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Wed, Nov. 4, 5:30 PM
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Tue, Oct. 13, 8:16 AM
- Ahead of Q3 earnings, analyst Fred Small estimates the par value of loan sales by the company's conduit loan business was just $400M vs. previous estimates of $425M.
- Reiterating his Neutral rating on STWD, Small cuts the price target by $1 to $22.50, representing an 8.5% yield on the current annualized dividend of $1.92 per share. Adding the dividend yield to the upside to the price target (last night's close was $21.29) makes for an expected 12-month return of 14.7% - not too shabby for a Neutral rating.
Thu, Aug. 6, 12:27 PM
- The 10-year Treasury yield is down five basis points to 2.22% today, but investors continue to bail out of their income favorites.
- The IYR is lower by 1.2%, slightly worse than the market averages.
- National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -2.2%), Starwood Property (STWD -1.4%), Equity Residential (EQR -1.1%), Government Properties (GOV -2%), Hospitality Properties (HPT -3%), Ashford Hospitality (AHT -4.7%), Liberty Property (LPT -2.2%).
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Tue, Aug. 4, 7:32 AM
Tue, Jun. 23, 1:15 PM
- Blackstone Mortgage Trust (BXMT -1.2%) had a big move higher following the announcement of its big GE Capital acquisition, but the stock has pulled back in the two months since, says analyst Kenneth Bruce, thus giving investors another chance to get into the name at a reasonable valuation. He upgrades to Buy with $32 price target.
- Another commercial mortgage REIT - Starwood Property Trust (NYSE:STWD) - also rated a Buy at Bank of America - has slipped in similar fashion over the same time period.
- Bruce notes BXMT's portfolio of floating rate senior mortgages won't lose value as rates rise, and its deal pipeline remains strong.
- A possible damper to a better valuation, says Bruce, is BXMT's "penchant for equity issuance."
Tue, Jun. 23, 8:01 AM
Mon, Jun. 22, 4:48 PM
- Starwood Property (NYSE:STWD) is now "authorized to purchase up to $450 million of its outstanding common shares and convertible notes over a period of one year ending on June 22, 2016."
- Buybacks will be made using existing cash. Starwood had $400.3M in cash at the end of Q1, and $1.5M in debt.
- Shares are up fractionally AH.
Tue, May 5, 7:16 AM
- Q1 core earnings of $123.7M or $0.55 per share vs. $112.1M and $0.50 in Q4.
- $1.2B of capital put to work in Q1, including the €452M acquisition of a portfolio of office and multifamily properties in Dublin.
- Real Estate Lending core earnings of $109.9M up 3% from Q4. $721.4M of new investments originated.
- Real Estate Investing and Servicing Segment core earnings of $60.9M up 28% from Q4.
- Pro forma fair value per share of $17.57 up from $17.40 at start of year. Pro forma book value per share of $17.06 up from $16.84.
- Full-year core earning guidance of $2.05-$2.25 per share is reaffirmed.
- Conference call at 10 ET
- Previously: Starwood Property Trust reports Q1 results (May 5)
- STWD flat premarket
Tue, May 5, 7:04 AM
Wed, Apr. 15, 11:13 AM| Wed, Apr. 15, 11:13 AM | 4 Comments
Tue, Apr. 14, 4:13 PM
Mon, Apr. 6, 10:35 AM
- Industry book values fell on average 1.5% from 2014 Q3 to 2014 Q4, but - by Credit Suisse's (presumably Douglas Harter's) estimation - they rose an average of 0.5% from Q4 to the end of 2015 Q1. The average discount to book value for the sector would then be at 10.8%, with an average yield of 12%.
- While these are attractive numbers, mREITs still face a "challenging operating environment," says Credit Suisse, thus leading it to favor players building out operating businesses which can create their own investments. The team's top three picks: PennyMac Mortgage (PMT +1.1%), Starwood Property (STWD +0.7%), Two Harbors (TWO +0.2%).
- ETFs: REM, MORT, MORL
Wed, Feb. 25, 8:21 AM
- Q4 core earnings of $112.1M or $0.50 per share vs. $124.8M or $0.55 in Q3. Full-year core earnings of $473.7M or $2.17 per share.
- Real Estate Lending segment core earnings of $75.6M or $0.34 per share vs. $71M and $0.31 in Q3. Lending originated/acquired $1.2B of new investments and funded $1.1B during the Q. 77% of existing loan portfolio and 98% of the pipeline is indexed to Libor. Of the 23% of the portfolio that is fixed rate, the weighted-average coupon is 8.2%.
- Real Estate Investing and Servicing segment core earnings of $36.5M or $0.16 per share vs. $53.9M and $0.24 in Q3.
- 2015 outlook: Core EPS of $2.05-$2.25 per share vs. $2.17 in 2014.
- Conference call at 10 ET
- Previously: Starwood Property Trust reports Q4 results (Feb. 25)
- STWD flat premarket
Wed, Feb. 25, 7:03 AM
Tue, Feb. 24, 5:30 PM
Starwood Property Trust Inc originates, finances, manages and invests in commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities, and other commercial real estate-related debt investments.
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