Ladder Capital Corp LADR Income Statement

Ladder capital corp (LADR)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13
Net interest income
Interest income
72,589	76,196	82,251	85,322	86,466	90,994	90,386	85,230	78,206	73,352	66,833	65,970	57,512	60,721	60,284	55,766	59,601	62,904	63,013	59,239	56,383	56,932	48,459	45,112	36,822	30,515	29,633	30,167	31,261
Interest expense
51,401	49,339	51,397	52,369	51,248	49,685	51,476	48,417	44,713	41,557	37,485	35,661	31,415	32,204	30,685	28,402	29,536	29,457	29,535	27,487	26,824	26,054	19,928	16,751	14,841	13,041	12,554	11,941	11,207
Net interest income (expense)
21,188	26,857	30,854	32,953	35,218	41,309	38,910	36,813	33,493	31,795	29,348	30,309	26,097	28,517	29,599	27,364	30,065	33,447	33,478	31,752	29,559	30,878	28,531	28,361	21,981	17,474	17,078	18,226	20,054
Provision for loan losses
26,581	2,000	0	300	300	300	10,300	300	3,000	0	0	0	0	0	0	150	150	150	150	150	150	150	150	150	150	150	150	150	150
Net interest income after provision for loan losses
-5,393	24,857	30,854	32,653	34,918	41,009	28,610	36,513	30,493	31,795	29,348	30,309	26,097	28,517	29,599	27,214	29,915	33,297	33,328	31,602	29,409	30,728	28,381	28,211	21,831	17,324	16,928	18,076	19,904
Other income (loss)
Operating lease income
26,328	25,260	24,405	27,780	28,921	26,872	24,997	26,171	28,137	31,930	22,924	22,187	19,630	19,432	19,466	19,085	19,294	20,257	20,671	20,390	19,147	17,823	12,810	12,803	13,213	11,769	10,235	8,906	6,484
Tenant recoveries
-	-	-	-	-	-	-	-	-	-	2,382	1,159	1,579	2,114	1,185	1,324	1,335	2,024	2,847	2,510	2,526	2,709	2,252	2,142	2,080	-	974	-	-
Sale of loans, net
1,005	16,168	11,247	20,264	7,079	3,618	1,861	6,144	4,888	29,916	-775	25,904	-999	-4,256	19,640	2,795	7,830	11,350	15,165	14,524	30,027	38,139	20,414	45,419	41,303	5,661	22,225	35,813	83,007
Realized gain (loss) on securities
3,011	4,186	3,396	4,464	2,865	-912	-2,554	-1,243	-1,099	-1,972	6,688	7,132	5,361	-1,800	7,126	2,971	-573	327	513	11,017	12,150	5,718	14,074	5,376	1,809	-250	-1,394	3,311	2,564
Unrealized gain (loss) on equity securities
-533	395	254	-990	2,078	-1,605	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized gain (loss) on Agency interest-only securities
76	-	-	-	11	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized gain (loss) on Agency interest-only securities
-	-	16	11	-	99	142	110	204	370	577	299	159	-85	-47	-584	660	-611	731	-51	-1,318	1,678	-1,282	2,782	-1,034	-815	3,188	-4,788	-249
Realized gain (loss) on sale of real estate, net
10,529	430	2,082	-1,124	4	-461	63,704	1,628	31,010	3,632	3,228	2,232	2,331	5,019	4,649	4,873	6,095	19,040	6,406	7,278	7,662	5,536	8,471	9,060	6,693	2,677	3,524	3,665	3,697
Impairment of real estate
0	0	0	0	1,350	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fee and other income
1,519	7,356	5,166	7,196	4,685	8,705	4,851	6,477	6,252	4,963	4,338	4,574	4,466	4,108	8,101	6,181	2,975	4,348	3,483	3,833	3,541	4,488	2,715	2,192	2,309	2,597	1,721	2,164	1,438
Net result from derivative transactions
-15,435	5,945	-9,465	-15,457	-11,034	-13,229	7,115	7,081	14,959	5,710	-348	-16,022	-1,981	64,739	9,356	-24,642	-50,862	15,657	-42,242	26,787	-39,139	-44,363	1,125	-25,273	-26,287	11,439	-6,313	20,679	2,269
Earnings (loss) from investment in unconsolidated joint ventures
441	-185	1,094	1,564	959	324	401	13	52	26	127	10	-74	-59	-141	-168	794	-209	-25	164	441	329	326	987	348	851	1,362	595	393
Gain on assignment of mortgage loan financing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	432	-	-	-	-	-	-
Gain (loss) on extinguishment/defeasance of debt
2,061	0	0	0	-1,070	0	-4,323	0	-69	-19	0	0	-54	0	0	0	5,382	0	0	0	0	-	-	-	-	-	-	-	-
Total other income (loss)
29,002	59,601	38,195	43,708	33,148	23,411	96,194	46,381	84,334	69,436	39,141	47,475	30,418	89,212	69,335	11,835	-7,070	72,183	7,549	86,452	35,037	31,907	61,337	55,488	40,434	36,227	35,525	70,346	99,606
Costs and expenses
Salaries and employee benefits
17,021	14,968	14,319	14,907	23,574	13,363	15,792	13,866	17,096	26,677	13,255	14,489	16,042	20,927	17,296	13,432	12,615	14,279	17,628	15,947	13,758	15,828	19,830	26,483	20,003	13,100	14,343	13,881	19,711
Operating expenses
5,794	5,866	5,314	6,012	5,403	5,087	5,464	5,597	5,548	5,323	4,790	5,829	5,479	5,153	4,391	4,713	6,295	4,615	4,951	6,734	8,803	12,503	6,190	3,664	3,041	4,057	5,870	2,736	2,272
Real estate operating expenses
7,948	5,547	6,270	6,032	5,474	5,994	7,152	7,836	8,817	8,355	9,351	8,056	7,454	7,301	8,392	9,133	5,719	9,894	8,975	9,628	9,372	10,538	7,150	7,380	7,602	6,561	4,417	3,544	2,880
Real estate acquisition costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	470	454	600	692	1,712	0	0	-	-	-	-
Fee expense
1,439	1,139	2,056	1,183	1,712	2,102	1,311	799	843	1,440	1,242	1,621	693	1,296	803	873	731	1,260	675	1,463	1,123	1,312	496	713	502	-2,799	561	3,788	1,404
Depreciation and amortization
10,009	9,319	9,030	9,935	10,227	10,063	10,417	10,656	10,823	11,009	10,606	10,125	8,592	10,658	9,733	9,254	9,802	9,823	9,561	9,954	9,723	7,173	6,829	7,018	7,427	9,906	5,409	3,075	3,123
Total costs and expenses
42,211	36,839	36,989	38,069	46,390	36,609	40,136	38,754	43,127	52,804	39,244	40,120	38,260	45,335	40,615	37,405	35,162	38,347	42,260	44,180	43,379	48,046	42,207	45,258	38,575	34,451	30,603	27,027	29,392
Income (loss) before taxes
-18,602	47,619	32,060	38,292	21,676	27,811	84,668	44,140	71,700	48,427	29,245	37,664	18,255	72,394	58,319	1,644	-12,317	67,133	-1,383	73,874	21,067	14,589	47,511	38,441	23,690	19,099	21,850	61,395	90,117
Income tax expense (benefit)
-4,541	2,169	1,112	2,219	-2,854	964	1,204	573	3,902	3,057	-576	6,606	-1,375	773	8,721	-2,301	-873	10,457	-4,181	5,177	3,104	2,782	10,335	8,199	5,289	-617	663	1,615	2,067
Net income (loss)
-14,061	45,450	30,948	36,073	24,530	26,847	83,464	43,567	67,798	45,370	29,821	31,058	19,630	71,621	49,598	3,945	-11,444	56,676	2,798	68,697	17,963	11,807	37,176	30,242	18,401	19,716	21,186	59,779	88,049
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures
1,519	-4	64	-307	-447	-268	7,843	-133	8,422	92	-265	77	322	298	-439	235	-232	2,146	-85	-684	191	81	-306	46	-191	-1,795	1,024	-354	27
Net income of combined Class A Common shareholders and predecessor unit holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	88,022
Pre-IPO net loss attributable to predecessor unitholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	12,628	-	20,161	60,133	-
Net (income) loss attributable to noncontrolling interest in operating partnership
148	4,804	3,308	4,136	2,802	3,011	8,991	5,294	8,501	9,172	6,499	8,868	5,838	29,467	22,429	908	-5,673	27,407	-430	35,171	8,597	7,352	22,826	17,691	18,568	-	-	-	-
Net income (loss) attributable to Class A common shareholders
-	-	-	-	-	-	-	-	50,875	-	-	-	-	-	-	-	-	-	3,313	34,210	9,175	4,374	14,656	12,505	12,652	-	-	-	-
Earnings per share:
Basic (in dollars per share)
-0.15	0.38	0.26	0.31	0.21	0.23	0.69	0.40	0.53	0.42	0.28	0.28	0.18	0.68	0.44	0.05	-0.09	0.51	0.06	0.68	0.18	0.08	0.30	0.26	0.26	-	-	-	-
Diluted (in dollars per share)
-0.15	0.38	0.26	0.30	0.21	0.24	0.67	0.40	0.53	0.41	0.28	0.26	0.18	0.66	0.44	0.05	-0.09	0.54	0.06	0.67	0.15	0.12	0.28	0.22	0.24	-	-	-	-
Weighted average shares outstanding:
Basic (in shares)
106,329	106,048	106,004	105,511	104,259	99,970	96,935	96,810	95,187	89,493	85,135	80,108	72,871	65,077	62,148	61,170	59,596	53,565	52,922	50,335	49,986	49,971	49,394	48,909	48,909	-	-	-	-
Diluted (in shares)
106,329	108,096	106,603	105,892	105,006	87,402	110,650	97,165	95,389	133,953	85,476	110,055	109,334	245,633	63,347	61,976	59,596	5,106	53,348	50,929	98,098	97,265	97,918	97,617	97,531	-	-	-	-
Dividends per share of Class A common stock (in dollars per share)
-	-	-	-	-	-	-	-	-	-	0.30	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Class A Common Stock
Net income (loss) attributable to Class A common shareholders
-15,728	40,650	27,576	32,244	22,175	24,104	66,630	38,406	50,875	36,106	23,587	22,113	13,470	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic (in dollars per share)
-0.15	0.38	0.26	0.31	0.21	0.23	0.69	0.40	0.53	0.42	0.28	0.28	0.18	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted (in dollars per share)
-0.15	0.38	0.26	0.30	0.21	0.24	0.67	0.40	0.53	0.41	0.28	0.26	0.18	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic (in shares)
106,329	106,048	106,004	105,511	104,259	99,970	96,935	96,810	95,187	89,493	85,135	80,108	72,871	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted (in shares)
106,329	108,096	106,603	105,892	105,006	87,402	110,650	97,165	95,389	133,953	85,476	110,055	109,334	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends per share of Class A common stock (in dollars per share)
0.34	0.34	0.34	0.34	0.34	0.57	0.32	0.32	0.31	0.31	0.30	0.30	0.30	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-