Starwood Property Trust Announces $0.48 Per Share Dividend for Third and Fourth Quarters 2024
GREENWICH, Conn., July 24, 2024 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) ("the Company") today announced that the Company's Board of Directors has declared a dividend of $0.48 per share of common stock for the quarters ending September 30, 2024 and December 31, 2024. The third quarter dividend is payable on October 15, 2024 to stockholders of record as of September 30, 2024 and the fourth quarter dividend is payable on January 15, 2025 to stockholders of record as of December 31, 2024.
"We created a differentiated multi-cylinder company and have maintained a low leverage balance sheet in order to enable us to outperform in times of volatility. We expect to maintain our dividend for the foreseeable future assuming macro and market conditions don't materially change. As a result, our Board has declared our third and fourth quarter dividends of $0.48 per quarter, in-line with our current dividend. Beyond our current earnings power, we have the ability to monetize the over $4.00 per share of distributable earnings gains we have created in our owned property if we should choose to," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.
"With $4.5 billion of unencumbered assets, our balance sheet and our access to liquidity remain strong. We expect our fixed charge coverage ratio to increase again this quarter, giving us capacity to issue over $2.0 billion of incremental debt today, if we elect to do so, without asking to amend our covenants. We look forward to discussing our second quarter results with you on our August 6th earnings call," added Jeffrey DiModica, President of Starwood Property Trust.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm, Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of March 31, 2024, the Company has successfully deployed over $97 billion of capital since inception and manages a portfolio of over $26 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.
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, availability of financing, and other risks detailed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
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.
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
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SOURCE Starwood Property Trust, Inc.
