Friday October 22, 2:25 pm Eastern Time
Company Press Release
FBR Asset Investment Corp. Reports Income of $0.38 Per Share for the Third Quarter of 1999
ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 22, 1999--FBR Asset Investment Corp. (AMEX:FB - news), a Real Estate Investment Trust (REIT), today reported net income for the quarter ended Sept. 30, 1999 of $2.7 million or $0.38 per share.
On Sept. 16, 1999, FBR Asset declared a third quarter cash dividend of $0.40 per share.
At Sept. 30, 1999, FBR Asset had $247 million in total assets, 6.9 million shares outstanding, and a Book Value of $17.69 per share. At June 30, 1999, FBR Asset had $254 million in total assets, 7.1 million shares outstanding, and a Book Value of $17.85 per share.
FBR Asset Investment Corp. (''FBR Asset'') invests in mortgages, mortgage-backed securities and other real estate-related assets. FBR Asset is externally managed by Friedman, Billings, Ramsey Investment Management, Inc., (FBRIM), a subsidiary of Friedman, Billings, Ramsey Group, Inc. Friedman, Billings, Ramsey Group, Inc. is an investment bank and asset manager and the parent company of fbr.com, an online investment bank and electronic brokerage.
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) currently has a 19-percent equity ownership interest in FBR Asset and has warrants to potentially own up to 27.10 percent of the company. The majority of FBR Asset's outstanding shares are owned by individual and institutional investors.
FBR Asset listed on the American Stock Exchange on Sept. 29, 1999. |
