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TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2019
New York, NY, April 29, 2019 /BusinessWire/ -- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2019. For the first quarter of 2019 GAAP net income was $28.4 million, earnings per diluted common share was $0.42, and book value per common share at March 31, 2019 was $19.73.
FIRST QUARTER 2019 HIGHLIGHTS
-- Generated GAAP net income of $28.4 million, or $0.42 per diluted common share, based on a weighted average share count of 68.3 million common shares, an increase of 1.1 million common shares (1.6%) from the quarter ended December 31, 2018, due to the Company’s March 2019 underwritten public offering of common stock
-- Closed 11 new loan commitments totaling $713.6 million, with an average loan size of $64.9 million, an initial unpaid principal balance of $633.1 million, and a weighted average credit spread of 396 bps
-- Increased equity capital base by $118.8 million through an underwritten public offering of 6.0 million shares of common stock at $19.80 per share. Additional cash proceeds of $17.4 million were received in April 2019 as a result of the exercise of the underwriters’ green shoe option and sale of 900,000 additional shares of common stock
-- Declared cash dividends of $31.6 million, or $0.43 per common share, representing a 8.8% annualized dividend yield based on the quarter end closing share price of $19.60
Greta Guggenheim, Chief Executive Officer, stated: “Strong first quarter production volume of $714 million with a net 10.8% asset-level estimated return on equity continues to demonstrate that we can attractively grow our asset base in the face of heavy competition. To drive continued growth, year to date we have raised $136 million of common equity through an underwritten equity offering and green shoe exercise. Our strong start to 2019, and our relentless focus on credit and high-quality earnings, positions TRTX well to deliver solid risk-adjusted returns for our investors.”
The Company issued a supplemental presentation detailing its first quarter 2019 operating results, which can be viewed at http://investors.tpgrefinance.com/.
The Company will host a conference call and webcast to review its financial results with investors and other interested parties at 8:30 a.m. ET on Tuesday, April 30, 2019. The call will be hosted by Greta Guggenheim, Chief Executive Officer, and Bob Foley, Chief Financial and Risk Officer. To participate in the conference call, callers from the United States and Canada should dial +1-877-407-9716, and international callers should dial +1-201-493-6779, ten minutes prior to the scheduled call time. The webcast may also be accessed live by visiting the Company’s investor relations website at http://investors.tpgrefinance.com/event.
A replay of the conference call will be available after 11:30 a.m. ET on Tuesday, April 30, 2019 through 11:59 p.m. ET on Tuesday, May 14, 2019. To access the replay, listeners may use +1-844-512-2921 (domestic) or +1-412-317-6671 (international). The passcode for the replay is 13689754. The recorded replay will be available on the Company’s website for one year after the call date.
The following information was filed by Tpg Re Finance Trust, Inc. (TRTX) on Monday, April 29, 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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