RAIT Financial Trust (RAS) 2008年年度报告「NYSE」.pdf

1、2 0 0 8A N N U A LR E P O R TW W W.R A I T F T.C O M|N Y S E s y m b o l:R A SL E T T E R T O O U R S H A R E H O L D E R SDear Fellow Shareholders,RAIT Financial Trust manages a portfolio of real-estate related assets,provides acomprehensive set of debt financing options to the real estate industry

2、 and invests in realestate-related assets.During 2008,global recessionary economic conditions continued andworsened throughout the year resulting in ongoing disruptions in the credit and capital markets,abrupt and significant devaluations of assets directly or indirectly linked to the global real es

3、tatefinance markets,and the attendant removal of liquidity,both long and short term,from thecapital markets.These conditions have had an adverse effect on the assets in which we haveinvested.As a result,we significantly increased our allowance for losses,recorded increasedasset impairments and recog

4、nized adverse changes in the fair values of our financialinstruments.These were the primary reasons for our reported GAAP total loss per diluted shareof$7.03 for the year ended December 31,2008.Our assets under management continued togenerate REIT taxable income,adjusted earnings and gross cash flow

5、 permitting us to paycommon dividends aggregating$1.73 per diluted share for the year ended December 31,2008.In the current economic environment,we are seeking to effectively manage and service ourinvestment portfolios with a goal of continuing to generate cash flow from our securitizationsand our i

6、nvestment portfolio.We expect to focus our efforts on our commercial real estateportfolio,though we expect our other portfolios will continue to generate cash flow primarilythrough senior management fees.Given this environment,we continue to review investmentopportunities within our own capital stru