5d 1m 3m 1y 5y 10y
There is research on this stock available only to PRO subscribers.
PR Newswire (Tue, 4:01PM)
PR Newswire (Apr 8, 2014)
PR Newswire (Apr 7, 2014)
PR Newswire (Mar 10, 2014)
PR Newswire (Feb 26, 2014)
PR Newswire (Jan 30, 2014)
PR Newswire (Jan 28, 2014)
PR Newswire (Jan 21, 2014)
at CNBC.com (Aug 4, 2013)
at CNBC.com (Apr 8, 2013)
at MarketWatch.com (Oct 4, 2012)
at Fox Business (Aug 29, 2012)
at CNBC.com (Jan 27, 2011)
STWD vs. ETF Alternatives
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.
Monday, Apr 74:21 PM
Monday, Mar 1010:18 AM|Monday, Mar 1010:18 AM| 1 Comment
Wednesday, Feb 267:45 AM
Wednesday, Feb 267:45 AM| 2 Comments
- Core earnings of $121.2M or $0.62 per share compare to $64.5M or $0.48 per share a year ago as the LNR acquisition pays off.
- Real Estate Investment Lending originated/acquired $1.7B of new investments in Q4. 83% is tied to Libor while company debt is hedged - putting Starwood in position to benefit from rising rates. Carrying value of entire portfolio is $5.4B and expected to generate leveraged return of 10.8% to 11.8%.
- LNR Segment contributed core earnings of $45M or $0.23 per share. For the period since the April 19 acquisition, LNR boosted core earnings by $126.8M or $0.76 per share.
- Single Family segment was spun off to shareholders as Starwood Waypoint (SWAY).
- 2014 core EPS guidance of $2.00-$2.20 compares to $2.24 for 2013 (which included Starwood Waypoint).
- CC at 11 ET
- Press release, Q4 results
- STWD +0.7% premarket
Wednesday, Feb 267:03 AM
Wednesday, Feb 2612:05 AM
Tuesday, Feb 255:30 PM
Monday, Feb 312:51 PM|Monday, Feb 312:51 PM| 1 Comment
Monday, Feb 312:40 PM
Monday, Feb 312:40 PM| 7 Comments
- Starwood Waypoint Residential (SWAY) is ahead by 1.2% to $29.58 per share after today's spinoff from Starwood Property Trust (STWD). STWD shareholders each received one share of SWAY for every share of STWD they owned. The Starwood Property quarterly dividend will remain at $0.46 per share and will be declared along with the Q4 earnings report.
- Starwood Waypoint, of course, is in the burgeoning business (at least for institutional types) of acquiring, renovating, leasing, and managing single-family rentals.
- Press release
Tuesday, Jan 2810:38 AM
Tuesday, Jan 2810:38 AM| Comment!
- “Banks have made a decision internally that a delinquent borrower is not a core customer,” says Altisource Residential (RESI) chief Ashish Pandey who expects as many as 500K non-performing mortgages to be sold in 2014.
- Altisource is among a number of firms and hedge funds standing to benefit as banks unload into the recovering market. Ellington Management (EFC, EARN) and Starwood Property Trust (STWD) are also targeting the soured loans. "The supply of NPLs is going to be very substantial for the next several years," says Ellington CEO Mike Vranos, whose firm expects transactions this year will exceed last year's $25B.
- Another seller is HUD, which since 2010 has sold 50K non-performing mortgages insured by the FHA and plans more this year. Winners of a December auction were Bayview Financial (backed by BX) and Lew Ranieri's Selene Investment Partners. They paid an average of 52% of the $2.6B in loan balances, or 69% of estimated property values.
Wednesday, Jan 2211:03 AM
Wednesday, Jan 2211:03 AM| Comment!
- "The spinoff of the single-family rental segment into a separately traded public company (SWAY) will provide investors with the opportunity to purchase Starwood (STWD +0.3%) (and potentially STWD WI) at a discount to its intrinsic value of $34.50 (pre-spin)," says Compass Point, initiating Starwood with a Buy and $34.50 price target.
- The 2nd catalyst is the potential for boosted dividend capacity thanks to the movement on LNR commercial servicing assets from a taxable REIT subsidiary to a qualified REIT subsidiary.
- Previous coverage of Starwood and LNR
- Previous coverage of SWAY spinoff
Tuesday, Jan 214:15 PM
Tuesday, Jan 214:15 PM| Comment!
- Ahead of the planned January 31 spinoff date, Starwood Property Trust (STWD) estimates Starwood Waypoint Residential Trust's (SWAY) book value of $26.47 per share as of January 21.
- Waypoint is Starwood's single family home rental business. As of Nov. 1, it owned 4,268 homes valued at $750M, and non-performing loans on 1,549 properties.
- Press release
Tuesday, Jan 148:07 AM
Friday, Dec 62013, 2:45 PM
Friday, Dec 62013, 2:45 PM| 1 Comment
- The single-family rental payment securitization market could be a $5B one next year, estimates Deutsche, which led the first such deal - one secured by rents from Blackstone (BX) rental homes.
- Deutsche estimates 90K homes have been purchased by institutional investors over the past two years, with Blackstone leading the way, investing about half of the $15B spent. Next up is American Homes4Rent (AMH +2.4%), buying about 19.8K homes for $3.3B, followed by Colony Financial (a unit of CLNY), Silver Bay (SBY +0.2%), Starwood Waypoint (a unit of STWD and prepping to be spun off), and American Residential (ARPI -0.3%).
- Should the securitization market take off as Deutsche expects, it would provide a sizable new source of cheap financing for these players.
Friday, Nov 222013, 3:38 PM
Friday, Nov 222013, 3:38 PM| Comment!
- "It's a good time to be public," Starwood (STWD +0.4%) chief Barry Sternlicht tells Bloomberg, excited about the coming spinoff of his single family rental business - Starwood Waypoint Residential - and suggesting his company's mall business and parts of its hotels business might be coming public as well.
- Of Larry Summers' lament yesterday that the country needs more credit and more lending: "He's wrong. We have plenty of credit and plenty of lending. You can borrow what you want." If there is an area where credit needs to be funneled, says Sternlicht, it's for first-time homebuyers - just 38% of home purchases today are from first-time buyers vs. a typical average of 52%. The commercial market, however, doesn't need any more lending.
Thursday, Nov 72013, 7:22 AM
Friday, Nov 12013, 3:01 PM
Friday, Nov 12013, 3:01 PM| 3 Comments
- "Our bet here is that the public market is wrong," says Starwood (STWD +1.9%) CEO Barry Sternlicht of his plan to spin off the company's single-family rental unit into a REIT headed by Waypoint Real Estate Group. "Long-term we can create in-scale, lasting assets in the public market that will pay a current yield higher than those of other REITs and will have home price appreciation at least equivalent to that in other commercial real estate.”
- The new company - Starwood Waypoint Residential Trust, set to be traded under the symbol SWAY - holds 4,268 homes valued at $750M, as well as nonperforming loans on 1,549 properties.
- California-based Waypoint - with about 5K properties under management - pulled its IPO in May as spiking interest rates hit REIT prices. The new company allows it to go public using Starwood's position as a source of capital. "We’ve always wanted to find a way to build a big platform,” says co-CEO Gary Beasley. “Really, the only thing that’s been missing for us is capital.”
- Waypoint's edge, says Sternlicht, are its "techno wizards" who have developed systems to value properties and manage them more effectively.
- SEC form 8-K.
- Earlier: Blackstone's rental income bond could open up vast new source of capital for the business.