Starwood Announces Completion Of Spin-Off Of Waypoint Residential Trust

(RTTNews) - Starwood Waypoint Residential Trust (SWAY), a single-family rental real estate investment trust (REIT), announced that its common shares will begin regular trading on Feb. 3 on the New York Stock Exchange under the ticker symbol, SWAY, following its spinoff from Starwood Property Trust, Inc. (STWD). The spinoff comprised a one-for-five distribution of Starwood Waypoint shares to stockholders of record of Starwood Property Trust on January 24, 2014. It is anticipated that Starwood Property Trust will continue to pay a quarterly dividend of $0.46 per share when it announces its 2013 year-end earnings.

"As a result of this spinoff, Starwood Property Trust stockholders are able to maintain their ownership in the premier commercial lending platform in the United States, and at the same time, participate in this newly combined company, Starwood Waypoint Residential Trust. SWAY is a veteran operator and manager of this emerging institutional asset class which is focused on capitalizing on the recovery of the largest real estate asset class in the United States, the single-family home market," said Barry Sternlicht, Chairman and CEO of Starwood Property Trust who will now also serve as chairman of Starwood Waypoint Residential Trust.