NEW YORK, NY, May 05, 2009 (MARKETWIRE via COMTEX) -- Resource Capital Corp. (NYSE: RSO) ("RCC" or the "Company"), a real estate investment trust whose investment strategy focuses on commercial real estate ("CRE") loan assets and, to a lesser extent, commercial finance assets, reported results for the first quarter ended March 31, 2009.
Financial Highlights
-- Net operating income of $10.2 million, or $0.42 per share-diluted for
the quarter ended March 31, 2009 as compared to $10.7 million, or $0.43 per
share-diluted for the quarter ended March 31, 2008, a decrease of $552,000
(5%).
-- REIT taxable income, a non-GAAP measure, of $6.1 million or $0.25 per
share-diluted for the first quarter ended March 31, 2009 as compared to
$12.1 million or $0.48 per share-diluted for the first quarter ended March
31, 2008, a decrease of $6.0 million (49%).
-- GAAP net loss for the quarter ended March 31, 2009 of $0.50 per share,
including provisions for loan and lease losses of $8.0 million, net
unrealized losses on bank loans held for sale of $9.0 million and other-
than-temporary impairment charges of $5.6 million, or a total of (-$0.92)
per share, as compared to GAAP net income for the quarter ended March 31,
2008 of $0.38 per share-diluted including provisions for loan and lease
losses of $1.1 million or (-$0.05) per share-diluted.
-- RCC announced a dividend distribution of $0.30 per common share for
the quarter ended March 31, 2009, $7.5 million in the aggregate, paid on
April 28, 2009 to stockholders of record as of March 31, 2009.
-- Economic book value, a non-GAAP measure, was $9.74 per common share as
of March 31, 2009.
-- GAAP book value was $6.81 per common share as of March 31, 2009.
-- Paydowns and repayments totaled $35.4 million, which included $17.4
million on RCC's CRE loan portfolio and $18.0 million on RCC's bank loan
portfolio for the quarter ended March 31, 2009. Since the quarter end,
RCC's bank loan portfolio paydowns and repayments totaled an additional
$10.4 million and RCC's CRE loan portfolio paydowns and repayments totaled
an additional $5.1 million.
-- RCC reduced the balance of its non-recourse repurchase facility
funding CRE loans to $16.0 million as of March 31, 2009, which is secured
by $36.0 million of pledged collateral.
Jonathan Z. Cohen, CEO and President of RCC, commented, "Given the global and macroeconomic circumstances, our real estate portfolio continues to perform well -- we continue to benefit from overall good asset quality and a low cost of funding due to our long term matched liabilities. We are actively managing our portfolios to maintain the creditworthiness of our assets and to maximize our ability to reinvest our funds into the opportunities we see arising in this marketplace. We continue to reduce the amount of leverage we use, as can be seen in our CRE loan repayments and origination activities. Because we are seeing attractive new investment opportunities ahead, we believe that in the future, as we receive increased loan repayments and proceeds from asset sales, we will be able to generate new loans with substantial returns without relying on new leverage to achieve such returns. We also look forward to continue paying a meaningful cash dividend."
Additional financial results for the first quarter ended March 31, 2009 and recent developments include:
General
-- RCC's net interest income decreased by $1.1 million, or 8%, to $12.7
million for the first quarter ended March 31, 2009, as compared to $13.8
million for the same period in 2008.
Commercial Real Estate
-- RCC funded commitments on existing CRE loans, on a gross basis, of
$3.6 million during the first quarter ended March 31, 2009. The aggregate
net portfolio of CRE loans was reduced by $103.2 million to $805.9 million
at March 31, 2009, from $909.1 million at March 31, 2008, not including
future funding obligations of $3.4 million.
The following table summarizes RCC's CRE loan repayment and orgination activities (including future funding obligations), at par, for the three and 12 months ended March 31, 2009 (in millions, except percentages)(unaudited):
Three Floating
Months 12 Months Weighted Weighted
Ended Ended Average Average
March 31, March 31, Spread Fixed
2009 2009 (1) (2) Rate (1)
--------- --------- --------- ---------
Whole loans (3) $ 3.6 $ 25.1 2.91% 7.78%
Whole loans, future
funding obligations - 3.4 N/A N/A
--------- ---------
New loans production 3.6 28.5
Payoffs (7.0) (59.5)
Principal paydowns (10.4) (25.1)
Whole loans, future funding
obligations - (3.4)
--------- ---------
Net - new loans (4) $ (13.8) $ (59.5)
========= =========
(1) Reflects rates on our portfolio balance as of March 31, 2009.
(2) Represents the weighted average rate above London Interbank Offered
Rate ("LIBOR") on loans whose interest rate is based on LIBOR.
(3) Includes fundings of previous commitments on transitional loans of
$3.6 million for the three months ended March 31, 2009 and $4.3 million
for the 12 months ended March 31, 2009.
(4) The basis of new net loans does not include provisions for losses on
CRE loans of $5.0 for the three months ended March 31, 2009 and $19.7
million for the 12 months ended March 31, 2009.
Commercial Finance
-- RCC's bank loan portfolio ended the first quarter with total
investments of $939.4 million, at amortized cost, with a weighted-average
spread of one-month and three-month LIBOR plus 2.48%. All of RCC's bank
loan portfolio is match-funded through three collateralized loan obligation
("CLO") issuances with a weighted-average cost of three-month LIBOR plus
0.47%.
-- RCC's commercial finance subsidiary ended the first quarter with $97.1
million, at amortized cost, in direct financing leases and loans at a
weighted-average rate of 8.70%. RCC's leasing portfolio is match-funded
through a secured term facility which had an outstanding balance of $88.7
million as of March 31, 2009 and a weighted-average interest rate of 7.68%,
which includes the cost of interest rate swaps with respect to the term
facility.
Book Value
As of March 31, 2009, RCC's GAAP book value per common share was $6.81. Total stockholders' equity was $169.5 million as of March 31, 2009 as compared to $186.3 million as of December 31, 2008. Total common shares outstanding were 24,901,995 as of March 31, 2009 as compared to 25,344,867 as of December 31, 2008. The net decrease in RCC's stockholders' equity of $16.8 million was substantially the result of increased provisions for loan and lease losses of $8.0 million, losses on our bank loan portfolio of $9.0 million, combined with a decrease in the value of marked-to-market securities of $9.0 million, which was partially offset by an increase in the value of interest swap liabilities of $8.9 million.
As of March 31, 2009, RCC's economic book value per common share outstanding, a non-GAAP measure, was $9.74. Economic book value is computed by adding back to GAAP book value any unrealized losses on the Company's investments in CMBS for which it expects to recover full par value at maturity, and on derivatives (cash flow hedges) that are associated with fixed-rate loans which it intends to hold until maturity, in excess of its value at risk, and that have not been adjusted through stockholders' equity for market fluctuations (see Note 1 of Schedule III in this release). Economic book value per share is computed by dividing the economic book value by the number of shares outstanding at the end of the period.
Investment Portfolio
The table below summarizes the amortized cost and net carrying amount of RCC's investment portfolio as of March 31, 2009, classified by interest rate type. The following table includes both (i) the amortized cost of RCC's investment portfolio and the related dollar price, which is computed by dividing amortized cost by par amount, and (ii) the net carrying amount of RCC's investment portfolio and the related dollar price, which is computed by dividing the net carrying amount by par amount (in thousands, except percentages)(unaudited):
Net
carrying
Net amount less
Amortized Dollar carrying Dollar amortized Dollar
cost (3) price amount price cost price
----------- ------ ----------- ------ ---------- ------
March 31,
2009
Floating
rate
CMBS-private
placement $ 32,063 99.99% $ 12,142 37.87% $ (19,921) -62.12%
Other ABS 45 100.00% 45 100.00% - -%
B notes (1) 26,500 100.00% 26,399 99.62% (101) -0.38%
Mezzanine
loans (1) 129,396 100.00% 129,007 99.70% (389) -0.30%
Whole loans
(1) 424,645 99.80% 418,371 98.32% (6,274) -1.48%
Bank
loans (2) 923,441 97.58% 648,566 68.54% (274,875) -29.04%
Bank loans
held for
sale 15,968 100.00% 15,968 100.00% - -%
----------- ----------- ----------
Total
floating
rate $ 1,552,058 98.49% $ 1,250,498 79.36% $ (301,560) -19.13%
=========== =========== ==========
Fixed rate
CMBS -
private
placement $ 38,505 91.52% $ 8,139 19.34% $ (30,366) -72.18%
B notes (1) 55,387 100.10% 55,221 99.80% (166) -0.30%
Mezzanine
loans (1) 81,293 94.74% 68,398 79.71% (12,895) -15.03%
Whole loans
(1) 88,472 99.61% 88,210 99.31% (262) -0.30%
Equipment
leases and
loans (4) 97,096 99.27% 96,546 98.71% (550) -0.56%
----------- ----------- ----------
Total
fixed
rate $ 360,753 97.54% $ 316,514 85.58% $ (44,239) -11.96%
=========== =========== ==========
Grand
total $ 1,912,811 98.31% $ 1,567,012 80.54% $ (345,799) -17.77%
=========== =========== ==========
(1) Net carrying amount includes an allowance for loan losses of $20.1
million at March 31, 2009, allocated as follows: B notes ($0.3
million), mezzanine loans ($13.3 million) and whole loans ($6.5
million).
(2) The bank loan portfolio is carried at amortized cost less allowance
for loan loss and was $896.7 million at March 31, 2009. Amount
disclosed represents net realized value at March 31, 2009, which
includes $26.7 million allowance for loan losses at March 31, 2009.
(3) Bank loans held for sale and other ABS are carried at fair value and,
therefore, amortized cost is equal to fair value.
(4) Net carrying amount includes a $550,000 allowance for lease and loan
losses at March 31, 2009.
Liquidity
At April 30, 2009, after disbursing the first quarter 2009 dividend, there were three primary sources for RCC's liquidity:
-- unrestricted cash and cash equivalents of $7.6 million and restricted
cash of $10.0 million comprised of $6.6 million in margin call accounts and
$3.4 million related to the leasing portfolio;
-- capital available for reinvestment in its five collateralized debt
obligation ("CDO") entities of $41.9 million, of which $6.8 million is
designated to finance future funding commitments on CRE loans; and
-- financing available under existing borrowing facilities of $11.3
million from RCC's secured financing facility. RCC also has $84.0 million
of unused capacity under a three-year non-recourse CRE repurchase facility,
which, however, requires approval of individual repurchase transactions by
the repurchase counterparty.
Capital Allocation
As of March 31, 2009, RCC had allocated its equity capital among its targeted asset classes as follows: 72% in CRE loans, 25% in commercial bank loans and 3% in direct financing leases and notes.
Supplemental Information
The following schedules of reconciliations or supplemental information as of March 31, 2009 are included at the end of this release:
-- Schedule I - Reconciliation of GAAP Net Loss to Estimated REIT Taxable
Income;
-- Schedule II - Reconciliation of GAAP Stockholders' Equity to Economic
Book Value; and
-- Schedule III - Summary of RCC's CDO and CLO Performance Statistics.
About Resource Capital Corp.
RCC is a diversified real estate finance company that qualifies as a real estate investment trust, or REIT, for federal income tax purposes. RCC's investment strategy focuses on CRE-related assets, and, to a lesser extent, commercial finance assets. RCC invests in the following asset classes: CRE-related assets such as whole loans, A-notes, B-notes, mezzanine loans and mortgage-related securities and commercial finance assets such as other asset-backed securities, bank loans, equipment leases and notes, trust preferred securities, debt tranches of CDOs and private equity investments principally issued by financial institutions.
RCC is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ: REXI), a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the financial fund management, real estate, and commercial finance sectors.
For more information, please visit RCC's website at www.resourcecapitalcorp.com or contact investor relations at pkamdar@resourceamerica.com
Safe Harbor Statement
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. RCC's actual results, performance or achievements could differ materially from those expressed or implied in this release. The risks and uncertainties associated with forward-looking statements contained in this release include those related to:
-- fluctuations in interest rates and related hedging activities;
-- capital markets conditions and the availability of financing;
-- defaults or bankruptcies by borrowers on RCC's loans or on loans
underlying its investments;
-- adverse market trends which have affected and may continue to affect
the value of real estate and other assets underlying RCC's investments;
-- increases in financing or administrative costs; and
-- general business and economic conditions that have impaired and may
continue to impair the credit quality of borrowers and RCC's ability to
originate loans.
For further information concerning these and other risks pertaining to the forward-looking statements contained in this release, and to the general risks to which RCC is subject, see Item 1A, "Risk Factors" included in its annual report on Form 10-K and in other of its public filings with the Securities and Exchange Commission.
RCC cautions you not to place undue reliance on any forward-looking statements contained in this release, which speak only as of the date of this release. All subsequent written and oral forward-looking statements attributable to RCC or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, RCC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this filing or to reflect the occurrence of unanticipated events.
The remainder of this release contains RCC's unaudited consolidated balance sheets, consolidated statements of operations and reconciliations of GAAP net (loss) income to estimated REIT taxable income and GAAP stockholders' equity to economic book value and supplemental information regarding RCC's CRE loan, bank loan and equipment leasing portfolios.
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
March 31, December 31,
2009 2008
----------- ------------
(Unaudited)
ASSETS
Cash and cash equivalents $ 10,668 $ 14,583
Restricted cash 60,273 60,394
Investment securities available-for-sale,
pledged as collateral, at fair value 15,376 22,466
Investment securities available-for-sale, at
fair value 4,950 6,794
Loans, pledged as collateral and net of
allowances of $46.9 million and $43.9 million 1,682,283 1,712,779
Loans held for sale, at fair value 15,968 -
Direct financing leases and notes, pledged as
collateral, net of allowance of $550,000 and
$450,000 and net of unearned income 96,546 104,015
Investments in unconsolidated entities 1,548 1,548
Interest receivable 6,992 8,440
Principal paydown receivables 44 950
Other assets 4,780 4,062
----------- ------------
Total assets $ 1,899,428 $ 1,936,031
=========== ============
LIABILITIES
Borrowings $ 1,692,571 $ 1,699,763
Distribution payable 7,529 9,942
Accrued interest expense 2,737 4,712
Derivatives, at fair value 22,786 31,589
Accounts payable and other liabilities 4,297 3,720
----------- ------------
Total liabilities 1,729,920 1,749,726
----------- ------------
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.001:
100,000,000 shares authorized; no shares
issued and outstanding - -
Common stock, par value $0.001: 500,000,000
shares authorized; 24,901,995 and 25,344,867
shares issued and outstanding (including
554,769 and 452,310 unvested restricted shares) 26 26
Additional paid-in capital 353,534 356,103
Accumulated other comprehensive loss (75,249) (80,707)
Distributions in excess of earnings (108,803) (89,117)
----------- ------------
Total stockholders' equity 169,508 186,305
----------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,899,428 $ 1,936,031
----------- ------------
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
----------------------
2009 2008
---------- ----------
REVENUES
Interest income:
Loans $ 23,160 $ 32,439
Securities 882 1,181
Leases 2,233 1,990
Interest income - other 347 1,373
---------- ----------
Total interest income 26,622 36,983
Interest expense 13,877 23,148
---------- ----------
Net interest income 12,745 13,835
OPERATING EXPENSES
Management fee expense - related party 1,001 1,738
Equity compensation expense - related party 88 81
Professional services 964 792
Insurance expense 172 128
General and administrative 405 355
Income tax (benefit) expense (45) 29
---------- ----------
Total expenses 2,585 3,123
---------- ----------
NET OPERATING INCOME 10,160 10,712
---------- ----------
OTHER (EXPENSE) REVENUES
Net realized and unrealized losses on sales of
investments (14,345) (1,995)
Other income 22 33
Provision for loan and lease loss (7,989) (1,137)
Gain on the extinguishment of debt - 1,750
---------- ----------
Total other expenses, net (22,312) (1,349)
---------- ----------
NET (LOSS) INCOME $ (12,152) $ 9,363
========== ==========
NET (LOSS) INCOME PER SHARE - BASIC $ (0.50) $ 0.38
========== ==========
NET (LOSS) INCOME PER SHARE - DILUTED $ (0.50) $ 0.38
========== ==========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING - BASIC 24,467,408 24,612,724
========== ==========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING - DILUTED 24,467,408 24,883,444
========== ==========
DIVIDENDS DECLARED PER SHARE $ 0.30 $ 0.41
========== ==========
SCHEDULE I
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET (LOSS) INCOME
TO ESTIMATED REIT TAXABLE INCOME (1)
(Unaudited)
RCC calculates estimated REIT taxable income, which is a non-GAAP financial
measure, according to the requirements of the Internal Revenue Code. The
following table reconciles net (loss) income to estimated REIT taxable
income for the periods presented (in thousands, except per share data):
Three Months Ended
March 31,
--------------------
2009 2008
--------- ---------
Net (loss) income - GAAP $ (12,152) $ 9,363
Adjustments:
Share-based compensation to related parties 17 (147)
Capital loss carryover (utilization)/losses from the
sale of securities 5,620 2,000
Provisions for loan and lease losses unrealized 4,978 56
Net book to tax adjustments for the Company's
taxable foreign REIT subsidiaries 7,590 775
Other net book to tax adjustments 45 8
--------- ---------
Estimated REIT taxable income $ 6,098 $ 12,055
========= =========
Estimated REIT taxable income per share - diluted (2) $ 0.25 $ 0.48
========= =========
(1) RCC believes that a presentation of estimated REIT taxable income
provides useful information to investors regarding its financial
condition and results of operations as this measurement is used to
determine the amount of dividends that RCC is required to declare to
its stockholders in order to maintain its status as a REIT for federal
income tax purposes. Since RCC, as a REIT, expects to make
distributions based on taxable income, RCC expects that its
distributions may at times be more or less than its reported income.
Total taxable income is the aggregate amount of taxable income
generated by RCC and by its domestic and foreign taxable REIT
subsidiaries. Estimated REIT taxable income excludes the undistributed
taxable income of RCC's domestic taxable REIT subsidiary, if any such
income exists, which is not included in REIT taxable income until
distributed to RCC. There is no requirement that RCC's domestic
taxable REIT subsidiary distribute its income to RCC. Estimated REIT
taxable income, however, includes the taxable income of RCC's foreign
taxable REIT subsidiaries because RCC generally will be required to
recognize and report their taxable income on a current basis. Because
not all companies use identical calculations, this presentation of
estimated REIT taxable income may not be comparable to other
similarly-titled measures of other companies.
(2) Denominator for the three months ended March 31, 2009 includes 242,464
shares that were not included in the calculation of GAAP earnings per
share because the effect would have been anti-dilutive due to RCC's
net loss for the three months ended March 31, 2009. The dilutive
shares relate to restricted stock that has not yet vested at
March 31, 2009.
SCHEDULE II
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP STOCKHOLDERS' EQUITY TO ECONOMIC BOOK VALUE (1)
(in thousands, except per share data)
(Unaudited)
As of
March 31,
2009
---------
Stockholders' equity - GAAP $ 169,508
Add:
Unrealized losses - CMBS portfolio 50,287
Unrealized losses recognized in excess of value at risk -
interest rate swaps (2) 22,829
---------
Economic book value $ 242,624
=========
Shares outstanding 24,902
---------
Economic book value per share $ 9.74
=========
(1) Management views economic book value, a non-GAAP measure, as a useful
and appropriate supplement to GAAP stockholders' equity and book
value per share. The measure serves as an additional measure of
RCC's value because it facilitates evaluation of RCC without the
effects of unrealized losses on investments for which RCC expects to
recover full par value at maturity and on interest rate swaps, which
RCC intends to hold to maturity, in excess of RCC's value at risk.
Unrealized losses recognized in RCC's financial statements, prepared
in accordance with GAAP, that are in excess of RCC's maximum value at
risk are added back to stockholders' equity in arriving at economic
book value. Economic book value should be reviewed in connection with
GAAP stockholders' equity as set forth in RCC's consolidated balance
sheets, to help analyze RCC's value to investors. Economic book value
is defined in various ways throughout the REIT industry. Investors
should consider these differences when comparing RCC's economic book
value to that of other REITs.
(2) RCC adds back unrealized losses on interest rate swaps (cash flow
hedges) that are associated with fixed-rate loans that have not been
adjusted through stockholders' equity for market fluctuations.
SCHEDULE III
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUMMARY OF RCC's CDO AND CLO PERFORMANCE STATISTICS
(in thousands)
(Unaudited)
Collateralized Debt Obligations - Distributions and Coverage Test Summary
Annualized
Interest
Cash Coverage Overcollateralization
Distributions Cushion Cushion
----------------- ---------- ---------------------
Year Quarter
Ended Ended
December March March 31,
31, 31, 2009 (2) March 31, Effective
CDO Type 2008 (1) 2009 (3) 2009 (4) Date
-------- -------- -------- ---------- ---------- ----------
(actual) (actual)
Apidos CDO I CLO $ 8,957 $ 1,423 $ 6,303 $ 3,874 $ 17,176
Apidos CDO III CLO $ 6,725 $ 2,067 $ 3,799 $ 6,694 $ 11,269
Apidos Cinco
CDO CLO $ 9,470 $ 2,342 $ 3,276 $ 12,912 $ 17,774
RREF 2006-1 CRE CDO $ 10,658 $ 3,048 $ 13,353 $ 24,107 $ 24,941
RREF 2007-1 CRE CDO $ 13,297 $ 4,358 $ 21,827 $ 20,604 $ 26,032
(1) Distributions on retained equity interests in CDOs (comprised of note
investment and preference share ownership); see Note 8 of RCC's Form
10-K for the year ended December 31, 2008 for a more detailed
discussion of RCC's equity interests.
(2) Interest coverage includes annualized amounts based on most recent
trustee statements.
(3) Interest coverage cushion represents the amount by which annualized
interest income expected exceeds the annualized amount payable on all
classes of CDO notes senior to the Company's preference shares.
(4) Overcollateralization cushion represents the amount by which the
collateral held by the CDO issuer exceeds the maximum amount required.
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands)
(Unaudited)
Loan and Leasing Investment Statistics
The following table presents information on RCC's non-performing loans and
leases and related allowances as of March 31, 2009 and 2008 (based on
amortized costs):
As of March 31,
------------------
2009 2008
-------- --------
Non-performing:
Loans and leases $ 67,561 $ 16,827
Loans and leases as a percentage of total 3.6% 0.9%
Allowance for loan and lease losses:
Specific provision $ 33,393 $ 2,973
General provision 14,008 4,024
-------- --------
Total allowance for loan and leases $ 47,401 $ 6,997
======== ========
Allowance as a percentage of total loans and leases 2.6% 0.4%
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands)
(Unaudited)
The following table presents CRE loan portfolio statistics as of March 31,
2009 (based on par value):
Security type
Whole loans 64.8%
Mezzanine loans 24.9%
B Notes 10.3%
------
Total 100.0%
======
Collateral type
Multifamily 31.7%
Hotel 28.1%
Office 22.0%
Retail 12.7%
Condo 0.9%
Flex 0.9%
Self-storage 0.8%
Other 2.9%
------
Total 100.0%
======
Collateral location
Southern California 22.8%
Northern California 17.3%
New York 11.6%
Arizona 7.5%
Florida 4.8%
Texas 4.3%
Tennessee 4.0%
Washington 3.9%
Colorado 3.9%
Other 19.9%
------
Total 100.0%
======
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands)
(Unaudited)
The following table presents bank loan portfolio statistics by industry as
of March 31, 2009 (based on par value):
Industry type
Healthcare, education and childcare 11.3%
Diversified/conglomerate service 9.0%
Broadcasting and entertainment 6.4%
Printing and publishing 6.0%
Chemicals, plastics and rubber 6.0%
Retail stores 5.0%
Personal, food and miscellaneous services 3.9%
Hotels, motels, inns and gaming 3.8%
Finance 3.7%
Automobiles 3.7%
Leisure, amusement, motion pictures, entertainment 3.5%
Other 37.7%
-----
Total 100.0%
=====
The following table describes equipment leases and notes by industry as of
March 31, 2009 (based on par value):
Industry type
Services 54.1%
Retail trade 11.5%
Transportation,communications, electric, gas and sanitary services 10.8%
Manufacturing 6.2%
Construction 4.7%
Finance, insurance and real estate 4.1%
Agriculture, forestry and fishing 3.5%
Other 5.1%
------
Total 100.0%
======
Contact: David J. Bryant Chief Financial Officer Resource Capital Corp. 1845 Walnut Street 10th Floor Philadelphia, Pa 19103 215/546-5005, 215/546-5388 (fax)
SOURCE: Resource Capital Corp.
