SOURCE: Resource America, Inc.

Resource America, Inc.

June 24, 2011 15:33 ET

Resource America, Inc. Receives $16.6 Million Through Sale of Its Interest in the National Press Building

PHILADELPHIA, PA--(Marketwire - Jun 24, 2011) - Resource America, Inc. (NASDAQ: REXI) (the "Company") announced that it has received net proceeds of approximately $16.6 million in connection with the sale of the National Press Building in Washington DC, in which the Company had owned a 25% interest. The Company will realize a gain of approximately $7.7 million.

The National Press Building contains approximately 420,000 square feet of Class A office and retail space and is located in Washington, DC. Resource America originally purchased the defaulted first mortgage on the building in 1999 as part of its distressed real estate business. In 2004, after restructuring the building's capital, the Company sold a controlling interest to an affiliate of Quadrangle Development Corporation, a seasoned and respected Washington-based owner and developer. With the most recent sale, the Company's internal rate of return on its investment in the National Press Building is approximately 17.5% over 12 years.

According to Alan F. Feldman, SVP of Resource America and CEO of Resource Real Estate ("RRE"), the Company's real estate operating company, "This transaction allowed the company to complete the final stage of our 12 year investment in the National Press Building and realize a significant profit. Resource Real Estate continues to seek out discounted real estate opportunities across the country, leveraging our management and underwriting platform."

Resource Real Estate owns and manages real estate investment vehicles on behalf of itself and for outside investors and operates the Company's commercial real estate debt platform. In total, RRE manages over $1.5 billion in assets under management representing over 100 discreet real estate investments as of March 31, 2011. Resource Real Estate's specialized management platform is focused on acquiring, stabilizing and optimizing distressed multifamily and commercial properties and also serving as a lender for commercial properties. RRE employs over 500 people in its full service management operation.

Resource America, Inc. is 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 real estate, commercial finance and financial fund management sectors. For more information please visit our website at or contact

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