Tag Archives: CMBS

Business, Finance, Occupation & Industry

Dynex Capital, Inc. Declares First Quarter Series A Preferred Stock Dividend

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By Business Wirevia The Motley Fool

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Dynex Capital, Inc. Declares First Quarter Series A Preferred Stock Dividend

GLEN ALLEN, Va.–(BUSINESS WIRE)– Dynex Capital, Inc. (NYS: DX) announced today that its Board of Directors has declared a dividend on its 8.50% Series A Cumulative Redeemable Preferred Stock of $0.53125 per share for the first quarter of 2013. The dividend will be paid on April 15, 2013 to shareholders of record of the Series A Preferred Stock as of April 1, 2013.

Dynex Capital, Inc. is an internally managed real estate investment trust, or REIT, which invests in mortgage assets on a leveraged basis. The Company invests in Agency and non-Agency RMBS and CMBS. The Company also has investments in securitized single-family residential and commercial mortgage loans originated by the Company from 1992 to 1998. Additional information about Dynex Capital, Inc. is available at www.dynexcapital.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the business of Dynex Capital, Inc. that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

Dynex Capital, Inc.
Alison Griffin
804-217-5897

KEYWORDS:   United States  North America  Virginia

INDUSTRY KEYWORDS:

The article Dynex Capital, Inc. Declares First Quarter Series A Preferred Stock Dividend originally appeared on Fool.com.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Dynex Capital, Inc. Declares First Quarter Common Stock Dividend

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By Business Wirevia The Motley Fool

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Dynex Capital, Inc. Declares First Quarter Common Stock Dividend

GLEN ALLEN, Va.–(BUSINESS WIRE)– Dynex Capital, Inc. (NYS: DX) announced today that it will pay a dividend of $0.29 per common share for the first quarter of 2013 on April 30, 2013 to shareholders of record on April 1, 2013. There is no dividend reinvestment discount for first quarter dividends reinvested through the Company’s Dividend Reinvestment and Share Purchase Plan.

Dynex Capital, Inc. is an internally managed real estate investment trust, or REIT, which invests in mortgage assets on a leveraged basis. The Company invests in Agency and non-Agency RMBS and CMBS. The Company also has investments in securitized single-family residential and commercial mortgage loans originated by the Company from 1992 to 1998. Additional information about Dynex Capital, Inc. is available at www.dynexcapital.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the business of Dynex Capital, Inc. that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

Dynex Capital, Inc.
Alison Griffin, 804-217-5897

KEYWORDS:   United States  North America  Virginia

INDUSTRY KEYWORDS:

The article Dynex Capital, Inc. Declares First Quarter Common Stock Dividend originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Kroll Bond Rating Agency Assigns Final Ratings to JPMCC 2013-C10

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By Business Wirevia The Motley Fool

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Kroll Bond Rating Agency Assigns Final Ratings to JPMCC 2013-C10

NEW YORK–(BUSINESS WIRE)– Kroll Bond Rating Agency (KBRA) assigned its final ratings to fourteen classes of JPMCC 2013-C10, a $1.28 billion CMBS multi-borrower transaction collateralized by 50 fixed rate commercial mortgage loans that are secured by 101 properties. Concurrently, we have withdrawn our preliminary ratings of the certificates, which were assigned on February 22, 2013 (see our ratings listed below).

The mortgage loan sellers are JPMorgan Chase Bank, National Association (JPMCB), CIBC Inc. (CIBC) and Redwood Commercial Mortgage Corporation (RCMC). The respective contribution of each seller to the pool balance is as follows: JPMCB (36 loans, 81.1%), CIBC (8 loans, 12.0%) and RCMC (6 loans, 6.9%). The majority of the loans (29 loans, 69.2%) were used to refinance existing debt, while the proceeds from 21 loans (30.8%) were used for property acquisitions.

The loans have principal balances that range from $3.0 million to $130.0 million for the largest loan in the pool, which is secured by The Shops at Riverside (10.2%), a regional mall property located in Hackensack, New Jersey. The top five loans, which also include Gateway Center (8.8%), EIP Industrial Portfolio (7.1%), 111 West Jackson (6.3%) and Pot-Nets Manufactured Housing Portfolio (4.8%), represent 37.0% of the initial pool balance, and the top 10 loan exposures represent 55.0%. The properties are geographically diverse and located across 22 states with the three largest state concentrations being New Jersey (14.0%), Illinois (11.6%) and Pennsylvania (11.4%). The pool has exposure to two property types with concentrations in excess of 10%: retail (35.2%) and office (33.9%).

KBRA‘s analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts’ evaluation of underlying collateral properties’ financial and operating performance, which determine KBRA‘s estimate of sustainable net cash flow (KNCF) and KBRA value. The analysis utilized our CMBS Property Evaluation Guidelines to determine KNCF, which on an aggregate basis was 3.3% less than the issuer cash flow. KBRA capitalization rates were applied to each asset’s KNCF to derive individual property values that, on an aggregate basis, were 33.4% less than third party appraisal values. The pool has an in-trust KLTV of 97.8% and an all-in LTV of 101.5%.

KNCF and KBRA capitalization rates were among the key inputs used in our credit modeling process. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that were used by KBRA to assign our credit ratings for this transaction.

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Source: FULL ARTICLE at DailyFinance
Business, Finance, Occupation & Industry

AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings

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By Business Wirevia The Motley Fool

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AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings

NEW YORK–(BUSINESS WIRE)– AG Mortgage Investment Trust, Inc. (“MITT” or the “Company”) (NYS: MITT) today reported core earnings of $19.8 million and net income available to common stockholders of $14.6 million for the quarter ended December 31, 2012. AG Mortgage Investment Trust, Inc. is an actively managed REIT that opportunistically invests in a diversified risk-adjusted portfolio of Agency RMBS, Non-Agency RMBS, ABS, CMBS, commercial loans and other real estate related assets. A reconciliation of core earnings to net income appears at the end of this press release.

FINANCIAL HIGHLIGHTS

See footnotes at the end of this press release

  • Net income available to common stockholders of $0.62 per share (6) for the quarter and $7.18 per share for the year
  • Core Earnings of $0.85 per share for the quarter and $3.48 per share for the year
  • Net realized gains of $0.66 per share for the quarter and $1.62 per share for the year
  • $0.80 per share common dividend declared for the quarter and $2.97 per share for the year
  • $2.15 per share of undistributed taxable income (1)
    • Increase of $0.96 per share from September 30, 2012
  • $23.47 net book value per share as of December 31, 2012 (1), net of the fourth quarter dividend
    • $2.95 per share increase from $20.52 as of December 31, 2011
  • 31.4% return on stock in 2012
  • Raised approximately $91.2 million of gross proceeds through a common stock offering during the quarter
  • 49% of warrants outstanding exercised as of December 31, 2012

INVESTMENT HIGHLIGHTS

Business, Finance, Occupation & Industry

New York State Supreme Court Upholds MBIA's Transformation

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By Business Wirevia The Motley Fool

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New York State Supreme Court Upholds MBIA’s Transformation

ARMONK, N.Y.–(BUSINESS WIRE)– MBIA Inc. (NYS: MBI) (the Company) today announced that the New York State Supreme Court has upheld the New York State Insurance Department‘s (now the Department of Financial Services) decision to approve MBIA’s Transformation in February of 2009, which came after the Department’s thorough and careful analysis. Initially, a group of 18 banks challenged the approval in an Article 78 proceeding, although by the commencement of hearings before the Court, just two banks remained. In its 59-page, thorough and well-reasoned decision, the Court rejected each of the banks’ arguments that the Department’s approval of Transformation was either arbitrary and capricious, or contrary to law.

“After almost four years of court filings, discovery and hearings, we are pleased that the New York State Supreme Court has affirmed what was obvious all along – that the New York State Insurance Department‘s approval of our Transformation was proper in all respects,” said Jay Brown, MBIA CEO. “With the Court’s ruling now in hand, we look forward to resolving the remainder of our litigation so that we can support the financing needs of towns and cities across America by re-establishing National Public Finance Guarantee Corporation, our U.S. muni-only insurer, as a leader in the U.S. public finance insurance market.”

Forward-Looking Statements

The information contained in this press release should be read in conjunction with our filings made with the Securities and Exchange Commission. This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,” “intend,” “will likely result,” “looking forward” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other risks and uncertainties, whether the Company will realize, or will be delayed in realizing, insurance loss recoveries expected in disputes with sellers/servicers of RMBS transactions at the levels recorded in its financial statements, the possibility that the Company will experience severe losses or liquidity needs due to increased deterioration in its insurance portfolios and in particular, due to the performance of CDOs including multi-sector, CMBS and CRE CDOs and RMBS, the …read more
Source: FULL ARTICLE at DailyFinance