Ladder Capital Corp. recorded a $65.6 million GAAP gain on the sale of a Jacksonville, Florida, office property during the third quarter, while its results showed $118.9 million in revenue when two reported income items are combined.
The company’s results, released Friday, list $28.830 million in net interest income and $90.074 million in total other income. Those amounts total $118.904 million, which rounds to $118.9 million; Ladder presented the components rather than a separate revenue line.
The quarter ended Sept. 30. The $65.6 million amount is the rounded GAAP gain on the real estate sale, and the company’s distributable-earnings reconciliation adjusts for the sale gain.
Ladder reported distributable earnings per share of $0.35. Distributable earnings is a non-GAAP measure. The company’s GAAP diluted earnings per share was $0.53, a separate measure from distributable EPS.
