Welcome!

News Feed Item

Starwood Property Trust Sets Record Date And Distribution Date For Spin-off Of Starwood Waypoint Residential Trust

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.

Investor Relations – Starwood Property Trust
Phone:  203-422-7788
Email: [email protected]

Media Relations – Starwood Property Trust
Phil Denning or Jason Chudoba
ICR, Inc.
Phone: 203-682-8200
[email protected], [email protected]

Media Relations – Starwood Capital Group
Tom Johnson
Abernathy MacGregor
212-371-5999

SOURCE Starwood Property Trust, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
SYS-CON Events announced today that Avere Systems, a leading provider of hybrid cloud enablement solutions, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere Systems was created by file systems experts determined to reinvent storage by changing the way enterprises thought about and bought storage resources. With decades of experience behind the company’s founders, Avere got its ...
Microsoft Azure Container Services can be used for container deployment in a variety of ways including support for Orchestrators like Kubernetes, Docker Swarm and Mesos. However, the abstraction for app development that support application self-healing, scaling and so on may not be at the right level. Helm and Draft makes this a lot easier. In this primarily demo-driven session at @DevOpsSummit at 21st Cloud Expo, Raghavan "Rags" Srinivas, a Cloud Solutions Architect/Evangelist at Microsoft, wi...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...