Apollo Commercial Real E... (NYSE:ARI)
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1 Month : From Mar 2020 to Apr 2020
Apollo Commercial Real Estate Finance, Inc. (the “Company”) (NYSE:ARI) today issued an open letter to stockholders. The text follows:
March 25, 2020
As we navigate the unprecedented environment amid the COVID-19 pandemic, which has led to a health crisis and significant disruption to the capital markets, we wanted to provide an update on ARI. Our priority continues to be the health and well-being of all our stockholders and the employees of ARI’s external manager, ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc. (together with its affiliates, “Apollo”). As an organization, Apollo is well-prepared to function remotely and those most responsible for ARI are fully focused on the tasks at hand and communicate regularly. We continue to engage in an ongoing active dialogue with our borrowers to understand in real time what is taking place at the commercial real estate collateralizing ARI’s investments.
We also continue to engage in an ongoing active dialogue with our lenders in order to make sure we maintain liquidity for ARI given the current uncertainty in the capital markets. As a reminder, ARI has secured borrowing facilities with six counterparties with remaining terms ranging from six months to over three years, assuming the exercise of our extension options. These facilities are collateralized by commercial mortgage loans in the Company’s portfolio and are not collateralized by commercial real estate securities. As of today, ARI holds only two positions in commercial real estate securities totaling $68 million, neither of which are financed.
One important fact we would like to reiterate is that, as previously announced on February 13, 2020, the Board of Directors declared a first quarter dividend of $0.40 per share of common stock, which is payable in cash on April 15, 2020 to stockholders of record on March 31, 2020.
We appreciate your ongoing support and are steadfast in our commitment to our stockholders to be stewards of your capital. We will remain in contact with you for updates on our business through our regulatory filings, earnings and other press releases and quarterly conference calls. Over nearly 30 years in business, Apollo has navigated many market cycles, disruptions and bouts of volatility, and we believe Apollo’s deep experience will help us make prudent decisions for our people, our assets and our stockholders. We wish you all good health and safety.
Stuart Rothstein, Chief Executive Officer and President
About Apollo Commercial Real Estate Finance, Inc. Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a leading global alternative investment manager with approximately $331 billion of assets under management at December 31, 2019.
Additional information can be found on the Company's website at www.apolloreit.com.
Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
CONTACT: Hilary GinsbergInvestor Relations (212) 822-0767