ARMOUR Residential REIT, Inc. (NYSE:ARR) – Dividend Announcement and Appointment of Company Officials


Dallas, Texas 09/11/2013 (Financialstrend) – A real estate investment trust, ARMOUR Residential REIT, Inc. (NYSE:ARR) is externally managed by ARMOUR Residential Management LLC (ARRM). The company primarily invests in residential mortgage-backed securities (RMBS) issued by U.S. Government agencies or U.S. Government sponsored entities. Such guarantees include Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) or Government National Mortgage Association (Ginnie Mae).

ARRM, an investment advisor, registered with the Securities and Exchange Commission, externally manage and advise the company. Since December 31, 2009, the company has been qualified as a real estate investment trust (REIT) for U.S. federal income tax purposes and as a result it is not required to pay federal corporate income tax if it distributes 90% of its income among its shareholders.

ARR is going to trade ex-dividend from September 12, for its monthly dividend payout of $0.07 which will be payable on September 27, 2013. The annualized dividend yield counts at 20% according to the calculation with recent stock price of $4.20.

Another key happening which make to the headlines for the company is that Ms. Carolyn Downey has been appointed by the company’s board as a new independent associate of the Nominating and Corporate Governance group on the firm’s Board of Directors with effect from September 3, 2013. Further, the Board has appointed Mr. Mark Gruber, who has the experience of over 25 years of institutional capital markets experience to the position of COO of the Company with effect from September 3, 2013. Mr. Mark Gruber is the head of Portfolio Management of the company.

With the appointment of Ms. Carolyn Downey, the Company expects to get back conformity with relevant Sections of the New York Stock Exchange Listed Company Manual and the NYSE MKT LLC Company Guide, both which need bulk or majority of independent directors on the Company’s Board of Directors.

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