Deals
Starwood Waypoint Rises in First Day of Trading as a REIT
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Barry Sternlicht’s Starwood Waypoint Residential Trust rose 2.6 percent in its first day of trading after becoming the latest single-family home landlord to list shares on an exchange.
The real estate investment trust was spun off from Starwood Property Trust Inc., a commercial-property investment and finance REIT based in Greenwich, Connecticut, following a merger between Waypoint Homes and an affiliate of Sternlicht’s Starwood Capital Group. The shares climbed to $30 in New York on a day the Standard & Poor’s 500 Index lost 2.3 percent.