Starwood Property Posts 3Q Net Loss

GREENWICH, Conn. (AP) — Starwood Property Trust, a real estate investment trust focused on commercial mortgage loans, said Monday it recorded a net loss attributable to common shareholders in the period during the third quarter that it was a public company.

Starwood went public on Aug. 17. From that date through Sept. 30, the company posted a net loss attributable to common shareholders totaling $1.9 million, or 4 cents per share.

"We are generally pleased with our pace, pipeline and the quality of our investments to date," said CEO Barry Sternlicht, the hotel magnate, in a statement. "We are choosing to be patient, highly selective and to use our extensive real estate expertise to find investments where returns solidly outweigh risk."

He said the company closed $144 million of investments in three months and has $66 million under contract to close.

Starwood Property said the net proceeds from its IPO were about $921.1 million.

Shares climbed 10 cents to $20.02 in after-hours trading. The stock had closed up 42 cents, or 2.2 percent, at $19.92.