PHILADELPHIA, PA - March 15, 2002 - The Board of Trustees of RAIT Investment Trust (RAIT) (NYSE: RAS) declared a first quarter 2002 common stock dividend of $0.58 per common share.  This represents a 3.5% increase over the previously paid quarterly dividend of $.56 for the fourth quarter 2001.

The dividend will be paid on April 16, 2002 to holders of record on April 3, 2002.  The annualized dividend yield is 12.2% based upon the closing stock price of $18.91 on March 14, 2002.

RAIT has a Dividend Reinvestment and Share Purchase Plan for both shareholders and non-shareholders.  Plan information may be obtained from the Plan Administrator, American Stock Transfer & Trust Company, at 1-800-278-4353 or by contacting RAIT at 215-861-7900 or visiting the RAIT Web site at www.raitinvestmenttrust.com.

About RAIT Investment Trust

RAIT Investment Trust (NYSE:RAS - news) is a specialty finance company focused on the commercial real estate industry. RAIT provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt and mezzanine lending, and acquires real estate for its own account. RAIT, which is taxed as a real estate investment trust, seeks to deliver risk-adjusted returns on equity to shareholders by providing tailored and flexible financing products to its customers. For more information please visit www.raitinvestmenttrust.com or call Investor Relations at 215/861-7900.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding RAIT Investment Trust's business which are not historical facts are ``forward-looking statements'' that involve risks and uncertainties. For discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statement, see ``Risk Factors'' in the Company's Registration Statement and 2000 Form 10K filed with the Securities and Exchange Commission.