RAS
RAIT Financial TrustNYSE
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  • Thu, Dec. 1, 4:23 PM
    • So far this quarter, RAIT Financial (NYSE:RAS) has sold three apartment properties, generating total gross proceeds of $73.5M. After paying transaction costs and related debt, net proceeds came to $11.4M.
    • The company expects to book a Q4 gain of $11.2M.
    • YTD sales are now up to $265.3M, and $233.3M of debt has been paid down.
    • The dispositions are part of the plan to simplify and deleverage the company.
    | Thu, Dec. 1, 4:23 PM | 4 Comments
  • Wed, Nov. 30, 4:33 PM
    • It's RAIT's (NYSE:RAS) sixth, non-recourse, floating-rate CMBS deal, with the underlying assets consisting of loans originated by subsidiaries of the company.
    • The investment-grade portion totaled $216.7M and was sold with a weighted average cost of Libor plus 2.03%.
    • RAIT affiliates retained all of the below investment-grade and un-rated subordinated interests totaling about $41.3M.
    | Wed, Nov. 30, 4:33 PM
  • Fri, Nov. 11, 4:50 PM
    • RAIT Financial (NYSE:RASgained 6.7% on the session as Highland Capital disclosed more than a 6% stake, and made public a proposal for its subsidiary - NexPoint Real Estate Advisors - to externally manage the company.
    • Noting RAIT management owns only 1% of the company, HIghland says it owns 6%, and would seek to boost that level to 15%.
    • Commenting after the bell, RAIT reminds it's already taken a number of actions over the last couple of months intended to focus and simplify the business, and create value for shareholders.
    | Fri, Nov. 11, 4:50 PM | 10 Comments
  • Thu, Nov. 3, 7:33 AM
    • RAIT Financial (NYSE:RAS): Q3 FFO of $0.12 in-line.
    • Revenue of $20.19M (-17.5% Y/Y) misses by $1.97M.
    • Press Release
    | Thu, Nov. 3, 7:33 AM | 1 Comment
  • Fri, Oct. 28, 7:57 AM
    • Q3 core FFO per share of $0.21 up one penny from a year ago.
    • Same-store rental income up 3.4% Y/Y; operating expenses up 2.1%; NOI up 6%.
    • Portfolio average occupancy down 20 basis points Y/Y to 93.2%; average rental rate up 3.5% to $867. NOI margin up 90 basis points to 51.7%.
    • Full-year CFFO guidance is cut to $0.77-$0.79 per share from the previous $0.84-$0.88.
    • Management internalization deal underway, with $62.2M paid to RAIT Financial (NYSE:RAS) on Oct. 5 to retire RAIT's holdings of IRT for $8.55 per share.
    • Conference call at 9:30 ET
    • Previously: Independence Realty Trust misses by $0.01, misses on revenue (Oct. 28)
    • IRT flat premarket
    | Fri, Oct. 28, 7:57 AM | 6 Comments
  • Mon, Oct. 24, 8:54 AM
    • Previously both chairman and CEO, Scott Schaeffer will now just be the CEO. The RAIT Financial (NYSE:RAS) board will now have an independent chairman, Michael Malter. Schaeffer will remain on the board and continue as CEO until the closing of the Independence Realty Trust (NYSEMKT:IRT) management internalization (expected in Dec.).
    • Malter joined the board in Nov. 2015 and was in charge of negotiating the IRT internalization deal.
    • When Schaeffer exits the company near year-end, current RAIT President Scott Davidson will take over as CEO.
    | Mon, Oct. 24, 8:54 AM | 3 Comments
  • Tue, Sep. 27, 7:18 AM
    • The company will pay $43M to RAIT Financial Trust (NYSE:RAS) to buy Independence Realty Advisors - the external manager of IRT.
    • In addition, IRT will buy back 7.3M shares of itself currently owned by RAIT for roughly $120M.
    • Independence Realty expects the share purchase to close within a month, and the internalization deal to close near year-end. It's launched a 25M share secondary offering to help pay for the deal.
    • RAIT Financial Chairman and CEO Scott Schaeffer will become the full-time chairman and CEO at IRT when the internalization deal closes. RAIT CFO James Sebra will become CFO of IRT no later than March 31, 2017, or upon the filing of RAIT's 2016 10-K.
    | Tue, Sep. 27, 7:18 AM | 58 Comments
  • Mon, Sep. 19, 4:36 PM
    • RAIT Financial (NYSE:RAS) declares $0.09/share quarterly dividend, in line with previous.
    • Forward yield 11.46%
    • Payable Oct. 31; for shareholders of record Oct. 7; ex-div Oct. 5.
    | Mon, Sep. 19, 4:36 PM | 4 Comments
  • Fri, Aug. 5, 7:49 AM
    • RAIT Financial (NYSE:RAS): Q2 CAD of $0.12 misses by $0.01.
    • Investment interest income of $23.52M (-2.4% Y/Y) misses by $2.03M.
    • Press Release
    | Fri, Aug. 5, 7:49 AM
  • Wed, Jun. 15, 4:36 PM
    • RAIT Financial (NYSE:RAS) declares $0.09/share quarterly dividend, in line with previous.
    • Forward yield 11.65%
    • Payable July 29; for shareholders of record July 8; ex-div July 6.
    | Wed, Jun. 15, 4:36 PM | 3 Comments
  • Mon, May 9, 8:23 AM
    • Q1 cash available for distribution of $0.14 per share vs. $0.19 in Q4, and $0.20 one year ago. Dividend of $0.09 flat from last quarter, down from $0.18 a year ago. Payout ratio of 64.3% vs. 66% a year ago.
    • Commercial Real Estate segment: Originated $40.5M of loans in Q1. Loan repayments of $55.1M.
    • CRE Property Portfolio & Sales: $2.5B of real estate investments, of which $1.4B are apartment properties owned by Independence Realty Trust (RAIT is a 15.4% owner of IRT). RAIT sold two properties in Q1 for $16.7M, with net proceeds of $400K. IRT sold one property for $18M, with net proceeds of $9.7M. RAIT took a $3.9M asset impairment charge on a MD office property currently under agreement to be sold.
    • Assets & Property Management: AUM of $5.9B.
    • Full-year CAD per share guidance of $0.50-$0.60.
    • Conference call at 10 ET
    • Previously: RAIT Financial beats by $0.01, beats on revenue (May 9)
    • RAS flat premarket
    | Mon, May 9, 8:23 AM | 1 Comment
  • Mon, May 9, 8:10 AM
    • RAIT Financial (NYSE:RAS): Q1 CAD of $0.14 beats by $0.01.
    • Revenue of $25.8M (+11.0% Y/Y) beats by $0.07M.
    | Mon, May 9, 8:10 AM
  • Wed, May 4, 9:51 AM
    • Q1 core FFO of $10.3M or $0.21 per share vs. $6M and $0.19 one year ago.
    • Same-store rental income up 3.1% Y/Y. Property-level operating expenses up 3.3%. NOI up 3.7%. Average occupancy of 93.3% unchanged. Average rental rate of $856 up 3.4%. NOI margin up 10 basis points to 53.4%.
    • Full-year CFFO per share guidance remains $0.82-$0.88.
    • Previously: Independence Realty Trust FFO in-line, misses on revenue (May 4)
    • IRT +1.5%, with its manager RAIT Financial (NYSE:RASup 0.7%.
    | Wed, May 4, 9:51 AM | 5 Comments
  • Fri, Apr. 8, 1:19 PM
    • Continuing with a plan to dispose of properties outside of its geographic focus, Independence Realty Trust (IRT -0.4%) sells a 162-unit Denver apartment complex for $23M. Net cash proceeds after paying off the mortgage and transaction costs will be about $11.6M - which will go toward paying off other debt.
    • IRT expects to book a $13M gain from the sale this quarter.
    • IRT's manager is RAIT Financial (RAS +0.7%)
    • Now read: Independence Realty Trust: Ready For Take-Off But Be Careful Of The Gusts
    | Fri, Apr. 8, 1:19 PM | 7 Comments
  • Mon, Mar. 14, 4:47 PM
    • RAIT Financial (NYSE:RAS) declares $0.09/share quarterly dividend, in line with previous.
    • Forward yield 12.41%
    • Payable April 29; for shareholders of record April 8; ex-div April 6.
    | Mon, Mar. 14, 4:47 PM | 1 Comment
  • Thu, Feb. 25, 8:39 AM
    • Q4 cash available for distribution without real estate gains of $0.19 per share vs. $0.20 in Q3. Dividend was just $0.09 vs. $0.18 in Q3.
    • Commercial Real Estate: $321.8M of loans originated in Q4, and just under $1B for the year.
    • CRE Property Portfolio & Property Sales: Investments totaled $2.5B, including $1.4B of properties owned by Independence Realty Trust (of which the company owns 15% of the stock).
    • Assets & Property Management: Total AUM increased 33.3% to $6B Y/Y. $9.3M in fees from its management of IRT, $12.8M in total.
    • Full-year CAD guidance of $0.50-$0.60 per share. The company at year-end slashed its dividend by half, so the numbers shouldn't be too surprising.
    • Conference call at 9 ET
    • Previously: RAIT Financial misses by $0.03, beats on revenue (Feb. 25)
    • RAS flat premarket
    | Thu, Feb. 25, 8:39 AM | 5 Comments