Starwood Property Trust Q3 Profit Up; Updates FY13 View - Quick Facts

(RTTNews) - Starwood Property Trust, Inc. (STWD), Thursday reported net income attributable of $89.7 million or $0.52 per share, compared with $50.2 million, or $0.43 per share last year. The company attributed the increase to the continued acceleration of its loan origination business, with over $1.1 billion of quality investments closed during the quarter, and the significant performance of its recently acquired LNR. The company updated its full-year core earnings guidance.

The company's core earnings, a Non-GAAP financial measure, were $104.4 million or $0.61 per share for the third quarter, compared with $58.8 million or $0.50 per share last year.

Total revenues for the three-month period was $155.5 million. Total costs and expenses were $123.3 million for the quarter.

Further, the Board declared a dividend of $0.46 per share for the quarter ending December 31, payable on January 15, 2014 to shareholders of record on December 31, 2013.

For the full-year 2013, the company said it is tightening its range of core earnings to $1.95 to $2.10 per share from $1.90 to $2.10 per share previously anticipated.