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ARMOUR Residential REIT, Inc. Reports 23.6% Annualized Taxable REIT Income And CORE Income For Q4 2010

Stocks in this article: ARR

VERO BEACH, Fla., March 10, 2011 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE Amex:ARR) (NYSE Amex:ARR.WS) ("ARMOUR" or the "Company") today announced financial results for the year and the quarter ending December 31, 2010. The Company also announced that its Board of Directors declared a Q2 2011 monthly dividend rate of $0.12 per share.

Fourth Quarter 2010 Highlights and Current Balance Sheet Information

  • Year ended December 31, 2010 estimated taxable REIT income of $9.2 million.
  • Q4 2010 estimated taxable REIT income of approximately $4.4 million
  • Q4 2010 Core Income of approximately $4.4 million
  • Declared and paid $4.3 million in Q4 2010 dividends
  • Q4 2010 estimated taxable REIT income results and Q4 2010 Core Income results equal annualized yield on weighted average Q4 2010 equity of 23.6%
  • Q4 2010 weighted average equity was $74.6 million
  • Q4 dividends paid equals annualized yield on weighted average Q4 equity of 23.1%
  • December 31, 2010, book value per common share of $6.61
  • As of December 31, 2010, there were 16,441,554 common shares outstanding
  • Historic book value (additional paid-in-capital) per share as of March 8, 2011, is estimated to be $7.12
  • Current book value per share as of March 8, 2011, is estimated to be $6.87
  • Shares outstanding as of March 8, 2011 are 32,254,054
  • Q4 2010 average yield on assets of 3.42% and average net interest spread of 2.95%
  • Q4 2010 annualized average principal repayment rate (CPR) of 10.8%
  • No assets were sold during the fourth quarter of 2010
  • Monthly "Company Update" was posted to the website today

Year 2010 and Q4 2010 Results

Taxable REIT Income and Core Income

Estimated taxable REIT income for the year ended December 31, 2010 was approximately $9.2 million, of which $8.8 million was paid out as of the applicable record dates. An additional $0.4 million of 2010 taxable income was paid on January 28, 2011. The average equity for the year ended December 31, 2010, was $43.6 million. The estimated annual taxable REIT income represents an annualized return on average equity for the year of 21.1%. The amount paid out as dividends represents an annualized return on average equity for the year of 21.1%. The Company distributes dividends based on its estimate of taxable earnings per common share, not GAAP (Generally Accepted Accounting Principles) earnings. Taxable REIT income and GAAP earnings will differ primarily because the non-taxable unrealized changes in the value of the Company's interest rate hedges are included in GAAP earnings whereas, because they are not realized, valuation changes are not included in taxable income.

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