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TheStreet Open House

Arbor Realty Trust Reports Fourth Quarter And Full Year 2013 Results And Declares Common Stock Dividend

Stocks in this article: ABR

Fourth Quarter Highlights:

  • Declares a common dividend of $0.13 per share
  • FFO of $6.3 million, or $0.13 per diluted common share 1
  • Net income attributable to common stockholders of $3.4 million, or $0.07 per diluted common share
  • Originated 19 new loans totaling $163.5 million
  • Adjusted book value per common share of $9.22, GAAP book value per common share of $7.53 1
  • Obtained an additional $33 million of warehouse financing
  • Recorded $2.0 million in loan loss reserves and impairments
  • Recorded $0.8 million in cash recoveries of previously recorded reserves

Full Year Highlights:

  • Declared common dividends of $0.51 per share relating to the full year 2013
  • FFO of $25.0 million, or $0.58 per diluted common share 1
  • Net income attributable to common stockholders of $16.7 million, or $0.39 per diluted common share
  • Raised $197.0 million of capital through three common stock offerings and two preferred stock offerings
  • Originated 67 new loans totaling $591.5 million
  • Closed a second collateralized loan obligation totaling $260 million
  • Improved funding sources by closing three new warehouse facilities totaling $123 million and increasing the capacity of existing facilities by $30 million, with reduced pricing on these existing facilities
  • Generated gains of $4.9 million from the retirement of CDO debt
  • Recorded $7.5 million in loan loss reserves and impairments
  • Recorded $2.2 million in cash recoveries of previously recorded reserves

UNIONDALE, N.Y., Feb. 14, 2014 (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, 2013. Arbor reported net income attributable to common stockholders for the quarter of $3.4 million, or $0.07 per diluted common share, compared to a net loss attributable to common stockholders of $0.3 million, or $0.01 per diluted common share for the quarter ended December 31, 2012. Net income attributable to common stockholders for the year ended December 31, 2013 was $16.7 million, or $0.39 per diluted common share, compared to $21.5 million, or $0.79 per diluted common share for the year ended December 31, 2012. Funds from operations ("FFO") for the quarter ended December 31, 2013 was $6.3 million, or $0.13 per diluted common share, compared to $0.9 million, or $0.03 per diluted common share for the quarter ended December 31, 2012. FFO for the year ended December 31, 2013 was $25.0 million, or $0.58 per diluted common share, compared to $23.5 million, or $0.87 per diluted common share for the year ended December 31, 2012. 1

Portfolio Activity

Loan and investment portfolio activity during the fourth quarter of 2013 consisted of:

  • Originated 19 new loans totaling $163.5 million, of which 14 new bridge loans comprised $149.6 million.
  • Payoffs and pay downs on 22 loans totaling $179.9 million, of which $2.0 million was charged off against loan loss reserves related to one loan.
  • Modified and/or extended seven loans totaling $44.3 million.

At December 31, 2013, the loan and investment portfolio's unpaid principal balance, excluding loan loss reserves, was approximately $1.7 billion, with a weighted average current interest pay rate of 5.21%. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest rate was 5.69% at December 31, 2013.

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