Resource America Receives $16.6 Million Through Sale of Its Interest in the National Press Building

Resource America REXI announced that it has received net proceeds of approximately $16.6 million in connection with the sale of the National Press Building in Washington DC, in which the Company had owned a 25% interest. The Company will realize a gain of approximately $7.7 million. The National Press Building contains approximately 420,000 square feet of Class A office and retail space and is located in Washington, DC. Resource America originally purchased the defaulted first mortgage on the building in 1999 as part of its distressed real estate business. In 2004, after restructuring the building's capital, the Company sold a controlling interest to an affiliate of Quadrangle Development Corporation, a seasoned and respected Washington-based owner and developer. With the most recent sale, the Company's internal rate of return on its investment in the National Press Building is approximately 17.5% over 12 years.