Starwood Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by Starwood Capital Group, provided a quarterly update for the first quarter of 2023.
As of March 31, 2023, SREIT’s portfolio had $29 billion in total asset value and owned 715 properties across the United States and Europe. The company’s portfolio, 83% of which is comprised of rental housing and industrial properties, had average occupancy of 95% at the close of the first quarter of 2023.
SREIT’s portfolio is 75% allocated to the Southeast and Southwest with their two largest concentrations (30%) in Florida and Texas.
Currently, 98% of SREIT’s debt is effectively fixed at approximately 3.3% and has more than five years of duration remaining. In addition, the company says it has minimal debt maturities over the next three years with 1% maturing in 2023, 1% maturing in 2024, and 9% maturing in 2025.
At the end of March 2023, SREIT says it had access to approximately $2.1 billion of liquidity or 16% of NAV in the form of cash, marketable securities, and lines of credit.
As The DI Wire previously reported, SREIT limited investor repurchase requests in December 2022 and January 2023.
Starwood says that the monthly and quarterly repurchase limitations, combined with their liquidity position, “protect investors and enhance our ability to properly navigate through a challenging environment.”
Starwood Real Estate Income Trust invests in stabilized real estate across the United States and Europe. Its initial $5 billion offering launched in December 2017 and raised approximately $3.9 billion from investors before closing in June 2021. The first follow-on offering, comprised of $10 billion in shares, launched immediately afterward and raised approximately $8 billion. The second follow-on offering, which is currently offering up to $18 billion in shares of common stock, launched in August 2022 and has raised approximately $516.6 million in the primary offering to-date.
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