PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, October 24, 8:01 AM
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Slide #3. Arbor Realty Trust, Inc. — Preferred Stock Offering
Company:
Arbor Realty Trust, Inc. (NYSE:ABR)
Date announced:
10/4/2021
Shares Offered:
7,000,000
Date of Pricing:
10/4/2021
Price Per Share:
$25.00
Preferred Stock Offering Details:
Arbor Realty Trust, Inc. (the "Company") (NYSE:ABR) announced today that it has priced the public offering of 7,000,000 shares of its 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock"), liquidation preference $25.00 per share, for gross proceeds of $175 million, before deducting underwriting discounts and estimated offering expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of the Series F Preferred Stock to cover over-allotments, if any. The Company intends to file an application to list the Series F Preferred Stock on the NYSE under the symbol "ABR PrF" and, if approved, expects trading to commence within 30 days after the initial issuance of the Series F Preferred Stock. The offering is expected to close on October 12, 2021, subject to customary closing conditions.
Arbor Realty Trust is a real estate investment trust. Co. operates through two business segments: its Structured Loan Origination and Investment Business (Structured Business) and its Agency Loan Origination and Servicing Business (Agency Business). Through its Structured Business, Co. invests in a portfolio of structured finance assets in the multifamily, single-family rental and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. Through its Agency Business, Co. originates, sells and services a range of multifamily finance products.
Preferreds: ABR.PRA, ABR.PRB, ABR.PRC
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Avg. Broker Rec.
 
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Strong Buy (3.67 out of 4) 63rd percentile
(ranked higher than approx. 63% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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