Second Quarter Highlights:
- FFO of $13.7 million, or $0.27 per diluted common
share1
- Net income attributable to common stockholders of $11.5
million, or $0.23 per diluted common share
- Declares a cash dividend of $0.13 per share of common
stock
- Declares cash dividends of $0.515625 per share of
Series A, $0.484375 per share of Series B and $0.53125 per share of
Series C preferred stock
- Adjusted book value per common share of $9.21, GAAP
book value per common share of
$7.671
- Closed a third collateralized loan obligation totaling
$375 million
- Issued $58.6 million of 7.375% senior unsecured
notes
- Recorded a $7.9 million gain from the sale of an equity
investment
- Recorded $4.8 million in cash recoveries of previously
recorded reserves
- Recorded $4.0 million in loan loss
reserves
Recent Developments:
- Recognized a $58.1 million gain in July related to the
450 West 33rd Street transaction resulting in proforma GAAP book
value per common share of $8.82 as of June 30,
20141
- Purchased 1.0 million outstanding warrants for $2.6
million in July
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,
today announced financial results for the second quarter ended June
30, 2014. Arbor reported net income attributable to common
stockholders for the quarter of $11.5 million, or $0.23 per diluted
common share, compared to $3.0 million, or $0.07 per diluted common
share for the quarter ended June 30, 2013. Net income attributable
to common stockholders for the six months ended June 30, 2014 was
$17.3 million, or $0.35 per diluted common share, compared to $9.6
million, or $0.25 per diluted common share for the six months ended
June 30, 2013. Funds from operations ("FFO") for the quarter ended
June 30, 2014 was $13.7 million, or $0.27 per diluted common share,
compared to $4.8 million, or $0.11 per diluted common share for the
quarter ended June 30, 2013. FFO for the six months ended June 30,
2014 was $21.7 million, or $0.43 per diluted common share, compared
to $13.1 million, or $0.34 per diluted common share for the six
months ended June 30, 2013.1
Portfolio Activity
Loan and investment portfolio activity during the second quarter
of 2014 consisted of:
- Originated 21 new loans totaling $170.3 million, of which 16
were bridge loans for $154.0 million.
- Payoffs and pay downs on 26 loans totaling $245.9 million.
- Extended 10 loans totaling $109.6 million.
At June 30, 2014, the loan and investment portfolio's unpaid
principal balance, excluding loan loss reserves, was approximately
$1.64 billion, with a weighted average current interest pay rate of
5.25%. Including certain fees earned and costs associated with the
loan and investment portfolio, the weighted average current
interest pay rate was 5.93% at June 30, 2014.
As of June 30, 2014, Arbor's loan portfolio consisted of 30%
fixed-rate and 70% variable-rate loans.
The average balance of the Company's loan and investment
portfolio during the second quarter of 2014, excluding loan loss
reserves, was $1.64 billion and the average yield on these assets
for the quarter was 6.22%, compared to $1.62 billion and 6.23% for
the first quarter of 2014.
The Company recorded $4.0 million in loan loss reserves related
to three loans with a carrying value of $153.7 million before loan
loss reserves. The Company also recorded $4.8 million of net
recoveries of previously recorded loan loss reserves during the
quarter. At June 30, 2014, the Company's total loan loss reserves
were $115.1 million relating to 14 loans with an aggregate carrying
value before loan loss reserves of $237.6 million.
The Company had two non-performing loans with a carrying value
of $6.3 million, net of related loan loss reserves of $34.0 million
as of June 30, 2014, as compared to four loans with a carrying
value of $10.2 million, net of related loan loss reserves of $39.6
million as of March 31, 2014.
Financing Activity
The balance of debt that finances the Company's loan and
investment portfolio at June 30, 2014 was approximately $1.22
billion with a weighted average interest rate including fees of
3.75%, as compared to approximately $1.21 billion and a rate of
3.52% at March 31, 2014. The average balance of debt that finances
the Company's loan and investment portfolio for the second quarter
of 2014 was approximately $1.21 billion, as compared to
approximately $1.17 billion for the first quarter of 2014. The
average cost of borrowings for the second quarter was 3.73%,
compared to 3.68% for the first quarter of 2014.
In April 2014, Arbor completed its third collateralized loan
obligation ("CLO") totaling approximately $375.0 million of real
estate related assets and cash. An aggregate of $281.3 million of
investment grade-rated debt was issued, and Arbor retained an
equity interest in the portfolio with a notional amount of $93.8
million. The notes have an initial weighted average spread of 239
basis points over one-month LIBOR. Including fees and transaction
costs, the initial weighted average note rate was 3.07%. The
facility has a two and a half year replenishment period that allows
the principal proceeds from repayments of the collateral assets to
be reinvested in qualifying replacement assets, subject to certain
conditions. The $375.0 million of collateral includes $67.7 million
of additional capacity to finance future loans for a period of up
to 120 days from the closing date of the CLO.
In May 2014, the Company issued $58.6 million aggregate
principal amount of 7.375% senior unsecured notes in an
underwritten public offering (NYSE:ABRN), generating net proceeds
of approximately $56.4 million after deducting the underwriting
discount and other offering expenses. The notes are due in 2021 and
can be redeemed by the Company after May 15, 2017. Including
certain fees and costs, the weighted average note rate was 7.91% at
June 30, 2014.
The Company amended a $50 million financing facility increasing
the committed amount to $75 million, extended the maturity for one
year and reduced the spread over LIBOR from 250 basis points to 225
basis points. Additionally, the Company amended another financing
facility increasing the committed amount from $45 million to $60
million.
The Company repaid in full a $33 million warehouse credit
facility as part of the issuance of the Company's third CLO. In
addition, the Company repaid in full a $20 million unsecured
revolving line of credit primarily from proceeds received from the
issuance of the Company's senior unsecured notes.
The Company is subject to various financial covenants and
restrictions under the terms of the Company's CDO/CLO vehicles,
credit facilities, and repurchase agreements. The Company's CDO/CLO
vehicles contain interest coverage and asset over collateralization
covenants that must be met as of the waterfall distribution date in
order for the Company to receive such payments. The Company
believes that it was in compliance with all financial covenants and
restrictions as of June 30, 2014 and as of the most recent
determination dates in July 2014.
The chart below is a summary of the Company's CDO/CLO compliance
tests as of the most recent determination dates in July 2014:
|
|
|
|
|
|
|
Cash Flow
Triggers |
CDO I |
CDO II |
CDO III |
CLO I |
CLO II |
CLO III |
|
|
|
|
|
|
|
Overcollateralization
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
171.01% |
153.44% |
109.20% |
142.96% |
146.89% |
133.33% |
|
|
|
|
|
|
|
Limit |
145.00% |
127.30% |
105.60% |
137.86% |
144.25% |
132.33% |
|
|
|
|
|
|
|
Pass / Fail |
Pass |
Pass |
Pass |
Pass |
Pass |
Pass |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Coverage (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
553.88% |
387.06% |
498.96% |
206.81% |
279.82% |
274.30% |
|
|
|
|
|
|
|
Limit |
160.00% |
147.30% |
105.60% |
120.00% |
120.00% |
120.00% |
|
|
|
|
|
|
|
Pass / Fail |
Pass |
Pass |
Pass |
Pass |
Pass |
Pass |
(1) The overcollateralization ratio divides the total principal
balance of all collateral in the CDO/CLO by the total principal
balance of the bonds associated with the applicable ratio. To
the extent an asset is considered a defaulted security, the asset's
principal balance for purposes of the overcollateralization test is
the lesser of the asset's market value or the principal balance of
the defaulted asset multiplied by the asset's recovery rate which
is determined by the rating agencies.
(2) The interest coverage ratio divides interest income by
interest expense for the classes senior to those retained by the
Company.
Equity Investments
In May 2014, the Company sold its 12.5% interest in a joint
venture that owns and operates a commercial property with a
carrying value of approximately $0.1 million and received $7.9
million in cash. As a result, the Company recorded a gain from
this transaction of approximately $7.9 million in gain on sale of
equity interest.
As previously disclosed, the Company will recognize a $58.1
million net gain related to its investment in the 450 West 33rd
Street property in its third quarter 2014 consolidated financial
statements. In 2007, the Company received net proceeds of
approximately $58.1 million from the closing of this transaction
and recorded a corresponding net deferred gain as a result of
guarantying a portion of the property's indebtedness. In July 2014,
the existing debt on the property was refinanced and the Company's
portion of the guarantee terminated, resulting in the recognition
of the deferred gain for GAAP purposes.
Common Dividend
The Company announced today that its Board of Directors has
declared a quarterly cash dividend of $0.13 per share of common
stock for the quarter ended June 30, 2014. The dividend is payable
on September 2, 2014 to common shareholders of record on August 15,
2014. The ex-dividend date is August 13, 2014.
Preferred Dividends
The Company announced today that its Board of Directors has
declared cash dividends on the Company's Series A, Series B and
Series C cumulative redeemable preferred stock reflecting accrued
dividends from June 1, 2014 through August 31, 2014. The dividends
are payable on September 2, 2014 to shareholders of record on
August 15, 2014. The Company will pay total dividends of $0.515625,
$0.484375 and $0.53125 per share on the Series A, Series B and
Series C preferred stock, respectively.
Earnings Conference Call
Management will host a conference call today at 10:00 a.m. ET. A
live webcast of the conference call will be available at
www.arborrealtytrust.com in the investor relations area of the
website. Those without web access should access the call
telephonically at least ten minutes prior to the conference call.
The dial-in numbers are (877) 280-4957 for domestic callers and
(857) 244-7314 for international callers. Please use participant
passcode 12621739.
After the live webcast, the call will remain available on the
Company's website, www.arborrealtytrust.com, through August 31,
2014. In addition, a telephonic replay of the call will be
available until August 8, 2014. The replay dial-in numbers are
(888) 286-8010 for domestic callers and (617) 801-6888 for
international callers. Please use passcode 14799841.
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 equity investments, mortgage related securities and other
real estate related assets. Arbor is externally managed and advised
by Arbor Commercial Mortgage, LLC, a national commercial real
estate finance company operating through 14 offices in the US that
specializes in debt and equity financing for multi-family and
commercial real estate. For more information about Arbor Realty
Trust, Inc., please visit www.arborrealtytrust.com.
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, 2013 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.
Non-GAAP Financial Measures
During the quarterly earnings conference call, the Company may
discuss non-GAAP financial measures as defined by SEC Regulation G.
In addition, the Company has used non-GAAP financial measures in
this press release. A supplemental schedule of each non-GAAP
financial measure and the comparable GAAP financial measure can be
found on page 9 and 10 of this release.
1. See attached supplemental schedule of non-GAAP financial
measures.
|
|
|
|
|
ARBOR REALTY
TRUST, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF INCOME - (Unaudited) |
|
|
|
|
Quarter Ended |
Six Months Ended |
|
June 30, |
June 30, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ 25,492,429 |
$ 24,329,116 |
$ 50,404,284 |
$ 47,317,938 |
Interest expense |
11,222,597 |
10,333,073 |
21,813,975 |
20,975,317 |
Net interest income |
14,269,832 |
13,996,043 |
28,590,309 |
26,342,621 |
|
|
|
|
|
Other revenue: |
|
|
|
|
Property operating income |
9,001,383 |
8,231,822 |
18,259,471 |
17,127,256 |
Other income, net |
150,187 |
605,317 |
1,008,583 |
1,984,775 |
Total other revenue |
9,151,570 |
8,837,139 |
19,268,054 |
19,112,031 |
|
|
|
|
|
Other expenses: |
|
|
|
|
Employee compensation and benefits |
3,552,548 |
2,968,678 |
6,938,497 |
6,052,317 |
Selling and administrative |
3,194,845 |
2,969,733 |
5,177,064 |
5,159,016 |
Property operating expenses |
7,423,080 |
7,161,334 |
14,420,203 |
14,031,493 |
Depreciation and amortization |
2,158,353 |
1,827,595 |
3,970,036 |
3,459,726 |
Impairment loss on real estate
owned |
-- |
-- |
250,000 |
-- |
Provision for loan losses (net of
recoveries) |
(870,187) |
821,722 |
(735,843) |
3,321,877 |
Management fee - related party |
2,500,000 |
2,800,000 |
4,950,000 |
5,600,000 |
Total other expenses |
17,958,639 |
18,549,062 |
34,969,957 |
37,624,429 |
|
|
|
|
|
Income before gain on extinguishment of debt,
gain on sale of equity interest and income (loss) from equity
affiliates |
5,462,763 |
4,284,120 |
12,888,406 |
7,830,223 |
Gain on extinguishment of debt |
-- |
-- |
-- |
3,763,000 |
Gain on sale of equity interest |
7,851,266 |
-- |
7,851,266 |
-- |
Income (loss) from equity
affiliates |
40,493 |
(81,804) |
80,541 |
(163,689) |
|
|
|
|
|
Net income |
13,354,522 |
4,202,316 |
20,820,213 |
11,429,534 |
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
1,888,465 |
1,152,617 |
3,479,395 |
1,685,945 |
Net income attributable to noncontrolling
interest |
-- |
53,833 |
-- |
107,484 |
|
|
|
|
|
Net income attributable to Arbor Realty
Trust, Inc. common stockholders |
$ 11,466,057 |
$ 2,995,866 |
$ 17,340,818 |
$ 9,636,105 |
|
|
|
|
|
Basic earnings per common share |
$ 0.23 |
$ 0.07 |
$ 0.35 |
$ 0.25 |
|
|
|
|
|
Diluted earnings per common share |
$ 0.23 |
$ 0.07 |
$ 0.35 |
$ 0.25 |
|
|
|
|
|
Dividends declared per common
share |
$ 0.13 |
$ 0.12 |
$ 0.26 |
$ 0.24 |
|
|
|
|
|
Weighted average number of shares of common
stock outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
50,267,462 |
43,113,898 |
49,804,457 |
38,468,718 |
|
|
|
|
|
Diluted |
50,701,742 |
43,555,495 |
50,229,899 |
38,921,834 |
|
|
|
ARBOR REALTY TRUST,
INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
June 30, |
December 31, |
|
2014 |
2013 |
|
(Unaudited) |
|
Assets: |
|
|
Cash and cash equivalents |
$ 47,813,740 |
$ 60,389,552 |
Restricted cash |
156,795,469 |
54,962,316 |
Loans and investments, net |
1,502,586,691 |
1,523,699,653 |
Available-for-sale securities, at fair
value |
2,805,471 |
37,315,652 |
Investments in equity affiliates |
4,588,107 |
4,680,306 |
Real estate owned, net |
120,830,942 |
111,718,177 |
Real estate held-for-sale, net |
-- |
11,477,676 |
Due from related party |
358,110 |
98,058 |
Prepaid management fee - related party |
19,047,949 |
19,047,949 |
Other assets |
48,146,390 |
54,083,143 |
Total assets |
$ 1,902,972,869 |
$ 1,877,472,482 |
|
|
|
Liabilities and Equity: |
|
|
Credit facilities and repurchase
agreements |
$ 22,204,000 |
$ 159,125,023 |
Collateralized debt obligations |
433,297,191 |
639,622,981 |
Collateralized loan obligations |
545,750,000 |
264,500,000 |
Senior unsecured notes |
58,637,625 |
-- |
Junior subordinated notes to subsidiary trust
issuing preferred securities |
159,557,894 |
159,291,427 |
Notes payable |
2,498,542 |
2,500,000 |
Mortgage note payable – real estate
owned |
53,538,637 |
42,745,650 |
Mortgage note payable – real estate
held-for-sale |
-- |
11,005,354 |
Due to related party |
1,666,667 |
2,794,087 |
Due to borrowers |
16,979,900 |
20,326,030 |
Deferred revenue |
77,123,133 |
77,123,133 |
Other liabilities |
55,127,961 |
60,842,515 |
Total liabilities |
1,426,381,550 |
1,439,876,200 |
|
|
|
Equity: |
|
|
Arbor Realty Trust, Inc. stockholders'
equity: |
|
|
Preferred stock, $0.01 par value: 100,000,000
shares authorized; 8.25% Series A |
|
|
cumulative redeemable
preferred stock, $38,787,500 aggregate liquidation preference; |
|
1,551,500 issued and outstanding at
June 30, 2014 and December 31, 2013; |
|
|
7.75% Series B cumulative
redeemable preferred stock, $31,500,000 aggregate |
|
|
liquidation preference; 1,260,000
issued and outstanding at June 30, 2014 and |
|
|
December 31, 2013; 8.50% Series C
cumulative redeemable preferred stock, |
|
|
$22,500,000 aggregate liquidation
preference; 900,000 issued and outstanding at |
|
|
June 30, 2014, no shares issued and
outstanding at December 31, 2013 |
89,295,905 |
67,654,655 |
Common stock, $0.01 par value: 500,000,000
shares authorized; 53,128,075 |
|
|
shares issued, 50,477,308 shares
outstanding at June 30, 2014 and |
|
|
51,787,075 shares issued,
49,136,308 shares outstanding at December 31, 2013 |
531,280 |
517,870 |
Additional paid-in capital |
631,889,669 |
623,993,245 |
Treasury stock, at cost - 2,650,767 shares at
June 30, 2014 and December 31, 2013 |
(17,100,916) |
(17,100,916) |
Accumulated deficit |
(207,803,092) |
(212,231,319) |
Accumulated other comprehensive loss |
(20,221,527) |
(25,237,253) |
Total stockholders' equity |
476,591,319 |
437,596,282 |
Total liabilities and equity |
$ 1,902,972,869 |
$ 1,877,472,482 |
|
|
|
ARBOR REALTY TRUST,
INC. AND SUBSIDIARIES |
|
|
|
Supplemental Schedule of
Non-GAAP Financial Measures-- |
Adjusted and GAAP Book
Value per Common Share (Actual and Pro Forma) |
(Unaudited) |
|
|
Pro Forma |
|
June 30, 2014 |
June 30, 2014 |
|
|
|
|
|
|
GAAP Arbor Realty Trust, Inc.
Stockholders' Equity |
$ 476,591,319 |
$ 534,666,503 |
Subtract: 8.25% Series A, 7.75% Series
B and 8.50% Series C cumulative redeemable preferred
stock |
(89,295,905) |
(89,295,905) |
|
|
|
GAAP Arbor Realty Trust, Inc. Common
Stockholders' Equity |
387,295,414 |
445,370,598 |
|
|
|
|
|
|
Add: 450 West 33rd Street transaction -
deferred revenue |
77,123,133 |
-- |
Unrealized loss on derivative
instruments |
19,551,436 |
19,551,436 |
|
|
|
Subtract: 450 West 33rd Street
transaction - prepaid management fee |
(19,047,949) |
-- |
|
|
|
Adjusted Arbor Realty Trust, Inc.
Common Stockholders' Equity |
$ 464,922,034 |
$ 464,922,034 |
|
|
|
|
|
|
Adjusted book value per common
share |
$ 9.21 |
$ 9.21 |
|
|
|
GAAP book value per common
share |
$ 7.67 |
$ 8.82 |
|
|
|
Common shares outstanding |
50,477,308 |
50,477,308 |
|
|
|
Given the magnitude and the deferral structure of the 450 West
33rd Street transaction combined with the significance of the
unrealized gain and/or loss position of our qualifying derivative
instruments, Arbor has elected to report adjusted book value per
common share for the affected period to currently reflect the
impact of the 450 West 33rd Street transaction on the Company's
financial condition as well as the removal of the temporary nature
of unrealized gains or losses as a component of equity from
qualifying interest rate swaps on our financial position. Over
time, as these qualifying interest rate swaps reach their maturity,
the fair value of these swaps will return to their original par
value. The table also presents pro forma GAAP book value per common
share based on June 30, 2014 financial information adjusted for the
recognition of the $58.1 million net deferred gain from the 450
West 33rd Street transaction which occurred in the third quarter of
2014. Management considers this non-GAAP financial measure to
be an effective indicator, for both management and investors, of
Arbor's financial condition. Arbor's management does not advocate
that investors consider this non-GAAP financial measure in
isolation from, or as a substitute for, financial measures prepared
in accordance with GAAP.
GAAP book value per common share and adjusted book value per
common share calculations do not take into account any dilution
from the 1,000,000 warrants issued to Wachovia as part of the 2009
debt restructuring. These warrants were purchased in the third
quarter of 2014 for $2.6 million.
|
|
|
|
|
ARBOR REALTY TRUST,
INC. AND SUBSIDIARIES |
|
|
|
|
|
Supplemental Schedule of
Non-GAAP Financial Measures (Continued) -- |
Funds from Operations |
(Unaudited) |
|
|
|
|
|
|
Quarter Ended |
Six Months Ended |
|
June 30, |
June 30, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to Arbor Realty
Trust, Inc. common stockholders |
$ 11,466,057 |
$ 2,995,866 |
$ 17,340,818 |
$ 9,636,105 |
|
|
|
|
|
Add: |
|
|
|
|
Impairment loss on real estate
owned |
-- |
-- |
250,000 |
-- |
Depreciation - real estate
owned |
2,158,353 |
1,827,595 |
3,970,036 |
3,459,726 |
Depreciation - investment in equity
affiliate |
69,370 |
22,599 |
138,740 |
45,198 |
|
|
|
|
|
Funds from operations ("FFO") |
$ 13,693,780 |
$ 4,846,060 |
$ 21,699,594 |
$ 13,141,029 |
|
|
|
|
|
Diluted FFO per common
share |
$ 0.27 |
$ 0.11 |
$ 0.43 |
$ 0.34 |
|
|
|
|
|
Diluted weighted average shares
outstanding |
50,701,742 |
43,555,495 |
50,229,899 |
38,921,834 |
|
|
|
|
|
Arbor is presenting funds from operations, or FFO, because
management believes it to be an important supplemental measure of
the Company's operating performance in that it is frequently used
by analysts, investors and other parties in the evaluation of
REITs. The National Association of Real Estate Investment Trusts,
or NAREIT, defines FFO as net income (loss) attributable to common
stockholders (computed in accordance with GAAP), excluding gains
(losses) from sales of depreciated real properties, plus
impairments of depreciated real properties and real estate related
depreciation and amortization, and after adjustments for
unconsolidated ventures. The Company considers gains and losses on
the sales of undepreciated real estate investments to be a normal
part of its recurring operating activities in accordance with GAAP
and should not be excluded when calculating FFO. Losses from
discontinued operations are not excluded when calculating FFO.
FFO is not intended to be an indication of our cash flow from
operating activities (determined in accordance with GAAP) or a
measure of our liquidity, nor is it entirely indicative of funding
our cash needs, including our ability to make cash distributions.
Arbor's calculation of FFO may be different from the calculation
used by other companies and, therefore, comparability may be
limited.
CONTACT: Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
pelenio@arbor.com
Media:
Bonnie Habyan, EVP of Marketing
516-506-4615
bhabyan@arbor.com
Investors:
Joseph Green
The Ruth Group
646-536-7013
jgreen@theruthgroup.com
Arbor Realty Trust, Inc. (NYSE:ABRN)
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From Apr 2024 to May 2024
Arbor Realty Trust, Inc. (NYSE:ABRN)
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From May 2023 to May 2024