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|FOR IMMEDIATE RELEASE||NYSE:ARI|
APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. REPORTS
FOURTH QUARTER AND FULL YEAR 2013 FINANCIAL RESULTS AND
DECLARES A $0.40 PER COMMON SHARE QUARTERLY DIVIDEND
New York, NY, February 26, 2014 Apollo Commercial Real Estate Finance, Inc. (the Company or ARI) (NYSE:ARI) today reported financial results for the quarter and full year ended December 31, 2013.
|||Generated $73.1 million of net interest income from the Companys $849 million investment portfolio, which had a weighted average underwritten internal rate of return (IRR) of approximately 12.9% and a levered weighted average underwritten IRR of approximately 14.1% at December 31, 2013;|
|||Increased Operating Earnings (a non-GAAP financial measure defined below) 52% to $51.4 million for the year ended December 31, 2013, as compared to $33.9 million for the year ended December 31, 2012;|
|||Completed $525 million of commercial real estate debt investments consisting of a combination of first mortgage loans, subordinate financings and commercial mortgage backed securities (CMBS) with a weighted average IRR of 13%;|
|||Agreed to make a $50 million (38 million) investment in an entity that has agreed to acquire a minority participation in KBC Bank Deutschland AG, the German subsidiary of Belgian KBC Group NV; and|
|||Raised $148.4 million of capital through a common stock offering.|
2013 was a year of significant progress for ARI, as the Company grew and diversified its commercial real estate debt portfolio and expanded its capital base, said Stuart Rothstein, Chief Executive Officer of the Company. ARI completed over $525 million of commercial real estate debt investments in 2013, our most active year since the Company went public in 2009. We believe the Company continues to develop a reputation with commercial real estate owners, brokers and lenders as a best-in-class provider of capital solutions. As we look ahead to 2014, we are confident in our ability to build upon ARIs existing momentum, further grow and diversify the Companys high quality investment portfolio and expand our operating platform.
Fourth Quarter and Full Year 2013 Operating Results
The Company reported Operating Earnings of $14.5 million, or $0.39 per share, for the three months ended December 31, 2013, as compared to Operating Earnings of $7.4 million, or $0.27 per share, for the three months ended December 31, 2012. Net income available to common stockholders for the three months ended December 31, 2013 was $14.0 million, or $0.37 per share, as compared to net income available to common stockholders of $7.1 million, or $0.26 per share, for the three months ended December 31, 2012.
For the year ended December 31, 2013, the Company reported Operating Earnings of $51.4 million, or $1.44 per share, as compared to Operating Earnings of $33.9 million, or $1.50 per share, for the year ended December 31, 2012. Net income available to common stockholders for the year ended December 31, 2013 was $45.0 million, or $1.26 per share, as compared to net income available to common stockholders of $37.1 million, or $1.64 per share, for the year ended December 31, 2012.
The following information was filed by Apollo Commercial Real Estate Finance, Inc. (ARI) on Thursday, February 27, 2014 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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