Blackstone Mortgage Trust Reports First Quarter 2017 Results New York, April 25, 2017 : Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its first quarter 2017 results. Stephen D. Plavin, Chief Executive Officer, said, “ With $1 billion of originations in the quarter and a very strong forward pipeline, BXMT is off to a great start in 2017. Our portfolio of senior loans is 91% floating rate and remains 100% performing with an average LTV of 61%. ” Blackstone Mortgage Trust issued a full detailed presentation of its first quarter 2017 results, which can be viewed at www.bxmt.com. Quarterly Investor Call Details Blackstone Mortgage Trust will host a conference call on Wednesday, April 26, 2017 at 10:00 a.m. EDT to discuss first quarter 2017 results. The conference call can be accessed by dialing +1 (888) 268-4178 (U.S. domestic) or +1 (617) 597-5494 (international), with the passcode 245-054- 61# or by webcast at www.bxmt.com (listen only). For those unable to listen to the live broadcast, a recorded replay will be available on the c ompany’s website or by telephone beginning approximately two hours after the event. The replay call number is +1 (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international), with the passcode 838-112-72#. About Blackstone Mortgage Trust Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America and Europe. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com. About Blackstone Blackstone (NYSE:BX) is one of the wo rld’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone’s asset manage ment businesses, with over $360 billion in assets under management, _____________________________ Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220
include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone. Forward-Looking Statements and Other Matters This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Mortgage Trust’s current views wit h respect to, among other things, Blackstone Mortgage Trust’s operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward -looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Mortgage Trust believes these factors include but are not limited to those described under the section entit led “Risk Factors” in its Annual Report on Form 10 -K for the fiscal year ended December 31, 2016, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission (“SEC”) which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Blackstone Mortgage Trust assumes no obligation to update or supplement forward ‐ looking statements that become untrue because of subsequent events or circumstances. Investor and Media Relations Contacts Weston Tucker Paula Chirhart Investor Relations Media Relations Blackstone Blackstone +1 (212) 583-5231 +1 (212) 583-5263 tucker@blackstone.com paula.chirhart@blackstone.com
Blackstone Mortgage Trust, Inc. First Quarter 2017 Results April 25, 2017
First Quarter 2017 Highlights GAAP earnings of $0.54 per share and Core Earnings (a) of $0.61 per share. Book value of $26.28 per share. $0.62 per share dividend equates to an 8.0% dividend yield . (b) 1Q loan originations totaled $1.0 billion and were 100% floating rate, senior loans with a weighted average LTV (c) of 60%. Cumulative direct originations since inception of $14.3 billion. 100% performing $9.7 billion (d) portfolio of senior loans with a weighted average LTV (c) of 61% 91% of the portfolio is floating rate ; a 1.0% increase in USD LIBOR would result in a $0.19 increase in net interest income per share per annum Closed $1.1 billion of credit facility upsizes and $2.8 billion of credit facility extensions, bringing total asset-level financing capacity to $10.1 billion Subsequent to quarter end, closed $125 million upsize of ‘swing - line’ corporate liquidity facility increasing the total commitment to $250 million and reducing its rate by 0.50% to L+2.25% Total liquidity of $670 million; (e) maximum origination capacity of $2.6 billion (f) Subsequent to quarter end, entered into a joint venture with Walker & Dunlop to originate, finance, and hold multifamily bridge loans Information included in this presentation is as of or for the period ended March 31, 2017, unless otherwise indicated Blackstone Mortgage Trust 1 (a) See Appendix for a definition and reconciliation to GAAP net income (b) Based on annualized dividend and BXMT closing price as of March 31, 2017 (c) Based on LTV as of the dates loans were originated or acquired by BXMT (d) Includes $1.0 billion of Non-Consolidated Senior Interests, see Appendix for definition (e) Total liquidity includes $64 million of cash, $563 million of available borrowings, and $43 million of net receivables related to loan repayments (f) Potential loan originations assumes 4.0x asset-level leverage on total liquidity, net of $153 million of minimum liquidity requirements under applicable debt covenants
BXMT Senior Lending Business BXMT direct loan originations since inception have driven the outstanding BXMT originated portfolio to $8.2 billion (a) and helped maintain overall portfolio size at the $10 billion level achieved with the GE portfolio acquisition in 2Q 2015 BXMT capital invested in the loan portfolio is prudently levered to generate attractive risk adjusted returns Portfolio Composition (a) $10.0 bn portfolio size $1.6 bn GE loans $8.2 bn BXMT originated loans 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 (b) Debt to 1.0x 1.8x 1.7x 1.5x 1.4x 1.7x 1.9x 2.9x 2.7x 2.5x 2.6x 2.5x 2.2x 2.3x 2.4x Equity (a) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note Blackstone Mortgage Trust 2 2 in our Form 10-Q for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.0 billion of such Non-Consolidated Senior Interests as of March 31, 2017 and for each respective quarter. (b) Represents (i) total outstanding secured debt agreements and convertible notes, less cash, to (ii) total stockholder’s equity
Loan Originations $1.0 billion of total originations in the quarter, up 21% quarter over quarter, with an all-in yield of L+5.25%; all six loans were with sponsors who are repeat BXMT borrowers Two construction loans, totaling $348 million with a weighted average LTV (a) of 46% and all-in yield of L+6.01%, are indicative of the attractive risk-adjusted opportunities with diminished bank competition in construction lending Future funding commitments at quarter end totaled $1.2 billion and will contribute to outstandings in future periods ($ in millions) 1Q 2017 Originations Total Loan Commitments (b) $1.0 billion total commitments $1,223 Future Funding Commitments 100% senior loans 100% floating rate $9,733 1Q’17 Outstanding Loans Weighted Average LTV (a) of 60% Large loans: $161 million avg. size (a) Reflects LTV as of the date loans were originated or acquired by BXMT Blackstone Mortgage Trust 3 (b) Includes $1.0 billion of Non-Consolidated Senior Interests, see Appendix for definition
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