Attached files
| file | filename |
|---|---|
| 8-K - LIVE FILING - RAIT Financial Trust | htm_41826.htm |
| EX-99.2 - EX-99.2 - RAIT Financial Trust | exhibit2.htm |
| EX-99.1 - EX-99.1 - RAIT Financial Trust | exhibit1.htm |
| Item 6. Selected Financial Data |
The following selected financial data information should be read in conjunction with Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements, including the notes thereto, included elsewhere herein. (dollars in thousands, except share and per share data).
We revised our historical selected financial data to give effect to the reverse stock split of our common shares that will be effective on June 30, 2011. The reverse stock split had no effect on our reported net income or net income available for common shareholders; however, it did affect our weighted average common shares outstanding, our earnings per common share and our dividends declared per share for all periods presented.
(dollars in thousands, except share and per share data)
| As of and For the Years Ended December 31 | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Operating Data: |
||||||||||||||||||||
Interest income |
$ | 153,955 | $ | 381,979 | $ | 691,287 | $ | 893,212 | $ | 138,639 | ||||||||||
Rental income |
72,373 | 44,637 | 17,425 | 11,291 | 12,639 | |||||||||||||||
Total revenue |
244,570 | 453,114 | 730,069 | 930,228 | 165,665 | |||||||||||||||
Interest expense |
(96,690 | ) | (261,824 | ) | (486,932 | ) | (699,892 | ) | (63,410 | ) | ||||||||||
Real estate operating expenses |
(51,276 | ) | (35,179 | ) | (13,135 | ) | (8,657 | ) | (7,621 | ) | ||||||||||
Provision for losses |
(38,307 | ) | (226,567 | ) | (162,783 | ) | (21,721 | ) | (2,499 | ) | ||||||||||
Asset impairments |
— | (46,015 | ) | (67,052 | ) | (517,452 | ) | — | ||||||||||||
Total expenses |
(261,891 | ) | (640,055 | ) | (804,909 | ) | (1,385,251 | ) | (96,553 | ) | ||||||||||
Change in fair value of
financial instruments |
45,840 | 1,563 | (552,437 | ) | — | — | ||||||||||||||
Income (loss) from continuing
operations |
110,590 | (440,141 | ) | (617,130 | ) | (435,991 | ) | 74,704 | ||||||||||||
Net income (loss) allocable
to common shares |
98,152 | (441,203 | ) | (443,246 | ) | (379,588 | ) | 67,839 | ||||||||||||
Earnings (loss) per share
from continuing operations |
||||||||||||||||||||
Basic |
$ | 3.39 | $ | (20.28 | ) | $ | (20.88 | ) | $ | (18.48 | ) | $ | 6.33 | |||||||
Diluted |
$ | 3.33 | $ | (20.28 | ) | $ | (20.88 | ) | $ | (18.48 | ) | $ | 6.27 | |||||||
Earnings (loss) per share: |
||||||||||||||||||||
Basic |
$ | 3.39 | $ | (20.31 | ) | $ | (20.97 | ) | $ | (18.54 | ) | $ | 6.93 | |||||||
Diluted |
$ | 3.33 | $ | (20.31 | ) | $ | (20.97 | ) | $ | (18.54 | ) | $ | 6.87 | |||||||
Balance Sheet Data: |
||||||||||||||||||||
Investments in mortgages
and loans, net |
$ | 1,149,419 | $ | 1,380,957 | $ | 5,468,064 | $ | 6,378,050 | $ | 5,922,550 | ||||||||||
Investments in real estate |
841,488 | 738,235 | 350,487 | 117,238 | 61,432 | |||||||||||||||
Investments in securities |
705,451 | 694,897 | 1,920,883 | 3,827,800 | 5,138,311 | |||||||||||||||
Total assets |
2,993,432 | 3,094,976 | 8,151,450 | 11,057,580 | 12,060,506 | |||||||||||||||
Total indebtedness |
1,838,177 | 2,077,123 | 6,102,890 | 10,040,925 | 10,452,191 | |||||||||||||||
Total liabilities |
2,074,902 | 2,325,055 | 6,882,109 | 10,474,982 | 10,739,829 | |||||||||||||||
Total equity |
918,530 | 769,921 | 1,269,341 | 582,598 | 1,320,677 | |||||||||||||||
| As of and For the Years Ended December 31 | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Other Data: |
||||||||||||||||||||
Common shares
outstanding, at period end,
including unvested
restricted share awards |
35,300,190 | 24,806,866 | 21,614,190 | 20,339,410 | 17,383,804 | |||||||||||||||
Book value per share |
$ | 21.33 | $ | 24.24 | $ | 42.27 | $ | 20.43 | $ | 61.62 | ||||||||||
Ratio of earnings to fixed
charges and preferred share
dividends |
1.9x | — | (1) | — | (1) | — | (1) | 1.9x | ||||||||||||
Dividends declared per share |
$ | — | (2) | $ | — | $ | 3.81 | $ | 7.68 | $ | 8.10 | |||||||||
| (1) | The ratio of earnings to fixed charges and preferred share dividends for the years ended December 31, 2009, 2008 and 2007 is deficient by $453.8 million, $630.8 million and $447.8 million, respectively. |
| (2) | On January 10, 2011, our board of trustees declared a 2010 annual cash dividend on our common shares of $0.09 per common shares, split adjusted. The dividends were paid on January 31, 2011 to holders of record on January 21, 2011 and totaled $3.2 million. |