Walker & Dunlop Announces Promotion of Brian Casey to Lead Mid-Atlantic Capital Markets Team
Apr 23 15
Walker & Dunlop, Inc. announced the promotion of Senior Vice President, Brian Casey to head the company's Mid-Atlantic Capital Markets team. Mr. Casey has been with Walker & Dunlop for two years building the company's balance sheet lending activities which now includes over $250 million of loans on multifamily properties across the country. Mr. Casey will continue managing the balance sheet investing activities in his new role. In leading the Mid-Atlantic Capital Markets team, Mr. Casey will be responsible for managing the financing professionals who work to structure and place debt on office buildings, retail centers, hotels, and multifamily properties throughout the region. Prior to joining the company, Mr. Casey served as managing director and head of real estate debt strategies at Met Life.
Walker & Dunlop, Inc. and Walker & Dunlop, LLC Announce Executive Changes
Apr 20 15
On April 20, 2015, Walker & Dunlop, Inc. announced that the company's Board of Directors appointed Howard W. Smith, III as President of the Company effective on April 27, 2015. Mr. Smith, age 56, currently serves as its Executive Vice President, Chief Operating Officer and a member of its Board of Directors. Mr. Smith has been a member of its Board since July 2010. Mr. Smith joined the Company in November 1980 and has been a member of the management team since 1988. Mr. Smith has served as the Executive Vice President, Chief Operating Officer and a Board member of the company's operating company, Walker & Dunlop, LLC or its predecessors since 2004. The Board of Managers of WDLLC also has appointed Mr. Smith as President of WDLLC effective on April 27, 2015. As President, Mr. Smith will continue to be responsible for its Multifamily, FHA Finance, Healthcare Finance, Capital Markets and Investment Sales groups. Mr. Smith is a member of the Board of Directors of the National Multi Housing Council and Episcopal High School in Alexandria, Virginia. He also served as the Chairman of the Fannie Mae DUS Peer Group advisory council from 2007 to 2008 and again from 2009 to 2010. In conjunction with Mr. Smith's appointment, the Company announced that William M. Walker will no longer hold the title of President of the Company and WDLLC as of April 27, 2015. Mr. Walker will continue to serve as Chairman and Chief Executive Officer of the Company and WDLLC.
Walker & Dunlop Closes USD 670 Million Loan
Apr 7 15
Walker & Dunlop, Inc. announced that it has originated USD 670 million in senior housing loans that are secured by a New Senior Investment Group Inc. 52-property portfolio. Loans were structured as seven-year adjustable rate mortgages under the Freddie Mac Seller/Servicer Program. The deal funded the refinancing of 35 assets plus the acquisition of 17 new properties. The portfolio included memory care, independent living and assisted living facilities, located in 19 states with the highest concentrations in Florida, North Carolina, New Hampshire and Utah.
Walker & Dunlop, Inc. Appoints Thomas Toland as Senior Vice President of Multifamily Finance, New York
Feb 17 15
Walker & Dunlop, Inc. announced that Thomas Toland joined the company as senior vice president of Multifamily Finance and will be based out of Walker & Dunlop's New York office. Prior to joining Walker & Dunlop, Mr. Toland served as vice president at Berkadia where he financed $1 billion of commercial real estate debt and equity transactions and $750 million in Freddie Mac and Fannie Mae multifamily transactions. Previously, Mr. Toland served as general counsel and one of the original shareholders during the foundation of Spring Bank in New York Citywhere he supervised all legal issues for the bank development group.
Walker & Dunlop, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Write-Offs for the Fourth Quarter Ended December 31, 2014
Feb 12 15
Walker & Dunlop, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues of $112,598,000 compared to $85,470,000 a year ago. Income from operations was $26,577,000 compared to $17,951,000 a year ago. Net income was $16,251,000 or $0.50 per diluted share compared to $11,206,000 or $0.33 per diluted share a year ago. Return on equity (annualized) was 15% compared to 11% a year ago. Adjusted EBITDA was $23,406,000 compared to $17,904,000 a year ago. Adjusted diluted EPS was $0.50 compared to $0.33 a year ago. Adjusted net income was $16,251,000 compared to $11,430,000 a year ago. Adjusted income from operations was $26,577,000 compared to $18,314,000 a year ago. Revenue growth was driven by record origination volume including significant increases in lending with Fannie Mae and Freddie Mac.
For the year, the company reported total revenues of $360,772,000 compared to $319,039,000 a year ago. Income from operations was $83,912,000 compared to $66,787,000 a year ago. Net income was $51,422,000 or $1.58 per diluted share compared to $41,530,000 or $1.21 per diluted share a year ago. Return on equity (annualized) was 13% compared to 11% a year ago. Adjusted EBITDA was $84,805,000 compared to $56,783,000 a year ago. The year-over-year increase was primarily a result of the $13.8 million increase in loan origination fees, an $8.2 million growth in servicing revenues, a $10.0 million increase in net warehouse and interim loan interest income and a decrease in net write offs of $3.9 million, partially offset by commissions and variable compensation increases. Adjusted diluted EPS was $1.59 compared to $1.28 a year ago. Adjusted net income was $51,736,000 compared to $43,968,000 a year ago. Adjusted income from operations was $84,421,000 compared to $70,738,000 a year ago.
For the quarter, the company reported net write-offs of $506,000 compared to $982,000 a year ago.