Starwood Property Mulls Acquisitions
Apr 14 15
Starwood Property Trust, Inc. (NYSE:STWD) is seeking acquisitions from the proceeds of its public offering. The company said it plans to use the net proceeds for general corporate purposes and to originate and acquire additional commercial mortgage loans and other target assets and investments, including its pending acquisition of a portfolio of properties in Dublin, Ireland.
-Starwood Waypoint Residential Trust Announces Management Changes
Mar 26 15
Starwood Property Trust, Inc. announced that Doug Brien, co-chief executive officer, has been appointed chief executive officer and a member of the board of Trustees. Additionally, Charles Young, currently senior vice president - West Division, has been promoted to chief operating officer. The company also announced that Gary Beasley, co-chief executive officer, will resign his position effective April 3, 2015, to pursue other opportunities. Beasley will also resign from the board of trustees effective March 25, 2015. Separately, Colin Wiel, chief investment officer, will resign his position with the company effective April 3, 2015. He will remain a trustee on the board. Brien has served as co-chief executive officer of the company since its spin-off from Starwood Property Trust Inc. in early 2014. He is a co-founder of Waypoint and has served as one of its managing directors since its founding in 2009. Brien was recently selected as one of the 'Top 100 Most Innovative Entrepreneurs' by Goldman Sachs and was a winner of the Northern California Ernst & Young Entrepreneur of the Year. With 20 years of commercial real estate experience, Young has served as senior vice president - West Division since January 2014, currently responsible for seven operating regions. He joined the company in May 2012 as a regional director, followed by division vice president.
Starwood Property Trust, Inc. Announces Resignation of Boyd W. Fellows as Board of Directors
Feb 26 15
Effective February 20, 2015, Boyd W. Fellows resigned from the Board of Directors of Starwood Property Trust, Inc. after having served on the Board since 2010. Mr. Fellows was a member of the investment committee of the Board. Mr. Fellows’ resignation did not involve a disagreement with the Company or any matter relating to the company’s operations, policies or practices.
Starwood Property Trust, Inc. Declares Dividend Payable on April 15, 2015; Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for 2015
Feb 25 15
On February 25, 2015, Starwood Property Trust, Inc. declared a dividend of $0.48 per share of common stock for the quarter ending March 31, 2015. The dividend is payable on April 15, 2015 to common shareholders of record as of March 31, 2015.
The company announced consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenues of $178,778,000, income before other income, income taxes and non-controlling interests of $51,798,000, income before income taxes of $102,248, net income attributable to the company of $91,508,000, core earnings of $112,099 and core earnings per weighted average diluted share of $0.50.
For the year, the company reported total revenues of $702,875,000, income before other income, income taxes and non-controlling interests of $218,866,000, income from continuing operations before income taxes 526,185,000, income from continuing operations of $502,089,000, net income attributable to the company of $495,021,000, core earnings of $473,669,000 and core earnings per weighted average diluted share of $2.17. The fair value of the company's net assets at December 31, 2014 was approximately $17.40 per fully diluted share, assuming debt is valued at its par settlement amount, compared to $17.65 per fully diluted share at September 30, 2014. On a fully diluted basis, the company's GAAP book value at December 31, 2014 was $16.84 per share, compared to $17.06 at September 30, 2014. The changes in fair value and book value per diluted share are principally the result of an additional 2.5 million shares included in the diluted share count as of December 31, 2014 due to the company's convertible notes moving further in-the-money.
For 2015, the company is estimating its core earnings in the range of $2.05 to $2.25 per diluted share.