TPG RE Finance Trust, Inc. Declares Cash Dividend of $0.43 Per Share
March 18 2020 - 6:30AM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) announced that on March 17, 2020, the Company’s Board of
Directors declared a cash dividend of $0.43 per share of common
stock for the first quarter of 2020. The dividend is payable on
April 24, 2020 to stockholders of record as of March 27, 2020.
“Our thoughts are with everyone affected by COVID-19 as we work
through changing daily challenges and prepare for an uncertain
several weeks. We have commented many times on the depth of
experience of our management team, and we believe it is invaluable
now more than ever.
Our loan portfolio has been constructed with adverse market
conditions in mind. We have focused on experienced,
well-capitalized borrowers with significant cash equity. We have
skewed strongly to office and multifamily assets, which together
comprise 72% of our portfolio. In office, we have focused on major
markets with top tier tenants and dependable cash flow. In
multifamily, we focus on workforce, affordable housing, whose cash
flow is more resilient in different economic conditions. We have
deliberately scaled back exposure to hotel (13%) and retail (0.6%),
making our exposure to CV-impacted asset classes significantly less
than the 22% average of our mREIT peers. We recognize that in the
near-term hotel revenues will be severely affected, but we are
reassured by the fact that we have strong sponsors with significant
cash equity to protect beyond this market interruption.
In volatile times, nothing is more important than liquidity. Our
liquidity remains strong and is comparable to our reported
liquidity at year-end. More than half of our liabilities are
comprised of term financings, including our CLO’s. We anticipate
prepayments will slow markedly, and our business plan reflects
this. We have low future fundings in the near term as less than 1%
of our portfolio is comprised of construction loans. Lastly, in the
current environment of falling LIBOR, our LIBOR floors – at a
weighted average of 1.63% - will provide a boost to cash
earnings.
We are actively engaging with our lenders, borrowers and
investors. The health and well-being of our people and broader
community are of paramount importance. We will continue to maintain
our focus and discipline as we work through this period of
uncertainty, and we encourage continued dialogue with all of our
stakeholders,” commented Greta Guggenheim, CEO and President of TPG
RE Finance Trust, Inc.
ABOUT TRTX
TPG RE Finance Trust, Inc. is a commercial real estate finance
company that focuses primarily on originating, acquiring, and
managing first mortgage loans and other commercial real
estate‐related debt instruments secured by institutional properties
located in primary and select secondary markets in the United
States. The Company is externally managed by TPG RE Finance Trust
Management, L.P., a part of TPG Real Estate, which is the real
estate investment platform of TPG. TPG is a global alternative
asset firm with a 25-year history and more than $119 billion of
assets under management. For more information regarding TRTX, visit
www.tpgrefinance.com.
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INVESTOR RELATIONS CONTACT (212) 405-8500
IR@tpgrefinance.com MEDIA CONTACT TPG RE Finance Trust, Inc.
Courtney Power (415) 743-1550 media@tpg.com
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