ARMOUR Residential REIT, Inc. Announces 2015 Common Stock Repurchases of $160 Million
January 07 2016 - 5:46AM
ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA and ARR PrB)
(“ARMOUR” or the “Company”) today announced that the Company made
share repurchases totaling approximately $160 million in 2015 under
its previously announced Common stock repurchase program. Total
Common shares repurchased for the year exceeded 7.5 million. Common
shares outstanding at December 31, 2015 were approximately
36,682,000, representing a 16.9% net reduction in Common shares
outstanding compared to December 31, 2014. Over 1,881,000 Common
shares remain available for future repurchase under ARMOUR’s
current Common stock repurchase program.
The stock buyback cost to ARMOUR was $21.25 per
Common share on average, resulting in an estimated accretive effect
on Stockholders’ equity per Common share of approximately $1.13 as
of December 31, 2015.
Certain Tax Matters
ARMOUR has elected to be taxed as a real estate
investment trust (“REIT”) for U.S. Federal income tax purposes. In
order to maintain this tax status, ARMOUR is required to timely
distribute substantially all of its ordinary REIT taxable income.
Accordingly, ARMOUR may increase the amount of one or more
announced dividends before the applicable record date or may
declare supplemental dividends, if necessary, to meet this tax
requirement. Dividends paid in excess of REIT taxable income for a
fiscal year (including any taxable income carried forward from the
previous year) will generally not be taxable to stockholders.
About ARMOUR Residential REIT, Inc.
ARMOUR is a Maryland corporation that invests
primarily in fixed rate residential, adjustable rate and hybrid
adjustable rate mortgage-backed securities issued or guaranteed by
U.S. Government-sponsored enterprises, or guaranteed by the
Government National Mortgage Association. ARMOUR is externally
managed and advised by ARMOUR Capital Management LP, an investment
advisor registered with the Securities and Exchange Commission
(“SEC”).
Safe Harbor
This press release includes “forward-looking
statements” within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995.
Actual results may differ from expectations, estimates and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results. The Company disclaims
any obligation to release publicly any updates or revisions to any
forward-looking statement to reflect any change in its expectations
or any change in events, conditions or circumstances on which any
such statement is based, except as required by law.
Additional Information and Where to Find It
Updated information on the Company’s investment,
financing and hedge positions can be found in ARMOUR’s most recent
“Company Update.” ARMOUR posts unaudited and unreviewed Company
updates each month on http://www.armourreit.com. Additional
information regarding the Company can be found at the SEC’s
Internet site at http://www.sec.gov, or by directing
requests to: ARMOUR Residential REIT, Inc., 3001 Ocean Drive, Suite
201, Vero Beach, Florida 32963, Attention: Investor Relations.
Investor Contact:
James R. Mountain
Chief Financial Officer
ARMOUR Residential REIT, Inc.
(772) 617-4340
ARMOUR Residential REIT (NYSE:ARR)
Historical Stock Chart
From Mar 2024 to Apr 2024
ARMOUR Residential REIT (NYSE:ARR)
Historical Stock Chart
From Apr 2023 to Apr 2024