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28.02.2018 12:45:00
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Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2017
GREENWICH, Conn., Feb. 28, 2018 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December 31, 2017. The Company's fourth quarter 2017 GAAP net income was $92.6 million, or $0.35 per diluted share, and $400.8 million, or $1.52 per diluted share, for the full year. Core Earnings (a non-GAAP financial measure) for the fourth quarter was $144.7 million, or $0.55 per diluted share and $584.2 million, or $2.23 per diluted share, for the full year.
"We are very pleased with our performance in 2017. Each of our business lines continued to perform exceedingly well, demonstrating the strength of our multi-cylinder platform. We grew our diversified portfolio with the deployment of $7.3 billion of capital during the year, including $4.2 billion of originations in our large loan business, an increase of 29% from prior year," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.
"Our large loan business continues to be our primary line of business, and we ended the quarter with the highest loan balance on the books in the over eight year history of our firm. As we expand our originations team, we have maintained credit quality while reducing the cost of our liabilities to create returns that are at or above historical levels, despite changes in the lending environment. Leveraging our diversified platform, our relationship with Starwood Capital Group, and ample liquidity, we expect to close on a record pipeline of over $2.5 billion of investments in the first quarter."
Dividend
On February 28, 2018, the Company's Board of Directors declared a dividend of $0.48 per share of common stock for the quarter ending March 31, 2018. The dividend is payable on April 13, 2018 to common stockholders of record as of March 30, 2018.
2018 Outlook
Given its current outlook, the Company is confident that it will generate Core Earnings in excess of the dividend and expects to maintain a $1.92 per share distribution for the full year.
Supplemental Schedules
The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders. Specifically, these materials can be found at the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com.
Conference Call and Webcast Information
The Company will host a webcast and conference call on Wednesday, February 28, 2018, at 10:00 a.m. Eastern Time to discuss the quarter's financial results and recent events. A webcast will be available on the Company's website at www.starwoodpropertytrust.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register and download and install any necessary audio software.
To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-800-289-0517
International: 1-323-994-2083
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 1496293
The playback can be accessed through March 14, 2018.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is the largest commercial mortgage real estate investment trust in the United States. The Company's core business focuses on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt and equity investments. With total capital deployed since inception of over $39 billion, Starwood Property Trust continues to solidify its position as one of the premier real estate finance companies in the country.
Forward-Looking Statements
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include completion of pending investments, continued ability to acquire additional investments, competition within the finance and real estate industries, economic conditions, availability of financing and other risks detailed from time to time in the Company's reports filed with the SEC.
Starwood Property Trust, Inc. and Subsidiaries | |||||||||||||||||||||
Condensed Consolidated Statement of Operations by Segment | |||||||||||||||||||||
For the three months ended December 31, 2017 | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Investing | Investing | ||||||||||||||||||||
Lending | Property | and Servicing | and Servicing | ||||||||||||||||||
Segment | Segment | Segment | Corporate | Subtotal | VIEs | Total | |||||||||||||||
Revenues: | |||||||||||||||||||||
Interest income from loans | $ | 139,618 | $ | — | $ | 3,102 | $ | — | $ | 142,720 | $ | — | $ | 142,720 | |||||||
Interest income from investment securities | 10,840 | — | 29,975 | — | 40,815 | (28,047) | 12,768 | ||||||||||||||
Servicing fees | 143 | — | 24,321 | — | 24,464 | (10,590) | 13,874 | ||||||||||||||
Rental income | — | 59,671 | 13,168 | — | 72,839 | — | 72,839 | ||||||||||||||
Other revenues | 133 | 215 | 344 | — | 692 | (61) | 631 | ||||||||||||||
Total revenues | 150,734 | 59,886 | 70,910 | — | 281,530 | (38,698) | 242,832 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Management fees | 528 | — | 18 | 42,059 | 42,605 | 97 | 42,702 | ||||||||||||||
Interest expense | 34,795 | 14,086 | 4,916 | 28,534 | 82,331 | (273) | 82,058 | ||||||||||||||
General and administrative | 5,109 | 1,263 | 25,089 | 2,192 | 33,653 | 93 | 33,746 | ||||||||||||||
Acquisition and investment pursuit costs | 1,533 | (141) | (152) | — | 1,240 | — | 1,240 | ||||||||||||||
Costs of rental operations | — | 20,365 | 6,192 | — | 26,557 | — | 26,557 | ||||||||||||||
Depreciation and amortization | 16 | 21,250 | 5,206 | — | 26,472 | — | 26,472 | ||||||||||||||
Loan loss allowance, net | (2,288) | — | — | — | (2,288) | — | (2,288) | ||||||||||||||
Other expense | 77 | 47 | 22 | — | 146 | — | 146 | ||||||||||||||
Total costs and expenses | 39,770 | 56,870 | 41,291 | 72,785 | 210,716 | (83) | 210,633 | ||||||||||||||
Income (loss) before other | 110,964 | 3,016 | 29,619 | (72,785) | 70,814 | (38,615) | 32,199 | ||||||||||||||
Other income (loss): | |||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | 49,326 | 49,326 | ||||||||||||||
Change in fair value of servicing rights | — | — | (1,359) | — | (1,359) | (1,663) | (3,022) | ||||||||||||||
Change in fair value of investment securities, net | (124) | — | 9,070 | — | 8,946 | (8,696) | 250 | ||||||||||||||
Change in fair value of mortgage loans held-for-sale, net | 2,873 | — | 18,630 | — | 21,503 | — | 21,503 | ||||||||||||||
Earnings from unconsolidated entities | 817 | 1,097 | 1,058 | — | 2,972 | (230) | 2,742 | ||||||||||||||
Gain on sale of investments and other assets, net | — | — | 3,495 | — | 3,495 | — | 3,495 | ||||||||||||||
(Loss) gain on derivative financial instruments, net | (4,988) | (65) | 1,120 | (2,440) | (6,373) | — | (6,373) | ||||||||||||||
Foreign currency gain (loss), net | 5,249 | (2) | (10) | — | 5,237 | — | 5,237 | ||||||||||||||
Gain on extinguishment of debt | — | — | — | 1 | 1 | — | 1 | ||||||||||||||
Other income, net | — | 7 | 8 | 1,745 | 1,760 | — | 1,760 | ||||||||||||||
Total other income (loss) | 3,827 | 1,037 | 32,012 | (694) | 36,182 | 38,737 | 74,919 | ||||||||||||||
Income (loss) before income taxes | 114,791 | 4,053 | 61,631 | (73,479) | 106,996 | 122 | 107,118 | ||||||||||||||
Income tax benefit (provision) | 188 | (249) | (13,176) | — | (13,237) | — | (13,237) | ||||||||||||||
Net income (loss) | 114,979 | 3,804 | 48,455 | (73,479) | 93,759 | 122 | 93,881 | ||||||||||||||
Net income attributable to non-controlling interests | (355) | — | (800) | — | (1,155) | (122) | (1,277) | ||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 114,624 | $ | 3,804 | $ | 47,655 | $ | (73,479) | $ | 92,604 | $ | — | $ | 92,604 | |||||||
Definition of Core Earnings
Core Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company's purposes, Core Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs from successful acquisitions, depreciation and amortization of real estate and associated intangibles and any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors.
Reconciliation of Net Income to Core Earnings | |||||||||||||||
For the three months ended December 31, 2017 | |||||||||||||||
(Amounts in thousands except per share data) | |||||||||||||||
Investing | |||||||||||||||
Lending | Property | and Servicing | |||||||||||||
Segment | Segment | Segment | Corporate | Total | |||||||||||
Net income (loss) attributable to Starwood | $ | 114,624 | $ | 3,804 | $ | 47,655 | $ | (73,479) | $ | 92,604 | |||||
Add / (Deduct): | |||||||||||||||
Non-cash equity compensation expense | 663 | 27 | 915 | 3,255 | 4,860 | ||||||||||
Management incentive fee | — | — | — | 21,961 | 21,961 | ||||||||||
Acquisition and investment pursuit costs | 1,035 | (232) | 46 | — | 849 | ||||||||||
Depreciation and amortization | 16 | 21,528 | 4,804 | — | 26,348 | ||||||||||
Loan loss allowance, net | (2,288) | — | — | — | (2,288) | ||||||||||
Interest income adjustment for securities | (208) | — | 4,261 | — | 4,053 | ||||||||||
Extinguishment of debt, net | — | — | — | 15,213 | 15,213 | ||||||||||
Other non-cash items | — | (549) | 112 | — | (437) | ||||||||||
Reversal of unrealized (gains) / losses on: | |||||||||||||||
Loans held-for-sale | (2,873) | — | (18,630) | — | (21,503) | ||||||||||
Securities | 123 | — | (9,070) | — | (8,947) | ||||||||||
Derivatives | 4,609 | 166 | (1,595) | 2,666 | 5,846 | ||||||||||
Foreign currency | (5,249) | 2 | 10 | — | (5,237) | ||||||||||
Earnings from unconsolidated entities | (817) | (1,097) | (1,058) | — | (2,972) | ||||||||||
Purchases and sales of properties | — | — | — | — | — | ||||||||||
Recognition of realized gains / (losses) on: | |||||||||||||||
Loans held-for-sale | (543) | — | 15,864 | — | 15,321 | ||||||||||
Securities | — | — | (4,095) | — | (4,095) | ||||||||||
Derivatives | 2,297 | (666) | 3,060 | (246) | 4,445 | ||||||||||
Foreign currency | (1,765) | (2) | (208) | — | (1,975) | ||||||||||
Earnings from unconsolidated entities | 816 | — | 1,292 | — | 2,108 | ||||||||||
Purchases and sales of properties | — | — | (1,451) | — | (1,451) | ||||||||||
Core Earnings (Loss) | $ | 110,440 | $ | 22,981 | $ | 41,912 | $ | (30,630) | $ | 144,703 | |||||
Core Earnings (Loss) per Weighted Average Diluted Share | $ | 0.42 | $ | 0.09 | $ | 0.16 | $ | (0.12) | $ | 0.55 | |||||
Starwood Property Trust, Inc. and Subsidiaries | |||||||||||||||||||||
Condensed Consolidated Statement of Operations by Segment | |||||||||||||||||||||
For the year ended December 31, 2017 | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Investing | Investing | ||||||||||||||||||||
Lending | Property | and Servicing | and Servicing | ||||||||||||||||||
Segment | Segment | Segment | Corporate | Subtotal | VIEs | Total | |||||||||||||||
Revenues: | |||||||||||||||||||||
Interest income from loans | $ | 499,806 | $ | — | $ | 14,008 | $ | — | $ | 513,814 | $ | — | $ | 513,814 | |||||||
Interest income from investment securities | 46,710 | — | 134,743 | — | 181,453 | (128,640) | 52,813 | ||||||||||||||
Servicing fees | 711 | — | 111,158 | — | 111,869 | (50,423) | 61,446 | ||||||||||||||
Rental income | — | 198,466 | 50,534 | — | 249,000 | — | 249,000 | ||||||||||||||
Other revenues | 686 | 645 | 1,794 | — | 3,125 | (310) | 2,815 | ||||||||||||||
Total revenues | 547,913 | 199,111 | 312,237 | — | 1,059,261 | (179,373) | 879,888 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Management fees | 1,933 | — | 72 | 120,387 | 122,392 | 307 | 122,699 | ||||||||||||||
Interest expense | 107,167 | 46,552 | 19,840 | 123,201 | 296,760 | (1,094) | 295,666 | ||||||||||||||
General and administrative | 19,981 | 4,734 | 94,625 | 9,911 | 129,251 | 336 | 129,587 | ||||||||||||||
Acquisition and investment pursuit costs | 3,240 | 375 | (143) | — | 3,472 | — | 3,472 | ||||||||||||||
Costs of rental operations | — | 72,208 | 22,050 | — | 94,258 | — | 94,258 | ||||||||||||||
Depreciation and amortization | 66 | 73,538 | 19,999 | — | 93,603 | — | 93,603 | ||||||||||||||
Loan loss allowance, net | (5,458) | — | — | — | (5,458) | — | (5,458) | ||||||||||||||
Other expense | 149 | 110 | 1,163 | — | 1,422 | — | 1,422 | ||||||||||||||
Total costs and expenses | 127,078 | 197,517 | 157,606 | 253,499 | 735,700 | (451) | 735,249 | ||||||||||||||
Income (loss) before other | 420,835 | 1,594 | 154,631 | (253,499) | 323,561 | (178,922) | 144,639 | ||||||||||||||
Other income (loss): | |||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | 252,434 | 252,434 | ||||||||||||||
Change in fair value of servicing rights | — | — | (30,315) | — | (30,315) | 5,992 | (24,323) | ||||||||||||||
Change in fair value of investment securities, net | 175 | — | 54,333 | — | 54,508 | (58,319) | (3,811) | ||||||||||||||
Change in fair value of mortgage loans held-for-sale, net | 2,324 | — | 64,663 | — | 66,987 | — | 66,987 | ||||||||||||||
Earnings (loss) from unconsolidated entities | 3,365 | (27,685) | 68,192 | — | 43,872 | (13,367) | 30,505 | ||||||||||||||
(Loss) gain on sale of investments and other assets, net | (59) | 77 | 20,481 | — | 20,499 | — | 20,499 | ||||||||||||||
Loss on derivative financial instruments, net | (35,262) | (32,333) | (2,497) | (2,440) | (72,532) | — | (72,532) | ||||||||||||||
Foreign currency gain, net | 33,651 | 14 | 6 | — | 33,671 | — | 33,671 | ||||||||||||||
OTTI | (109) | — | — | — | (109) | — | (109) | ||||||||||||||
Loss on extinguishment of debt | — | — | — | (5,915) | (5,915) | — | (5,915) | ||||||||||||||
Other income, net | — | 7 | 1,105 | 1,745 | 2,857 | (613) | 2,244 | ||||||||||||||
Total other income (loss) | 4,085 | (59,920) | 175,968 | (6,610) | 113,523 | 186,127 | 299,650 | ||||||||||||||
Income (loss) before income taxes | 424,920 | (58,326) | 330,599 | (260,109) | 437,084 | 7,205 | 444,289 | ||||||||||||||
Income tax provision | (143) | (249) | (31,130) | — | (31,522) | — | (31,522) | ||||||||||||||
Net income (loss) | 424,777 | (58,575) | 299,469 | (260,109) | 405,562 | 7,205 | 412,767 | ||||||||||||||
Net income attributable to non-controlling interests | (1,419) | — | (3,373) | — | (4,792) | (7,205) | (11,997) | ||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 423,358 | $ | (58,575) | $ | 296,096 | $ | (260,109) | $ | 400,770 | $ | — | $ | 400,770 | |||||||
Reconciliation of Net Income to Core Earnings | |||||||||||||||
For the year ended December 31, 2017 | |||||||||||||||
(Amounts in thousands except per share data) | |||||||||||||||
Investing | |||||||||||||||
Lending | Property | and Servicing | |||||||||||||
Segment | Segment | Segment | Corporate | Total | |||||||||||
Net income (loss) attributable to Starwood | $ | 423,358 | $ | (58,575) | $ | 296,096 | $ | (260,109) | $ | 400,770 | |||||
Add / (Deduct): | |||||||||||||||
Non-cash equity compensation expense | 3,016 | 109 | 3,406 | 11,595 | 18,126 | ||||||||||
Management incentive fee | — | — | — | 42,144 | 42,144 | ||||||||||
Acquisition and investment pursuit costs | 1,109 | (70) | 137 | — | 1,176 | ||||||||||
Depreciation and amortization | 66 | 74,510 | 18,245 | — | 92,821 | ||||||||||
Loan loss allowance, net | (5,458) | — | — | — | (5,458) | ||||||||||
Interest income adjustment for securities | (905) | — | 13,697 | — | 12,792 | ||||||||||
Extinguishment of debt, net | — | — | — | 21,129 | 21,129 | ||||||||||
Other non-cash items | — | (2,214) | 1,672 | — | (542) | ||||||||||
Reversal of unrealized (gains) / losses on: | |||||||||||||||
Loans held-for-sale | (2,324) | — | (64,663) | — | (66,987) | ||||||||||
Securities | (66) | — | (54,333) | — | (54,399) | ||||||||||
Derivatives | 33,506 | 31,676 | 461 | 2,666 | 68,309 | ||||||||||
Foreign currency | (33,651) | (14) | (6) | — | (33,671) | ||||||||||
Earnings from unconsolidated entities | (3,365) | 27,685 | (68,192) | — | (43,872) | ||||||||||
Purchases and sales of properties | — | — | (613) | — | (613) | ||||||||||
Recognition of realized gains / (losses) on: | |||||||||||||||
Loans held-for-sale | (1,092) | — | 64,814 | — | 63,722 | ||||||||||
Securities | — | — | 4,237 | — | 4,237 | ||||||||||
Derivatives | 16,864 | (684) | 1,809 | (739) | 17,250 | ||||||||||
Foreign currency | (14,420) | 14 | (1,346) | — | (15,752) | ||||||||||
Earnings from unconsolidated entities | 3,345 | 3,563 | 57,066 | — | 63,974 | ||||||||||
Purchases and sales of properties | — | (153) | (840) | — | (993) | ||||||||||
Core Earnings (Loss) | $ | 419,983 | $ | 75,847 | $ | 271,647 | $ | (183,314) | $ | 584,163 | |||||
Core Earnings (Loss) per Weighted Average Diluted Share | $ | 1.60 | $ | 0.29 | $ | 1.04 | $ | (0.70) | $ | 2.23 | |||||
Starwood Property Trust, Inc. and Subsidiaries | |||||||||||||||||||||
Condensed Consolidated Balance Sheet by Segment | |||||||||||||||||||||
As of December 31, 2017 | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Investing | Investing | ||||||||||||||||||||
Lending | Property | and Servicing | and Servicing | ||||||||||||||||||
Segment | Segment | Segment | Corporate | Subtotal | VIEs | Total | |||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 14,580 | $ | 10,388 | $ | 39,446 | $ | 299,308 | $ | 363,722 | $ | 5,726 | $ | 369,448 | |||||||
Restricted cash | 21,555 | 12,491 | 10,289 | 4,490 | 48,825 | — | 48,825 | ||||||||||||||
Loans held-for-investment, net | 6,558,699 | — | 3,796 | — | 6,562,495 | — | 6,562,495 | ||||||||||||||
Loans held-for-sale | 613,287 | — | 132,456 | — | 745,743 | — | 745,743 | ||||||||||||||
Loans transferred as secured borrowings | 74,403 | — | — | — | 74,403 | — | 74,403 | ||||||||||||||
Investment securities | 694,012 | — | 1,024,143 | — | 1,718,155 | (999,952) | 718,203 | ||||||||||||||
Properties, net | — | 2,364,806 | 282,675 | — | 2,647,481 | — | 2,647,481 | ||||||||||||||
Intangible assets | — | 116,081 | 95,257 | — | 211,338 | (28,246) | 183,092 | ||||||||||||||
Investment in unconsolidated entities | 45,028 | 110,704 | 50,759 | — | 206,491 | (20,988) | 185,503 | ||||||||||||||
Goodwill | — | — | 140,437 | — | 140,437 | — | 140,437 | ||||||||||||||
Derivative assets | 6,487 | 26,775 | 636 | — | 33,898 | — | 33,898 | ||||||||||||||
Accrued interest receivable | 46,650 | 68 | 243 | 786 | 47,747 | — | 47,747 | ||||||||||||||
Other assets | 5,648 | 71,929 | 59,676 | 3,755 | 141,008 | (2,868) | 138,140 | ||||||||||||||
VIE assets, at fair value | — | — | — | — | — | 51,045,874 | 51,045,874 | ||||||||||||||
Total Assets | $ | 8,080,349 | $ | 2,713,242 | $ | 1,839,813 | $ | 308,339 | $ | 12,941,743 | $ | 49,999,546 | $ | 62,941,289 | |||||||
Liabilities and Equity | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 23,054 | $ | 62,890 | $ | 74,426 | $ | 23,536 | $ | 183,906 | $ | 1,211 | $ | 185,117 | |||||||
Related-party payable | 20 | — | 31 | 42,318 | 42,369 | — | 42,369 | ||||||||||||||
Dividends payable | — | — | — | 125,916 | 125,916 | — | 125,916 | ||||||||||||||
Derivative liabilities | 20,386 | 13,063 | 85 | 2,666 | 36,200 | — | 36,200 | ||||||||||||||
Secured financing agreements, net | 3,466,487 | 1,621,885 | 411,526 | 296,858 | 5,796,756 | (23,700) | 5,773,056 | ||||||||||||||
Unsecured senior notes, net | — | — | — | 2,125,235 | 2,125,235 | — | 2,125,235 | ||||||||||||||
Secured borrowings on | 74,185 | — | — | — | 74,185 | — | 74,185 | ||||||||||||||
VIE liabilities, at fair value | — | — | — | — | — | 50,000,010 | 50,000,010 | ||||||||||||||
Total Liabilities | 3,584,132 | 1,697,838 | 486,068 | 2,616,529 | 8,384,567 | 49,977,521 | 58,362,088 | ||||||||||||||
Equity: | |||||||||||||||||||||
Starwood Property Trust, Inc. Stockholders' Equity: | |||||||||||||||||||||
Common stock | — | — | — | 2,660 | 2,660 | — | 2,660 | ||||||||||||||
Additional paid-in capital | 1,818,559 | 957,329 | 659,062 | 1,280,296 | 4,715,246 | — | 4,715,246 | ||||||||||||||
Treasury stock | — | — | — | (92,104) | (92,104) | — | (92,104) | ||||||||||||||
Accumulated other comprehensive income (loss) | 57,914 | 12,076 | (66) | — | 69,924 | — | 69,924 | ||||||||||||||
Retained earnings (accumulated deficit) | 2,609,050 | (14,335) | 687,015 | (3,499,042) | (217,312) | — | (217,312) | ||||||||||||||
Total Starwood Property | 4,485,523 | 955,070 | 1,346,011 | (2,308,190) | 4,478,414 | — | 4,478,414 | ||||||||||||||
Non-controlling interests in consolidated subsidiaries | 10,694 | 60,334 | 7,734 | — | 78,762 | 22,025 | 100,787 | ||||||||||||||
Total Equity | 4,496,217 | 1,015,404 | 1,353,745 | (2,308,190) | 4,557,176 | 22,025 | 4,579,201 | ||||||||||||||
Total Liabilities and Equity | $ | 8,080,349 | $ | 2,713,242 | $ | 1,839,813 | $ | 308,339 | $ | 12,941,743 | $ | 49,999,546 | $ | 62,941,289 | |||||||
Additional information can be found on the Company's website at www.starwoodpropertytrust.com.
Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
View original content:http://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-the-quarter-and-year-ended-december-31-2017-300605547.html
SOURCE Starwood Property Trust, Inc.
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