PHILADELPHIA--(BUSINESS WIRE)--RAIT Financial Trust (NYSE: RAS) (“RAIT”), a national direct lender to owners of commercial real estate and an internally-managed real estate investment trust, announced today that RAIT entered into an agreement to sublease all of its office space, approximately 4,697 square feet, at 600 Third Avenue in New York City, which sublease commenced as of February 21, 2017.
“We are pleased to announce the subleasing of RAIT’s New York office space,” said Scott Davidson, RAIT’s Chief Executive Officer and President. “This transaction represents another step in our ongoing strategy to analyze and adjust our cost structure as we transition to focusing on our commercial real estate lending business which is a simpler, cost efficient and lower leverage business model and, ultimately, position RAIT to generate enhanced returns for our shareholders. RAIT expects to achieve significant annual expense savings from actions taken to date including the internalization of Independence Realty Trust’s management.”
About RAIT Financial Trust
RAIT Financial Trust (NYSE: RAS) is an internally managed real estate investment trust that provides debt financing options to owners of commercial real estate and owns a portfolio of commercial real estate properties located throughout the United States. Additional information about RAIT can be found on its website at www.rait.com.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “ongoing strategy,” “transition,” “ultimately,” “positioning,” “expects,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “opportunities” or other similar words or terms. Such forward-looking statements include, but are not limited to, statements regarding RAIT’s initiatives to focus on its commercial real estate lending business, reduce costs, deleverage and enhance value for shareholders, RAIT’s actions taken or contemplated to enhance its long-term prospects and create value for its shareholders and RAIT’s ability to achieve significant annual expense savings from actions taken to date, including the internalization of Independence Realty Trust, Inc. (“IRT”). Such forward-looking statements are based upon RAIT’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: whether RAIT will be able to continue to implement its strategy to transition RAIT to a more lender focused, simpler, and more cost efficient business model, to deleverage and to generate enhanced returns for its shareholders, whether anticipated cost savings from actions previously taken, including the internalization of IRT, will be achieved, and other factors described in RAIT’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in other filings with the SEC. RAIT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.