UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust focused on the business of investing in real estate related bridge and mezzanine loans, preferred and direct equity investments, mortgage-related securities and other real estate related assets, today announced that the Company has recorded as income the remaining $9.2 million of proceeds from the $36.5 million Prime Outlets Acquisition Company LLC ("Prime") distribution previously announced on July 5, 2005. Prime has refinanced the debt related to 10 of the 28 properties in its portfolio and the Company's guarantee on a portion of that debt has been eliminated. Of the $9.2 million, $6.3 million will be included in interest income for the quarter ended March 31, 2006 and the remaining $2.9 million will be recorded as income from equity affiliates. The $9.2 million of income is subject to incentive compensation per Arbor's management agreement.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. is a real estate investment trust which invests in a diversified portfolio of multi-family and commercial real estate related bridge and mezzanine loans, preferred and direct equity investments, mortgage related securities and other real estate related assets. Arbor commenced operations in July 2003 and conducts substantially all of its operations through its operating partnership, Arbor Realty Limited Partnership and its subsidiaries. Arbor is externally managed and advised by Arbor Commercial Mortgage, LLC, a national commercial real estate finance company operating through 15 offices in the US that specializes in debt and equity financing for multi-family and commercial real estate.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor's expectations include, but are not limited to, continued ability to source new investments, changes in interest rates and/or credit spreads, changes in the real estate markets, and other risks detailed in the Arbor's Annual Report on Form 10-K for the year ended December 31, 2004 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
Contacts: Investors:
Arbor Realty Trust, Inc. Stephanie Carrington/ Denise Roche
Paul Elenio, Chief Financial Officer The Ruth Group
516-832-7422 646-536-7017 / 7008
www.paul.elenio@thearbornet.comscarrington@theruthgroup.comdroche@theruthgroup.com
Media:
Bonnie Habyan, SVP of Marketing
516-229-6615
bonnie.habyan@thearbornet.com
Source: Arbor Realty Trust, Inc.
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CONTACT: Paul Elenio, Chief Financial Officer, +1-516-832-7422,
www.paul.elenio@thearbornet.com, or Bonnie Habyan, SVP of Marketing,
+1-516-229-6615, bonnie.habyan@thearbornet.com, both of Arbor Realty Trust,
Inc.; Stephanie Carrington, +1-646-536-7017, scarrington@theruthgroup.com, or
Denise Roche, +1-646-536-7008, droche@theruthgroup.com, both of The Ruth Group
for Arbor Realty Trust, Inc.
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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