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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 18, 2005 (April 18, 2005)
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Arbor Realty Trust, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 001-32136 20-0057959
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
333 Earle Ovington Boulevard, Suite 900 Uniondale, New York 11553
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(Address of principal executive offices) (Zip Code)
(516) 832-8002
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(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Arbor Realty Trust, Inc.
Current Report on Form 8-K
ITEM 8.01 OTHER EVENTS.
On April 18, 2005, Arbor Realty Trust, Inc. (the "Company") issued a press
release announcing that its Board of Directors has declared a quarterly cash
dividend of $0.55 per share of common stock for the quarter ended March 31, 2005
which is payable on May 15, 2005 to common shareholders of record on April 30,
2005. The Company also provided an update on its investment and financing
activity since January 2005 in that press release. A copy of the press release
is attached hereto as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit Number
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99.1 Press Release, dated April 18, 2005.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 18, 2005 ARBOR REALTY TRUST, INC..
By: /s/ Frederick C. Herbst
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Name: Frederick C. Herbst
Title: Chief Financial Officer
EXHIBIT INDEX
Exhibit Number
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99.1 Press Release, dated April 18, 2005.
Exhibit 99.1
ARBOR REALTY TRUST ANNOUNCES 17% INCREASE IN QUARTERLY CASH DIVIDEND
- COMPANY PROVIDES BUSINESS UPDATE -
UNIONDALE, N.Y., April 18 /PRNewswire-FirstCall/ -- Arbor Realty Trust,
Inc. (NYSE: ABR), a real estate investment trust focused on the business of
investing in real estate related bridge and mezzanine loans, preferred and
direct equity investments, mortgage-related securities and other real estate
related assets, announced today that its Board of Directors has declared a
quarterly cash dividend of $0.55 per share of common stock for the quarter ended
March 31, 2005. The dividend is payable on May 15, 2005 to common shareholders
of record on April 30, 2005.
Ivan Kaufman, Chairman and Chief Executive Officer, commented, "Delivering
shareholder value is a priority to Arbor and we are pleased to announce an
increase to our quarterly cash dividend for the third consecutive quarter."
Portfolio Activity
Arbor's loan originations for the first quarter of 2005 totaled
approximately $244 million. Mr. Kaufman stated, "In an increasingly competitive
market, we had our highest quarterly origination volume ever. The current
capital markets environment has resulted in accelerated prepayments of loans in
our portfolio; despite that, we experienced 4% growth in our portfolio during
the first quarter."
During the first quarter of 2005, approximately $211 million of loans were
paid off. Of this amount, $110 million were loans on condominium conversion
projects that were completed ahead of schedule, $56 million were loans
refinanced elsewhere, and $45 million were loans refinanced within Arbor's
portfolio.
Financing Activity
Arbor issued an aggregate of approximately $77 million of trust-preferred
securities in three tranches in March and April of 2005, as part of a pooled
issuance. These securities have a weighted average life of approximately 29
years and bear a weighted average interest rate of LIBOR plus 340 basis points.
Mr. Kaufman commented, "At this time, we believe issuing these securities is
preferable to issuing equity as a means to support the growth of our portfolio
and preserve and enhance shareholder value. Together with the CDO we closed in
January 2005, we have diversified our financing structure. We will consider
additional CDO and trust preferred security issuances in the future."
New Investment
In April 2005, participating in the acquisition by an investor group of a
real estate property in New York City known as the Toy Building, Arbor made a
$10 million equity investment, which represents a 20% ownership interest. It is
intended that the Toy Building, with over one million square feet, will be
converted from an office property into condominium units. Mr. Kaufman stated,
"We believe this project represents one of the best real estate opportunities
available in New York City today. We are actively involved in structuring the
debt-financing package for this project and also plan to participate as a
lender. This is a unique opportunity for Arbor, and we are excited about our
participation."
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. is a real estate investment trust, which invests
in a diversified portfolio of multi-family and commercial real estate related
bridge and mezzanine loans, preferred and direct equity investments, mortgage
related securities and other real estate related assets. Arbor commenced
operations in July 2003 and conducts substantially all of its operations through
its operating partnership, Arbor Realty Limited Partnership. Arbor is externally
managed and advised by Arbor Commercial Mortgage, LLC, a national commercial
real estate finance company operating through 15 offices in the US that
specializes in debt and equity financing for multi-family and commercial real
estate.
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 from time to time in the Arbor's periodic and 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: Investors:
Arbor Realty Trust, Inc. Stephanie Carrington/ Denise Roche
Rick Herbst, Chief Financial Officer The Ruth Group
516-832-7408 646-536-7017 / 7008
rick.herbst@thearbornet.com scarrington@theruthgroup.com
droche@theruthgroup.com
Media:
Bonnie Habyan, SVP of Marketing
516-229-6615
bonnie.habyan@thearbornet.com
SOURCE Arbor Realty Trust, Inc.
-0- 04/18/2005
/CONTACT: Rick Herbst, Chief Financial Officer, +1-516-832-7408,
rick.herbst@thearbornet.com, Media - Bonnie Habyan, SVP of Marketing,
+1-516-229-6615, bonnie.habyan@thearbornet.com, both of Arbor Realty Trust,
Inc.; Investors - Stephanie Carrington, +1-646-536-7017,
scarrington@theruthgroup.com, or Denise Roche, +1-646-536-7008,
droche@theruthgroup.com, both of The Ruth Group, for Arbor Realty Trust, Inc./
(ABR)