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TheStreet Open House

Arbor Realty Trust Reports Second Quarter 2013 Results And Declares Common And Preferred Dividends

Second Quarter Highlights:

  • Declares a common dividend of $0.13 per share, an 8% increase from 1Q13
  • Declares a dividend of $0.515625 per share of Series A preferred stock and $0.6028 per share of Series B preferred stock
  • FFO of $4.8 million, or $0.11 per diluted common share 1
  • Net income attributable to common stockholders of $3.0 million, or $0.07 per diluted common share
  • Raised $30.4 million of capital in a preferred stock offering
  • Closed a $40.0 million warehouse facility
  • Originated 16 new loans totaling $181.2 million
  • Purchased 10 residential mortgage-backed securities totaling $84.8 million
  • Adjusted book value per common share of $9.63, GAAP book value per common share of $7.60 1
  • Recorded $1.5 million in loan loss reserves
  • Recorded $0.7 million in cash recoveries of previously recorded reserves

UNIONDALE, N.Y., Aug. 2, 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 second quarter ended June 30, 2013. Arbor reported net income attributable to common stockholders for the quarter of $3.0 million, or $0.07 per diluted common share, compared to net income attributable to common stockholders for the quarter ended June 30, 2012 of $15.5 million, or $0.62 per diluted common share. Net income attributable to common stockholders for the six months ended June 30, 2013 was $9.6 million, or $0.25 per diluted common share, compared to net income attributable to common stockholders for the six months ended June 30, 2012 of $19.7 million, or $0.79 per diluted common share. Funds from operations ("FFO") for the quarter ended June 30, 2013 was $4.8 million, or $0.11 per diluted common share, compared to FFO of $17.1 million, or $0.68 per diluted common share for the quarter ended June 30, 2012. FFO for the six months ended June 30, 2013 was $13.1 million, or $0.34 per diluted common share, compared to FFO of $19.0 million, or $0.77 per diluted common share for the six months ended June 30, 2012. 1

The balance of the Company's loan and investment portfolio, excluding loan loss reserves, at June 30, 2013 was approximately $1.8 billion, as compared to approximately $1.7 billion at March 31, 2013. The average balance of the Company's loan and investment portfolio during the second quarter of 2013, excluding loan loss reserves, was $1.8 billion and the average yield on these assets for the quarter was 5.47%, compared to $1.7 billion and 5.63% for the first quarter of 2013.

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