Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2016

Summary of assets acquired and liabilities assumed

The following table summarizes the identified assets acquired and liabilities assumed at the respective acquisition dates, as well as adjusted provisional estimates for the REO Portfolio (amounts in thousands):

	2016						2015
	Medical Office		Woodstar		REO		Woodstar		REO		Ireland
Assets acquired:	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Cash and cash equivalents	$	—	$	6,254	$	—	$	—	$	—	$	—
Restricted cash		—		—		—		—		—		10,829
Properties		686,984		245,430		123,819		339,040		128,218		445,369
Intangible assets		85,596		8,174		25,638		11,337		19,381		59,529
Other assets		511		16,417		2,978		652		4,973		2,508
Total assets acquired		773,091		276,275		152,435		351,029		152,572		518,235
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities		14,327		19,666		7,358		18,030		6,998		17,552
Secured financing agreements		—		150,763		—		8,982		—		283,010
Total liabilities assumed		14,327		170,429		7,358		27,012		6,998		300,562
Non-controlling interests		—		—		6,462		—		6,904		—
Net assets acquired	$	758,764	$	105,846	$	138,615	$	324,017	$	138,670	$	217,673

Summary of consolidated results of discontinued operations and consolidated balance sheet for the SFR segment prior to spin-off, excluding segment allocations

The following table presents the summarized consolidated results of discontinued operations prior to the spin-off (amounts in thousands):

	For the year ended December 31,
	2016		2015		2014
Total revenues	$	—	$	—	$	3,876
Total costs and expenses		—		—		6,369
Loss before other income and income taxes		—		—		(2,493)
Total other income		—		—		942
Loss before income taxes		—		—		(1,551)
Income tax provision		—		—		—
Net loss	$	—	$	—	$	(1,551)

Medical Office Portfolio, Woodstar Communities Portfolio REO Portfolio And Ireland Portfolio

Schedule of unaudited pro forma revenue and net income

The unaudited pro-forma revenues and net income attributable to the Company for the years ended December 31, 2016 and 2015, assuming all the properties acquired within the Medical Office Portfolio, Woodstar Portfolio, Ireland Portfolio and REO Portfolio were acquired on January 1, 2014 for the 2015 acquisitions and January 1, 2015 for the 2016 acquisitions, are as follows (amounts in thousands, except per share amounts):

	For the Year Ended
	December 31,
(Unaudited)	2016		2015
Revenues	$	854,416	$	914,355
Net income attributable to STWD		341,972		441,150
Net income per share - Basic		1.42		1.87
Net income per share - Diluted		1.41		1.87

Schedule of adjustments related to pro forma revenue and net income

Pro-forma net income was adjusted to include the following estimated incremental management fees the combined entity would have incurred (amounts in thousands):

	For the Year Ended
	December 31,
(Unaudited)	2016		2015
Management fee expense addition	$	4,921	$	11,121

REO Portfolio

Schedule of measurement period adjustments

The following table summarizes the measurement period adjustments applied to the REO Portfolio’s initial provisional acquisition date balance sheets for these certain properties (amounts in thousands):

	Initial		Measurement		Adjusted
	Provisional		Period		Provisional
Assets acquired:	Amounts		Adjustments		Amounts
Properties	$	71,496	$	17,277	$	88,773
Intangible assets		25,387		(6,271)		19,116
Other assets		2,862		—		2,862
Total assets acquired		99,745		11,006		110,751
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities		3,202		2,184		5,386
Total liabilities assumed		3,202		2,184		5,386
Non-controlling interests		5,492		—		5,492
Net assets acquired	$	91,051	$	8,822	$	99,873