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RAIT Financial Trust Announces Strong Leasing at Inlet Square in Murrells Inlet, South Carolina

^{Published on 2010-10-07 05:35:58 - Market Wire}
 

PHILADELPHIA--([ BUSINESS WIRE ])--RAIT Financial Trust (NYSE:RAS) (aRAITa) is pleased to announce that, since taking control of Inlet Square in Murrells Inlet, South Carolina in September of 2009, seven new leases in excess of 20% of the property, or approximately 90,000 square feet, have been signed. As a result of these leases, the occupancy rate will increase to approximately 90% from 68% in September 2009. Key leases signed since RAIT acquired Inlet Square include a cinema and entertainment venue, an apparel store and a nationally recognized kids store.

"This is a good example of RAIT using its core real estate knowledge and capabilities to create value within its commercial real estate portfolio."

Scott Schaeffer, RAITa™s Chief Executive Officer and President, commented, aThis is a good example of RAIT using its core real estate knowledge and capabilities to create value within its commercial real estate portfolio.a

Inlet Square is a 430,000 square-foot mall anchored by JC Penney, Belk, Kmart and Stein Mart. It recently underwent a $4.5 million renovation to help attract new tenants. You can learn more about the property at [ www.inletsquaremall.com ].

About RAIT Financial Trust

RAIT Financial Trust manages a portfolio of real estate related assets, provides a comprehensive set of debt financing options to the real estate industry and invests in real estate related assets. RAIT's management uses its experience, knowledge and relationship network to seek to generate and manage real estate related investment opportunities for RAIT and for outside investors. For more information, please visit [ www.raitft.com ] or call Investor Relations at 215.243.9000.