CENTERLINE HOLDING CO - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K MAIN BODY - CENTERLINE HOLDING CO	f8k_may2012-clnh.htm
EX-99.2 - EXHIBIT 99.2 - CENTERLINE HOLDING CO	exhibit_99-2.htm

Exhibit 99.1

AT THE COMPANY

Denise Bernstein, Investor Relations

(800) 831-4826

CENTERLINE HOLDING COMPANY REPORTS

FIRST QUARTER 2012 FINANCIALRESULTS

New York, NY – May 21, 2012 – Centerline Holding Company (OTC:CLNH) (“Centerline” or the “Company”), the parent company of Centerline Capital Group, a provider of real estate financing and asset management services to the affordable and conventional multifamily housing industry, today announced financial results for the first quarter ended March 31, 2012.

The tables below present Centerline’s Condensed Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011; and the Condensed Consolidated Statements of Operations for the three months ended March 31, 2012 and 2011. For more detailed financial information, including certain non-GAAP financial measures, please access the Financial Overview Presentation available in the “Investor Relations” section of the Company’s website at www.centerline.com.

About the Company

Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC:CLNH), provides real estate financing and asset management services for affordable and conventional multifamily housing. The Company offers a range of both debt financing and equity investment products as well as asset management services to developers, owners, and investors. Founded in 1972, Centerline is headquartered in New York, New York and has several offices throughout the United States. For more information, please visit Centerline’s website at www.centerline.com or contact the Investor Relations Department at 1-800-831-4826.

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		CENTERLINE HOLDING COMPANY
		CONDENSED CONSOLIDATED BALANCE SHEETS
		(in thousands)

			March 31,		December 31,
			2012		2011
			(Unaudited)

Assets:
	Cash and cash equivalents		$	93,584	$	95,992
	Restricted cash			16,658		16,185
	Investments:
		Available-for-sale		399,406		394,355
		Equity method		4,625		8,794
		Mortgage loans held for sale and other assets		84,046		190,192
	Investments in and loans to affiliates, net			5,970		5,641
	Intangible assets, net			8,634		8,784
	Mortgage servicing rights, net			75,103		72,520
	Deferred costs and other assets, net			75,341		75,791
	Consolidated partnerships:
		Equity method investments		2,889,695		3,079,803
		Land, buildings and improvements, net		435,830		460,804
		Other assets		268,043		264,437

Total assets			$	4,356,935	$	4,673,298


Liabilities:
	Notes payable and other borrowings		$	218,450	$	322,849
	Secured financing			615,982		618,163
	Accounts payable, accrued expenses and other liabilities			179,402		187,230
	Preferred shares of subsidiary (subject to mandatory repurchase)			55,000		55,000
	Redeemable securities			6,000		-
	Consolidated partnerships:
		Notes payable		137,970		156,643
		Due to tax credit property partnerships		122,435		132,246
		Other liabilities		324,957		319,256

Total liabilities				1,660,196		1,791,387

Redeemable securities				-		6,000

Commitments and contingencies

Equity:
	Centerline Holding Company total			213,682		210,751

	Non-controlling interests			2,483,057		2,665,160

Total equity				2,696,739		2,875,911

Total liabilities and equity			$	4,356,935	$	4,673,298

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CENTERLINE HOLDING COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

				Three Months Ended
				March 31,
				2012		2011
Revenues:
	Interest income			$	12,136	$	7,827
	Fee income				9,255		7,930
	Gain on sale of mortgage loans				10,413		5,723
	Other				1,070		971
	Consolidated partnerships:
		Interest income, net			(1,357)		245
		Rental income			28,739		25,923
		Other			195		90
			Total revenues		60,451		48,709

Expenses:
	General and administrative				27,302		23,578
	Provision for (recovery of) losses				6,005		(2,789)
	Interest				12,671		13,499
	Interest – distributions to preferred shareholders of subsidiary				960		960
	Depreciation and amortization				3,859		3,546
	Consolidated partnerships:
		Interest			5,072		4,661
		Other expenses			60,411		45,833
			Total expenses		116,280		89,288

Loss before other (loss) income					(55,829)		(40,579)

Other (loss) income:
	Gain on settlement of liabilities				-		1,756
	Other losses from consolidated partnerships				(153,364)		(61,441)

Loss from continuing operations before income tax provision					(209,193)		(100,264)
Income tax provision – continuing operations					(60)		(193)

Net loss from continuing operations					(209,253)		(100,457)

Discontinued operations
Net income from discontinued operations					-		253

Net loss					(209,253)		(100,204)

Net loss attributable to non-controlling interests					203,854		100,966

Net (loss) income attributable to Centerline Holding Company shareholders				$	(5,399)	$	762

Net (loss) income per share
	Basic
		(Loss) income from continuing operations		$	(0.02)	$	-	(1)
		(Loss) income from discontinued operations		$	N/A	$	-	(1)
	Diluted
		(Loss) income from continuing operations		$	(0.02)	$	-	(1)
		(Loss) income from discontinued operations		$	N/A	$	-	(1)

Weighted average shares outstanding
	Basic				349,166		348,647
	Diluted				349,166		349,268

(1)	Amount calculates to zero when rounded.

	N/A - Not applicable

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Certain statements in this document may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Other risks and uncertainties are detailed in Centerline Holding Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our potential inability to raise capital or access financing on acceptable terms, or at all, or to repay or restructure or our existing indebtedness; being required to redeem our outstanding redeemable securities; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; our dependence on our advisor and the services of our executive officers and other employees; changes in our business policies; possible adverse effects from potential future issuances of securities or a reverse stock split; significant voting power held by certain shareholders; potential liabilities to shareholders resulting from our operation as a Delaware statutory trust; our ability to remain exempt from the provisions of the Investment Company Act of 1940, as amended; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as “anticipates”, “expects”, “intends”, “plans, “believes” “seeks”, “estimates” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

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