Resource America, Inc. Reports Operating Results for the Second Quarter Ended June 30, 2016
(firmenpresse) - PHILADELPHIA, PA -- (Marketwired) -- 08/02/16 -- (NASDAQ: REXI)
(NASDAQ: REXI)reported a GAAP net loss attributable to common shareholders of $272,000, or $0.01 per common share-diluted, and GAAP net income of $2.8 million, or $0.13 per common share-diluted, for the three and six months ended June 30, 2016 as compared to GAAP net income attributable to common shareholders of $201,000, or $0.01 per common share-diluted, and $1.7 million, or $0.08 per common share-diluted, for the three and six months ended June 30, 2015. The Company''s GAAP results for the three and six months ended June 30, 2016 include $4.0 million ($2.2 million and $2.4 million, after tax, for the three and six months, respectively) of transaction costs related to the pending merger with C-III Capital Partners LLC ("C-III").
The Company reported adjusted net income attributable to common shareholders, a non-GAAP measure, of $2.0 million, or $0.09 per common share-diluted, and $5.7 million, or $0.27 per common share-diluted, for the three and six months ended June 30, 2016 as compared to adjusted net income attributable to common shareholders of $3.4 million, or $0.15 per common share-diluted, and $5.7 million, or $0.25 per common share-diluted, for the three and six months ended June 30, 2015. 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 following table details the Company''s gross assets under management by operating segment, which increased by $1.2 billion (6%) from June 30, 2015 to 2016 (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, 2015.
Resource Real Estate Opportunity REIT II, Inc. ("Opportunity REIT II"), a public non-traded real estate investment trust ("REIT") managed by the Company that specializes in acquiring multifamily rental properties and selected loans, had the following highlights:
Acquired $171.7 million of assets and placed $194.6 million of financing during the three months ended June 30, 2016.
Increased total assets to $815.9 million at June 30, 2016.
Resource Real Estate Opportunity REIT, Inc. ("Opportunity REIT I"), a public non-traded REIT managed by the Company that specializes in acquiring and managing distressed real estate assets, had $973.7 million in total assets at June 30, 2016.
Resource Real Estate Diversified Income Fund ("DIF"), a public closed-end real estate-focused investment fund managed by the Company, has raised $131.4 million since inception.
On February 16, 2016, Resource Innovation Office REIT, Inc. ("Innovation Office REIT"), a company-sponsored REIT that will focus on acquiring office buildings, commenced an initial public offering of its common stock. Resource Innovation Office Advisor, LLC, a subsidiary of Resource Real Estate, Inc, which is a wholly-owned subsidiary of the Company, is the external manager.
On April 28, 2016, Resource Apartment REIT III, Inc., ("Apartment REIT III"), a company-sponsored REIT that will focus on acquiring under-performing apartment communities for renovation, commenced an initial public offering of its common stock. Resource Apartment Advisor III, LLC, a subsidiary of Resource Real Estate, Inc, is the external manager.
Resource Capital Corp., a publicly-traded REIT managed by the Company which focuses on commercial real estate assets, entered into a purchase agreement on August 1, 2016 to sell Northport TRS, LLC, its self-originated middle market loan business ("Northport"), for $247.0 million. RSO is retaining Northport''s portfolio of broadly syndicated loans and one self-originated loan.
The Company''s real estate operating segment increased its gross assets under management at June 30, 2016 to $4.2 billion, an increase of $386.0 million, or 10%, from June 30, 2015.
The Company''s financial fund management operating segment increased its gross assets under management at June 30, 2016 to $18.0 billion, an increase of $728.0 million, or 4.2%, from June 30, 2015.
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 July 29, 2016 to holders of record as of the close of business on July 15, 2016.
RSO''s Board of Directors declared a cash dividend of $0.42 per share on its common stock for the three months ended June 30, 2016.
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 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 post-effective amendment relating to securities offered by Innovation Office REIT was declared effective by the SEC on March 7, 2016. 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 Apartment REIT III was declared effective by the SEC on April 28, 2016. 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 DIF was declared effective by the SEC on March 11, 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: 02.08.2016 - 16:05 Uhr
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