NEW YORK--(BUSINESS WIRE)--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/.
CONFERENCE CALL AND WEBCAST INFORMATION
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.
TPG RE Finance Trust, Inc. is a commercial real estate finance company that focuses primarily on originating, acquiring, and managing first mortgage loans and other commercial real estate‐related debt instruments secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of TPG. TPG is a global alternative asset firm with a 25-year history and more than $104 billion of assets under management. For more information regarding TRTX, visit www.tpgrefinance.com.
The information contained in this earnings release contains “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. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s investments, the Company’s ability to originate loans that are in the pipeline and under evaluation by the Company, and financing needs and arrangements. Forward‐looking statements are generally identifiable by use of forward‐looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Forward‐looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward‐looking information. Statements, among others, relating to the Company’s ability to generate future growth and deliver returns are forward-looking statements, and the Company cannot assure you that TRTX will achieve such results. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward‐looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward‐looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this earnings release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements appearing in this earnings release. The Company does not undertake any obligation to update any forward-looking statements contained in this earnings release as a result of new information, future events or otherwise.