CENTERLINE HOLDING COMPANY REPORTS THIRD QUARTER 2012 FINANCIAL RESULTS

AT THE COMPANY
Denise Bernstein, Investor Relations
(800) 831-4826

CENTERLINE HOLDING COMPANY REPORTS
THIRD QUARTER 2012 FINANCIAL RESULTS

New York, NY - November 19,  2012 - Centerline Holding Company (OTC:CLNH) ("Centerline" or the "Company"), the parent company of Centerline Capital Group, a provider of real estate financing and asset management services to the affordable and conventional multifamily housing industry, today announced financial results for the third quarter and nine months ended September 30, 2012.

The tables below present Centerline`s Condensed Consolidated Balance Sheets as of September 30, 2012, and December 31, 2011; and the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011. For more detailed financial information, including certain non-GAAP financial measures, please access the Financial Overview Presentation available in the "Investor Relations" section of the Company`s website at www.centerline.com.

About the Company

Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC:CLNH), provides real estate financing and asset management services for affordable and conventional multifamily housing. The Company offers a range of both debt financing and equity investment products as well as asset management services to developers, owners, and investors.  Founded in 1972, Centerline is headquartered in New York, New York and has several offices throughout the United States.  For more information, please visit Centerline`s website at www.centerline.com or contact the Investor Relations Department at 1-800-831-4826.

CENTERLINE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,December 31,
2012 2011 
(Unaudited)
Assets:
Cash and cash equivalents$ 95,334 $ 95,992 
Restricted cash 17,233  16,185 
Investments:
Available-for-sale  401,018  394,355 
Equity method  13,026  8,794 
Mortgage loans held for sale and other assets  187,725  190,192 
Investments in and loans to affiliates, net  4,313  5,641 
Intangible assets, net  8,333  8,784 
Mortgage servicing rights, net  84,332  72,520 
Deferred costs and other assets, net  52,265  75,791 
Consolidated partnerships:
Equity method investments  2,773,437  3,079,803 
Land, buildings and improvements, net  415,742  460,804 
Other assets  243,521  264,437 
Total assets$ 4,296,279 $ 4,673,298 
Liabilities:
Notes payable and other borrowings $ 327,922 $ 322,849 
Secured financing  520,096  618,163 
Accounts payable, accrued expenses and other liabilities  184,946  187,230 
Preferred shares of subsidiary (subject to mandatory repurchase)  55,000  55,000 
Redeemable securities 6,000  - 
Consolidated partnerships:
Notes payable 161,792  156,643 
Due to tax credit property partnerships 82,913  132,246 
Other liabilities  449,045  319,256 
Total liabilities 1,787,714  1,791,387 
Redeemable securities  -  6,000 
Commitments and contingencies
Equity:
Centerline Holding Company total 221,594  210,751 
Non-controlling interests  2,286,971  2,665,160 
Total equity 2,508,565  2,875,911 
Total liabilities and equity$ 4,296,279 $ 4,673,298 

CENTERLINE HOLDING COMPANY   
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
 (in thousands, except per share amounts)  
 (Unaudited)  
          
  Three Months Ended  Nine Months Ended  
  September 30,  September 30,  
  2012   2011   2012   2011   
 Revenues:         
  Interest income $ 11,072   $ 9,955   $ 33,973   $30,048   
  Fee income  9,757    8,379    28,966    24,938   
  Gain on sale of mortgage loans  15,361    7,398    36,743    20,869   
  Other   673    393    3,012    1,962   
  Consolidated partnerships          
  Interest income, net  312    255    (701)   940   
  Rental income  26,170    26,022    81,754    77,719   
  Other  327    262    537    1,352   
  Total revenues  63,672    52,664    184,284    157,828   
          
 Expenses:         
  General and administrative   23,467    25,981   77,380  71,873  
  Provision for (recovery of) losses   14,738    (39,644)  20,502   (48,305)  
  Interest   14,007   21,599    44,192    51,173   
  Interest - distributions to preferred shareholders of subsidiary   960    960    2,880    2,880   
  Depreciation and amortization  3,696    3,712    11,948    10,966   
  Consolidated partnerships          
  Interest  6,630    4,919    16,152    13,584   
  Loss on impairment of assets  -     -     678    60,349   
  Other expenses  95,291    45,603    203,361    163,937   
  Total expenses  158,789    63,130    377,093    326,457   
          
 Loss before other (loss) income  (95,117)   (10,466)   (192,809)   (168,629)  
          
 Other (loss) income:         
  Equity and other income, net  55    -   113    -   
  Gain on settlement of liabilities  493    -    493    4,368   
  Gain from repayment or sale of investments  598    132    1,419    1,456   
  Other losses from consolidated partnerships   (56,684)   (53,798)   (277,403)   (237,834)  
          
 Loss from continuing operations before income tax provision  (150,655)   (64,132)   (468,187)   (400,639)  
 Income tax benefit (provision)  - continuing operations  652   87    505    (93)  
          
 Net loss from continuing operations  (150,003)   (64,045)   (467,682)   (400,732)  
          
 Discontinued operations:          
 Net income from discontinued operations  -    -    -    253   
          
 Net loss  (150,003)   (64,045)   (467,682)   (400,479)  
          
 Net loss attributable to non-controlling interests   144,240    87,860    454,578    434,738   
          
 Net (loss) income attributable to Centerline Holding Company shareholders  $(5,763)   $23,815   $ (13,104)  $ 34,259   
          
 Net (loss) income per share          
  Basic and Diluted         
  (Loss) income from continuing operations $( 0.02)   $ 0.07   $ (0.04)  $ 0.10   
  (Loss) income from discontinued operations $ -   $ -   $ -   $ -   (1)
          
 Weighted average shares outstanding          
  Basic and Diluted  349,166    349,166    349,166    348,995   
          
(1) Amount calculates to zero when rounded.    

###

Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management`s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  Other risks and uncertainties are detailed in Centerline Holding Company`s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our potential inability to raise capital or access financing on acceptable terms, or at all, or to repay or restructure or our existing indebtedness; being required to redeem our outstanding redeemable securities; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; our dependence on our advisor and the services of our executive officers and other employees; changes in our business policies; possible adverse effects from potential future issuances of securities or a reverse stock split;  significant voting power held by certain shareholders; potential liabilities to shareholders resulting from our operation as a Delaware statutory trust; our ability to remain exempt from the provisions of the Investment Company Act of 1940, as amended; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation.  Words such as "anticipates", "expects", "intends", "plans, "believes" "seeks", "estimates" and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements speak only as of the date of this document.  Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company`s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE

HUG#1658201
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here