RAIT Financial Trust sells three apartment properties for $73.5M
RAIT Financial Trust announced that, so far this quarter, it has sold three apartment properties, in separate transactions, which generated aggregate gross proceeds of $73.5M. RAIT sold a 288 unit property located in Houston, Texas, a 343 unit property in Miami Gardens, Florida and a 120 unit property in Las Vegas, Nevada. After using approximately $62.4M of these gross proceeds to pay transaction costs and to repay related RAIT indebtedness, RAIT received aggregate net proceeds of approximately $11.4M. RAIT expects to recognize an aggregate gain of approximately $11.2M associated with these three sales in the quarter ending December 31, 2016. Year-to-date, RAIT has generated $265.3M of aggregate gross proceeds from property sales from its property portfolio and repaid $233.3M of related RAIT indebtedness. The property sales and related reductions in indebtedness announced today continue RAIT's ongoing process to transition to a more focused and simpler business model, deleverage and, ultimately, position RAIT to generate enhanced returns for its shareholders.