Please wait while we load the requested 10-Q report or click the link below:
CreXus Investment Corp. Reports Results for the 1st Quarter 2012
NEW YORK--(BUSINESS WIRE)--May 2, 2012--CreXus Investment Corp. (NYSE: CXS), today reported GAAP net income for the quarter ended March 31, 2012 of $16.1 million or $0.21 per average share, as compared to $4.6 million or $0.23 per average share for the quarter ended March 31, 2011 and $41.8 million or $0.55 per average share for the quarter ended December 31, 2011.
Common dividends declared for the quarters ended March 31, 2012, March 31, 2011 and December 31, 2011, were $0.27, $0.23 and $0.35 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 March 31, 2012, based on the March 31, 2012 closing price of $10.34, was 10.44%.
On a GAAP basis the Company provided a return on average equity of 6.97%, 6.80% and 18.14%, for the quarters ended March 31, 2012 and 2011, and December 31, 2011, respectively.
Kevin Riordan, Chief Executive Officer and President of CreXus, commented on the quarter’s results. “The commercial real estate finance market continues to evolve, and CreXus remains well-positioned to capitalize. We have seen a rising level of transaction volumes and a competitive lending landscape, particularly as the conduit business picks up and life companies remain committed to the market. In our portfolio, we made over $115 million in new debt and equity investments during the quarter and are in the late stages of consummating further new investments. We look forward to continuing to deliver strong risk-adjusted returns to our shareholders.”
The weighted average yield on interest earning assets was 11.11%, 6.47% and 29.86% at March 31, 2012, March 31, 2011 and December 31, 2011, respectively.
With the expansion of the Company’s portfolio to incorporate investment properties during the quarter ended December 31, 2011, the Company has adopted segment reporting to differentiate the returns between debt and equity investments consistent with how management views its businesses. The following table summarizes segmented investment portfolio information for the Company:
The following information was filed by Crexus Investment Corp. (CXS) on Wednesday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Crexus Investment Corp.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Crexus Investment Corp..