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 (Dated of earliest event reported) January 14, 1998
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Resource America, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-4408 72-0654145
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(State of incorporation (Commission (I.R.S. Employer
or organization) File Number) Identification No.)
1521 Locust Street, 4th Floor Philadelphia, PA 19102
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (215)546-5005
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Item 5. Other Events.
As set forth in the Company's Annual Report on Form 10-K for the year
ended September 30, 1997, the Company has acted as the sponsor of Resource
Asset Investment Trust ("RAIT"), a Maryland real estate investment trust. RAIT
completed its public offering of common shares of beneficial interest on
January 14, 1998.
As finally completed, the total amount raised by RAIT was $49.34
million, including an investment of $6.98 million by the Company. The Company
currently has a 15% interest in RAIT (subject to reduction to the extent that
the underwriters for RAIT's offering exercise their over-allotment option).
The Company had undertaken to sell certain of its real estate loans
to RAIT in connection with the offering. As finally determined, the Company
sold ten loans (loans 002, 004, 006, 008, 009, 010, 012, 019, 023, 034 and one
of the constituent loans of 038) and senior participation interests in two
other loans (loan 027 and one of the constituent loans of 038) to RAIT for
$18.1 million, realizing a gain of $3.0 million. In addition, the Company had,
in connection with such sale, acquired certain senior lien interests
pertaining to such loans at a cost of $2.0 million. The cost of acquiring
these senior lien interests was reimbursed to the Company by RAIT.
Pursuant to an undertaking from RAIT to the Company, the Company was
reimbursed for certain of its costs and expenses incurred in sponsoring RAIT
(including an allocation of salaries of the Company's executives).
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.
RESOURCE AMERICA, INC.
By: /s/ Steven J. Kessler
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Steven J. Kessler
Chief Financial Officer