Starwood REIT Fulfills Partial Redemption Requests as NAV Falls

In June 2024, Starwood Real Estate Income Trust (SREIT) fulfilled 4% of each stockholder's redemption request and reported a 1.2% decrease in total NAV, further limiting share repurchases starting July.

July 30, 2024

Starwood Real Estate Income Trust Inc. (SREIT), a publicly registered non-traded REIT sponsored by Starwood Capital Group, reported a nearly 1.2% decrease in its total net asset value (NAV) for June 2024, dropping from approximately $9.69 billion on May 31, 2024, to about $9.58 billion. In June, the REIT fulfilled 4% of each stockholder’s repurchase request.

SREIT had previously reduced its share repurchase capacity starting with May 2024 redemptions, limiting repurchases to 0.33% of NAV per month, meeting roughly 3% of May repurchase requests and 4% in June. Starting in July 2024, SREIT further limited share repurchases to 1% of NAV per quarter.

As of June 30, 2024, the declared monthly NAV per share was as follows:
- Class S shares: $22.67 (down from $22.94, approximately 1.2% decrease)
- Class T shares: $22.69 (down from $22.95, approximately 1.1% decrease)
- Class D shares: $22.24 (down from $22.50, approximately 1.2% decrease)
- Class I shares: $22.49 (down from $22.75, approximately 1.1% decrease)

Starwood REIT is currently offering up to $18 billion in shares of common stock, with $16 billion from its primary offering and $2 billion through its distribution reinvestment plan. By July 17, 2024, SREIT had issued and sold nearly 48.5 million shares in the primary offering, raising approximately $1.3 billion, and about 15.7 million shares through the reinvestment plan, totaling around $0.4 billion. The number of shares outstanding was approximately 424.6 million as of June 30, compared to 424.8 million the previous month.

Launched in December 2017, Starwood Real Estate Income Trust invests in stabilized real estate across the United States and Europe.