Contact Information: For more information: www.resourceamerica.com Marketing and Investor Relations pkamdar@resourceamerica.com
Resource America, Inc.'s Property Management Division Surpasses the 12,000 Apartment Units Under Management Milestone
| Source: Resource America, Inc.
PHILADELPHIA, PA--(Marketwire - December 18, 2008) - Resource America, Inc. (NASDAQ : REXI ) (the
"Company"), a specialized asset management company with $18 billion of
assets under management, announced today that its property management
subsidiary, Resource Residential, surpassed the 12,000 apartment units
property managed milestone within 49 multifamily properties. Resource
Residential was established in October 2007 to assume the management of the
properties in Resource Real Estate investment programs, joint ventures and
properties owned for the Company's account. The property management
division provides a source of stable revenues for the Company's real estate
operations and allows direct operational management control over the
properties it controls. In addition to units property managed by Resource
Residential, it also asset manages an additional 4,000 multifamily units in
the Company's multifamily loan portfolios, bringing the total multifamily
units under both property and asset management to over 16,000.
Resource Real Estate's Executive Vice President Kevin Finkel said of
Resource Residential, "Resource Real Estate's rapidly growing property
management division has become a leader in its field by recognizing that
today's apartment resident demands an unprecedented level of customer
service and amenities. Resource Residential's leadership has not gone
unnoticed in the multifamily industry, and just this month, Resource
Residential was awarded the honor of 'National Company of the Year for
2008' by the Apartment Association of Kansas City. I believe that the
resulting higher resident retention rates and improved leasing metrics will
ultimately provide long-term financial benefits to investors in our
assets."
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
commercial finance, real estate and financial fund management sectors. For
more information please visit our website at www.resourceamerica.com or
contact Marketing and Investor Relations at pkamdar@resourceamerica.com.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although the Company believes the expectations reflected in
such forward-looking statements are based on reasonable assumptions, it can
give no assurance that its expectations will be attained. Factors that
could cause actual results to differ materially from expectations include
financial performance, regulatory changes, changes in local or national
economic conditions and other risks detailed from time to time in the
Company's reports filed with the SEC, including quarterly reports on Form
10-Q, reports on Form 8-K and annual reports on Form 10-K. The Company
undertakes no obligation to update or revise any forward looking statement
to reflect new or changing information or events.