Crexus Investment — Q4 2012 Earnings Presentation
17 slides from Crexus Investment's earnings presentation, Feb 20, 2013
Slide 1: Supplemental Investment Information Quarter Ended December 31, 2012
CREXUS INVESTMENT CORP. 1 WWW.CREXUSINVESTMENT.COM SUPPLEMENTAL INVESTMENT INFORMATION QUARTER ENDED DECEMBER 31, 2012
Slide 2: Disclaimer
CREXUS INVESTMENT CORP. 2 Disclaimer This presentation and our public documents to which we refer contain or incorporate by reference certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-loo
Slide 3: Q4 Investment Highlights
CREXUS INVESTMENT CORP. 3 Q4 Investment Highlights Portfolio Additions –$25 million mezzanine loan (11.50% coupon) on a geographically diverse portfolio containing 680 hotels –$10 million mezzanine loan (10.00% coupon) on an office building located in New York City –$9 million mezzanine loan (11.00
Slide 4: Investment Portfolio Composition
CREXUS INVESTMENT CORP. 4 Investment Portfolio Composition (1) Weighted average coupon based on Remaining Principal Amounts. (2) Maturity dates assume all of the borrowers’ extension options are exercised. (3) GAAP annualized asset yield based on average assets for the calendar year 2012. Gain on sa
Slide 5: Senior Debt Positions
CREXUS INVESTMENT CORP. 5 Senior Debt Positions As of December 31, 2012. (1) Assumes all extension options are exercised. (2) Based on most recent third party appraisal, which may be prior to the transaction date. (3) Square footage in thousands. (4) Sold $14mm A Note, that did not qualify for sale
Slide 6: Subordinate and Mezzanine Debt Positions
CREXUS INVESTMENT CORP. 6 Subordinate and Mezzanine Debt Positions As of December 31, 2012. (1) Assumes all extension options are exercised. (2) Based on most recent third party appraisal, which may be prior to the transaction date. (3) Square footage in thousands. (4) Paydowns result of property sa
Slide 7: Subordinate and Mezzanine Debt Positions (continued)
CREXUS INVESTMENT CORP. 7 Subordinate and Mezzanine Debt Positions (continued) As of December 31, 2012. (1) Assumes all extension options are exercised. (2 ) Based on most recent third party appraisal, which may be prior to the transaction date. (3) Square footage in thousands. Loan Type Property Ty
Slide 8: Subordinate and Mezzanine Debt Positions (continued)
CREXUS INVESTMENT CORP. 8 Subordinate and Mezzanine Debt Positions (continued) As of December 31, 2012. (1) Assumes all extension options are exercised. (2 ) Based on most recent third party appraisal, which may be prior to the transaction date. (3) Square footage in thousands. (4) Weighted average
Slide 9: Preferred Equity Position
CREXUS INVESTMENT CORP. 9 As of December 31, 2012. (1 ) Based on most recent third party appraisal, which is prior to the transaction date Loan Type Property Type Location Transaction Date Maturity Date Remaining Principal ($000’s) Carrying Amount ($000’s) Coupon Amortization Schedule Senior LTV(1)
Slide 10: Real Estate Properties Portfolio
CREXUS INVESTMENT CORP. 10 Real Estate Properties Portfolio Property Type Location Transaction Date Asset Basis ($000’s) Average Gross Asset Yield First Mortgages ($000’s) First Mortgage Coupon Net Equity Investment ($000’s) Net Equity Yield Property Size(1) Equity Basis REAL ESTATE HELD FOR SALE: H
Slide 11: Portfolio Composition
CREXUS INVESTMENT CORP. 11 30%76%100%70%24%0%20%40%60%80%100%Senior DebtSubordinate DebtPreferred EquityFixedFloatingPortfolio Composition Real Estate Investments Debt/Preferred Equity Investments Percentages are based on face amounts as of December 31, 2012. Senior Debt12%Subordinate Debt 75%Prefer
Slide 12: Portfolio Diversification - Debt
CREXUS INVESTMENT CORP. 12 Portfolio Diversification - Debt Percentages are based on face amounts as of December 31, 2012 and includes Preferred Equity Investment. Composition By State Composition By Property Type Hotel 14% Office 30% Retail 34% Industrial 13% Multifamily 5% Office/Flex 2% Condomini
Slide 13: Portfolio Diversification – Real Estate Properties
CREXUS INVESTMENT CORP. 13 Portfolio Diversification – Real Estate Properties Percentages are based on carry amounts as of December 31, 2012. Composition By State Composition By Property Type PA 33% MD 14% AZ 46% NV 7% Hotel 47% Industrial 53%
Slide 14: Debt Portfolio Management: Return and Maturity Profile
CREXUS INVESTMENT CORP. 14 6.03% 9.93% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% Portfolio Weighted Average Coupon as of 12/31/2011Portfolio Weighted Average Coupon as of 12/31/2012-50 100 150 200 250 Loan Maturities as of 12/31/2011Portfolio Loan Maturities as of 12/31/2012Debt Portfolio Manageme
Slide 15: Financial Statements
WWW.ANNALY.COM CREXUSINVESTMENT.COM Financial Statements
Slide 16: Balance Sheet – Q4 2012
Balance Sheet – Q4 2012 Derived from the audited financial statements at December 31, 2011. CREXUS INVESTMENT CORP.CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(dollars in thousands, except share and per share data) December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011
Slide 17: Income Statement – Q4 2012
Income Statement – Q4 2012 CREXUS INVESTMENT CORP.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(dollars in thousands, except share and per share data)(Unaudited)December 31, 2012September 30, 2012June 30, 2012March 31, 2012December 31, 2011Net interest income:Interest income20,397$ 26,967$ 17,805$