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SREIT Repurchase Plan Changes Take Effect, Satisfying About 3% of Each Stockholder’s Request

The total net asset value of Starwood Real Estate Income Trust Inc. declined in May 2024 by nearly 1.98% month-over-month, from approximately $9.89 billion on April 30, 2024, to approximately $9.69 billion. Starwood REIT, or SREIT, recently lowered the capacity under its share repurchase plan beginning with May 2024 redemptions. As such, approximately 3% of each stockholder’s May repurchase request was satisfied.

Starwood REIT is a publicly registered non-traded REIT sponsored by Starwood Capital Group. Its declared monthly NAV per share as of May 31, 2024, was as follows:

Class S shares had a NAV per share of $22.94, compared to $23.06 per share the previous month, a 0.52% decrease.

Class T shares had a NAV per share of $22.95, compared to $23.07 per share the previous month, a 0.52% decrease.

Class D shares had a NAV per share of $22.50, compared to $22.62 per share the previous month, a 0.53% decrease.

Class I shares had a NAV per share of $22.75 compared to $22.87 per share the previous month, an approximately 0.53% decrease.

In May 2024, SREIT amended its share repurchase plan such that, beginning with repurchases in May 2024, it would limit share repurchases to 0.33% of NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month). Further, beginning in July 2024, SREIT will limit share repurchases to 1% of NAV per quarter.

In May 2024, the company received repurchase requests in excess of the 0.33% monthly limit. As per the terms of our share repurchase plan, it honored all repurchase requests for May 2024 on a pro rata basis up to the 0.33% monthly limitation. As such, approximately 3% of each stockholder’s May repurchase request was satisfied.

In accordance with SREIT’s repurchase plan, on May 31, 2024, it repurchased all of the shares from stockholders that held less than $500 in shares of common stock and, as such, it exceeded the 0.33% monthly limitation by $90,630, as authorized by its board of directors.

Starwood REIT is currently offering on a continuous basis up to $18 billion in shares of common stock, consisting of up to $16 billion in shares of its primary offering and up to $2 billion in shares pursuant to its distribution reinvestment plan. As of June 14, 2024, Starwood REIT had issued and sold nearly 48.4 million shares of its common stock in the primary offering for total proceeds of approximately $1.3 billion, and approximately 15.1 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of approximately $0.4 billion.

The number of shares outstanding totaled about 424.8 million as of May 31, 2024, compared to approximately 431 million the previous month.

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

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