Starwood Property Trust misses by $0.01, misses on revs; reaffirms FY14 FFO guidance
Reports Q2 (Jun) funds from operations of $0.51 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.52; revenues rose 24.7% year/year to $170.8 mln vs the $176.9 mln consensus.
- Co reaffirms guidance for FY14, sees FFO of $2.00-2.20 vs. $2.20 Capital IQ Consensus Estimate.
- The fair value of the Company's net assets at June 30, 2014 was approximately $17.20 per fully diluted share, assuming debt is valued at its par settlement amount, up from $16.39 at March 31, 2014. On a fully diluted basis, the Company's GAAP book value at June 30, 2014 was $16.59 per share, up from $15.85 at March 31, 2014. These amounts reflect share dilution during the quarter of 4.1 million shares resulting from the Company's convertible notes being in-the-money by $97 million.