GREENWICH, Conn., March 16, 2020 /PRNewswire/ -- Starwood
Property Trust, Inc. (NYSE: STWD) today announced that the Company
recently received the full repayment of its $379 million commitment in the construction loan
for 424 Fifth Avenue, the former Lord & Taylor Building. The
building was acquired by Amazon.
"This repayment enhances our already strong liquidity position
which totals $885 million of cash and
approved but undrawn financing lines, which we can combine with
over $8 billion of available
financing sources to fund investments. Given the recent
extraordinary volatility in the markets, we're exercising
appropriate caution in regards to new investments. Our equity
investments are largely in affordable apartments and we expect them
to remain a very strong cash flow generator unaffected by this
uncertainty. We believe our strong balance sheet will support us as
we navigate current market conditions," commented Barry Sternlicht, Chairman and CEO of Starwood
Property Trust.
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.