-- Adjusted net income, a non-GAAP measure excluding the effect of non-
cash charges and non-operating capital transactions, of $10.4 million, or
$0.42 per share-diluted for the quarter ended March 31, 2008 as compared to
$9.4 million, or $0.38 per share-diluted for the quarter ended March 31,
2007, an increase of $1.0 million (10%).
-- GAAP net income of $0.38 per share-diluted for the first quarter ended
March 31, 2008, unchanged from the comparable period in the prior year.
-- REIT taxable income, a non-GAAP measure, of $12.1 million or $0.48 per
share-diluted for the first quarter ended March 31, 2008 as compared to
$9.7 million or $0.39 per share-diluted for the first quarter ended March
31, 2007, an increase of $2.4 million (25%). RCC announced a dividend
distribution of $0.41 per common share for the quarter ended March 31,
2008, unchanged from the quarter ended December 31, 2007 and an increase of
$0.02 per common share (5%) from the quarter ended March 31, 2007.
-- Economic book value, a non-GAAP measure, was $11.94 per common share
as of March 31, 2008.
-- GAAP book value was $10.03 per common share as of March 31, 2008.
-- Paydowns on RCC's bank loan portfolio were $24.4 million for the first
quarter ended March 31, 2008. Payoffs on RCC's commercial real estate loan
portfolio, which included payoffs in its CDOs, were $13.4 million for the
first quarter ended March 31, 2008.
Jonathan Cohen, CEO and President of RCC, commented, "We continue to
benefit from overall good asset quality and a low cost of funding due to
our long term matched liabilities. We are actively managing our portfolios
to make certain that credit remains strong and that we are maximizing our
ability to reinvest into this marketplace where we do indeed see value."
The following schedules of reconciliations as of March 31, 2008 are
included in this release:
-- Schedule I - Reconciliation of GAAP Net Income to Adjusted Net Income;
-- Schedule II - Reconciliation of GAAP Net Income to Estimated REIT
Taxable Income; and
-- Schedule III - Reconciliation of GAAP Stockholders' Equity to Economic
Book Value.
Additional financial results for the first quarter ended March 31, 2008 and
recent developments include:
General
-- RCC's net interest income increased by $614,000, or 5%, to $13.8
million for the first quarter ended March 31, 2008, as compared to $13.2
million for the same period in 2007.
Commercial Real Estate
-- RCC produced new commercial real estate ("CRE") loans, on a gross
basis, of $35.6 million during the first quarter ended March 31, 2008. The
aggregate net portfolio of CRE loans grew by $177.1 million to $909.1
million at March 31, 2008, from $732.0 million at March 31, 2007, not
including future funding obligations of $30.2 million.
The following table summarizes RCC's CRE loan origination activities and
future funding obligations, at par, for the three and 12 months ended March
31, 2008 (in millions, except percentages):
Three Months 12 Months Floating Weighted
Ended Ended Weighted Average
March 31, March 31, Average Fixed
2008 2008 Spread(1) Rate(1)
--------- --------- -------- --------
Whole loans $ 35.6 $ 338.6 2.91% 7.81%
Whole loans, future funding
obligations - 30.2 N/A N/A
B notes - - 2.78% 7.58%
Mezzanine loans - 65.7 2.61% 8.17%
CMBS - 62.9 N/A (2) 5.16%
--------- ---------
New loans production 35.6 497.4
Payoffs (11.4) (232.9)
Principal paydowns (2.2) (16.5)
Whole loans, future funding
obligations - (30.2)
Sales of CMBS (10.0) (10.0)
--------- ---------
Net - new loans 12.0 207.8
Other 0.5 (6.0)
--------- ---------
New loans, net $ 12.5 $ 201.8
========= =========
(1) Reflects rates on our portfolio balance as of March 31, 2008.
(2) Weighted average floating rate coupon of 5.03% at March 31, 2008.
Commercial Finance
-- RCC's bank loan portfolio ended the first quarter with total
investments of $949.0 million, at amortized cost, with a weighted-average
spread of one-month and three-month LIBOR plus 2.27%. All of RCC's bank
loan portfolio is match-funded through three collateralized loan obligation
("CLO") issuances with a weighted-average cost of three-month LIBOR plus
0.47%.
-- RCC's commercial finance subsidiary ended the first quarter with $94.5
million, at cost, in direct financing leases and notes at a weighted-
average rate of 9.67%. RCC's leasing portfolio is match-funded through a
secured term facility, which had a balance of $90.0 million as of March 31,
2008 and a weighted-average interest rate of 6.74%.
Book Value
As of March 31, 2008, RCC’s GAAP book value per common was $10.03. Total
stockholders’ equity was $253.3 million as of March 31, 2008 as compared to
$271.6 million as of December 31, 2007. Total common shares outstanding
were 25,264,793 as of March 31, 2008 as compared to 25,103,532 as of
December 31, 2007.
As of March 31, 2008, RCC’s economic book value per common share
outstanding, a non-GAAP measure, was $11.94. Economic book value is
computed by adding back to GAAP book value any unrealized losses on the
Company’s investments in CMBS for which it expects to recover full par
value at maturity, and on derivatives (cash flow hedges) that are
associated with fixed-rate loans which it intends to hold until maturity,
in excess of its value at risk, and that have not been adjusted through
stockholders’ equity for market fluctuations (see Footnote 1 of Schedule
III). Economic book value per share is computed by dividing the economic
book value by the number of shares outstanding at the end of the period.
Investment Portfolio
The table below summarizes the amortized cost and net carrying amount of
the RCC's investment portfolio as of March 31, 2008, classified by interest
rate type. The following table includes both (i) the amortized cost of
RCC's investment portfolio and the related dollar price, which is computed
by dividing amortized cost by par amount, and (ii) the net carrying amount
of RCC's investment portfolio and the related dollar price, which is
computed by dividing the net carrying amount by par amount (in thousands,
except percentages):
Net carrying
amount less
Amortized Dollar Net carrying Dollar amortized Dollar
cost price amount (4) price cost price
----------- ------ ----------- ----- ---------- ------
March 31, 2008
Floating rate
CMBS-private
placement $ 35,751 94.19% $ 25,445 67.04% $ (10,306) -27.15%
Other ABS 5,665 94.42% 289 4.82% (5,376) -89.60%
B notes (1) 33,558 100.07% 33,474 99.82% (84) -0.25%
Mezzanine loans
(1) 130,201 100.05% 129,876 99.80% (325) -0.25%
Whole loans (1) 464,697 99.47% 463,536 99.22% (1,161) -0.25%
Bank loans (2) 948,950 99.78% 831,166 87.40% (117,784) -12.38%
----------- ----------- ----------
Total floating
rate $ 1,618,822 99.57% $ 1,483,786 91.26% $ (135,036) -8.31%
=========== =========== ==========
Fixed rate
CMBS - private
placement $ 36,659 95.30% $ 23,037 59.89% $ (13,622) -35.41%
B notes (1) 55,905 100.15% 55,765 99.90% (140) -0.25%
Mezzanine loans
(1) 81,217 94.65% 79,963 93.19% (1,254) -1.46%
Whole loans (1) 98,294 99.34% 98,048 99.09% (246) -0.25%
Equipment leases
and notes (3) 94,545 100.00% 94,252 99.69% (293) -0.31%
----------- ----------- ----------
Total fixed
rate $ 366,620 98.14% $ 351,065 93.97% $ (15,555) -4.17%
=========== =========== ==========
Grand total $ 1,985,442 99.30% $ 1,834,851 91.77% $ (150,591) -7.53%
=========== =========== ==========
(1) Net carrying amount includes an allowance for loan losses of $3.2
million at March 31, 2008, allocated as follows: B notes ($0.2
million), mezzanine loans ($1.6 million) and whole loans ($1.4
million).
(2) Net carrying amount includes a $3.5 million allowance for loan losses
at March 31, 2008.
(3) Net carrying amount includes a $293,000 allowance for lease losses at
March 31, 2008.
(4) Bank loan portfolio is carried at amortized cost less allowance for
loan loss.
Liquidity At April 30, 2008, RCC's liquidity consists of three primary sources:
-- unrestricted cash and cash equivalents of $7.5 million and restricted
cash of $8.9 million comprised of $5.5 million in margin call accounts and
$3.4 million related to its leasing portfolio;
-- capital available for reinvestment in its five collateralized debt
obligation ("CDO") entities of $56.0 million, which is made up of $34.4
million of restricted cash and $21.6 million of availability to finance
future funding commitments on commercial real estate loans;
-- financing available under existing borrowing facilities of $19.7
million, comprised of $12.1 million of available cash from RCC's three year
non-recourse secured financing facility and $7.6 million of unused capacity
under its unsecured revolving credit facility. RCC also has $85.8 million
of unused capacity under a three-year non-recourse commercial real estate
repurchase facility, which, however, requires approval of individual
repurchase transactions by the repurchase counterparty.
Capital Allocation
As of March 31, 2008, RCC had allocated its equity capital among its
targeted asset classes as follows: 74% in commercial real estate loans, 25%
in commercial bank loans and 1% in direct financing leases and notes.
About Resource Capital Corp.
RCC is a diversified real estate finance company that qualifies as a real
estate investment trust, or REIT, for federal income tax purposes. RCC's
investment strategy focuses on commercial real estate-related assets, and,
to a lesser extent, commercial finance assets. RCC invests in the
following asset classes: commercial real estate-related assets such as
whole loans, A-notes, B-notes, mezzanine loans and mortgage-related
securities and commercial finance assets such as other asset-backed
securities, bank loans, equipment leases and notes, trust preferred
securities, debt tranches of collateralized debt obligations and private
equity investments principally issued by financial institutions.
RCC is externally managed by Resource Capital Manager, Inc., an indirect
wholly-owned subsidiary of Resource America, Inc. (Nasdaq: REXI), a
specialized asset management company that uses industry specific expertise
to generate and administer investment opportunities for its own account and
for outside investors in the financial fund management, real estate, and
commercial finance sectors.
For more information, please visit the RCC's website at
www.resourcecapitalcorp.com or contact investor relations at
pkamdar@resourceamerica.com
Safe Harbor Statement
Statements made in this release include forward-looking statements, which
involve substantial risks and uncertainties. RCC's actual results,
performance or achievements could differ materially from those expressed or
implied in this release. The risks and uncertainties associated with
forward-looking statements contained in this release include those related
to:
-- fluctuations in interest rates and related hedging activities;
-- capital markets conditions and the availability of financing;
-- defaults or bankruptcies by borrowers on RCC's loans or on loans
underlying its investments;
-- adverse market trends which may affect the value of real estate and
other assets underlying RCC's investments;
-- increases in financing or administrative costs; and
-- general business and economic conditions that would impair the credit
quality of borrowers and RCC's ability to originate loans.
For further information concerning these and other risks pertaining to the
forward-looking statements contained in this release, and to the general
risks to which RCC is subject, see Item 1A, "Risk Factors" included in its
annual report on Form 10-K and in other of its public filings with the
Securities and Exchange Commission.
RCC cautions you not to place undue reliance on any forward-looking
statements contained in this release, which speak only as of the date of
this release. All subsequent written and oral forward-looking statements
attributable to RCC or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements contained or
referred to in this release. Except to the extent required by applicable
law or regulation, RCC undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after the
date of this filing or to reflect the occurrence of unanticipated events.
The remainder of this release contains RCC's consolidated balance sheets,
consolidated statements of income and reconciliations of its estimated GAAP
net income to adjusted net income, GAAP net income to estimated REIT
taxable income and GAAP stockholders' equity to economic book value,
supplemental statistical information regarding RCC's commercial real estate
loan portfolio and supplemental statistical information regarding RCC's
bank loan portfolio.
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
March 31, December 31
2008 2007
----------- -----------
(Unaudited)
ASSETS
Cash and cash equivalents $ 9,098 $ 6,029
Restricted cash 45,718 119,482
Investment securities available-for-sale,
pledged as collateral, at fair value 48,771 65,464
Loans, pledged as collateral and net of
allowances of $6.7 million and $5.9 million 1,806,117 1,766,639
Direct financing leases and notes, pledged as
collateral and net of allowance of $0.3
million and $0.3 million and net of unearned
income 94,252 95,030
Investments in unconsolidated entities 1,548 1,805
Interest receivable 9,554 11,965
Principal paydown receivables 189 836
Other assets 4,492 4,898
----------- -----------
Total assets $ 2,019,739 $ 2,072,148
=========== ===========
LIABILITIES
Borrowings $ 1,723,066 $ 1,760,969
Distribution payable 10,432 10,366
Accrued interest expense 5,050 7,209
Derivatives, at fair value 24,454 18,040
Accounts payable and other liabilities 3,419 3,958
----------- -----------
Total liabilities 1,766,421 1,800,542
----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.001: 100,000,000
shares authorized; no shares issued and
outstanding - -
Common stock, par value $0.001: 500,000,000
shares authorized; 25,264,793 and 25,103,532
shares issued and outstanding (including
559,692 and 581,493 unvested restricted shares) 26 25
Additional paid-in capital 355,286 355,205
Accumulated other comprehensive loss (55,623) (38,323)
Distributions in excess of earnings (46,371) (45,301)
----------- -----------
Total stockholders' equity 253,318 271,606
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,019,739 $ 2,072,148
=========== ===========
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
------------------------
2008 2007
----------- -----------
REVENUES
Loans $ 32,439 $ 30,281
Securities 1,181 7,396
Leases 1,990 1,910
Interest income - other 1,373 423
----------- -----------
Interest income 36,983 40,010
Interest expense 23,148 26,789
----------- -----------
Net interest income 13,835 13,221
OPERATING EXPENSES
Management fee expense - related party 1,738 2,032
Equity compensation expense - related party 81 486
Professional services 792 692
Insurance expense 128 121
General and administrative 355 412
Income tax expense 29 145
----------- -----------
Total expenses 3,123 3,888
----------- -----------
NET OPERATING INCOME 10,712 9,333
----------- -----------
OTHER (EXPENSE) REVENUES
Net unrealized/realized (losses) gains on sales
of investments (2,346) 70
Other income 33 36
Provision for loan and lease loss (786) -
Gain on the extinguishment of debt 1,750 -
----------- -----------
Total other (expenses) revenues (1,349) 106
----------- -----------
NET INCOME $ 9,363 $ 9,439
=========== ===========
NET INCOME PER SHARE - BASIC $ 0.38 $ 0.39
=========== ===========
NET INCOME PER SHARE - DILUTED $ 0.38 $ 0.38
=========== ===========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING - BASIC 24,612,724 24,433,417
=========== ===========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING - DILUTED 24,883,444 24,837,709
=========== ===========
DIVIDENDS DECLARED PER SHARE $ 0.41 $ 0.39
=========== ===========
SCHEDULE I
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (1)
(in thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
------------------
2008 2007
-------- --------
Net income - GAAP $ 9,363 $ 9,439
Add:
Provision for loan losses (2) 786 -
Capital losses on the sale of available for sale
securities 2,000 -
Gain on the extinguishment of debt (1,750) -
-------- --------
Adjusted net income, excluding non-cash charges and
non-operating capital transactions $ 10,399 $ 9,439
======== ========
Adjusted net income per share - diluted, excluding
non-cash charges and non-operating capital
transactions $ 0.42 $ 0.38
======== ========
(1) During 2007, RCC began evaluating its performance based on several
performance measures, including adjusted net income in addition to net
income. Adjusted net income represents net income available to common
shares, computed in accordance with GAAP, before provision for loan and
lease losses, gain on the extinguishment of debt and non-operating
capital items. These items are recorded in accordance with GAAP and
are typically non-cash or non-operating items that do not impact RCC's
operating performance or ability to pay a dividend.
Management views adjusted net income as a useful and appropriate
supplement to GAAP net income (loss) because it helps us evaluate RCC's
performance without the effects of certain GAAP adjustments that may
not have a direct financial impact on RCC's current operating
performance and dividend paying ability. Management uses adjusted net
income to evaluate the performance of RCC's investment portfolios,
ability to manage its expenses and dividend paying ability before the
impact of non-cash adjustments and non-operating capital gain or loss
recorded in accordance with GAAP. RCC believes this is a useful
performance measure for investors to evaluate these aspects of RCC's
business as well. The most significant adjustments RCC excludes in
determining adjusted earnings are its provision for loan and lease
losses and at March 31, 2007, gain on the extinguishment of debt and
losses on the sale of available-for-sale securities. Management
excludes all such items from its calculation of adjusted net income
because these items are not charges or losses which would impact RCC's
current operating performance. However, by excluding these significant
items, adjusted net income reduces an investor's understanding of RCC's
operating performance by excluding management's expectation of possible
gains or losses from RCC's investment portfolio.
Adjusted net income, as a non-GAAP financial measurement, does not
purport to be an alternative to GAAP net income (loss), or a measure of
operating performance or cash flows from operating activities
determined in accordance with GAAP as a measure of liquidity. Instead,
adjusted net income should be reviewed in connection with net income
(loss) and cash flows from operating, investing and financing
activities in RCC's consolidated financial statements to help analyze
management's expectation of potential future losses from RCC's
investment portfolio and other non-cash or capital matters that impact
its financial results. Adjusted net income and other supplemental
performance measures are defined in various ways throughout the REIT
industry. Investors should consider these differences when comparing
RCC's adjusted net income to these other REITs.
(2) Non-cash charges for loan losses.
SCHEDULE II
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME
TO ESTIMATED REIT TAXABLE INCOME (1)
(Unaudited)
RCC calculates estimated REIT taxable income, which is a non-GAAP financial
measure, according to the requirements of the Internal Revenue Code. The
following table reconciles net income to estimated REIT taxable income for
the periods presented (in thousands, except per share data):
Three Months Ended
March 31,
------------------
2008 2007
-------- --------
Net income - GAAP $ 9,363 $ 9,439
Adjustments:
Share-based compensation to related parties (147) 5
Incentive management fee expense to
related parties paid in shares - 186
Capital loss carryover (utilization)/losses from the
sale of securities 2,000 -
Provisions for loan and lease losses unrealized 56 -
Net book to tax adjustments for the Company's
taxable foreign REIT subsidiaries 775 -
Other net book to tax adjustments 8 41
-------- --------
Estimated REIT taxable income $ 12,055 $ 9,671
======== ========
Amounts per share - diluted $ 0.48 $ 0.39
======== ========
(1) RCC believes that a presentation of estimated REIT taxable income
provides useful information to investors regarding its financial
condition and results of operations as this measurement is used to
determine the amount of dividends that RCC is required to declare to
its stockholders in order to maintain its status as a REIT for federal
income tax purposes. Since RCC, as a REIT, expects to make
distributions based on taxable income, RCC expects that its
distributions may at times be more or less than its reported income.
Total taxable income is the aggregate amount of taxable income
generated by RCC and by its domestic and foreign taxable REIT
subsidiaries. Estimated REIT taxable income excludes the undistributed
taxable income of RCC's domestic taxable REIT subsidiary, if any such
income exists, which is not included in REIT taxable income until
distributed to RCC. There is no requirement that RCC's domestic
taxable REIT subsidiary distribute its income to RCC. Estimated REIT
taxable income, however, includes the taxable income of RCC's foreign
taxable REIT subsidiaries because RCC generally will be required to
recognize and report their taxable income on a current basis. Because
not all companies use identical calculations, this presentation of
estimated REIT taxable income may not be comparable to other
similarly-titled measures of other companies.
SCHEDULE III
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP STOCKHOLDERS' EQUITY TO ECONOMIC BOOK VALUE (1) (2)
(in thousands, except per share data)
(Unaudited)
As of
March 31, 2008
----------------
Stockholders' equity - GAAP $ 253,318
Add:
Unrealized losses - CMBS portfolio 23,928
Unrealized losses recognized in excess of value at risk
- interest rate swaps 24,454
----------------
Economic book value $ 301,700
================
Shares outstanding as of March 31, 2008 25,265
----------------
Economic book value per share $ 11.94
================
(1) Management views economic book value, a non-GAAP measure, as a useful
and appropriate supplement to GAAP stockholders' equity and book value
per share. The measure serves as an additional measure of RCC's value
because it facilitates evaluation of us without the effects of
unrealized losses on investments for which we expect to recover full
par value at maturity and on interest rate swaps, which we intend to
hold to maturity, in excess of RCC's value at risk. Unrealized losses
recognized in RCC's financial statements, prepared in accordance with
GAAP, that are in excess of RCC's maximum value at risk are added back
to stockholders' equity in arriving at economic book value. Economic
book value should be reviewed in connection with GAAP stockholders'
equity as set forth in RCC's consolidated balance sheets, to help
analyze RCC's value to investors. Economic book value is defined in
various ways throughout the REIT industry. Investors should consider
these differences when comparing RCC's economic book value to that of
other REITs.
(2) RCC adds back unrealized losses on interest rate swaps
(cash flow hedges) that are associated with fixed-rate loans that have
not been adjusted through stockholders' equity for market fluctuations.
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands)
(Unaudited)
Loans and Leasing Investment Statistics
The following table presents information on RCC's non-performing loans and
leases and related allowances as of March 31, 2008 and 2007
(based on par value):
As of March 31,
------------------
2008 2007
-------- --------
Non-performing loans and leases $ 16,827 $ -
Non-performing loans and leases as a percentage of
total loans and leases 0.9% -%
Allowance for loan and lease losses $ 6,997 $ -
Allowance for loan and lease losses as a percentage of
total loans and leases 0.4% -%
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION, A NON-GAAP MEASURE
(in thousands)
(Unaudited)
The following table presents commercial real estate loan portfolio
statistics as of March 31, 2008 (based on par value):
Security type
Whole loans 65.0%
Mezzanine loans 24.8%
B Notes 10.2%
-----
Total 100.0%
=====
Collateral type
Multifamily 30.5%
Hotel 24.7%
Office 23.2%
Retail 16.2%
Condo 1.6%
Flex 0.8%
Self-storage 0.7%
Other 2.3%
-----
Total 100.0%
=====
Collateral location
Northern California 15.4%
Southern California 25.3%
New York 10.6%
Arizona 8.1%
Tennessee 3.7%
Florida 4.4%
Texas 4.6%
Colorado 3.3%
Washington 3.4%
Other states < $25M 21.2%
-----
Total 100.0%
=====
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION, A NON-GAAP MEASURE
(in thousands)
(Unaudited)
The following table presents bank loan portfolio statistics by industry as
of March 31, 2008 (based on par value):
Industry type
Healthcare, education and childcare 11.3%
Diversified/conglomerate service 8.8%
Printing and publishing 5.9%
Chemicals, plastics and rubber 5.8%
Broadcasting and entertainment 5.5%
Retail stores 5.1%
Leasure, amusement, motion pictures, entertainment 4.2%
Hotels, motels, inns and gaming 4.2%
Diversified/conglomerate manufacturing 3.9%
Utilities 3.8%
Personal, food and miscellaneous services 3.5%
Oil and gas 3.5%
Other 34.5%
-----
Total 100.0%
=====
The following chart describes equipment leases and notes by industry as of
March 31, 2008 (based on par value):
Industry type
Services 53.5%
Transportation,communications, electric, gas and sanitary services 10.2%
Retail trade 8.1%
Finance, insurance and real estate 7.2%
Manufacturing 5.9%
Construction 4.8%
Agriculture, forestry and fishing 4.6%
Wholesale trade 3.2%
Other 2.5%
-----
Total 100.0%
=====
Contact Information: CONTACT: DAVID J. BRYANT CHIEF FINANCIAL OFFICER RESOURCE CAPITAL CORP. 1845 WALNUT STREET 10TH FLOOR PHILADELPHIA, PA 19103 215/546-5005 215/546-5388 (fax)