ABR Arbor Realty Trust Inc.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2019 Results and Declares Common Stock Dividend

Arbor Realty Trust Reports Fourth Quarter and Full Year 2019 Results and Declares Common Stock Dividend

Fourth Quarter Highlights:

  • GAAP net income of $0.34 per diluted common share
  • AFFO per diluted common share of $0.34, excluding a one-time loss from the early repayment of debt and gains from derivative instruments1
  • Raised $250.7 million of accretive growth capital through the issuance of common stock and senior unsecured notes
  • Issued $264.0 million of 4.75% convertible senior notes due 2022 to exchange our 5.25% convertible senior notes
  • Declares a cash dividend on common stock of $0.30 per share, 11% higher than a year ago

Agency Business

  • Segment income of $33.2 million
  • Loan originations of $1.26 billion
  • Servicing portfolio of $20.06 billion representing 8% growth for 2019

Structured Business

  • Segment income of $9.5 million
  • Portfolio growth of 8% on $831.4 million of loan originations
  • Closed a $635.0 million collateralized securitization vehicle with improved terms

Full Year Highlights:

  • GAAP net income of $1.27 and AFFO of $1.36 per diluted common share1
  • Record loan originations of $7.61 billion, a 12% increase over 2018
  • Structured portfolio growth of 30% from record loan originations of $2.80 billion
  • Significant return to shareholders of 54% for 2019
  • Raised common dividend three times in 2019 to a forward annual rate of $1.20 per share, up from $1.08 per share a year ago
  • Continued focus on improving our funding sources by increasing warehouse capacity by $1.00 billion, adding two collateralized securitization vehicles totaling $1.29 billion and issuing $264.0 million of convertible senior notes, replacing higher cost debt
  • Raised $456.9 million of accretive growth capital through the issuance of common stock and senior unsecured notes at attractive terms
  • Launched the single-family rental portfolio and private label programs, further diversifying our lending platform

UNIONDALE, N.Y., Feb. 14, 2020 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE:ABR), today announced financial results for the fourth quarter and year ended December 31, 2019.  Arbor reported net income for the quarter of $35.5 million, or $0.34 per diluted common share, compared to $37.2 million, or $0.47 per diluted common share for the quarter ended December 31, 2018.  Net income for the year was $121.1 million, or $1.27 per diluted common share, compared to $108.3 million, or $1.50 per diluted common share for the year ended December 31, 2018. Adjusted funds from operations (“AFFO”) for the quarter was $42.1 million, or $0.34 per diluted common share, compared to $29.0 million, or $0.29 per diluted common share for the quarter ended December 31, 2018.  AFFO for the year was $158.0 million, or $1.36 per diluted common share, compared to $118.1 million, or $1.26 per diluted common share for the year ended December 31, 2018.1

Agency Business

Loan Origination Platform

Agency Loan Volume  (in thousands)
  Quarter Ended Year Ended
  December 31, 2019 September 30, 2019 December 31, 2019 December 31, 2018
Fannie Mae $  764,314 $  1,097,095 $  3,346,272 $  3,332,100
Freddie Mac   96,993   203,981   728,317   1,587,958
FHA   78,428   -    123,095   153,523
CMBS/Conduit   -    34,000   211,325   50,908
Private Label   320,476   80,740   401,216   - 
Total Originations $  1,260,211 $  1,415,816 $  4,810,225 $  5,124,489
         
Total Loan Sales $  887,868 $  1,488,430 $  4,401,112 $  4,924,144
         
Total Loan Commitments $  1,203,194 $  1,477,436 $  4,829,721 $  5,104,072
         

For the quarter ended December 31, 2019, the Agency Business generated revenues of $68.5 million, compared to $67.0 million for the third quarter of 2019. Gain on sales, including fee-based services, net was $13.8 million for the quarter, reflecting a margin of 1.55% on loan sales, compared to $21.3 million and 1.43% for the third quarter of 2019. Income from mortgage servicing rights was $27.9 million for the quarter, reflecting a rate of 2.32% as a percentage of loan commitments, compared to $29.9 million and 2.02% for the third quarter of 2019. 

At December 31, 2019, loans held-for-sale was $861.4 million which was primarily comprised of unpaid principal balances totaling $847.1 million, with financing associated with these loans totaling $743.6 million.

Fee-Based Servicing Portfolio

Our fee-based servicing portfolio totaled $20.06 billion at December 31, 2019, an increase of 0.4% from September 30, 2019, primarily a result of $939.7 million of new loan originations (excluding $320.5 million of private label loans that are yet to be sold), net of $846.5 million in portfolio runoff during the quarter. Servicing revenue, net was $14.6 million for the quarter and consisted of servicing revenue of $26.5 million, net of amortization of mortgage servicing rights totaling $12.0 million.

  Fee-Based Servicing Portfolio ($ in thousands)
  As of December 31, 2019 As of September 30, 2019
  UPBWtd. Avg. FeeWtd. Avg. Life

(in years)
 UPBWtd. Avg. FeeWtd. Avg. Life

(in years)
Fannie Mae $  14,832,8440.493%7.8 $  14,616,8160.492%8.1
Freddie Mac   4,534,7140.300%10.6   4,664,7500.300%11.0
FHA   691,5190.154%18.7   684,3160.154%19.2
Total $  20,059,0770.438%8.8 $  19,965,8820.435%9.2
         

Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”). At December 31, 2019, the Company’s allowance for loss-sharing obligations was $34.6 million, representing 0.23% of the Fannie Mae servicing portfolio.

Structured Business

Portfolio and Investment Activity

Quarter ended December 31, 2019:

  • Originated 66 loans totaling $831.4 million, of which $799.2 million was funded at December 31, 2019, and consisted primarily of 51 bridge loans totaling $765.0 million
  • Payoffs and pay downs on 25 loans totaling $508.9 million
  • Portfolio growth of $317.9 million, or 8%

Year ended December 31, 2019:

  • Record origination volume of $2.80 billion, a 69% increase from 2018, and consists of 173 new loan originations, of which 140 were bridge loans for $2.60 billion
  • Payoffs and pay downs on 137 loans totaling $1.75 billion
  • Portfolio growth of $1.00 billion, or 30%

At December 31, 2019, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $4.29 billion, with a weighted average current interest pay rate of 5.98%, compared to $3.97 billion and 6.33% at September 30, 2019.  Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 6.68% at December 31, 2019, compared to 7.04% at September 30, 2019.

The average balance of the Company’s loan and investment portfolio during the fourth quarter of 2019, excluding loan loss reserves, was $4.02 billion with a weighted average yield of 7.18%, compared to $3.94 billion and 7.31% for the third quarter of 2019. The decrease in average yield was primarily due to a decrease in LIBOR in the fourth quarter, partially offset by higher fees on loan payoffs in the fourth quarter as compared to the third quarter.

At December 31, 2019, the Company’s total loan loss reserves were $71.1 million on five loans with an aggregate carrying value before loan loss reserves of $130.7 million. The Company also had three non-performing loans with a carrying value of $3.5 million, net of related loan loss reserves of $1.7 million.

Financing Activity

The Company completed its twelfth collateralized securitization vehicle (“CLO XII”) totaling $635.0 million of real estate related assets and cash. Investment grade-rated notes totaling $534.2 million were issued, and the Company retained subordinate interests in the issuing vehicle of $100.8 million. The facility has a three-year asset replenishment period and an initial weighted average interest rate of 1.50% over LIBOR, excluding fees and transaction costs.

The Company completed the unwind of CLO VII, redeeming $279.0 million of outstanding notes repaid with proceeds received from the refinancing of CLO VII’s outstanding assets primarily within CLO XII, which has an interest rate 49 basis points lower than CLO VII.

The balance of debt that finances the Company’s loan and investment portfolio at December 31, 2019 was $3.93 billion with a weighted average interest rate including fees of 4.35% as compared to $3.52 billion and a rate of 4.65% at September 30, 2019. The average balance of debt that finances the Company’s loan and investment portfolio for the fourth quarter of 2019 was $3.76 billion, as compared to $3.52 billion for the third quarter of 2019. The average cost of borrowings for the fourth quarter was 4.60%, compared to 4.87% for the third quarter of 2019. The decrease in average costs was primarily due to a decrease in LIBOR in the fourth quarter, partially offset by the acceleration of fees related to the early repayment of debt in the fourth quarter.

The Company is subject to various financial covenants and restrictions under the terms of its collateralized securitization vehicles, financing facilities and unsecured debt. The Company believes it was in compliance with all financial covenants and restrictions as of December 31, 2019 and as of the most recent collateralized securitization vehicle determination dates in January 2020.

Capital Markets

The Company issued 7.5 million shares of common stock in a public offering receiving net proceeds of $104.0 million. The proceeds are primarily to be used to make investments and for general corporate purposes.

The Company issued $264.0 million in aggregate principal amount of 4.75% convertible senior notes due 2022 in a private placement, including the exercised initial purchaser’s over-allotment option of $34.0 million. The Company received proceeds totaling $256.5 million, net of the underwriter’s discount and fees from this offering. The Company used the net proceeds to exchange $103.5 million of its 5.25% convertible senior notes due 2021 that were issued on July 3, 2018 and $125.2 million of 5.25% convertible senior notes due 2021 that were issued on July 20, 2018 for a combination of $233.1 million in cash and 4.5 million shares of the Company’s common stock to settle such exchanges. The remaining net proceeds are to be used for general corporate purposes.

The Company issued $110.0 million in aggregate principal amount of 4.75% senior unsecured notes due 2024 in a private placement, generating net proceeds of $108.2 million after deducting offering expenses. This offering reflects a 100 basis point reduction in rate as compared to our previous senior unsecured notes offering in March 2019. The proceeds were used to make investments and for general corporate purposes.

Dividends

The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.30 per share of common stock for the quarter ended December 31, 2019. The dividend is payable on March 17, 2020 to common stockholders of record on February 28, 2020. The ex-dividend date is February 27, 2020.

As previously announced, the Board of Directors has declared cash dividends on the Company's Series A, Series B and Series C cumulative redeemable preferred stock reflecting accrued dividends from December 1, 2019 through February 29, 2020. The dividends are payable on March 2, 2020 to preferred stockholders of record on February 15, 2020. The Company will pay total dividends of $0.515625, $0.484375 and $0.53125 per share on the Series A, Series B and Series C preferred stock, respectively.

Earnings Conference Call

The Company will host a conference call today at 10:00 a.m. Eastern Time.  A live webcast and replay of the conference call will be available at  in the investor relations section of the Company’s website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (866) 516-5034 for domestic callers and (678) 509-7613 for international callers. Please use participant passcode 4199042.

A telephonic replay of the call will be available until February 21, 2020. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use passcode 4199042.

About Arbor Realty Trust, Inc.

(NYSE:) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a lender and Seller/Servicer. Arbor’s product platform also includes , , lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

Safe Harbor Statement

Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained.  Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, continued ability to source new investments, changes in interest rates and/or credit spreads, changes in the real estate markets, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2018 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

1. Non-GAAP Financial Measures

During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on page 12 of this release.

  
Contacts:

Arbor Realty Trust, Inc.

Paul Elenio, Chief Financial Officer

516-506-4422  

 

Investors:

The Ruth Group

Alexander Lobo

646-536-7037

Media:

Bonnie Habyan, Chief Marketing Officer

516-506-4615

 



ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
           
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands—except share and per share data)
           
   Quarter Ended   Year Ended
   December 31,  December 31,
    2019   2018    2019   2018  
   (Unaudited) (Unaudited)     
Interest income $81,983  $73,360   $315,940  $251,768  
Interest expense  48,186   42,999    186,399   153,818  
 Net interest income  33,797   30,361    129,541   97,950  
           
Other revenue:         
Gain on sales, including fee-based services, net  13,755   18,735    65,652   70,002  
Mortgage servicing rights  27,909   36,052    90,761   98,839  
Servicing revenue, net  14,587   11,372    54,542   46,034  
Property operating income  1,487   1,569    9,674   10,095  
Other income, net  4,627   9,736    (784)  8,161  
 Total other revenue  62,365   77,464    219,845   233,131  
           
Other expenses:         
Employee compensation and benefits  28,456   26,386    122,102   110,470  
Selling and administrative  9,205   9,291    40,329   37,074  
Property operating expenses  2,571   2,342    10,220   10,431  
Depreciation and amortization  1,847   1,914    7,510   7,453  
Impairment loss on real estate owned  -   -    1,000   2,000  
Provision for loss sharing (net of recoveries)  (409)  1,003    1,147   3,843  
Provision for loan losses (net of recoveries)  -   9,319    -   8,353  
Litigation settlement gain  -   -    -   (10,170) 
 Total other expenses  41,670   50,255    182,308   169,454  
           
Income before extinguishment of debt, income from         
 equity affiliates and income taxes  54,492   57,570    167,078   161,627  
Loss on extinguishment of debt  (7,311)  (82)   (7,439)  (5,041) 
Income from equity affiliates  1,502   91    10,635   1,196  
Provision for income taxes  (4,072)  (8,635)   (15,036)  (9,731) 
           
Net income  44,611   48,944    155,238   148,051  
           
Preferred stock dividends  1,888   1,888    7,554   7,554  
Net income attributable to noncontrolling interest  7,181   9,838    26,610   32,185  
Net income attributable to common stockholders $35,542  $37,218   $121,074  $108,312  
           
Basic earnings per common share $0.35  $0.48   $1.30  $1.54  
Diluted earnings per common share $0.34  $0.47   $1.27  $1.50  
           
Weighted average shares outstanding:         
 Basic  101,611,818   78,273,633    92,851,327   70,208,165  
 Diluted  125,498,359   101,148,081    116,192,951   93,642,168  
           
Dividends declared per common share $0.30  $0.42 (1) $1.14  $1.13 (1)
           
(1) Includes a special dividend of $0.15 per share of common stock declared in December 2018.  
           



ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
        
CONSOLIDATED BALANCE SHEETS
($ in thousands—except share and per share data)
        
        
     December 31, December 31,
      2019   2018 
        
Assets:    
Cash and cash equivalents $299,687  $160,063 
Restricted cash  210,875   180,606 
Loans and investments, net  4,189,960   3,200,145 
Loans held-for-sale, net  861,360   481,664 
Capitalized mortgage servicing rights, net  286,420   273,770 
Securities held to maturity, net  88,699   76,363 
Investments in equity affiliates  41,800   21,580 
Real estate owned, net  13,220   14,446 
Due from related party  10,651   1,287 
Goodwill and other intangible assets  110,700   116,165 
Other assets  125,788   86,086 
  Total assets $6,239,160  $4,612,175 
        
Liabilities and Equity:    
Credit facilities and repurchase agreements $1,678,288  $1,135,627 
Collateralized loan obligations  2,130,121   1,593,548 
Debt fund  68,629   68,183 
Senior unsecured notes  319,799   122,484 
Convertible senior unsecured notes, net  284,152   254,768 
Junior subordinated notes to subsidiary trust issuing preferred securities  140,949   140,259 
Due to related party  13,100   - 
Due to borrowers  79,148   78,662 
Allowance for loss-sharing obligations  34,648   34,298 
Other liabilities  134,299   118,780 
  Total liabilities  4,883,133   3,546,609 
        
Equity:    
 Arbor Realty Trust, Inc. stockholders' equity:    
  Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000   
   shares authorized; special voting preferred shares; 20,484,094 and    
   20,653,584 shares issued and outstanding, respectively; 8.25% Series A,  
   $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and  
   outstanding; 7.75% Series B, $31,500,000 aggregate liquidation preference;  
   1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000  
   aggregate liquidation preference; 900,000 shares issued and outstanding  89,501   89,502 
  Common stock, $0.01 par value: 500,000,000 shares authorized; 109,706,214  
   and 83,987,707 shares issued and outstanding, respectively  1,097   840 
  Additional paid-in capital  1,154,932   879,029 
  Accumulated deficit  (60,920)  (74,133)
Total Arbor Realty Trust, Inc. stockholders’ equity  1,184,610   895,238 
        
Noncontrolling interest  171,417   170,328 
Total equity  1,356,027   1,065,566 
        
Total liabilities and equity $6,239,160  $4,612,175 
        



ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
        
STATEMENT OF INCOME SEGMENT INFORMATION - (Unaudited)
(in thousands)
          
          
   Quarter Ended December 31, 2019
          
   Structured Business Agency Business Other / Eliminations (1) Consolidated
          
Interest income $74,060  $7,923  $-  $81,983 
Interest expense  43,620   4,566   -   48,186 
 Net interest income  30,440   3,357   -   33,797 
          
Other revenue:        
Gain on sales, including fee-based services, net  -   13,755   -   13,755 
Mortgage servicing rights  -   27,909   -   27,909 
Servicing revenue  -   26,538   -   26,538 
Amortization of MSRs  -   (11,951)  -   (11,951)
Property operating income  1,487   -   -   1,487 
Other income, net  256   4,371   -   4,627 
 Total other revenue  1,743   60,622   -   62,365 
          
Other expenses:        
Employee compensation and benefits  8,217   20,239   -   28,456 
Selling and administrative  2,998   6,207   -   9,205 
Property operating expenses  2,571   -   -   2,571 
Depreciation and amortization  523   1,324   -   1,847 
Provision for loss sharing (net of recoveries)  -   (409)  -   (409)
 Total other expenses  14,309   27,361   -   41,670 
          
Income before extinguishment of debt, income        
  from equity affiliates and income taxes  17,874   36,618   -   54,492 
Loss on extinguishment of debt  (7,311)  -   -   (7,311)
Income from equity affiliates  1,502   -   -   1,502 
Provision for income taxes  (667)  (3,405)  -   (4,072)
          
Net income  11,398   33,213   -   44,611 
          
Preferred stock dividends  1,888   -   -   1,888 
Net income attributable to noncontrolling interest -   -   7,181   7,181 
Net income attributable to common stockholders$9,510  $33,213  $(7,181) $35,542 
          
(1) Includes certain income or expenses not allocated to the two reportable segments. Amount reflects income attributable
  to the noncontrolling interest holders.        
          



ARBOR REALTY TRUST, INC. AND SUBSIDIARIES 
         
BALANCE SHEET SEGMENT INFORMATION - (Unaudited) 
(in thousands) 
           
           
     December 31, 2019 
     Structured Business Agency Business Consolidated 
Assets:        
Cash and cash equivalents $264,468 $35,219 $299,687 
Restricted cash  208,926  1,949  210,875 
Loans and investments, net  4,189,960  -  4,189,960 
Loans held-for-sale, net  -  861,360  861,360 
Capitalized mortgage servicing rights, net     -  286,420  286,420 
Securities held to maturity, net  20,000  68,699  88,699 
Investments in equity affiliates  41,800  -  41,800 
Goodwill and other intangible assets  12,500  98,200  110,700 
Other assets  118,175  31,484  149,659 
  Total assets $4,855,829 $1,383,331 $6,239,160 
           
Liabilities:       
Debt obligations $3,878,343 $743,595 $4,621,938 
Allowance for loss-sharing obligations -  34,648  34,648 
Other liabilities  171,004  55,543  226,547 
  Total liabilities $4,049,347 $833,786 $4,883,133 
           



        
        
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
        
Supplemental Schedule of Non-GAAP Financial Measures - (Unaudited)
Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")
($ in thousands—except share and per share data)
 
        
 Quarter Ended Year Ended
December 31,December 31,
  2019   2018   2019   2018 
Net income attributable to common stockholders$35,542  $37,218  $121,074  $108,312 
        
Adjustments:       
  Net income attributable to noncontrolling interest 7,181   9,838   26,610   32,185 
  Impairment loss on real estate owned -   -   1,000   2,000 
  Depreciation - real estate owned 177   176   701   708 
  Depreciation - investments in equity affiliates 124   125   510   499 
        
Funds from operations (1)$43,024  $47,357  $149,895  $143,704 
        
Adjustments:       
  Income from mortgage servicing rights (27,909)  (36,052)  (90,761)  (98,839)
  Impairment loss on real estate owned -   -   (1,000)  (2,000)
  Deferred tax provision (benefit) 1,176   2,421   150   (12,033)
  Amortization and write-offs of MSRs 18,547   20,314   71,105   73,182 
  Depreciation and amortization 2,389   2,582   9,983   9,618 
  Loss on extinguishment of debt 7,311   82   7,439   5,041 
  Net gain on Private Label-related derivatives prior to sale (6,050)  -   (6,098)  - 
  Net loss (gain) on changes in fair value of GSE-related derivatives 1,678   (9,002)  7,785   (6,672)
  Stock-based compensation 1,941   1,257   9,515   6,095 
        
Adjusted funds from operations (1) (2)$42,107  $28,959  $158,013  $118,096 
        
Diluted FFO per share (1)$0.34  $0.47  $1.29  $1.53 
        
Diluted AFFO per share (1) (2)$0.34  $0.29  $1.36  $1.26 
        
Diluted weighted average shares outstanding (1) 125,498,359   101,148,081   116,192,951   93,642,168 
        
(1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis.
 
(2) During the fourth quarter of 2019, the Company updated its definition of AFFO to (i) exclude one-time gains or losses on the early extinguishment of debt, (ii) exclude gains and losses on derivative instruments associated with Private Label loans that have not yet been sold and securitized and (iii) include the cumulative gains or losses on derivative instruments associated with Private Label loans that were sold during the periods presented. Prior period amounts presented above have been conformed to reflect this change.
 
The Company is presenting FFO and AFFO because management believes they are important supplemental measures of the Company’s operating performance in that they are frequently used by analysts, investors and other parties in the evaluation of REITs. The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated real properties, plus impairments of depreciated real properties and real estate related depreciation and amortization, and after adjustments for unconsolidated ventures.
 
The Company defines AFFO as funds from operations adjusted for accounting items such as non-cash stock-based compensation expense, income from mortgage servicing rights ("MSRs"), gains or losses on Private Label-related derivative instruments until the loans are sold, changes in fair value of GSE-related derivatives that temporarily flow through earnings, amortization and write-offs of MSRs, deferred tax (benefit) provision and the amortization of the convertible senior notes conversion option. The Company also adds back one-time charges such as acquisition costs, gains and losses on the extinguishment of debt, impairment losses on real estate, and gains (losses) on sales of real estate. The Company is generally not in the business of operating real estate property and has obtained real estate by foreclosure or through partial or full settlement of mortgage debt related to the Company's loans to maximize the value of the collateral and minimize the Company's exposure. Therefore, the Company deems such impairment and gains (losses) on real estate as an extension of the asset management of its loans, thus a recovery of principal or additional loss on the Company's initial investment.
 
FFO and AFFO are not intended to be an indication of the Company's cash flow from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company’s calculation of FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited.
EN
14/02/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports by Arbor Realty Trust Inc.

ValuEngine Rating and Forecast Report for ABR

ValuEngine Rating and Forecast Report for ABR

Arbor Realty Trust Inc: 1 director sold/sold after exercising options

A director at Arbor Realty Trust Inc sold/sold after exercising options 632,671 shares at 13.930USD and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted un...

ValuEngine Rating and Forecast Report for ABR

ValuEngine Rating and Forecast Report for ABR

ResearchPool Subscriptions

Get the most out of your insights

Get in touch