RAIT Financial Trust Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Revised Earnings Guidance for the Year of 2016; Reports Asset Impairment for the Third Quarter
For the nine months, the company reported total revenue of $137,862,000 compared to $158,467,000 a year ago. Operating loss was $22,308,000 compared to $5,870,000 a year ago. Loss before taxes was $31,182,000 compared to income before taxes of $24,022,000 a year ago. Loss from continuing operations was $13,131,000 compared to income from continuing operations of $22,702,000 a year ago. Net loss available to common shares from continuing operations was $35,526,000 or $0.39 per basic and diluted share compared to net income available to common shares from continuing operations of $24,000 a year ago. Net loss available to common shares was $25,428,000 or $0.28 per basic and diluted share compared to net income available to common shares of $5,327,000 or $0.06 per basic and diluted share a year ago. Cash available for distribution was $34,035,000 or $0.37 per share compared to $49,070,000 or $0.59 per share for the nine-months ended September 30, 2015. FFO was $4,146,000 or $0.05 per share compared to $18,941,000 or $0.23 per share a year ago.
The company is updating its prior guidance for full year 2016. EPS is now projected to be in a range of $0.18 $0.30, an increase from the prior guidance range of $0.10 $0.28 and cash available for distribution per share is now projected to be in the range of $0.46 $0.50 per common share, a decrease from the prior guidance range of $0.48 $0.55 per common share. The updated guidance is a result of increased real estate sales and higher than projected loan repayments. The company expects net income available to common shares in the range of $16,089,000 to $27,236,000, depreciation and amortization of $45,596,000, cash available for distribution of $42,239,000 to $45,886,000.
For the quarter, the company reported asset impairment of $18,872,000 compared to $7,250,000 a year ago.