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TPG RE Finance Trust, Inc. Reports Operating Results for the Fourth Quarter and Full Year Ended December 31, 2018
New York, NY, February 25, 2019 /BusinessWire/-- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the fourth quarter and full year ended December 31, 2018. For the fourth quarter of 2018 GAAP net income was $28.6 million, earnings per diluted common share was $0.43, and book value per common share at December 31, 2018 was $19.76.
FOURTH QUARTER 2018 HIGHLIGHTS
-- Generated GAAP net income of $28.6 million, or $0.43 per diluted common share, based on a weighted average share count of 67.2 million common shares, an increase of 2.9 million common shares (4.5%) from the three months ended September 30, 2018, due to the Company’s August 2018 underwritten public offering of common stock
-- Closed five new loan commitments totaling $623.7 million, with an average loan size of $124.7 million, an initial unpaid principal balance of $452.1 million, a weighted average credit spread of 326 bps, and a weighted average loan-to-value of 64.8%
-- Closed a $1.0 billion managed Commercial Real Estate Collateralized Loan Obligation (“CRE CLO”), which features a 24-month reinvestment period, an advance rate of 79.5%, and a weighted average interest rate at issuance of LIBOR plus 1.45%, before transaction costs
-- Declared cash dividends of $29.0 million, or $0.43 per common share, representing a 9.4% annualized dividend yield based on the quarter end closing share price of $18.28
FULL YEAR 2018 HIGHLIGHTS
-- Generated GAAP net income of $106.9 million, or $1.70 per diluted common share, based on a weighted average share count of 63.0 million common shares, an increase of 8.8 million common shares (16.2%) from the year ended December 31, 2017, due to the Company’s August 2018 underwritten public offering of common stock and initial public offering of common stock in July 2017
-- Grew loan portfolio commitments to $4.9 billion, an increase of $1.2 billion (32.7%) from 2017, through the origination of $2.5 billion of high quality floating rate, first mortgage loans, with an average loan size of $97.0 million, an initial unpaid principal balance of $2.1 billion, and a weighted average credit spread of 356 bps
-- Closed two CRE CLOs totaling $1.9 billion, financing 51 existing TRTX first mortgage loan investments, comprising 48 pari passu participation interests and three whole loans, further diversifying sources of debt financing, reducing cost of funds, and increasing non-recourse, matched-term financing to 52.1% of loan portfolio borrowings
-- Increased equity capital base through a $138.7 million underwritten public offering of 7 million shares of common stock at $19.82 per common share
Greta Guggenheim, Chief Executive Officer, stated: “We had a very strong year, with originations totaling $2.5 billion, a 30% increase from 2017, and with a weighted-average spread on 2018 originations of 356 bps. In the face of ongoing competitive headwinds, we continued to strengthen credit quality with 100% first mortgage loans, focusing on existing, cash flowing assets. 2019 is already off to a strong start, with $629.5 million of loans closed, or in the process of closing, which together with an expected lower level of 2019 repayments will support earnings growth in the first quarter and beyond.”
The Company issued a supplemental presentation detailing its fourth quarter and full year 2018 operating results, which can be viewed at http://investors.tpgrefinance.com/.
The following information was filed by Tpg Re Finance Trust, Inc. (TRTX) on Tuesday, February 26, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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