Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

RAIT Financial Trust Announces First Quarter 2014 Financial Results

Here’s %category%-related post from
cash loan – Yahoo News Search Results:

PHILADELPHIA–(BUSINESS WIRE)–

RAIT Financial Trust (“RAIT”) (RAS) today announced first quarter
2014 financial results.

Highlights:

Financial Performance

RAIT introduced a new non-GAAP financial measure – Cash Available for
Distribution (“CAD”). CAD per share increased 22.2% to $0.22 for the
quarter ended March 31, 2014 from $0.18 for the quarter ended March
31, 2013.

Total revenues grew 15.4% to $67.3 million for the quarter ended March
31, 2014 from $58.3 million for the quarter ended March 31, 2013.

Dividends

On March 18, 2014, RAIT declared a first quarter 2014 common dividend
of $0.17 per share, representing a 42% increase from the first quarter
2013 common dividend of $0.12 per common share. The first quarter
common dividend record date was April 4, 2014 and was paid on April
30, 2014.

CRE Loan Portfolio

Investments in mortgages and loans increased 11% to $1.24 billion at
March 31, 2014 from $1.12 billion at December 31, 2013

RAIT originated $224.5 million of loans during the quarter ended March
31, 2014 consisting of $175.6 million bridge loans, $45.9 million
conduit loans and $3.0 million mezzanine loans. RAIT increased bridge
loan originations 35% to $175.6 million during the quarter ended March
31, 2014 as compared to $130.3 million of bridge loan production for
the entire year ended December 31, 2013.

CRE Property Portfolio

Average effective rent per unit per month in RAIT’s multifamily
portfolio increased 4.2% to $767 for the quarter ended March 31, 2014
from $736 for the quarter ended March 31, 2013.

As of March 31 2014, RAIT’s investments in real estate increased 20%
to $1.2 billion from $1.0 billion at December 31, 2013.

Rental income increased 29% to $35.2 million during the quarter ended
March 31, 2014 from $27.2 million for the quarter ended March 31, 2013
driven largely by the acquisition of 14 properties totaling $7.4
million over the period.

Property Management

RAIT expanded its third party property management platform and now
owns a retail focused property manager named Urban Retail Properties
(“Urban”). Urban managed 62 properties representing 16.7 million
square feet in 26 states as of March 31, 2014.

Liquidity

In April 2014, RAIT completed a $196 million non-recourse,
floating-rate CMBS transaction collateralized by first mortgage bridge
loans and participations. A RAIT subsidiary sold $155.9 million of
investment grade bonds representing an advance rate of approximately
79.5% and a weighted average coupon of LIBOR plus 1.79%. RAIT retained
$40.2 million of the unrated bonds and equity.

In January 2014, RAIT issued 10,000,000 common shares in an
underwritten public offering. The public offering price was $8.52 per
share and RAIT received $82.6 million of net proceeds. On April 14,
2014, RAIT issued $60 million aggregate principal amount of its 7.625%
Senior Notes due 2024 (RFT) in an underwritten public offering.
RAIT received approximately $57.5 million of net proceeds.

Scott Schaeffer, RAIT’s Chairman and CEO, said, “During the first
quarter we made significant progress towards our goal of allocating
capital to our on balance sheet, bridge lending business. We ended the
quarter funding $175.6 million of bridge loans, exceeding our entire
2013 bridge loan production. We raised capital in January and April to
support the anticipated growth of the bridge lending business. Also, we
grew the property portfolio through acquisitions and increasing rents
which led to a 29% increase in rental income since March 31, 2013 and
net operating income increasing 34% over the same period.”

Financial Results

RAIT reported CAD, a non-GAAP financial measure, for the three-month
period ended March 31, 2014 of $17.2 million, or $0.22 per share –
diluted based on 80.0 million weighted-average shares outstanding –
diluted, as compared to CAD for the three-month period ended March 31,
2013 of $10.9 million, or $0.18 per share – diluted based on 60.4
million weighted-average shares outstanding – diluted. RAIT reported a
net loss allocable to common shares for the three-month period ended
March 31, 2014 of $14.6 million, or $0.18 total loss per share – diluted
based on 80.0 million weighted-average shares outstanding – diluted, as
compared to net loss allocable to common shares for the three-month
period ended March 31, 2013 of $90.5 million, or $1.50 total loss per
share – diluted based on 60.4 million weighted-average shares
outstanding – diluted. The first quarter 2014 net loss includes $24.1
million of unrealized losses relating primarily to non-cash
mark-to-market adjustments in RAIT’s legacy Taberna portfolios and the
associated hedges. Non-cash mark-to-market gains and losses are excluded
from CAD.

A reconciliation of RAIT’s reported net income (loss) allocable to
common shares to its CAD is included as Schedule I to this release. A
reconciliation of RAIT’s total shareholders’ equity to its adjusted book
value, a non-GAAP financial measure, is included as Schedule II to this
release. A reconciliation of RAIT’s net income (loss) allocable to
common shares to its funds from operations, a non-GAAP financial
measure, and adjusted funds from operations, a non-GAAP financial
measure, is included as Schedule III to this release. These Schedules
also include management’s respective rationales for the usefulness of
each of these non-GAAP financial measures.

 

 

 

 

 

Key Statistics

(Unaudited and dollars in thousands, except per share information)

 

As of or For the Three-Month Periods Ended

 

 

 

 

 

 

 

 

 

March 31,
2014

 

December 31,
2013

 

September 30,
2013

 

June 30,
2013

 

March 31,
2013

Financial Statistics:

 

Assets under management

$5,119,805

$3,595,530

$3,567,675

$3,616,009

$3,626,523

Total revenue

$67,308

$67,607

$62,395

$58,622

$58,251

Earnings (loss) per share – diluted

$(0.18)

$(1.90)

$(0.24)

$(0.94)

$(1.50)

Funds from Operations (“FFO”) per share

$(0.07)

$(1.74)

$(0.12)

$(0.81)

$(1.37)

AFFO per share, diluted

$0.29

$0.34

$0.33

$0.32

$0.31

CAD per share, diluted

$0.22

$0.27

$0.23

$0.20

$0.18

Common dividend declared per share

$0.17

$0.16

$0.15

$0.13

$0.12

 

Commercial Real Estate (“CRE”) Loan Portfolio:

CRE loans– unpaid principal

$1,228,451

$1,115,948

$1,103,272

$1,154,306

$1,118,519

Non-accrual loans — unpaid principal

$28,019

$37,073

$45,337

$65,597

$68,257

Non-accrual loans as a % of reported loans

2.3%

3.3%

4.1%

5.7%

6.1%

Reserve for losses

$14,279

$22,955

$23,317

$24,222

$26,206

Reserves as a % of non-accrual loans

51.0%

61.9%

51.4%

36.9%

38.4%

Provision for losses

$1,000

$1,500

$500

$500

$500

 

CRE Property Portfolio:

Reported investments in real estate(1)

$1,205,995

$1,004,186

$986,296

$949,649

$914,919

Net operating income(1)

$17,093

$13,919

$13,712

$12,947

$12,759

Number of properties owned(1)

71

62

61

60

59

Multifamily units owned(1)

12,014

9,372

8,940

8,535

8,206

Office square feet owned

2,097,022

2,009,852

2,015,524

2,015,576

2,015,524

Retail square feet owned

1,420,909

1,421,059

1,421,059

1,421,059

1,422,572

Land (acres owned)

21.92

21.92

21.92

21.92

21.92

 

Average occupancy data:

Multifamily(1)

93.3%

92.2%

92.5%

92.6%

92.6%

Office

74.8%

75.6%

74.1%

74.3%

70.3%

Retail

66.6%

69.0%

68.9%

68.7%

68.9%

 

Average Effective Rent per Unit/Square Foot (2):

Multifamily (1)(3)

$767

$763

$761

$743

$736

Office (4)

$18.70

$18.40

$19.45

$18.77

$18.91

Retail (4)

$12.44

$12.11

$12.05

$11.78

$11.95

 

(1)

Includes 17 apartment properties owned by RAIT’s consolidated
subsidiary, Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT),
with 4,970 units and a book value of $303.4 million as of March 31,
2014. At March 31, 2014, RAIT owned 39.3% of IRT’s outstanding
common stock.

(2)

Based on properties owned as of March 31, 2014.

(3)

Average effective rent is rent per unit per month.

(4)

Average effective rent is rent per square foot per year.

 

Conference Call

All interested parties can listen to the live conference call webcast at
9:00 AM ET on Wednesday, May 7, 2014 from the home page of the RAIT
Financial Trust website at www.raitft.com
or by dialing 877.703.6103, access code 77803841. For those who are not
available to listen to the live call, the replay will be available
shortly following the live call on RAIT’s website and telephonically
until Wednesday, May 14, 2014, by dialing 888.286.8010, access code
10523484.

About RAIT Financial Trust

RAIT Financial Trust is an internally-managed real estate investment
trust that provides debt financing options to owners of commercial real
estate and invests directly into commercial real estate properties
located throughout the United States. In addition, RAIT is an asset and
property manager of real estate-related assets. For more information,
please visit www.raitft.com
or call Investor Relations at 215.243.9000.

Forward-Looking Statements

This press release may contain certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements can generally be identified by our use of
forward-looking terminology such as “may,” “trend”, “will,” “continue,”
“expect,” “intend,” “anticipate,” “estimate,” “believe,” “look forward”
or other similar words or terms. Because such statements include risks,
uncertainties and contingencies, actual results may differ materially
from the expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements. These
risks, uncertainties and contingencies include, but are not limited to,
those disclosed in RAIT’s filings with the Securities and Exchange
Commission. RAIT undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events, except
as may be required by law.

 

RAIT Financial Trust

Consolidated Statements of Operations

(Dollars in thousands, except share and per share information)

(unaudited)

 

For the Three-Month

Periods Ended

March 31,

Revenues:

 

2014

 

 

 

2013

 

Net interest margin:

 

Investment Interest income

$

34,963

$

31,280

Investment Interest expense

 

(7,183

)

 

 

(7,483

)

Net interest margin

27,780

23,797

Rental income

35,176

27,169

Fee and other income

 

4,352

 

 

 

7,285

 

Total revenue

67,308

58,251

Expenses:

Interest expense

11,605

9,666

Real estate operating expense

18,083

14,410

Compensation expense

8,555

6,947

General and administrative expense

4,201

3,776

Provision for losses

1,000

500

Depreciation and amortization expense

 

12,042

 

 

 

8,570

 

Total expenses

 

55,486

 

 

 

43,869

 

Operating income

11,822

14,382

Other income (expense)

10

76

Gains (losses) on assets

2,224

(3

)

Gains (losses) on extinguishment of debt

2,421

Change in fair value of financial instruments

 

(24,139

)

 

 

(99,757

)

Income (loss) before taxes and discontinued operations

(7,662

)

(85,302

)

Income tax benefit (provision)

 

239

 

 

 

(39

)

Net income (loss)

(7,423

)

(85,341

)

(Income) loss allocated to preferred shares

(5,806

)

(5,218

)

(Income) loss allocated to noncontrolling interests

 

(1,358

)

 

 

27

 

Net income (loss) allocable to common shares

$

(14,587

)

 

$

(90,532

)

Earnings (loss) per share—Basic:

Total earnings (loss) per share—Basic

$

(0.18

)

 

$

(1.50

)

Weighted-average shares outstanding—Basic

 

79,970,599

 

 

 

60,363,153

 

Earnings (loss) per share—Diluted:

Total earnings (loss) per share—Diluted

$

(0.18

)

 

$

(1.50

)

Weighted-average shares outstanding—Diluted

 

79,970,599

 

 

 

60,363,153

 

 

 

RAIT Financial Trust

Consolidated Balance Sheets

(Dollars in thousands, except share and per share information)

(unaudited)

 

As of

As of

March 31,

December 31,

 

2014

 

 

 

2013

 

Assets

Investments in mortgages and loans, at amortized cost:

Commercial mortgages, mezzanine loans, other loans and preferred
equity interests

$

1,235,155

$

1,122,377

Allowance for losses

 

(14,279

)

 

 

(22,955

)

Total investments in mortgages and loans

1,220,876

1,099,422

Investments in real estate, net of accumulated depreciation of
$135,876 and $127,745, respectively

1,205,995

1,004,186

Investments in securities and security-related receivables, at fair
value

573,739

567,302

Cash and cash equivalents

110,072

88,847

Restricted cash

92,497

121,589

Accrued interest receivable

48,181

48,324

Other assets

70,469

57,081

Deferred financing costs, net of accumulated amortization of $19,389
and $17,768, respectively

19,193

18,932

Intangible assets, net of accumulated amortization of $6,511 and
$4,564, respectively

 

 

23,386

 

 

 

21,554

 

Total assets

$

3,364,408

 

 

$

3,027,237

 

 

Liabilities and Equity

Indebtedness:

Recourse indebtedness

$

307,176

$

235,011

Non-recourse indebtedness

 

1,950,062

 

 

 

1,851,390

 

Total indebtedness

2,257,238

2,086,401

Accrued interest payable

30,213

26,936

Accounts payable and accrued expenses

24,182

32,447

Derivative liabilities

102,796

113,331

Deferred taxes, borrowers’ escrows and other liabilities

 

121,766

 

 

 

79,462

 

Total liabilities

2,536,195

2,338,577

 

Series D Preferred Shares, 4,000,000 shares authorized,
4,000,000 and 2,600,000 shares issued and outstanding

73,301

52,970

Equity:

Preferred shares, $0.01 par value per share, 25,000,000 shares
authorized:

7.75% Series A cumulative redeemable preferred shares, liquidation
preference $25.00 per share, 4,760,000 and 4,069,288 shares issued
and outstanding

41

41

8.375% Series B cumulative redeemable preferred shares, liquidation
preference $25.00 per share, 4,300,000 shares authorized, 2,288,465
shares issued and outstanding

23

23

8.875% Series C cumulative redeemable preferred shares, liquidation
preference $25.00 per share, 3,600,000 shares authorized, 1,640,100
shares issued and outstanding

17

17

Series E cumulative redeemable preferred shares, liquidation
preference $25.00 per share, 4,000,000 shares authorized

Common shares, $0.03 par value per share, 200,000,000 shares
authorized, 82,289,029 and 71,447,437 issued and outstanding,
including 541,825 and 369,500 unvested restricted common share awards

2,468

2,143

Additional paid in capital

2,005,102

1,920,455

Accumulated other comprehensive income (loss)

(56,825

)

(63,810

)

Retained earnings (deficit)

 

(1,285,807

)

 

 

(1,257,306

)

Total shareholders’ equity

665,019

601,563

Noncontrolling interests

 

89,893

 

 

 

34,127

 

Total equity

 

754,912

 

 

 

635,690

 

Total liabilities and equity

$

3,364,408

 

 

$

3,027,237

 

 

 

 

 

Schedule I

RAIT Financial Trust

Reconciliation of Net income (loss) Allocable to Common Shares and

Cash Available for Distribution (1)

(Dollars in thousands, except share and per share amounts)

(unaudited)

 

For the Three-Month

For the Three-Month

Period Ended

Period Ended

March 31, 2014

March 31, 2013

Amount

Per Share (2)

Amount

Per Share (3)

Cash Available for Distribution:

Net income (loss) allocable to common shares

$

(14,587

)

$

(0.18

)

$

(90,532

)

$

(1.50

)

Adjustments:

Depreciation and amortization expense

12,042

0.15

8,570

0.14

Change in fair value of financial instruments

24,139

0.30

99,757

1.65

(Gains) losses on assets

(2,224

)

(0.03

)

3

0.00

(Gains) losses on extinguishment of debt

(2,421

)

(0.03

)

Taberna VIII and Taberna IX securitizations, net effect

(7,060

)

(0.09

)

(8,476

)

(0.14

)

Straight-line rental adjustments

(115

)

0.00

(288

)

0.00

Share-based compensation

1,449

0.02

723

0.01

Origination fees and other deferred items

4,551

0.06

678

0.02

Provision for losses

1,000

0.01

500

0.01

Noncontrolling interest effect from certain adjustments

 

460

 

 

0.01

 

 

 

 

 

 

Cash Available for Distribution

$

17,234

 

$

0.22

 

$

10,935

 

$

0.18

 

 

(1)

Cash available for distribution, or CAD, is a non-GAAP financial
measure. We believe that CAD provides investors and management with
a meaningful indicator of operating performance. Management also
uses CAD, among other measures, to evaluate profitability and our
board of trustees considers CAD in determining our quarterly cash
dividends. We also believe that CAD is useful because it adjusts for
a variety of noncash items (such as depreciation and amortization,
equity-based compensation, realized gain (loss) on assets, provision
for loan losses and non-cash interest income and expense items).
Furthermore, CAD removes the effect from our consolidation of the
legacy Taberna securitizations.

 

We calculate CAD by subtracting from or adding to net income (loss)
attributable to common shareholders the following items:
depreciation and amortization items including, depreciation and
amortization, straight-line rental income or expense, amortization
of in place leases, amortization of deferred financing costs,
amortization of discount on financings and equity-based
compensation; changes in the fair value of our financial
instruments, including such changes reflected in our consolidated
Taberna securitizations; net interest income from consolidated
Taberna securitizations; realized gain (loss) on assets and other;
provision for loan losses; impairment on depreciable property;
acquisition gains or losses and transaction costs; and one-time
events pursuant to changes in U.S. GAAP and certain other
non-recurring items.

 

CAD should not be considered as an alternative to net income (loss),
determined in accordance with U.S. GAAP, as an indicator of
operating performance. In addition, our methodology for calculating
CAD may differ from the methodologies used by other comparable
companies, including other REITs, when calculating the same or
similar supplemental financial measures and may not be comparable
with these companies. In these Schedules, references to “we”, “us”,
and “our” refer to RAIT Financial Trust and its subsidiaries.

 

(2)

Based on 79,970,599 weighted-average shares outstanding-diluted for
the three-month period ended March 31, 2014.

 

(3)

Based on 60,363,153 weighted-average shares outstanding-diluted for
the three-month period ended March 31, 2013.

 

Schedule II

RAIT Financial Trust

Reconciliation of Shareholders’ Equity to Adjusted Book Value (1)

(Dollars in thousands, except share and per share amounts)

(unaudited)

 

As of March 31, 2014

Amount

 

Per Share (2)

 

Total shareholders’ equity

$

665,019

$

8.08

Liquidation value of preferred shares characterized as equity(3)

 

(199,946

)

 

(2.43

)

Book value

465,073

5.65

Adjustments:

Taberna VIII and Taberna IX securitizations, net effect

(203,644

)

(2.47

)

RAIT I and RAIT II derivative liabilities

36,490

0.44

Change in fair value for warrants and investor SARs

18,038

0.22

Accumulated depreciation and amortization

169,050

2.05

Valuation of recurring collateral and property management fees

 

50,335

 

 

0.61

 

Total adjustments

$

70,269

 

$

0.85

 

Adjusted book value

$

535,342

 

$

6.50

 

 

(1)

Management views adjusted book value as a useful and appropriate
supplement to shareholders’ equity and book value per share. The
measure serves as an additional measure of our value because it
facilitates evaluation of us without the effects of various items
that we are required to record in accordance with GAAP but which
have limited economic impact on our business. Those adjustments
primarily reflect the effect of consolidated securitizations where
we do not currently receive cash flows on our retained interests,
accumulated depreciation and amortization, the valuation of
long-term derivative instruments and a valuation of our recurring
collateral and property management fees. Adjusted book value is a
non-GAAP financial measurement, and does not purport to be an
alternative to reported shareholders’ equity, determined in
accordance with GAAP, as a measure of book value. Adjusted book
value should be reviewed in connection with shareholders’ equity as
set forth in our consolidated balance sheets, to help analyze our
value to investors. Adjusted book value may be defined in various
ways throughout the REIT industry. Investors should consider these
differences when comparing our adjusted book value to that of other
REITs.

 

(2)

Based on 82,289,029 common shares outstanding as of March 31, 2014.

 

(3)

Based on 4,069,288 Series A preferred shares, 2,288,465 Series B
preferred shares, and 1,640,100 Series C preferred shares
outstanding as of March 31, 2014, all of which have a liquidation
preference of $25.00 per share.

 

 

 

Schedule III

RAIT Financial Trust

Reconciliation of Net income (loss) Allocable to Common Shares and

Funds From Operations (“FFO”) and

Adjusted Funds From Operations (“AFFO”) (1)

(Dollars in thousands, except share and per share amounts)

(unaudited)

 

For the Three-Month

For the Three-Month

Period Ended

Period Ended

March 31, 2014

March 31, 2013

Amount

Per Share (2)

Amount

 

Per Share (3)

Funds From Operations:

Net income (loss) allocable to common shares

$

(14,587

)

$

(0.18

)

$

(90,532

)

$

(1.50

)

Adjustments:

Real estate depreciation and amortization

8,819

0.11

7,973

0.13

(Gains) losses on the sale of real estate

 

321

 

 

0.00

 

 

 

 

 

 

Funds From Operations

$

(5,447

)

$

(0.07

)

$

(82,559

)

$

(1.37

)

 

 

Adjusted Funds From Operations:

Funds From Operations

$

(5,447

)

$

(0.07

)

$

(82,559

)

$

(1.37

)

Adjustments:

Change in fair value of financial instruments

24,139

0.30

99,757

1.65

(Gains) losses on debt extinguishment

(2,421

)

(0.03

)

Capital expenditures, net of direct financing

(647

)

(0.01

)

(172

)

0.00

Straight-line rental adjustments

(115

)

0.00

(288

)

0.00

Amortization of deferred items and intangible assets

6,417

0.08

1,133

0.02

Share-based compensation

 

1,449

 

 

0.02

 

 

723

 

 

0.01

 

 

Adjusted Funds From Operations

$

23,375

 

$

0.29

 

$

18,594

 

$

0.31

 

 

(1)

We believe that funds from operations, or FFO, and adjusted funds
from operations, or AFFO, each of which are non-GAAP measures, are
additional appropriate measures of the operating performance of a
REIT and us in particular.

 

We compute FFO in accordance with the standards established by the
National Association of Real Estate Investment Trusts, or NAREIT, as
net income or loss allocated to common shares (computed in
accordance with GAAP), excluding real estate-related depreciation
and amortization expense, gains or losses on sales of real estate
and the cumulative effect of changes in accounting principles.

 

AFFO is a computation made by analysts and investors to measure a
real estate company’s cash flow generated by operations. We
calculate AFFO by adding to or subtracting from FFO: change in fair
value of financial instruments; gains or losses on debt
extinguishment; capital expenditures, net of any direct financing
associated with those capital expenditures; straight-line rental
effects; amortization of various deferred items and intangible
assets; and share-based compensation.

 

Our calculation of AFFO differs from the methodology used for
calculating AFFO by certain other REITs and, accordingly, our AFFO
may not be comparable to AFFO reported by other REITs. Our
management utilizes FFO and AFFO as measures of our operating
performance, and believes they are also useful to investors, because
they facilitate an understanding of our operating performance after
adjustment for certain non-cash items, such as real estate
depreciation, share-based compensation and various other items
required by GAAP that may not necessarily be indicative of current
operating performance and that may not accurately compare our
operating performance between periods. Furthermore, although FFO,
AFFO and other supplemental performance measures are defined in
various ways throughout the REIT industry, we also believe that FFO
and AFFO may provide us and our investors with an additional useful
measure to compare our financial performance to certain other REITs.

 

Neither FFO nor AFFO is equivalent to net income or cash generated
from operating activities determined in accordance with U.S. GAAP.
Furthermore, FFO and AFFO do not represent amounts available for
management’s discretionary use because of needed capital
replacement or expansion, debt service obligations or other
commitments or uncertainties. Neither FFO nor AFFO should be
considered as an alternative to net income as an indicator of our
operating performance or as an alternative to cash flow from
operating activities as a measure of our liquidity.

 

(2)

Based on 79,970,599 weighted-average shares outstanding-diluted
for the three-month period ended March 31, 2014.

 

(3)

Based on 60,363,153 weighted-average shares outstanding-diluted
for the three-month period ended March 31, 2013.

Financials IndustryFinance
Contact:
RAIT Financial Trust

Andres Viroslav, 215-243-9000

aviroslav@raitft.com

Read more:
RAIT Financial Trust Announces First Quarter 2014 Financial Results

Comments are closed.