GREENWICH, Conn., July 24,
2024 /PRNewswire/ -- Starwood Property Trust, Inc.
(NYSE: STWD) ("the Company") today announced that the Company's
Board of Directors has declared a dividend of $0.48 per share of common stock for the quarters
ending September 30, 2024 and
December 31, 2024. The third quarter
dividend is payable on October 15,
2024 to stockholders of record as of September 30, 2024 and the fourth quarter
dividend is payable on January 15,
2025 to stockholders of record as of December 31, 2024.
"We created a differentiated multi-cylinder company and have
maintained a low leverage balance sheet in order to enable us to
outperform in times of volatility. We expect to maintain our
dividend for the foreseeable future assuming macro and market
conditions don't materially change. As a result, our Board has
declared our third and fourth quarter dividends of $0.48 per quarter, in-line with our current
dividend. Beyond our current earnings power, we have the ability to
monetize the over $4.00 per share of
distributable earnings gains we have created in our owned property
if we should choose to," commented Barry
Sternlicht, Chairman and CEO of Starwood Property Trust.
"With $4.5 billion of unencumbered
assets, our balance sheet and our access to liquidity remain
strong. We expect our fixed charge coverage ratio to increase again
this quarter, giving us capacity to issue over $2.0 billion of incremental debt today, if we
elect to do so, without asking to amend our covenants. We look
forward to discussing our second quarter results with you on our
August 6th earnings call," added
Jeffrey DiModica, President of
Starwood Property Trust.
About Starwood Property Trust,
Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global
private investment firm, Starwood Capital Group, is a leading
diversified finance company with a core focus on the real estate
and infrastructure sectors. As of March 31,
2024, the Company has successfully deployed over
$97 billion of capital since
inception and manages a portfolio of over $26 billion across debt and equity investments.
Starwood Property Trust's investment objective is to generate
attractive and stable returns for shareholders, primarily through
dividends, by leveraging a premiere global organization to identify
and execute on the best risk-adjusted returning investments across
its target assets. Additional information can be found at
www.starwoodpropertytrust.com.
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.
Forward-looking statements are developed by combining
currently available information with our beliefs and assumptions
and are generally identified by the words "believe," "expect,"
"anticipate" and other similar expressions. 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, but are not limited to,
completion of pending investments and financings, continued ability
to acquire additional investments, competition within the finance
and real estate industries, availability of financing, and other
risks detailed under the heading "Risk Factors" in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as other risks and
uncertainties set forth from time to time in the Company's reports
filed with the SEC, including its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2024.
In light of these risks and uncertainties, there can be no
assurances that the results referred to in the forward-looking
statements contained herein will in fact occur. Except to the
extent required by applicable law or regulation, we undertake no
obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events,
changes to future results over time or otherwise.
Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
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SOURCE Starwood Property Trust, Inc.