KKR Real Estate Finance Trust (KREF) Misses Q4 EPS by 3c, Revenues Miss

KKR Real Estate Finance Trust (NYSE: KREF) reported Q4 EPS of $0.38, $0.03 worse than the analyst estimate of $0.41. Revenue for the quarter came in at $22.2 million versus the consensus estimate of $29.06 million.

Fourth Quarter 2018 Highlights

• Committed and initially funded $908.0 millionand $792.2 million, respectively, to seven new floating-rate senior loans. Funded an additional $63.1 millionfor loans closed prior to the fourth quarter.
• Received approximately $110.8 millionfrom the repayment of loans.
• Current portfolio of $4.1 billionis 100% performing and 98%floating-rate with a weighted average loan-to-value ratio ("LTV") of 68%as of December 31, 2018. Current portfolio increased 98%over 2017 and 22%since September 30, 2018.
• Issued a $1.0 billion managed collateralized loan obligation, providing $810.0 million of non-mark-to-market financing.
• Completed an underwritten public offering of 4.5 million shares of our common stock in November, consisting of 4.0 million secondary shares sold by certain of the Company’s shareholders and 0.5 million primary shares issued and sold by KREF, providing $9.4 million in net proceeds to KREF.
• Repurchased 926,373 shares of our common stock for approximately $17.7 million at a weighted average price of $19.12 per share.
• Book value was $1,132.3 millionor $19.66per share as of December 31, 2018, compared to $1,146.3 million or $19.76 per share as of September 30, 2018 and $1,059.1 millionor $19.73per share as of December 31, 2017.

For earnings history and earnings-related data on KKR Real Estate Finance Trust (KREF) click here.

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