Exhibit 99.1
N E W S B U L L E T I N RE: Starwood Financial TriNet Corporate
1114 Avenue of the Americas Realty Trust
FROM: 27th Floor One Embarcadero Center
New York, NY 10036 33rd Floor
The Financial Relations Board Traded ASE: APT San Francisco, CA 94111
- ----------------------------- Traded NYSE: TRI
B S M G W O R L D W I D E
AT STARWOOD FINANCIAL: AT TRINET:
Spencer B. Haber Elisa F. DiTommaso
Executive Vice President-Finance and CFO Senior Vice President-Finance and CFO
(212) 930-9400 (415) 391-4300
MEDIA INQUIRIES: INVESTOR INQUIRIES:
Eric Berman, Adam Weiner or Sarah Zitter Milstein Innisfree M&A Incorporated
Kekst and Company (888) 750-5834
(212) 521-4800
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FOR IMMEDIATE RELEASE
OCTOBER 22, 1999
LEADING VOTING ADVISOR RECOMMENDS
VOTE FOR STARWOOD FINANCIAL-TRINET MERGER
Starwood Financial Board Formally Approves Stock Repurchase Program
NEW YORK and SAN FRANCISCO - October 22, 1999 - Starwood Financial Trust
(ASE: APT) and TriNet Corporate Reality Trust, Inc. (NYSE:TRI) announced
today that Institutional Shareholder Services ("ISS"), the nation's leading
voting advisory service, has recommended that its clients, including
institutional investors, mutual funds and other fiduciaries, vote FOR the
merger of Starwood Financial and TriNet.
In its report, ISS noted that:
- The merger will create the largest publicly-traded finance company with
an exclusive focus on commercial real estate.
- TriNet's business of providing net leases to creditworthy corporate
tenants complements Starwood Financial's role in providing mortgage and
other structured financing alternatives to real estate owners.
- The merger will enhance the national scope of the combined company and
may provide better access to capital and the scale to conduct larger
transactions, which are subject to less competition.
- The merger will increase the diversification of the combined company's
asset base in terms of borrower/tenant concentration, property type,
asset type and geography.
After weighing these positive considerations against any possible risk
factors associated with the proposed transaction, ISS concluded that the
Starwood Financial-TriNet merger agreement warrants shareholder support.
- more -
Leading Voting Advisor Recommends Vote FOR Starwood Financial-TriNet Merger
Page 2 of 2
Starwood Financial and TriNet have scheduled special shareholder
meetings for Wednesday, November 3, 1999, at which time the results of the
companies' shareholder votes will be announced. An interactive investor
presentation regarding the merger is available on the Internet at
www.vcall.com (enter ticker symbol APT). In addition, shareholders may obtain
a copy of the proxy statement and proxy cards from the companies'
solicitation agent, Innisfree M&A Incorporated at 888-750-5834.
Starwood Financial also announced today that its Board has formally
approved the implementation of a stock repurchase program upon closing of the
merger, as previously described in the proxy statement mailed to shareholders
with regard to the Starwood Financial-TriNet merger. The authorization allows
Starwood Financial to purchase up to five million shares of its common stock
from time to time after the closing of the merger, in the open market or
through negotiated transactions.
TriNet Corporate Realty Trust, Inc. is the largest publicly-traded
company specializing in the net leasing of corporate office and warehouse
distribution properties. TriNet provides capital to major corporations and
real estate owners nationwide by structuring purchase/leaseback transactions
and acquiring properties subject to existing long-term leases to
creditworthy office and industrial tenants. The company's portfolio contains
143 properties comprising more than 19 million square feet in 25 states and
is 96% leased. Additional information on TriNet Corporate Realty Trust, Inc.
is available on the company's Web site at http://www.tricorp.com.
Starwood Financial is the leading publicly-traded finance company
focused exclusively on the commercial real estate industry. The company,
which is taxed as a real estate investment trust, provides structured
mortgage, mezzanine and lease financing through its proprietary origination,
acquisition and servicing platform. The company's mission is to maximize
risk-adjusted returns on equity by providing innovative and value-added
financing solutions to the real estate industry.
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