TPG RE Finance Trust, Inc. Provides Update on CRE Debt Securities Portfolio
April 27 2020 - 7:30AM
Business Wire
On April 24, 2020, TPG RE Finance Trust, Inc. (NYSE: TRTX)
(“TRTX” or the “Company”) sold CRE debt securities, subject to
customary settlement, with an aggregate face amount of $19.7
million (the “Transaction”). Upon completion of the Transaction,
the Company will own no CRE debt securities and will not have any
associated liabilities.
The Transaction will cause the Company to recognize a loss on
sale of approximately $2.7 million, which is estimated to result in
a reduction in book value of approximately $0.03 per share. The
aggregate reduction in book value on account of sales of CRE debt
securities since March 1, inclusive of the reduction in book value
reported on April 6, 2020, is $2.65 per share.
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 $119 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.
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, successfully engage with its lenders or obtain
additional financing 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, in particular due to the
uncertainties created by the COVID-19 pandemic. 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 press release as a
result of new information, future events or otherwise.
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INVESTOR RELATIONS (212) 405-8500 IR@tpgrefinance.com
MEDIA TPG RE Finance Trust, Inc. Courtney Power (415)
743-1550 media@tpg.com
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