NEW YORK, NY--(Marketwire -07/31/12)- Resource Capital Corp. (RSO)
Highlights
- Adjusted Funds from Operations ("AFFO") of $0.26 and $0.49 per share-diluted.
- GAAP net income of $0.20 and $0.37 per share-diluted.
- Common stock cash dividend of $0.20 and $0.40 per share.
- Total operating revenues increased by $3.9 million, or 18% and $8.6 million, or 20% as compared to the three and six months ended June 30, 2011.
- Book value per share of $5.44 at June 30, 2012 as compared to $5.38 at December 31, 2011.
- Cash on hand of $110.2 million at June 30, 2012.
Resource Capital Corp. (RSO) ("RSO" or the "Company"), a real estate investment trust, or REIT, whose investment strategy focuses on commercial real estate ("CRE") assets, commercial mortgage-backed securities ("CMBS"), commercial finance assets and other investments, reported results for the three and six months ended June 30, 2012.
- AFFO for the three and six months ended June 30, 2012 was $22.2 million, or $0.26 per share-diluted and $40.8 million, or $0.49 per share-diluted, respectively. A reconciliation of GAAP net income to AFFO is set forth in Schedule I of this release.
- GAAP net income for the three and six months ended June 30, 2012 was $16.4 million, or $0.20 per share-diluted and $30.9 million, or $0.37 per share-diluted, respectively as compared to $9.2 million, or $0.13 share-diluted and $22.4 million, or $0.34 per share-diluted for the three and six months ended June 30, 2011, respectively.
Jonathan Cohen, CEO and President of Resource Capital Corp., commented, "Resource Capital Corp. had a very strong second quarter. Adjusted Funds from Operations were $0.26 per share diluted, and GAAP net income was $0.20 per share diluted, in both cases more than a 10% increase over the first quarter. We closed on over $212 million of new investments, including almost $66 million of new CRE loans. We paid a $0.20 cash dividend and our book value per share has increased since the end of 2011. We are continuing to build our asset generating activities and hope to accelerate their growth."
Additional highlights:
Corporate
- RSO has begun to issue its 8.50% Series A Cumulative Redeemable Preferred Stock, at a price of $23.50 per share with a liquidation preference of $25.00 per share. Through July 30, 2012, RSO sold 491,835 shares at a weighted average price of $23.85 for net proceeds of $11.4 million.
Commercial Real Estate
- CRE loan portfolio is now comprised of approximately 87% senior whole loans as of June 30, 2012, as compared to 80% a year ago.
- RSO closed $79.7 million of whole loans in the six months ended June 30, 2012 with a weighted average yield of 6.9%, including origination fees.
- RSO received paydowns and payoffs on CRE loans of $24.9 million for the six months ended June 30, 2012.
The following table summarizes RSO's CRE loan activities and fundings of previous commitments, at par, for the three and six months ended June 30, 2012 (in millions, except percentages):
Three Six Floating
Months Months 12 Months Weighted Weighted
Ended Ended Ended Average Average
June 30, June 30, June 30, Spread Fixed
2012 2012 2012 (1)(2) Rate (2)
--------- --------- --------- -------- --------
New whole loans
production (3) $ 65.8 $ 82.8 $ 148.7 3.45% 9.60%
Sale of real estate
loans - - (14.4)
Payoffs (22.3) (22.3) (46.8)
Principal paydowns (1.7) (2.6) (2.8)
--------- --------- ---------
Loans, net (4) $ 41.8 $ 57.9 $ 84.7
========= ========= =========
(1) Represents the weighted average rate above the one-month London
Interbank Offered Rate ("LIBOR") on loans whose interest rate is based
on LIBOR as of June 30, 2012. Of these new loans, $138.7 million have
LIBOR floors with a weighted average floor of 3.12%.
(2) Reflects rates on RSO's portfolio balance as of June 30, 2012.
(3) Whole loan production includes funding of previous commitments of $1.2
million, $3.1 million and $10.0 million for the three, six and 12 months
ended June 30, 2012, respectively.
(4) The basis of new net loans does not include provisions for losses on
legacy CRE loans of $3.5 million, $3.8 million and $5.1 million for the
three, six and 12 months ended June 30, 2012, respectively.
CMBS Securities
- During the six months ended June 30, 2012, RSO acquired $15.1 million, par value, of CMBS at a weighted average price of 97.7%. In addition, RSO acquired $23.8 million, at cost, of interest only CMBS at a weighted average price of 10.9%. All of these 2012 CMBS purchases were financed by RSO's Wells Fargo repurchase facility and were AAA rated by at least one rating agency.
Commercial Finance - Syndicated Bank Loans
- RSO's bank loan portfolio, including asset-backed securities ("ABS") and certain loans held for sale, at the end of the second quarter of 2012 was $1.2 billion, at amortized cost, with a weighted-average spread of a weighted-average of one-month and three-month LIBOR plus 3.44% at June 30, 2012. RSO's bank loan portfolio is 100% match-funded through four collateralized loan obligation ("CLO") issuances.
- During the three and six months ended June 30, 2012, RSO bought bank loans through its four CLOs with a par value of $123.5 million and $260.1 million, respectively, at a net discount of $1.6 million and $4.3 million, respectively. These purchased loans have an aggregate weighted average unlevered annual yield of approximately 3.9% and 4.2%, respectively.
- RSO, through its subsidiary Resource Capital Asset Management, earned $3.7 million of net fees during the six months ended June 30, 2012.
Book Value
As of June 30, 2012, RSO's book value per common share was $5.44, an increase from $5.38 per common share at December 31, 2011. Total stockholders' equity was $475.7 million as of June 30, 2012 as compared to $429.7 million as of December 31, 2011. Total common shares outstanding were 86,266,500 as of June 30, 2012 as compared to 79,877,516 as of December 31, 2011.
Investment Portfolio
The table below summarizes the amortized cost and net carrying amount of RSO's investment portfolio as of June 30, 2012, classified by interest rate and by asset type. The following table includes both (i) the amortized cost of RSO's investment portfolio and the related dollar price, which is computed by dividing amortized cost by par amount, and (ii) the net carrying amount of RSO's investment portfolio and the related dollar price, which is computed by dividing the net carrying amount by par amount (in thousands, except percentages):
Net
carrying
amount
Net less
Amortized Dollar carrying Dollar amortized Dollar
cost price amount price cost price
---------- ------ ---------- ------ --------- ------
June 30, 2012
Floating rate
RMBS $ 10,547 28.65% $ 7,517 20.42% $ (3,030) -8.23%
CMBS-private
placement 28,411 100.00% 12,495 43.98% (15,916) -56.02%
Structured notes 26,872 42.36% 36,636 57.75% 9,764 15.39%
Other ABS - 0.00% 23 0.28% 23 0.28%
Mezzanine loans (1) 53,921 99.99% 53,128 98.52% (793) -1.47%
Whole loans (1) 547,233 99.62% 541,297 98.54% (5,936) -1.08%
Bank loans (2) 1,116,993 97.94% 1,111,779 97.48% (5,214) -0.46%
Loans held for sale 49,114 90.75% 49,114 90.75% - 0.00%
ABS Securities 29,703 89.19% 28,247 84.82% (1,456) -4.37%
---------- ---------- ---------
Total floating
rate 1,862,794 94.64% 1,840,236 93.50% (22,558) -1.14%
---------- ---------- ---------
Fixed rate
CMBS - private
placement 149,669 75.13% 144,367 72.47% (5,302) -2.66%
B notes (1) 16,382 99.21% 16,144 97.77% (238) -1.44%
Mezzanine loans (1) 13,926 100.32% 13,731 93.91% (195) -1.41%
Whole loans (1) - 0.00% - 0.00% - 0.00%
Loans receivable-
related party 9,438 100.00% 9,438 100.00% - 0.00%
---------- ---------- ---------
Total fixed rate 189,415 79.24% 183,680 76.84% (5,735) -2.40%
---------- ---------- ---------
Other (non-interest
bearing)
Investment in real
estate 47,362 100.00% 47,362 100.00% - 0.00%
Investment in
unconsolidated
entities 45,289 100.00% 45,289 100.00% - 0.00%
---------- ---------- ---------
Total other 92,651 100.00% 92,651 100.00% - 0.00%
---------- ---------- ---------
Grand total $2,144,860 93.26% $2,116,567 91.98% $ (28,293) -1.28%
========== ========== =========
(1) Net carrying amount includes an allowance for loan losses of $7.2
million at June 30, 2012, allocated as follows: B notes ($238,000),
mezzanine loans ($988,000) and whole loans ($5.9 million).
(2) Net carrying amount includes an allowance for loan losses of $5.2
million at June 30, 2012.
Liquidity
At July 30, 2012, after paying RSO's second quarter dividends, RSO's liquidity of $95.4 million consisted of two primary sources:
- unrestricted cash and cash equivalents of $24.7 million, restricted cash of $500,000 in margin call accounts and $2.0 million in the form of real estate escrows, reserves and deposits; and
- capital available for reinvestment in its six CDO entities of $16.9 million, of which $775,000 is designated to finance future funding commitments on CRE loans, loan principal repayments that will pay down outstanding CLO notes of $43.0 million and $8.3 million in interest collections.
In addition, RSO has funds available through two CRE term facilities to finance the purchase of CMBS securities and origination of commercial real estate loans of $29.9 million and $136.4 million, respectively.
Capital Allocation
As of June 30, 2012, RSO had allocated its invested equity capital among its targeted asset classes as follows: 64% in CRE assets, 30% in commercial finance assets and 6% in other investments.
Supplemental Information
The following schedules of reconciliations or supplemental information as of June 30, 2012 are included at the end of this release:
- Schedule I - Reconciliation of GAAP Net Income to Funds from Operations ("FFO") and AFFO.
- Schedule II - Summary of CDO and CLO Performance Statistics.
- Supplemental Information regarding loan investment statistics, CRE loans and bank loans.
About Resource Capital Corp.
RSO is a diversified real estate finance company that is organized and conducts its operations to qualify as a REIT for federal income tax purposes. RSO's investment strategy focuses on CRE and CRE-related assets, and, to a lesser extent, commercial finance assets. RSO invests in the following asset classes: CRE-related assets such as commercial real estate property, whole loans, A-notes, B-notes, mezzanine loans, CMBS and investments in real estate joint ventures as well as commercial finance assets such as bank loans, lease receivables, other asset-backed securities, trust preferred securities, debt tranches of CDOs, structured note investments, and private equity investments principally issued by financial institutions.
RSO is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (REXI), a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, financial fund management and commercial finance sectors.
For more information, please visit RSO's website at www.resourcecapitalcorp.com or contact investor relations at pkamdar@resourceamerica.com.
Safe Harbor Statement
Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. RSO's actual results, performance or achievements could differ materially from those expressed or implied in this release. The risks and uncertainties associated with forward-looking statements contained in this release include those related to:
- fluctuations in interest rates and related hedging activities;
- the availability of debt and equity capital to acquire and finance investments;
- defaults or bankruptcies by borrowers on RSO's loans or on loans underlying its investments;
- adverse market trends which have affected and may continue to affect the value of real estate and other assets underlying RSO's investments;
- increases in financing or administrative costs; and
- general business and economic conditions that have impaired and may continue to impair the credit quality of borrowers and RSO's ability to originate loans.
For further information concerning these and other risks pertaining to the forward-looking statements contained in this release, and to the general risks to which RSO is subject, see Item 1A, "Risk Factors" included in its Annual Report on Form 10-K and the risks expressed in other of its public filings with the Securities and Exchange Commission.
RSO cautions you not to place undue reliance on any forward-looking statements contained in this release, which speak only as of the date of this release. All subsequent written and oral forward-looking statements attributable to RSO or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, RSO undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this filing or to reflect the occurrence of unanticipated events.
The remainder of this release contains RSO's unaudited consolidated balance sheets, unaudited consolidated statements of income, reconciliation of GAAP net income to FFO and AFFO and a summary of CDO and CLO performance statistics and supplemental information regarding RSO's CRE loan and bank loan portfolios.
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
June 30, December 31,
2012 2011
----------- ------------
(unaudited)
ASSETS
Cash and cash equivalents $ 31,897 $ 43,116
Restricted cash 78,343 142,806
Investment securities, trading 44,153 38,673
Investment securities available-for-sale,
pledged as collateral, at fair value 177,332 153,366
Investment securities available-for-sale, at
fair value 7,800 4,678
Property available-for-sale - 2,980
Investment in real estate 47,362 48,027
Loans, pledged as collateral and net of
allowances of $12.4 million and $27.5 million 1,736,079 1,772,063
Loans held for sale 49,114 3,154
Loans receivable-related party 9,438 9,497
Investments in unconsolidated entities 45,289 47,899
Interest receivable 9,597 8,836
Deferred tax asset 626 626
Intangible assets 17,877 19,813
Prepaid expenses 6,485 648
Other assets 5,514 3,445
----------- ------------
Total assets $ 2,266,906 $ 2,299,627
=========== ============
LIABILITIES
Borrowings $ 1,739,805 $ 1,808,986
Distribution payable 17,279 19,979
Accrued interest expense 3,294 3,260
Derivatives, at fair value 13,570 13,210
Accrued tax liability 4,593 12,567
Deferred tax liability 3,906 5,624
Accounts payable and other liabilities 8,756 6,311
----------- ------------
Total liabilities 1,791,203 1,869,937
----------- ------------
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.001: 100,000,000
shares authorized 8.50% Series A cumulative
redeemable preferred shares, liquidation
preference $25.00 per share, 268,720 shares
issued and outstanding - -
Common stock, par value $0.001: 500,000,000
shares authorized; 86,266,500 and 79,877,516
shares issued and outstanding (including
1,638,906 and 1,428,931 unvested restricted
shares) 86 80
Additional paid-in capital 699,971 659,700
Accumulated other comprehensive loss (37,245) (46,327)
Distributions in excess of earnings (187,109) (183,763)
----------- ------------
Total stockholders' equity 475,703 429,690
----------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,266,906 $ 2,299,627
=========== ============
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
REVENUES
Interest income:
Loans $ 23,012 $ 20,591 $ 46,627 $ 41,841
Securities 3,752 2,955 7,336 5,715
Interest income -
other 3,157 1,716 5,986 2,935
----------- ----------- ----------- -----------
Total interest
income 29,921 25,262 59,949 50,491
Interest expense 8,936 7,062 17,379 13,995
----------- ----------- ----------- -----------
Net interest
income 20,985 18,200 42,570 36,496
Rental income 2,034 157 3,953 180
Dividend income - 866 - 1,527
Fee income 2,329 2,253 4,191 3,899
----------- ----------- ----------- -----------
Total revenues 25,348 21,476 50,714 42,102
----------- ----------- ----------- -----------
OPERATING EXPENSES
Management fees -
related party 4,548 3,148 7,991 5,486
Equity compensation -
related party 1,140 623 2,008 1,083
Professional services 806 989 2,158 1,908
Insurance 159 159 317 336
Rental operating
expense 1,309 185 2,629 330
General and
administrative 1,470 1,121 2,533 1,921
Depreciation and
amortization 1,364 756 2,725 1,009
Income tax expense 384 1,171 2,999 2,980
----------- ----------- ----------- -----------
Total operating
expenses 11,180 8,152 23,360 15,053
----------- ----------- ----------- -----------
14,168 13,324 27,354 27,049
----------- ----------- ----------- -----------
OTHER REVENUE (EXPENSE)
Net impairment losses
recognized in
earnings (32) (4,649) (171) (4,649)
Net realized gain on
investment securities
available-for-sale
and loans 1,422 3,696 1,802 3,852
Net realized and
unrealized gain on
investment
securities, trading 1,424 1,473 3,568 3,279
Provision for loan
losses (4,253) (4,113) (6,431) (6,719)
Gain on the
extinguishment of
debt 5,464 - 5,464 -
Other expenses (1,743) (512) (655) (451)
----------- ----------- ----------- -----------
Total other revenue
(expense) 2,282 (4,105) 3,577 (4,688)
----------- ----------- ----------- -----------
NET INCOME 16,450 9,219 30,931 22,361
Net income allocated
to preferred shares (25) - (25) -
----------- ----------- ----------- -----------
NET INCOME ALLOCABLE TO
COMMON SHARES $ 16,425 $ 9,219 $ 30,906 $ 22,361
=========== =========== =========== ===========
NET INCOME PER SHARE -
BASIC $ 0.20 $ 0.13 $ 0.38 $ 0.34
=========== =========== =========== ===========
NET INCOME PER SHARE -
DILUTED $ 0.20 $ 0.13 $ 0.37 $ 0.34
=========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING -
BASIC 83,466,810 70,704,579 82,334,303 65,455,811
=========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING -
DILUTED 84,188,216 71,008,075 83,040,604 65,732,464
=========== =========== =========== ===========
DIVIDENDS DECLARED PER
SHARE $ 0.20 $ 0.25 $ 0.40 $ 0.50
=========== =========== =========== ===========
SCHEDULE I
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO FFO and AFFO (1)
(in thousands, except per share data)
(unaudited)
Three
Months Six Months
Ended Ended
June 30, June 30,
2012 (3) 2012 (3)
----------- -----------
Net income allocable to common shares - GAAP $ 16,425 $ 30,906
Adjustments:
Real estate depreciation and amortization 779 1,489
Gains on sales of joint venture real estate
interests (2) - (1,087)
----------- -----------
FFO (1) 17,204 31,308
Adjustments:
Non-cash items:
Provisions for loan losses 2,884 4,468
Amortization of deferred costs (non real estate)
and intangible assets 2,336 3,991
Equity investment losses 1,275 1,275
Share-based compensation 1,140 2,008
Impairment losses on real property held for sale 32 171
Straight line rental adjustments 4 12
Gain on the extinguishment of debt (1,835) (1,835)
Cash items:
Gains on sales of joint venture real estate
interests(2) - 1,087
Capital expenditures (861) (1,664)
----------- -----------
AFFO (1) $ 22,179 $ 40,821
=========== ===========
Weighted average shares - diluted 84,188 83,041
AFFO per share - diluted $ 0.26 $ 0.49
=========== ===========
(1) RSO currently evaluates its performance based on several performance
measures, including FFO and AFFO (both non-GAAP measures), in addition
to net income. RSO computes FFO in accordance with the standards
established by the National Association of Real Estate Investment Trusts
as net income (computed in accordance with GAAP), excluding gains or
losses on the sale of depreciable real estate, the cumulative effect of
changes in accounting principles, real estate-related depreciation and
amortization, and after adjustments for unconsolidated/uncombined
partnerships and joint ventures.
AFFO is a computation made by analysts and investors to measure a real
estate company's cash flow generated by operations. RSO calculates AFFO
by adding or subtracting from FFO: non-cash impairment losses resulting
from fair value adjustments on financial instruments, non-cash impacts
of the following: provision for loan losses, gains on the extinguishment
of debt, equity investment losses, straight-line rental effects, share
based compensation, amortization of various deferred items and
intangible assets, gains on sales of property through a joint venture
and cash impact of capital expenditures that are related to RSO's real
estate owned.
Management believes that FFO and AFFO are appropriate measures of RSO's
operating performance in that they are frequently used by analysts,
investors and other parties in the evaluation of REITs. Management uses
FFO and AFFO as measures of RSO's operating performance, and believes
they are also useful to investors, because they facilitate an
understanding of RSO's operating performance after adjustment for
certain non-cash items, such as real estate depreciation, share-based
compensation and various other items required by GAAP, and capital
expenditures, that may not necessarily be indicative of current
operating performance and that may not accurately compare RSO's
operating performance between periods.
While RSO's calculation of AFFO may differ from the methodology used for
calculating AFFO by other REITs and its AFFO may not be comparable to
AFFO reported by other REITs, RSO also believes that FFO and AFFO may
provide it and its investors with an additional useful measure to
compare its performance with some other REITs. Neither FFO nor AFFO is
equivalent to net income or cash generated from operating activities
determined in accordance with GAAP. Furthermore, FFO and AFFO do not
represent amounts available for management's discretionary use because
of needed capital replacement or expansion, debt service obligations or
other commitments or uncertainties. Neither FFO nor AFFO should be
considered as an alternative to net income as an indicator of RSO's
operating performance or as an alternative to cash flow from operating
activities as a measure of its liquidity.
(2) Amount represents gains on sales of joint venture real estate interests
from a joint venture recorded by RSO.
(3) Comparative FFO and AFFO data is not provided since RSO did not present
these metrics in the comparable periods in 2011.
SCHEDULE II
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUMMARY OF CDO AND CLO PERFORMANCE STATISTICS
(in thousands)
(unaudited)
Collateralized Debt Obligations - Distributions and Coverage Test Summary
The following table sets forth cash distributions from RSO's CDO investments and a summary of coverage test compliance for the CDO issuers for the periods presented:
Annualized
Interest
Coverage Overcollateralization
Cash Distributions Cushion Cushion
---------------------- ----------- ---------------------
Six
Months As of As of
Year Ended Ended, June 30, As of Initial
CDO December 31, June 30, 2012 (2) June 30, Measurement
Name Type 2011 (1) 2012 (1) (3) 2012 (4) Date
----------- ------- ------------- -------- ----------- -------- ------------
(actual) (actual)
Apidos CDO
I (5) CLO $ 9,305 $ 4,249 $ 6,772 $ 12,996 $ 17,136
Apidos CDO
III(6) CLO $ 8,351 $ 4,284 $ 4,288 $ 9,293 $ 11,269
Apidos
Cinco CDO CLO $ 9,941 $ 5,067 $ 5,801 $ 18,496 $ 17,774
Apidos CLO
VIII(7) CLO $ - $ 1,110 $ 3,656 $ 13,974 $ 13,657
RREF 2006-
1(8) CRE CDO $ 11,637 $ 6,558 $ 12,204 $ 44,018 $ 24,941
RREF 2007-
1(9) CRE CDO $ 10,743 $ 6,887 $ 11,041 $ 55,535 $ 26,032
(1) Distributions on retained equity interests in CDOs (comprised of note
investments and preference share ownership).
(2) Interest coverage includes annualized amounts based on the most recent
trustee statements.
(3) Interest coverage cushion represents the amount by which annualized
interest income expected exceeds the annualized amount payable on all
classes of CDO notes senior to RSO's preference shares.
(4) Overcollateralization cushion represents the amount by which the
collateral held by the CDO issuer exceeds the maximum amount required.
(5) Apidos CDO I reinvestment period expired in July 2011.
(6) Apidos CDO III reinvestment period expired in June 2012.
(7) Apidos CLO VIII, which closed in October 2011, had its first
distribution in April 2012 which includes $373,000 in subordinated
management fees; RSO's total share was $1.1 million.
(8) RREF CDO 2006-1 reinvestment period expired in September 2011.
(9) RREF CDO 2007-1 reinvestment period expired in June 2012.
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands, except percentages)
(unaudited)
Loan Investment Statistics
The following table presents information on RSO's impaired loans and related allowances for the periods indicated (based on amortized cost):
June 30, December 31,
2012 2011
------------ ------------
Allowance for loan losses:
Specific allowance:
Commercial real estate loans $ 1,375 $ 17,065
Bank loans 2,130 1,593
------------ ------------
Total specific allowance 3,505 18,658
------------ ------------
General allowance:
Commercial real estate loans 5,787 7,156
Bank loans 3,084 1,704
------------ ------------
Total general allowance 8,871 8,860
------------ ------------
Total allowance for loans and leases $ 12,376 $ 27,518
============ ============
Allowance as a percentage of total loans 0.7% 1.5%
Loans held for sale:
Commercial Real Estate Loans:
Commercial real estate loans at cost $ 38,086 $ -
Commercial real estate loans allowance for
loan loss (4,086) -
------------ ------------
Commercial real estate loans held for sale 34,000 -
------------ ------------
Bank Loans:
Bank loans at cost 15,483 5,692
Bank loans allowance for loan loss (369) (2,538)
------------ ------------
Bank loans held for sale 15,114 3,154
------------ ------------
Loans held for sale $ 49,114 $ 3,154
============ ============
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(unaudited)
The following table presents commercial real estate loan portfolio statistics as of June 30, 2012 (based on par value):
Security type:
Whole loans 87.4%
Mezzanine loans 10.2%
B Notes 2.4%
--------------
Total 100.0%
==============
Collateral type:
Multifamily 31.1%
Hotel 25.9%
Retail 21.6%
Office 13.8%
Flex 1.0%
Self-storage 0.9%
Other 5.7%
--------------
Total 100.0%
==============
Collateral location:
Southern California 29.3%
Northern California 11.8%
Arizona 8.5%
Florida 7.6%
Colorado 5.8%
Texas 5.7%
Washington 4.5%
New York 1.5%
Other 25.3%
--------------
Total 100.0%
==============
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(unaudited)
The following table presents bank loan portfolio statistics by industry as of June 30, 2012 (based on par value):
Industry type:
Healthcare, education and childcare 13.9%
Diversified/conglomerate service 10.5%
Broadcasting and entertainment 7.7%
Automobile 6.7%
Chemicals, plastics and rubber 5.8%
Retail Stores 5.3%
Electronics 4.8%
Hotels, motels, inns and gaming 4.2%
Telecommunications 3.9%
Leisure, amusement, motion pictures, entertainment 3.3%
Printing and publishing 3.2%
Personal transportation 3.1%
Other 27.6%
--------------
Total 100.0%
==============
DAVID J. BRYANT
CHIEF FINANCIAL OFFICER
RESOURCE CAPITAL CORP.
712 Fifth Ave, 12th Floor
New York, NY 10019
212-506-3870
