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ARMOUR Residential REIT, Inc. Reports 16.2% Annualized ROE From Taxable REIT Income For Q4 2012

Stocks in this article: ARR

VERO BEACH, Fla., Feb. 22, 2013 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA, and ARR PrB; NYSE MKT: ARR.WS) ("ARMOUR" or the "Company") today announced financial results for the quarter ended December 31, 2012.

Fourth Quarter 2012 Highlights and Financial Information

  • Q4 2012 estimated taxable REIT income of approximately $90.3 million ($0.29 per Common share)
  • Q4 2012 Common dividends paid were $83.6 million ($0.27 per Common share)
  • Q4 2012 Preferred dividends paid were $1.0 million
  • Q4 2012 Core Income of approximately $69.8 million ($0.22 per Common share)
  • Q4 2012 GAAP income of approximately $115.8 million ($0.37 per Common share)
  • Q4 2012 realized gains on Agency Securities sales totaled $20.5 million ($0.07 per Common share) compared to $15.1 million ($0.06 per Common share) in Q3 2012
  • Q4 2012 estimated taxable REIT income results equal annualized yield on Q4 2012 weighted average additional paid-in capital of 16.2%
  • Q4 2012 Core Income results equal annualized yield on Q4 2012 weighted average additional paid-in capital of 12.5%
  • Q4 2012 average yield on assets of 2.47% and average net interest margin of 1.55%
  • Q4 2012 annualized average principal repayment rate (CPR) of 14.1%
  • As of December 31, 2012, there were 2,005,611 shares of Series A Preferred Stock outstanding
  • As of December 31, 2012, there were 309,013,984 shares of Common Stock outstanding
  • Book Value (shareholders' equity) as of December 31, 2012 was $2.3 billion or $7.29 per diluted Common share outstanding. The Company previously reported on February 13, 2013, that it estimated its then-current Book Value to be between $6.70 and $6.76 per diluted Common share. 
  • Additional paid-in capital as of December 31, 2012 was $2.2 billion or $7.31 per Common share outstanding
  • The ARMOUR Residential REIT, Inc. monthly "Company Update" can be found at www.armourreit.com

Q4 2012 Results Taxable REIT Income and Core Income

Estimated taxable REIT income for the quarter ended December 31, 2012, was approximately $90.3 million. The weighted average additional paid-in capital for the quarter ended December 31, 2012, was $2.2 billion. The estimated taxable REIT income represents an annualized return on weighted average additional paid-in capital for the quarter of 16.2%. The Company distributes dividends based on its estimate of taxable earnings per common share, not based on earnings calculated in accordance with Generally Accepted Accounting Principles (GAAP).  Taxable REIT income and GAAP earnings will differ primarily because of the non-taxable unrealized changes in the value of the Company's derivatives, which the company uses as hedges. These unrealized gains/losses are included in GAAP earnings, whereas unrealized valuation changes are not included in taxable income.

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