MFA Financial, Inc. Announces Quarterly Dividend of $0.20 Per Share
-Company Also Announces Increase to Share Repurchase Program-
NEW YORK, Dec. 11, 2013
NEW YORK, Dec. 11, 2013 /PRNewswire/ -- MFA Financial, Inc. (NYSE:MFA)
announced today that its Board of Directors declared a regular quarterly cash
dividend of $0.20 per share of common stock for the fourth quarter of 2013.
The dividend will be paid on January 31, 2014, to stockholders of record on
December 31, 2013.
As previously indicated, taxable income and GAAP income are expected to trend
closer together. As a result, GAAP earnings have become a more significant
factor in the Board's determination of the company's dividends.
MFA also announced today that its Board of Directors has increased by
6,000,000 shares the authorized number of shares of MFA common stock available
for repurchase under its existing stock repurchase program. To date, MFA has
repurchased approximately 3,150,000 shares of its common stock under the
previously disclosed authorization to purchase up to 4,000,000 shares of
The shares authorized for repurchase are expected to be repurchased from time
to time through privately negotiated transactions or open market transactions,
including pursuant to any trading plan that may be adopted in accordance with
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or by any combination of such methods. The company expects to
make open market repurchases in accordance with Rule 10b-18 under the Exchange
Act, which sets certain restrictions on the method, timing, price and volume
of open market stock repurchases. The manner, timing, price and number of
shares that may be repurchased will be subject a variety of factors, including
market conditions and applicable U.S. Securities and Exchange Commission
rules. The authorization does not obligate the company to acquire any
particular amount of common stock, and the Company may suspend or discontinue
stock repurchases at its discretion without prior notice.
MFA is a real estate investment trust primarily engaged in the business of
investment, on a leveraged basis, in Agency and Non-Agency residential
Cautionary Note Regarding Forward-Looking Statements
When used in this presentation or other written or oral communications,
statements that are not historical in nature, including those containing words
such as "will," "believe," "expect," "anticipate," "estimate," "plan," "may"
or similar expressions, are intended to identify "forward-looking statements"
for purposes of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and, as such,
may involve known and unknown risks, uncertainties and assumptions.
These forward-looking statements include information about possible or assumed
future results with respect to our business, financial condition, liquidity,
results of operations, plans and objectives. Statements regarding the
following subjects, among others, may be forward-looking: MFA's estimates
regarding taxable income the actual amount of which is dependent on a number
of factors, including, but not limited to, changes in the amount of interest
income and financing costs, the method elected by the Company to accrete the
market discount on Non-Agency MBS and the extent of prepayments, realized
losses and changes in the composition of MFA's Agency MBS and Non-Agency MBS
portfolios that may occur during the applicable tax period, including gain or
loss on any MBS disposals; and the timing and amount of distributions to
stockholders, which are declared and paid at the discretion of MFA's Board of
Directors and will depend on, among other things, MFA's taxable income, its
financial results and overall financial condition and liquidity, maintenance
of its REIT qualification and such other factors as the Board deems relevant.
These forward-looking statements are based on beliefs, assumptions and
expectations of MFA's future performance, taking into account all information
currently available. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on which
they are made. New risks and uncertainties arise over time and it is not
possible to predict those events or how they may affect MFA. Except as
required by law, MFA is not obligated to, and does not intend to, update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: MFA Investor Relations
SOURCE MFA Financial, Inc.
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