NEW YORK CITY-Annaly Capital Management, Inc. announced Wednesday the recent hiring of several executives for its commercial real estate platform. The headcount increase comes one day before the company announced its first quarter earnings, where a slight decline from previous quarters was revealed.
“Over the past few months, FIDAC [a wholly owned subsidiary of Annaly] has continued to grow its commercial real estate expertise,” says Wellington Denahan, Annaly's chairman and CEO. “Given the size of the opportunity that we see in the commercial real estate market, we are investing in additional personnel to further complement our origination, underwriting and asset management capabilities within this asset class.”
Robert Restrick has been hired as managing director. He has over 23 years experience in CRE. Restrick joined FIDAC in April 2010 as an EVP and has served as the COO of CreXus [also part of Annaly] since June 2011. Donald Haber is now managing director, head of commercial real estate credit. Haber has over 25 years experience in CRE. Prior to Annaly, he served as co-chief credit officer at Cantor Commercial Real Estate.
Peter Morral joins Annaly as executive director, focused on origination. Previously managing director of UBS Securities, Morral has over 17 years of CRE experience. Gary Romaniello has become executive director, focused on origination. He has over 20 years experience and previously was executive director at CIBC World Markets, Matt Higgins joined as executive vice president, focused on origination. He has over 18 years experience and most recently served as executive director at UBS Real Estate Securities. Michael Jo is associate general counsel, head of legal and structuring-commercial real estate. Prior to joining Annaly, Jo was at KSL Capital Partners and other firms managing legal, strategy and execution of high-yield real estate debt investments and CMBS.
Additionally, Henry Gom joins Annaly as SVP, focused on origination and business development. He was previously SVP at Savills LLC. Greg Kiely was hired as SVP, focused on underwriting. Previously, he was director of real estate finance at CIBC World Markets.
Meanwhile, in Annaly's earnings report, it reported GAAP net income for Q1 of $870.3 million, or $0.90 per average common share, compared to GAAP net income of $901.8 million, or $0.92 per average common share, for Q1 2012.
Net income for the quarter was $464.4 million, or $0.47 per average common share, compared to $529.3 million, or $0.54 per average common share, for the quarter ended March 31, 2012, and $465.1 million or $0.46 per average common share for that quarter.
During the first quarter, Annaly disposed of $17.2 billion of investment securities, resulting in a realized gain of $182.8 million. This is a sharp jump from the same time last year, when the company disposed of $5.3 billion of investment Securities, resulting in a realized gain of $80.3 million.
Common dividends declared for the quarters ended March 31, 2013, March 31, 2012, and December 31, 2012 were $0.45, $0.55, and $0.45 per common share, respectively.The annualized dividend yield on the company's common stock for the quarter ended March 31, 2013, based on the March 31, 2013 closing price of $15.89, was 11.33%, as compared to 13.91% for the quarter ended March 31, 2012, and 12.82% for the quarter ended December 31, 2012.
Despite some dips, Denahan appears upbeat about the future, particularly about the company's purchase in April of CreXus Investment Corp. “Even as we continue to operate in extraordinary times, our management team remains focused on prudent risk management and finding relative value in the markets,” she says in the earnings announcement.
“For us, this has meant a consistent approach to our portfolio construction and conservative balance sheet and hedging strategies," she adds. "In addition, the CreXus transaction is a meaningful step in the evolution of the Company's capital allocation strategy, one that will enable us to take advantage of a broader spectrum of relative value investment opportunities on behalf of our shareholders.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
