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|FOR IMMEDIATE RELEASE|
|CONTACT:||Stuart Rothstein||NYSE: ARI|
Apollo Commercial Real Estate Finance, Inc. Announces
Fourth Quarter and Full Year 2011 Results
- 44% Increase in Operating Earnings Per Share -
- Declares a $0.40 Per Share Quarterly Dividend
- Names Stuart A. Rothstein as Chief Executive Officer, President and Director -
New York, NY, February 28, 2012 Apollo Commercial Real Estate Finance, Inc. (the Company) (NYSE:ARI) reported Operating Earnings (a non-GAAP financial measure) of $0.39 per share, or $8.3 million, for the three months ended December 31, 2011. This represents an increase of 44% per share as compared with Operating Earnings for the same period in 2010 of $0.27 per share, or $4.7 million. Net income available to common stockholders for the three months ended December 31, 2011 was $0.41 per share, or $8.7 million, as compared with $0.22 per share, or $4.0 million, for the same period in 2010.
For the full year ended December 31, 2011, Operating Earnings were $1.47 per share, or $28.1 million. This represents an increase of 35% per share as compared with Operating Earnings for the same period in 2010 of $1.09 per share, or $13.8 million.
The Company also announced that its Board of Directors declared a dividend of $0.40 per share of common stock, which is payable on April 12, 2012 to common stockholders of record on March 31, 2012.
The Board also set March 8, 2012 as the record date for its 2012 Annual Meeting of Stockholders. The 2012 Annual Meeting of Stockholders will be held on May 4, 2012 at the offices of Clifford Chance US LLP at 31 West 52nd Street, New York, New York.
All per share information discussed herein is presented on a diluted basis.
44% year-over-year increase in Operating Earnings per share in the fourth quarter
50% year-over-year increase in net interest income in the fourth quarter
Weighted average underwritten internal rate of return (IRR) across investment portfolio of 14.2%
Over $137 million of new investments during 2011
Refinancing of TALF debt during January 2012 generated $14 million of additional equity, lowered the current weighted average cost of funds by approximately 80 basis points and extended the term of the debt through August 2013.
Stuart Rothstein, Chief Financial Officer of the Company, commented, Despite significant volatility in the commercial real estate credit markets, the Company delivered solid results in 2011, increasing its quarterly Operating Earnings by 44% year over year. With respect to its investments, during the year, it deployed approximately $137 million into new investments, resulting in a portfolio with a weighted average underwritten IRR of approximately 14.2%. The Company also proactively refinanced its TALF borrowings ahead of schedule, thereby reducing future borrowing costs significantly and freeing up approximately $14 million of additional equity capital for new investment.
The following information was filed by Apollo Commercial Real Estate Finance, Inc. (ARI) on Wednesday, February 29, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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