8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 12, 2014

Starwood Waypoint Residential Trust

(Exact name of registrant as specified in its charter)

Maryland	001-36163	80-6260391
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1999 Harrison Street Oakland, CA		94612
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number,

including area code:

(510) 250-2200

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On November 12, 2014, Starwood Waypoint Residential Trust (the “Company”) issued a press release containing financial results of the Company and a quarterly financial supplement containing financial and property information of the Company for the quarter ended September 30, 2014. A copy of the press release is attached as Exhibit 99.1 hereto and a copy of the quarterly financial supplement is attached as Exhibit 99.2 hereto and are each incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.

Item 9.01.   Financial Statements and Exhibits.

(d) Exhibits

99.1	Press Release, dated November 12, 2014.
99.2	Quarterly financial supplement, dated as of November 12, 2014.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	STARWOOD WAYPOINT RESIDENTIAL TRUST
Dated: November 12, 2014	By:	/s/ Tamra D. Browne
	Name:	Tamra D. Browne
	Title:	General Counsel and Secretary

Exhibit Index

99.1 Press Release, dated November 12, 2014.

99.2 Quarterly financial supplement, dated as of November 12, 2014.

EX-99.1

Exhibit 99.1

STARWOOD WAYPOINT RESIDENTIAL TRUST ANNOUNCES

THIRD QUARTER 2014 FINANCIAL AND OPERATING RESULTS

- Core FFO Increased 111% Sequentially to $0.16 per Share -

- Grew NOI Margin on Stabilized Homes to 68.2% -

- Invested $540 million into Single Family Homes and Pools of Non-Performing Loans -

- Increased Overall Leased Rate to 81.8% and Lease Percentage of Stabilized Portfolio to 95.7% -

Oakland, California (November 12, 2014) – Starwood Waypoint Residential Trust (NYSE: SWAY) (the “Company”), a leading single-family rental real estate investment trust (“REIT”), today announced its operating and financial results for the third quarter 2014.

Third Quarter 2014 Highlights

— Core Funds From Operations (“Core FFO”) was $6.3 million, or $0.16 per share, an increase of 111% over the prior quarter

— Net Operating Income (“NOI”) Margin on stabilized home portfolio improved to 68.2% from 65.1% in the second quarter 2014

— Acquired 1,358 homes during the quarter for an estimated total investment of $231.4 million, increasing total portfolio of homes to 10,428 homes at September 30, 2014

— Purchased four pools of Non-Performing Loans (“NPLs”) for $308.7 million, representing 71.5% of Broker Price Opinion (“BPO”) on the NPLs and increasing the total NPL portfolio to 4,695 loans as of September 30, 2014

— The Company is ahead of its expectations for projected returns on its NPL portfolio, anticipating 12%+ unleveraged returns and mid-to-high teens levered returns

— The lease percentage of the stabilized home portfolio increased to 95.7% from 95.0% at June 30, 2014

— The lease percentage of the overall home portfolio increased to 81.8% from 77.5% at June 30, 2014

— Issued and sold $230 million of 3.00% Convertible Senior Notes due 2019

— Declared a dividend of $0.14 per common share, which will be paid on January 15, 2015 to shareholders of record on December 31, 2014

— The Company estimated Net Asset Value (“NAV”) to be $32.45 per share, representing a 1.9% increase from June 30, 2014

“Core FFO more than doubled sequentially in the third quarter, reflecting increased earnings momentum in our business as our portfolio grows and matures” stated Gary Beasley, the Company’s Co-Chief Executive Officer. “Our ability to continue achieving strong operating metrics while adding over $1 billion in acquisitions over the past two quarters once again demonstrates the powerful benefits of our vertically-integrated business model. While we will continue to grow our portfolio, we have now reached a point in our Company’s development where we are operating at an efficient scale. We will continue our focus on operations and maximizing returns on invested capital.”

Added Doug Brien, Co-Chief Executive Officer, “Our best-in-class operating performance, driven by solid consumer demand, kept our lease percentages robust during the third quarter. We were very active buyers in the third quarter, increasing the pace of capital deployment on acquisitions. Pricing remains attractive for acquisitions in our carefully selected target markets, supporting our plans to continue growing our portfolio. As we move ahead, we expect Core FFO to continue improving as we accelerate the pace of our leasing and gains from our NPL portfolio increase.”

Third Quarter 2014 Financial Results

Core FFO after adjusting for non-comparable items was $6.3 million, or $0.16 per share, during third quarter 2014 compared to $3.0 million, or $0.08 per share, as reported in second quarter 2014, a 111% increase quarter over quarter. FFO was $2.5 million, or $0.07 per share, during third quarter 2014 compared to ($4.8) million, or ($0.12) per share, in the previous quarter.

The Company generated total revenues of $39.2 million for the third quarter of 2014, compared to $34.3 million for the second quarter of 2014. The increase in revenues resulted from improved operating metrics within the stabilized home portfolio, significant growth in the Company’s portfolio of homes during the quarter and gains on the Company’s NPL portfolio. The Company’s loss before other income, income tax expense and non-controlling interests was $20.4 million. The Company’s net loss attributable to common shareholders was $6.7 million, or ($0.17) per share. This compares to a net loss of $12.1 million for the second quarter of 2014, or ($0.31) per share.

For the Company’s stabilized portfolio, total revenue as adjusted increased by $6.8 million, or 28%, to $30.6 million during third quarter 2014. Property operating expenses on the stabilized portfolio were $10.5 million. As a result, NOI for the stabilized portfolio increased by $5.1 million, or 34%, to $20.1 million, for a stabilized portfolio NOI Margin of 68.2%.

Rental Home Portfolio

The following table summarizes key third quarter portfolio statistics compared to the first and second quarters of 2014:

Rental Home Portfolio
	September 30,		June 30,		March 31,
	2014		2014		2014
Total Rental Portfolio		10,428		9,122		7,204
% Leased		81.8%		77.5%		76.6%
Stabilized Homes		8,625		7,076		5,142
% Leased		95.7%		95.0%		96.4%
Homes Owned 180 Days or Longer		7,268		5,909		4,899
% Leased		94.2%		94.9%		90.4%
Homes 90 Days Past Rent Ready		6,669		5,545		4,525
% Leased		99.0%		98.8%		96.3%

During the third quarter 2014, the Company acquired 1,358 homes for an aggregate estimated total investment of $231.4 million, or $170,378 per home after including estimated investment costs for renovation.

NPL Portfolio

During the third quarter 2014, the Company acquired four NPL pools from four institutions for a total purchase price of $308.7 million. The total purchase price of the NPLs represents 71.5% of BPO. At September 30, 2014, the Company owned 4,695 first lien NPLs at a total purchase price of $642.5 million, representing 65.4% of BPO.

The Company successfully resolved 271 NPLs during the third quarter 2014, for a total of 617 NPL resolutions during the first three quarters of 2014. Since inception, the Company has resolved 1,625 NPLs. The 137 NPLs resolved year-to-date and classified as “Performing” achieved a current yield of 10.2%. To date, no Performing NPLs have been sold. The Company is ahead of its expectations for projected returns on its NPL portfolio, anticipating 12%+ unleveraged returns and mid-to-high teens levered returns on its NPL book.

Balance Sheet and Financial Activity

At September 30, 2014, the Company had $1.4 billion of debt outstanding, with a weighted average interest rate of 3.12%, and weighted average term to maturity of 3.1 years.

In April, the Company’s board of trustees authorized a share repurchase program. Under the program, the Company may purchase up to $150 million of its common shares beginning April 17, 2014 and ending April 17, 2015. Through October 31, 2014, the Company has repurchased approximately 1.3 million of its commons shares for a total purchase price of $34.3 million.

In July, the Company issued and sold $230 million of 3.00% Convertible Senior Notes due 2019.

At September 30, 2014, estimated NAV was $32.45 per share as compared to $31.84 per share as of June 30, 2014, an increase of 1.9% from the prior quarter. The Company’s book value was $28.48 per share as of September 30, 2014, an increase of 1.8% from the prior quarter.

As of October 31, 2014, the Company had approximately $417 million of unrestricted cash and undrawn capacity on its credit facilities.

Subsequent Events

In October, the Company issued and sold $173 million of 4.5% Convertible Senior Notes due 2017.

Dividend

On November 7, 2014, the Company’s Board of Trustees declared a dividend of $0.14 per common share, which will be paid on January 15, 2015 to shareholders of record on December 31, 2014.

Third Quarter 2014 Conference Call

A conference call is scheduled on Wednesday, November 12, 2014, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2014. The domestic dial-in number is 1-877-705-6003 (for U.S. and Canada) and the international dial-in number is 1-201-493-6725 (passcode not required). An audio webcast may be accessed at www.starwoodwaypoint.com, in the investor relations section. A replay of the call will be available through

December 12, 2014, and can be accessed by calling 1-877-870-5176 (U.S. and Canada) or 1-858-384-5517 (international), replay pin number 13594384, or by using the link at www.starwoodwaypoint.com, in the investor relations section.

Additional information

A copy of the Third Quarter 2014 Supplemental Information Package and this press release are available on our website at www.starwoodwaypoint.com. This information has also been furnished to the SEC in a Current Report on Form 8-K.

About Starwood Waypoint Residential Trust

Starwood Waypoint Residential Trust (NYSE: SWAY) is one of the largest publicly traded owners and operators of single-family rental homes in the United States. Partnered with Starwood Capital Group, a leading private investment firm with a core focus on global real estate, Starwood Waypoint Residential Trust 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. The company also invests in non-performing loans, and works with interested and qualified borrowers to find solutions to keep them in their homes. Starwood Waypoint Residential Trust is Reinventing Renting™ by building its business upon a foundation of respect for its residents and the communities in which it operates. Additional information can be found at starwoodwaypoint.com.

Forward-Looking Statements

The statements herein that are not historical facts are 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. These forward-looking statements involve significant risks and uncertainties, which are difficult to predict, and are not guarantees of future performance. Such statements can generally be identified by words such as “anticipates,” “expects,” “intends,” “will,” “could,” “believes,” “estimates,” “continue,” and similar expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our 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 our business, financial condition, liquidity, results of operations and prospects, as well as our ability to make distributions to our shareholders, include, but are not limited to: expectations regarding the timing of generating revenues; changes in our business and growth strategies; volatility in the real estate industry, interest rates and spreads, the debt or equity markets, the economy generally or the rental home market specifically; events or circumstances that undermine confidence in the financial markets or otherwise have a broad impact on financial markets; declines in the value of 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 our investment objective and business and growth strategies; the impact of changes to the supply of, value of and the returns on distressed and non-performing residential mortgage loans; our ability to convert the homes and distressed and non-performing residential mortgage loans we acquire into rental homes generating attractive returns; our ability to successfully modify or otherwise resolve distressed and non-performing residential mortgage loans; our ability to lease or re-lease our 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; our ability to manage our portfolio of rental homes; the concentration of credit risks to which we are exposed; the availability, terms

and deployment of short-term and long-term capital; the adequacy of our cash reserves and working capital; our relationships with Starwood Capital Group and our manager and their ability to retain qualified personnel; potential conflicts of interest; unanticipated increases in financing and other costs; our expected leverage; changes in governmental regulations, tax laws and rates and similar matters; limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax purposes; and estimates relating to our ability to make distributions to our shareholders in the future. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by us with the Securities and Exchange Commission from time to time. Furthermore, except as required by law, we are under no duty to, and we do not intend to, update any of our forward-looking statements appearing herein, whether as a result of new information, future events or otherwise.

STARWOOD WAYPOINT RESIDENTIAL TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

	September 30,      2014		December 31,      2013
ASSETS
Investments in real estate
Land	$	320,379	$	140,076
Building and improvements		1,432,891		604,839
Total investment in properties		1,753,270		744,915
Less: accumulated depreciation		(25,604)		(5,730)
Investment in real estate properties, net		1,727,666		739,185
Real estate held for sale, net		17,306		10,168
Total investments in real estate, net		1,744,972		749,353
Non-performing loans		163,922		214,965
Non-performing loans (fair value option)		489,995		—
Resident and other receivables, net		5,050		1,261
Cash and cash equivalents		85,644		44,613
Restricted cash		53,965		3,331
Deferred financing costs, net		16,241		—
Other assets		21,698		4,885
Total assets	$	2,581,487	$	1,018,408
LIABILITIES AND EQUITY
Liabilities:
Credit facilities	$	1,213,244	$	—
Convertible senior notes, net		201,583		—
Accounts payable and accrued expenses		54,946		22,434
Resident security deposits and prepaid rent		14,694		3,918
Total liabilities		1,484,467		26,352
Equity:
Common shares, at par		385		—
Additional paid-in capital		1,134,845		1,018,267
Accumulated deficit		(38,742)		(27,848)
Total common shareholders’ equity		1,096,488		990,419
Non-controlling interests		532		1,637
Total equity		1,097,020		992,056
Total liabilities and equity	$	2,581,487	$	1,018,408

STARWOOD WAYPOINT RESIDENTIAL TRUST

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except share and per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Revenues
Rental revenues	$	30,366	$	5,405	$	67,733	$	9,418
Other property revenues		1,139		75		2,508		180
Realized gain on non-performing loans, net		1,941		1,418		7,141		2,891
Realized gain on loan conversions, net		5,791		3,321		17,688		3,321
Total revenues		39,237		10,219		95,070		15,810
Expenses
Property operating and maintenance		8,796		3,373		22,619		5,084
Real estate taxes and insurance		5,143		1,046		12,754		2,389
Mortgage loan servicing costs		7,918		1,393		17,939		3,771
Non-performing loan management fees and expenses		3,508		(145)		7,794		2,280
General and administrative		4,627		5,012		14,441		10,657
Share-based compensation		2,101		—		4,560		—
Investment management fees		4,522		—		11,272		—
Separation costs		—		902		3,543		902
Acquisition fees expensed and property management engagement costs		217		—		664		588
Interest expense, including amortization		11,899		—		18,590		—
Depreciation and amortization		9,238		1,826		21,954		3,250
Finance related expenses and write-off of loan costs		1,334		—		6,775		—
Impairment of real estate		341		78		2,408		325
Total expenses		59,644		13,485		145,313		29,246
Loss before other income, income tax expense and non-controlling interests		(20,407)		(3,266)		(50,243)		(13,436)
Other income (expense)
Realized gain (loss) on sales of investments in real estate, net		125		(28)		(76)		637
Unrealized gain non-performing loans, net		13,705		—		17,346		—
Loss on derivative financial instruments, net		(104)		—		(574)		—
Total other income (expense)		13,726		(28)		16,696		637
Loss before income tax expense and non-controlling interests		(6,681)		(3,294)		(33,547)		(12,799)
Income tax expense		19		(41)		504		167
Net loss		(6,700)		(3,253)		(34,051)		(12,966)
Net income attributable to non-controlling interests		(13)		(21)		(86)		(5)
Net loss attributable to common shareholders	$	(6,713)	$	(3,274)	$	(34,137)	$	(12,971)
Weighted average shares outstanding - basic and diluted		38,613,270		39,110,969		38,911,505		39,110,969
Net loss per common share
Basic and diluted	$	(0.17)	$	(0.08)	$	(0.88)	$	(0.33)
Dividends declared per common share	$	0.14	$	—	$	0.14	$	—

Definitions of Non-GAAP Financial Measures

FFO and Core FFO

FFO is used by industry analysts and investors as a supplemental performance measure of an equity REIT. FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as net income or loss (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation and amortization of real estate assets and adjustments for unconsolidated partnerships and joint ventures.

We believe that FFO is a meaningful supplemental measure of the operating performance of our single-family home business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure because it excludes historical cost depreciation, as well as gains or losses related to sales of previously depreciated homes, from GAAP net income. By excluding depreciation and gains or losses on sales of real estate, management uses FFO to measure returns on its investments in real estate assets. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the homes that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of the homes, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.

We believe that Core FFO is a meaningful supplemental measure of our operating performance for the same reasons as FFO and adjusting for non-routine items that when excluded allows for more comparable periods. Our Core FFO begins with FFO as defined by the NAREIT White Paper and is adjusted for: share-based compensation, non-recurring costs associated with the separation, acquisition fees expensed and property management engagement costs, write-off of loan costs, loss on derivative financial instruments, amortization of derivative financial instruments cost, severance expense, non-cash interest expense related to amortization on convertible senior notes, and other non-comparable items as applicable.

Management also believes that FFO/Core FFO, combined with the required GAAP presentations, is useful to investors in providing more meaningful comparisons of the operating performance of a company’s real estate between periods or as compared to other companies. FFO/Core FFO does not represent net income or cash flows from operations as defined by GAAP and is not intended to indicate whether cash flows will be sufficient to fund cash needs. It should not be considered an alternative to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. Our FFO/Core FFO may not be comparable to the FFO of other REITs due to the fact that not all REITs use the NAREIT or similar Core FFO definition. For a reconciliation of FFO and Core FFO to net loss attributable to common shareholders determined in accordance with GAAP, please see below.

STARWOOD WAYPOINT RESIDENTIAL TRUST

FFO AND CORE FFO

(Unaudited, in thousands, except share and per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Reconciliation of net loss to FFO
Net loss attributable to common shareholders	$	(6,713)	$	(3,274)	$	(34,137)	$	(12,971)
Add (deduct) adjustments to net loss to get to FFO:
Depreciation and amortization on real estate assets		9,238		1,826		21,954		3,250
Impairment on depreciated real estate investments		15		—		15		—
Gain on sales of previously depreciated investments in real estate		(27)		—		(27)		—
Non-controlling interests		13		21		86		5
Subtotal - FFO		2,526		(1,427)		(12,109)		(9,716)
Add (deduct) adjustments to FFO to get to Core FFO:
Share-based compensation		2,101		—		4,560		—
Separation costs		—		902		3,543		902
Acquisition fees expensed and property management engagement costs		217		—		664		588
Write-off of loan costs		—		—		5,032		—
Loss on derivative financial instruments, net		104		—		574		—
Amortization of derivative financial instruments cost		(81)		—		(131)		—
Severance expense		355		—		355		—
Non-cash interest expense related to amortization on convertible senior notes		1,048		—		1,048		—
Core FFO	$	6,270	$	(525)	$	3,536	$	(8,226)
Core FFO per share	$	0.16	$	(0.01)	$	0.09	$	(0.21)
Weighted average FFO shares		38,613,270		39,110,969		38,911,505		39,110,969

Estimated NAV

We define Estimated NAV as the estimated value of all assets net of liabilities. To calculate the Estimated NAV, the historical net investments in real estate and NPLs at carrying value are deducted from total shareholders’ equity and the Estimated SFR Value and NPL Value are added (see table below). The costs of selling properties in the portfolio, including commissions and other related costs are not deducted for the purpose of calculating the Estimated SFR Value and Estimated NAV. Further, future promoted interests on the NPL portfolio are not deducted for the purpose of calculating Estimated SFR & NPL Value and Estimated NAV. We consider Estimated NAV to be an appropriate supplemental measure as it illustrates the estimated imbedded value in our SFR portfolio and NPL portfolio that is carried on our balance sheet primarily at cost. The Estimated SFR Value, Estimated NPL Value and Estimated NAV are non-GAAP financial measures. However, they are provided for informational purposes to be used by investors in assessing the value of the assets. A reconciliation of total shareholders’ equity to Estimated NAV is provided below.

STARWOOD WAYPOINT RESIDENTIAL TRUST

ESTIMATED NAV

(Unaudited, in thousands, except share and per share data)

	September 30, 2014
	Amount		Per Share
Investments in real estate properties, gross	$	1,753,270	$	45.53
Less: accumulated depreciation		(25,604)		(0.66)
Add: real estate held for sale, net		17,306		0.45
Investments in real estate, net		1,744,972		45.32
Add: increase in estimated fair value of investments in real estate		301,871		7.84
Less: estimated renovation reserve		(181,337)		(4.71)
Estimated SFR Value		1,865,506		48.45
Non-performing loans		163,922		4.26
Non-performing loans (fair value option)		489,995		12.72
Add: increase in estimated fair value of non-performing loans		61,101		1.59
Estimated NPL Value		715,018		18.57
Estimated SFR & NPL Value	$	2,580,524	$	67.02
Total shareholders’ equity	$	1,096,488	$	28.48
Less: unamortized debt discount on convertible senior notes		(28,417)		(0.75)
Less: investments in real estate, net		(1,744,972)		(45.32)
Less: non-performing loans		(163,922)		(4.26)
Less: non-performing loans (fair value option)		(489,995)		(12.72)
Add: estimated SFR & NPL value		2,580,524		67.02
Estimated NAV	$	1,249,706	$	32.45
Number of Shares				38,506,041

These metrics should be considered along with other available information in valuing and assessing us, including our GAAP financial measures and other cash flow and yield metrics. These metrics should not be viewed as a substitute for book value, net investments in real estate, equity, net income or cash flows from operations prepared in accordance with GAAP, or as measures of profitability or liquidity. Further, not all REITs compute the same non-GAAP measure; therefore, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other REITs.

Certain terms as used in this earnings release are defined and further explained in the third quarter 2014 “Supplemental Operating & Financial Data” section of the full earnings release available on the Company’s website at www.starwoodwaypoint.com.

Contact:

Investor Relations

John Christie

Phone: 510-982-5470

Email: IR@waypointhomes.com

Media Relations

Jason Chudoba

Phone: 646-277-1249

Email: Jason.chudoba@icrinc.com

EX-99.2

Exhibit 99.2

STARWOOD WAYPOINT RESIDENTIAL TRUST TM
THIRD QUARTER 2014
Supplemental Operating & Financial Data
Starwood Waypoint Residential Trust (“SWAY”) acquires, renovates, leases, maintains and manages single family homes.
We also invest in non-performing loans to supplement growth and seek optimal resolutions for each loan.
Our mission is to reinvent the home rental experience by providing quality homes, great service and rewarding lease programs that offer valuable benefits to our residents while generating attractive returns for our investors.

Table of Contents
STARWOOD WAYPOINT RESIDENTIAL TRUST TM
Pages
ABOUT SWAY 1-7
FINANCIAL INFORMATION
Selected Financial & Other Information 8
Consolidated Balance Sheets 9
Consolidated Statements of Operations 10
FFO & Core FFO 11
NOI 12
CAPITAL MARKETS 13
PORTFOLIO INFORMATION
Total Rental Homes Portfolio 14-15
Leasing Statistics 16
NPL Portfolio 17
TRANSACTION ACTIVITY 18
DEFINITIONS AND RECONCILIATIONS 19-21

ABOUT SWAY
Q3 Highlights and Recent Developments
STARWOOD WAYPOINT RESIDENTIAL TRUST TM
Strong Financials
Core funds from operations (“FFO”) of $6.3 million or $0.16 per share in Q3, an increase of $3.3 million or $0.08 per share over reported Q2(1)
Achieved Q3 stabilized portfolio net operating income (“NOI”) margin of 68.2%(1)
SWAY Board approved dividend of $0.14 per share(2)
Attractive Acquisitions
Acquired 1,358 single-family rental (“SFR”) homes in Q3, representing an investment of approximately $231.4 million (inclusive of acquisition and actual & expected renovation costs)
Acquired $308.7 million of non-performing loans (“NPLs”) during Q3, increasing loan count by 48%
Leasing Execution
% Leased for homes 90 days past rent ready was 99.0% at September 30, 2014
% Leased for homes owned 180 days or longer was 94.2% at September 30, 2014
Portfolio-wide lease percentage was 81.8% at September 30, 2014
Capital Markets
Completed two separate convertible note offerings:
$230 million deal in July - 3.0% coupon up 27.5%
$173 million deal in October - 4.5% coupon up 20.0%
Existing debt capacity plus unrestricted cash(3) of $365 million at September 30, 2014
Estimated net asset value (“NAV”)(1) of $32.45 per share at September 30, 2014
(1) Core FFO, NOI, and NAV are non-generally accepted accounting principles (“GAAP”) measures. For explanations of these measures and reconciliations to the applicable GAAP measures, please refer to the “Definitions and Reconciliations” pages of this presentation.
(2) Future dividends, if any, are at the discretion of our board of trustees.
(3) Please refer to page 21 for a definition of unrestricted cash.
1

ABOUT SWAY
Operations Focus Drives Results
STARWOOD WAYPOINT RESIDENTIAL TRUST TM
SFR Rental Revenue ($ in millions)
$35.0 $30.4
$30.0
$25.0 $23.6
$20.0
$15.0 $13.8
$10.0
$5.0
$0.0
Q1 2014 Q2 2014 Q3 2014
Stabilized Portfolio NOI Margin(1)
70.0% 68.2%
68.0%
66.0% 65.1%
64.0%
62.0%
60.0% 57.6%
58.0%
56.0%
54.0%
52.0%
50.0%
Q1 2014 Q2 2014 Q3 2014
Core FFO(1)
$0.20 $0.16
$0.15
$0.10 $0.08
$0.05
$0.00
-$0.05
-$0.10
-$0.15 -$0.14
-$0.20
Q1 2014 Q2 2014 Q3 2014
G&A as % Total Assets
1.6% 1.50%
1.4%
1.2%
1.0% 0.92%
0.8% 0.71%
0.6%
0.4%
0.2%
0.0%
Q1 2014 Q2 2014 Q3 2014
(1) Core FFO and NOI margin are non-GAAP measures. For explanations of these measures and reconciliations to the applicable GAAP measures, please refer to the “Definitions and Reconciliations” pages of this presentation.
2

ABOUT SWAY
Strong Leasing Supports Portfolio Growth
STARWOOD WAYPOINT
RESIDENTIAL TRUST TM
Total SFRs and NPLs(1),(2)
NPL SFR
12,000 10,000 8,000 6,000 4,000 2,000 0
10,428 9,122 7,204 5,325
4,695 3,080 1,714 2,095
12/31/2013 3/31/2014 6/30/2014 9/30/2014
% Leased: Homes Owned 180 Days or Longer
100.0% 90.0% 80.0% 70.0% 60.0% 50.0%
94.9% 94.2% 90.4% 65.1%
12/31/2013 3/31/2014 6/30/2014 9/30/2014
% Leased: Total Rental Portfolio
100.0% 80.0% 60.0% 40.0% 20.0% 0.0%
81.8% 77.5% 76.6% 46.2%
12/31/2013 3/31/2014 6/30/2014 9/30/2014
% Leased: Homes 90 Days Past Rent Ready(3)
100.0% 98.8% 99.0%
98.0%
96.3%
96.0%
94.0% 93.6%
92.0%
90.0%
12/31/2013 3/31/2014 6/30/2014 9/30/2014
(1) Excludes 695, 285, 154, and 146 homes that we do not intend to hold for the long term as of September 30, 2014, June 30, 2014, March 30, 2014 and December 31, 2013, respectively.
(2) Excludes 280 and 277 unsecured, second and third liens as of September 30, 2014 and June 30, 2014, respectively.
(3) References to “rent ready homes” refer to homes that have both completed renovations and been deemed, pursuant to an inspection from one of our agents, to be in a condition to be rented. Our policy is to have the agent perform this inspection promptly after the renovations have been completed.
3

ABOUT SWAY
Growing Number of NPL Resolutions
STARWOOD WAYPOINT
RESIDENTIAL TRUST TM
Total NPL Resolutions
271 190 156
Q1 2014 Q2 2014 Q3 2014
Resolutions by Type: YTD 2014(1)
Performing(2) 137
Foreclosure(4) 420
Non-Foreclosure(3) 60
Estimated Avg. Timing YTD Actual (5)
Performing(2)
(~5-10% of loans) 7 – 12 months 8.5 months
Non-Foreclosure(3)
(~5-10% of loans) 7 – 15 months 10.8 months
Foreclosures(4) 12 – 21 months 10.4 months
(~80-85% of loans)
(1) Nine months ended September 30, 2014. Since inception, the total number of NPL resolutions is 1,625.
(2) Defined as NPLs greater than 60 days delinquent which were either modified or reinstated and were performing as of the end of the reported quarter.
(3) Includes Paid-in-Full, Short Payoff, Sold Notes, and Short Sales.
(4) Includes Auction and REO assets (including rental conversions).
(5) Average durations could lengthen during the life of the NPL portfolio.
4

ABOUT SWAY
NPL Strategy Generating Strong Returns
STARWOOD WAYPOINT
RESIDENTIAL TRUST TM
Performance by Type Year-to-Date 2014(1)
Performing(2) 137
Foreclosed and Sold(4) 191
Non-Foreclosure(3) 60
Estimated Total Return(5) YTD Actual Total Return(6)
Performing(2) ~ 1.25 – 1.40x 10.2% current yield(7)
Non-Foreclosure(3) ~ 1.25 – 1.35x 1.39x(8)
Foreclosed and Sold(4) ~ 1.20 – 1.30x 1.37x(8)
Underwritten vs. Current Projected
Unlevered IRR – Entire NPL Portfolio
12.5%
11.1%
Underwritten Actual/Projected
(1) Nine months ended September 30, 2014.
(2) Defined as NPLs greater than 60 days delinquent which were either modified or reinstated and were performing as of the end of the reported quarter.
(3) Includes Paid-in-Full, Short Payoff, Sold Notes, and Short Sales.
(4) Includes Auction and Sold REO assets.
(5) Estimated return multiples are meant to illustrate an estimated return/timing for a standard NPL resolution of a single asset. Ranges are affected by the equity percentage of each asset as well as other factors.
(6) Defined as proceeds as a percentage of purchase price.
(7) To date, no performing loans have been sold. Yield defined as principal and interest payment as a percentage of purchase price.
(8) 1.17x multiple on Seller-initiated liquidations and certain atypical low-balance assets; 1.41x multiple on PrimeStar liquidations.
5

ABOUT SWAY
Portfolio Overview
STARWOOD WAYPOINT
RESIDENTIAL TRUST TM
SFRs (71% of portfolio)(1)
Number of Homes(2) 10,428
Aggregate Investment ($mm)(4) $1,570.9
Aggregate Investment per Home(4) $150,643
Average Monthly Rent per Leased Home(5) $1,425
Percent of Total Homes That Are Leased (%) 81.8%
Percent of Homes Owned 180 Days or 94.2%
Longer That Are Leased (%)(7)
Percent of 90+ Days Rent Ready 99.0%
Homes That Are Leased (%)(7)
NPLs (29% of portfolio)(1)
Number of Loans(3) 4,695
Total Purchase Price ($mm) $642.5
Total Unpaid Principal Balance (“UPB”) ($mm) $1,029.1
Total BPO ($mm) $982.5
Weighted Average Loan-to-Value (“LTV”)(6) 126.7%
Purchase Price as a Percentage of UPB 62.4%
Purchase Price as a Percentage of BPO 65.4%
Note: As of September 30, 2014.
(1) Based on aggregate investment for SFRs and purchase price for NPLs.
(2) Excludes 695 homes that we do not intend to hold for the long term.
(3) Excludes 280 unsecured, second and third liens with an aggregate purchase price of $1.9 million.
(4) Includes acquisition costs and actual and estimated upfront renovation costs. Actual renovation costs may exceed estimated renovation costs, and we may acquire homes in the future with different characteristics that result in higher renovation costs.
(5) Represents average monthly contractual cash rent as of September 30, 2014. Average monthly cash rent is presented before rent concession and incentives (i.e. free rent, Waypoints). To date, rent concessions and incentives have been utilized on a limited basis and have not had a significant impact on our average monthly rent. If the use of rent concessions or other leasing incentives increases in the future, they may have a greater impact by reducing the average monthly rent we receive from leased homes.
(6) Weighted average LTV is based on the ratio of UPB to BPO weighted by UPB.
(7) References to “rent ready homes” refer to homes that have both completed renovations and been deemed, pursuant to an inspection from one of our agents, to be in a condition to be rented. Our policy is to have the agent perform this inspection promptly after the renovations have been completed.
6

ABOUT SWAY
Financing Overview
STARWOOD
WAYPOINT
RESIDENTIAL TRUST ™
2014 Financing Activity(1)
($ in millions)
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
$230
$500
$1,000
Total
Capacity
Closed $230 million convertible notes offering in Q3.
NPL Credit Facility
SFR Credit Facility
$230
$448
$765
Drawn
Total Capacity(1),(2)
Drawn: $1,365 million
Unrestricted cash(3): $78 million
Undrawn: $287 million
(1) As of September 30, 2014. Total Capacity figures reflect both SFR and NPL activity.
(2) Subsequent to September 30, 2014, we closed $173 million on convertible notes. As of October 31, 2014, our financing capacity totaled $1.9 billion, with $1.5 billion drawn, $266 undrawn, and $151 million of unrestricted cash.
(3) Please refer to page 21 for a definition of unrestricted cash.
7

FINANCIAL INFORMATION
Selected Financial & Other Information
STARWOOD
WAYPOINT
RESIDENTIAL TRUST ™
($ in thousands, except share and per share data)
Total revenues
Net loss attributable to common shareholders
Core FFO(1)
Per common share - diluted
Net earnings attributable to common shareholders
Core FFO per weighted average FFO share(1)
Dividends declared per common share
Weighted Average Shares Outstanding, Basic and Diluted
Stabilized Portfolio NOI Margin(2)
Three Months Ended September 30, 2014
(unaudited)
$ 39,237
$ (6,713)
$ 6,270
$ (0.17)
$ 0.16
$ 0.14
38,613,270
68.2%
Nine Months Ended September 30, 2014
(unaudited)
$ 95,070
$ (34,137)
$ 3,536
$ (0.88)
$ 0.09
$ 0.14
38,911,505
64.9%
As of
September 30, 2014
June 30, 2014
March 31, 2014
December 31, 2013
Home Count:
Stabilized homes(3)
Non-stabilized homes
Total Homes(4)
Leased Percentages
Stabilized homes(5)
Homes 90 days past rent ready
Homes owned 180 days or longer
Total rental portfolio(4)
8,625
1,803
10,428
95.7%
99.0%
94.2%
81.8%
7,076
2,046
9,122
95.0%
98.8%
94.9%
77.5%
5,142
2,062
7,204
96.4%
96.3%
90.4%
76.6%
2,666
2,659
5,325
91.6%
93.6%
65.1%
46.2%
(1) Please refer to page 19 for a definition of Core FFO. Core FFO is a non-GAAP measure. For a reconciliation of Core FFO to net loss attributable to common shareholders determined in accordance with GAAP, please refer to page 11.
(2) Stabilized portfolio NOI margin is a non-GAAP measure. For a reconciliation of stabilized portfolio NOI margin to net loss attributable to common shareholders determined in accordance with GAAP, please refer to page 21.
(3) Please refer to page 20 for a definition of stabilized homes.
(4) Excludes 695, 285, 154, and 146 homes that we do not intend to hold for the long term as of September 30, 2014, June 30, 2014, March 30, 2014 and December 31, 2013, respectively.
(5) SWAY targets leased percentages on stabilized homes to be in the range of 94% to 96%.
8

FINANCIAL INFORMATION
Consolidated Balance Sheets
STARWOOD
WAYPOINT
RESIDENTIAL TRUST ™
As of
($ in thousands)
September 30, 2014
December 31, 2013
(unaudited)
ASSETS
Investments in real estate Land $ 320,379 $ 140,076
Building and improvements 1,432,891 604,839
Total investment in properties 1,753,270 744,915
Less: accumulated depreciation (25,604) (5,730)
Investment in real estate properties, net 1,727,666 739,185
Real estate held for sale, net 17,306 10,168
Total investments in real estate, net 1,744,972 749,353
Non-performing loans 163,922 214,965
Non-performing loans (fair value option) 489,995 -
Resident and other receivables, net 5,050 1,261
Cash and cash equivalents 85,644 44,613
Restricted cash 53,965 3,331
Deferred financing costs, net 16,241 -
Other assets 21,698 4,885
Total assets $ 2,581,487 $ 1,018,408
LIABILITIES AND EQUITY
Liabilities:
Credit facilities
$ 1,213,244 $ -
Convertible senior notes, net 201,583 -
Accounts payable and accrued expenses 54,946 22,434
Resident security deposits and prepaid rent 14,694 3,918
Total liabilities 1,484,467 26,352
Equity:
Shareholders’ equity:
Common shares, at par 385 -
Additional paid-in capital 1,134,845 1,018,267
Accumulated deficit (38,742) (27,848)
Total shareholders’ equity 1,096,488 990,419
Non-controlling interests 532 1,637
Total equity 1,097,020 992,056
Total liabilities and equity $ 2,581,487 $ 1,018,408
9

FINANCIAL INFORMATION
Consolidated Statements of Operations
STARWOOD
WAYPOINT
RESIDENTIAL TRUST ™
($ in thousands, except share and per share data)
Three Months Ended September 30,
2014
2013
Nine Months Ended September 30,
2014
2013
(unaudited)
(unaudited)
Revenues
Rental revenues $ 30,366 $ 5,405 $ 67,733 $ 9,418
Other property revenues 1,139 75 2,508 180
Realized gain on non-performing loans, net 1,941 1,418 7,141 2,891
Realized gain on loan conversions, net 5,791 3,321 17,688 3,321
Total revenues 39,237 10,219 95,070 15,810
Expenses
Property operating and maintenance 8,796 3,373 22,619 5,084
Real estate taxes and insurance 5,143 1,046 12,754 2,389
Mortgage loan servicing costs 7,918 1,393 17,939 3,771
Non-performing loan management fees and expenses 3,508 (145) 7,794 2,280
General and administrative 4,627 5,012 14,441 10,657
Share-based compensation 2,101 - 4,560 -
Investment management fees 4,522 - 11,272 -
Separation costs - 902 3,543 902
Acquisition fees expensed and property management engagement costs 217 - 664 588
Interest expense, including amortization 11,899 - 18,590 -
Depreciation and amortization 9,238 1,826 21,954 3,250
Finance related expenses and write-off of loan costs 1,334 - 6,775 -
Impairment of real estate 341 78 2,408 325
Total expenses 59,644 13,485 145,313 29,246
Loss before other income, income tax expense and non-controlling interests (20,407) (3,266) (50,243) (13,436)
Other income (expense)
Realized gain (loss) on sales of investments in real estate, net 125 (28) (76) 637
Unrealized gain on non-performing loans, net 13,705 - 17,346 -
Loss on derivative financial instruments, net (104) - (574) -
Total other income (expense) 13,726 (28) 16,696 637
Loss before income tax expense and non-controlling interests (6,681) (3,294) (33,547) (12,799)
Income tax expense 19 (41) 504 167
Net loss (6,700) (3,253) (34,051) (12,966)
Net (income) loss attributable to non-controlling interests (13) (21) (86) (5)
Net loss attributable to common shareholders $ (6,713) $ (3,274) $ (34,137) $ (12,971)
Net loss per share - basic and diluted $ (0.17) $ (0.08) $ (0.88) $ (0.33)
Dividends declared per common share $ 0.14 $ - $ 0.14 $ -
Number of shares used in per share computations - basic and diluted 38,613,270 39,110,969 38,911,505 39,110,969
10

FINANCIAL INFORMATION
FFO & Core FFO(1)
STARWOOD WAYPOINT RESIDENTIAL TRUST TM
Three Months Ended September 30, Nine Months Ended September 30,
($ in thousands, except share and per share data) 2014 2013 2014 2013
(unaudited) (unaudited)
Reconciliation of net loss to FFO
Net loss attributable to common shareholders $ (6,713) $ (3,274) $ (34,137) $ (12,971)
Add (deduct) adjustments to net loss to get to FFO:
Depreciation and amortization on real estate assets 9,238 1,826 21,954 3,250
Impairment on depreciated real estate investments 15 - 15 -
Gain on sales of previously depreciated investments in real estate (27) - (27) -
Non-controlling interests 13 21 86 5
Subtotal - FFO 2,526 (1,427) (12,109) (9,716)
Add (deduct) adjustments to FFO to get to Core FFO:
Share-based compensation 2,101 - 4,560 -
Separation costs - 902 3,543 902
Acquisition fees expensed and property management engagement costs 217 - 664 588
Write-off of loan costs - - 5,032 -
Loss on derivative financial instruments, net 104 - 574 -
Amortization of derivative financial instruments cost (81) - (131) -
Severance expense 355 - 355 -
Non-cash interest expense related to amortization on convertible senior notes 1,048 - 1,048 -
Core FFO $ 6,270 $ (525) $ 3,536 $ (8,226)
Core FFO per share $ 0.16 $ (0.01) $ 0.09 $ (0.21)
Dividends declared per common share $ 0.14 $ - $ 0.14 $ -
Weighted average FFO shares 38,613,270 39,110,969 38,911,505 39,110,969
(1) Please refer to page 19 for definitions of FFO and Core FFO. Commencing with the three months ended June 30, 2014, we have changed our definition of Core FFO to include adjustments related to share-based compensation and exclude adjustments related to acquisition pursuit costs. Core FFO is a non-GAAP measure.
11

FINANCIAL INFORMATION
NOI(1)
STARWOOD WAYPOINT RESIDENTIAL TRUST TM
Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014
SFR SFR
Stabilized Non-Stabilized Stabilized Non-Stabilized
($ in thousands, unaudited) Portfolio Portfolio NPL Total Portfolio Portfolio NPL Total
Revenues
Rental revenues $ 30,366 $ - $ - $ 30,366 $ 67,733 $ - $ - $ 67,733
Less: allowance for doubtful accounts(2) (870) - - (870) (1,993) - - (1,993)
Total rental revenues as adjusted 29,496 - - 29,496 65,740 - - 65,740
Other property revenues 1,139 - - 1,139 2,508 - - 2,508
Realized gain on non-performing loans, net - - 1,941 1,941 - - 7,141 7,141
Realized gain on loan conversions, net - - 5,791 5,791 - - 17,688 17,688
Unrealized gain on non-performing loans, net - - 13,705 13,705 - - 17,346 17,346
Total revenues as adjusted 30,635 - 21,437 52,072 68,248 - 42,175 110,423
Expenses
Property operating expenses(3) 10,532 2,537 - 13,069 25,554 7,826 - 33,380
Mortgage loan servicing costs - - 7,918 7,918 - - 17,939 17,939
Total expenses 10,532 2,537 7,918 20,987 25,554 7,826 17,939 51,319
Total NOI $ 20,103 $ (2,537) $ 13,519 $ 31,085 $ 42,694 $ (7,826) $ 24,236 $ 59,104
Stabilized portfolio NOI margin(4) 68.2% 64.9%
(1) Total Stabilized Portfolio NOI, Total Non-Stabilized Portfolio NOI, Total NPL NOI and Total NOI are non-GAAP measures. For a reconciliation of these non-GAAP measures to net loss attributable to common shareholders determined in accordance with GAAP, please refer to Page 21.
(2) Allowance for doubtful accounts (“bad debt”) is included in property operating and maintenance in the consolidated statements of operations in accordance with GAAP. However, we believe bad debt represents revenue lost and not an operating expense to the portfolio so for purposes of calculating margins we treat bad debt as a reduction of revenue.
(3) Property operating expenses is defined as property operating and maintenance expense plus real estate taxes and insurance less bad debt.
(4) Margin is calculated as total stabilized portfolio NOI divided by total rental revenues.
12

Capital Markets
STARWOOD WAYPOINT RESIDENTIAL TRUST TM
As of September 30, 2014 ($ in thousands, except share and per share data )
Debt
Credit Facility - Credit Facility - Convertible
Debt Maturities(1) SFR NPL Notes Total
2014 $ - $ - $ - $ -
2015 - - - -
2016 - 448,320 - 448,320
2017 - - - -
2018 764,924 - - 764,924
Thereafter - - 230,000 230,000
Total $ 764,924 $ 448,320 $ 230,000 $ 1,443,244
Weighted average or coupon rate 3.14% 3.15% 3.00% 3.12%
Weighted average remaining maturity in years 3.3 2.0 4.8 3.1
Market equity
Security Shares Price Value
Common shares 38,506,041 $ 26.01 $ 1,001,542
NAV(2) 38,506,041 $ 32.45 $ 1,249,706
Debt Metrics
Total debt to total assets 55.9%
Net debt to total enterprise value(3) 57.5%
(1) Maturity dates include extension terms.
(2) NAV is a non-GAAP measure. For an explanation of this measure and a reconciliation to the applicable GAAP measure, please refer to page 19.
(3) For definitions of enterprise value and net debt, please refer to page 19 and 20, respectively.
13

PORTFOLIO INFORMATION
Total Rental Homes Portfolio – September 30, 2014
STARWOOD WAYPOINT RESIDENTIAL TRUST TM
Markets Stabilized Homes Non-Stabilized Homes Total Homes(1) Total Homes Leased (%) Average Acquisition Cost per Home Average Investment per Home(2) Aggregate Investment ($ in millions) Average Home Size (sq. ft.) Weighted Average Age (year) Average Monthly Rent Per Leased Home(3)
Atlanta 2,129 331 2,460 83.7% $ 97,656 $ 122,007 $ 300.1 1,919 22 $ 1,161
South Florida 1,599 336 1,935 82.6% $ 134,295 $ 161,280 312.1 1,598 44 $ 1,581
Houston 1,198 265 1,463 80.3% $ 129,165 $ 143,817 210.4 2,039 25 $ 1,510
Tampa 928 171 1,099 84.2% $ 103,930 $ 122,568 134.7 1,476 40 $ 1,253
Dallas 847 218 1,065 79.3% $ 131,621 $ 150,485 160.3 2,075 22 $ 1,491
Chicago 414 139 553 78.6% $ 121,374 $ 150,030 83.0 1,556 40 $ 1,665
Denver 300 183 483 63.4% $ 190,261 $ 220,329 106.4 1,567 31 $ 1,739
Southern California 360 59 419 85.9% $ 235,114 $ 246,796 103.4 1,628 36 $ 1,776
Orlando 333 74 407 78.6% $ 115,844 $ 136,583 55.6 1,625 36 $ 1,287
Northern California 238 15 253 91.7% $ 216,702 $ 231,207 58.5 1,496 45 $ 1,744
Phoenix 237 12 249 94.8% $ 140,091 $ 158,257 39.4 1,544 39 $ 1,186
Las Vegas 42 - 42 100.0% $ 155,717 $ 167,582 7.0 1,966 27 $ 1,302
Total/Average 8,625 1,803 10,428 81.8% $ 128,921 $ 150,643 $ 1,570.9 1,768 32 $ 1,425
Status Total Homes(1) Total Homes Leased (%) Average Acquisition Cost Average Investment per Home(2) Aggregate Investment ($ in millions) Average Home Size (sq. ft.) Weighted Average Age (year) Leased Rent
Stabilized 8,625 95.7% $ 126,889 $ 147,278 $ 1,270.3 1,757 32 $ 1,421
Non-Stabilized 1,803 15.4% $ 138,637 $ 166,740 300.6 1,821 32 $ 1,531
Total/Average 10,428 81.8% $ 128,921 $ 150,643 $ 1,570.9 1,768 32 $ 1,425
(1) Excludes 695 homes that we do not intend to hold for the long-term.
(2) Includes acquisition costs and actual and estimated upfront renovation costs. Actual renovation costs may exceed estimated renovation costs, and we may acquire homes in the future with different characteristics that result in higher renovation costs. As of September 30, 2014, the average actual renovation costs per renovated home were approximately $23,000.
(3) Represents average monthly contractual cash rent. Average monthly cash rent is presented before rent concession and incentives (i.e. free rent, Waypoints). To date, rent concessions and incentives have been utilized on a limited basis and have not had a significant impact on our average monthly rent. If the use of rent concessions or other leasing incentives increases in the future, they may have a greater impact by reducing the average monthly rent we receive from leased homes.
14

PORTFOLIO INFORMATION
Total Rental Homes Portfolio – September 30, 2014 (cont’d)
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
$300.0
Average Investment per Home ($ in thousands)
$250.0
$200.0
$150.0
$100.0
$50.0
$0.0
$122.0
$24.3
$97.7
Atlanta
$161.3
$27.0
$134.3
South Florida
$143.8
$14.6
$129.2
Houston
$122.6
$18.7
$103.9
Tampa
$150.5
$18.9
$131.6
Dallas
$150.0
$28.6
$121.4
Chicago
$220.3
$30.0
$190.3
Denver
$246.8
$11.7
$235.1
Southern California
$136.6
$20.8
$115.8
Orlando
$231.2
$14.5
$216.7
Northern California
$158.3
$18.2
$140.1
Phoenix
$167.6
$11.9
$155.7
Las Vegas
Average Acquisition Cost per Home Estimated Renovation Costs
15

PORTFOLIO INFORMATION
Leasing Statistics – September 30, 2014
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
Homes 90 Days Past Rent Ready Homes Owned 180 Days or Longer
Markets
Atlanta
South Florida
Houston
Tampa
Dallas
Chicago
Denver
Southern California
Orlando
Northern California
Phoenix
Las Vegas
Total/Average
Total Number of Homes(1)
2,460 1,935 1,463 1,099 1,065 553 483 419 407 253 249 42 10,428
Number of Homes
1,748 1,189 833 758 601 363 177 313 236 209 206 36 6,669
Percent Leased
97.9% 99.6% 99.8% 98.7% 99.2% 99.7% 100.0% 98.1% 99.6% 99.5% 99.0% 100.0% 99.0%
Average Monthly Rent per Leased Home(2)
$1,155 $1,556 $1,491 $1,249 $1,457 $1,663 $1,700 $1,754 $1,281 $1,739 $1,179 $1,308 $1,402
Number of Homes
1,862 1,461 929 770 644 346 224 328 242 218 202 42 7,268
Percent Leased
91.2% 93.7% 95.2% 96.1% 95.3% 96.7% 96.4% 97.6% 92.1% 96.8% 97.0% 100.0% 94.2%
Average Monthly Rent per Leased Home(2)
$1,144 $1,557 $1,485 $1,233 $1,447 $1,658 $1,718 $1,754 $1,295 $1,727 $1,186 $1,302 $1,404
Homes 90 Days Past Rent Ready Homes Owned 180 Days or longer
102.0%
100.0%
98.0%
96.0%
94.0%
92.0%
90.0%
88.0%
86.0%
84.0%
82.0%
97.9% 91.2% 99.6% 93.7% 99.8% 95.2% 98.7% 96.1% 99.2% 95.3% 99.7% 96.7% 100.0% 96.4% 98.1% 97.6% 99.6% 92.1% 99.5% 96.8% 99.0% 97.0% 100.0% 100.0%
Atlanta South Florida Houston Tampa Dallas Chicago Denver Southern California Orlando Northern California Phoenix Las Vegas
(1) Excludes 695 homes that we do not intend to hold for the long-term.
(2) Represents average monthly contractual cash rent. Average monthly cash rent is presented before rent concession and incentives (i.e. free rent, Waypoints). To date, rent concessions and incentives have been utilized on a limited basis and have not had a significant impact on our average monthly rent. If the use of rent concessions or other leasing incentives increases in the future, they may have a greater impact by reducing the average monthly rent we receive from leased homes.
16

PORTFOLIO INFORMATION
NPL Portfolio – September 30, 2014
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
State
Loan Count(1), (2)
Total Purchase Price ($ in millions)
Total UPB ($ in millions)
Total BPO ($ in millions)
Purchase Price as % of UPB
Purchase Price as % of BPO
Weighted Average LTV(3)
Florida 937 $ 116.6 $ 222.9 $ 181.5 52.3% 64.2% 143.9%
Illinois 454 56.9 92.1 85.5 61.7% 66.5% 141.7%
California 329 97.4 132.1 146.7 73.7% 66.4% 101.4%
New York 307 62.3 107.6 115.7 57.9% 53.9% 108.3%
New Jersey 257 37.0 72.0 62.2 51.3% 59.5% 141.8%
Arizona 231 20.0 34.2 29.4 58.4% 67.9% 190.5%
Wisconsin 206 17.3 24.2 27.3 71.6% 63.3% 113.6%
Indiana 185 13.1 18.2 20.2 72.2% 65.2% 110.4%
Maryland 185 34.2 53.4 47.0 64.1% 72.8% 129.2%
Pennsylvania 152 14.7 22.0 21.2 66.7% 69.0% 122.6%
Georgia 121 13.8 21.6 19.4 63.8% 71.2% 126.5%
Other 1,331 159.2 228.8 226.4 69.6% 70.3% 118.7%
Total/Average 4,695 $ 642.5 $ 1,029.1 $ 982.5 62.4% 65.4% 126.7%
Status
Loan Count(1),(2)
Total Purchase Price ($ in millions)
Total UPB ($ in millions)
Total BPO ($ in millions)
Purchase Price as % of UPB
Purchase Price as % of BPO
Weighted Average LTV(3)
Delinquent 2,191 $ 293.7 $ 428.1 $ 428.3 68.6% 68.6% 123.3%
Foreclosure 1,934 273.5 485.1 431.4 56.4% 63.4% 133.2%
Performing 570 75.3 115.9 122.8 64.9% 61.3% 113.7%
Total/Average 4,695 $ 642.5 $ 1,029.1 $ 982.5 62.4% 65.4% 126.7%
(1) Represents first liens on 4,552 homes and 143 parcels of land.
(2) Excludes 280 unsecured, second and third liens with an aggregate purchase price of $1.9 million.
(3) Weighted average LTV is based on the ratio of UPB to BPO weighted by UPB for each state.
17

TRANSACTION ACTIVITY
Acquisitions – Three Months Ended September 30, 2014
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
Rental Homes:
Markets
Homes
Average Home Size (sq. ft.)
Average Acquisition Cost per Home
Average Estimated Upfront Renovation Cost per Home
Average Estimated Investment per Home(1)
Aggregate Investment ($ in millions)
Estimated Average Monthly Rent per Home(2)
Houston 320 1,978 $ 140,895 $ 10,298 $ 151,194 $ 48.4 $ 1,582
South Florida 204 1,661 $ 156,988 $ 35,727 $ 192,715 39.3 $ 1,809
Atlanta 175 2,113 $ 128,677 $ 23,795 $ 152,473 26.7 $ 1,324
Dallas 155 2,244 $ 159,420 $ 14,995 $ 174,415 27.0 $ 1,679
Denver 143 1,691 $ 205,270 $ 31,746 $ 237,016 33.9 $ 1,733
Tampa 132 1,480 $ 106,560 $ 22,595 $ 129,155 17.0 $ 1,312
Chicago 99 1,557 $ 121,010 $ 34,922 $ 155,933 15.4 $ 1,648
Orlando 79 1,544 $ 106,627 $ 25,987 $ 132,614 10.5 $ 1,283
Southern California 40 1,647 $ 239,655 $ 24,526 $ 264,181 10.6 $ 1,987
Northern California 9 1,526 $ 235,556 $ 18,427 $ 253,983 2.3 $ 1,855
Phoenix 2 1,451 $ 94,250 $ 31,985 $ 126,235 0.3 $ 1,094
Total/Average 1,358 1,830 $ 147,319 $ 23,060 $ 170,378 $ 231.4 $ 1,584
Non-Performing Loans:
Type of Asset Acquired
Assets
Total Purchase Price ($ in millions)
Total UPB ($ in millions)
Total BPO ($ in millions)
Purchase Price as % of UPB
Purchase
Price as % of BPO
NPL 1,800 $ 268.3 $ 381.8 $ 375.2 70.3% 71.5%
REO 306 40.4 61.2 48.8 66.0% 82.7%
Total 2,106 $ 308.7 $ 443.0 $ 424.0 69.7% 72.8%
(1) Includes acquisition costs and actual and estimated upfront renovation costs. Actual renovation costs may exceed estimated renovation costs, and we may acquire homes in the future with different characteristics that result in higher renovation costs.
(2) Estimated average monthly rent per home represents (1) for vacant homes, management’s estimates of what rent would be generated if such homes were leased based on rents estimated by examining multiple rent data sources (such as realized rents for comparable homes in neighborhood, a proprietary rent setting algorithm, third-party vendors, etc.) and using localized
knowledge to establish rent for a given property and (2) for leased homes, average monthly contractual rent. No assurance can be given that these estimates will prove to be accurate, and
you should not place undue reliance on them.
18

Definitions and Reconciliations
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
Enterprise Value. We define enterprise value as market value of equity plus debt plus non-controlling interests less cash and cash equivalents.
Estimated NAV. We define Estimated NAV as the estimated value of all assets net of liabilities. To calculate the Estimated NAV, the historical net investments in real estate and NPLs at carrying value are deducted from total shareholders’ equity and the Estimated SFR Value and NPL Value are added (see table below). The costs of selling properties in the portfolio, including commissions and other related costs are not deducted for the purpose of calculating the Estimated SFR Value and Estimated NAV. Further, future promoted interests on the NPL portfolio are not deducted for the purpose of calculating Estimated SFR & NPL Value and Estimated NAV. We consider Estimated NAV to be an appropriate supplemental measure as it illustrates the estimated imbedded value in our SFR portfolio and NPL portfolio that is carried on our balance sheet primarily at cost. The Estimated SFR Value, Estimated NPL Value and Estimated NAV are non-GAAP financial measures. However, they are provided for informational purposes to be used by investors in assessing the value of the assets. A reconciliation of total shareholders’ equity to Estimated NAV is provided below.
September 30, 2014
($ in thousands, except share and per share data) Amount Per Share
(unaudited)
Investments in real estate properties, gross $ 1,753,270 $ 45.53
Less: accumulated depreciation (25,604) (0.66)
Add: real estate held for sale, net 17,306 0.45
Investments in real estate, net 1,744,972 45.32
Add: increase in estimated fair value of investments in real estate 301,871 7.84
Less: estimated renovation reserve (181,337) (4.71)
Estimated SFR Value 1,865,506 48.45
Non-performing loans 163,922 4.26
Non-performing loans (fair value option) 489,995 12.72
Add: increase in estimated fair value of non-performing loans 61,101 1.59
Estimated NPL Value 715,018 18.57
Estimated SFR & NPL Value $ 2,580,524 $ 67.02
Total shareholders’ equity $ 1,096,488 $ 28.48
Less: unamortized debt discount on convertible senior notes (28,417) (0.75)
Less: investments in real estate, net (1,744,972) (45.32)
Less: non-performing loans (163,922) (4.26)
Less: non-performing loans (fair value option) (489,995) (12.72)
Add: estimated SFR & NPL value 2,580,524 67.02
Estimated NAV $ 1,249,706 $ 32.45
Number of Shares 38,506,041
These metrics should be considered along with other available information in valuing and assessing us, including our GAAP financial measures and other cash flow and yield metrics. These metrics should not be viewed as a substitute for book value, net investments in real estate, equity, net income or cash flows from operations prepared in accordance with GAAP, or as measures of profitability or liquidity.
Further, not all real estate investment trusts (“REITs”) compute same non-GAAP measure, therefore, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other REITs.
Funds From Operations (“FFO”) and Core FFO.
FFO is used by industry analysts and investors as a supplemental performance measure of an equity REIT. FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as net income or loss (computed in accordance with GAAP) excluding gains or losses from sales of previously depreciated real estate assets, plus depreciation and amortization of real estate assets and adjustments for unconsolidated partnerships and joint ventures.
We believe that FFO is a meaningful supplemental measure of the operating performance of our single-family home business because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure because it excludes historical cost depreciation, as well as gains or losses related to sales of previously depreciated homes, from GAAP net income. By excluding depreciation and gains or losses on sales of real estate, management uses FFO to measure returns on its investments in real estate assets. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the homes that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of the homes, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.
We believe that Core FFO is a meaningful supplemental measure of our operating performance for the same reasons as FFO and adjusting for non-routine items that when excluded allows for more comparable periods. Our Core FFO begins with FFO as defined by the NAREIT White Paper and is adjusted for: share-based compensation, non-recurring costs associated with the separation, acquisition fees expensed and property management engagement costs, write-off of loan costs, loss on derivative financial instruments, amortization of derivative financial instruments cost, severance expense, non-cash interest expense related to amortization on convertible senior notes, and other non-comparable items as applicable.
Management also believes that FFO/Core FFO, combined with the required GAAP presentations, is useful to investors in providing more meaningful comparisons of the operating performance of a company’s real estate between periods or as compared to other companies. FFO/Core FFO does not represent net income or cash flows from operations as defined by GAAP and is not intended to indicate whether cash flows will be sufficient to fund cash needs. It should not be considered an alternative to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. Our FFO/Core FFO may not be comparable to the FFO of other REITs due to the fact that not all REITs use the NAREIT or similar Core FFO definition. For a reconciliation of FFO and Core FFO to net loss attributable to common shareholders determined in accordance with GAAP for the three and nine months ended September 30, 2014, please refer to page 11. For a reconciliation of FFO and Core FFO to net loss attributable to common shareholders determined in accordance with GAAP for the three months ended June 30, 2014, please refer to page 20.
19

Definitions and Reconciliations (cont’d)
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
Three Months Ended June 30, 2014
($ in thousands, except share and per share data)
Reconciliation of net loss to FFO
Net loss attributable to common shareholders $ (12,116)
Add (deduct) adjustments to net loss to get to FFO:
Depreciation and amortization on real estate assets 7,243
Non-controlling interests 83
Subtotal - FFO (4,790)
Add (deduct) adjustments to FFO to get to Core FFO:
Share-based compensation 2,130
Acquisition fees expensed and property management engagement costs 186
Write-off of loan costs 5,032
Loss on derivative financial instruments, net 470
Amortization of derivative financial instruments cost (50)
Core FFO $ 2,978
Core FFO per share $ 0.08
Weighted average FFO shares 39,079,365
In the first quarter of 2014, Core FFO excluded adjustments related to share-based compensation and included adjustments related to acquisition pursuit costs. A reconciliation of FFO and Core FFO to net loss attributable to common shareholders determined in accordance with GAAP for the three months ended March 31, 2014 is provided below.
Three Months Ended March 31, 2014
($ in thousands, except share and per share data)
Reconciliation of net loss to FFO
Net loss attributable to common shareholders $ (15,308)
Add (deduct) adjustments to net loss to get to FFO:
Depreciation and amortization on real estate assets 5,473
Non-controlling interests (10)
Subtotal - FFO (9,845)
Add (deduct) adjustments to FFO to get to Core FFO:
Acquisition fees expensed 261
Non-recurring acquisition pursuit costs and property management engagement costs 554
Non-recurring costs associated with the Separation 3,543
Core FFO $ (5,487)
Core FFO per share $ (0.14)
Weighted average FFO shares 39,110,969
Net Debt. We define net debt as total debt outstanding less cash and cash equivalents.
Stabilized Homes. We define the stabilized home portfolio to include homes from the first day of initial occupancy or subsequent occupancy after a renovation. Homes are considered stabilized even after subsequent resident turnover. However, homes may be removed from the stabilized home portfolio and placed in the non-stabilized home portfolio due to renovation during the home lifecycle.
Total NOI, Total NPL NOI, Total Non-Stabilized Portfolio NOI and Total Stabilized Portfolio NOI. We define Total NOI as total revenues less property operating and maintenance expenses and real estate taxes and insurance expenses (“property operating expenses”) and mortgage loan servicing costs. We define Total NPL Portfolio NOI as gains on NPLs, net and gains on loan conversions, net less mortgage loan servicing costs. We define Total Non-Stabilized Portfolio NOI as total revenues on the non-stabilized portfolio less property operating expenses on the non-stabilized portfolio. We define Total Stabilized Portfolio NOI as total revenues on the stabilized portfolio less property operating expenses on the stabilized portfolio. We consider these NOI measures to be appropriate supplemental measures of operating performance to net income attributable to common shareholders because they reflect the operating performance of our homes without allocation of corporate level overhead or general and administrative costs and reflect the operations of the segments and sub-segments of our business. A reconciliation of net loss attributable to common shareholders to these NOI measures, please refer to page 21.
20

Definitions and Reconciliations (cont’d)
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
($ in thousands, unaudited) Q1 2014 Q2 2014 Q3 2014 YTD 2014(1)
Reconciliation of net loss to stabilized portfolio NOI
Net loss attributable to common shareholders $ (15,308) $ (12,116) $ (6,713) $ (34,137)
Add (deduct) adjustments to get to total NOI
Non-performing loan management fees and expenses 2,415 1,871 3,508 7,794
General and administrative 5,370 4,444 4,627 14,441
Share-based compensation 329 2,130 2,101 4,560
Investment management fees 2,757 3,993 4,522 11,272
Separation costs 3,543 - - 3,543
Acquisition fees expensed and property management engagement costs 261 186 217 664
Interest expense, including amortization 1,500 5,191 11,899 18,590
Depreciation and amortization 5,473 7,243 9,238 21,954
Finance related expenses and write-off of loan costs - 5,441 1,334 6,775
Impairment of real estate 834 1,233 341 2,408
Realized loss (gain) on sales of investments in real estate, net 145 56 (125) 76
Loss on derivative financial instruments, net - 470 104 574
Income tax expense 135 350 19 504
Net income attributable to non-controlling interests (10) 83 13 86
Total NOI 7,444 20,575 31,085 59,104
Add (deduct) adjustments to get to total stabilized home portfolio NOI
NPL portfolio NOI components:
Realized gain on non-performing loans, net (1,843) (3,357) (1,941) (7,141)
Realized gain on loan conversions, net (5,414) (6,483) (5,791) (17,688)
Mortgage loan servicing costs 4,882 5,139 7,918 17,939
Unrealized gain on non-performing loans, net - (3,641) (13,705) (17,346)
Deduct: Total NPL portfolio NOI (2,375) (8,342) (13,519) (24,236)
Non-stabilized portfolio NOI components:
Property operating expenses on non-stabilized homes 2,563 2,726 2,537 7,826
Add: Total Non-stabilized portfolio NOI 2,563 2,726 2,537 7,826
Total stabilized portfolio NOI $ 7,632 $ 14,959 $ 20,103 $ 42,694
Calculation of stabilized portfolio NOI margin:
Rental revenues $ 13,765 $ 23,602 $ 30,366 $ 67,733
Less: Allowance for doubtful accounts (509) (614) (870) (1,993)
Total rental revenues $ 13,256 $ 22,988 $ 29,496 $ 65,740
Stabilized portfolio NOI margin 57.6% 65.1% 68.2% 64.9%
(1) Nine months ended September 30, 2014.
These NOI measures should not be considered alternatives to net loss or net cash flows from operating activities, as determined in accordance with GAAP, as indications of our performance or as measures of liquidity. Although we use these non-GAAP measures for comparability in assessing their performance against other REITs, not all REITs compute the same non-GAAP measures. Accordingly, there can be no assurance that our basis for computing these non-GAAP measures are comparable with that of other REITs.
Total Rental Portfolio. We define total rental portfolio to exclude homes designated as non-rental. Non-rental homes are homes we do not intend to hold for the long term.
Unrestricted Cash. We define unrestricted cash as cash held in banks and short-term investments that is uncommitted and available for operational use.
21

Forward-Looking Statements
STARWOOD WAYPOINT RESIDENTIAL TRUST ™
The statements herein that are not historical facts are 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. These forward-looking statements involve significant risks and uncertainties, which are difficult to predict, and are not guarantees of future performance. Such statements can generally be identified by words such as “anticipates,” “expects,” “intends,” “will,” “could,” “believes,” “estimates,” “continue,” and similar expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our 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 our business, financial condition, liquidity, results of operations and prospects, as well as our ability to make distributions to our shareholders, include, but are not limited to: expectations regarding the timing of generating revenues; changes in our business and growth strategies; volatility in the real estate industry, interest rates and spreads, the debt or equity markets, the economy generally or the rental home market specifically; events or circumstances that undermine confidence in the financial markets or otherwise have a broad impact on financial markets; declines in the value of 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 our investment objective and business and growth strategies; the impact of changes to the supply of, value of and the returns on distressed and non-performing residential mortgage loans; our ability to convert the homes and distressed and non-performing residential mortgage loans we acquire into rental homes generating attractive returns; our ability to successfully modify or otherwise resolve distressed and non-performing residential mortgage loans; our ability to lease or re-lease our 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; our ability to manage our portfolio of rental homes; the concentration of credit risks to which we are exposed; the availability, terms and deployment of short-term and long-term capital; the adequacy of our cash reserves and working capital; our relationships with Starwood Capital Group and our manager and their ability to retain qualified personnel; potential conflicts of interest; unanticipated increases in financing and other costs; our expected leverage; changes in governmental regulations, tax laws and rates and similar matters; limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax purposes; and estimates relating to our ability to make distributions to our shareholders in the future. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by us with the Securities and Exchange Commission from time to time. Furthermore, except as required by law, we are under no duty to, and we do not intend to, update any of our forward-looking statements appearing herein, whether as a result of new information, future events or otherwise.