04.05.2018 12:45:00

Starwood Property Trust Reports Results for the Quarter Ended March 31, 2018

GREENWICH, Conn., May 4, 2018 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended March 31, 2018.  The Company's first quarter 2018 GAAP net income was $99.9 million, or $0.38 per diluted share, and Core Earnings (a non-GAAP financial measure) was $155.8 million, or $0.58 per diluted share.

"2018 is off to a great start as we have put more than $2.5 billion of capital to work year-to-date, including $1.8 billion in our Lending Segment," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust. "Our advantaged access to best-in-class low cost funding options, including our most recent $500 million unsecured debt offering, has enabled us to continue to source and close attractive risk adjusted lending investments in a very competitive market. With a robust investment pipeline generated by our multi-cylinder investment platform, and a very strong liquidity profile, we are well positioned to continue to deliver stable and compelling total returns for our shareholders for the long-term."

Dividend

On May 4, 2018, the Company's Board of Directors declared a dividend of $0.48 per share of common stock for the quarter ending June 30, 2018. The dividend is payable on July 13, 2018 to common stockholders of record as of June 29, 2018.

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 on 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 Friday, May 4, 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:  1-800-263-0877 
International:  1-323-794-2094

Conference Call Playback:
Domestic:  1-844-512-2921
International:  1-412-317-6671
Passcode:  8903392 

The playback can be accessed through May 18, 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 $41 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 March 31, 2018

(Amounts in thousands)





























Investing






Investing





Lending


Property


and Servicing






and Servicing





Segment


Segment


Segment


Corporate


Subtotal


VIEs


Total

Revenues:






















Interest income from loans


$

134,972


$

—


$

2,648


$

—


$

137,620


$

—


$

137,620

Interest income from investment
  securities



14,439



—



34,399



—



48,838



(33,569)



15,269

Servicing fees



165



—



33,434



—



33,599



(7,532)



26,067

Rental income



—



66,710



14,400



—



81,110



—



81,110

Other revenues



194



101



228



52



575



(54)



521

Total revenues



149,770



66,811



85,109



52



301,742



(41,155)



260,587

Costs and expenses:






















Management fees



480



—



18



30,051



30,549



93



30,642

Interest expense



32,021



16,534



5,095



33,803



87,453



(270)



87,183

General and administrative



6,695



1,859



21,020



2,482



32,056



86



32,142

Acquisition and investment pursuit 
   costs



220



6



151



—



377



—



377

Costs of rental operations



—



23,488



6,205



—



29,693



—



29,693

Depreciation and amortization



17



26,469



5,258



—



31,744



—



31,744

Loan loss allowance, net



1,538



—



—



—



1,538



—



1,538

Other expense



77



—



27



—



104



—



104

Total costs and expenses



41,048



68,356



37,774



66,336



213,514



(91)



213,423

Income (loss) before other income
   (loss), income taxes and non-
   controlling interests



108,722



(1,545)



47,335



(66,284)



88,228



(41,064)



47,164

Other income (loss):






















Change in net assets related to
   consolidated VIEs



—



—



—



—



—



52,653



52,653

Change in fair value of servicing 
   rights



—



—



(9,168)



—



(9,168)



3,354



(5,814)

Change in fair value of investment 
   securities, net



(704)



—



13,979



—



13,275



(13,424)



(149)

Change in fair value of mortgage 
   loans held-for-sale, net



(1,692)



—



9,492



—



7,800



—



7,800

Earnings (loss) from unconsolidated 
   entities



1,444



(3,515)



1,596



—



(475)



(987)



(1,462)

Gain on sale of investments and other 
   assets, net



279



3,942



6,439



—



10,660



—



10,660

(Loss) gain on derivative financial 
   instruments, net



(10,818)



1,919



5,042



(13,002)



(16,859)



—



(16,859)

Foreign currency gain (loss), net



13,550



2



(3)



—



13,549



—



13,549

Other income, net



43



17



48



—



108



—



108

Total other income (loss)



2,102



2,365



27,425



(13,002)



18,890



41,596



60,486

Income (loss) before income taxes



110,824



820



74,760



(79,286)



107,118



532



107,650

Income tax provision



(947)



(1,261)



(648)



—



(2,856)



—



(2,856)

Net income (loss)



109,877



(441)



74,112



(79,286)



104,262



532



104,794

Net income attributable to non-
   controlling interests



(361)



(2,453)



(1,516)



—



(4,330)



(532)



(4,862)

Net income (loss) attributable to 
   Starwood Property Trust, Inc.


$

109,516


$

(2,894)


$

72,596


$

(79,286)


$

99,932


$

—


$

99,932

 

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 and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. 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 March 31, 2018

(Amounts in thousands except per share data)








Investing








Lending


Property


and Servicing








Segment


Segment


Segment


Corporate


Total

Net income (loss) attributable to Starwood 
   Property Trust, Inc.


$

109,516


$

(2,894)


$

72,596


$

(79,286)


$

99,932

Add / (Deduct):
















Non-controlling interests attributable to Woodstar II 
   Class A Units



—



2,453



—



—



2,453

Non-cash equity compensation expense



563



43



975



3,199



4,780

Management incentive fee



—



—



—



9,634



9,634

Acquisition and investment pursuit costs



119



(93)



(29)



—



(3)

Depreciation and amortization



17



26,805



4,912



—



31,734

Loan loss allowance, net



1,538



—



—



—



1,538

Interest income adjustment for securities



(197)



—



(1,062)



—



(1,259)

Extinguishment of debt, net



—



—



—



9,755



9,755

Other non-cash items



—



(562)



124



881



443

Reversal of unrealized (gains) / losses on:
















Loans held-for-sale



1,692



—



(9,492)



—



(7,800)

Securities



704



—



(13,979)



—



(13,275)

Derivatives



10,529



(1,436)



(5,422)



14,398



18,069

Foreign currency



(13,550)



(2)



3



—



(13,549)

Earnings from unconsolidated entities



(1,444)



3,515



(1,596)



—



475

Purchases and sales of properties



—



—



—



—



—

Recognition of realized gains / (losses) on:
















Loans held-for-sale



(875)



—



9,643



—



8,768

Securities



—



—



(4,114)



—



(4,114)

Derivatives



(5,725)



(479)



5,531



—



(673)

Foreign currency



8,051



2



(41)



—



8,012

Earnings from unconsolidated entities



1,847



—



1,044



—



2,891

Purchases and sales of properties



—



(210)



(1,765)



—



(1,975)

Core Earnings (Loss)


$

112,785


$

27,142


$

57,328


$

(41,419)


$

155,836

Core Earnings (Loss) per Weighted Average
   Diluted Share


$

0.42


$

0.10


$

0.21


$

(0.15)


$

0.58

 

 

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of March 31, 2018

(Amounts in thousands)








Investing






Investing





Lending


Property


and Servicing






and Servicing





Segment


Segment


Segment


Corporate


Subtotal


VIEs


Total

Assets:






















Cash and cash equivalents


$

30,048


$

14,738


$

55,167


$

179,987


$

279,940


$

6,215


$

286,155

Restricted cash



52,855



15,343



8,478



16,590



93,266



—



93,266

Loans held-for-investment, net



6,179,100



—



3,686



—



6,182,786



—



6,182,786

Loans held-for-sale



662,971



—



60,762



—



723,733



—



723,733

Loans transferred as secured
   borrowings



74,463



—



—



—



74,463



—



74,463

Investment securities



490,494



—



1,045,217



—



1,535,711



(1,021,248)



514,463

Properties, net



—



2,699,492



289,372



—



2,988,864



—



2,988,864

Intangible assets



—



118,522



85,999



—



204,521



(24,892)



179,629

Investment in unconsolidated 
   entities



29,537



107,189



45,361



—



182,087



(21,975)



160,112

Goodwill



—



—



140,437



—



140,437



—



140,437

Derivative assets



4,240



36,056



771



—



41,067



—



41,067

Accrued interest receivable



39,002



163



258



1,830



41,253



—



41,253

Other assets



328,622



88,708



50,830



2,083



470,243



(2,923)



467,320

VIE assets, at fair value



—



—



—



—



—



49,233,307



49,233,307

Total Assets


$

7,891,332


$

3,080,211


$

1,786,338


$

200,490


$

12,958,371


$

48,168,484


$

61,126,855

Liabilities and Equity






















Liabilities:






















Accounts payable, accrued
   expenses and other liabilities


$

18,332


$

68,115


$

48,925


$

20,894


$

156,266


$

1,297


$

157,563

Related-party payable



20



—



28



31,733



31,781



—



31,781

Dividends payable



—



—



—



126,244



126,244



—



126,244

Derivative liabilities



19,576



20,630



330



17,064



57,600



—



57,600

Secured financing agreements, net



2,936,419



1,936,367



408,104



297,124



5,578,014



(23,700)



5,554,314

Unsecured senior notes, net



—



—



—



2,252,631



2,252,631



—



2,252,631

Secured borrowings on 
   transferred loans, net



74,275



—



—



—



74,275



—



74,275

VIE liabilities, at fair value



—



—



—



—



—



48,167,760



48,167,760

Total Liabilities



3,048,622



2,025,112



457,387



2,745,690



8,276,811



48,145,357



56,422,168

Equity:






















Starwood Property Trust, Inc. 
   Stockholders' Equity:






















Common stock



—



—



—



2,671



2,671



—



2,671

Additional paid-in capital



2,054,473



850,185



562,815



1,260,710



4,728,183



—



4,728,183

Treasury stock



—



—



—



(104,194)



(104,194)



—



(104,194)

Accumulated other comprehensive 
   income (loss)



59,082



16,259



(31)



—



75,310



—



75,310

Retained earnings (accumulated 
   deficit)



2,718,567



(17,229)



759,611



(3,704,387)



(243,438)



—



(243,438)

Total Starwood Property 
   Trust, Inc. Stockholders' Equity



4,832,122



849,215



1,322,395



(2,545,200)



4,458,532



—



4,458,532

Non-controlling interests in 
   consolidated subsidiaries



10,588



205,884



6,556



—



223,028



23,127



246,155

Total Equity



4,842,710



1,055,099



1,328,951



(2,545,200)



4,681,560



23,127



4,704,687

Total Liabilities and Equity


$

7,891,332


$

3,080,211


$

1,786,338


$

200,490


$

12,958,371


$

48,168,484


$

61,126,855

 

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

 

Cision View original content:http://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-the-quarter-ended-march-31-2018-300642713.html

SOURCE Starwood Property Trust, Inc.

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