Colony Starwood Homes (NYSE:SFR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
Appointment of Trustee
On March 29, 2017, the Board of Trustees (the Board) of Colony
Starwood Homes, a Maryland real estate investment trust (the
Company) voted to expand the size of the Board to 14 members and
appointed Mr. Frederick C. Tuomi as a trustee of the Company.
Mr. Tuomi, age 62, has been the Chief Executive Officer of the
Company since January 2016. Mr. Tuomi served as co-president of
Colony American Homes, Inc. (CAH) from March 2015 and chief
operating officer from July 2013 until the closing of the merger
of Starwood Waypoint Residential Trust and CAH. In his capacity
asco-president and chief operating officer of CAH, Mr. Tuomi was
responsible for setting CAHs strategic direction and leading the
operations of CAHs single-family rental operations including
construction/renovations, marketing, leasing, property
management, asset management, human resources and information
technology. Prior to joining CAH, Mr. Tuomi was executive vice
president and presidentproperty management for Equity
Residential, which he joined in 1994. He led the development of
Equity Residentials property management group through years of
rapid growth and expansion to become the largest multi-family
real estate investment trust in the United States, while helping
to pioneer its leading operational platform. Prior to Equity
Residential, he was president of Residential Asset Management
Group, a subsidiary of Post Properties. Throughout his 35-year
career, Mr. Tuomi has served on numerous multi-family industry
boards and executive committees, including the National
Multi-Housing Council, California Housing Council, California
Apartment Association and the USC Lusk Center for Real Estate.
Since September 2014, Mr. Tuomi also serves as a director of
Tejon Ranch Co. (NYSE: TRC), a diversified real estate
development and agribusiness company. Mr. Tuomi serves on the
board of directors and as treasurer of the National Rental
Housing Council. Mr. Tuomi is a graduate of Georgia State
University, with a degree in Business Information Systems and a
Masters in Business Administration.
There are no arrangements or understandings between Mr. Tuomi and
any other persons to which he was elected to the Board, and Mr.
Tuomi has no direct or indirect material interest in any
transaction required to be disclosed to Item 404(a) of Regulation
S-K other than his employment agreement with the Company dated
March 22, 2016 as described in the Current Report on Form 8-K
filed by the Company on March 22, 2016 and incorporated herein by
reference.
Item 8.01. Other Events
Interest Rate Swap
On March 29, 2017, the Company, through Colony Starwood Homes
Partnership LP, the Companys operating partnership, entered into
an interest rate swap contract on a notional amount of $800
million in order to mitigate its exposure to potential future
increases in LIBOR rates upon the maturity of certain other swap
contracts to which the Company is party. This swap contract is
effective on March 15, 2019 and matures on March 15, 2022, and
effectively converts the LIBOR indexed floating rate on $800
million of the Companys existing and future debt to a fixed
interest rate of 2.21% for approximately three years.
to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
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Dated: March 31, 2017 |
COLONY STARWOOD HOMES |
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By: |
/s/ Ryan A. Berry |
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Name: |
Ryan A. Berry |
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Title: |
Executive Vice President, General Counsel and Secretary |
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About Colony Starwood Homes (NYSE:SFR)
Colony Starwood Homes, formerly Starwood Waypoint Residential Trust, is a real estate investment trust (REIT). The Company operates through two segments: single-family rental (SFRs), which includes the business activities associated with its investments in residential properties, and non-performing residential mortgage loans (NPLs), which includes the business activities associated with its investments in NPLs. The Company identifies and pursues individual home acquisition opportunities through various sources, including multiple listing services (MLS) listings, foreclosure auctions and short sales. The Company’s portfolio includes approximately 34,670 owned homes and homes underlying NPLs. Its homes are located in South Florida, Atlanta, Houston, Tampa, Dallas, Denver, Chicago, Orlando, Southern California, Northern California, Phoenix and Las Vegas. Colony Starwood Partnership, L.P. is a limited partnership through which the Company conducts substantially all of its business. Colony Starwood Homes (NYSE:SFR) Recent Trading Information
Colony Starwood Homes (NYSE:SFR) closed its last trading session 00.00 at 33.98 with 626,918 shares trading hands.