STWD Tops Earnings Estimates for Q1

GREENWICH, CT—Starwood Property Trust beat analysts’ consensus predictions for first-quarter earnings by six cents per share. The REIT said Tuesday its core earnings for Q1 reached $121.5 million, or 60 cents per diluted share, compared to $58.1 million the year prior; the year-over-year gain in earnings was due in part to its acquisition of LNR Property LLC last year. Separately, STWD said it had promoted Rina Paniry to succeed Stew Ward as CFO, effective Wednesday.

STWD previously had come in ahead of analysts’ consensus in reporting its results for Q4 2013. As of this past Friday, a consensus of eight analysts covering the REIT had recommended buying its stock, the Financial Times reported. In April, BofA/Merrill Lynch upgraded STWD from “neutral” to “buy.”