HFF, Inc. (NYSE: HF) announced today that its Board of Directors has
declared a special cash dividend of $1.52 per Common Share, payable
December 20, 2012 to shareholders of record on December 10, 2012. The
aggregate dividend payment will total approximately $56.3 million based
on the number of shares of common stock currently outstanding.
Business Comments
“We are pleased to announce that today our Board of Directors declared a
special cash dividend in the amount of $1.52 per Common Share payable on
December 20, 2012 to all shareholders of record as of December 10, 2012.
As we have stated on previous earnings calls, we have had several
discussions with our Board as well as our investment banks regarding our
very strong balance sheet including our very substantial cash position
that has continued to grow as a result of our strategic growth
initiatives, our disciplined approach to managing our business and our
resulting strong operating and financial results,” said John H. Pelusi,
Jr., the Company’s chief executive officer.
“As previously communicated to our shareholders during past earnings
calls, we believe in three guiding principles relative to our balance
sheet, cash position and returning capital to our shareholders. We
believe in maintaining a strong balance sheet and cash position to 1)
first and foremost, ensure that we are able to meet the capital market
and real estate needs of our clients by providing “best in class”
superior service and value-add solutions as they navigate the constantly
changing inefficient capital markets; 2) survive downturns in the
industry such as in the recent downturn during 2008 and 2009, and then
to thrive as soon as conditions improve as we have since January 2010;
and 3) continue to strategically grow and prudently invest in our
business and to take advantage of any and all opportunities to best
position the Company to better serve its clients.
“As noted in our November 1, 2012 earnings release, we believe our
significant, prudent and continuing investment in our talented
associates combined with the ongoing mentoring of same by our deep and
experienced Leadership Team has rewarded and we believe will continue to
reward our shareholders as we believe they have since 2010 as evidenced
by our significant growth in revenues and earnings, which the market has
likewise recognized based on our ranking in Fortune’s September
publication as the 5th fastest growing company overall and
the 3rd overall based on profit growth. We believe the
Company is very well positioned from a balance sheet and cash position
following the payment of this special cash dividend to continue to meet
each of our three guiding principles. Further, for the foreseeable
future we intend to continue to manage, prudently invest and
strategically grow our business to take advantage of all future
strategic opportunities that are likely to arise from the $1.64 trillion
of commercial real estate loans that are forecasted to mature between
2013 and 2017, and to capture additional market share in order to best
position the Company to better serve its clients, just as we believe we
have done since 2010,” said Mr. Pelusi.
“In the future, if we find ourselves in a similar position and can fully
satisfy our three guiding principles, it would be our current intention
to recommend to our Board of Directors to again return capital to our
shareholders in some form, depending on the competitive position of the
Company and other strategic options that might be available to the
Company, as well the macro and micro economic conditions and the legal
and regulatory environment at that time,” said Mr. Pelusi.
About HFF, Inc.
Through its subsidiaries, Holliday Fenoglio Fowler, L.P. and HFF
Securities L.P., the Company operates out of 21 offices nationwide and
is one of the leading and largest full-service commercial real estate
financial intermediaries in the U.S. providing commercial real estate
and capital markets services to both the users and providers of capital
in the commercial real estate sector. The Company offers clients a fully
integrated national capital markets platform including debt placement,
investment sales, private equity and structured finance, investment
banking and advisory services, loan sales and commercial loan servicing.
Certain statements in this earnings press release are
“forward-looking statements” within the meaning of the federal
securities laws. Statements about our beliefs and expectations
and statements containing the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“project,” “intend” and similar expressions constitute forward-looking
statements. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
Company’s actual results and performance in future periods to be
materially different from any future results or performance suggested in
forward-looking statements in this earnings press release. Investors,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking statements.
Any forward-looking statements speak only as of the date of this
earnings press release and, except to the extent required by applicable
securities laws, the Company expressly disclaims any obligation to
update or revise any of them to reflect actual results, any changes in
expectations or any change in events. If the Company does update one or
more forward-looking statements, no inference should be drawn that it
will make additional updates with respect to those or other
forward-looking statements. Factors that could cause results to
differ materially include, but are not limited to: (1) general economic
conditions and commercial real estate market conditions, including the
recent conditions in the global markets and, in particular, the U.S.
debt markets; (2) the Company’s ability to retain and attract
transaction professionals; (3) the Company’s ability to retain its
business philosophy and partnership culture; (4) competitive pressures;
(5) the Company’s ability to integrate and sustain its growth; and (6)
other factors discussed in the Company’s public filings, including the
risk factors included in the Company’s most recent Annual Report on Form
10-K.
Additional information concerning factors that may influence HFF,
Inc.'s financial information is discussed under "Management's Discussion
and Analysis of Financial Condition and Results of Operations,"
"Quantitative and Qualitative Disclosures About Market Risk" and
"Forward-Looking Statements" in the Company’s most recent Annual Report
on Form 10-K, as well as in the Company's press releases and other
periodic filings with the Securities and Exchange Commission. Such
information and filings are available publicly and may be obtained from
the Company's web site at www.hfflp.com
or upon request from the HFF, Inc. Investor Relations Department at investorrelations@hfflp.com.
