RAIT Financial Trust (NYSE: RAS) (“RAIT”) today announced that on June 23, 2015, RAIT sold a 420 unit apartment property located in Houston, Texas. RAIT received net cash gain of approximately $13.6 million, after costs and full repayment of the underlying debt. This sale is part of a previously announced plan to opportunistically sell properties that RAIT believes have reached their economic potential and underscores RAIT's focus on maximizing shareholder return. RAIT expects to recognize a gain of approximately $17.3 million associated with the sale in the quarter ending June 30, 2015.
Scott Schaeffer, RAIT’s Chairman and CEO, said, “This sale highlights the strength and flexibility of RAIT’s platform which provides us with insight and a comprehensive skill set across the commercial real estate sector. We are proud of the value unlocked by our property and asset management teams in the management and sale of this property.”
About RAIT Financial Trust
RAIT Financial Trust is an internally-managed real estate investment trust that provides debt financing options to owners of commercial real estate and invests directly into commercial real estate properties located throughout the United States. In addition, RAIT is an asset and property manager of real estate-related assets. For more information, please visit www.rait.com or call Investor Relations at 215.243.9000.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150625005632/en/
Contacts:
Andres Viroslav, 215-243-9000
aviroslav@rait.com
