RAIT Income Drops as Revenues Rise

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PHILADELPHIA-RAIT Financial Trust’s net income for the final quarter and full year of 2006 fell, while total revenue rose for both the quarter and year. The locally based REIT merged with Taberna Realty Finance Trust during fourth quarter.

Net income for the quarter fell to $13.1 million, down from $18.1 million in the parallel quarter of 2005. The 2006 net income was $67.8 million, down from $68 million for 2005. Total revenues for the final quarter of 2006 was $28.8 million, up from $24 million for the prior-year quarter, and full year revenues for 2006 rose to $102.3 million, compared with $92.4 million in 2005. On Dec. 31, the company’s investment portfolio totaled $11.2 billion.