RAIT Financial tumbles post-earnings

Adjusted FFO of $0.34 gained 3% from a year ago, but missed estimates by $0.02. Adjusted book value per share of $6.23.

For the full year, AFFO of $1.29 per share increased 17% from 2012. Fee income of $28.8M up 125%. Total revenue of $246.9M up 23%. Loan originations of $602.9M up 61%.

Average effective rent in multifamily portfolio increased 4% to $756.

RAS -5.1%.

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