Exhibit 99
RAIT INVESTMENT TRUST ANNOUNCES SECOND QUARTER 2004 EARNINGS
PHILADELPHIA, PA -- July 29, 2004 -- RAIT Investment Trust ("RAIT") (NYSE: RAS)
reported net income available to common shareholders for the three months ended
June 30, 2004 of $14.5 million, or net income per common share diluted of $0.62
based on 23.5 million weighted average common shares diluted, as compared to net
income available to common shareholders of $8.3 million, or net income per
common share diluted of $0.40 based on 21.0 million weighted average common
shares diluted, for the three months ended June 30, 2003. Total revenues for the
three months ended June 30, 2004 were $25.9 million as compared to $15.3 million
for the three months ended June 30, 2003.
RAIT reported net income available to common shareholders for the six months
ended June 30, 2004 of $28.4 million, or net income per common share diluted of
$1.21 based on 23.5 million weighted average common shares diluted, as compared
to net income available to common shareholders of $20.7 million, or net income
per common share diluted of $1.01 based on 20.6 million weighted average common
shares diluted, for the six months ended June 30, 2003. Total revenues for the
six months ended June 30, 2004 were $48.6 million as compared to $35.9 million
for the six months ended June 30, 2003.
BALANCE SHEET SUMMARY
As of June 30, 2004, RAIT's total assets were $661.7 million (including $451.7
million of investments in real estate loans and $118.4 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 June 30, 2004, RAIT's indebtedness secured
by real estate was $119.3 million, and there was a $30.5 million aggregate
balance outstanding under RAIT's secured lines of credit. As of December 31,
2003, RAIT's indebtedness secured by real estate was $131.1 million and the
aggregate amount outstanding under RAIT's secured lines of credit totaled $23.9
million. RAIT's total shareholders' equity was $477.5 million at June 30, 2004
and $363.4 million at December 31, 2003. Total common shares outstanding were
25,220,763 at June 30, 2004 and 23,207,138 at December 31, 2003.
DIVIDEND SUMMARY
On July 15, 2004, RAIT paid a second quarter dividend of $0.60 per common share
to shareholders of record on June 21, 2004. Including this second quarter
dividend, RAIT has declared a regular quarterly cash dividend of at least $0.51
per common share during each of the past twenty-four quarters. On June 30, 2004,
RAIT paid a second quarter dividend of $0.484375 per preferred share relating to
RAIT's 7.75% Series A Cumulative Redeemable Preferred Shares of Beneficial
Interest to shareholders of record on June 1, 2004.
CONFERENCE CALL WEBCAST
Interested parties can access the LIVE webcast of RAIT's Quarterly Earnings
Conference Call at 11:00 AM Eastern on Monday, August 2, 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 Monday, August 9, 2004, by dialing
1-800-428-6051, access code 367310.
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 For the six months
ended June 30, ended June 30,
----------------------------- ------------------------------
2004 2003 2004 2003
------------ ------------ ------------ ------------
REVENUES
Interest income $ 15,145,385 $ 8,479,137 $ 28,459,870 $ 17,019,794
Rental income 6,641,154 5,426,080 12,708,352 12,272,415
Fee income and other 579,419 943,428 3,066,627 1,475,608
Investment income 1,123,493 448,684 1,955,387 2,805,555
Gain on sale of property interest 2,402,639 2,402,639 2,372,220
------------ ------------ ------------ ------------
Total revenues 25,892,090 15,297,329 48,592,875 35,945,592
COSTS AND EXPENSES
Interest 2,593,314 1,692,437 5,059,441 3,910,433
Property operating expenses 3,419,697 2,787,652 6,449,720 6,588,996
Salaries and related benefits 1,394,757 918,142 2,546,414 1,622,328
General and administrative 1,760,179 778,200 2,727,694 1,327,944
Depreciation and amortization 915,331 826,810 1,860,801 1,804,189
------------ ------------ ------------ ------------
Total costs and expenses 10,083,278 7,003,241 18,644,070 15,253,890
------------ ------------ ------------ ------------
Net income before minority interest 15,808,812 8,294,088 29,948,805 20,691,702
Minority interest 1,248 32,994 (18,228) 56,706
------------ ------------ ------------ ------------
Net income $ 15,810,060 $ 8,327,082 $ 29,930,577 $ 20,748,408
============ ============ ============ ============
Preferred dividends 1,336,875 -- 1,486,875 --
------------ ------------ ------------ ------------
Net income available to common shareholders $ 14,473,185 $ 8,327,082 $ 28,443,702 $ 20,748,408
============ ============ ============ ============
Net income per common share - basic $ 0.62 $ 0 .40 $ 1.22 $ 1.02
Weighted average common shares - basic 23,328,323 20,845,820 23,268,603 20,410,801
============ ============ ============ ============
Net income per common share - diluted $ 0.62 $ 0.40 $ 1.21 $ 1.01
Weighted average common shares - diluted 23,495,322 21,012,970 23,450,092 20,563,296
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