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Arbor Realty Trust Reports First Quarter 2014 Results And Declares Common And Preferred Stock Dividends

Stocks in this article: ABR

First Quarter Highlights:

- Declares a cash dividend of $0.13 per share of common stock

- Declares cash dividends of $0.515625 per share of Series A, $0.484375 per share of Series B and $0.5549 per share of Series C preferred stock

- FFO of $8.0 million, or $0.16 per diluted common share 1

- Net income attributable to common stockholders of $5.9 million, or $0.12 per diluted common share

- Originated $275 million of new loans

- Raised $28 million of capital through two stock offerings

- Increased the capacity of financing facilities by $30 million

- Adjusted book value per common share of $9.15, GAAP book value per common share of $7.55 1

Recent Developments:

- Closed a third collateralized loan obligation totaling $375 million in April

- Increased the capacity of financing facilities by $40 million in April

UNIONDALE, N.Y., May 1, 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 first quarter ended March 31, 2014. Arbor reported net income attributable to common stockholders for the quarter of $5.9 million, or $0.12 per diluted common share, compared to $6.6 million, or $0.19 per diluted common share for the quarter ended March 31, 2013. Funds from operations ("FFO") for the quarter ended March 31, 2014 was $8.0 million, or $0.16 per diluted common share, compared to $8.3 million, or $0.24 per diluted common share for the quarter ended March 31, 2013. 1

Portfolio Activity

Loan and investment portfolio activity during the first quarter of 2014 consisted of:

  • Originated 18 new loans totaling $274.9 million, of which 16 were bridge loans for $263.9 million.
  • Payoffs and pay downs on 13 loans totaling $226.8 million, of which $5.7 million was charged off against loan loss reserves related to one loan.
  • Modified and/or extended seven loans totaling $35.2 million.

At March 31, 2014, the loan and investment portfolio's unpaid principal balance, excluding loan loss reserves, was approximately $1.71 billion, with a weighted average current interest pay rate of 5.26%. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 5.79% at March 31, 2014.

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