APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. ISSUES LETTER TO STOCKHOLDERS
March 25 2020 - 7:00AM
Apollo Commercial Real Estate Finance, Inc. (the “Company”)
(NYSE:ARI) today issued an open letter to stockholders. The
text follows:
March 25, 2020
Dear Stockholder,
As we navigate the unprecedented environment amid the COVID-19
pandemic, which has led to a health crisis and significant
disruption to the capital markets, we wanted to provide an update
on ARI. Our priority continues to be the health and
well-being of all our stockholders and the employees of ARI’s
external manager, ACREFI Management, LLC, an indirect subsidiary of
Apollo Global Management, Inc. (together with its affiliates,
“Apollo”). As an organization, Apollo is well-prepared to
function remotely and those most responsible for ARI are fully
focused on the tasks at hand and communicate regularly. We
continue to engage in an ongoing active dialogue with our borrowers
to understand in real time what is taking place at the commercial
real estate collateralizing ARI’s investments.
We also continue to engage in an ongoing active dialogue with
our lenders in order to make sure we maintain liquidity for ARI
given the current uncertainty in the capital markets. As a
reminder, ARI has secured borrowing facilities with six
counterparties with remaining terms ranging from six months to over
three years, assuming the exercise of our extension options.
These facilities are collateralized by commercial mortgage loans in
the Company’s portfolio and are not collateralized by commercial
real estate securities. As of today, ARI holds only two
positions in commercial real estate securities totaling $68
million, neither of which are financed.
One important fact we would like to reiterate is that, as
previously announced on February 13, 2020, the Board of Directors
declared a first quarter dividend of $0.40 per share of common
stock, which is payable in cash on April 15, 2020 to stockholders
of record on March 31, 2020.
We appreciate your ongoing support and are steadfast in our
commitment to our stockholders to be stewards of your capital.
We will remain in contact with you for updates on our
business through our regulatory filings, earnings and other press
releases and quarterly conference calls. Over nearly 30
years in business, Apollo has navigated many market cycles,
disruptions and bouts of volatility, and we believe Apollo’s deep
experience will help us make prudent decisions for our people, our
assets and our stockholders. We wish you all good health and
safety.
Best,
Stuart Rothstein, Chief Executive Officer and President
About Apollo Commercial Real Estate
Finance, Inc. Apollo Commercial Real Estate Finance, Inc.
(NYSE: ARI) is a real estate investment trust that primarily
originates, acquires, invests in and manages performing commercial
first mortgage loans, subordinate financings and other commercial
real estate-related debt investments. The Company is
externally managed and advised by ACREFI Management, LLC, a
Delaware limited liability company and an indirect subsidiary of
Apollo Global Management, Inc., a leading global alternative
investment manager with approximately $331 billion of assets under
management at December 31, 2019.
Additional information can be found on the
Company's website at www.apolloreit.com.
Forward-Looking
StatementsCertain 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 its 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.
CONTACT:
Hilary
GinsbergInvestor Relations (212)
822-0767
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