarily in our multi-family assets; I’ll describe that in a little detail in a few minutes.

We also recorded a provision on the CRE loan losses of 7.6 million during this quarter, as compared to 17.4 million in the first quarter of this year. The record will be made to the key statistics and trend data that we have included in the press release. These improving trends reflect the reduction in our CRE loan portfolio non-performing loans to 131 million at June 30th from 172 million a year ago at June 30th, 2009 and they equal 10.2% of the current outstanding unpaid balance.

Our allowance for CRE loan losses of 70.7 million represents approximately 54% of that non-performance balance as of June 30th, 2010. In our debt portfolio the fair market -- the fair value, mark-to-market adjustments was $4.4 million this quarter, representing 35 million of estimated improvements in the credit risks of the under lying assets, a $5 million reduction in the pricing of the related non-recourse offset further by $36 million of increases in the interest rate hedge liability. Now this reflects the impact of projected long-term interest rates moved on the portfolio.

I will now review each of our primary investment portfolios. First and foremost our CRE loan portfolio. The CRE loan portfolio has $1.3billion of loans representing 43% of our consolidated assets. These are securitized by long-term match funded non-recourse financing. At quarter end we had 58 million of restricted cash in our two CRE securitization with 31 million dedicated for future funding commitments, representing all the known commitments in those portfolios.

The 27.5 million in net funding capacity together with expected loan repayments will continue to provide capital fund, new CRE loans in these portfolios. As Scott mentioned, both of our CRE loan securitizations are meeting all of their interest coverage in OC requirements. As of the most recent payment cycle, July, the most of OC test was 118% versus a trigger of 116% in CRE1 and 114% versus a trigger of 112% in COE2.

We continue to focus on monitoring and enhancing the performance of these structures through a series of management initiatives. Our loan portfolio has a 198 loans with 54% of them representing the carrying amount of bridge or first lien positions and then an overall weighted average of 7.7%. A collateral for the loan portfolio is comprised of 38% multi-family, 33% in office, 23% retail and 6% other asset categories.

Our second portfolio is our CRE direct owned real estate. The CRE owned portfolio has 804 million or assets representing 26% of our consolidated assets. During the quarter, we converted one CRE loan in an office property with an unpaid principal balance of 12 million into directly owned investment. We now own 47 properties with 66% of the total dollar value represented by multi-family assets, 27% in office, 5% in retail and 2% in other property types.

As presented in the press release, we are seeing improvements in average occupancy percentages with a quarter-over-quarter increase of 3.6%, now included in that as a following changes by category as of June 30th, multi-family is at 83.5 which is up 5.5% over the first quarter; office is at 55.5%, up 1.3%, retail is at 58.7%, down 1.4% with a total average of 74.4% and an increase of 3.6% quarter-over-quarter.

We will continue to seek ways to upgrade the fee of your owned portfolio’s operating performance, refinance its debt and generate additional shareholder returns through the extras we’re taking. Our third portfolio is our debt securities portfolio. The majority of our debt securities portfolio represents 22% of our consolidated assets and it’s comprised us trust before securities and other debt securities owned by Taberna 8 and 9, the $682 million of investment and the related non-recourse debt refinancing are both recorded under the fair value accounting methods.

Currently, almost all the quarterly cash flows are being applied to pay down the most senior rated circulate debt project. And there have been 6.4 million dollars of debt repayment in those transactions year-to-date. Accordingly, RAIT only received the senior portion of our collateral management fees on this portfolio. And given the current credit performance of the underlying issuers, it is uncertain one of the cash flow would be sufficient to pay other loans with the capital restructure, including our repaying debt and our residual equity interest.

I’d now like to spend a few minutes talking about the major transactions and recent events. We announced in the first quarter that on April 22nd, we sold the collateral management contracts on the eight Taberna CDOs for 16.5 million and we have now reported a gain on sales of 7.9 million associated with that transaction. We had received 2.7 million from collateral management fee income in this contract during the first quarter and a collateral amount of this during quarter two, due to the timing of the sale.

Our recurring fee income on the remaining collateral management contract is projected to be approximately $3.6 million on an annual basis. The second activity is being reduction of debt. During the second quarter we completed four private transactions in which a total of 20 million of our senior convertible debt was exchanged for a total of 5 million shares of common stock and 3.3 million of cash, equaling to an effect of stage ratio ranging from 68% to 73% of the par value of the convertible debt surrendered.

We also repurchase 13.5 million of our theory non-recourse debt for approximately 1.4 million in cash. Now these exchanges and repurchases result in a gain on debit equation of the quarter $17.2 million. Subsequent to quarter end another 10 million of convertible debt was exchanged in July in similar term. So on accumulative basis we reduce the amount of the collateral outstanding and 246 million at the beginning of the year to 152 million today. This will enable us to save 3.7 million of net annual interest expense going forward compared to the run rate we were at the beginning of the year.

We also repaid 9.7 million of bank and secured recourse step this quarter and we’ve extended one of our commercial banks secured line of credit facilities further into 2011. We currently have only 9.9 million of recourse debt due within the next year. We expect to obtain other sources of debt and equity capital as we continue to deleverage the balance sheet, our total debt equity ratio is 2.7 at quarter end compared to a ratio of 7.4 times to June 30th, 2009. And as of June 30th, 2010 we are in compliance with all of our debt covenants.

I lastly like to speak about our re-status and dividend expectations. As a REIT, we are required to make distribution to at least 90% of our annual retaxable income. For the second quarter we are reporting estimated retaxable income for approximately 6.5 resulting in positive retaxable income of 3.7 million for the first six months of 2010. Like there be no assurance that this will be typical of results expected in the full year. And as we saw for 2009 we had an estimated taxable carry forward of approximately 19 million which may be utilized to offset future retaxable income.

Previously the board of trustees has declared second quarter differed dividends which will pay on June 30th, 2010 and board will consider declare in uncommon dividend, if any, once it can be determined whether we were at retaxable income for the full year.

One summary, we generated GAAP earnings for common share in the second quarter, which is our third consecutive quarter positive GAAP earnings. We produce, retaxable income in the second quarter at a level that achieve positive retaxable income for the first six months for 2010. We are encouraged by these results. We expect to continue to reduce our outstanding debt during the remainder of the year and to accomplish these objectives we will continue to seek resources of capital while reducing our debts through exchanges, repayments, refinancing, asset sales and other strategic initiatives.

I would now like to return the call to Scott.

Scott Schaeffer

Thank you, Jack. Peter, I think at this time we’re ready to open the call for questions.

Question-and-Answer Session

Operator

(Operator Instructions) And our first question comes from the line of David Chiaverini from BMO Capital Markets. Please proceed.

David Chiaverini – BMO Capital Markets

Good morning, guys.

Scott Schaeffer

Good morning, Dave.

Jack Salmon

Good morning, Dave.

David Chiaverini – BMO Capital Markets

The first is how much recourse debt is coming due in the next 12 months?

Scott Schaeffer

Over the next 12 months it’s 9.9 million.

David Chiaverini – BMO Capital Markets

Okay. And regarding the timing of the CDO so -- the income was 3.5 million. How much 3.5 million was from managing the CDOs that are now sold?

Scott Schaeffer

Approximately half of that in the quarter was related to the sold CDOs that were sold in April.

David Chiaverini – BMO Capital Markets

Okay.

Scott Schaeffer

And that’s a combination of our management fees and other fee income we generated from that portfolio.

Jack Salmon

And we also like to repeat included that number stated which tend to be lumpy, because they were earned as the transaction slows.

David Chiaverini – BMO Capital Markets

Okay. No advisory fees on any new real estate deals or is what advisory fees…

Jack Salmon

I'm talking about the advisory fees through the management of the Taberna CDO securitization.

David Chiaverini – BMO Capital Markets

And you continue to – you expect to -- now that they are sold, you’re not going to get anymore?

Jack Salmon

No, but we still -- we retained Taberna one, eight and nine and so we’re still managing that collateral and there are still the opportunities associated with that management.

Scott Schaeffer

But again it’s lumpy and it is as work is done with the various credits.

David Chiaverini – BMO Capital Markets

Okay. And there is very nice decline in the charge offs. And well off the pace of last 2009 and big improvement from the first quarter, what are your thoughts? It looks like the worst is behind you -- what are you feeling about credit and how you think for…

Scott Schaeffer

The portfolio is clearly performing better. As we said, we’re hopeful that we’ve turned the corner. The -- it feels better out there. As Jack, reported we only took back one property this quarter. There is not as many restructuring of debt going on when you keep hearing about extend and pretend, that has slowed dramatically. It is not just with us but with our peers also. I think, ultimately and this is what I refer to in my comments that employment really will drive the recovery of commercial real estate. And I would love to tell you that I have a crystal ball on employment but I don't.

David Chiaverini – BMO Capital Markets

Okay. Very good. And regarding the occupancy -- and to make a nice rebound over the past couple quarters up to 74% level. What sort of, the goal before you would begin to dispel some of these properties? What would you want to see a get up a property get to about 85% to 90% or are you talking 90% plus before you would up to…

Scott Schaeffer

It is not just the occupancy, it’s just the property needs to stabilize in total. So it’s occupancy, its rates being back to market, rental rates being at market. If there’s any deferred maintenance because that work would be completed, but the burn off with concessions, it’s all of the things that a real estate operator, investor would look at to determine whether or not a property is stabilized. You really don't want to sell a property before it’s stabilized because that's where the buyers are looking for the discount. You’re much better off waiting and doing the work yourself. You get a better bank in your in your pocket and that’s what we’re doing, you have to remember that when we took over these properties we didn't take them over as their piece operating performance. So there has been some work to do and there continues to be on a number of properties. I am still not convinced, because there is an tremendous amount capital flowing in the commercial real estate investment, that now is the time to sell anything, especially if it’s performing and generating a significant return just through the rental operations.

David Chiaverini – BMO Capital Markets

Okay. And what would be considered, I know there are other actors involved, but looking at just occupancy alone but what level of occupancy would you like to receive for us to be considered…

Jack Salmon

Well, usually when you get into the low to mid-90s that's when people consider on an occupancy level as that to be the property -- that the property has stabilized and you can start to push rent. You should never have a property that’s higher than 95% occupied. It just means your rents are too low.

David Chiaverini – BMO Capital Markets

Okay. And have you seen over the past couple quarters with occupancy going up, have you been getting the rental rates that they are hoping for or is this kind of get tenants in there and then cycle them out or as contracts come due to view these at a higher rate next year?

Scott Schaeffer

Clearly, we’ve been pushing rent on many of the properties that we’ve now owned and managed through our management company through Jupiter that we’ve had through some time. We had the occupancy levels back to what would be considered again on an occupancy -- occupancy measured to be stabilized. We are pushing rents and we are burning off the concession. And in many of those properties, I would -- I would make the statement that they are stable at this point.

But there are others within the portfolio and that's why when you look at the occupancy statistic as a whole, there are others that we have taken back over the last six months that we’re still in that process of working. So what we are seeing is, we are seeing occupancies rise across the board and that allows us to push rent higher.

David Chiaverini – BMO Capital Markets

Thanks a lot.

Scott Schaeffer

Sure. Thank you, Dave.

Operator

And your next question from the line of Mr. Rob Schwartzberg from Compass Point. Please proceed.

Rob Schwartzberg – Compass Point

Good morning gentlemen.

Scott Schaeffer

Good morning, Rob.

Jack Salmon

Good morning, Rob.

Rob Schwartzberg – Compass Point

I have three questions. One, I'm looking -- and these are all compared to the first quarter of 2010. I'm looking at rental income net of real estate operating expense and your rental income showed up healthy increases, which is what I would have expected if your occupancy is on average or increasing. But your real estate operating expense also went up by a fair amount in your actual, what I would call net operating income went down slightly which is sort of not what I would have expected. Are there any one-time expenses or anything in the real estate operating expense that I would have expected the net number to increase quarter-over-quarter. That's one question.

And my other questions, one of them has to do with investment interest expense. You have made incredible progress in paying down debt. I would have expected your interest expense quarter to quarter to decline by a little bit more than it did. And then, lastly, I have a kind of a global question about, you’ve done a great job of paying down your convertible debt since the beginning of the year. Is there any number where, when you get it down to a certain threshold, you might be able to float a new bond offering and just take out the rest of it prior to maturity?

Scott Schaeffer

Rob, thanks. This is Scott. I'm going to start with the first question regarding the real estate income compared to the real estate operating expenses. We are pleased with the increase in the real estate income and that does reflect the increase in occupancy and the higher rents that we’re achieving.

One of the -- I will quote a disconnect is that when you take back properties like we do, the income lags and but the expenses are incurred immediately. So some of the properties that we took back in the latter parts of the first quarter, we had a full second quarter of expense related to those properties yet the income is also lagging number. So we are not going to see the benefit of owning those properties until we move them more towards stabilization. That you should see that differential change as we go forward and we are taking back or taking the ownership to a property each quarter.

Rob Schwartzberg – Compass Point

Okay.

Jack Salmon

Jack. Let me just add to Scott comments, the operating expenses are a little bit lumpy when you are taking on portfolios. So we are still -- it got a little bit earlier dealing with some takeover cost, deferred (inaudible) and on a looking forward basis, we are seeing some significant increases in things like insurance, property insurance rates are really up. The world insurance markets are nervous about a large forum and all the types of capacity that insurance companies base their rates on. So we are doing the best to manage that to contain the costs. It will be a little bit lumpy as we get to a full year of operation and ownership to the profits.

And your second question, Rob, in terms of investment interest expense. It has stayed somewhat static. There are components in it that are moving up the actual LIBOR index that we priced many of our portfolio off of has moved up now this quarter. We have continuing decreases because the verdict that has been paid back as we typically paid the accrued interest up to (inaudible) exchanges are described. So when I describe interest savings, we’d expect to see that on a go forward basis, having completed the $80 million plus of exchanges that occurred during the first half of the year. Let me give more detail to you after the call for some of the component.

Rob Schwartzberg – Compass Point

Okay. And then, I guess, my last question was about globally when you get the convert down to a certain number, I wouldn't it make sense to float a new offering, even if it’s at a higher number rate to stake out this issue?

Jack Salmon

It absolutely would, however, our goal is to retire all of the convertible debt prior to 2012. But as we get closer to that time, obviously, we will be looking at all of our options and we are staying in touch with the various providers that would provide such a refinance.

Rob Schwartzberg – Compass Point

Okay. And I’ll let someone else ask a question but I do want to follow-up with you regarding your comments about potentially looking at the common dividend again. So I would like to understand that better at some point. Thank you.

Scott Schaeffer

Okay. Thanks, Rob.

Jack Salmon

Thank you.

Operator

We have no further questions in queue and I would like to turn the call over to Mr. Scott Schaeffer for closing remarks.

Scott Schaeffer

Thank you. And I will then follow-up and respond to Rob's follow-up question. It is our board's policy to review retaxable income on an annual basis towards the end of the year. And as you know by following us, it has been and I’ll use the word lumpy again quarter-over-quarter. So I think Jack's comment is just reminding everyone that as we get closer to the end of the year that we expect our board to look at taxable income and at that point, we will be making a determination if a common dividend is wanted. With that, I would like to thank everyone for joining us and we look forward to speaking with you next quarter. Thanks.

Operator

Thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Good day.

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