Tuesday, January 14, 2014 2:19:10 PM
Date : 01/14/2014 @ 7:30AM
GREENWICH, Conn., Jan. 14, 2014 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced that its Board of Directors has formally declared the distribution of common shares of Starwood Waypoint Residential Trust ("Starwood Waypoint"), a wholly owned subsidiary of Starwood Property Trust. The distribution will complete the spin-off of Starwood Waypoint from Starwood Property Trust. Following the distribution, Starwood Waypoint will be an independent, publicly-traded real estate investment trust ("REIT") primarily focused on investing in U.S. single-family rental homes and non-performing residential mortgage loans.
The distribution will be made on or about January 31, 2014 (the "Distribution Date") to Starwood Property Trust stockholders of record ("STWD Record Holders") as of 5:00 p.m., Eastern Time, on January 24, 2014 (the "Record Date").
On the Distribution Date, Starwood Property Trust will distribute all of the Starwood Waypoint common shares to STWD Record Holders. Each STWD Record Holder will receive one Starwood Waypoint common share for every five shares of Starwood Property Trust common stock held on the Record Date. STWD Record Holders are not required to take any action to receive Starwood Waypoint common shares in the distribution, and they will not be required to surrender or exchange their Starwood Property Trust shares. On the first trading day after the Distribution Date, February 3, 2014, Starwood Property Trust's shares of common stock will continue to trade on the NYSE under the ticker symbol "STWD," and Starwood Waypoint's common shares will commence trading on the NYSE under the ticker symbol "SWAY."
The distribution remains subject to the Securities and Exchange Commission (the "SEC") declaring effective Starwood Waypoint's registration statement on Form 10, which Starwood Property Trust expects to occur in the coming days.
A presentation containing more information regarding the spin-off of Starwood Waypoint will be available on Starwood Property Trust's website, www.starwoodpropertytrust.com, in the "Investor Relations" Section.
Trading Before the Distribution Date
The New York Stock Exchange ("NYSE") has informed Starwood Property Trust that, in connection with the spin-off, there will be three trading markets expected to begin on January 22 and to continue through and including January 31, 2014:
In the "regular way" market (NYSE: STWD), shares of Starwood Property Trust common stock will trade with the right to the Starwood Waypoint common shares distributed on the Distribution Date.
In the "ex-distribution" market (NYSE: STWD WI), shares of Starwood Property Trust common stock will trade without the right to the Starwood Waypoint common shares distributed on the Distribution Date.
In the "when-issued" market (NYSE: SWAY WI), the right to the Starwood Waypoint common shares distributed on the Distribution Date will trade.
Starwood Property Trust stockholders are urged to consult their financial advisors and tax advisors regarding the particular consequences of the distribution in their situation, including, without limitation, the specific implications of selling Starwood Property Trust common stock on or prior to the Distribution Date and the applicability and effect of any U.S. federal, state, local and foreign tax laws.
About Starwood Property Trust
Starwood Property Trust is focused on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities ("CMBS"), and other commercial real estate-related debt investments. Starwood Property Trust, through its 2013 acquisition of LNR Property LLC ("LNR"), now also operates as special servicer in the United States and a primary and special servicer in Europe and has expanded its product offering to include fixed rate conduit loans. Starwood Property Trust also invests in residential mortgage-backed securities ("RMBS") and residential real estate owned, and may invest in non-performing loans, commercial properties subject to net leases and residential mortgage loans. Starwood Property Trust is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
"Then there was a woman, a lion of a woman."
Recent STWD News
- Starwood Property Trust Announces Full Exercise of Option to Purchase Additional Shares of Common Stock • PR Newswire (US) • 09/05/2024 11:07:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/05/2024 08:30:32 PM
- Starwood Property Trust Announces Pricing of Common Stock Offering • PR Newswire (US) • 09/04/2024 02:05:00 AM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 09/03/2024 08:15:59 PM
- Starwood Property Trust Announces Public Offering of Common Stock • PR Newswire (US) • 09/03/2024 08:06:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/27/2024 10:44:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/22/2024 09:29:29 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/22/2024 09:29:02 PM
- Starwood Capital Appoints Andrew Sossen Senior Managing Director, Chief Operating Officer • PR Newswire (US) • 08/13/2024 02:00:00 PM
- Starwood Property Trust Reports Results for Quarter Ended June 30, 2024 • PR Newswire (US) • 08/06/2024 11:00:00 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 10:56:55 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 10:54:30 AM
- Starwood Property Trust Announces $0.48 Per Share Dividend for Third and Fourth Quarters 2024 • PR Newswire (US) • 07/24/2024 07:16:00 PM
- Starwood Property Trust Announces Date for Second Quarter 2024 Earnings Release and Conference Call • PR Newswire (US) • 07/22/2024 08:15:00 PM
- Starwood Property Trust Announces $0.48 Per Share Dividend for Second Quarter 2024 • PR Newswire (US) • 06/13/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:15:22 PM
- Starwood Capital Group Appoints Matt Smith as Managing Director, Head of U.S. Residential Asset Management • PR Newswire (US) • 05/28/2024 08:31:00 PM
- Starwood Property Trust Reports Results for Quarter Ended March 31, 2024 • PR Newswire (US) • 05/08/2024 11:00:00 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 10:58:52 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 10:56:17 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:07:39 PM
- STARWOOD CAPITAL GROUP, CRESCENT REAL ESTATE AND HIGH STREET REAL ESTATE PARTNERS SELL 1 HOTEL AND EMBASSY SUITES NASHVILLE TO HOST HOTELS AND RESORTS • PR Newswire (US) • 05/01/2024 08:35:00 PM
- Starwood Property Trust Announces Date for First Quarter 2024 Earnings Release and Conference Call • PR Newswire (US) • 04/09/2024 08:15:00 PM
- Starwood Capital Enters into Partnership with ESR Group Co-Founders to Acquire 10.7% Ownership Stake • PR Newswire (US) • 03/20/2024 02:43:00 AM
- Starwood Capital Enters into Partnership with ESR Group Co-Founders to Acquire 10.7% Ownership Stake • PR Newswire (US) • 03/20/2024 01:50:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM