November 4, 2011
Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced operating results for the third fiscal quarter ended September 30, 2011 . The Company's Core Earnings, a Non-GAAP financial measure, were $39.3 million or $0.42 per diluted share for the quarter, compared to $36.1 million or $0.43 per diluted share for the prior quarter. The 2011 year-to-date Core Earnings totaled $106.8 million , or $1.28 per diluted share, an increase of 32% over the per diluted share amount for the same period in the prior year of $0.97 per diluted share. Net income attributable to the Company for the three and nine months ended September 30, 2011 was approximately $14.5 million and $78.3 million, respectively, compared to $22.7 million and $39.5 million, respectively, for the three and nine months ended September 30, 2010. Net income per diluted share outstanding for the quarter ended September 30, 2011 decreased to $0.15 compared to $0.47 for the third quarter of 2010. For the nine months
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October 14, 2011
Starwood Property Trust (NYSE: STWD) today announced that the Company will release its third quarter 2011 financial results on Friday, November 4, 2011 before the opening of trading on the New York Stock Exchange. A conference call will be held on Friday, November 4, 2011 at 10:00 a.m. Eastern time . During the conference call, the Company's officers will review third quarter performance, discuss recent events and conduct a question-and-answer period. To Participate in the Telephone Conference Call: Dial in at least five minutes prior to start time. Domestic: 1-877-780-3379 International: 1-719-457-2631 Conference Call Playback: Domestic: 1-877-870-5176 International: 1-858-384-5517 Passcode: 4752129 The playback can be accessed through November 18, 2011 .
Webcast: The conference call will also be available in the Investor Relations section of the Company's website at www.starwoodpropertytrust.com. To listen to a live broadcast, go to the site at least 15 minutes prior to
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August 30, 2011
Starwood Property Trust, Inc. (NYSE: STWD) today announced its participation in a recently completed commercial mortgage loan securitization led by Deutsche Bank Securities, Inc. The Company contributed four first mortgage loans with an aggregate principal balance of $154.4 million . The Company uses the securitization market to provide non-recourse match term funding when it retains related subordinate debt, and this securitization provided the Company with an effective cost of funds of approximately 5.1%. Three of the loans contributed to the securitization, with an aggregate principal balance of $130.4 million, have a total of $99.8 million of subordinate notes or mezzanine loans that were retained by the Company. The subordinate debt investments retained by the Company are secured by a portfolio of hotels, an assisted living facility and an office building and have a weighted average remaining maturity of 55 months and a weighted average last dollar exposure loan-to-value ratio
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August 9, 2011
Starwood Property Trust (NYSE: STWD) announced today that its Board of Directors has authorized the repurchase of up to $100 million of its outstanding common shares over a period of one year. The share repurchase program will be funded through the Company's existing cash. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. About Starwood Property Trust, Inc. Starwood Property Trust, Inc. (NYSE: STWD) is a commercial real estate finance company that is focused primarily on originating, investing in, financing and managing commercial mortgage loans and
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August 2, 2011
- Core Earnings for the Second Quarter up 15.0% per Share Over First Quarter 2011 - - Declares Dividend of $0.44 Per Share for Third Quarter 2011 - - $819.0 million of New Investments in Second Quarter Bringing Total Investments to $2.5 billion - Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced operating results for the second fiscal quarter ended June 30, 2011. The Company's Core Earnings, a Non-GAAP financial measure, were $36.1 million or $0.43 per diluted share for the quarter. The 2011 year-to-date Core Earnings totaled $67.5 million, or $0.86 per diluted share, more than double the per diluted share amount for the same period in the prior year of $20.0 million, or $0.41 per diluted share. Net income attributable to the Company for the three and six months ended June 30, 2011 was approximately $32.4 million and $63.9 million , respectively, compared to $10.8 million and $16.8 million , respectively, for the three and six months ended June 30, 2010 . Net
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July 29, 2011
Starwood Property Trust (NYSE: STWD) today announced that the Company has named Andrew J. Sossen to the position of Chief Operating Officer and appointed Michael Berry to the position of Chief Accounting Officer, effective July 28, 2011 . "Starwood Property Trust has developed a deep bench of experienced managers within the Company that have contributed to our initial success," remarked Barry Sternlicht, Chairman and Chief Executive Officer of Starwood Property Trust. "Andrew's significant contributions over the past 18 months have greatly enhanced our capabilities to effectively execute and grow this Company. Additionally, Michael Berry has added important value to our efforts and his promotion is well deserved. We continue to build a world class organization and expect Starwood Property to remain a leader in the commercial real estate finance industry." Andrew J. Sossen has been General Counsel at Starwood Property Trust since January 2010 , a role he will be retaining. Prior to
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July 14, 2011
Starwood Property Trust (NYSE: STWD) (the "Company") today announced that the Company will release its second quarter 2011 financial results on Tuesday, August 2, 2011 before the opening of trading on the New York Stock Exchange. A conference call will be held on Tuesday, August 2, 2011 at 10:00 a.m. Eastern time . During the conference call, the Company's officers will review second quarter performance, discuss recent events and conduct a question-and-answer period. To Participate in the Telephone Conference Call: Dial in at least five minutes prior to start time. Domestic: 1-888-203-7667 International: 1-719-234-0008 Conference Call Playback: Domestic: 1-877-870-5176 International: 1-858-384-5517 Passcode: 9439930 The playback can be accessed through August 16, 2011 Webcast The conference call will also be available in the Investor Relations section of the Company's website at www.starwoodpropertytrust.com . To listen to a live broadcast, go to the site at least 15 minutes
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June 27, 2011
Cushman & Wakefield Sonnenblick Goldman and Starwood Property Trust (NYSE: STWD) jointly announced today the completion of a $23 million refinancing and arrangement of up to $13 million in construction financing for the City Club Hotel in Midtown Manhattan. The loan will allow for the construction of up to 66 additional rooms to be built above the existing small luxury hotel, home to Daniel Boulud's DB Bistro Moderne, which occupies a prime location on 44th Street between Fifth and Sixth Avenues. Jared Kelso and Ernest Lee of Cushman & Wakefield Sonnenblick Goldman's U.S. Hospitality Group represented the owners, City Club Hotel LLC, in arranging the financing. The refinancing was completed in less than 30 days. "The availability of creative capital for the hospitality sector continues to increase with each passing month," said Jared Kelso , a Cushman & Wakefield Sonnenblick Goldman Senior Director. "We were pleased to secure financing in an incredibly short time frame from a
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June 3, 2011
Starwood Property Trust (NYSE: STWD) today announced that Barry Sternlicht , Chief Executive Officer and Chairman, will present at the Keefe, Bruyette & Woods 2011 Investment Management & Specialty Finance Conference in New York City on Tuesday, June 7, 2011 at 3:25 PM Eastern Time . About Starwood Property Trust, Inc. Starwood Property Trust, Inc. (NYSE: STWD) is a commercial real estate finance company that is focused primarily on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate-related debt investments. Starwood Property Trust, Inc. is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. Forward Looking Statements Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
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May 11, 2011
Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced the pricing of an underwritten public offering of 22,000,000 shares of its common stock. The underwriters have a 30-day option to purchase up to an additional 3,300,000 shares from the Company. Settlement of the offering is subject to customary closing conditions and is expected to occur on May 16, 2011 . All of the shares will be issued under the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission. The Company intends to use the net proceeds received from the offering to purchase additional commercial mortgage loans and other target assets. The Company may also use a portion of the net proceeds for other general corporate purposes, including, but not limited to, the payment of liabilities and other working capital needs. Citi and Deutsche Bank Securities are acting as the underwriters for the offering. The offering of these securities may be made only
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May 10, 2011
- Core Earnings up 16.2% per Share - - Declares and Raises Dividend to $0.44 Per Share for Second Quarter 2011; Sixth Straight Quarterly Dividend Increase - - $403.1 million of New Investments in First Quarter Bringing Total Investments to $2.1 billion - Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced operating results for the first fiscal quarter ended March 31, 2011. The Company's Core Earnings, a Non-GAAP financial measure, were $31.4 million, or $0.43 per diluted share, for the first quarter of 2011, representing a 55% increase over the prior quarter's Core Earnings of $20.2 million, or $0.37 per diluted share. Net Income increased year over year by nearly $25.5 million to $31.4 million, or $0.43 per diluted share. "As the value of commercial property recovers, the pace of property transactions and related loan originations and loan sales has risen dramatically," stated Barry Sternlicht , the Company's Chairman and Chief Executive Officer. "With our
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May 10, 2011
Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced that it is offering 22,000,000 shares of its common stock in an underwritten public offering. The underwriters will have a 30-day option from the date of the offering to purchase up to an additional 3,300,000 shares from the Company. All of the shares will be issued under the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission. The Company intends to use the net proceeds received from the offering to purchase additional commercial mortgage loans and other target assets. The Company may also use a portion of the net proceeds for other general corporate purposes, including, but not limited to, the payment of liabilities and other working capital needs. Citi and Deutsche Bank Securities are acting as the underwriters for the offering. The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, a copy of
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April 11, 2011
Starwood Property Trust (NYSE: STWD) (the "Company") today announced that the Company will release its first quarter 2011 financial results on Tuesday, May 10, 2011 before the opening of trading on the New York Stock Exchange. A conference call will be held on Tuesday, May 10, 2011 at 10:00 a.m. Eastern time . During the conference call, the Company's officers will review first quarter performance, discuss recent events, and conduct a question-and-answer period. To Participate in the Telephone Conference Call: Dial in at least five minutes prior to start time. Domestic: 877-407-0784 International: 201-689-8560 Conference ID: 370723 Conference Call Playback: Domestic: 877-870-5176 International: 858-384-5517 Passcode: 370723 The playback can be accessed through May 24, 2011. Webcast The conference call will also be available in the Investor Relations section of the Company's website at www.starwoodpropertytrust.com. To listen to a live broadcast, go to the site at least 15
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March 28, 2011
Starwood Property Trust (NYSE: STWD) today announced that it has made an unconditional offer to acquire all of the outstanding shares of common stock of CreXus Investment Corp. (NYSE: CXS) for $14.00 per share. The proposal was formally made today in a letter to the CreXus Board of Directors. Terms of the proposed transaction call for Starwood Property Trust to exchange 0.61 shares of its common stock for each share of CreXus common stock outstanding. The offer represents a 20% premium over CreXus' trading price on the New York Stock Exchange of $11.68 at 11am on Monday, March 28, 2011 . The Company's offer is not subject to any financing condition, but is contingent on CreXus suspending its current equity offering. Starwood Property Trust is not aware of any material governmental or third party approvals or filings that would be required to consummate the transaction and the transaction will not require the vote of Starwood Property Trust's shareholders. Barry Sternlicht, Chairman
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March 28, 2011
Starwood Property Trust (NYSE: STWD) earlier today announced that it had made an unconditional offer to acquire all of the outstanding shares of common stock of CreXus Investment Corp. (NYSE: CXS) for $14.00 per share. In response to inquiries, Starwood confirmed its earlier statements that its unconditional offer to purchase all of the shares of CreXus would be withdrawn if CreXus prices its dilutive public offering scheduled for today March 28, 2011 . About Starwood Property Trust, Inc. Starwood Property Trust, Inc. (NYSE: STWD) is a commercial real estate finance company that is focused primarily on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate-related debt investments. Starwood Property Trust, Inc. is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. Forward Looking
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March 23, 2011
Starwood Property Trust (NYSE: STWD) today announced that the Company has recently deployed $352 million of capital through three separate transactions: the origination of a $165.5 million first mortgage loan, mezzanine loan and corporate loan on a portfolio of six full service hotels located throughout California (collectively, the " Hotel Loan "); the origination of a $30 million mezzanine loan on a luxury hotel located on the Upper East Side of Manhattan (the " New York Mezzanine Loan" ); and the discounted purchase of a $188.0 million mezzanine loan secured by a portfolio of 10 office buildings located in Northern Virginia (the " Office Loan "). "We are pleased to continue deploying capital at very attractive risk adjusted returns," said Barry Sternlicht Chairman and CEO. "Since our secondary equity offering in December 2010, we have invested $650 million of gross capital, 76% of which was new originations and 24% was acquisitions. We expect that our entire portfolio of target
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March 8, 2011
Starwood Property Trust (NYSE: STWD) today announced that Jerry Silvey , Interim Financial Officer, Boyd Fellows , President and Stew Ward, Chief Financial Officer of SPT Management, LLC and incoming Chief Financial Officer of Starwood Property Trust, will present at the Citi 2011 Financial Services Conference. The presentation is scheduled to begin on Thursday, March 10, 2011 at 8:45 AM ET at the Waldorf Astoria Hotel in New York . The presentation will be broadcast live over the Internet and can be accessed by all interested parties through the Company's website at www.starwoodpropertytrust.com in the investor relations section. There will be a replay available following the presentation which will remain on the Company's website for ninety days. About Starwood Property Trust, Inc. Starwood Property Trust, Inc. focuses primarily on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate-related debt investments. Starwood
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March 1, 2011
- Declares $0.42 Dividend for First Quarter 2011 - Starwood Property Trust (NYSE: STWD) (the "Company") today announced operating results for the fourth quarter and year-ended December 31, 2010. The Company's Core Earnings(1), a Non-GAAP financial measure, were $20.2 million or $0.37 per diluted share for the quarter ended December 31, 2010 and $67.2 million or $1.34 per diluted share for the year ended December 31, 2010 . Net Income attributable to the Company for the same periods was $17.6 million or $0.33 per diluted share and $57.0 million or $1.14 per diluted share for the quarter and year-end, respectively. Net interest margin in the fourth quarter generated from investments was approximately $24.5 million , up from $22.8 million the prior quarter. "We are pleased with our accomplishments in our first full year in operation, having made over $1.6 billion of investments in 2010," said Barry Sternlicht, Chairman and CEO. "During the fourth quarter we deployed over $543 million
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February 10, 2011
Starwood Property Trust (NYSE: STWD) (the "Company") today announced that the Company will release its fourth quarter 2010 financial results on Tuesday, March 1, 2011 after the close of trading on the New York Stock Exchange. A conference call will be held on Wednesday, March 2, 2011 at 11:00 a.m. Eastern time . During the conference call, the Company's officers will review fourth quarter performance, discuss recent events, and conduct a question-and-answer period. To Participate in the Telephone Conference Call: Dial in at least five minutes prior to start time. Domestic: 877-407-0784 International: 201-689-8560 Conference ID: 366259 Conference Call Playback: Domestic: 877-870-5176 International: 858-384-5517 Passcode: 366259 The playback can be accessed through March 16, 2011.
Webcast: The conference call will also be available in the Investor Relations section of the Company's website at www.starwoodpropertytrust.com. To listen to a live broadcast, go to the site
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January 28, 2011
Starwood Property Trust (NYSE: STWD) today announced the final tax treatment for the Company's aggregate dividends of $1.20 per share of common stock (CUSIP: 85571B105) paid during the calendar year ended December 31, 2010 . Non-Taxable Taxable Distribution Record Payment Total Ordinary (Return of Date Date Dividend Dividend Capital) 03/31/2010 04/15/2010 $0.2200 $0.2200 $0.0000 06/30/2010 07/15/2010 $0.2500 $0.2500 $0.0000 09/30/2010 10/15/2010 $0.3300 $0.3300 $0.0000 12/31/2010 01/17/2011 $0.1186* $0.1186 $0.0000 * On November 9, 2010, the Company declared a dividend of $0.40 per share for the quarter ending December 31, 2010, payable on January 17, 2011 to common shareholders of record as of December 31, 2010. However, the amount of the Company's dividend during 2010 is limited to the Company's 2010 earnings as computed for tax purposes and the remainder will be treated as a 2011 distribution and classified based on the Company's 2011 financial results. About Starwood Property
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January 5, 2011
Starwood Property Trust (NYSE: STWD) today announced that its external manager, SPT Management, LLC (the "Manager"), has distributed shares of the Company's common stock to certain of its officers and employees of the Manager and its affiliates. These shares of common stock were received by the Manager upon the vesting of restricted stock units that were awarded to the Manager at the time of the Company's initial public offering in August 2009 . The Manager expects to make similar distributions in the future on a quarterly basis. Barry Sternlicht, the Company's Chief Executive Officer, has reported indirect ownership over these common shares and restricted stock units due to his control over the Manager. However, Mr. Sternlicht is not selling any of the common shares into the open market. In addition, the Company announced that on December 15, 2010 The Sternlicht Family Foundation, a 501(c)(3) organization, purchased 253,421 shares of Company's common stock at $19.73 per common
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