Starwood Waypoint REIT Reports Highly Successful Q3

first_img in Daily Dose, Featured, News Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Share Save “With our pending merger with CAH, we can now take our business to the next level by creating a premier SFR REIT of over 30,000 homes with substantial scale and strategic market density.”Doug Brien, CEO of SWAY About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Real Estate Investment Trust Single-Family Rental Market Starwood Waypoint Residential Trust 2015-11-05 Brian Honea Tagged with: Real Estate Investment Trust Single-Family Rental Market Starwood Waypoint Residential Trust The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribecenter_img Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: DS News Webcast: Friday 11/6/2015 Next: Foreclosures Are Declining, But So Are Foreclosure Prevention Actions Starwood Waypoint REIT Reports Highly Successful Q3 “Our third quarter results reflect continued solid operating performance highlighted by our 64.8 percent stabilized NOI margin,” said Doug Brien, Starwood Waypoint’s CEO. “With our pending merger with CAH, we can now take our business to the next level by creating a premier SFR REIT of over 30,000 homes with substantial scale and strategic market density. We expect the operational and cost of capital advantages from the merger, driven by $40.0 to $50.0 million in annual savings from unique synergies, will put our combined company in a competitive position to generate very attractive returns on shareholder equity.”Chairman of the Board of Trustees Barry Sternlicht noted that Brien intends to resign his position as CEO upon completion of the merger with CAH and thanked the CEO for his leadership at SWAY. Fred Tuomi, currently the chief operating officer with CAH, will assume the CEO role of SWAY once the merger is complete.“We’re pleased to announce that Charles Young, currently SWAY’s Chief Operating Officer, will assume the COO role for Colony Starwood Homes,” Sternlicht said. “Charles and Fred will be the foundation of a tremendous leadership team for the company post-merger.” Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Home / Daily Dose / Starwood Waypoint REIT Reports Highly Successful Q3 Servicers Navigate the Post-Pandemic World 2 days ago November 5, 2015 874 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Oakland, California-based single-family rental real estate investment trust Starwood Waypoint Residential Trust (SWAY) announced a successful third quarter with re-performing loan net sale proceeds of $78.2 million and a merger with Colony American Homes to create a combined portfolio of 30,000 SFR homes.As of September 30, 2015, Starwood Waypoint owned approximately 17,100 SFR homes and non-performing loans. The company acquired 496 of those homes during Q3 at a combined purchase price of $94.5 million, which included renovation costs. Starwood Waypoint’s rental revenue generated from those 17,100 homes totaled $49.2 million in Q3, up by 5.4 percent from Q2.The company sold a pool of 461 re-performing loans during Q3 for net sale proceeds totaling $78.2 million, and the net operating income (NOI) margin on the company’s stabilized home portfolio for Q3 was 64.8 percent, according to the company’s announcement.The big news for Starwood Waypoint during Q3 was the announcement of the historic merger with Colony American Homes (CAH), which will give the company an SFR portfolio of more than 30,000 homes. The merger is a stock-for-stock transaction that is expected to close in the first quarter of 2016. The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img

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