RAIT, a Philadelphia-based commercial mortgage real estate investment trust, has reported net income of $60.9 million ($2.48 per share) for 2004, compared with $47.2 million ($2.23 per share) for 2003.For the fourth quarter, the REIT reported net income of $16.2 million ($0.63 per share), an increase of 20% from $13.5 million ($0.60 per share) for the fourth quarter of 2003. RAIT provides structured financing for real estate, including mezzanine loans and preferred equity investments. The REIT also acquires real estate for its own account.

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