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Resource America, Inc.: Resource America, Inc.'s Property Management Division Surpasses the 12,000 Apartment Units Under Manage

^{Published on 2008-12-18 10:46:48 - Market Wire}
 

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.