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.
REPLAY INFORMATION
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.
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 $104
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.
Contacts
INVESTOR RELATIONS
(212) 405-8500
[email protected]
MEDIA
TPG RE Finance Trust, Inc.
Courtney Power
(415)
743-1550
[email protected]
