ANNOUNCES RESULTS OF THE THIRD QUARTER 2009
- -Raises $921.1 Million in IPO -
- -Completes Investments of $144 Million in first 60 Days -
Mr. Barry Sternlicht, Chief Executive Officer commented, “We are generally pleased with our pace, pipeline and the quality of our investments to date. We are choosing to be patient, highly selective and to use our extensive real estate expertise to find investments where returns solidly outweigh risk. We are focused on building an asset base diversified by product type, geographic location and by tenant. In three months, we have closed $144 million of investments, have $66 million under contract to close, another $250 million we list as “highly probable” and a further pipeline exceeding $1.0 billion. Taken together, we feel comfortable we can meet our targeted returns for our shareholders.”
Property | Face | % | Net | Yield to | ||||||||||||||||||||||||||||||
Investment | Type | Book Value | Amount | Owned | Financing | Investment | Maturity | Rating | Vintage | |||||||||||||||||||||||||
Multi-Asset CMBS | Assorted | $ | 202,633 | $ | 202,699 | 75 | % | $ | 171,579 | $ | 31,054 | 16 | % | AAA | 2006–2007 | |||||||||||||||||||
Single Asset CBMS | Hotel | 10,938 | 12,945 | 100 | % | — | 10,938 | 11 | % | BB | 2001 | |||||||||||||||||||||||
Single-Tenant Loans | Warehouse | 109,835 | 147,500 | 100 | % | — | 109,835 | 13 | % | N/A | N/A | |||||||||||||||||||||||
$ | 323,406 | $ | 363,144 | $ | 171,579 | $ | 151,827 | |||||||||||||||||||||||||||
Amount | ||||||||
(in thousands) | Per Share | |||||||
Net Loss attributable to Starwood Property Trust, Inc | $ | (1,919 | ) | $ | (0.04 | ) | ||
Add back for noncash Stock-Based Compensation | 822 | 0.02 | ||||||
Core Earnings | $ | (1,097 | ) | $ | (0.02 | ) | ||
International: 201-689-8560
Conference ID: 335992
International: 201-612-7415
Account #: 3055
Conference ID: 335992
(Unaudited, amounts in thousands, except per share data)
For the Period from | ||||
August 17, 2009 | ||||
(Commencement of | ||||
Operations) Through | ||||
September 30, 2009 | ||||
Net interest margin: | ||||
Interest income from mortgage backed securities | $ | 865 | ||
Interest expense | (253 | ) | ||
Net interest margin | 612 | |||
Expenses: | ||||
Management fees (including $811 of non-cash stock-based compensation) | 2,465 | |||
General and administrative (including $11 of non-cash stock-based compensation) | 501 | |||
Total operating expenses | 2,966 | |||
Interest income from cash balances | 583 | |||
Net loss | $ | (1,771 | ) | |
Net income attributable to noncontrolling interests | 148 | |||
Net loss attributable to Starwood Property Trust, Inc. | $ | (1,919 | ) | |
Net loss per common share: | ||||
Basic | $ | (0.04 | ) | |
Diluted | $ | (0.04 | ) | |
Weighted average number of shares of common stock outstanding: | ||||
Basic | 47,575,000 | |||
Diluted | 47,575,000 | |||
Property Type | Location | |||||||||
Office | 37.2 | % | ||||||||
Retail | 31.0 | % | Northeast | 27.6 | % | |||||
Multifamily | 14.4 | % | South | 28.6 | % | |||||
Hotel | 8.2 | % | Midwest | 11.6 | % | |||||
Industrial | 3.5 | % | West | 23.9 | % | |||||
Other | 5.7 | % | Other | 8.3 | % | |||||
Total | 100.0 | % | Total | 100.0 | % | |||||