RAIT Financial Trust Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Unaudited Consolidated Asset Impairment for the Fourth Quarter Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
For the full year, the company reported total revenue was $173,607,000 against total revenue of $211,614,000 a year ago. Operating loss was $45,774,000 against operating loss of $8,378,000 a year ago. Loss before taxes was $35,329,000 against income before taxes of $31,391,000 a year ago. Loss from continuing operations was $37,879,000 against income from continuing operations of $28,593,000 a year ago. Net income was $50,073,000 against net income of $63,493,000 a year ago. Net loss available to common shares was $9,820,000 against net income available to common shares of $7,158,000 a year ago. Basic and diluted loss per share from continuing operations was $0.77 against basic and diluted loss per share from continuing operations of $0.03 a year ago. Basic and diluted loss per share was $0.11 against basic and diluted earnings per share of $0.08 a year ago. Cash available for distribution was $40,588,000 against cash available for distribution of $66,146,000 a year ago. Cash available for distribution per share was $0.45 against cash available for distribution per share of $0.77 a year ago. FFO was $8,516,000 against FFO of $12,919,000 a year ago. FFO per share--basic was $0.09 against FFO per share--basic of $0.15 a year ago.
For the quarter, the company's asset impairment was $11,127,000 against $929,000 a year ago.
The company expects that 2017 will be a transitional year as RAIT continues to transform into a more focused, cost-efficient and lower leverage business concentrated on CRE lending. The company expects a decline in RAIT's earnings and Cash available for distribution, when compared to 2016, which is expected to be primarily impacted by the disposition of non-core assets, reductions in debt levels and expected loan repayments.