- Core FFO Increased 34% to $0.59 per Share
-
- Stabilized NOI Margin of 64.4% -
- Same Store NOI Increase of 3.5% -
- Lease Percentage of Total Rental Home
Portfolio Reaches 89.1% -
- Authorized New $150 Million Share
Repurchase Plan -
Starwood Waypoint Residential Trust (NYSE:SWAY) (the “Company”),
a leading single-family rental (“SFR”) real estate investment trust
(“REIT”), today announced its operating and financial results for
the first quarter 2015.
First Quarter 2015 Highlights
- Rental revenue from the single-family
rental portfolio was $42.0 million, an increase of 13.2% over the
prior quarter
- Core Funds From Operations (“Core FFO”)
was $22.5 million, or $0.59 per share, an increase of 34.0% over
the prior quarter
- Net Operating Income (“NOI”) Margin on
the stabilized home portfolio was 64.4%
- The NOI increase on the same store
portfolio of homes was 3.5% year-over-year for the first quarter of
2015 over the first quarter of 2014
- The lease percentage of the overall
home portfolio increased to 89.1% at March 31, 2015 from 83.8% at
December 31, 2014
- The lease percentage of homes 90 days
past rent ready was 98.8% at March 31, 2015
- Acquired 764 homes for a total purchase
price of $136.3 million, including estimated renovation costs
- Declared Q2 dividend of $0.14 per
common share
- Estimated Net Asset Value increased to
$33.04 per common share
"Our first quarter results reflect continued successful
execution on both our single-family rental operations and
non-performing loan resolutions,” stated Doug Brien, the Company’s
Chief Executive Officer. “Renter demand remains robust in our
target markets and we continue to utilize our proprietary Compass
technology to acquire new homes for rental in our target markets at
attractive unlevered yields. We are confident our portfolio of
leased homes will provide a growing contribution to Core FFO for
the remainder of the year, both from an increase in the number of
stabilized homes and stronger rent growth.”
First Quarter 2015 Financial Results
Core FFO after adjusting for non-comparable items grew 34.0% to
$22.5 million, or $0.59 per share, during first quarter 2015
compared to $16.8 million, or $0.44 per share, as reported in
fourth quarter 2014. FFO was $17.9 million or $0.47 per share
during first quarter 2015 compared to $10.2 million, or $0.27 per
share, in the prior quarter.
The Company generated total revenues of $62.0 million for the
first quarter of 2015, compared to $47.8 million for the fourth
quarter of 2014. The 29.7% increase in revenues resulted from
significant growth in the Company’s stabilized portfolio of homes
during the quarter and realized gains on the Company’s
non-performing loan (“NPL”) portfolio. The Company’s net loss
attributable to common shareholders improved to approximately
$7,000, or $0.00 per share. This compares to a net loss of $9.6
million for the fourth quarter of 2014, or ($0.25) per share.
For the Company’s stabilized SFR portfolio, total revenue as
adjusted increased by $5.0 million, or 13.4%, to $42.6 million
during first quarter 2015 from the prior quarter. Property
operating expenses on the stabilized SFR portfolio were $16.0
million. As a result, NOI for the stabilized portfolio increased by
$3.7 million, or 16.0%, to $26.6 million during first quarter 2015
from the prior quarter, for a stabilized portfolio NOI margin of
64.4%.
For the Company’s same store portfolio of 1,811 homes, defined
as homes stabilized at January 1, 2014 and held in operations
throughout the full periods in both 2014 and 2015, NOI increased
3.5% for the first quarter of 2015 from the first quarter of
2014.
Rental Home Portfolio and Acquisition Activity
The following table summarizes key portfolio statistics for the
last five quarters:
Rental Home
Portfolio March 31, December 31, September 30, June 30,
March 31,
2015 2014 2014
2014 2014 Total Rental Portfolio 12,217
11,417 10,428 9,122 7,204 % Leased 89.1% 83.8% 81.8% 77.5% 76.6%
Stabilized Homes 10,970 9,754 8,625 7,076 5,142 % Leased
96.8% 95.6% 95.7% 95.0% 96.4% Homes Owned 180 Days or Longer
10,485 9,066 7,268 5,909 4,899 % Leased 95.0% 93.4% 94.2% 94.9%
90.4% Homes 90 Days Past Rent Ready 8,770 7,865 6,669 5,545
4,525 % Leased 98.8% 98.6% 99.0% 98.8% 96.3%
During the first quarter of 2015, the Company acquired 764 homes
for an aggregate estimated total investment of $136.3 million, or
$178,300 per home, including estimated investment costs for
renovation.
NPL Portfolio
At March 31, 2015, the Company owned 3,920 first lien NPLs
compared to 4,389 first lien NPLs owned at December 31, 2014. The
purchase price of $549.6 million for these 3,920 NPLs represents
65.9% of the broker price opinions. The reduction in first lien
NPLs is primarily due to resolution activity and a bulk sale of 171
loans and one individual loan sale completed during the
quarter.
The Company successfully resolved 395 NPLs during first quarter
2015 compared to 345 NPLs resolved during fourth quarter 2014. The
77 NPLs resolved during the quarter and classified as “Performing”
achieved a current yield of 8.8%. The total number of resolutions
does not include the bulk sale during the quarter of 171 NPLs and
one individual NPL sale located in the non-core markets of New York
and New Jersey.
Balance Sheet and Financial Activity
At March 31, 2015, the Company had $1.85 billion of debt
outstanding, with a weighted average variable interest rate of
3.06% and a weighted average remaining term to maturity of 3.2
years.
At March 31, 2015, estimated NAV was $33.04 per share as
compared to $32.53 per share at December 31, 2014, an increase of
1.57% from the prior quarter. The Company’s book value was $28.44
per share as of March 31, 2015 compared to $28.58 per share at
December 31, 2014, a decrease of 0.49% from the prior quarter.
As of March 31, 2015, the Company had a total of approximately
$640 million of unrestricted cash and undrawn capacity on its
credit facilities.
Subsequent Events
On May 6, 2015, the Company’s Board of Trustees declared a
dividend of $0.14 per common share, which will be paid on July 15,
2015 to shareholders of record on June 30, 2015.
On May 6, 2015, the Company’s board of trustees authorized a
share repurchase program pursuant to which the Company may purchase
up to $150 million of its common shares, beginning May 6, 2015 and
ending May 6, 2016.
First Quarter 2015 Conference Call
A conference call is scheduled on Tuesday, May 12, 2015, at
11:00 a.m. Eastern Time to discuss the Company’s financial results
for the quarter ended March 31, 2015. The domestic dial-in number
is 1-877-705-6003 (for U.S. and Canada) and the international
dial-in number is 1-201-493-6725 (passcode not required). An audio
webcast may be accessed at www.starwoodwaypoint.com, in the
investor relations section. A replay of the call will be available
through June 12, 2015, and can be accessed by calling
1-877-870-5176 (U.S. and Canada) or 1-858-384-5517 (international),
replay pin number 13604654, or by using the link at
www.starwoodwaypoint.com, in the investor relations section.
Additional information
A copy of the First Quarter 2015 Supplemental Information
Package and this press release are available on our website at
www.starwoodwaypoint.com. This information has also been furnished
to the Securities and Exchange Commission in a Current Report on
Form 8-K.
About Starwood Waypoint Residential Trust
Starwood Waypoint Residential Trust (NYSE: SWAY) is one of the
largest publicly traded owners and operators of single-family
rental homes in the United States. Partnered with Starwood Capital
Group, a leading private investment firm with a core focus on
global real estate, Starwood Waypoint Residential Trust acquires,
renovates, leases, maintains and manages single-family homes in
markets that exhibit favorable demographics and long-term economic
trends, as well as strengthening demand for rental properties. The
company also invests in non-performing loans, and works with
interested and qualified borrowers to find solutions to keep them
in their homes. Starwood Waypoint Residential Trust is Reinventing
Renting™ by building its business upon a foundation of respect for
its residents and the communities in which it operates. Additional
information can be found at www.starwoodwaypoint.com.
Forward-Looking Statements
The statements herein that are not historical facts, and the
assumptions upon which those statements are based, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements involve significant risks and uncertainties, which are
difficult to predict, and are not guarantees of future performance.
Such statements can generally be identified by words such as
“anticipates,” “expects,” “intends,” “will,” “could,” “believes,”
“estimates,” “continue,” and similar expressions. Forward-looking
statements are based on certain assumptions, discuss future
expectations, describe future plans and strategies, contain
financial and operating projections or state other forward-looking
information. Our ability to predict results or the actual effect of
future events, actions, plans or strategies is inherently
uncertain. Although we believe that the expectations reflected in
such forward-looking statements are based on reasonable
assumptions, our actual results and performance could differ
materially from those set forth in, or implied by, the
forward-looking statements. Factors that could materially and
adversely affect our business, financial condition, liquidity,
results of operations and prospects, as well as our ability to make
distributions to our shareholders, include, but are not limited to:
expectations regarding the timing of generating revenues; changes
in our business and growth strategies; volatility in the real
estate industry, interest rates and spreads, the debt or equity
markets, the economy generally or the rental home market
specifically; events or circumstances that undermine confidence in
the financial markets or otherwise have a broad impact on financial
markets; declines in the value of homes, and macroeconomic shifts
in demand for, and competition in the supply of, rental homes; the
availability of attractive investment opportunities in homes that
satisfy our investment objective and business and growth
strategies; the impact of changes to the supply of, value of and
the returns on NPLs; our ability to convert the homes and NPLs we
acquire into rental homes generating attractive returns; our
ability to successfully modify or otherwise resolve NPLs; our
ability to lease or re-lease our rental homes to qualified
residents on attractive terms or at all; the failure of residents
to pay rent when due or otherwise perform their lease obligations;
our ability to manage our portfolio of rental homes; the
concentration of credit risks to which we are exposed; the
availability, terms and deployment of short-term and long-term
capital; the adequacy of our cash reserves and working capital; our
relationships with Starwood Capital Group, L.P., and our manager
and their ability to retain qualified personnel; potential
conflicts of interest; unanticipated increases in financing and
other costs; our expected leverage; changes in governmental
regulations, tax laws and rates and similar matters; limitations
imposed on our business and our ability to satisfy complex rules in
order for us to qualify as a REIT for U.S. federal income tax
purposes; and estimates relating to our ability to make
distributions to our shareholders in the future. You should not
place undue reliance on any forward-looking statement and should
consider all of the uncertainties and risks described above, as
well as those more fully discussed in reports and other documents
filed by us with the Securities and Exchange Commission from time
to time. Furthermore, except as required by law, we are under no
duty to, and we do not intend to, update any of our forward-looking
statements appearing herein, whether as a result of new
information, future events or otherwise.
STARWOOD WAYPOINT RESIDENTIAL TRUST CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except
share and per share data)
March 31,
December 31,
2015
2014
ASSETS Investments in real estate Land $
385,792 $ 359,889 Building and improvements 1,753,111
1,619,622 Total investment in properties 2,138,903 1,979,511 Less:
accumulated depreciation and amortization (57,134)
(41,563) Investment in real estate properties, net 2,081,769
1,937,948 Real estate held for sale, net 52,652
32,102 Total investments in real estate, net 2,134,421 1,970,050
Non-performing loans 109,911 125,488 Non-performing loans held for
sale
-
26,911 Non-performing loans (fair value option) 489,505 491,790
Resident and other receivables, net 8,873 17,270 Cash and cash
equivalents 85,178 175,198 Restricted cash 62,309 50,749 Deferred
financing costs, net 32,289 34,160 Asset-backed securitization
certificates 26,553 26,553 Other assets 16,273 17,994
Total assets $ 2,965,312 $ 2,936,163
LIABILITIES
AND EQUITY Liabilities: Credit facilities $ 924,683 $
895,488 Asset-backed securitization, net 526,935 526,816
Convertible senior notes, net 365,436 363,110 Accounts payable and
accrued expenses 50,343 52,457 Resident security deposits and
prepaid rent 21,039 17,857
Total liabilities
1,888,436 1,855,728
Equity: Starwood
Waypoint Residential Trust Equity: Preferred shares, $0.01 par
value - 100,000,000 authorized; none issued and outstanding
-
-
Common shares, $0.01 par value - 500,000,000 authorized; 37,849,011
issued and outstanding as of March 31, 2015, and 37,778,663 issued
and outstanding as of December 31, 2014 382 378 Additional paid-in
capital 1,135,162 1,133,239 Accumulated deficit (59,154) (53,723)
Accumulated other comprehensive loss (139) (70)
Total Starwood Waypoint Residential Trust equity 1,076,251
1,079,824 Non-controlling interests 625 611
Total
equity 1,076,876 1,080,435
Total liabilities
and equity $ 2,965,312 $ 2,936,163
STARWOOD
WAYPOINT RESIDENTIAL TRUST CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited, in thousands, except share and per
share data) Three Months Ended March 31,
2015
2014 Revenues Rental revenues, net $ 41,983 $ 13,765
Other property revenues 1,294 479 Realized gain on non-performing
loans, net 10,171 1,843 Gain on loan conversions, net 8,549
5,414
Total revenues 61,997 21,501
Expenses
Property operating and maintenance 11,325 6,032 Real estate taxes
and insurance 8,665 3,143 Mortgage loan servicing costs 9,995 4,882
Non-performing loans management fees and expenses 3,566
2,415
General and administrative 3,858
5,370
Share-based compensation 1,927
329
Investment management fees 4,781 2,757 Separation costs
-
3,543 Acquisition fees and other expenses 363
261
Interest expense, including amortization 17,617 1,500 Depreciation
and amortization 18,008 5,473 Finance-related expenses and
write-off of loan costs 544
-
Impairment of real estate 219 834
Total
expenses 80,868 36,539
Loss before other
income, income tax expense and non-controlling interests
(18,871) (15,038)
Other income (expense)
Realized loss on sales of investments in real estate, net (536)
(145) Unrealized gain on non-performing loans, net 19,957
-
Loss on derivative financial instruments, net (211)
-
Total other income (expense) 19,210 (145)
Loss before income tax expense and non-controlling interests
339 (15,183) Income tax expense 225 135
Net income
(loss) 114 (15,318) Net (income) loss attributable to
non-controlling interests (121) 10
Net loss
attributable to Starwood Waypoint Residential Trust
shareholders $ (7) $ (15,308)
Weighted-average shares
outstanding - basic and diluted 37,821,364
39,110,969
Net loss per common share Basic and diluted $
(0.00) $ (0.39)
Dividends declared per common share $
0.14 $ -
Definitions and Non-GAAP Financial Measures
FFO and Core FFO
FFO is used by industry analysts and investors as a supplemental
performance measure of an equity REIT. FFO is defined by the
National Association of Real Estate Investment Trusts (“NAREIT”) as
net income or loss (computed in accordance with generally accepted
accounting principles (“GAAP”)) excluding gains or losses from
sales of previously depreciated real estate assets, plus
depreciation and amortization of real estate assets and adjustments
for unconsolidated partnerships and joint ventures.
We believe that FFO is a meaningful supplemental measure of the
operating performance of our single-family home business because
historical cost accounting for real estate assets in accordance
with GAAP assumes that the value of real estate assets diminishes
predictably over time, as reflected through depreciation. Because
real estate values have historically risen or fallen with market
conditions, management considers FFO an appropriate supplemental
performance measure because it excludes historical cost
depreciation, as well as gains or losses related to sales of
previously depreciated homes, from GAAP net income. By excluding
depreciation and gains or losses on sales of real estate,
management uses FFO to measure returns on its investments in real
estate assets. However, because FFO excludes depreciation and
amortization and captures neither the changes in the value of the
homes that result from use or market conditions nor the level of
capital expenditures to maintain the operating performance of the
homes, all of which have real economic effect and could materially
impact our results from operations, the utility of FFO as a measure
of our performance is limited.
We believe that Core FFO is a meaningful supplemental measure of
our operating performance for the same reasons as FFO and adjusting
for non-routine items that when excluded allows for more comparable
periods. Our Core FFO begins with FFO as defined by the NAREIT
White Paper and is adjusted for: share-based compensation,
non-recurring costs associated with the separation, acquisition
fees and other expenses, write-off of loan costs, loss on
derivative financial instruments, amortization of derivative
financial instruments cost, severance expense, non-cash interest
expense related to amortization on convertible senior notes, and
other non-comparable items as applicable.
Management also believes that FFO/Core FFO, combined with the
required GAAP presentations, is useful to investors in providing
more meaningful comparisons of the operating performance of a
company’s real estate between periods or as compared to other
companies. FFO/Core FFO does not represent net income or cash flows
from operations as defined by GAAP and is not intended to indicate
whether cash flows will be sufficient to fund cash needs. It should
not be considered an alternative to net income as an indicator of
the REIT’s operating performance or to cash flows as a measure of
liquidity. Our FFO/Core FFO may not be comparable to the FFO of
other REITs due to the fact that not all REITs use the NAREIT or
similar Core FFO definition. For a reconciliation of FFO and Core
FFO to net loss attributable to Starwood Waypoint Residential Trust
shareholders, please see below.
STARWOOD WAYPOINT RESIDENTIAL TRUST FFO AND CORE
FFO (Unaudited, in thousands, except share and per share
data) Three Months Ended March 31,
2015 2014 Reconciliation of net loss to
FFO(1)(2) Net loss attributable to Starwood
Waypoint Residential Trust shareholders $ (7 ) $ (15,308 )
Add (deduct) adjustments from net loss to get to FFO: Depreciation
and amortization on real estate assets 18,008 5,473 Gain on sales
of previously depreciated investments in real estate (246 ) -
Non-controlling interests 121 (10 )
Subtotal - FFO 17,876 (9,845 ) Add (deduct)
adjustments to FFO to get to Core FFO: Share-based compensation
1,927 - Separation costs - 3,543 Acquisition fees and other
expenses 363 815 Loss on derivative financial instruments, net 111
- Non-cash interest expense related to amortization on convertible
senior notes 2,184 -
Core FFO $
22,461 $ (5,487 ) Core FFO per common share $ 0.59 $
(0.14 ) Dividends declared per common share $ 0.14 $ -
Weighted-average shares - basic and diluted 37,821,364 39,110,969
Contributions to Core FFO per share by segment SFR $ 0.08 $
(0.09 ) NPL $ 0.51 $ (0.05 ) Total Core FFO $ 0.59 $
(0.14 )
(1) Core FFO is a non-GAAP measure.
(2) Commencing with the three months ended June 30, 2014, we
changed our definition of Core FFO to include adjustments related
to share-based compensation and exclude adjustments related to
acquisition pursuit costs. The figures shown for the three months
ended March 31, 2015 reflect these changes, however, the figures
shown for the corresponding period in 2014 remain as reported in
our Quarterly Report on Form 10-Q filed with the SEC on May 15,
2014.
Estimated NAV
We define Estimated NAV as the estimated value of all assets net
of liabilities. To calculate the Estimated NAV, the historical net
investments in real estate and NPLs at carrying value are deducted
from total shareholders’ equity and the Estimated SFR Value and NPL
Value are added (see table below). The costs of selling properties
in the portfolio, including commissions and other related costs are
not deducted for the purpose of calculating the Estimated SFR Value
and Estimated NAV. Further, future promoted interests on the NPL
portfolio are not deducted for the purpose of calculating Estimated
SFR & NPL Value and Estimated NAV. We consider Estimated NAV to
be an appropriate supplemental measure as it illustrates the
estimated imbedded value in our SFR portfolio and NPL portfolio
that is carried on our balance sheet primarily at cost. The
Estimated SFR Value, Estimated NPL Value and Estimated NAV are
non‐GAAP financial measures. However, they are provided for
informational purposes to be used by investors in assessing the
value of the assets. A reconciliation of total shareholders’ equity
to Estimated NAV is provided below.
STARWOOD WAYPOINT RESIDENTIAL TRUST ESTIMATED
NAV (Unaudited, in thousands, except share and per share
data) March 31, 2015 Amount Per
Share Investments in real estate properties,
gross $ 2,138,903 $ 56.51 Less accumulated depreciation (57,134 )
(1.51 ) Add real estate held for sale, net 52,652
1.39 Investments in real estate, net 2,134,421 56.39
Add increase in estimated fair value of investments in real estate
374,819 9.90 Less estimated renovation reserve(1) (228,809 )
(6.04 )
Estimated SFR Value 2,280,431
60.25 Non-performing loans 109,911 2.90
Non-performing loans (fair value option) 489,505 12.93 Add increase
in estimated fair value of non-performing loans 65,153
1.72
Estimated NPL Value 664,569
17.55
Estimated SFR & NPL Value $
2,945,000 $ 77.80 Total shareholders' equity $
1,076,251 $ 28.44 Less unamortized debt discount on convertible
senior notes (37,064 ) $ (0.98 ) Less investments in real estate,
net (2,134,421 ) $ (56.39 ) Less non-performing loans (109,911 ) $
(2.90 ) Less non-performing loans (fair value option) (489,505 ) $
(12.93 ) Add estimated SFR & NPL value 2,945,000
$ 77.80
Estimated NAV $ 1,250,350 $ 33.04
Number of Shares 37,849,011
(1) Renovation reserve includes remaining capital expenditures
for non-stabilized homes and average turn 2 cost for stabilized
homes.
Same Store Properties
We define Same Store Properties as homes stabilized at January
1, 2014 and held in operations throughout the full periods in both
2014 and 2015. Same Store Properties exclude homes that have been
disposed or transitioned to the development period for significant
renovation. We believe same store growth is a useful measure of
performance because the population of properties in this analysis
is consistent from period to period, thereby eliminating the
effects of changes in the composition of the portfolio. Refer right
for a reconciliation of net loss attributable to Starwood Waypoint
Residential Trust shareholders to Same Store NOI.
STARWOOD WAYPOINT RESIDENTIAL TRUST SAME STORE
NOI (Unaudited, in thousands) (in
thousands, unaudited) Q1 2015 Q1 2014
Reconciliation of net loss to same store NOI
Net loss attributable to Starwood Waypoint Residential Trust
shareholders $ (7 ) $ (15,308 ) Add (deduct) adjustments to get
to total NOI: Non-performing loan management fees and expenses
3,566 2,006 General and administrative 3,858 5,815 Share-based
compensation 1,927 - Investment management fees 4,781 2,757
Separation costs - 3,543 Acquisition fees and other expenses 363
554 Interest expense, including amortization 17,617 1,500
Depreciation and amortization 18,008 5,473 Finance-related expenses
and write-off of loan costs 544 - Impairment of real estate 219 834
Realized loss (gain) on sales of investments in real estate, net
536 145 Loss on derivative financial instruments, net 211 - Income
tax expense 225 135 Net income attributable to non-controlling
interests 121 (10 )
Total NOI 51,969
7,444 Less non-same store NOI (19,232 ) (1,153 ) Less
non-performing loans NOI (28,682 ) (2,375 )
Same
store NOI 4,055 3,916
Total NOI, Total NPL NOI, Total Non-Stabilized Portfolio NOI
and Total Stabilized Portfolio NOI.
We define Total NOI as total revenues less property operating
and maintenance expenses and real estate taxes and insurance
expenses (“property operating expenses”) and mortgage loan
servicing costs. We define Total NPL Portfolio NOI as gains on
NPLs, net and gains on loan conversions, net less mortgage loan
servicing costs. We define Total Non-Stabilized Portfolio NOI as
total revenues on the non-stabilized portfolio less property
operating expenses on the non-stabilized portfolio. We define Total
Stabilized Portfolio NOI as total revenues on the stabilized
portfolio less property operating expenses on the stabilized
portfolio. We consider these NOI measures to be appropriate
supplemental measures of operating performance to net income
attributable to common shareholders because they reflect the
operating performance of our homes without allocation of corporate
level overhead or general and administrative costs and reflect the
operations of the segments and sub-segments of our business.
STARWOOD WAYPOINT RESIDENTIAL
TRUST RECONCILIATION OF NET LOSS TO NOI MEASURES
(Unaudited, in thousands) (in thousands,
unaudited) Q1 2015 Q4 2014 Q3 2014 Q2
2014 Q1 2014 Reconciliation of net loss to stabilized
portfolio NOI Net loss attributable to Starwood Waypoint
Residential Trust shareholders $ (7 ) $ (9,558 ) $ (6,713 ) $
(12,116 ) $ (15,308 ) Add (deduct) adjustments to get to
total NOI Non-performing loan management fees and expenses 3,566
3,150 3,508 1,871 2,006 General and administrative 3,858 4,866
4,627 4,444 5,815 Share-based compensation 1,927 3,898 2,101 2,130
- Investment management fees 4,781 4,825 4,522 3,993 2,757
Separation costs - - - - 3,543 Acquisition fees and other expenses
363 637 217 186 554 Interest expense, including amortization 17,617
16,633 11,899 5,191 1,500 Depreciation and amortization 18,008
19,918 9,238 7,243 5,473 Finance-related expenses and write-off of
loan costs 544 940 1,334 5,441 - Impairment of real estate 219 171
341 1,233 834 Realized loss (gain) on sales of investments in real
estate, net 536 148 (125 ) 56 145 Loss on derivative financial
instruments, net 211 132 104 470 - Income tax expense 225 (44 ) 19
350 135 Net income attributable to non-controlling interests
121 79 13 83
(10 )
Total NOI 51,969 45,795 31,085 20,575 7,444 Add
(deduct) adjustments to get to total stabilized home portfolio NOI
NPL portfolio NOI components: Realized gain on non-performing
loans, net (10,171 ) (2,629 ) (1,941 ) (3,357 ) (1,843 ) Realized
gain on loan conversions, net (8,549 ) (6,994 ) (5,791 ) (6,483 )
(5,414 ) Mortgage loan servicing costs 9,995 11,020 7,918 5,139
4,882 Unrealized gain on non-performing loans, net (19,957 )
(27,247 ) (13,705 ) (3,641 ) -
Deduct: Total NPL portfolio NOI (28,682 ) (25,850 ) (13,519
) (8,342 ) (2,375 ) Non-stabilized portfolio NOI components:
Property operating expenses on non-stabilized homes 3,289
2,236 2,537 2,726
2,563
Add Total Non-stabilized portfolio NOI
3,289 2,236 2,537 2,726 2,563
Total stabilized portfolio NOI $ 26,576 $ 22,181
$ 20,103 $ 14,959 $ 7,632 Add
(deduct) prior period adjustments recorded in 2014 Property taxes
and insurance - 722 -
- 355
Adjusted total stabilized
portfolio NOI $ 26,576 $ 22,903 $ 20,103 $
14,959 $ 7,987
Calculation of stabilized
portfolio NOI margin: Rental revenues $ 41,983 $ 37,097 $
30,366 $ 23,602 $ 13,765 Less Allowance for doubtful accounts
(708 ) (645 ) (870 ) (614 ) (509
) Total rental revenues $ 41,275 36,452
29,496 22,988 13,256
Stabilized portfolio NOI margin 64.4 % 62.8 % 68.2 % 65.1 %
60.3 %
These NOI measures and Same Store NOI should not be considered
alternatives to net loss or net cash flows from operating
activities, as determined in accordance with GAAP, as indications
of our performance or as measures of liquidity. Although we use
these non-GAAP measures for comparability in assessing their
performance against other REITs, not all REITs compute the same
non-GAAP measures. Accordingly, there can be no assurance that our
basis for computing these non-GAAP measures are comparable with
that of other REITs.
These metrics should be considered along with other available
information in valuing and assessing us, including our GAAP
financial measures and other cash flow and yield metrics. These
metrics should not be viewed as a substitute for book value, net
investments in real estate, equity, net income or cash flows from
operations prepared in accordance with GAAP, or as measures of
profitability or liquidity. Further, not all REITs compute same
non-GAAP measure, therefore there can be no assurance that our
basis for computing this non-GAAP measure is comparable with that
of other REITs.
Certain terms as used in this earnings release are defined and
further explained in the first quarter 2015 “Supplemental Operating
& Financial Data” section of the full earnings release
available on the Company’s website at www.starwoodwaypoint.com.
Starwood Waypoint Residential TrustInvestor RelationsJohn
Christie, 510-982-5470IR@waypointhomes.comorMedia
RelationsJason Chudoba,
646-277-1249Jason.chudoba@icrinc.com
Starwood Waypoint Homes (NYSE:SFR)
過去 株価チャート
から 6 2024 まで 7 2024
Starwood Waypoint Homes (NYSE:SFR)
過去 株価チャート
から 7 2023 まで 7 2024