Apollo Commercial Real Estate Finance, Inc. Reports First Quarter 2021 Results

NEW YORK, April 22, 2021 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI), today reported results for the quarter ended March 31, 2021.

For the first quarter of 2021, net income available to common stockholders per diluted share of common stock was $0.37 and Distributable Earnings (a non-GAAP financial measure defined below) were $0.39 per share of common stock.  

Commenting on the results, Stuart Rothstein, Chief Executive Officer and President of ARI, said: “2021 is off to a solid start with over $528 million in closed transactions during the quarter and Distributable Earnings well in excess of the quarterly dividend. Given the robust level of real estate transaction activity, our pipeline continues to build as we focus on deploying currently available capital as well as anticipated additional capital from loan repayments.”

ARI issued a detailed presentation of the Company’s quarter and year ended March 31, 2021 results, which can be viewed at www.apolloreit.com.

Conference Call and Webcast:
Members of the public who are interested in participating in the Company’s first quarter 2021 earnings teleconference call should dial from the U.S., [phone], or from outside the U.S., [phone], shortly before 10:00 a.m. on Friday, April 23, 2021 and reference the Apollo Commercial Real Estate Finance, Inc. Teleconference Call (number 8790229). Please note the teleconference call will be available for replay beginning at 1:00 p.m. on Friday, April 23, 2021 and ending at midnight on Friday, April 30, 2021. To access the replay, callers from the U.S. should dial [phone] and callers from outside the U.S. should dial [phone], and enter conference identification number 8790229.

Distributable Earnings
Beginning in the fourth quarter of 2020, to more appropriately reflect the principal purpose of the measure, “Operating Earnings” was relabeled “Distributable Earnings”, a non-GAAP financial measure. The definition continues to be net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, (v) the non-cash amortization expense related to the reclassification of a portion of the Company’s convertible senior notes (the “Notes”) to stockholders’ equity in accordance with GAAP, and (vi) provision for loan losses.