Apollo Commercial Real Estate Finance, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results and Declares a $0.40 per

Apollo Commercial Real Estate Finance, Inc. Reports Fourth Quarter and Full 
Year 2012 Financial Results and Declares a $0.40 per Common
Share Quarterly Dividend 
NEW YORK, NY -- (Marketwire) -- 02/27/13 --  Apollo Commercial Real
Estate Finance, Inc. (the "Company" or "ARI") (NYSE: ARI) today
reported financial results for the quarter and full year ended
December 31, 2012. 
Fourth Quarter 2012 Highlights 


 
--  Generated $12.3 million of net interest income from the Company's $669
    million investment portfolio, which had a current weighted average
    underwritten internal rate of return ("IRR") of approximately 12.7%
    and a levered weighted average underwritten IRR of approximately 14.1%
    at December 31, 2012;
--  Closed two loan transactions totaling $130.0 million of committed
    capital; and
--  Completed an underwritten public offering of 7,404,640 shares of
    common stock at a price of $16.81 per share, raising net proceeds of
    $124.1 million.

  
Full Year 2012 Highlights 


 
--  Completed eight new commercial real estate debt transactions totaling
    $214.8 million of committed equity representing $264.3 million of
    investments with a weighted average underwritten IRR of approximately
    13%;
--  Raised $207.3 million of net proceeds through preferred and common
    stock offerings; and
--  Lowered the cost of the Company's financing facilities through:
    --  Refinancing of the TALF debt, which produced $14.1 million of
        additional investable capital, lowered the weighted average cost
        of funds by approximately 70 basis points and extended the term of
        the debt through August 2013; and
    --  Amending the Company's repurchase facility with JPMorgan Chase
        Bank, N.A (the "JPMorgan Facility") to reduce the interest rate by
        50 basis points to LIBOR + 2.50%.

  
"2012 was a year of significant capital formation and portfolio growth
for ARI, set against a backdrop of improving fundamentals in the
commercial real estate markets," said Stuart Rothstein, Chief
Executive Officer of the Company. "The Company's investment activity
was robust, as we completed over $264 million of new transactions
with a weighted average underwritten IRR of approximately 13%. ARI
also was able to expand the Co
mpany's capital base through both a
preferred stock offering and a common stock offering, as well as
lower its cost of capital through refinancing and amending its
financing facilities. Importantly, the credit quality of our
investments remained stable. As we look ahead to 2013, the Company
has gotten off to a strong start, having closed three new
transactions totaling $103 million of committed equity." 
Fourth Quarter and Full Year 2012 Operating Results
 The Company
reported Operating Earnings of $7.4 million, or $0.27 per share, for
the three months ended December 31, 2012, as compared to Operating
Earnings of $8.3 million, or $0.39 per share, for the three months
ended December 31, 2011. The decrease in Operating Earnings per share
primarily was due to the timing of the deployment of the capital
raised from both the Company's preferred stock offering and common
stock offering. Net income available to common stockholders for the
three months ended December 31, 2012 was $7.1 million, or $0.26 per
share, as compared to net income available to common stockholders of
$8.7 million, or $0.41 per share, for the three months ended December
31, 2011. 
Commenting on fourth quarter financial performance, Mr. Rothstein
stated: "The Company's Operating Earnings per share in the fourth
quarter of 2012 reflected the differential in timing between ARI's
capital raising and capital deployment activities. As we stated on
our third quarter earnings call, we believe ARI's Operating Earnings
in the fourth quarter of 2012 would not be indicative of the future
earnings capability of our investment portfolio. Subsequent to
quarter end, the Company has significantly deployed the capital
raised in 2012 and we believe we have a healthy pipeline for future
investments."  
For the full year ended December 31, 2012, the Company reported
Operating Earnings of $33.9 million, or $1.50 per share, representing
a per share increase of 2% as compared to Operating Earnings of $28.1
million, or $1.47 per share for the full year ended December 31,
2011. Net income available to common stockholders for the full year
ended December 31, 2012 was $37.1 million, or $1.64 per share, as
compared to net income available to common stockholders of $25.9
million, or $1.35 per share, for the full year ended December 31,
2011.  
Fourth Quarter Investment and Portfolio Activity
 Mezzanine Loan - In
November 2012, ARI closed a $50 million mezzanine loan secured by
equity interests in a borrower that owns a portfolio of three
full-service conference hotels located in Dallas, TX, Denver, CO and
St. Louis, MO, totaling 3,981 keys. The mezzanine loan is part of a
$410 million four-year (three-year initial term with one one-year
extension option), floating rate loan refinancing comprised of a $295
million first mortgage and a $115 million mezzanine loan, which was
subsequently bifurcated into a $65 million senior mezzanine loan and
ARI's $50 million junior mezzanine loan. ARI's mezzanine loan has an
interest rate of one-month LIBOR + 10.9%, 30-year amortization and an
appraised loan-to-value ("LTV") of approximately 61% or approximately
$103,000 per key. ARI received a 0.5% origination fee when the loan
closed. The mezzanine loan has been underwritten to generate an IRR
of approximately 13%. 
Whole Loan - In December, 2012, ARI provided an $80 million whole
loan commitment for a condominium conversion located in the TriBeCa
neighborhood of New York City. At closing, ARI funded a $45 million
first mortgage loan and $0.4 million of a $35 million mezzanine loan,
the balance of which ARI expects to be funded throughout the
conversion process. The property will have 66 units with
approximately 96,000 net salable square feet and approximately 3,000
square feet of ground floor retail space. The loans have an initial
term of two years with two 12-month extension options, subject to the
achievement of additional project completion hurdles. The interest
rate on the whole loan is LIBOR+8.5% with a LIBOR floor of 0.5%. ARI
received a 1.0% origination fee and expects to receive a 1.0% exit
fee on the fully funded balance of the loan. When fully funded, ARI's
loan basis will represent an underwritten loan-to-net sellout of
approximately 55%. The loans have been underwritten to generate an
unlevered IRR of approximately 11%.  
Quarter End Portfolio Summary
 The following table sets forth certain
information regarding the Company's investments at December 31, 2012
($ amounts in thousands): 


 
                                                                            
                                                           Current  Levered 
                       Weighted            Cost           Weighted Weighted 
             Amortized  Average             of    Equity   Average  Average 
 Description    Cost     Yield     Debt   Funds   at cost  IRR (1)  IRR (2) 
------------ --------- --------  -------- -----  -------- -------- -------- 
First                                                                       
 mortgage                                                                   
 loans       $ 142,921     10.1% $      3   2.7% $142,918     10.8%    15.6%
Subordinate                                                                 
 
 loans         246,246     12.7         -     -   246,246     13.6     13.6 
Repurchase                                                                  
 agreements      6,598     13.0         -     -     6,598     13.7     13.7 
CMBS - AAA     203,463      4.1   176,827   1.7    26,636     15.3     15.3 
CMBS -                                                                      
 Hilton         70,250      5.6    48,328   2.6    21,922     11.6     11.6 
             --------- --------  -------- -----  -------- -------- -------- 
Total        $ 669,478      8.8% $225,158   1.9% $444,320     12.7%    14.1%
             ========= ========  ======== =====  ======== ======== ======== 

 
(1) The IRRs for the investments shown in the above table and
elsewhere in this press release reflect the returns underwritten by
ACREFI Management, LLC, the Company's external manager. They are
calculated on a weighted average basis assuming no dispositions,
early prepayments or defaults but does assume that extension options
are exercised and that the cost of borrowings and derivative
instruments under the Company's master repurchase agreement with
Wells Fargo Bank, N.A. (the "Wells Facility") remain constant over
the remaining terms and extension terms under the facility. The
calculation also assumes extension options on the Wells Facility with
respect to the Hilton CMBS are exercised. The IRRs for the New York
City condominium conversion investment listed above and the New York
City condominium development investment listed below are calculated
using the Company's external manager's underwritten assumptions
regarding the estimates of the timing and magnitude of future
fundings for the remaining commitments and associated loan
repayments, as well as assuming no defaults. There can be no
assurance the actual IRRs will equal the underwritten IRRs shown in
the table and elsewhere in this press release. See "Risk Factors" in
the reports filed by the Company with the Securities and Exchange
Commission for a discussion of some of the factors that could
adversely impact the returns received by the Company from the
investments shown in the table over time.  
(2) Substantially all of the Company's borrowings under the JPMorgan
Facility were repaid upon the closing of the Company's Series A
Preferred Stock offering in August 2012. The Company's ability to
achieve its underwritten levered weighted average IRR with regard to
its portfolio of first mortgage loans is additionally dependent upon
the Company re-borrowing approximately $53,000 under the JPMorgan
Facility or any replacement facility. Without such re-borrowing, the
levered weighted average IRRs will be as indicated in the current
weighted average IRR column above. 
Book Value
 The Company's GAAP book value per share at December 31,
2012 was $16.43. For purposes of GAAP accounting, the Company carries
loans at amortized cost and its CMBS securities are marked to market.
Management has estimated that the fair value of the Company's
financial assets at December 31, 2012 was approximately $11.5 million
greater than the carrying value of the Company's investment portfolio
as of the same date. This represents a premium of $0.41 per share
over the Company's GAAP book value as of December 31, 2012, and
results in an estimated market value per share of approximately
$16.84.  
Subsequent Events
 New Investments - During the first quarter of
2013, ARI closed three transactions totaling $103 million of
committed equity. The transactions include the following:  


 
--  $60 million mezzanine loan commitment secured by a pledge of preferred
    equity interests in the owner of a to-be-developed 352,624 net
    saleable square foot, 57-story, 146-unit condominium tower located in
    the TriBeCa neighborhood of New York City. When fully funded, the
    Company's loan basis is expected to represent an underwritten
    loan-to-net sellout of approximately 54%. The mezzanine loan has been
    underwritten to generate an IRR of approximately 16%;
    
    
--  $18 million mezzanine loan secured by a pledge of the equity interests
    in the owner of two buildings in midtown Manhattan. The buildings
    contain a total of 181,637 rentable square feet that is being
    converted into 215 multifamily rental units. The mezzanine loan has an
    appraised LTV of approximately 60% and has been underwritten to
    generate an IRR of approximately 13%; and
    
    
--  $25 million mezzanine loan secured by a pledge of the equity interests
    in the owner of a portfolio of four hotels totaling 1,231 keys located
    in Rochester, Minnesota. The mezzanine loan has an appraised LTV of
    approximately 69% and has been underwritten to generate an IRR of
    approximately 12%.

  
Repayment of Investments - During the first quarter, ARI received
principal repayment from the following investments: 


 
--  The repurchase agreement secured by CDO bonds was repaid in full. Upon
    the repayment, the Company realized a 17% IRR on its investment; and
    
    
--  Two mezzanine loans totaling $50 million secured by a portfolio of
    retail shopping centers located throughout the United States were
    fully repaid. In connection with the repayment, the Company received a
    yield maintenance payment totaling $2.5 million. Including the yield
    maintenance payment, the Company realized a 15% IRR on its mezzanine
    loan investment.

  
Amendment to JP Morgan Facility - In February 2013, the Company amended
its JPMorgan Facility to extend the term for two years (one year
initial term with a 364 day extension option). Pricing on the
JPMorgan Facility will remain at LIBOR+2.5% and ARI paid a 0.5%
extension fee for the first year and will pay a 0.25% extension fee
for the second year. The Company primarily uses the JPMorgan Facility
to finance ARI's first mortgage loan investments.  
Amendment to Wells Facility - In February 2013, the Company amended
its Wells Facility to reduce the interest rate as follows: (i.) with
respect to the outstanding borrowings used to provide financing for
the AAA CMBS, the interest rate was reduced to LIBOR+1.05% from
LIBOR+1.25% - 1.50% (depending on the collateral pledged); and (ii.)
with respect to the outstanding borrowings used to provide financing
for the Hilton CMBS, the interest rate was reduced to LIBOR+1.75%
from LIBOR+2.35%. In addition, the maturity date of the Wells
Facility with respect to the outstanding borrowings used to provide
financing for the AAA CMBS was extended to March 2014.  
Corporate Governance - In February 2013, the Board of Directors
appointed Megan Gaul as Chief Financial Officer, Secretary and
Treasurer of the Company, effective April 1, 2013. Ms. Gaul will
assume these titles from Mr. Rothstein, who holds these titles in
addition to his existing titles of Chief Executive Officer and
President. Ms. Gaul previously served as the Controller of the
Manager, a position she has held since she joined Apollo Global
Management, the indirect owner of the Manager, in 2009.  
Dividend - The Board of Directors declared a dividend of $0.40 per
share of common stock, which is payable on April 12, 2013 to common
s
tockholders of record on March 29, 2013. This is the eleventh
consecutive quarter the Company has paid a $0.40 per common share
dividend. 
Annual Meeting - The Board of Directors also set March 6, 2013 as the
record date for its 2013 Annual Meeting of Stockholders. The 2013
Annual Meeting of Stockholders will be held on May 2, 2013 at the
offices of Clifford Chance US LLP at 31 West 52nd Street, New York,
New York. 
Definition of Operating Earnings
 Operating Earnings is a non-GAAP
financial measure that is used to approximate cash available for
distribution and is defined by the Company as net income available to
common stockholders, computed in accordance with GAAP, adjusted for
(i) non-cash equity compensation expense (a portion of which may
become cash-based upon final vesting and settlement of awards should
the holder elect net share settlement to satisfy income tax
withholding) and (ii) any unrealized gains or losses or other
non-cash items included in net income available to common
stockholders. The table provided below reconciles Operating Earnings
to net income available to common stockholders.  
Reconciliation of Operating Earnings to Net Income Available to
Common Stockholders
 The tables below reconcile Operating Earnings
and Operating Earnings per share with net income available to common
stockholders and net income available to common stockholders per
share for the three and twelve months ended December 31, 2012 and
2011 ($ amounts in thousands):  


 
                                                                            
                        Three Months              Three Months              
                            Ended       Earnings      Ended       Earnings  
                        December 31,   Per Share  December 31,   Per Share  
                            2012       (Diluted)      2011       (Diluted)  
                        ------------  ----------- ------------  ----------- 
Operating Earnings:                                                         
Net income available to                                                     
 common stockholders    $      7,108  $      0.26 $      8,669  $      0.41 
Adjustments:                                                                
  Unrealized gain on                                                        
   securities                    (16)           -         (600)       (0.03)
  Unrealized gain on                                                        
   derivative                                                               
   instruments                   (96)           -         (426)       (0.02)
  Non-cash stock-based                                                      
   compensation expense          380         0.01          634         0.03 
                        ------------  ----------- ------------  ----------- 
Total adjustments:               268         0.01         (392)       (0.02)
                        ------------  ----------- ------------  ----------- 
Operating Earnings      $      7,376  $      0.27 $      8,277  $      0.39 
                        ============  =========== ============  =========== 
                                                                            
Basic and diluted                                                           
 weighted average                                                           
 Common shares                                                              
 outstanding:             27,608,787                20,561,032              
                                                                            
                                                                            
                                                                            
                          Twelve                     Twelve                 
                       Months Ended    Earnings   Months Ended    Earnings  
                       December 31,   Per Share   December 31,   Per Share  
                           2012       (Diluted)       2011       (Diluted)  
                       ------------  -----------  ------------  ----------- 
Operating Earnings:                                                         
Net income available                                                        
 to common                                                                  
 stockholders          $     37,102  $      1.64  $     25,882  $      1.35 
Adjustments:                                                                
  Unrealized gain on                                                        
   securities                (6,489)       (0.29)         (481)       (0.03)
  Unrealized gain                                                           
   (loss) on                                                                
   derivative                                                               
   instruments                 (323)       (0.01)          865         0.05 
  Non-cash stock-based                                                      
   compensation                                                             
   expense                    3,624         0.16         1,788         0.10 
                       ------------  -----------  ------------  ----------- 
Total adjustments:           (3,188)       (0.14)        2,172         0.12 
                       ------------  -----------  ------------  ----------- 
Operating Earnings     $     33,914  $      1.50  $     28,054  $      1.47 
                       ============  ===========  ============  =========== 
                                                                            
Basic and diluted                                                           
 weighted average                                                           
 common shares                                                              
 outstanding:            22,648,819                 18,840,954              

 
Teleconference Details:
 Members of the public who are interested in
participating in the Company's fourth quarter and full year 2012
earnings teleconference call should dial from the U.S., (877)
263-2989, or from outside the U.S., (702) 928-7168, shortly before
10:00 a.m. on Thursday, February 28, 2013 and reference the Apollo
Commercial Real Estate Finance, Inc. Teleconference Call (number
93491950). Please note the teleconference call will be available for
replay beginning at 12:00 p.m. on Thursday, February 28, 2013, and
ending at midnight on Thursday, March 7, 2013. To access the replay,
callers from the U.S. should dial (855) 859-2056 and callers from
outside the U.S. should dial (404) 537-3406, and enter conference
identification number 93491950. 
Webcast
 The conference call will
also be available on the Company's website at www.apolloreit.com.
 To
listen to a live broadcast, please go to the site at least 15 minutes
prior to the scheduled start time in order to register, download and
install any necessary audio software. A replay of the call also will
be available for 30 days on the Company's website. 
Supplemental Information
 The Company provides supplemental financial
information to offer more transparency into its results and make its
reporting more informative and easier to follow. The supplemental
financial information is available in the investor relations section
of the Company's website at www.apolloreit.com. 
About Apollo Commercial Real Estate Finance, Inc. 
 Apollo Commercial
Real Estate Finance, Inc. (NYSE: ARI) is a commercial mortgage real
estate investment trust that primarily originates, invests in,
acquires and manages senior performing commercial real estate
mortgage loans, commercial mortgage-backed securities and other
commercial real estate-related debt investments throughout the U.S.
The Company is externally managed and advised by ACREFI Management,
LLC, a Delaware limited liability company and an indirect subsidiary
of Apollo Global Management, LLC, a leading global alternative
investment manager with approximately $113 billion of assets under
management at December 31, 2012.  
Additional information can be found on the Company's website at
www.apolloreit.com. 
Dividend Reinvestment Plan 
 The Company adopted a Direct Stock
Purchase and Dividend Reinvestment Plan (the "Plan"). The Plan
provides new investors and existing holders of the Company's common
stock with a convenient and economical method to purchase shares of
its common stock. By participating in the Plan, participants may
purchase additional shares of the Company's common stock by
reinvesting some or all of the cash dividends received on their
shares of the Company's common stock. In addition, the Plan permits
participants to make optional cash investments of up to $10,000 per
month, and, with the Company's prior approval, optional cash
investments in excess of $10,000 per month, for the purchase of
additional shares of the Company's common stock.  
The Plan is administered by a division of Wells Fargo Bank, N.A.
("Wells"). Stockholders and other persons may obtain a copy of the
Plan prospectus and an enrollment form by contacting Wells at (800)
468-9716 or (651) 450-4064, if outside the United States, or visiting
Wells' website at www.shareowneronline.com.  
Forward-Looking Statements
 Certain 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 it's 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.  


 
                                                                            
        Apollo Commercial Real Estate Finance, Inc. and Subsidiaries        
                    Condensed Consolidated Balance Sheets                   
               (in thousands--except share and per share data)              
                                                                            
                                                 December 31,   December 31,
                                                     2012           2011    
                                                -------------  -------------
Assets:                                                                     
  Cash                                          $     108,619  $      21,568
  Securities available-for-sale, at estimated                               
   fair value                                          67,079        302,543
  Securities, at estimated fair value                 211,809        251,452
  Commercial mortgage loans, held for                                       
   investment                                         142,921        109,006
  Subordinate loans, held for investment              246,246        149,086
  Repurchase agreements, held for investment            6,598         47,439
  Principal and interest receivable                     4,277          8,075
  Deferred financing costs, net                           678          2,044
  Other assets                                            203             17
                                                -------------  -------------
Total Assets                                    $     788,430  $     891,230
                                                =============  =============
                                                                            
Liabilities and Stockholders' Equity                                        
Liabilities:                                                                
  Borrowings under repurchase agreements        $     225,158  $     290,700
  TALF borrowings                                           -        251,327
  Derivative instruments, net                             155            478
  Accounts payable and accrued expenses                 1,265          1,746
  Payable to related party                              2,037          1,298
  Dividends payable                                    12,891          8,703
                                                -------------  -------------
Total Liabilities                                     241,506  $     554,252
                                                                            
Stockholders' Equity:                                                       
  Preferred stock, $0.01 par value, 50,000,000                              
   shares authorized and 3,450,000 shares                                   
   issued and outstanding in 2012                          35              -
  Common stock, $0.01 par value, 450,000,000                                
   shares authorized, 28,044,106 and 20,561,032                             
   shares issued and outstanding in 2012 and                                
   2011, respectively                                     280            206
  Additional paid-in-capital                          546,065        336,209
  Retained Earnings                                       574              -
  Accumulated other comprehensive income (loss)           (30)           563
                                                -------------  -------------
Total Stockholders' Equity                            546,924        336,978
                                                -------------  -------------
Total Liabilities and Stockholders' Equity      $     788,430  $     891,230
                                                =============  =============
                                                                            
                                                                            
                                                                            
        Apollo Commercial Real Estate Finance, Inc. and Subsidiaries        
               Condensed Consolidated Statement of Operations               
              (in thousands--except share and per share data)               
                                                                            
                            Three months ended        Twelve months ended   
                               December 31,              December 31,       
                          
   2012         2011         2012         2011    
                         -----------  -----------  -----------  ----------- 
Net interest income:                                                        
  Interest income from                                                      
   securities            $     3,120  $     5,904  $    15,347  $    25,323 
  Interest income from                                                      
   commercial mortgage                                                      
   loans                       2,930        2,267       10,780        9,153 
  Interest income from                                                      
   subordinate loans           7,350        4,817       24,666       13,678 
  Interest income from                                                      
   repurchase agreements         366        1,576        6,286        4,764 
  Interest expense            (1,463)      (3,618)      (8,402)     (14,454)
                         -----------  -----------  -----------  ----------- 
Net interest income           12,303       10,946       48,677       38,464 
                                                                            
Operating expenses:                                                         
  General and                                                               
   administrative                                                           
   expenses (includes                                                       
   $380 and $3,624 of                                                       
   non-cash stock based                                                     
   compensation in 2012                                                     
   and $634 and $1,788                                                      
   in 2011,                                                                 
   respectively)              (1,315)      (1,563)      (8,543)      (5,652)
  Management fees to                                                        
   related party              (2,040)      (1,297)      (6,139)      (4,728)
                         -----------  -----------  -----------  ----------- 
Total operating expenses      (3,355)      (2,860)     (14,682)     (10,380)
  Interest income from                                                      
   cash balances                   6            1            7           13 
  Realized gain on sale                                                     
   of securities                   -            -          262            - 
  Unrealized gain on                                                        
   securities                     16          600        6,489          481 
  Loss on derivative                                                        
   instruments (includes                                                    
   $96 and $323 of                                                          
   unrealized gains in                                                      
   2012 and $426 and                                                        
   ($865) of unrealized                                                     
   losses in 2011,                                                          
   respectively)                  (2)         (18)        (572)      (2,696)
                         -----------  -----------  -----------  ----------- 
Net income               $     8,968  $     8,669  $    40,181  $    25,882 
                         -----------  -----------  -----------  ----------- 
Preferred Dividends           (1,860)           -       (3,079)           - 
                         -----------  -----------  -----------  ----------- 
Net income available to                                                     
 common stockholders     $     7,108  $     8,669  $    37,102  $    25,882 
                         ===========  ===========  ===========  =========== 
                                                                            
Basic and diluted net                                                       
 income per share of                                                        
 common stock            $      0.26  $      0.41  $      1.64  $      1.35 
                         ===========  ===========  ===========  =========== 
                                                                            
Basic and diluted                                                           
 weighted average common                                                    
 shares outstanding       27,297,600   20,561,032   22,648,819   18,840,954 
                         ===========  ===========  ===========  =========== 
                                                                            
Dividend declared per                                                       
 share of common stock   $      0.40  $      0.40  $      1.60  $      1.60 
                         ===========  ===========  ===========  =========== 

  
CONTACT: 
Hilary Ginsberg
Investor Relations 
(212) 822-0767