Arbor Realty Trust Announces Details of Special Dividend Payable on January 31, 2019
January 30 2019 - 4:34PM
Arbor Realty Trust, Inc. (the “Company”) (NYSE: ABR) announced
today the results of the stockholders' elections relating to the
special dividend of $0.15 per share of common stock announced on
December 17, 2018, which is payable on January 31, 2019.
Shareholders of record on December 28, 2018 were able to elect
to receive payment of the dividend all in cash or all in common
shares, with the total cash distribution limited to 20% of the
special distribution. Stockholders who failed to return a
timely and properly completed election form before 5:00 p.m.
Eastern Time on January 18, 2019 (the “Election Deadline”) were
deemed to have made an election to receive the special dividend
entirely in common shares.
Based on stockholder elections, the special dividend will
consist of approximately $2.5 million in cash, or 20% of the total
dividend, and approximately 0.9 million shares of common stock, or
80% of the total dividend. The number of shares included in the
special dividend was calculated based on the $11.18 volume weighted
average trading price of the Company's common stock on the New York
Stock Exchange on January 22, 23 and 24, 2019, the three trading
days following the Election Deadline.
Summarized results of the dividend elections are as follows:
- Stockholders of 58.5 million common shares made no election or
elected to receive the dividend all in shares of common stock, and
will receive $0.15 per share in common stock (100%).
- Stockholders of 25.5 million common shares elected to receive
the dividend all in cash and will receive approximately $0.10 per
share in cash (66%) and $0.05 per share in common stock (34%).
- The Company will pay fractional shares in cash.
Following the special dividend, the Company will have
approximately 85.1 million shares of common stock
outstanding. The cash and stock portions of the special
dividend are expected to be treated as a taxable dividend to
stockholders for U.S. federal income tax purposes in 2018.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate
investment trust and direct lender, providing loan origination and
servicing for multifamily, seniors housing, healthcare, and other
diverse commercial real estate assets. Headquartered in Uniondale,
New York, Arbor manages a multibillion-dollar servicing portfolio,
specializing in Fannie Mae, Freddie Mac, and other
government-sponsored enterprises, as well as CMBS, bridge,
mezzanine, and preferred equity lending. Rated by Standard and
Poor’s and Fitch Ratings, Arbor is committed to building on its
reputation for service, quality, and flexibility, and dedicated to
providing our clients excellence over the entire life of a
loan.
Safe Harbor Statement
Certain items in this press release may constitute
forward-looking statements within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of
1995. These statements are based on management’s current
expectations and beliefs and are subject to a number of trends and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Arbor can
give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from
Arbor’s expectations include, but are not limited to, continued
ability to source new investments, changes in interest rates and/or
credit spreads, changes in the real estate markets, and other risks
detailed in Arbor’s Annual Report on Form 10-K for the year ended
December 31, 2017 and its other reports filed with the SEC. Such
forward-looking statements speak only as of the date of this press
release. Arbor expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Arbor’s
expectations with regard thereto or change in events, conditions,
or circumstances on which any such statement is based.
Contacts:Arbor Realty
Trust, Inc.Paul Elenio, Chief Financial Officer
516-506-4422pelenio@arbor.com |
Investors:The Ruth
GroupLee Roth646-536-7012lroth@theruthgroup.com |
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Media:Bonnie Habyan,
EVP of Marketing516-506-4615bhabyan@arbor.com |
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