Attached files
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| 8-K - FORM 8-K - RAIT Financial Trust | d699372d8k.htm |
 Investor Presentation
March 2014
Cira Centre, 2929 Arch Street, 17
th
Floor, Philadelphia, PA 19104 | 215.243.9000 | rait.com
Exhibit 99.1 |
 Forward Looking Statements, Non-
GAAP Financial
Measures & Securities Offering Disclaimers
2
This document and the related presentation may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include, but are not limited to, statements about RAIT Financial Trust’s (“RAIT”) plans,
objectives, expectations and intentions with respect to future operations,
projected dividends, projected cash available for distribution (“CAD”),
projected net income and other statements that are not historical facts.
Forward-looking statements are sometimes identified by the words
“may”, “will”, “should”, “potential”,
“predict”, “continue”, “project”, “guide”, or other similar words or expressions. These forward-looking
statements are based upon the current beliefs and expectations of RAIT’s
management and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are difficult to predict and generally not within RAIT’s control. In
addition, these forward-looking statements are subject to assumptions with
respect to future business strategies and decisions that are subject to
change. RAIT does not guarantee that the assumptions underlying such forward looking statements are free from errors. Actual results may
differ materially from the anticipated results discussed in these
forward-looking statements. The following factors, among others, could
cause actual results to differ materially from the anticipated results or other expectations expressed
in the forward-looking statements: our future CAD, net income and our ability
to realize the projections related thereto and the underlying assumptions
and the risk factors and other disclosure contained in filings by RAIT with the Securities and Exchange Commission (“SEC”),
including, without limitation, RAIT’s most recent annual and quarterly reports
filed with SEC. RAIT’s SEC filings are available on RAIT’s website
at www.rait.com.
You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this presentation. All
subsequent written and oral forward-looking statements attributable to RAIT or
any person acting on its behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to in this document and the related presentation. Except to the extent required by
applicable law or regulation, RAIT undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after the
date of this presentation or to reflect the occurrence of unanticipated events.
This document and the related presentation may contain non-U.S. generally
accepted accounting principles (“GAAP”) financial measures. A
reconciliation of these non-GAAP financial measures to the most directly
comparable GAAP financial measure is included in this document and/or
RAIT’s most recent annual and quarterly reports. This
presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of
RAIT or Independence Realty Trust, Inc. (“IRT”), a RAIT consolidated and
managed multifamily equity REIT. |
 About RAIT
3
RAIT Financial Trust (“RAIT”) (NYSE: RAS), is a multi-strategy
commercial real estate company organized as an internally-managed REIT
with $3.6 billion of assets under management
RAIT’s IPO -
January 1998
Focus on delivering strong-risk adjusted returns
Scalable, “in-house”, commercial real estate platform with over 390
employees Offices -
Philadelphia, New York, Chicago, Charlotte
RAIT originated $602.9 million of loans during the year ended December 31, 2013
consisting of $448.1 million conduit loans, $135.0 million bridge loans and
$19.8 million mezzanine loans
No corporate, unsecured, recourse debt maturities until April 2016
Increased quarterly common dividend to $0.17 for the first quarter 2014 in March
2014 – a 42% increase over the first quarter 2012
Seasoned executive team with strong real estate equity and debt experience
|
 Multi-Strategy Business Approach
4
COMMERCIAL REAL ESTATE
OWNER & OPERATOR
-
Maximize value over time
-
Opportunistic acquisitions
-
Hedges against inflation
-
Adds stability to the asset mix
COMMERCIAL REAL ESTATE
LENDER
-
One-source financing option to
middle market: originate,
underwrite, close & service
commercial real estate loans
ASSET & PROPERTY MANAGER
-
Full service property manager
-
Asset Manager: S&P &
Morningstar rated primary and
special loan servicer
-
External advisor to
Independence Realty Trust, Inc.
(NYSE MKT: IRT)
Commercial
Real Estate Platform
$3.6 Billion
Assets Under Management
As of December 31, 2013 |
 Commercial Real Estate Lender
5
The lending opportunity
Improved
lending
environment
-
economy,
liquid
market,
stronger
borrowers
Over $1.5 trillion of CRE debt is expected to mature through 2018
(1)
Equity
gap
drives
bridge
and
mezzanine
lending
opportunities
RAIT’s goal
Capitalize on lending opportunity utilizing existing, scalable platform and
internal expertise
to
originate
and
underwrite
bridge,
mezzanine
and
conduit
loans
of
$5
million to $30 million on multi-family, office, retail and light industrial
properties RAIT’s competitive advantage: uniquely positioned to deliver
a one-source financing option to our borrowers -
short term, floating rate financing for properties
in transition to long term, fixed rate financing for stabilized properties
Active credit and risk management
(1)
Trepp , LLC |
 Commercial Real Estate Lender
6
Loan Types
Bridge loans
-
balance sheet loans: transitional properties, 3 to 5 year, floating rate over
LIBOR, origination
&
exit
fee,
approximate
floor
rates
5.00%
-
7.00%
Conduit loans
-
for sale loans: stable properties, 5 to 10 year, fixed rate, approximate coupon
range 4.75% -
5.50%
Mezzanine loans
-
balance sheet loans: stable properties, floating rate, origination fees,
approximate coupon: 10.00% -12.00%
Funding Sources
Warehouse providers
Conduit loans: Barclays, Citibank -
sell loans into third-party securitizations
Bridge
loans:
Column
Financial
(Credit
Suisse
AG
affiliate),
UBS
Real
Estate
Securities,
Inc.
RAIT’s balance sheet
Securitizations -
RAIT 2013-FL1 -
$135 million floating rate securitization closed July 2013
Capital markets |
 Commercial Real Estate Lender
7
Pipeline
Growing pipeline of potential opportunities
Loan originations & sales
Loan Originations
($ in millions)
FY 2013
FY 2012
FY 2011
Conduit Loans
448.1
$
119.3
$
-
$
Bridge Loans
135.0
$
240.8
$
51.7
$
Mezzanine Loans
24.5
$
15.4
$
3.4
$
Total Fundings
607.6
$
375.5
$
55.1
$
Conduit Loans Sales
($ in millions)
FY 2013
FY 2012
FY 2011
Sale amount
406.9
$
97.9
$
-
$
Fee income from loan sales
18.4
$
6.2
$
-
$
|
 CRE Loan Portfolio Statistics
8
Loan Portfolio Statistics
As of December 31, 2013 unless otherwise Indicated ($ in 000s)
(1) Based on book value at 12/31/2013.
Book Value
Weighted-
Average
Coupon
Range of Maturities
Number of
Loans
Key Statistics
Q4 2013
Q4 2012
Commercial Real Estate (CRE) Loans
CRE Non-accrual loans
$37,073
$69,080
Commercial mortgages
$773,269
6.4%
Mar. 2014 to Jan. 2029
59
% change
(46)
Mezzanine loans
265,761
9.6%
Mar. 2014 to Jan. 2029
81
Reserve for losses
22,955
30,400
Preferred equity interests
53,450
8.6%
May 2015 to Aug. 2025
11
% change
(24)
Total CRE Loans
$1,092,480
7.3%
151
Provision for losses
1,500
500
Other loans
30,697
4.6%
Mar. 2014 to Oct. 2016
2
Total investments in loans
$1,123,177
7.2%
153
|
 Commercial Real Estate Owner
9
Directly owned real estate portfolio
Strategy to maximize value over time through professional management, increasing
occupancy and higher rental rates
Opportunistic acquisitions
Provides stability to asset mix and hedges against inflation
$1.1 billion of CRE properties at December 31, 2013
1
Portfolio is internally managed
Acquire well located apartment buildings in secondary markets via Independence
Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT)
IRT owned 16 properties totaling $282.6 million at February 28, 2014
Consolidated by RAIT and externally managed by RAIT subsidiary
RAIT owns approximately 7.0 million shares of IRT common stock (approximately
39.3% of the outstanding common stock)
IRT utilizes RAIT’s relationships, broker-network & relationships;
off-market transactions
(1) Includes ten apartment buildings, $190.1 million, owned by IRT as of December
31, 2013. At March 10, 2014, RAIT owned 39.3% of IRT’s outstanding common stock.
. |
 Directly Owned Commercial Real Estate Portfolio
Statistics
10
(a)
Based on book value of properties owned as of December 31, 2013.
.
Investments in Real Estate Property Types
(a)
Investments in Real Estate Geographic U.S. Regions
(a
) |
 Directly Owned Commercial Real Estate Portfolio
Statistics
11
Net Real Estate Operating Income
(a)
Includes ten apartment buildings, $190.1 million, owned by IRT as of December
31, 2013. At March 10, 2014, RAIT owned 39.3% of IRT’s outstanding common stock.
(b)
Average monthly effective rent represents the average monthly rent collected for
all occupied units after giving effect to tenant concessions. We do not report average effective rent per unit in the month of
acquisition as it is not representative of a full month of operations.
(c)
Average effective rent is rent per unit per month.
(d)
Average effective rent is rent per square foot per year.
Improved Occupancy and Net Operating Income
As of December 31, 2013 unless otherwise Indicated ($ in 000s)
Average Effective Rent
(b)
Investments
in Real
Estate
Quantity
Number of
Properties
Average Physical Occupancy
12/31/2013
12/31/2012
Multi-family real estate properties
(a)
$716,708
9,372 units
37
92.2%
90.0%
Office real estate properties
282,371
2,009,852 sq. ft.
11
75.6%
72.8%
Retail real estate properties
83,653
1,421,059 sq. ft.
4
69.0%
73.2%
Parcels of land
49,199
21.92 acres
10
Total
$1,131,931
62
Q4 2013
Q4 2012
Rental income
$29,964
$27,089
Real estate operating expenses
16,045
14,905
Net Real Estate Operating Income
$13,919
$12,184
NOI growth
14%
Property Type
Q4 2013
Q4 2012
% Variance
Multi-family
(c)
$756
$725
4%
Office
(d)
18.40
18.82
-2%
Retail
(d)
12.11
12.53
-3% |
 Asset and Property Manager
12 |
 Operating Income –
Performance Since 2011
13
Operating income growth
(a)
Compound Annual Growth Rate.
. |
 RAS Dividend History –
Since 2011
14
Stable and steady dividend growth |
  2014 Projected Cash Available for Distribution
(1)
15
(1)
CAD is a non-GAAP financial measure. We believe that CAD provides investors and
management with a meaningful indicator of operating performance. Management also uses
CAD, among other measures, to evaluate profitability and our board of directors
considers CAD in determining our quarterly cash dividends. We also believe that CAD is useful
because it adjusts for a variety of noncash items (such as depreciation and
amortization, equity-based compensation, realized gain (loss) on assets, provision for loan losses and
non-cash interest income and expense items). Furthermore, CAD removes the
effect from our consolidation of the legacy Taberna securitizations. We
calculate CAD by subtracting from or adding to net income (loss) attributable to common shareholders the following items: depreciation and amortization items including,
depreciation and amortization, straight-line rental income or expense,
amortization of in place leases, amortization of deferred financing costs, amortization of discount on financings
and
equity-based
compensation;
changes
in
the
fair
value
of
our
financial
instruments,
including
such
changes
reflected
in
our
consolidated
Taberna
securitizations;
net
interest
income from consolidated Taberna securitizations; realized gain (loss) on assets
and other; provision for loan losses; impairment on depreciable property; acquisition gains or losses
and transaction costs; and one-time events pursuant to changes in U.S. GAAP and
certain other non-recurring items. CAD
should
not
be
considered
as
an
alternative
to
net
income
(loss),
determined
in
accordance
with
U.S.
GAAP,
as
an
indicator
of
operating
performance.
In
addition,
our
methodology for calculating CAD may differ from the methodologies used by other
comparable companies, including other REITs, when calculating the same or similar supplemental
financial measures and may not be comparable with these companies.
(2)
Constitutes forward-looking information. Actual full 2014 projected net
income, cash available for distribution and each individual line item presented herein could vary significantly
from the projections presented. Net income, CAD and each such item may
fluctuate based upon a variety of factors, including, but not limited to, the timing and amount of
investments, repayments and asset sales, capital raised, use of leverage, changes
in the expected yield of investments and the overall conditions in commercial real estate and the
economy
generally.
CAD
per
share
does
not
take
into
account
any
potential
dilution
from
our
outstanding
convertible
senior
notes
or
warrants
or
equity
compensation.
The
above
projections assume for 2014: gross loan originations of $1.0 billion to $1.5
billion; Investment portfolios do not experience significant loan repayments; RAIT’s property portfolio
performs
at
historical
levels;
and
RAIT
continues
to
receive
its
securitization
collateral
management
and
property
management
fees.
(3)
Represents projected net income (loss) allocable to common shares for 2014 assuming
no change in the fair value of our financial instruments. Reconciliation of RAIT Annualized
Projected Cash Available for Distribution ("CAD") (dollars in millions, except per share
data) 2014 Annualized Projected CAD
Net Income (loss) allocable to common shares
36.5
$
-
43.0
$
Adjustments:
Depreciation, amortization and other items
64.8
-
64.8
Effect of Taberna
(30.3)
-
(30.3)
Loan origination fees
9.4
-
12.5
CAD
80.4
$
-
90.0
$
CAD per share
0.99
$
-
1.10
$
(3)
(2) |
 RAIT Highlights & Goals
16
Growth & stability through a multi-strategy approach
Utilizing RAIT’s core, integrated, real estate platform and management
expertise to generate appropriate risk-adjusted returns by originating,
underwriting and managing commercial real estate loans
Growing revenue through accretive capital deployment
Focus on bridge and conduit loans
Creating value in RAIT’s portfolio of owned real estate through increasing
rental and occupancy rates while managing operating costs through
RAIT’s property managers Growing IRT’s portfolio of apartment
properties Expanding and maintaining our sources of liquidity
Maintaining a strong pipeline of investment opportunities
Delivering stable and growing dividends |
 17
Appendix |
 Unsecured Recourse Debt Summary
18
No corporate, unsecured, recourse debt maturities until April 2016
(1)
Excludes $37.7 million of secured debt outstanding under RAIT’s CMBS and
commercial mortgage facilities with contractual maturities in 2014 & 2015.
(2)
Assumes
full
exercise
of
holders’
7.0%
&
4.0%
convertible
senior
notes
redemption
right
in
April
2016
and
October
2018,
respectively,
and
excludes
$16.8
million
of
4.0%
convertible
senior
notes
issued
in
January
2014
and
$11.1
million
outstanding
under
secured
credit
facilities
with
contractual
maturities
in
2016
($6.1
million
repaid
in
January
2014).
(3)
Excludes $86.0 million of outstanding senior secured notes issued by us which are
eliminated in consolidation with contractual maturities ranging from 2017 to 2019.
$-
$-
$34,066
$-
$125,000
$-
$-
$43,771
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
2014 (1)
2015 (1)
2016 (2)
2017 (3)
2018 (2) (3)
2019 (3)
2020
Thereafter
Unsecured Recourse Debt Maturities and Redemption Dates
(in 000s)
As of December 31, 2013 |
 Adjusted Book Value
(1)
19
(1)
Management
views
adjusted
book
value
as
a
useful
and
appropriate
supplement
to
shareholders’
equity
and
book
value
per
share.
The
measure
serves
as
an
additional
measure
of
our
value
because
it
facilitates
evaluation
of
us
without
the
effects
of
various
items
that
we
are
required
to
record
in
accordance
with
GAAP
but
which
have
limited
economic
impact
on
our
business.
Those
adjustments
primarily
reflect
the
effect
of
consolidated
securitizations
where
we
do
not
currently
receive
cash
flows
on
our
retained
interests,
accumulated
depreciation
and
amortization,
the
valuation
of
long-term
derivative
instruments
and
a
valuation
of
our
recurring
collateral
and
property
management
fees.
Adjusted
book
value
is
a
non-GAAP
financial
measurement,
and
does
not
purport
to
be
an
alternative
to
reported
shareholders’
equity,
determined
in
accordance
with
GAAP,
as
a
measure
of
book
value.
Adjusted
book
value
should
be
reviewed
in
connection
with
shareholders’
equity
as
set
forth
in
our
consolidated
balance
sheets,
to
help
analyze
our
value
to
investors.
Adjusted
book
value
may
be
defined
in
various
ways
throughout
the
REIT
industry.
Investors
should
consider
these
differences
when
comparing
our
adjusted
book
value
to
that
of
other
REITs.
(2)
Based
on
71,447,437
common
shares
outstanding
as
of
December
31,
2013.
(3)
Based
on
4,069,288
Series
A
preferred
shares,
2,288,465
Series
B
preferred
shares,
and
1,640,100
Series
C
preferred
shares
outstanding
as
of
December
31,
2013,
all
of
which
have
a
liquidation
preference
of $25.00 per share.
(All $ in 000s except per share numbers)
As of December 31, 2013
Amount
Per Share
(2)
Total shareholders’ equity
................................................................ $
601,563
$
8.42
Liquidation value of preferred shares characterized as
equity
(3)
...............................................................................
(199,946
(2.80)
Book value
.........................................................................................
401,617
5.62
Adjustments:
Taberna VIII and Taberna IX securitizations ...........................
(196,042
(2.74
RAIT I and RAIT II derivative liabilities
..................................... 42,263
0.59
Change in fair value for warrants and investor SARs ............
22,080
0.31
Accumulated depreciation and amortization .........................
156,705
2.19
Valuation of recurring collateral and property management
fees
......................................................................................
18,765
0.26
Total adjustments
..............................................................................
43,771
0.61
Adjusted book value
..........................................................................
$
445,388
$
6.23
|
 Adjusted Funds from Operations
20
(1)
We believe that funds from operations, or FFO, and adjusted funds from
operations, or AFFO, each of which are non-GAAP measures, are additional appropriate measures of the operating performance
of a REIT and us in particular. We compute FFO in accordance with the standards
established by the National Association of Real Estate Investment Trusts, or NAREIT, as net income or loss allocated to
common shares (computed in accordance with GAAP), excluding real
estate-related depreciation and amortization expense, gains or losses on
sales of real estate and the cumulative effect of changes in accounting
principles. AFFO is a computation made by analysts and investors to measure a real estate company's cash flow generated by operations. We calculate AFFO by adding to or subtracting
from FFO: change in fair value of financial instruments; gains or losses on debt
extinguishment; capital expenditures, net of any direct financing associated with those capital expenditures; straight-line
rental effects; amortization of various deferred items and intangible assets;
and share-based compensation. Our calculation of AFFO differs from the methodology used for calculating AFFO by certain
other REITs and, accordingly, our AFFO may not be comparable to AFFO reported by
other REITs. Our management utilizes FFO and AFFO as measures of our operating performance, and believes they
are
also
useful
to
investors,
because
they
facilitate
an
understanding
of
our
operating
performance
after
adjustment
for
certain
non-cash
items,
such
as
real
estate
depreciation,
share-based
compensation and various other items required by GAAP that may not necessarily
be indicative of current operating performance and that may not accurately compare our operating performance
between periods. Furthermore, although FFO, AFFO and other supplemental
performance measures are defined in various ways throughout the REIT industry, we also believe that FFO and AFFO may
provide us and our investors with an additional useful measure to compare our
financial performance to certain other REITs. Neither FFO nor AFFO is equivalent to net income or cash generated from
operating activities determined in accordance with U.S. 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 our operating
performance
or
as
an
alternative
to
cash
flow
from
operating
activities
as
a
measure
of
our
liquidity.
References
to
“we”,
“us”,
and
“our”
refer
to
RAIT
Financial
Trust
and
its
subsidiaries.
(2)
Based on 70,798,024 and 67,814,316 weighted-average shares
outstanding-diluted for the three-month period and year ended December 31, 2013.
(3)
Based on 50,988,427 and 48,746,761 weighted-average shares
outstanding-diluted for the three-month period and year ended December 31, 2012.
(All $ in 000s except per share numbers) |
 RAIT Income Statement
21
(All $ in 000s except per share numbers)
For the Three-Month
Periods Ended
December 31,
For the Years Ended
December 31,
Revenues:
2013
2012
2013
2012
Investment Interest income
$ 39,181
$ 29,995
$ 134,447
$ 117,054
Investment Interest expense
(7,599)
(7,852)
(30,595)
(32,909)
Net interest margin
31,582
22,143
103,852
84,145
Rental income
29,964
27,089
114,224
103,872
Fee and other income
6,061
5,690
28,799
12,767
Total revenue
67,607
54,922
246,875
200,784
Expenses:
Interest expense
10,601
10,512
40,297
42,408
Real estate operating expense
16,045
14,905
60,887
56,443
Compensation expense
6,953
6,167
26,802
23,182
General and administrative expense
4,310
3,468
14,893
14,866
Provision for losses
1,500
500
3,000
2,000
Depreciation and amortization expense
10,121
8,104
36,093
31,337
Total expenses
49,530
43,656
181,972
170,236
Operating income
18,077
11,266
64,903
30,548
Other income (expense)
(1,529)
(403)
(5,233)
(1,789)
Gains (losses) on assets
(2,296)
-
(2,266)
2,529
Gains (losses) on extinguishment of debt
(1,275)
-
(1,275)
1,574
Change in fair value of financial instruments
(143,990)
(57,518)
(344,426)
(201,787)
Income (loss) before taxes and discontinued operations
(131,013)
(46,655)
(288,297)
(168,925)
Income tax benefit (provision)
2,463
519
2,933
584
Income (loss) from continuing operations
(128,550)
(46,136)
(285,364)
(168,341)
Income (loss) from discontinued operations
-
-
-
-
Net income (loss)
(128,550)
(46,136)
(285,364)
(168,341)
(Income) loss allocated to preferred shares
(5,785)
(4,355)
(22,616)
(14,660)
(Income) loss allocated to noncontrolling interests
(158)
42
(28)
196
Net income (loss) allocable to common shares
$ (134,493)
$ (50,449)
$ (308,008)
$ (182,805)
Earnings (loss) per share—Basic:
Continuing operations
$ (1.90)
$ (0.99)
$ (4.54)
$ (3.75)
Discontinued operations
-
-
-
-
Total earnings (loss) per share—Basic
$ (1.90)
$ (0.99)
$ (4.54)
$ (3.75)
Weighted-average shares outstanding—Basic
70,798,024
50,988,427
67,814,316
48,746,761
Earnings (loss) per share—Diluted:
Continuing operations
$ (1.90)
$ (0.99)
$ (4.54)
$ (3.75)
Discontinued operations
-
-
-
-
Total earnings (loss) per share—Diluted
$ (1.90)
$ (0.99)
$ (4.54)
$ (3.75)
Weighted-average shares outstanding—Diluted
70,798,024
50,988,427
67,814,316
48,746,761
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 RAIT Balance Sheet
22
(All $ in 000s except per share numbers)
As of
December 31,
2013
As of
December 31,
2012
Assets
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests
$ 1,122,377
$ 1,075,129
Allowance for losses
(22,955)
(30,400)
Total investments in mortgages and loans
1,099,422
1,044,729
Investments in real estate, net of accumulated depreciation of $127,745 and $97,392,
respectively
1,004,186
918,189 Investments in securities and security-related receivables, at fair
value 567,302
655,509
Cash and cash equivalents
88,847
100,041
Restricted cash
121,589
90,641 Accrued interest receivable
48,324
47,335 Other assets
57,081
45,459
Deferred financing costs, net of accumulated amortization of $17,768 and $15,811,
respectively 18,932
19,734
Intangible assets, net of accumulated amortization of $4,564 and $2,976,
respectively
21,554
2,343
Total assets
$ 3,027,237
$ 2,923,980
Liabilities and Equity
Indebtedness:
Recourse indebtedness
$ 235,011
$ 172,476
Non-recourse indebtedness
1,851,390
1,627,119
Total indebtedness
2,086,401
1,799,595
Accrued interest payable
26,936
24,129
Accounts payable and accrued expenses
32,447
22,990
Derivative liabilities
113,331
151,438
Deferred taxes, borrowers’ escrows and other liabilities
79,462
35,704
Total liabilities
2,338,577
2,033,856
Series D Preferred Shares,
52,970
52,278
Equity:
Preferred shares, $0.01 par value per share, 25,000,000 shares authorized:
7.75% Series A cumulative redeemable preferred shares, liquidation preference $25.00 per
share, 4,069,288 and 3,124,288 shares issued and outstanding
41
31
8.375% Series B cumulative redeemable preferred shares, liquidation preference $25.00 per
share, 2,288,465 shares issued and outstanding
23
23
8.875% Series C cumulative redeemable preferred shares, liquidation preference $25.00 per
share, 1,640,100 shares issued and outstanding
17
17
Series E cumulative redeemable preferred shares, liquidation preference $25.00 per
share, no shares issued or outstanding
-
-
Common shares, $0.03 par value per share, 200,000,000 shares authorized, 71,447,437 and
58,913,142 issued and outstanding, including 369,500 unvested restricted common share
awards at December 31, 2013
2,143
1,760
Additional paid in capital
1,920,455
1,837,389
Accumulated other comprehensive income (loss)
(63,810)
(95,173)
Retained earnings (deficit)
(1,257,306)
(910,086)
Total shareholders’ equity
601,563
833,961
Noncontrolling interests
34,127
3,885
Total equity
635,690
837,846
Total liabilities and equity
$ 3,027,227
$ 2,923,980
4,000,000 shares authorized, 2,600,000 issued and outstanding
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