UNIONDALE, N.Y., June 02, 2021 (GLOBE NEWSWIRE) — Arbor Realty Trust, Inc. (NYSE:ABR) announced today the closing of its public offering of 9,200,000 shares of its 6.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, which amount includes 1,200,000 shares of the Series D Preferred Stock issued upon the exercise in full by the underwriters of their over-allotment option on May 26, 2021, for gross proceeds of $230 million, before deducting underwriting discounts and estimated offering expenses.
The Company intends to use approximately $93.3 million of the net proceeds from the offering to fund the redemption of all of the outstanding (i) 1,551,500 shares of its 8.25% Series A Cumulative Redeemable Preferred Stock, (ii) 1,260,000 shares of its 7.75% Series B Cumulative Redeemable Preferred Stock, and (iii) 900,000 shares of its 8.50% Series C Cumulative Redeemable Preferred Stock, in accordance with the terms of the applicable articles supplementary governing each series of preferred stock. The Company intends to use the remaining net proceeds to make investments relating to its business and for general corporate purposes, which may include the repayment of indebtedness.
Raymond James & Associates, Inc. acted as sole book-running manager for the offering.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender, Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans.
