Delaware | 0-4408 | 72-0654145 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) | ||
One Crescent Drive, Suite 203, Navy Yard Corporate Center Philadelphia, PA | 19112 | |||
(Address of principal executive offices) | (Zip Code) |
(d) | The exhibit furnished as part of this report is identified in the Exhibit Index immediately following the signature page of this report. Such Exhibit Index is incorporated herein by this reference. |
Resource America, Inc. | ||||
Date: | November 5, 2015 | By: | /s/ Thomas C. Elliott | |
Thomas C. Elliott | ||||
Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | |||
Ex 99.1 | Press Release |
CONTACT: | THOMAS C. ELLIOTT | |
CHIEF FINANCIAL OFFICER | ||
RESOURCE AMERICA, INC. | ||
ONE CRESCENT DRIVE, SUITE 203 | ||
PHILADELPHIA, PA 19112 |
September 30, | |||||||
2015 | 2014 | ||||||
Financial fund management | $ | 16.9 | $ | 15.7 | |||
Real estate | 4.0 | 3.1 | |||||
Commercial finance | 0.8 | 0.6 | |||||
$ | 21.7 | $ | 19.4 | ||||
Net assets under management (1) | $ | 9.6 | $ | 9.2 |
(1) | Net assets under management represents the proportionate share of assets managed by the Company after reflecting joint venture arrangements. |
• | Raised $82.9 million during the three months ended September 30, 2015 and a total of $352.4 million since inception. |
• | Acquired $110.9 million of assets and placed $53.5 million of financing during the three months ended September 30, 2015. |
• | Increased total assets to $382.0 million at September 30, 2015. |
• | Originated $147.8 million in new commercial real estate loans during the three months ended September 30, 2015. |
• | In August 2015, completed a $312.9 million commercial real estate securitization that issued $223.7 million of floating-rate notes at a weighted average coupon of LIBOR plus 1.71% basis points. |
• | In September 2015, closed a new three-year, $250.0 million commercial real estate term facility with Morgan Stanley Bank, N.A. to finance the continued expansion of RSO’s core commercial real estate lending business. |
• | The Company's real estate operating segment increased its gross assets under management at September 30, 2015 to $4.0 billion, an increase of $953.0 million, or 31%, from September 30, 2014. |
• | Real estate revenues increased 13% and 32% to $16.2 million and $54.3 million for the three and nine months ended September 30, 2015, respectively, as compared to $14.3 million and $41.0 million for the three and nine months ended September 30, 2014. |
• | Resource Real Estate Management, Inc., the Company's property management subsidiary, managed 19,211 apartment units as of September 30, 2015 as compared to 20,740 units as of September 30, 2014. |
• | The Company's financial fund management operating segment increased its gross assets under management at September 30, 2015 to $16.9 billion, an increase of $1.2 billion, or 8%, from September 30, 2014. |
• | On August 13, 2015, the Company's Board of Directors authorized the repurchase of $25.0 million of its common stock. $14.6 million remains available for repurchase under this plan. |
• | The Company repurchased 1,306,301 of its shares during the third quarter ended September 30, 2015 at an average price of $7.91 per share. |
• | The Company's Board of Directors authorized a cash dividend of $0.06 per share on the Company’s common stock which was paid on October 30, 2015 to holders of record as of the close of business on October 19, 2015. |
• | RSO's Board of Directors declared a cash dividend of $0.64 per common share for its three months ended September 30, 2015. |
September 30, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash | $ | 18,102 | $ | 27,542 | |||
Restricted cash | 941 | 725 | |||||
Receivables | 1,020 | 636 | |||||
Loans and receivables from managed entities and related parties, net | 25,138 | 30,303 | |||||
Investments in real estate, net | 16,191 | 17,097 | |||||
Investment securities, at fair value | 10,218 | 9,540 | |||||
Investments in unconsolidated loan manager | 32,082 | 39,655 | |||||
Investments in unconsolidated entities | 18,349 | 13,089 | |||||
Assets of consolidated variable interest entity ("VIE")-RSO: | |||||||
Cash and cash equivalents (including restricted cash) | 128,845 | 202,043 | |||||
Investments, at fair value | 260,315 | 296,506 | |||||
Loans | 2,234,979 | 2,039,655 | |||||
Investments in real estate and unconsolidated entities | 56,038 | 60,007 | |||||
Other assets | 105,865 | 129,801 | |||||
Total assets of consolidated VIE-RSO | 2,786,042 | 2,728,012 | |||||
Property and equipment, net | 5,533 | 5,063 | |||||
Deferred tax assets, net | 19,449 | 23,304 | |||||
Other assets | 10,929 | 5,416 | |||||
Total assets | $ | 2,943,994 | $ | 2,900,382 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Accrued expenses and other liabilities | $ | 20,429 | $ | 22,279 | |||
Payables to managed entities and related parties | 4,417 | 3,015 | |||||
Borrowings | 20,896 | 20,412 | |||||
Liabilities of consolidated VIE-RSO: | |||||||
Borrowings | 1,881,240 | 1,717,132 | |||||
Other liabilities | 49,451 | 57,101 | |||||
Total liabilities of consolidated VIE-RSO | 1,930,691 | 1,774,233 | |||||
Total liabilities | 1,976,433 | 1,819,939 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding | — | — | |||||
Common stock, $.01 par value, 49,000,000 shares authorized; 34,958,477 and 34,489,568 shares issued (including nonvested restricted stock of 1,143,242 and 833,082), respectively | 338 | 335 | |||||
Additional paid-in capital | 310,663 | 308,134 | |||||
Accumulated deficit | (28,676 | ) | (23,663 | ) | |||
Treasury stock, at cost; 13,590,239 and 11,764,417 shares, respectively | (134,969 | ) | (120,182 | ) | |||
Accumulated other comprehensive loss | (1,696 | ) | (1,030 | ) | |||
Total stockholders’ equity | 145,660 | 163,594 | |||||
Noncontrolling interests | 315 | 306 | |||||
Noncontrolling interests attributable to consolidated VIE-RSO | 821,586 | 916,543 | |||||
Total equity | 967,561 | 1,080,443 | |||||
Total liabilities and equity | $ | 2,943,994 | $ | 2,900,382 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REVENUES: | |||||||||||||||
Real estate (includes revenues of $2,422, $2,643, $7,925 and $7,628 related to RSO) | $ | 16,195 | $ | 14,289 | $ | 54,277 | $ | 41,012 | |||||||
Financial fund management (includes revenues of $1,372, $1,525, $4,260 and $2,485 related to RSO) | 4,408 | 5,557 | 14,326 | 20,773 | |||||||||||
Commercial finance (includes no revenues related to RSO) | 66 | (17 | ) | 66 | (158 | ) | |||||||||
20,669 | 19,829 | 68,669 | 61,627 | ||||||||||||
Revenues from consolidated VIE-RSO | 23,705 | 25,811 | 72,267 | 74,884 | |||||||||||
Elimination of consolidated VIE-RSO revenues attributed to operating segments | (3,697 | ) | (4,136 | ) | (12,074 | ) | (10,056 | ) | |||||||
Total revenues | 40,677 | 41,504 | 128,862 | 126,455 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Real estate | 11,223 | 9,384 | 34,804 | 27,364 | |||||||||||
Financial fund management | 3,369 | 2,812 | 9,513 | 9,980 | |||||||||||
Commercial finance | 434 | 125 | 1,471 | 351 | |||||||||||
General and administrative | 4,053 | 2,426 | 11,531 | 8,309 | |||||||||||
Provision for credit losses | (400 | ) | 559 | 278 | 3,342 | ||||||||||
Depreciation and amortization | 504 | 453 | 1,476 | 1,369 | |||||||||||
19,183 | 15,759 | 59,073 | 50,715 | ||||||||||||
Expenses from consolidated VIE-RSO | 15,994 | 15,447 | 91,589 | 43,585 | |||||||||||
Elimination of consolidated VIE-RSO expenses attributed to operating segments | (3,077 | ) | (3,502 | ) | (9,813 | ) | (9,374 | ) | |||||||
Total expenses | 32,100 | 27,704 | 140,849 | 84,926 | |||||||||||
OPERATING INCOME (LOSS) | 8,577 | 13,800 | (11,987 | ) | 41,529 | ||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Gain (loss) on sale of investment securities, net | — | 69 | — | 439 | |||||||||||
Impairment on investments in unconsolidated entities | (151 | ) | — | (4,497 | ) | — | |||||||||
Interest expense | (450 | ) | (467 | ) | (1,326 | ) | (1,447 | ) | |||||||
Other income (expense), net | (52 | ) | 80 | 15 | 263 | ||||||||||
(653 | ) | (318 | ) | (5,808 | ) | (745 | ) | ||||||||
Other income (expense), net, from consolidated VIE-RSO | 5,215 | 3,730 | 32,268 | 17,527 | |||||||||||
Elimination of consolidated VIE-RSO other income, net attributed to operating segments | — | 11 | 15 | 29 | |||||||||||
4,562 | 3,423 | 26,475 | 16,811 | ||||||||||||
Income (loss) from continuing operations before taxes | 13,139 | 17,223 | 14,488 | 58,340 | |||||||||||
Income tax provision (benefit) | 1,355 | 1,741 | 3,456 | 4,991 | |||||||||||
Income tax provision (benefit) of consolidated VIE-RSO (see Note 19) | (1,796 | ) | (237 | ) | 2,969 | (667 | ) | ||||||||
Net income (loss) | 13,580 | 15,719 | 8,063 | 54,016 | |||||||||||
Net (income) loss attributable to noncontrolling interests | (37 | ) | 11 | (92 | ) | (33 | ) | ||||||||
Net (income) loss attributable to noncontrolling interests of consolidated VIE-RSO (see Note 19) | (14,643 | ) | (14,214 | ) | (10,388 | ) | (48,759 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (1,100 | ) | $ | 1,516 | $ | (2,417 | ) | $ | 5,224 | |||||
Basic earnings (loss) per share: | |||||||||||||||
Net income (loss) | $ | (0.05 | ) | $ | 0.07 | $ | (0.11 | ) | $ | 0.25 | |||||
Weighted average shares outstanding | 22,067 | 21,109 | 22,629 | 20,586 | |||||||||||
Diluted earnings (loss) per share: | |||||||||||||||
Net income (loss) | $ | (0.05 | ) | $ | 0.07 | $ | (0.11 | ) | $ | 0.24 | |||||
Weighted average shares outstanding | 22,067 | 22,301 | 22,629 | 22,124 |
RAI | RSO | Eliminations | Consolidated | ||||||||||||
REVENUES: | |||||||||||||||
Real estate | $ | 16,195 | $ | — | $ | — | $ | 16,195 | |||||||
Financial fund management | 4,408 | — | — | 4,408 | |||||||||||
Commercial finance | 66 | — | — | 66 | |||||||||||
20,669 | — | — | 20,669 | ||||||||||||
Revenues from consolidated VIE-RSO | — | 23,705 | — | 23,705 | |||||||||||
Elimination of consolidated VIE-RSO revenues attributed to operating segments | — | — | (3,697 | ) | (3,697 | ) | |||||||||
Total revenues | 20,669 | 23,705 | (3,697 | ) | 40,677 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Real estate | 11,223 | — | — | 11,223 | |||||||||||
Financial fund management | 3,369 | — | — | 3,369 | |||||||||||
Commercial finance | 434 | — | — | 434 | |||||||||||
General and administrative | 4,053 | — | — | 4,053 | |||||||||||
Provision for credit losses | (400 | ) | — | — | (400 | ) | |||||||||
Depreciation and amortization | 504 | — | — | 504 | |||||||||||
19,183 | — | — | 19,183 | ||||||||||||
Expenses of consolidated VIE-RSO | — | 15,994 | — | 15,994 | |||||||||||
Elimination of consolidated VIE-RSO expenses attributed to operating segments | — | — | (3,077 | ) | (3,077 | ) | |||||||||
Total expenses | 19,183 | 15,994 | (3,077 | ) | 32,100 | ||||||||||
OPERATING INCOME (LOSS) | 1,486 | 7,711 | (620 | ) | 8,577 | ||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Impairment on investments in unconsolidated entities | (151 | ) | — | — | (151 | ) | |||||||||
Interest expense | (450 | ) | — | — | (450 | ) | |||||||||
Other income (expense), net | 386 | — | (438 | ) | (52 | ) | |||||||||
Other income (expense), net, from consolidated VIE-RSO | — | 5,215 | — | 5,215 | |||||||||||
Total other income (expense) | (215 | ) | 5,215 | (438 | ) | 4,562 | |||||||||
Net income (loss) attributable to noncontrolling interest | 1,271 | 12,926 | (1,058 | ) | 13,139 | ||||||||||
Income tax provision (benefit) | 1,355 | (1,796 | ) | — | (441 | ) | |||||||||
Net income (loss) | (84 | ) | 14,722 | (1,058 | ) | 13,580 | |||||||||
Net (income) loss attributable to noncontrolling interests | (37 | ) | — | — | (37 | ) | |||||||||
Net (income) loss attributable to noncontrolling interests-RSO | — | (7,944 | ) | (6,699 | ) | (14,643 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | (121 | ) | $ | 6,778 | $ | (7,757 | ) | $ | (1,100 | ) |
RAI | RSO | Eliminations | Consolidated | ||||||||||||
REVENUES: | |||||||||||||||
Real estate | $ | 14,289 | $ | — | $ | — | $ | 14,289 | |||||||
Financial fund management | 5,557 | — | — | 5,557 | |||||||||||
Commercial finance | (17 | ) | — | — | (17 | ) | |||||||||
19,829 | — | — | 19,829 | ||||||||||||
Revenues from consolidated VIE-RSO | — | 25,811 | — | 25,811 | |||||||||||
Elimination of consolidated VIE-RSO revenues attributed to operating segments | — | — | (4,136 | ) | (4,136 | ) | |||||||||
Total revenues | 19,829 | 25,811 | (4,136 | ) | 41,504 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Real estate | 9,384 | — | — | 9,384 | |||||||||||
Financial fund management | 2,812 | — | — | 2,812 | |||||||||||
Commercial finance | 125 | — | — | 125 | |||||||||||
General and administrative | 2,426 | — | — | 2,426 | |||||||||||
Provision for credit losses | 559 | — | — | 559 | |||||||||||
Depreciation and amortization | 453 | — | — | 453 | |||||||||||
15,759 | — | — | 15,759 | ||||||||||||
Expenses of consolidated VIE-RSO | — | 15,447 | — | 15,447 | |||||||||||
Elimination of consolidated VIE-RSO expenses attributed to operating segments | — | — | (3,502 | ) | (3,502 | ) | |||||||||
Total expenses | 15,759 | 15,447 | (3,502 | ) | 27,704 | ||||||||||
OPERATING INCOME (LOSS) | 4,070 | 10,364 | (634 | ) | 13,800 | ||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Gain (loss) on sale of investment securities, net | 69 | — | — | 69 | |||||||||||
Interest expense | (467 | ) | — | — | (467 | ) | |||||||||
Other income (expense), net | 652 | — | (572 | ) | 80 | ||||||||||
Other income (expense), net, from consolidated VIE-RSO | — | 3,730 | — | 3,730 | |||||||||||
Elimination of consolidated VIE-RSO other income, net | — | — | 11 | 11 | |||||||||||
Total other income (expense) | 254 | 3,730 | (561 | ) | 3,423 | ||||||||||
Income (loss) from continuing operations before taxes | 4,324 | 14,094 | (1,195 | ) | 17,223 | ||||||||||
Income tax provision (benefit) | 1,741 | (237 | ) | — | 1,504 | ||||||||||
Net income (loss) | 2,583 | 14,331 | (1,195 | ) | 15,719 | ||||||||||
Net income (loss) attributable to noncontrolling interest | 11 | — | — | 11 | |||||||||||
Net (income) loss attributable to noncontrolling interests-RSO | — | (7,003 | ) | (7,211 | ) | (14,214 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | 2,594 | $ | 7,328 | $ | (8,406 | ) | $ | 1,516 |
RAI | RSO | Eliminations | Consolidated | ||||||||||||
REVENUES: | |||||||||||||||
Real estate | $ | 54,277 | $ | — | $ | — | $ | 54,277 | |||||||
Financial fund management | 14,326 | — | — | 14,326 | |||||||||||
Commercial finance | 66 | — | — | 66 | |||||||||||
68,669 | — | — | 68,669 | ||||||||||||
Revenues from consolidated VIE-RSO | — | 72,267 | — | 72,267 | |||||||||||
Elimination of consolidated VIE-RSO revenues attributed to operating segments | — | — | (12,074 | ) | (12,074 | ) | |||||||||
Total revenues | 68,669 | 72,267 | (12,074 | ) | 128,862 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Real estate | 34,804 | — | — | 34,804 | |||||||||||
Financial fund management | 9,513 | — | — | 9,513 | |||||||||||
Commercial finance | 1,471 | — | — | 1,471 | |||||||||||
General and administrative | 11,531 | — | — | 11,531 | |||||||||||
Provision for credit losses | 278 | — | — | 278 | |||||||||||
Depreciation and amortization | 1,476 | — | — | 1,476 | |||||||||||
59,073 | — | — | 59,073 | ||||||||||||
Expenses of consolidated VIE-RSO | — | 91,589 | — | 91,589 | |||||||||||
Elimination of consolidated VIE-RSO expenses attributed to operating segments | — | — | (9,813 | ) | (9,813 | ) | |||||||||
Total expenses | 59,073 | 91,589 | (9,813 | ) | 140,849 | ||||||||||
OPERATING INCOME (LOSS) | 9,596 | (19,322 | ) | (2,261 | ) | (11,987 | ) | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Impairment on investments in unconsolidated entities | (4,497 | ) | — | — | (4,497 | ) | |||||||||
Interest expense | (1,326 | ) | — | — | (1,326 | ) | |||||||||
Other income (expense), net | 1,389 | — | (1,374 | ) | 15 | ||||||||||
Other income (expense), net, from consolidated VIE-RSO | — | 32,268 | — | 32,268 | |||||||||||
Elimination of consolidated VIE-RSO other income, net | — | — | 15 | 15 | |||||||||||
Total other income (expense) | (4,434 | ) | 32,268 | (1,359 | ) | 26,475 | |||||||||
Income (loss) from continuing operations before taxes | 5,162 | 12,946 | (3,620 | ) | 14,488 | ||||||||||
Income tax provision (benefit) | 3,456 | 2,969 | — | 6,425 | |||||||||||
Net income (loss) | 1,706 | 9,977 | (3,620 | ) | 8,063 | ||||||||||
Net (income) loss attributable to noncontrolling interests | (92 | ) | — | — | (92 | ) | |||||||||
Net (income) loss attributable to noncontrolling interests-RSO | — | (24,808 | ) | 14,420 | (10,388 | ) | |||||||||
Net income (loss) attributable to common shareholders | $ | 1,614 | $ | (14,831 | ) | $ | 10,800 | $ | (2,417 | ) |
RAI | RSO | Eliminations | Consolidated | ||||||||||||
REVENUES: | |||||||||||||||
Real estate | $ | 41,012 | $ | — | $ | — | $ | 41,012 | |||||||
Financial fund management | 20,773 | — | — | 20,773 | |||||||||||
Commercial finance | (158 | ) | — | — | (158 | ) | |||||||||
61,627 | — | — | 61,627 | ||||||||||||
Revenues from consolidated VIE-RSO | — | 74,884 | — | 74,884 | |||||||||||
Elimination of consolidated VIE-RSO revenues attributed to operating segments | — | — | (10,056 | ) | (10,056 | ) | |||||||||
Total revenues | 61,627 | 74,884 | (10,056 | ) | 126,455 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Real estate | 27,364 | — | — | 27,364 | |||||||||||
Financial fund management | 9,980 | — | — | 9,980 | |||||||||||
Commercial finance | 351 | — | — | 351 | |||||||||||
General and administrative | 8,309 | — | — | 8,309 | |||||||||||
Provision for credit losses | 3,342 | — | — | 3,342 | |||||||||||
Depreciation and amortization | 1,369 | — | — | 1,369 | |||||||||||
50,715 | — | — | 50,715 | ||||||||||||
Expenses of consolidated VIE-RSO | — | 43,585 | — | 43,585 | |||||||||||
Elimination of consolidated VIE-RSO expenses attributed to operating segments | — | — | (9,374 | ) | (9,374 | ) | |||||||||
Total expenses | 50,715 | 43,585 | (9,374 | ) | 84,926 | ||||||||||
OPERATING INCOME (LOSS) | 10,912 | 31,299 | (682 | ) | 41,529 | ||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Gain (loss) on sale of investment securities, net | 439 | — | — | 439 | |||||||||||
Interest expense | (1,447 | ) | — | — | (1,447 | ) | |||||||||
Other income (expense), net | 1,979 | — | (1,716 | ) | 263 | ||||||||||
Other income (expense), net, from consolidated VIE-RSO | — | 17,527 | — | 17,527 | |||||||||||
Elimination of consolidated VIE-RSO other income, net | — | — | 29 | 29 | |||||||||||
Total other income (expense) | 971 | 17,527 | (1,687 | ) | 16,811 | ||||||||||
Income (loss) from continuing operations before taxes | 11,883 | 48,826 | (2,369 | ) | 58,340 | ||||||||||
Income tax provision (benefit) | 4,991 | (667 | ) | — | 4,324 | ||||||||||
Net income (loss) | 6,892 | 49,493 | (2,369 | ) | 54,016 | ||||||||||
Net (income) loss attributable to noncontrolling interests | (33 | ) | — | — | (33 | ) | |||||||||
Net (income) loss attributable to noncontrolling interests-RSO | — | (12,372 | ) | (36,387 | ) | (48,759 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | 6,859 | $ | 37,121 | $ | (38,756 | ) | $ | 5,224 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income (loss) attributable to common shareholders - GAAP | $ | (1,100 | ) | $ | 1,516 | $ | (2,417 | ) | $ | 5,224 | |||||
Adjustments, net of tax: | |||||||||||||||
Reduction of income, net of eliminations, attributable to consolidation of RSO | 979 | 1,078 | 4,031 | 2,065 | |||||||||||
Impairment of investment in unconsolidated loan manager | — | — | 2,520 | — | |||||||||||
Loss attributable to commercial finance | 123 | 382 | 948 | 2,388 | |||||||||||
Deferred tax provision | 760 | (142 | ) | 1,288 | 485 | ||||||||||
Adjusted net income attributable to common shareholders | $ | 762 | $ | 2,834 | $ | 6,370 | $ | 10,162 | |||||||
Adjusted weighted average diluted shares outstanding (2) | 22,337 | 22,301 | 22,900 | 22,124 | |||||||||||
Adjusted net income attributable to common shareholders per common per share-diluted | $ | 0.03 | $ | 0.13 | $ | 0.28 | $ | 0.46 |
(1) | Adjusted net income attributable to common shareholders presents the Company's operations prior to the consolidation of RSO and without the effect of the impairment of investment in unconsolidated loan manager, its commercial finance operations and deferred tax provision. The Company believes that this provides useful information to investors since it allows investors to evaluate the Company's progress in both its real estate and financial fund management segments for the three and nine months ended September 30, 2015 and 2014 separately from these items. Adjusted net income attributable to common shareholders should not be considered as an alternative to net income (loss) attributable to common shareholders (computed in accordance with GAAP). Instead, adjusted net income attributable to common shareholders should be reviewed in connection with net income (loss) attributable to common shareholders in the Company's consolidated financial statements to help analyze how the Company's business is performing. |
(2) | Dilutive shares used in the calculation of adjusted income from continuing operations attributable to common shareholders per common share-diluted includes an additional 270,000 and 271,000 shares for the three and nine months ended September 30, 2015, which were antidilutive for the periods and, as such, were not used in the calculation of GAAP loss from continuing operations attributable to common shareholders per common share-diluted. |