TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2019
October 28 2019 - 5:10PM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) reported its operating results for the quarter ended
September 30, 2019. For the third quarter of 2019 GAAP net income
attributable to common stockholders was $32.9 million, or $0.44 per
diluted common share, and book value per common share at September
30, 2019 was $19.78.
THIRD QUARTER 2019 HIGHLIGHTS
-- Generated GAAP net income attributable to common stockholders
of $32.9 million, or $0.44 per diluted common share, based on a
weighted average share count of 74.1 million common shares
-- Closed six new loan commitments totaling $805.3 million, with
an average loan size of $134.2 million, an initial unpaid principal
balance of $654.0 million, and a weighted average credit spread of
289 bps
-- 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 $19.78
SUBSEQUENT EVENTS
-- Closed a $1.2 billion managed Commercial Real Estate
Collateralized Loan Obligation (“CRE CLO”) with a 24-month
reinvestment period, an advance rate of 84.5%, and a weighted
average interest rate at issuance of LIBOR plus 1.44%, before
transaction costs
Greta Guggenheim, Chief Executive Officer, stated: “We are very
pleased with our results through the third quarter – by all
metrics, we outperformed prior periods. At $0.44 per share, GAAP
net income per share increased $0.01 over last quarter, we
delivered another consistent quarter of robust originations,
reduced our cost of funds, added a new $750 million credit
facility, and improved our term funding profile with the largest
CRE CLO completed to date, which closed subsequent to quarter end.
We continue to integrate all of the disciplines of our business –
originations, capital markets and asset management – to provide
unsurpassed value to our borrowers and deliver attractive
risk-adjusted returns to our shareholders.”
The Company issued a supplemental presentation detailing its
third 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, October 29, 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.
REPLAY INFORMATION
A replay of the conference call will be available after 11:30
a.m. ET on Tuesday, October 29, 2019 through 11:59 p.m. ET on
Tuesday, November 12, 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 13694738. The recorded replay will
be available on the Company’s website for one year after the call
date.
ABOUT TRTX
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 $111 billion of
assets under management. For more information regarding TRTX, visit
www.tpgrefinance.com.
FORWARD-LOOKING STATEMENTS
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.
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INVESTOR RELATIONS +1 (212) 405-8500
IR@tpgrefinance.com
MEDIA TPG RE Finance Trust, Inc. Courtney Power +1 (415)
743-1550 media@tpg.com
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