Mortgage REIT Arbor Realty (NYSE:ABR) reported excellent earnings this morning.
The company reported true GAAP earnings of 47 cents/share (adjusted funds from operations–AFFO–was less stellar at 29 cents/share)–the company pays a 27 cent/share quarterly common dividend so their coverage is good. On top of the 27 cent regular dividend they declared a special of 15 cents/share.
After ‘reinventing’ themselves a few years ago this mREIT has turned in better and better results. The company operates in the commercial mortgage arena with loan originating, and mortgage services.
ABR has 3 higher yielding perpetual preferreds outstanding–which went ex-dividend yesterday.
The A and B issues are now redeemable which keeps their price relatively close to $25–the C issue becomes redeemable later this month.