-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GQpxiglTvPy9QeJ8+OQsezGylM6z1zXAVgX9fO31wsImUJg/LKoRhn15LShhf7sM mSVaysqxdzazJQ3Cs5EOAA== 0000893220-04-000750.txt : 20040422 0000893220-04-000750.hdr.sgml : 20040422 20040422144525 ACCESSION NUMBER: 0000893220-04-000750 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040421 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RAIT INVESTMENT TRUST CENTRAL INDEX KEY: 0001045425 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 232919819 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14760 FILM NUMBER: 04747927 BUSINESS ADDRESS: STREET 1: 1818 MARKET ST STREET 2: 28TH FL CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2155465119 MAIL ADDRESS: STREET 1: 1521 LOCUST ST STREET 2: 6TH FL CITY: PHILADELPHIA STATE: PA ZIP: 19102 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCE ASSET INVESTMENT TRUST DATE OF NAME CHANGE: 19970904 8-K 1 w96348e8vk.txt FORM 8-K DATED APRIL 21, 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 21, 2004 RAIT INVESTMENT TRUST (Exact name of registrant as specified in its charter) Maryland 1-14760 23-2919819 ---------------------- ----------- ------------------- (State of incorporation (Commission (I.R.S. Employer or organization) File Number) Identification No.)
c/o RAIT Partnership, L.P. 1818 Market Street, 28th Floor, Philadelphia, PA 19103 ------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (215) 861-7900 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits EXHIBIT NUMBER DESCRIPTION OF DOCUMENT -------------- ----------------------- 99 Press Release
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On April 21, 2004, RAIT Investment Trust issued a press release regarding its earnings for the three months ended March 31, 2004. A copy of this press release is filed with this report as an exhibit to Form 8-K. The information in this report is to be considered "filed" under the Securities Exchange Act of 1934, as amended. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RAIT INVESTMENT TRUST By: /s/ Ellen J. DiStefano ------------------------------ Ellen J. DiStefano Chief Financial Officer Date: April 21, 2004 3 EX-99 3 w96348exv99.txt PRESS RELEASE . . . EXHIBIT 99 RAIT INVESTMENT TRUST ANNOUNCES FIRST QUARTER 2004 EARNINGS PHILADELPHIA, PA -- April 21, 2004 -- RAIT Investment Trust ("RAIT") (NYSE: RAS)
FIRST QUARTER HIGHLIGHTS ($ in millions) March 31, 2004 March 31, 2003 Increase (%) -------------- -------------- ------------ Net Income Available to Common Shareholders $ 14.0 $ 12.4 12.5% Total Revenues $ 22.7 $ 20.6 9.9% Total Assets $627.3 $442.7 41.7%
RAIT Investment Trust reported net income available to common shareholders for the three months ended March 31, 2004 of $14.0 million, or available net income per common share - diluted of $0.60 based on 23.4 million weighted average common shares diluted, as compared to net income available to common shareholders of $12.4 million, or available net income per common share - diluted of $0.62 based on 20.1 million weighted average common shares - diluted, for the three months ended March 31, 2003. Total revenues for the three months ended March 31, 2004 were $22.7 million as compared to $20.6 million for the three months ended March 31, 2003. BALANCE SHEET SUMMARY As of March 31, 2004, RAIT's total assets were $627.3 million (including $379.4 million of investments in real estate loans and $137.6 million of investments in real estate). As of December 31, 2003, RAIT's total assets were $534.6 million (including $344.5 million of investments in real estate loans and $137.5 million of investments in real estate). As of March 31, 2004, RAIT's indebtedness secured by real estate was $120.7 million, and there was a $55.0 million aggregate balance outstanding under RAIT's secured lines of credit. As of December 31, 2003, RAIT's indebtedness secured by real estate was $131.0 million and the aggregate amount outstanding under RAIT's secured lines of credit totaled $23.9 million. RAIT's total shareholders' equity was $421.7 million at March 31, 2004 and $363.4 million at December 31, 2003. Total common shares outstanding were 23,213,318 at March 31, 2004 and 23,207,138 at December 31, 2003. DIVIDEND SUMMARY On April 15, 2004, RAIT paid a first quarter dividend of $0.60 per common share to shareholders of record on April 5, 2004. Including this first quarter dividend, RAIT has declared a regular quarterly cash dividend of at least $0.51 per common share during each of the past twenty-three quarters. On March 31, 2004, RAIT paid a pro-rated first quarter dividend of $0.0625 per preferred share relating to RAIT's 7.75% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest to shareholders of record on March 24, 2004. CONFERENCE CALL WEBCAST Interested parties can access the LIVE webcast of RAIT's Quarterly Earnings Conference Call at 11:00 AM EDT on Friday, April 23, 2004 by clicking on the Webcast link on RAIT's homepage at www.raitinvestmenttrust.com. The webcast will be archived on the RAIT website for four weeks and can be accessed telephonically until midnight on Friday, April 30, 2004, by dialing 1-800-428-6051, access code 347914. ABOUT RAIT INVESTMENT TRUST RAIT Investment Trust (NYSE:RAS), a real estate investment trust, is a specialty finance company focused on the commercial real estate industry. RAIT provides structured financing to owners of real estate, including senior and mezzanine lending and preferred equity investments. RAIT also acquires real estate for its own account. For more information, please visit www.raitinvestmenttrust.com or call Investor Relations at 215-861-7900. If you would like to be added to RAIT's distribution list to receive news, updates and announcements, please visit www.raitinvestmenttrust.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding RAIT Investment Trust's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For discussion of such risks and uncertainties, which could cause actual results to differ materially from those contained in the forward looking statement, see RAIT's filings with the Securities and Exchange Commission, including Registration Statement No. 333-103618 under the section entitled "Risk Factors" and the Form 10-K for the year ended December 31, 2003. RAIT does not undertake to update forward-looking statements in this press release or with respect to matters described herein. RAIT INVESTMENT TRUST CONTACT Andres Viroslav 215-861-7923 aviroslav@raitinvestmenttrust.com RAIT INVESTMENT TRUST and Subsidiaries Consolidated Statements of Income (unaudited)
For the three months ended March 31, --------------- REVENUES 2004 2003 ---- ---- Interest income $ 13,314,483 $ 8,540,657 Rental income 6,067,198 6,846,335 Fee income and other 2,487,208 532,180 Investment income 831,894 2,356,871 Gain on sale of property interest -- 2,372,220 ------------ ----------- Total revenues 22,700,783 20,648,263 COSTS AND EXPENSES Interest 2,466,125 2,217,996 Property operating expenses 3,030,023 3,801,344 Salaries and related benefits 1,151,657 704,186 General and administrative 967,515 549,744 Depreciation and amortization 945,469 977,379 ------------ ----------- Total costs and expenses 8,560,789 8,250,649 ------------ ----------- Net income before minority interest 14,139,994 12,397,614 Minority interest (19,476) 23,712 ------------ ----------- Net income $ 14,120,518 $12,421,326 Preferred dividends 150,000 -- ------------ ----------- Net income available to common shareholders $ 13,970,518 $12,421,326 ============ =========== Available net income per common share - basic $ 0.60 $ 0.62 Weighted average common shares - basic 23,208,883 19,970,949 ============ =========== Available net income per common share - diluted $ 0.60 $ 0.62 Weighted average common shares - diluted 23,403,391 20,110,828 ============ ===========
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