CENTERLINE HOLDING CO - FORM 8-K - EX-99.1 - PRESS RELEASE

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EX-99.2 - FINANCIAL OVERVIEW PRESENTATION - CENTERLINE HOLDING CO	exhibit99-2.htm
8-K - FORM 8-K MAIN BODY - CENTERLINE HOLDING CO	f8k_august2012-clnh.htm

Exhibit 99.1

AT THE COMPANY

Denise Bernstein, Investor Relations

(800) 831-4826

CENTERLINE HOLDING COMPANY REPORTS

SECOND QUARTER 2012 FINANCIAL RESULTS

New York, NY – August 14, 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 second quarter and six months ended June 30, 2012.

The tables below present Centerline’s Condensed Consolidated Balance Sheets as of June 30, 2012, and December 31, 2011; and the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 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.




CENTERLINE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

			June 30,		December 31,
			2012		2011
			(Unaudited)

Assets:
	Cash and cash equivalents		$	84,079	$	95,992
	Restricted cash			17,067		16,185
	Investments:
		Available-for-sale		414,537		394,355
		Equity method		13,301		8,794
		Mortgage loans held for sale and other assets		126,042		190,192
	Investments in and loans to affiliates, net			2,559		5,641
	Intangible assets, net			8,483		8,784
	Mortgage servicing rights, net			78,341		72,520
	Deferred costs and other assets, net			54,070		75,791
	Consolidated partnerships:
		Equity method investments		2,833,226		3,079,803
		Land, buildings and improvements, net		415,221		460,804
		Other assets		253,646		264,437

Total assets			$	4,300,572	$	4,673,298


Liabilities:
	Notes payable and other borrowings		$	259,890	$	322,849
	Secured financing			529,364		618,163
	Accounts payable, accrued expenses and other liabilities			169,144		187,230
	Preferred shares of subsidiary (subject to mandatory repurchase)			55,000		55,000
	Redeemable securities			6,000		-
	Consolidated partnerships:
		Notes payable		167,451		156,643
		Due to tax credit property partnerships		108,212		132,246
		Other liabilities		365,778		319,256

Total liabilities				1,660,839		1,791,387

Redeemable securities				-		6,000

Commitments and contingencies

Equity:

	Centerline Holding Company total			233,133		210,751

	Non-controlling interests			2,406,600		2,665,160

Total equity				2,639,733		2,875,911

Total liabilities and equity			$	4,300,572	$	4,673,298

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

				Three Months Ended					Six Months Ended
				June 30,					June 30,
				2012		2011			2012	2011
Revenues:
	Interest income			$	10,765	$	12,266	$	22,901	$	20,093
	Fee income				9,954		8,629		19,209		16,559
	Gain on sale of mortgage loans				10,969		7,748		21,382		13,471
	Other				1,269		598		2,339		1,569
	Consolidated partnerships
		Interest income, net			344		440		(1,013)		685
		Rental income			26,845		25,774		55,584		51,697
		Other			16		1,000		211		1,090
			Total revenues		60,162		56,455		120,613		105,164

Expenses:
	General and administrative				26,611		22,314		53,913		45,892
	(Recovery of) provision for losses				(241)		(5,872)		5,764		(8,661)
	Interest				17,515		16,075		30,185		29,574
	Interest – distributions to preferred shareholders of subsidiary				960		960		1,920		1,920
	Depreciation and amortization				4,393		3,708		8,252		7,254
	Consolidated partnerships
		Interest			4,451		4,004		9,523		8,665
		Loss on impairment of assets			678		60,349		678		60,349
		Other expenses			47,658		72,501		108,070		118,334
			Total expenses		102,025		174,039		218,305		263,327

Loss before other (loss) income					(41,863)		(117,584)		(97,692)		(158,163)

Other (loss) income:
	Equity and other loss, net				58		-		58		-
	Gain on settlement of liabilities				-		2,612		-		4,368
	Gain from repayment or sale of investments				820		1,324		820		1,324
	Other losses from consolidated partnerships				(67,354)		(122,595)		(220,718)		(184,036)

Loss from continuing operations before income tax provision					(108,339)		(236,243)		(317,532)		(336,507)
Income tax benefit (provision) – continuing operations					(87)		13		(147)		(180)

Net loss from continuing operations					(108,426)		(236,230)		(317,679)		(336,687)

Discontinued operations:
Net income from discontinued operations					-		-		-		253

Net loss					(108,426)		(236,230)		(317,679)		(336,434)

Net loss attributable to non-controlling interests					106,484		245,912		310,338		346,878

Net income (loss) attributable to Centerline Holding Company shareholders				$	(1,942)	$	9,682	$	(7,341)	$	10,444

Net income (loss) per share
	Basic and Diluted
		Income (loss) from continuing operations		$	(0.01)	$	0.03	$	(0.02)	$	0.03
		Income (loss) from discontinued operations		$	-	$	-	$	-	$	-	(1)

Weighted average shares outstanding
	Basic and Diluted				349,166		349,166		349,166		348,908

(1)	Amount calculates to zero when rounded.

###

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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