Andrew Farkas Reports on RSO’s Strategic Plan

Posted by on Aug 1, 2018

Andrew L. Farkas, chairman of Resource Capital Corporation, reported on the status on April 29, 2018 of a strategic plan that was put forth 18 months ago. This plan detailed Real Capital Corporation’s repositioning as a commercial real estate company that will produce sustainable core earnings and deliver long-term shareholder value. According to Andrew Farkas, this plan is now complete and has met its goals.

Between now and when the plan was implemented, Resource Capital Corporation was able to sell $417 million non-core assets. $57 million of the remaining $63 million are legacy commercial real estate loans. Andrew Farkas believes that the best way to handle the legacy loans is to spend time to work them out. This will ideally result in achieving maximum proceeds for the company’s investors. The course of action outlined by Andrew Farkas is based off of resolving more than $50 billion similar loans for C-III Capital Partners.

The completion of the strategic plan will also result in an increase in Resource Capital Corporation’s quarterly dividend by $0.10 per share in the second quarter. According to Andrew Farkas, this will be a 100% in the quarterly common dividend since the plan started.

Another goal that was accomplished with the strategic plan is that throughout the last 18 months, around $800 million transitional commercial real estate loans have been originated. $165 million of the Series A and B preferred shares have also been fully redeemed. Andrew Farkas predicts that obtaining core earnings growth should be an easy path due to these accomplishments, which he stated in the following quote: “The path to core earnings growth from here is clear; identifying opportunities for quality, risk adjusted returns by leveraging C-III’s platform to invest in a broad array of commercial real estate credit investments.”

Andrew Farkas also stated that as of May 25, 2018, Resource Capital Corporation will be called Exantas Capital Corporation. In addition to the name change, Andrew Farkas is eager to see company-wide growth now that the strategic plan is complete.

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Resource Capital Corporation Reflects on Accomplishments

Posted by on Jul 3, 2018

Andrew Farkas, Chairman of Resource Capital Corporation (RSO), participated in a conference call on Thursday, March 8, 2018. During this call, Andrew Farkas discussed RSO’s progress in executing a strategic plan to put RSO into a competitive progression.

This conference call focused on RSO’s Q4 earnings during 2017. In addition to explaining RSO’s strategy in 2017, Farkas also discussed the strategy’s long-term affects: “2017 commercial real estate loan originated volume was up over 300% as compared to 2016 and CMBS investments by face amount were approximately $200 million greater than 2016. We expect these investments to make meaningful contributions to core earnings in 2018.”

Andrew Farkas also reflected on RSO’s first earning call and how the efforts of this company put forth in 2017 will begin to pay off in 2018, especially RSO’s core earnings. During this call, Andrew Farkas also made sure to congratulate management on its extraordinary work. He also made a point to state the performance of RSO continues to improve.

Not only is Andrew Farkas Chairman of RSO, but he also owns several companies that are very well-known in the real estate world. These companies include Island Capital Group, C-III Capital Partners, and IGY Marinas.

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Farkas Subsidiary Declares Quarterly Dividends

Posted by on Oct 12, 2017

This past month, Resource Capital Corp. announced that it will provide a quarterly cash dividend to its shareholders for Q3 of 2017. The company is managed externally by Resource Capital Manager Inc., a subsidiary of C-III Capital Partners, where Andrew Farkas serves as Chairman and CEO.

The board of directors made the announcement on September 19th, declaring that the stock would yield a $0.05 cash dividend per common share. The dividend will be paid on October 27, 2017 to all shareholders with record of the stock as of September 29, 2017. This marks the fourth consecutive quarter during which Resource Capital Corp paid shareholders this dividend.

Resource Capital Corp., which has offices based out of both New York and Philadelphia, is a real estate investment trust. It focuses primarily on providing and managing commercial mortgage loans, as well as other debt investments related to the real estate industry. It has been a publicly traded company since February of 2006, and was acquired by the Andrew Farkas subsidiary in late 2016.

Resource Capital is one of many real estate subsidiaries under the umbrella of Island Capital Group, of which Andrew Farkas serves as Chairman and CEO. There he has successfully guided deals in the commercial real estate industry, where he has over thirty years of corporate experience. Throughout his career, he has been instrumental in the development of many successful firms, all the while maintaining active philanthropic roles in other organizations.

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