Arbor Realty Trust reports $1.4M net loss

New York /
Nov.November 05, 2010 06:15 PM

Ivan Kaufman, CEO of Arbor Realty

Arbor Realty Trust said it narrowed its third-quarter losses, as the lender continued efforts to retool its balance sheet following the collapse of the commercial real estate market.

The Manhattan-based real estate investment trust reported a net loss of $1.4 million, or 6 cents a share in the quarter ending Sept. 30, compared with a loss of $44.1 million, or $1.74 a share in the year-ago quarter.

For the first nine months of 2010, net income was $154.1 million, or $6.03 per share, compared with a net loss of $96.9 million, or $3.83 a share in the year ago period.

The lender recorded $15.2 million in loan loss reserves related to 11 loans worth $188.3 million, which was calculated based on the operating status of the properties, current market conditions and real estate values. The lender also reported 10 non-performing loans with a value of $53.1 million.

Arbor Realty officials said they expect to cautiously expand the amount of lending, while continuing to raise cash and retire debt.

“Our strategy going forward is combined value from our legacy assets, enhance the yield in our portfolio and begin the process of selectively lending and investing in the appropriate opportunities,” said Ivan Kaufman, CEO of Arbor Realty.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Non-New York residents who worked remotely last year will still have to pay New York taxes. (iStock)
NY tax officials crack down on remote workers
NY tax officials crack down on remote workers
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...