Resource America, Inc. Reports Operating Results for the Fourth Quarter and Year Ended December 31, 2015
(firmenpresse) - PHILADELPHIA, PA -- (Marketwired) -- 03/01/16 -- (NASDAQ: REXI)
(NASDAQ: REXI) reported adjusted net income attributable to common shareholders, a non-GAAP measure, of $4.2 million, or $0.20 per common share-diluted, and $10.6 million, or $0.47 per common share-diluted, for the three months and year ended December 31, 2015, respectively, as compared to adjusted net income attributable to common shareholders of $2.1 million, or $0.09 per common share-diluted, and $12.1 million, or $0.54 per common share-diluted, for the three months and year ended December 31, 2014, respectively. 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 $3.7 million, or $0.17 per common share-diluted, and $5.3 million, or $0.24 per common share-diluted, for the three months and year ended December 31, 2015, respectively, as compared to GAAP net income attributable to common shareholders of $2.2 million, or $0.09 per common share-diluted, and $9.0 million, or $0.40 per common share-diluted, for the three months and year ended December 31, 2014.
The following table details the Company''s assets under management by operating segment which, in gross, increased by $1.5 billion (8%) from December 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.
The consolidated financial statements included herein reflect the deconsolidation of Resource Capital Corp. ("RSO"), a publicly-traded REIT managed by the Company, for all prior periods presented, in connection with the Company''s election to early adopt the latest accounting guidance regarding consolidations.
On January 29, 2016, the Company announced that it would be evaluating its current strategic position and seeking to identify and evaluate strategic and financial alternatives for the Company to enhance shareholder value, and that it had engaged Evercore to advise the Company. The Company is in the process of conducting this evaluation; however, the Company has not set a definitive timetable for completion of its evaluation, and there can be no assurances that the process will result in any transaction being announced or completed. The Company does not intend to provide updates or make any further comment until the outcome of the process is determined or until there are significant developments.
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 for the year ended December 31, 2015:
Increased total assets to $1.1 billion at December 31, 2015, an increase of 12%, from $978.4 million at December 31, 2014.
Acquired $256.4 million of assets, placed or assumed financing of $139.3 million and disposed of $87.7 million of multifamily assets.
Resource Real Estate Opportunity REIT II, Inc. (Opportunity REIT II), a public non-traded REIT managed by the Company, which specializes in acquiring multifamily rental properties and selected loans, had the following highlights:
Raised a record $196.0 million during the three months ended December 31, 2015 and completed fundraising in February 2016 with a total equity capital raise of $556.0 million.
Increased total assets to $596.4 million at December 31, 2015, an increase of 634%, from $81.2 million at December 31, 2014.
Acquired $170.7 million of assets and placed $42.5 million of financing during the three months ended December 31, 2015. Acquisitions and financings totaled $372.8 million and $116.2 million, respectively, for the year ended December 31, 2015.
Resource Real Estate Diversified Income Fund, a public closed-end real estate focused investment fund managed by the Company, has raised $100.4 million since inception, including $65.2 million during the year ended December 31, 2015.
On February 16, 2016, Resource Innovation Office REIT, Inc., a company-sponsored REIT that will focus on acquiring office buildings, broke escrow. Resource Innovation Office Advisor, LLC, a subsidiary of Resource Real Estate, Inc, which is a wholly-owned subsidiary of the Company, will be the external manager.
Resource Apartment REIT III, Inc. filed a registration statement with the U.S. Securities and Exchange Commission on November 2, 2015 to raise up to $1.0 billion.
RSO originated $255.1 million and $744.2 million in new commercial real estate loans during the three months and year ended December 31, 2015.
The Company''s real estate operating segment increased its gross assets under management at December 31, 2015 to $4.1 billion, an increase of $700.3 million, or 21%, from December 31, 2014.
Real estate revenues increased 79% and 44% to $24.9 million and $79.1 million for the three months and year ended December 31, 2015, respectively, as compared to $13.8 million and $54.9 million for the three months and year ended December 31, 2014.
CVC Credit Partners, L.P. ("CCP"), the Company''s global joint venture, closed Apidos CLO XXIII, Ltd. in January 2016. CCP has now closed CLOs issuing notes with a total par value of $8.8 billion. At December 31, 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 December 31, 2015 to $16.8 billion, an increase of $700.0 million, or 4%, from December 31, 2014.
On August 13, 2015, the Company''s Board of Directors authorized the repurchase of $25.0 million of its common stock; $7.8 million remains available for repurchase under this plan.
The Company repurchased 866,389 and 2.7 million of its shares during the fourth quarter and year ended December 31, 2015, respectively, at average prices of $5.67 and $7.35 per share. The shares repurchased during 2015 represented approximately 12% of outstanding shares.
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 January 29, 2016 to holders of record as of the close of business on January 15, 2016.
RSO''s Board of Directors declared a cash dividend of $0.42 per common share for its three months ended December 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 Innovation Office 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 Diversified 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, and reconciliation of GAAP net income (loss) attributable to common shareholders to adjusted net income attributable to common shareholders.
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Datum: 01.03.2016 - 19:00 Uhr
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