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TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2019
New York, NY, July 29, 2019 /BusinessWire/ -- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended June 30, 2019. For the second quarter of 2019 GAAP net income was $32.0 million, earnings per diluted common share was $0.43, and book value per common share at June 30, 2019 was $19.76.
SECOND QUARTER 2019 HIGHLIGHTS
-- Generated GAAP net income of $32.0 million, or $0.43 per diluted common share, based on a weighted average share count of 74.0 million common shares, an increase of 5.7 million common shares (8.3%) from the quarter ended March 31, 2019
-- Closed eight new loan commitments totaling $755.0 million, with an average loan size of $94.4 million, an initial unpaid principal balance of $507.8 million, a weighted average as-is loan-to-value of 60.1%, and a weighted average credit spread of 364 bps, including a non-consolidated senior interest of $132.0 million
-- Declared cash dividends of $32.0 million, or $0.43 per common share, representing an annualized dividend yield of 8.7% on a book value per common share of $19.76
Greta Guggenheim, Chief Executive Officer, stated: “We originated $1.5 billion of loans during the first half of the year, with $755 million originated in the second quarter. Our high-quality interest earning assets at quarter end totaled $5.5 billion which contributed to our increased earnings of $32 million for the quarter. We begin the second half of the year with a strong balance sheet and pipeline of loans, which positions us for continued earnings growth.”
The Company issued a supplemental presentation detailing its second 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, July 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, July 30, 2019 through 11:59 p.m. ET on Tuesday, August 13, 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 13692185. 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, July 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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