CENTERLINE HOLDING CO - FORM 8-K - EX-99.1 - EXHIBIT 99.1 (EARNINGS REPORT) - March 28, 2012

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EX-99.2 - EXHIBIT 99.2 (FINANCIAL OVERVIEW PRESENTATION) - CENTERLINE HOLDING COexhibit99-2.htm



AT THE COMPANY
Denise Bernstein, Investor Relations
(800) 831-4826






CENTERLINE HOLDING COMPANY REPORTS
2011 FINANCIAL RESULTS




New York, NY – March 28, 2012 – Centerline Holding Company (OTC:CLNH) (“Centerline” or the “Company”), the parent company of Centerline Capital Group, a provider of real estate financing and asset management services to the affordable and conventional multifamily housing industry, today announced financial results for year ended December 31, 2011.

The tables below present Centerline’s Consolidated Balance Sheets as of December 31, 2011 and December 31, 2010; and the Consolidated Statements of Operations for the years then ended. For more detailed financial information, including certain non-GAAP financial measures, please access the Financial Overview Presentation available in the “Investor Relations” section of the Company’s website at www.centerline.com.

About the Company

Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC:CLNH), provides real estate financing and asset management services for affordable and conventional multifamily housing. The Company offers a range of both debt financing and equity investment products as well as asset management services to developers, owners, and investors.  Founded in 1972, Centerline is headquartered in New York, New York and has several offices throughout the United States.  For more information, please visit Centerline’s website at www.centerline.com or contact the Investor Relations Department at 1-800-831-4826.

 

 
 

 
 

 
 
 
 
 

 

CENTERLINE HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 
 
   
December 31,
  
   
2011
  
2010
  
 
 
               
Assets:
              
Cash and cash equivalents
  
$
95,992
  
$
119,598
  
Restricted cash
    
16,185
    
13,231
  
Investments:
              
Available-for-sale
    
394,355
    
485,280
  
Equity method
    
8,794
    
5,635
  
Mortgage loans held for sale and other assets
    
190,192
    
77,287
  
Investments in and loans to affiliates, net
    
5,641
    
510
  
Intangible assets, net
    
8,784
    
9,494
  
Mortgage servicing rights, net
    
72,520
    
65,614
  
Deferred costs and other assets, net
    
75,791
    
76,686
  
Consolidated partnership:
              
Equity method investments
    
3,079,803
    
3,302,667
  
Land, buildings and improvements, net
    
460,804
    
567,073
  
Other assets
    
264,437
    
282,665
  
Assets of discontinued operations
    
--
    
18
  
               
Total assets
  
$
4,673,298
  
$
5,005,758
  
 
Liabilities:
              
Notes payable and other borrowings
  
$
322,849
  
$
231,374
  
Secured financing
    
618,163
    
665,875
  
Accounts payable, accrued expenses and other liabilities
    
187,230
    
237,804
  
Preferred shares of subsidiary (subject to mandatory repurchase)
    
55,000
    
55,000
  
Consolidated partnerships:
              
Notes payable
    
156,643
    
137,054
  
Due to tax credit property partnerships
    
132,246
    
86,642
  
Other liabilities
    
319,256
    
273,409
  
               
Total liabilities
    
1,791,387
    
1,687,158
  
               
Redeemable securities
    
6,000
    
12,462
  
               
Commitments and contingencies
              
               
Equity:
              
Centerline Holding Company total
    
210,751
    
161,304
  
               
Non-controlling interests
    
2,665,160
    
3,144,834
  
               
Total equity
    
2,875,911
    
3,306,138
  
               
Total liabilities and equity
  
$
4,673,298
  
$
5,005,758
  
 
 
 
 
 
 
 
 

 

CENTERLINE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
 
 
 
   
Years Ended December 31,
  
   
2011
  
2010
  
               
Revenues:
              
Interest income
  
$
45,069
  
$
44,096
  
Fee income
    
43,843
    
33,154
  
Gain on sale of mortgage loans
    
31,452
    
27,962
  
Other
    
3,219
    
1,772
  
Consolidated partnerships:
              
Interest income
    
1,119
    
1,222
  
Rental income
    
102,523
    
106,350
  
Other
    
1,665
    
4,601
  
Total revenues
    
228,890
    
219,157
  
               
Expenses:
              
General and administrative
    
94,826
    
127,472
  
Recovery of losses
    
(52,712
)
  
(77,908
)
Interest
    
64,990
    
56,235
  
Interest – distributions to preferred shareholders of subsidiary
    
3,840
    
8,825
  
Depreciation and amortization
    
15,800
    
23,271
  
Write-off of goodwill
    
--
    
93,283
  
Loss on impairment of assets
    
--
    
75,887
  
Consolidated partnerships:
              
Interest
    
18,361
    
17,884
  
Loss on impairment of assets
    
84,023
    
23,350
  
Other expenses
    
202,981
    
225,247
  
Total expenses
    
432,109
    
573,546
  
               
Loss before other income
    
(203,219
)
  
(354,389
)
               
Other (loss) income:
              
Equity and other income, net
    
--
    
220
  
Gain on settlement of liabilities
    
8,942
    
25,253
  
Gain from repayment or sale of investments
    
1,457
    
4,070
  
Other losses from consolidated partnerships
    
(295,843
)
  
(368,481
)
               
Loss from continuing operations before income tax provision
    
(488,663
)
  
(693,327
)
Income tax benefit (provision) – continuing operations
    
564
    
(610
)
               
Net loss from continuing operations
    
(488,099
)
  
(693,937
)
               
Discontinued operations:
              
Income from discontinued operations before income taxes
    
253
    
141,309
  
Gain on sale of discontinued operations, net
    
--
    
20,500
  
Income tax provision – discontinued operations
    
--
    
(531
)
               
Net income from discontinued operations
    
253
    
161,278
  
               
Net loss
    
(487,846
)
  
(532,659
)
               
Net loss attributable to non-controlling interests
    
555,730
    
507,834
  
               
Net income (loss) attributable to Centerline Holding Company shareholders
  
$
67,884
  
$
(24,825
)
               
Net income per share:
              
Basic
              
Income from continuing operations
  
$
0.19
  
$
0.72
(2)
Income from discontinued operations
  
$
--
(1)
$
0.24
(2)
Diluted
              
Income from continuing operations
  
$
0.19
  
$
0.72
(2)
Income from discontinued operations
  
$
--
(1)
$
0.24
(2)
               
Weighted average shares outstanding:
              
Basic
    
349,038
    
297,088
  
Diluted
    
349,038
    
297,802
  

(1)  
Amount calculates to zero when rounded.
(2)  
The numerator of the calculation of basic and diluted net income per share includes the effect of redeemable share conversions and a reversal of all preferred dividends in arrears upon conversion of the preferred CRA shares into Special Series A shares in March 2010.
 
 
 
 
 
 
 
 
 
 
 
 

 
###
 
 


Certain statements in this document may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  Other risks and uncertainties are detailed in Centerline Holding Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our potential inability to raise capital or access financing on acceptable terms, or at all, or to repay or restructure or our existing indebtedness; being required to redeem our our outstanding redeemable securities; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; our dependence on our advisor and the services of our executive officers and other employees; changes in our business policies; possible adverse effects from potential future issuances of securities or a reverse stock split;  significant voting power held by certain shareholders; potential liabilities to shareholders resulting from our operation as a Delaware statutory trust; our ability to remain exempt from the provisions of the Investment Company Act of 1940, as amended; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation.  Words such as “anticipates”, “expects”, “intends”, “plans, “believes” “seeks”, “estimates” and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements speak only as of the date of this document.  Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.




 
 
 
 
 
 
 
 
 
 
 

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