NEW YORK, NY -- (Marketwired) -- 12/14/15 -- Resource Capital Corp. (NYSE: RSO) (the "Company") announced the Board of Directors has declared a cash dividend of $0.42 per common share for the quarter ending December 31, 2015. The dividend will be paid on January 28, 2016 to holders of record on December 31, 2015.
For 2016, the Company projects GAAP net income of $1.60 - $1.80 per common share, and AFFO of at least $2.65 per common share, which represents 1.57 times coverage of the dividend declared today. The Company expects to stabilize book value at approximately $18 per common share.
The Company intends to continue to opportunistically repurchase its securities in a highly accretive manner. The projected AFFO represents a 14.7% return on book value and a 26.1% return on the current market price.
About Resource Capital Corp.
RSO is a real estate investment trust that is primarily focused on originating, holding and managing commercial mortgage loans and other commercial real estate-related debt and equity investments. The Company is also active in commercial finance, including through Northport Capital, its middle market lending platform. The Company is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ: REXI), an asset management company that specializes in real estate and credit investments.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "trend", "will," "continue," "expect," "project," "intend," "anticipate," "estimate," "believe," "look forward" or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Factors that can affect future results are discussed in the documents filed by Resource Capital Corp. from time to time with the Securities and Exchange Commission. Resource Capital Corp. undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
Source: Resource Capital Corp.