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CreXus Investment Corp. Reports Results for the 4th Quarter and Year Ended 2011
NEW YORK--(BUSINESS WIRE)--February 23, 2012--CreXus Investment Corp. (NYSE: CXS), today reported GAAP net income for the quarter ended December 31, 2011 of $41.8 million or $0.55 per average share, as compared to $4.5 million or $0.25 per average share for the quarter ended December 31, 2010 and $39.9 million or $0.52 per average share for the quarter ended September 30, 2011.
GAAP net income for the year ended December 31, 2011 was $108.4 million or $1.73 per average share as compared to GAAP net income of $11.9 million or $0.66 per average share for the year ended December 31, 2010.
During the quarter ended December 31, 2011, the Company sold Agency residential-mortgage-backed securities (“Agency MBS”) with a carrying value of $191.6 million resulting in realized gains of $4.5 million. The Company did not sell Agency MBS during the quarters ended December 31, 2010 and September 30, 2011.
For the year ended December 31, 2011, the Company sold commercial mortgage-backed securities (“CMBS”) with a carrying value of $200.8 million resulting in realized gains of $13.9 million and Agency MBS with a carrying value of $191.6 million resulting in realized gains of $4.5 million. For the year ended December 31, 2010, the Company sold CMBS with a carrying value of $61.2 million resulting in realized gains of $623 thousand.
Common dividends declared for the quarters ended December 31, 2011, December 31, 2010, and September 30, 2011, were $0.35, $0.22 and $0.30 per common share, respectively. The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as differences in premium amortization and discount accretion, non-taxable unrealized and realized gains and losses, credit loss recognition, and non-deductible general and administrative expenses. The annualized dividend yield on the Company’s common stock for the quarter ended December 31, 2011, based on the December 31, 2011 closing price of $10.38, was 13.49%.
On a GAAP basis the Company provided a return on average equity of 18.12%, 6.60%, and 17.61%, for the quarters ended December 31, 2011, December 31, 2010, and September 30, 2011, respectively. On a GAAP basis, the Company provided a return on average equity of 12.03% and 4.53% for the years ended December 31, 2011, and 2010, respectively.
Kevin Riordan, Chief Executive Officer and President of CreXus, commented on the quarter’s results. “The fourth quarter of 2011 continued to demonstrate the breadth of our origination platform. During the quarter we made several new investments, continued to transform low yielding financings into accretive long-term investments, consummated new originations, and expanded our pipeline of opportunities. We closed over $143 million in new investments during the quarter, with several notable transactions: CreXus acquired its first two net lease facilities, two warehouse/distribution centers located in Phoenix, Arizona, for $33 million. We also funded a $29 million senior and mezzanine loan secured by two retail facilities in Indiana, a $20 million mezzanine loan secured by a portfolio of office buildings in Southern California, and a $12 million first mortgage secured by a condominium development in New Jersey.”
Mr. Riordan continued: “A significant wall of commercial real estate debt is slated to mature over the next several years, and institutions here and in Europe are looking to de-lever their balance sheets to adapt to new risk thresholds and capital ratios. Moreover, volatility in the capital markets continues to present attractive, risk-adjusted debt and equity investments. In this environment, I believe CreXus is well-positioned to take advantage of these opportunities.”
The following information was filed by Crexus Investment Corp. (CXS) on Thursday, February 23, 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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