RAIT Financial narrows 3Q loss to $24.7M
RAIT Financial Trust, a Philadelphia manager of investments in real estate, reported its smallest loss in five quarters.
The company said today that it lost $24.7 million in the third quarter, compared with a loss of $181.7 million in the same period a year ago.
The biggest factor in the most recent quarter's red ink was the $62 million loss on the sale of RAIT's residential mortgage portfolio. Commercial real estate is a growing problem; the company said that $246.03 million, or 15.6 percent, of its commercial real estate loans were doubtful. That is double the rate at the end of June.
A bright spot for the company was an improvement in its debt-to-equity ratio to 3.3 on Sept. 30, from 5.4 at the end of last year.
Shares were down 9 cents early this afternoon to $1.82 on the New York Stock Exchange.
- Harold Brubaker
