Ladder Capital Corp LADR Income Statement

Ladder capital corp (LADR)

Income statement / TTM

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
316,358	330,235	345,033	353,168	353,076	344,816	327,174	303,621	284,361	263,667	251,036	244,487	234,283	236,372	238,555	241,284	244,757	241,539	235,567	221,013	206,886	187,325	160,908	142,082	127,138	121,578	0	0	0
Interest expense
204,506	204,353	204,699	204,778	200,826	194,291	186,163	172,172	159,416	146,118	136,765	129,965	122,706	120,827	118,080	116,930	116,015	113,303	109,900	100,293	89,557	77,574	64,561	57,188	52,378	48,745	0	0	0
Net interest income (expense)
111,852	125,882	140,334	148,390	152,250	150,525	141,011	131,449	124,945	117,549	114,271	114,522	111,577	115,545	120,475	124,354	128,742	128,236	125,667	120,720	117,329	109,751	96,347	84,894	74,759	72,833	0	0	0
Provision for loan losses
28,881	2,600	900	11,200	11,200	13,900	13,600	3,300	3,000	0	0	0	150	300	450	600	600	600	600	600	600	600	600	600	600	600	0	0	0
Net interest income after provision for loan losses
82,971	123,282	139,434	137,190	141,050	136,625	127,411	128,149	121,945	117,549	114,271	114,522	111,427	115,245	120,025	123,754	128,142	127,636	125,067	120,120	116,729	109,151	95,747	84,294	74,159	72,233	0	0	0
Other income (loss)
Operating lease income
103,773	106,366	107,978	108,570	106,961	106,177	111,235	109,162	105,178	96,671	84,173	80,715	77,613	77,277	78,102	79,307	80,612	80,465	78,031	70,170	62,583	56,649	50,595	48,020	44,123	37,395	0	0	0
Tenant recoveries
-	-	-	-	-	-	-	-	-	-	7,234	6,037	6,202	5,958	5,868	7,530	8,716	9,907	10,592	9,997	9,629	9,183	7,448	0	0	-	0	-	-
Sale of loans, net
48,684	54,758	42,208	32,822	18,702	16,511	42,809	40,173	59,933	54,046	19,874	40,289	17,180	26,009	41,615	37,140	48,869	71,066	97,855	103,104	133,999	145,275	112,797	114,608	105,003	146,708	0	0	0
Realized gain (loss) on securities
15,057	14,911	9,813	3,863	-1,844	-5,808	-6,868	2,374	10,749	17,209	17,381	17,819	13,658	7,724	9,851	3,238	11,284	24,007	29,398	42,959	37,318	26,977	21,008	5,539	3,475	4,231	0	0	0
Unrealized gain (loss) on equity securities
-874	1,737	-263	-517	473	-1,605	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized gain (loss) on Agency interest-only securities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized gain (loss) on Agency interest-only securities
-	-	137	263	-	555	826	1,261	1,450	1,405	950	326	-557	-56	-582	196	729	-1,249	1,040	-973	1,860	2,144	-349	4,121	-3,449	-2,665	0	0	0
Realized gain (loss) on sale of real estate, net
11,917	1,392	501	62,123	64,875	95,881	99,974	39,498	40,102	11,423	12,810	14,231	16,872	20,636	34,657	36,414	38,819	40,386	26,882	28,947	30,729	29,760	26,901	21,955	16,560	13,565	0	0	0
Impairment of real estate
0	1,350	1,350	1,350	1,350	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fee and other income
21,237	24,403	25,752	25,437	24,718	26,285	22,543	22,030	20,127	18,341	17,486	21,249	22,856	21,365	21,605	16,987	14,639	15,205	15,345	14,577	12,936	11,704	9,813	8,820	8,792	7,922	0	0	0
Net result from derivative transactions
-34,412	-30,011	-49,185	-32,605	-10,067	15,926	34,865	27,402	4,299	-12,641	46,388	56,092	47,472	-1,409	-50,491	-102,089	-50,660	-38,937	-98,957	-55,590	-107,650	-94,798	-38,995	-46,433	-481	28,075	0	0	0
Earnings (loss) from investment in unconsolidated joint ventures
2,914	3,432	3,941	3,248	1,697	790	492	218	215	89	4	-264	-442	426	276	392	724	371	909	1,260	2,083	1,990	2,512	3,548	3,157	3,203	0	0	0
Gain on assignment of mortgage loan financing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-
Gain (loss) on extinguishment/defeasance of debt
2,061	-1,070	-1,070	-5,393	-5,393	-4,392	-4,411	-88	-88	-73	-54	-54	-54	5,382	5,382	5,382	5,382	0	0	0	0	-	-	-	-	-	-	-	-
Total other income (loss)
170,506	174,652	138,462	196,461	199,134	250,320	296,345	239,292	240,386	186,470	206,246	236,440	200,800	163,312	146,283	84,497	159,114	201,221	160,945	214,733	183,769	189,166	193,486	167,674	182,532	241,705	0	0	0
Costs and expenses
Salaries and employee benefits
61,215	67,768	66,163	67,636	66,595	60,117	73,431	70,894	71,517	70,463	64,713	68,754	67,697	64,270	57,622	57,954	60,469	61,612	63,161	65,363	75,899	82,144	79,416	73,930	61,329	61,038	0	0	0
Operating expenses
22,986	22,595	21,816	21,966	21,551	21,696	21,932	21,258	21,490	21,421	21,251	20,852	19,736	20,552	20,014	20,574	22,595	25,103	32,991	34,230	31,160	25,398	16,952	16,632	15,705	14,937	0	0	0
Real estate operating expenses
25,797	23,323	23,770	24,652	26,456	29,799	32,160	34,359	34,579	33,216	32,162	31,203	32,280	30,545	33,138	33,721	34,216	37,869	38,513	36,688	34,440	32,670	28,693	25,960	22,125	17,404	0	0	0
Real estate acquisition costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,383	-	2,216	3,458	3,004	2,404	0	0	0	-	-	-	-
Fee expense
5,817	6,090	7,053	6,308	5,924	5,055	4,393	4,324	5,146	4,996	4,852	4,413	3,665	3,703	3,667	3,539	4,129	4,521	4,573	4,394	3,644	3,023	-1,088	-1,023	2,052	2,955	0	0	0
Depreciation and amortization
38,293	38,511	39,255	40,642	41,363	41,959	42,905	43,094	42,563	40,332	39,981	39,108	38,237	39,447	38,612	38,440	39,140	39,061	36,411	33,679	30,743	28,447	31,180	29,760	25,818	21,515	0	0	0
Total costs and expenses
154,108	158,287	158,057	161,204	161,889	158,626	174,821	173,929	175,295	170,428	162,959	164,330	161,615	158,517	151,529	153,174	159,949	168,166	177,865	177,812	178,890	174,086	160,491	148,888	130,657	121,475	0	0	0
Income (loss) before taxes
99,369	139,647	119,839	172,447	178,295	228,319	248,935	193,512	187,036	133,591	157,558	186,632	150,612	120,040	114,779	55,077	127,307	160,691	108,147	157,041	121,608	124,231	128,741	103,080	126,035	192,463	0	0	0
Income tax expense (benefit)
959	2,646	1,441	1,533	-113	6,643	8,736	6,956	12,989	7,712	5,428	14,725	5,818	6,320	16,004	3,102	10,580	14,557	6,882	21,398	24,420	26,605	23,205	13,534	6,951	3,730	0	0	0
Net income (loss)
98,410	137,001	118,398	170,914	178,408	221,676	240,199	186,556	174,047	125,879	152,130	171,907	144,794	113,720	98,775	51,975	116,727	146,134	101,265	135,643	97,188	97,626	105,535	89,546	119,084	188,733	0	0	0
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures
1,272	-694	-958	6,821	6,995	15,864	16,224	8,116	8,326	226	432	258	416	-138	1,710	2,064	1,145	1,568	-497	-718	12	-370	-2,246	-915	-1,316	-1,098	0	0	0
Net income of combined Class A Common shareholders and predecessor unit holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Pre-IPO net loss attributable to predecessor unitholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,628	32,789	92,923	0	-	0	0	-
Net (income) loss attributable to noncontrolling interest in operating partnership
12,396	15,050	13,257	18,940	20,098	25,797	31,958	29,466	33,040	30,377	50,672	66,602	58,642	47,131	45,071	22,212	56,475	70,745	50,690	73,946	56,466	66,437	0	0	0	-	-	-	-
Net income (loss) attributable to Class A common shareholders
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	51,072	62,415	40,710	44,187	0	0	0	-	-	-	-
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
84,742	122,645	106,099	145,153	151,315	180,015	192,017	148,974	132,681	95,276	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-