RAIT Financial Trust (RAS) posted fourth-quarter negative funds from operations or FFO of $42.5 million or $0.83 per share, compared to negative FFO of $8.1 million or $0.20 per share in the comparable quarter last year.
Adjusted funds from operations or AFFO rose to $16.9 million or $0.33 per share from $12.1 million or $0.30 per share in the year-ago period. On average, two analysts polled by Thomson Reuters expected the company to earn $0.30 per share for the quarter. Analysts' estimates typically exclude special items.
Net loss allocable to common shares for the quarter widened to $50.4 million or $0.99 per share from $15.6 million or $0.39 per share in the previous year quarter.
Total revenue for the quarter was $54.92 million, up from $47.48 million last year, while three analysts expected revenue of $29.93 million for the quarter.
On January 29, 2013, RAIT's Board of Trustees declared a first quarter 2013 cash dividend of $0.484375 per share on RAIT's 7.75% Series A Cumulative Redeemable Preferred Shares, $0.5234375 per share on RAIT's 8.375% Series B Cumulative Redeemable Preferred Shares and $0.5546875 per share on RAIT's 8.875% Series C Cumulative Redeemable Preferred Shares. The preferred dividends will be paid on April 1, 2013 to holders of record on March 1, 2013.
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