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ARMOUR Residential REIT, Inc. Reports 13.8% Annualized ROE From Taxable REIT Income For Q1 2013

Stocks in this article: ARR

VERO BEACH, Fla., May 2, 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 March 31, 2013.

First Quarter 2013 Highlights and Financial Information

  • Estimated taxable REIT income was approximately $86.0 million representing 13.8% annualized yield on Q1 2013 weighted average paid-in capital
  • Common dividends paid were $79.8 million or $0.24 per Common share of record
  • Preferred dividends paid were $2.5 million
  • Core Income was approximately $67.5 million or $0.18 per Common share
  • GAAP income was approximately $102.3 million or $0.27 per Common share
  • Realized gains on Agency Securities sales totaled $18.5 million or $0.05 per Common share as compared to $20.5 million or $0.07 per Common share in Q4 2012
  • Core Income represents 10.8% annualized yield on Q1 2013 weighted average paid-in capital
  • Average yield on assets was 2.33% and average net interest margin was 1.35%
  • Annualized average principal repayment rate (CPR) was 15.7%
  • Stock outstanding as of March 31, 2013:

Common - 374,053,198 shares Series A Preferred - 2,180,572 shares Series B Preferred - 5,650,000 shares

  • Book Value (shareholders' equity) as of March 31, 2013 was $2.7 billion or $6.69 per Common share
  • Paid-in capital as of March 31, 2013 was $2.8 billion or $6.95 per Common share
  • The ARMOUR Residential REIT, Inc. monthly "Company Update" can be found at

Q1 2013 Results Taxable REIT Income and Core Income

Estimated taxable REIT income for the quarter ended March 31, 2013, was approximately $86.0 million. The weighted average paid-in capital for the quarter ended March 31, 2013, was $2.5 billion. The estimated taxable REIT income represents an annualized return on weighted average paid-in capital for the quarter of 13.8%. The Company distributes dividends based on its estimate of taxable earnings, 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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