Shares of Starwood Property Trust, Inc. (NYSE:STWD) ended Friday session in red amid volatile trading. The shares closed down -0.70 points or -3.04% at $22.33 with 238.05 million shares getting traded. Post opening the session at $23.02 the shares hit an intraday low of $22.30 and an intraday high of $23.02 and the price vacillated in this range throughout the day. The company has a market cap of $5.25 billion and the numbers of outstanding shares have been calculated to be 238.05 million shares.
Starwood Property Trust, Inc. (STWD) on Aug. 4, 2016 announced operating results for the fiscal quarter ended June 30, 2016. The Company’s second quarter 2016 GAAP net income was $111.5 million, or $0.47 per diluted share, and Core Earnings (a non-GAAP financial measure) was $119.9 million, or $0.50 per diluted share.
“We are pleased with our strong performance this quarter, driven by significant contributions from each of our business segments. Despite a volatile market backdrop in the first half of the year, including an uncertain domestic economic and geopolitical environment, we deployed $2.5 billion of capital and continued to source investments with attractive returns and a risk profile consistent with our historical standards. In our seven years as a public company, we have not realized a single credit loss in the $19.0 billion of loans we have originated or acquired. As a testament to our conservative underwriting, our loan portfolio continues to maintain a conservative weighted average LTV of 61.9%, which is down from a peak of 67.8% in 2011 when our loan book was one-third the size it is now. We are particularly pleased with the progress of our equity investments, including those embedded in our loan book, where we continue to expect meaningful appreciation over time,” stated Barry Sternlicht, Chairman and Chief Executive Officer of Starwood Property Trust.
Mr. Sternlicht continued, “We believe opportunities will remain abundant as recent structural changes in the U.S. and European lending markets are coinciding with increasing levels of commercial real estate debt maturities. Our servicing platform should provide a front row seat to any distress that may occur as those pre-2008 borrowers refinance. Our conservative balance sheet and access to liquidity should allow us to capitalize on these opportunities and any future dislocations in the credit markets. As we have done in the past, we will leverage our global operating platforms across Starwood Property Trust and Starwood Capital Group to source the best risk-adjusted investments for our shareholders in order to generate exceptional returns over the long term.”
Shares of CBL & Associates Properties, Inc. (NYSE:CBL) ended Friday session in red amid volatile trading. The shares closed down -0.86 points or -6.06% at $13.34 with 170.79 million shares getting traded. Post opening the session at $13.89 the shares hit an intraday low of $13.28 and an intraday high of $14.02 and the price vacillated in this range throughout the day. The company has a market cap of $2.13 billion and the numbers of outstanding shares have been calculated to be 170.79 million shares.
On September 2, 2016 CBL & Associates Properties, Inc. (CBL) and affiliates of High Real Estate Group LLC, its 50/50 partner, announced that it closed on the assignment of 100% of the partnership ownership interest in High Pointe Commons in Harrisburg, PA to Unison Realty Partners. High Pointe Commons is a 355,000-square-foot community center anchored by Target and JCPenney. The partnership received total consideration of $33.8 million. Proceeds from the transaction were used to retire existing secured loans aggregating $17.4 million with CBL’s share of net proceeds used to reduce outstanding balances on the Company’s lines of credit.
“This transaction is the latest example of our ability to raise attractively priced capital through dispositions of high-quality community centers,” said Stephen D. Lebovitz, president & CEO. “The excess proceeds from these asset sales furthers our progress reducing leverage, improving our credit metrics and strengthening our balance sheet.”