Starwood Property Trust (STWD) Reports Q3 EPS of $0.59
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Starwood Property Trust (NYSE: STWD) reported Q3 EPS of $0.59.
"Our results this quarter were driven by contributions from across our businesses, demonstrating the strength of our multi-cylinder platform," stated Barry Sternlicht, Chairman and Chief Executive Officer of Starwood Property Trust. "We deployed over $1.3 billion of capital this quarter and $3.8 billion year-to-date through volatile market conditions. The credit quality of our $9.1 billion portfolio remains strong, with an LTV on our loan book of just 63%. Since our move into long duration equity assets, we have reviewed countless property investments. This quarter, we identified an investment that met our objectives of long-term stable and rising cash flows, with attractive current cash-on-cash yields. We are under contract to close this investment, an exceptionally high quality medical office portfolio consisting of 38 buildings throughout the U.S. The portfolio is positioned to benefit from growth in the medical sector, high industry-wide tenant retention rates, minimal new supply and favorable demographic trends. By adding a resilient income stream that extends the duration of our overall book, we continue to build a portfolio that can withstand various market cycles."
Mr. Sternlicht continued, "We continue to utilize our global scale and the deep industry relationships of both Starwood Property Trust and its manager, Starwood Capital Group, to identify unique investment opportunities. In doing so, we have developed a portfolio of both debt and equity investments with attractive in-place cash flows, strong underlying fundamentals and moderate risk profiles, which continues to drive the best risk-adjusted returns for our shareholders."
For earnings history and earnings-related data on Starwood Property Trust (STWD) click here.
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