Ladder Capital Corp Announces Dividend Increase and Fourth Quarter 2016 Dividend to Holders of Class A Common Stock
December 02 2016 - 7:00AM
Business Wire
Ladder Capital Corp (“Ladder” or the “Company”) (NYSE:LADR)
today announced the declaration by its Board of Directors (“Board”)
of a fourth quarter 2016 dividend of $0.46 per share of Class A
common stock.
This declaration reflects a 9.1% increase in Ladder’s recurring
quarterly cash dividend, effective in the current quarter, to $0.30
per share from $0.275 per share.
The fourth quarter dividend also includes an additional year-end
distribution attributable to our 2016 REIT taxable income of
approximately $0.16 per share of Class A common stock. As discussed
below, the full fourth quarter dividend of $0.46 per share will be
paid in a combination of cash and stock on January 24, 2017 to
stockholders of record as of the close of business on December 27,
2016 (the “Record Date”).
Stockholders may elect to receive the fourth quarter 2016
dividend in all cash (a “Cash Election”), or all shares of Ladder’s
Class A common stock (a “Share Election”). Election forms and
materials will be mailed to registered shareholders promptly after
the Record Date, and will be due by January 12, 2017. Stockholders
who do not return an election form, or who otherwise fail to
properly complete an election form, will be deemed to have made a
Share Election.
In no event will any stockholder making a Cash Election receive
less than $0.30 per share of such stockholder’s dividend in cash.
The Board currently intends to continue paying a regular cash
dividend of $0.30 per share in subsequent quarters, subject to
business and market conditions and future Board approvals.
The total amount of cash payable to all stockholders will be
equal to $0.30 multiplied by the total outstanding shares of Class
A common stock as of the Record Date (the “Cash Amount”). If the
aggregate amount of cash to be distributed to stockholders making
Cash Elections exceeds the Cash Amount, then the Cash Amount will
be prorated among such stockholders, and the remaining portion of
the fourth quarter 2016 dividend will be paid to such stockholders
in shares of Ladder’s Class A common stock plus cash in lieu of any
fractional shares.
The total number of shares of Class A common stock to be
distributed pursuant to the fourth quarter 2016 dividend will be
determined based on stockholder elections and the volume weighted
average price per share of Class A common stock on the New York
Stock Exchange for the three trading days after the date that
election forms are due. Shares of Class A common stock distributed
as part of Ladder’s fourth quarter 2016 dividend shall accrue
dividend and other benefits together with all other shares of
Ladder’s Class A common stock.
About Ladder
Ladder is an internally-managed real estate investment trust
that is a leader in commercial real estate finance. Ladder
originates and invests in a diverse portfolio of commercial real
estate and real estate-related assets, focusing on senior secured
assets. Ladder’s investment activities include: (i) direct
origination of commercial real estate first mortgage loans; (ii)
investments in investment grade securities secured by first
mortgage loans on commercial real estate; and (iii) investments in
net leased and other commercial real estate equity. Founded in
2008, Ladder is run by a highly experienced management team with
extensive expertise in all aspects of the commercial real estate
industry, including origination, credit, underwriting, structuring,
capital markets and asset management. Led by Brian Harris, the
Company’s Chief Executive Officer, Ladder is headquartered in New
York City and has branches in Los Angeles and Boca Raton.
Forward-Looking Statements
Certain statements in this release may constitute
“forward-looking” statements. These statements are based on
management’s current opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results. These forward-looking statements are only
predictions, not historical fact, and involve certain risks and
uncertainties, as well as assumptions. Actual results, levels of
activity, performance, achievements and events could differ
materially from those stated, anticipated or implied by such
forward-looking statements. While Ladder believes that its
assumptions are reasonable, it is very difficult to predict the
impact of known factors, and, of course, it is impossible to
anticipate all factors that could affect actual results. There are
a number of risks and uncertainties that could cause actual results
to differ materially from forward-looking statements made herein
including, most prominently, the risks discussed under the heading
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2015, as well as its consolidated financial
statements, related notes, and other financial information
appearing therein, and its other filings with the U.S. Securities
and Exchange Commission. Such forward-looking statements are made
only as of the date of this release. Ladder expressly disclaims any
obligation or undertaking to release any updates or revisions to
any forward-looking statements contained herein to reflect any
change in its expectations with regard thereto or changes in
events, conditions, or circumstances on which any such statement is
based.
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