Starwood Property Trust ( NYSE: STWD ) stock gained 2.8% in Wednesday premarket trading after the real estate finance company's Q4 earnings met the Wall Street consensus. During the quarter, the value of its commercial and residential portfolios rose as well as its net asset value per share.
The real estate finance company posted Q4 distributable EPS of $0.50 , matching the consensus estimate, slipped from $0.51 in the prior quarter. The current quarter earnings covered its $0.48 per share dividend paid Jan. 13, 2023.
Q4 total revenue of $454.6M, missing the average analyst estimate of $470.1M, rose from $390.5M in Q3.
"Our results were highlighted by continued income growth in our Woodstar Fund investments, which increased in fair value by $555.0M this year alone and contributed to record book value growth of 26% over the last two years," said Chairman and CEO Barry Sternlicht.
Starwood's ( STWD ) investment activity was $1.2B compared with $1.3B in the prior quarter.
Undepreciated book value per share of $21.70 at Dec. 31, 2022 edged up from $21.69 at Sept. 30.
Commercial portfolio carrying value was $16.8B at Dec. 31, 2022, rising from $16.4B at Sept. 30 and $14.2B at Dec. 31, 2021.
Residential portfolio carrying value of $3.19B at Dec. 31, 2022 vs. $2.60B at Sept. 30 and $2.90B at Dec. 31, 2021.
Q4 total costs and expenses of $430.2M vs. $336.6M in Q3.
Conference call at 10:00 AM ET.
Earlier, Startood Property Trust ( STWD ) non-GAAP EPS of $0.50 in-line, revenue of $454.59M misses by $15.52M
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Starwood Property Trust Q4 earnings match consensus, portfolio values grow