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CreXus Investment Corp. (NYSE: CXS), today reported GAAP net income for the quarter ended September 30, 2011 of $39.9 million or $0.52 per average share, as compared to $3.2 million or $0.18 per average share for the quarter ended September 30, 2010 and $22.1 million or $0.29 per average share for the quarter ended June 30, 2011.
The Company declared common stock dividends for the quarter ended September 30, 2011, of $0.30 per share as compared to a dividend of $0.17 per share for the quarter ended September 30, 2010 and $0.25 per share for the quarter ended June 30, 2011. The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as differences in premium amortization and discount accretion, non-taxable unrealized and realized gains and losses, credit loss recognition, and non-deductible general and administrative expenses. The annualized dividend yield on the Company’s common stock for the quarter ended September 30, 2011, based on the September 30, 2011 closing price of $8.88, was 13.51%.
On a GAAP basis the Company provided an annualized return on average equity of 17.61% for the quarter ended September 30, 2011, as compared to 4.82% for the quarter ended September 30, 2010 and 10.04% for the quarter ended June 30, 2011.
Kevin Riordan, Chief Executive Officer and President of CreXus, commented on the quarter’s results. “The third quarter of 2011 was a productive period for CreXus. As previously disclosed, we made significant progress in transitioning near-term maturity low coupon assets into longer-duration higher yielding assets through refinancings and payoffs, with a combination of existing borrowers and new investments. We continue to build a portfolio that can deliver sustainable strong cash flow. Importantly, the broad origination platform we have built provides us with investment opportunities across the complete spectrum of commercial real estate.”