GREENWICH, Conn., March 11, 2020 /PRNewswire/ -- Starwood
Property Trust, Inc. (NYSE: STWD) today announced that its Board of
Directors has authorized the repurchase of up to $400 million of its outstanding common shares and
convertible notes over a period of one year. The share repurchase
program will be funded through the Company's existing cash.
"We have opportunistically supported our stock price by buying
shares in the open market when circumstances, that we feel have
little long-term impact on our enterprise, cause our shares to
decline both relative to our intrinsic value and to our dividend
yield. Today our yield is greater than 11x the U.S. 10-Year
Treasury yield for the first time in our history and compared to a
long-term average of 4x. Our stock may from time to time represent
a very attractive use of available cash," commented Barry Sternlicht, Chairman and CEO of Starwood
Property Trust.
Purchases made pursuant to the program will be made either in
the open market or in privately negotiated transactions from time
to time as permitted by federal securities laws and other legal
requirements. The timing, manner, price and amount of any
repurchases will be determined by the Company in its discretion and
will be subject to economic and market conditions, stock price,
applicable legal requirements and other factors. The program may be
suspended or discontinued at any time.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), is a leading diversified
finance company with a core focus on the real estate and
infrastructure sectors. An affiliate of global private investment
firm Starwood Capital Group, the Company has successfully deployed
over $61 billion of capital since
inception and manages a portfolio of over $17 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, economic conditions, availability of
financing and other risks detailed under the heading "Risk Factors"
in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, as well as other
risks and uncertainties set forth from time to time in the
Company's reports filed with the SEC.
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.
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
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SOURCE Starwood Property Trust, Inc.