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Arbor Realty Trust Reports Fourth Quarter And Full Year 2012 Results And Declares Fourth Quarter 2012 Dividend

Stocks in this article: ABR

Fourth Quarter Highlights:

  • Declares a common dividend of $0.12 per share
  • FFO of $0.9 million, or $0.03 per diluted common share 1
  • Net loss attributable to Arbor Realty Trust, Inc. of $0.3 million, or $0.01 per diluted common share
  • Raised $19.2 million of capital issuing 3.5 million common shares
  • Originated 10 new loans totaling $90.8 million
  • Purchased five residential mortgage-backed securities totaling $40.0 million    
  • Adjusted book value per share $10.41, GAAP book value per share $7.34 1
  • Recorded $2.5 million in loan loss reserves

Subsequent Highlights:

  • Closed a $260.0 million collateralized loan obligation in January
  • Raised $37.3 million of capital in a preferred stock offering in February
  • Improved funding sources by closing a $50.0 million warehouse facility in February and increasing the capacity of two financing facilities by a total of $30.0 million in January

Full Year Highlights:

  • Reinstated quarterly cash dividend, declaring $0.405 per share of common stock related to the full year 2012
  • FFO of $23.5 million, or $0.87 per diluted common share 1
  • Net income attributable to Arbor Realty Trust, Inc. of $21.5 million, or $0.79 per diluted common share
  • Closed a $125.1 million collateralized loan obligation and a $15.0 million revolving line of credit
  • Raised $36.7 million of capital issuing 7.0 million common shares in two offerings
  • Originated $274.5 million of new loans and generated $85.3 million in cash from runoff   
  • Purchased $157.7 million in residential mortgage-backed securities
  • Generated gains of $30.5 million from the retirement of CDO debt and $4.0 million from the sale of real estate held-for-sale
  • Recorded $23.8 million in loan loss reserves
  • Recorded $0.9 million in cash recoveries of previously recorded reserves

UNIONDALE, N.Y., Feb. 15, 2013 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust focused on the business of investing in real estate related bridge and mezzanine loans, preferred and direct equity investments, mortgage-related securities and other real estate related assets, today announced financial results for the fourth quarter and year ended December 31, 2012. Arbor reported a net loss attributable to Arbor Realty Trust, Inc. for the quarter of $0.3 million, or $0.01 per diluted common share, compared to a net loss attributable to Arbor Realty Trust, Inc. for the quarter ended December 31, 2011 of $27.8 million, or $1.15 per diluted common share. Net income attributable to Arbor Realty Trust, Inc. for the year ended December 31, 2012 was $21.5 million, or $0.79 per diluted common share, compared to a net loss attributable to Arbor Realty Trust, Inc. for the year ended December 31, 2011 of $40.3 million, or $1.61 per diluted common share. Funds from operations ("FFO") for the quarter ended December 31, 2012 was $0.9 million, or $0.03 per diluted common share, compared to a loss of $24.9 million, or $1.03 per diluted common share for the quarter ended December 31, 2011. FFO for the year ended December 31, 2012 was $23.5 million, or $0.87 per diluted common share, compared to a loss of $32.6 million, or $1.30 per diluted common share for the year ended December 31, 2011. 1

The balance of the Company's loan and investment portfolio, excluding loan loss reserves, at December 31, 2012 remained relatively unchanged compared to September 30, 2012 at approximately $1.6 billion. The average balance of the Company's loan and investment portfolio during the fourth quarter of 2012, excluding loan loss reserves, was $1.6 billion and the average yield on these assets for the quarter was 5.10%, compared to $1.6 billion and 5.03% for the third quarter of 2012.

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