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|FOR IMMEDIATE RELEASE||NYSE:ARI|
APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. REPORTS
FOURTH QUARTER AND FULL YEAR 2015 FINANCIAL RESULTS
12.4% Increase in Annual Operating Earnings per Share of Common Stock
Record Year for Originations and Growth in Dividend per Share of Common Stock
New York, NY, February 9, 2016 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, 2015.
Fourth Quarter 2015 Highlights
|||Reported Operating Earnings (a non-GAAP financial measure defined below) per diluted share of common stock of $0.48 for the quarter ended December 31, 2015, an increase of 6.7% as compared to Operating Earnings per diluted share of common stock of $0.45 for the quarter ended December 31, 2014;|
|||Increased the quarterly dividend per share of common stock 4.5% to $0.46 for the quarter ended December 31, 2015;|
|||Generated $43.2 million of net interest income during the quarter from the Companys $2.5 billion commercial real estate debt portfolio, which had a levered weighted average underwritten internal rate of return (IRR)(2) of approximately 13.8% at December 31, 2015;|
|||Completed $289.9 million of commercial real estate debt investments and funded an additional $25.7 million for previously closed loans; and|
|||Amended the master repurchase agreement with JPMorgan Chase Bank, N.A. (the JPMorgan Facility) to increase the maximum capacity to $600 million from $400 million and extend the term to January 29, 2018, plus a one-year extension option.|
|||Reported Operating Earnings per diluted share of common stock of $1.90 for the twelve months ended December 31, 2015, an increase of 12.4% as compared to Operating Earnings per diluted share of common stock of $1.69 for the twelve months ended December 31, 2014;|
|||Increased the quarterly dividend per share of common stock two times during the year for a total increase of 15%;|
|||Completed $1.1 billion of commercial real estate debt investments ($1.0 billion of which were funded during 2015);|
|||Funded $263.2 million for previously closed loans; and|
|||Completed two equity offerings, including a public offering of common stock and a private placement of common and preferred stock to the Qatar Investment Authority, which generated aggregate net proceeds of $540.0 million.|
ARI had an exceptional year in 2015. The Company committed to over $1.1 billion of commercial real estate debt transactions while also strengthening and expanding the balance sheet. As a result, ARIs investment portfolio generated record Operating Earnings and the Board of Directors increased the dividend per share of common stock twice during the year, for a total per share increase of 15%, said Stuart Rothstein, Chief Executive Officer and President of the Company. As we look to 2016, ARI has had a strong start with two closed transactions totaling $297 million, a healthy investment pipeline and $86.1 million of future fundings scheduled for the year. We continue to see compelling investment opportunities and we believe the Company is well positioned to capitalize on additional opportunities created amid the volatility in the global capital markets.
The following information was filed by Apollo Commercial Real Estate Finance, Inc. (ARI) on Wednesday, February 10, 2016 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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