Starwood Waypoint Homes Provides Update Related to Hurricanes Irma and Harvey
18 Septembre 2017 - 12:30PM
Business Wire
Starwood Waypoint Homes (NYSE:SFR) (the “Company” or “SFR”)
today provided an update on the impact of Hurricane Irma and
Harvey.
“Our top priority remains the safety of our residents and our
thoughts and concerns are with those affected by both storms,” said
Fred Tuomi, Chief Executive Officer of Starwood Waypoint Homes. “We
are committed to engaging with our residents and their respective
communities in Florida and Houston to provide much- needed
assistance. We are grateful that all associates are safe with no
reported injuries and that our inspections thus far have found the
amount of damage to our properties to be relatively limited as a
proportion of our overall portfolio.”
Starwood Waypoint Homes is actively reaching out to all of its
Florida residents to begin resolving issues and inspecting homes as
power, transportation and access allows. Based on the current
conditions, the home inspection process that began is expected to
take several weeks to complete. The Company has proactively
put in place a task force comprised of associates, vendors and
suppliers from across the country that have already been deployed
to accessible areas. SFR’s advanced service technology platform and
centralized 24/7 call center are being utilized to receive and
dispatch service requests. All of Starwood Waypoint Homes’
associates and their families in the Florida area are currently
safe and accounted for.
As of June, 30, 2017, the Company owned 3,929 homes in Tampa,
3,812 homes in Miami and 1,947 homes in Orlando.
Starwood Waypoint Homes has completed an initial evaluation of
its properties in Houston impacted by Hurricane Harvey. The Company
continues to actively work with its residents to vigorously respond
and remediate damage. Based on its assessments, a small number of
homes will require significant remediation and there will be
additional homes that will require more limited repairs.
Specifically, 135 homes, or approximately 0.4 percent of the
Company’s overall portfolio at June 30, 2017, incurred major
flooding, while an additional approximately 625 properties incurred
some damage related to roofs or water intrusion, with the majority
being minor in nature. The Company estimates total cost of repair
for homes damaged by Hurricane Harvey to be less than $10
million.
At this time, all of the Company’s offices are open, and leasing
activity has resumed in all markets.
The Company's property and casualty insurance policies cover
wind and flood damage as well as business interruption costs,
subject to deductibles and limits.
About Starwood Waypoint
Homes
Starwood Homes is one of the largest publicly traded owners and
operators of single-family rental homes in the United States.
Starwood Waypoint Homes acquires, renovates, leases, maintains and
manages single-family homes in markets that exhibit favorable
demographics and long-term economic trends, as well as
strengthening demand for rental properties.
Forward-Looking Statements
Certain statements in this press release and the quarterly
supplement/presentation are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws and are based on certain assumptions
and discuss future expectations, describe future plans and
strategies and contain financial and operating projections or state
other forward-looking information. The Company’s ability to predict
results or the actual effect of future events, actions, plans or
strategies is inherently uncertain. Although the Company believes
that the expectations reflected in such forward-looking statements
are based on reasonable assumptions, the Company’s actual results
and performance could differ materially from those set forth in, or
implied by, the forward-looking statements. Factors that could
materially and adversely affect the Company’s business, financial
condition, liquidity, results of operations and prospects, as well
as the Company’s ability to make distributions to its shareholders,
include, but are not limited to: the factors referenced in the
Company’s Annual Report on Form 10-K; unanticipated increases in
financing and other costs, including a rise in interest rates; the
availability, terms and the Company’s ability to effectively deploy
short-term and long-term capital; the possibility that unexpected
liabilities may arise from the Company’s merger (the “Merger”) with
Colony American Homes (“CAH”), including the outcome of any legal
proceedings that have been or may be instituted against the
Company, CAH or others in connection with the Merger and the
associated transactions; changes in the Company’s business and
growth strategies; the Company’s ability to hire and retain highly
skilled managerial, investment, financial and operational
personnel; volatility in the real estate industry, interest rates
and spreads, the debt or equity markets, the economy generally or
the rental home market specifically, whether the result of market
events or otherwise; events or circumstances that undermine
confidence in the financial markets or otherwise have a broad
impact on financial markets, such as the sudden instability or
collapse of large financial institutions or other significant
corporations, terrorist attacks, natural or man-made disasters, or
threatened or actual armed conflicts; declines in the value of
single-family residential homes, and macroeconomic shifts in demand
for, and competition in the supply of, rental homes; the
availability of attractive investment opportunities in homes that
satisfy the Company’s investment objectives and business and growth
strategies; the Company’s ability to convert the properties it
acquires into rental homes generating attractive returns and to
effectively control the timing and costs relating to the renovation
and operation of the properties; the Company’s ability to lease or
re-lease its rental homes to qualified residents on attractive
terms or at all; the failure of residents to pay rent when due or
otherwise perform their lease obligations; the Company’s ability to
effectively manage its portfolio of rental homes; the concentration
of credit risks to which the Company is exposed; the rates of
default or decreased recovery rates on the Company’s target assets;
the adequacy of the Company’s cash reserves and working capital;
potential conflicts of interest with Starwood Capital Group and its
affiliates and managed investment activities; the timing of cash
flows, if any, from the Company’s investments; the Company’s
expected leverage; financial and operating covenants contained in
the Company’s credit facilities and securitizations that could
restrict its business and investment activities; effects of
derivative and hedging transactions; the Company’s ability to
maintain effective internal controls as required by the
Sarbanes-Oxley Act of 2002 and to comply with other public company
regulatory requirements; the Company’s ability to maintain its
exemption from registration as an investment company under the
Investment Company Act of 1940, as amended; actions and initiatives
of the U.S., state and municipal governments and changes to
governments’ policies that impact the economy generally and, more
specifically, the housing and rental markets; changes in
governmental regulations, tax laws (including changes to laws
governing the taxation of real estate investment trusts (“REITs”)
and rates, and similar matters; limitations imposed on the
Company’s business and its ability to satisfy complex rules in
order for the Company and, if applicable, certain of its
subsidiaries to qualify as a REIT for U.S. federal income tax
purposes and the ability of certain of the Company’s subsidiaries
to qualify as taxable REIT subsidiaries for U.S. federal income tax
purposes, and the Company’s ability and the ability of its
subsidiaries to operate effectively within the limitations imposed
by these rules; and estimates relating to the Company’s ability to
make distributions to its shareholders in the future.
Undue reliance should not be placed on any forward-looking
statement and all of the uncertainties and risks described above,
as well as those more fully discussed in the reports and other
documents filed by the Company with the Securities and Exchange
Commission from time to time should be considered. Except as
required by law, the Company is under no duty to, and the Company
does not intend to, update any of the forward-looking statements
appearing herein, whether as a result of new information, future
events or otherwise.
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Investor RelationsStarwood Waypoint HomesPhone:
480-800-3490Email: ir@colonystarwood.com
Starwood Waypoint Homes (NYSE:SFR)
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