GREENWICH, Conn., March 27, 2020 /PRNewswire/ -- Starwood
Property Trust, Inc. (NYSE: STWD) today issued an open letter to
stockholders. The text follows:
Dear Starwood Shareholder,
We hope this letter finds you and your families safe and in good
health.
We wanted to provide an update on the state of Starwood Property
Trust (STWD) a few weeks into this rapidly unfolding health
crisis.
The Company's Board of Directors declared a cash dividend of
$0.48 per share of common stock for
the quarter ending March 31, 2020
that is payable on April 15, 2020 to
common stockholders of record as of March
31, 2020. We are confirming today that we will pay this
dividend in cash as scheduled.
Beginning with our IPO in 2009, we set out to build a
diversified finance company that would provide safe and stable
returns through all market cycles. We have financing
lines with over 20 different counterparties with a weighted average
maturity in excess of 5 years. We also have over $3 billion of unencumbered assets and no
corporate debt maturities in 2020.
As of today, STWD has approximately $800
million in cash. Our multi-cylinder platform provides us
with additional sources of incremental liquidity.
Our manager, Starwood Capital Group, is almost 30 years old and
was born out of the savings and loan crisis in 1991. We have been
through every subsequent credit and economic crisis and have always
emerged stronger. We expect to do so now. Crises can present
unusual opportunities and while we are being prudent and judicious
in this uncertain climate, we look forward to deploying our
significant financial resources and global footprint to take
advantage of market dislocations as they continue to arise. All the
professionals of both Starwood Property Trust and Starwood Capital
Group are laser focused on ensuring that STWD emerges from the
COVID-19 crisis stronger than ever.
During these unprecedented times, we wish good health to you and
your loved ones. We thank you for your past support and for the
trust you have placed in us.
Barry S. Sternlicht
Chairman and Chief Executive Officer
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.