Ladder Capital Corp (NYSE: LADR) (“we,” “our,” “Ladder,” or the
“Company”) today announced operating results for the quarter ended
December 31, 2021. GAAP income before taxes for the three months
ended December 31, 2021 was $29.3 million, and diluted earnings per
share (“EPS”) was $0.22. Distributable earnings was $27.7 million,
or $0.21 of distributable EPS. GAAP income before taxes for the
twelve months ended December 31, 2021 was $57.8 million, and
diluted earnings per share was $0.45. Distributable earnings was
$61.3 million, or $0.49 of distributable EPS.
“We are pleased with our fourth quarter results, and the our
continued earnings momentum, driven by $1.3 billion in loan
originations. We are well positioned to benefit from the expected
higher interest rate environment, with our liability structure
anchored by fixed rate unsecured corporate bonds.” said Brian
Harris, Ladder’s Chief Executive Officer.
Supplemental
The Company issued a supplemental presentation detailing its
fourth quarter and full year 2021 operating results, which can be
viewed at http://ir.laddercapital.com.
Conference Call and
Webcast
We will host a conference call on Thursday, February 10, 2022 at
5:00 p.m. Eastern Time to discuss fourth quarter 2021 results. The
conference call can be accessed by dialing (877) 407-4018 domestic
or (201) 689-8471 international. Individuals who dial in will be
asked to identify themselves and their affiliations. For those
unable to participate, an audio replay will be available from 8:00
p.m. Eastern Time on Thursday, February 10, 2022 through midnight
on Thursday, February 24, 2022. To access the replay, please call
(844) 512-2921 domestic or (412) 317-6671 international, access
code 13726664. The conference call will also be webcast though a
link on Ladder Capital Corp’s Investor Relations website at
ir.laddercapital.com/event. A web-based archive of the conference
call will also be available at the above website.
About Ladder
Ladder Capital Corp is an internally-managed commercial real
estate investment trust with $5.9 billion of assets as of December
31, 2021. Our investment objective is to preserve and protect
shareholder capital while producing attractive risk-adjusted
returns. As one of the nation’s leading commercial real estate
capital providers, we specialize in underwriting commercial real
estate and offering flexible capital solutions within a
sophisticated platform.
Ladder originates and invests in a diverse portfolio of
commercial real estate and real estate-related assets, focusing on
senior secured assets. Our investment activities include: (i) our
primary business of originating senior first mortgage fixed and
floating rate loans collateralized by commercial real estate with
flexible loan structures; (ii) investing in investment grade
securities secured by first mortgage loans on commercial real
estate; and (iii) owning and operating commercial real estate,
including net leased commercial properties.
Founded in 2008 and led by Brian Harris, the Company’s Chief
Executive Officer, Ladder is run by a highly experienced management
team with extensive expertise in all aspects of the commercial real
estate industry, including origination, credit, underwriting,
structuring, capital markets and asset management. Members of
Ladder’s management and board of directors are highly aligned with
the Company’s investors, owning over 10% of the Company’s equity.
Ladder is headquartered in New York City with a regional offices in
Miami, Florida and Santa Monica, California.
Forward-Looking Statements &
Coronavirus Risk
Certain statements in this release may constitute
“forward-looking” statements. These statements are based on
management’s current opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results. These forward-looking statements are only
predictions, not historical fact, and involve certain risks and
uncertainties, as well as assumptions. Actual results, levels of
activity, performance, achievements and events could differ
materially from those stated, anticipated or implied by such
forward-looking statements. While Ladder believes that its
assumptions are reasonable, it is very difficult to predict the
impact of known factors, and, of course, it is impossible to
anticipate all factors that could affect actual results, including
the impact of the COVID-19 pandemic on the Company's business.
There are a number of risks and uncertainties that could cause
actual results to differ materially from forward-looking statements
made herein including, most prominently, the risks discussed under
the heading “Risk Factors” in each of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2020 and Quarterly
Report on Form 10-Q for the period ended September 30, 2021, as
well as its consolidated financial statements, related notes, and
other financial information appearing therein, and its other
filings with the U.S. Securities and Exchange Commission. Such
forward-looking statements are made only as of the date of this
release. Ladder expressly disclaims any obligation or undertaking
to release any updates or revisions to any forward-looking
statements contained herein to reflect any change in its
expectations with regard thereto or changes in events, conditions,
or circumstances on which any such statement is based.
Ladder Capital Corp
Consolidated Balance
Sheets
(Dollars in Thousands)
December 31,
2021(1)
2020(1)
(Unaudited)
Assets
Cash and cash equivalents
$
548,744
$
1,254,432
Restricted cash
72,802
29,852
Mortgage loan receivables held for
investment, net, at amortized cost:
Mortgage loans receivable
3,553,737
2,354,059
Allowance for credit losses
(31,752
)
(41,507
)
Mortgage loan receivables held for
sale
—
30,518
Real estate securities
703,280
1,058,298
Real estate and related lease intangibles,
net
865,694
985,304
Real estate held for sale
25,179
—
Investments in and advances to
unconsolidated joint ventures
23,154
46,253
Derivative instruments
402
299
Accrued interest receivable
13,645
16,088
Other assets
76,367
147,633
Total assets
$
5,851,252
$
5,881,229
Liabilities and Equity
Liabilities
Debt obligations, net
$
4,219,703
$
4,209,864
Dividends payable
27,591
27,537
Accrued expenses
40,249
43,876
Other liabilities
50,090
51,527
Total liabilities
4,337,633
4,332,804
Commitments and contingencies
—
—
Equity
Class A common stock, par value $0.001 per
share, 600,000,000 shares authorized; 126,852,765 and 126,852,765
shares issued and 125,452,568 and 126,378,715 shares
outstanding
126
127
Additional paid-in capital
1,795,249
1,780,074
Treasury stock, 1,400,197 and 474,050
shares, at cost
(76,324
)
(62,859
)
Retained earnings (dividends in excess of
earnings)
(207,802
)
(163,717
)
Accumulated other comprehensive income
(loss)
(4,112
)
(10,463
)
Total shareholders’ equity
1,507,137
1,543,162
Noncontrolling interests in consolidated
joint ventures
6,482
5,263
Total equity
1,513,619
1,548,425
Total liabilities and equity
$
5,851,252
$
5,881,229
_________________
(1)
Includes amounts relating to consolidated
variable interest entities.
Ladder Capital Corp
Consolidated Statements of
Income
(Dollars in Thousands, Except
Per Share and Dividend Data)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Net interest income
Interest income
$
52,999
$
50,543
$
176,099
$
239,849
Interest expense
42,411
51,249
182,949
227,474
Net interest income
10,588
(706
)
(6,850
)
12,375
Provision for (release of) loan loss
reserves
(1,763
)
(5,065
)
(8,713
)
18,275
Net interest income (expense) after
provision for (release of) loan losses
12,351
4,359
1,863
(5,900
)
Other income (loss)
Real estate operating income
24,244
24,683
101,564
100,248
Sale of loans, net
1,713
(2,958
)
8,398
(1,571
)
Realized gain (loss) on securities
716
(321
)
1,594
(12,410
)
Unrealized gain (loss) on equity
securities
—
—
—
(132
)
Unrealized gain (loss) on Agency
interest-only securities
(4
)
79
(91
)
263
Realized gain (loss) on sale of real
estate, net
18,611
(14
)
55,766
32,102
Fee and other income
2,767
4,579
11,190
12,654
Net result from derivative
transactions
747
718
1,749
(15,270
)
Earnings (loss) from investment in
unconsolidated joint ventures
373
463
1,579
1,821
Gain (loss) on extinguishment of debt
—
6
—
22,250
Total other income (loss)
49,167
27,235
181,749
139,955
Costs and expenses
Compensation and employee benefits
10,911
26,220
38,347
58,101
Operating expenses
4,797
4,337
17,672
20,294
Real estate operating expenses
6,643
6,542
26,161
28,584
Fee expense
379
1,352
5,810
7,244
Depreciation and amortization
9,481
9,437
37,801
39,079
Total costs and expenses
32,211
47,888
125,791
153,302
Income (loss) before taxes
29,307
(16,294
)
57,821
(19,247
)
Income tax expense (benefit)
2,236
(4,712
)
928
(9,789
)
Net income (loss)
27,071
(11,582
)
56,893
(9,458
)
Net (income) loss attributable to
noncontrolling interests in consolidated joint ventures
37
(127
)
(371
)
(5,544
)
Net (income) loss attributable to
noncontrolling interests in Operating Partnership
—
(4
)
—
557
Net income (loss) attributable to Class
A common shareholders
$
27,108
$
(11,713
)
$
56,522
$
(14,445
)
Earnings per share:
Basic
$
0.22
$
(0.10
)
$
0.46
$
(0.13
)
Diluted
$
0.22
$
(0.10
)
$
0.45
$
(0.13
)
Weighted average shares
outstanding:
Basic
123,519,546
118,889,913
123,763,843
112,409,615
Diluted
124,573,705
118,889,913
124,563,051
112,409,615
Dividends per share of Class A common
stock
$
0.20
$
0.20
$
0.80
$
0.94
Non-GAAP Financial
Measures
For the fourth quarter of 2020, the Company began utilizing
distributable earnings, distributable EPS, and after-tax
distributable return on average equity (“ROAE”), non-GAAP financial
measures, as supplemental measures of our operating performance. We
believe distributable earnings, distributable EPS, and after-tax
distributable ROAE assist investors in comparing our operating
performance and our ability to pay dividends across reporting
periods on a more relevant and consistent basis by excluding from
GAAP measures certain non-cash expenses and unrealized results as
well as eliminating timing differences related to securitization
gains and changes in the values of assets and derivatives. In
addition, we use distributable earnings, distributable EPS and
distributable ROAE: (i) to evaluate our earnings from operations
because management believes that it may be a useful performance
measure for us and (ii) because our board of directors considers
distributable earnings in determining the amount of quarterly
dividends. Distributable earnings replaced our prior presentation
of core earnings, and core earnings presentations from prior
reporting periods have been recast as distributable earnings.
We define distributable earnings as income before taxes adjusted
for: (i) real estate depreciation and amortization; (ii) the impact
of derivative gains and losses related to the hedging of assets on
our balance sheet as of the end of the specified accounting period;
(iii) unrealized gains/(losses) related to our investments in fair
value securities and passive interest in unconsolidated joint
ventures; (iv) economic gains on loan sales not recognized under
GAAP accounting for which risk has substantially transferred during
the period and the exclusion of resultant GAAP recognition of the
related economics during the subsequent periods; (v) unrealized
provision for loan losses and unrealized real estate impairment;
(vi) realized provisions for loan losses and realized real estate
impairment; (vii) non-cash stock-based compensation; and (viii)
certain transactional items. For the purpose of computing
distributable earnings, management recognizes loan and real estate
losses as being realized generally in the period in which the asset
is sold or the Company determines a decline in value to be
non-recoverable and the loss to be nearly certain.
Distributable EPS is defined as after-tax distributable earnings
divided by the adjusted weighted average diluted shares outstanding
during the period. The adjusted weighted average diluted shares
outstanding is defined as the GAAP weighted average diluted shares
outstanding, adjusted for shares issuable upon conversion of all
Class B shares, if excluded from the GAAP measure because they
would have an anti-dilutive effect. The inclusion of shares
issuable upon conversion of Class B shares is consistent with the
inclusion of income attributable to noncontrolling interest in
Operating Partnership in distributable earnings and after-tax
distributable earnings. As of September 30, 2020, all Class B
shares had been converted into Class A shares.
For distributable earnings, we include adjustments for economic
gains on loan sales not recognized under GAAP accounting for which
risk has substantially transferred during the period and exclude
the resultant GAAP recognition of the related economics during the
subsequent periods. This adjustment is reflected in distributable
earnings when there is a true risk transfer on the mortgage loan
transfer and settlement. Historically, this adjustment has
represented the impact of economic gains/(discounts) on
intercompany loans secured by our own real estate which we had not
previously recognized because such gains were eliminated in
consolidation. Conversely, if the economic risk was not
substantially transferred, no adjustments to net income would be
made relating to those transactions for distributable earnings
purposes. Management believes recognizing these amounts for
distributable earnings purposes in the period of transfer of
economic risk is a reasonable supplemental measure of our
performance.
We do not designate derivatives as hedges to qualify for hedge
accounting and therefore any net payments under, or fluctuations in
the fair value of, our derivatives are recognized currently in our
GAAP income statement. However, fluctuations in the fair value of
the related assets are not included in our income statement. We
consider the gain or loss on our hedging positions related to
assets that we still own as of the reporting date to be “open
hedging positions.” While recognized for GAAP purposes, we exclude
the results on the hedges from distributable earnings until the
related asset is sold and the hedge position is considered
“closed,” whereupon they would then be included in distributable
earnings in that period. These are reflected as “Adjustments for
unrecognized derivative results” for purposes of computing
distributable earnings for the period. We believe that excluding
these specifically identified gains and losses associated with the
open hedging positions adjusts for timing differences between when
we recognize changes in the fair values of our assets and changes
in the fair value of the derivatives used to hedge such assets.
Our investments in Agency interest-only securities and equity
securities are recorded at fair value with changes in fair value
recorded in current period earnings. We believe that excluding
these specifically-identified gains and losses associated with the
fair value securities adjusts for timing differences between when
we recognize changes in the fair values of our assets. With regard
to securities valuation, distributable earnings includes a decline
in fair value deemed to be an other-than-temporary impairment for
GAAP purposes only if the decline is determined to be nearly
certain to be eventually realized. In those cases, an impairment is
included in distributable earnings for the period in which such
determination was made.
Set forth below is an unaudited reconciliation of net income
(loss) to after-tax distributable earnings, and an unaudited
computation of distributable EPS ($ in thousands, except per share
data):
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Net income (loss)
$
27,071
$
(11,582
)
$
56,893
$
(9,458
)
Income tax expense (benefit)
2,236
(4,712
)
928
(9,789
)
Income (loss) before taxes
29,307
(16,294
)
57,821
(19,247
)
Net (income) loss attributable to
noncontrolling interests in consolidated joint ventures
(GAAP)(1)
37
(131
)
(371
)
(5,559
)
Our share of real estate depreciation,
amortization and gain adjustments (2)
(3,493
)
7,710
1,662
22,493
Adjustments for unrecognized derivative
results (3)
(811
)
(1,999
)
(7,534
)
2,738
Unrealized (gain) loss on fair value
securities
4
(79
)
91
(225
)
Adjustment for economic gain on loan sales
not recognized under GAAP for which risk has been substantially
transferred, net of reversal/amortization
1,003
410
3,063
912
Adjustment for impairment (4)
(1,763
)
(6,215
)
(8,713
)
9,125
Non-cash stock-based compensation
3,427
22,204
15,321
41,761
Transactional adjustment (5)
—
(680
)
—
(680
)
Distributable earnings
27,711
4,926
61,340
51,318
(6
)
Estimated corporate tax benefit
(expense)(7)
(1,522
)
1,519
(740
)
4,750
After-tax distributable earnings
$
26,189
$
6,445
$
60,600
$
56,068
Adjusted weighted average diluted shares
outstanding(8)
124,574
118,890
124,563
118,712
Distributable EPS
$
0.21
$
0.05
$
0.49
$
0.47
_________________
(1)
Prior to the final exchanges of the
Continuing LCFH Limited Partners into Class A shares in the third
quarter of 2020, we considered the Class A common shareholders of
the Company and Continuing LCFH Limited Partners to have had
fundamentally equivalent interests in our pre-tax earnings.
Accordingly, for purposes of computing distributable earnings we
start with pre-tax earnings and adjust for other noncontrolling
interests in consolidated joint ventures, but we did not adjust for
amounts attributable to noncontrolling interest held by Continuing
LCFH Limited Partners. As of December 31, 2021, there are no
remaining Continuing LCFH Limited Partners. For the three and
twelve months ended December 31, 2021, $5 thousand and $17 thousand
was included within net (income) loss attributable to
noncontrolling interests in consolidated joint ventures on the
consolidated statements of income, respectively. For the three and
twelve months ended December 31, 2020, $4 thousand and $16 thousand
of net income was included within net (income) loss attributable to
noncontrolling interests in Operating Partnership on the
consolidated statements of income, respectively.
(2)
The following is a reconciliation of GAAP
depreciation and amortization to our share of real estate
depreciation, amortization and gain adjustments presented in the
computation of distributable earnings in the preceding table ($ in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Total GAAP depreciation and
amortization
$
9,481
$
9,437
$
37,801
$
39,079
Less: Depreciation and amortization
related to non-rental property fixed assets
(25
)
(25
)
(99
)
(99
)
Less: Non-controlling interests in
consolidated joint ventures’ share of accumulated depreciation and
amortization and unrecognized passive interest in unconsolidated
joint ventures
(947
)
(1,087
)
(2,933
)
(2,377
)
Our share of real estate depreciation and
amortization
8,509
8,325
34,769
36,603
Realized gain from accumulated
depreciation and amortization on real estate sold (refer to
below)
(11,554
)
(101
)
(31,219
)
(14,677
)
Less: Non-controlling interests in
consolidated joint ventures’ share of accumulated depreciation and
amortization on real estate sold
—
—
—
2,667
Our share of accumulated depreciation and
amortization on real estate sold (a)
(11,554
)
(101
)
(31,219
)
(12,010
)
Less: Operating lease income on
above/below market lease intangible amortization
(448
)
(514
)
(1,888
)
(2,100
)
Our share of real estate depreciation,
amortization and gain adjustments
$
(3,493
)
$
7,710
$
1,662
$
22,493
(a)
GAAP gains/losses on sales of real estate
include the effects of previously-recognized real estate
depreciation and amortization. For purposes of distributable
earnings, our share of real estate depreciation and amortization is
eliminated and, accordingly, the resultant gains/losses also must
be adjusted. Following is a reconciliation of the related
consolidated GAAP amounts to the amounts reflected in distributable
earnings ($ in thousands):
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
GAAP realized gain (loss) on sale of real
estate, net
$
18,611
$
(14
)
$
55,766
$
32,102
Adjusted gain/loss on sale of real estate
for purposes of distributable earnings
(7,057
)
115
(24,547
)
(20,092
)
Our share of accumulated depreciation
and amortization on real estate sold
$
11,554
$
101
$
31,219
$
12,010
(3)
The following is a reconciliation of GAAP
net results from derivative transactions to our unrecognized
derivative result presented in the computation of distributable
earnings in the preceding table ($ in thousands):
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Net results from derivative
transactions
$
747
$
718
$
1,749
$
(15,270
)
Hedging interest expense
1,107
1,281
4,534
2,309
Hedging realized result
(1,043
)
—
1,251
10,223
Adjustments for unrecognized derivative
results
$
811
$
1,999
$
7,534
$
(2,738
)
(4)
For the three months ended 2020, the
Company recorded a net release of CECL provision for loan loss of
$5.1 million, of which included an increase of $1.2 million of
asset-specific reserve that was determined to be non-recoverable.
For the year ended December 31, 2020, the Company recorded a
Current Expected Credit Loss (“CECL”) provision for loan loss of
$18.3 million of which $9.2 million was determined to be
non-recoverable. The adjustments reflect the portion of such loan
loss provision that management has determined to be recoverable,
and therefore both additional provisions and releases of those
provisions are excluded from distributable earnings.
(5)
The adjustment related to $0.7 million of
income related to a tax settlement recognized in the fourth quarter
of 2020.
(6)
Our results of operations in the second
quarter of 2020 were significantly impacted by the actions we took
to generate liquidity and pay down mark-to-market debt in direct
response to the highly volatile market conditions that occurred due
to the COVID-19 pandemic. The actions taken by management had
multiple impacts on distributable earnings for the three months
ended June 30, 2020. In late March of 2020, as the COVID-19 crisis
continued to unfold, the ability of repurchase financing
counterparties to determine the value of collateral in the form of
commercial mortgage-backed securities (“CMBS”) was impaired as
trading volumes in the commercial real estate (“CRE”) securities
market were at depressed levels characterized by very few buyers
and very few, typically distressed, sellers. As a result, the
Company received margin calls on its securities repurchase
financing, all of which were successfully satisfied by the Company
in cash in a timely manner. Management and the board of directors,
as stockholders owning over 10% of the Company and as accountable
stewards of all stockholders’ capital, elected to strategically
position the Company for potential long-term volatility due to the
COVID-19 pandemic. The Company therefore took decisive defensive
actions, including halting new investment activity, selling
performing loans and highly rated securities, paying down debt,
including mark-to-market debt that was otherwise not due, as well
as hiring professional service firms. These actions were
significant strategic shifts to position the Company defensively
against highly volatile market conditions caused by the COVID-19
pandemic. The financial impact of such actions aggregated to a
$16.9 million net reduction to distributable earnings for the three
months ended June 30, 2020. The reduction included $34.5 million of
losses comprised of (a) $6.7 million of losses from sales of
performing first mortgage loans included in sale of loans, net; (b)
$15.4 million of losses from sales of CMBS; (c) $3.7 million of
losses from conduit loan sales; (d) $6.5 million of prepayment
penalties related to paydowns of mark-to-market debt included in
interest expense; (e) $2.1 million of professional fee expenses
included in operating expenses primarily for advisory fees related
to increasing liquidity and paying down debt with $20 thousand in
fees related to employee health and safety, compliance with local,
state and national guidelines, and head count reduction; and (f)
$0.2 million of severance costs included in compensation and
employee benefits. The losses were partially offset by $19.0
million of gains from the repurchase of and extinguishment of
unsecured corporate bond debt at a discount from par net of $1.5
million of accelerated premium amortization included in interest
expense.
(7)
Estimated corporate tax benefit (expense)
is based on an effective tax rate applied to distributable earnings
generated by the activity within our taxable REIT subsidiaries.
(8)
Set forth below is an unaudited
reconciliation of weighted average diluted shares outstanding to
adjusted weighted average diluted shares outstanding (in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Weighted average diluted shares
outstanding
124,574
118,890
124,563
112,410
Weighted average shares issuable to
converted Class B shareholders
—
—
—
6,302
Adjusted weighted average diluted
shares outstanding
124,574
118,890
124,563
118,712
After-tax distributable ROAE is presented on an annualized basis
and is defined as after-tax distributable earnings divided by the
average total shareholders’ equity and noncontrolling interest in
Operating Partnership during the period. The inclusion of
noncontrolling interest in Operating Partnership is consistent with
the inclusion of income attributable to noncontrolling interest in
Operating Partnership in after-tax distributable earnings. Set
forth below is an unaudited computation of after-tax distributable
ROAE ($ in thousands):
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
After-tax distributable earnings
$
26,189
$
6,445
$
60,600
$
56,068
Average shareholders’ equity and NCI in
Operating Partnership
1,505,039
1,529,833
1,517,044
1,524,596
After-tax distributable ROAE
7.0
%
1.7
%
4.0
%
3.7
%
Non-GAAP Measures -
Limitations
Our non-GAAP financial measures have limitations as analytical
tools. Some of these limitations are:
- distributable earnings, distributable EPS and after-tax
distributable ROAE do not reflect the impact of certain cash
charges resulting from matters we consider not to be indicative of
our ongoing operations and are not necessarily indicative of cash
necessary to fund cash needs;
- distributable EPS and after-tax distributable ROAE are based on
a non-GAAP estimate of our effective tax rate, including the impact
of Unincorporated Business Tax and the impact of our election to be
taxed as a REIT effective January 1, 2015, assuming the conversion
of all shares of Class B common stock into shares of Class A common
stock. Our actual tax rate may differ materially from this
estimate; and
- other companies in our industry may calculate non-GAAP
financial measures differently than we do, limiting their
usefulness as comparative measures.
Because of these limitations, our non-GAAP financial measures
should not be considered in isolation or as a substitute for net
income (loss) attributable to shareholders, earnings per share or
book value per share, or any other performance measures calculated
in accordance with GAAP. Our non-GAAP financial measures should not
be considered an alternative to cash flows from operations as a
measure of our liquidity.
In addition, distributable earnings should not be considered to
be the equivalent to REIT taxable income calculated to determine
the minimum amount of dividends the Company is required to
distribute to shareholders to maintain REIT status. In order for
the Company to maintain its qualification as a REIT under the
Internal Revenue Code, we must annually distribute at least 90% of
our REIT taxable income. The Company has declared, and intends to
continue declaring, regular quarterly distributions to its
shareholders in an amount approximating the REIT’s net taxable
income.
In the future, we may incur gains and losses that are the same
as or similar to some of the adjustments in this presentation. Our
presentation of non-GAAP financial measures should not be construed
as an inference that our future results will be unaffected by
unusual or non-recurring items.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220210005232/en/
Investor Contact
Ladder Capital Corp Investor Relations (917) 369-3207
investor.relations@laddercapital.com
Ladder Capital (NYSE:LADR)
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부터 1월(1) 2025 으로 2월(2) 2025
Ladder Capital (NYSE:LADR)
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부터 2월(2) 2024 으로 2월(2) 2025
