CreXus Investment Corp. Reports Results For The 4th Quarter And Year Ended 2011
CreXus Investment Corp. (NYSE: CXS), today reported GAAP net income for the quarter ended December 31, 2011 of $41.8 million or $0.55 per average share, as compared to $4.5 million or $0.25 per average share for the quarter ended December 31, 2010 and $39.9 million or $0.52 per average share for the quarter ended September 30, 2011.
GAAP net income for the year ended December 31, 2011 was $108.4 million or $1.73 per average share as compared to GAAP net income of $11.9 million or $0.66 per average share for the year ended December 31, 2010.
During the quarter ended December 31, 2011, the Company sold Agency residential-mortgage-backed securities (“Agency MBS”) with a carrying value of $191.6 million resulting in realized gains of $4.5 million. The Company did not sell Agency MBS during the quarters ended December 31, 2010 and September 30, 2011.
For the year ended December 31, 2011, the Company sold commercial mortgage-backed securities (“CMBS”) with a carrying value of $200.8 million resulting in realized gains of $13.9 million and Agency MBS with a carrying value of $191.6 million resulting in realized gains of $4.5 million. For the year ended December 31, 2010, the Company sold CMBS with a carrying value of $61.2 million resulting in realized gains of $623 thousand.
Common dividends declared for the quarters ended December 31, 2011, December 31, 2010, and September 30, 2011, were $0.35, $0.22 and $0.30 per common share, respectively. 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 December 31, 2011, based on the December 31, 2011 closing price of $10.38, was 13.49%.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
TheStreet Quant Ratings
TRY IT FREENew! $49.95/yr
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Product Features:
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Dividend Stock Advisor
TRY IT FREEJim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
