Boston, MA 05/29/2014 (wallstreetpr) – Starwood Property Trust, Inc. (NYSE:STWD) announced its financial operating results of the first quarter, on May 6, 2014. The company registered net non-GAAP earnings of $121.5 million, that breaks down to $0.60 per diluted share.
Financial Results – First Quarter
Non GAAP earnings escalated from $58.1 million (evaluating to $0.43 per share) in Q1-2013. Core earnings notched up from the LNR segment amounting to $49.3 million; whereas earnings garnered from other segments are estimated at $72.3 million in Q1-2014, depicting a 24% hike YoY!
Net GAAP income obtained in Q1-2014 was $120.6 million (at $0.60/diluted share) compared to $62.2 million (at $0.46/diluted share) in Q1-2013. The Lending Segment garnered new investments worth $1.7 billion, of which $700 million were duly funded. 98% of the investments were on LIBOR floating-rate loans. Starwood Property Trust, Inc. (NYSE:STWD) expects to expend 94% of the investments down the line on the Lending Segment.
At the end of Q1, 75% of Lending Segment Loans are indexed to LIBOR, and 83% of these, benefits from an average LIBOR floor rate of 0.41%. STWD has a fixed rate portfolio that carried weighted average coupons estimating to 9.04%.
The CEO’s Standpoint
The Chairman and CEO of Starwood Property, Barry Sternlicht stated that the company is pleased with the prospective business throughout the first quarter that helped STWD procure $1.7 billion originations in Q1-2014.
The CEO stated that Starwood Property Trust, Inc. (NYSE:STWD) was successful in capitalizing upon the favorable credit markets to monetize from commercial mortgage backed securities, redeploying the capital to yield higher investments. The company is looking forward to sustain the pursuit of opportune moments that come by to secure risk-adjusted returns!
Dividends Unchanged
Starwood Property Trust, Inc. (NYSE:STWD) has declared lately that it would dole out quarterly dividends of $0.48/share. The dividends stayed unchanged since the last quarter. STWD has further affirmed notched up core earnings estimating between $2.00 and $2.20 for every share.
22 Million Stocks Sold
Starwood Property Trust, Inc. (NYSE:STWD) has declared an underwritten offering of 22,000,000 shares from its common stock quota. This transaction estimated at $570.5 million, considering that the options to buy additional shares are duly exercised completely.
