Starwood Waypoint Residential Trust Announces Management Changes
Mar 25 15
Starwood Waypoint Residential Trust 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. Mr. 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. Mr. 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. Mr. 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. Mr. Young has 20 years of commercial real estate experience, including development and investment banking.
Starwood Waypoint Residential Trust Announces Board Changes
Mar 9 15
On March 6, 2015, the Board of Trustees of Starwood Waypoint Residential Trust, elected Stephen H. Simon as an independent trustee of the company to fill the vacancy created by the resignation of Thomas M. Bowers. Mr. Simon was also appointed to the Audit Committee of the Board. Stephen H. Simon, is a co-founder of Simon Equity Partners, LLC and has been a managing member since January 2007. From February 1997 to December 2006, Mr. Simon served as president and chief executive officer of Melvin Simon & Associates Inc. In addition, from April 1994 to July 2007, Mr. Simon was a member of the board of directors of Brightpoint Inc. Mr. Simon also serves on the board of directors of the Pacers Basketball Corporation, Yes To Inc., Bedrock Manufacturing Co. and Coalision. Mr. Simon is a trustee for The Herbert Simon Family Foundation and serves on the boards of the following non-profit organizations - Conscious Alliance, Simon Youth Foundation and HeadCount.
Starwood Waypoint Residential Trust Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015; Reports Impairment of Real Estate for the Fourth Quarter Ended December 31, 2014
Feb 27 15
Starwood Waypoint Residential Trust announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues of $47,793,000 against $15,057,000 a year ago. Loss before other income, income tax expense and non-controlling interests was $36,490,000 against $11,017,000 a year ago. Loss before income tax expense and non-controlling interests was $9,523,000 against $10,433,000 a year ago. Net loss attributable to the company shareholders was $9,558,000 or $0.25 basic and diluted per share against $10,453,000 or $0.27 basic and diluted per share a year ago. FFO was $10,186,000 against negative FFO of $7,653,000 a year ago. Core FFO was $16,761,000 against negative core FFO of $5,903,000 a year ago.
For the year, the company reported total revenues of $142,863,000 against $30,867,000 a year ago. Loss before other income, income tax expense and non-controlling interests was $86,733,000 against $24,453,000 a year ago. Loss before income tax expense and non-controlling interests was $43,070,000 against $23,232,000 a year ago. Net loss attributable to the company shareholders was $43,695,000 or $1.13 basic and diluted per share against $23,424,000 or $0.60 basic and diluted per share a year ago. Negative FFO was $1,923,000 against $17,369,000 a year ago. At December 31, 2014, estimated net asset value (‘NAV’) was $32.53 per share as compared to $32.45 per share at September 30, 2014, an increase of 0.2% from the prior quarter. The company’s book value was $28.58 per share as of December 31, 2014, an increase of 0.4% from the prior quarter.
For the quarter, the company reported impairment of real estate for the fourth quarter ended December 31, 2014. For the quarter, the company reported impairment of real estate of $171,000 against $849,000 a year ago. Core FFO was $20,297,000 against negative core FFO of $14,129,000 a year ago.
For 2015, the company anticipates stabilized SFR NOI margins to trend in the low to mid 60’s, the leased percentage on the stabilized portfolio to normalize in the mid-90's and resident turnover running near historical levels averaging around 30% per year. The company expects to deploy approximately $100 to $150 million in the first quarter, largely focused on SFR purchases. This guidance reflects the company’s expectations on (i) existing investments and (ii) yield on incremental investments inclusive of the Company’s existing pipeline. This guidance does not reflect any impact which may result from capital markets activities or incremental acquisitions beyond the first quarter 2015 that have been provided. All guidance is based on current expectations of future economic conditions, the dynamics of the commercial real estate markets in which it operates and the judgment of the Company’s management team.