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UNIONDALE, NY-Arbor Realty Trust reported a 296% net-income increase over 2004 results. The REIT is looking forward to two large loan transactions in New York City that are expected to close in the third quarter.

"We have an unwavering commitment to build," said Ivan Kaufman, the firm's chairman and chief executive officer, during the company's quarterly conference call. "We have a long-term commitment to create value, to build and enhance franchise value."

During the quarter there was a $36.5-million distribution from Prime Outlets Acquisition Co. LLC, an entity in which Arbor owns an equity and profits interest. Prime refinanced the debt on a portion of the assets in its portfolio, receiving proceeds in excess of the amount of the previously existing debt. The excess proceeds were distributed to each of the partners in accordance with its operating agreement. "This was a perfect example of how we do business," Kaufman pointed out.