.
.
.
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
============ ===========