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RAIT Financial Trust reaffirms FY'16 cash available for distribution guidance

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RAIT Financial Trust reaffirms FY'16 cash available for distribution guidance

RAIT FinancialTrust reaffirmedits full-year 2016 cash available for distribution estimate of 50 cents per commonshare to 60 cents per common share, excluding real estate gains.

The previous 2016 annualized cash available for distributionoutlook of 85 cents per common share to 95 cents per common share had included 35cents per share of gains on property sales.

Annualized cash available for distribution, without the impactfrom real estate property sales, is projected to be between $45.8 million and $54.9million. The estimate is based on the assumption that gross loan originations willbe between $200 million and $500 million, there will be no CMBS gain on sale profits,and loan repayments will be $200 million.

The net loss available to common shares for 2016 is expectedto be between $44.5 million and $53.6 million.

The company recorded cash available for distribution of $12.9million, or 14 cents per share, for the first quarter, compared with $14.5 million,or 18 cents per share, in the year-ago period. The net loss availableto common shares for the quarter was $17.8 million, or a loss of 20 cents per share,compared with a net loss available to common shares of $7.1 million, or a loss of9 cents per share, in the previous-year quarter.

The S&P Capital IQ consensus GAAP estimate for the quarterwas a per-share loss of 10 cents.