starwood property trust inc
(STWD:New York)
starwood property trust inc (STWD) Key Developments
Starwood Property Trust, Inc. Presents at RealShare National Investment and Finance 2013, Jun-18-2013 01:30 PM. Venue: The Westin Gaslamp Quarter, San Diego, California, United States. Speakers: Kyle Jeffers, Authorized Correspondent.
Starwood Property Trust, Inc. Presents at NAREIT's REITWeek Investor Forum, Jun-06-2013 02:15 PM. Venue: Hilton Chicago, 720 South Michigan Avenue, Chicago, IL 60605, Illinois, United States.
Starwood Property Trust, Inc. Presents at Wells Fargo Specialty Finance Conference, May-16-2013 . Venue: InterContinental Times Square, New York, New York, United States.
Starwood Property Trust, Inc. reported un-audited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's core earnings, a non-GAAP financial measure, were $58.1 million, or $0.43 per diluted share compared to $55.0 million, or $0.58 per diluted share, for the first quarter of 2012. Core earnings in the first quarter of 2013 includes $4.4 million, or $0.03 per diluted share, of expense attributed to transaction costs related to the acquisition of LNR Property LLC (‘LNR’). Core earnings in the first quarter of 2012 included $12.2 million, or $0.13 per diluted share, of income related to the prepayment of a $143.9 million loan that primarily represented accelerated discount accretion. Net income attributable to the company was approximately $62.2 million, compared to $50.2 million for the three months ended March 31, 2012. Net income per diluted share was $0.46, compared to $0.53 for the three months ended March 31, 2012. The company reported net interest margin of $66.2 million compared to $65.9 million and income before income taxes of $64.2 million compared to $50.7 million for the last year. The fair value of the company's net assets at March 31, 2013 was approximately $20.48 per fully diluted share. On a fully diluted basis, the company's GAAP book value at March 31, 2013 was $20.08 per share. On May 8, 2013, the company's Board of Directors increased and declared a dividend of $0.46 per share of common stock for the quarter ending June 30, 2013. The dividend is payable on July 15, 2013 to common stockholders of record as of June 28, 2013. This is an increase of $0.02 per share over the $0.44 dividend paid the prior 8 consecutive quarters and represents a 6.65% annualized dividend yield on yesterday's closing share price of $27.65. For 2013, the company is estimating core earnings in the range of $1.90 to $2.00 per diluted share. This guidance does not include the impact of the LNR acquisition or any incremental (i) investments beyond the company's existing pipeline or (ii) capital markets transactions.
Starwood Property Trust, Inc., Q1 2013 Earnings Call, May 08, 2013

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Industry Analysis
STWD
Industry Average
| Valuation | STWD | Industry Range |
| Price/Earnings | 15.0x |
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| Price/Sales | 13.3x |
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| Price/Book | 1.3x |
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| Price/Cash Flow | 19.8x |
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| TEV/Sales | 8.9x |
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