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Starwood REIT Fulfills 51% of August Redemption Requests; Reports Slightly Lower NAV

Starwood REIT Fulfills 51% of August Redemption Requests; Reports Slightly Lower NAV. Alternative investments, INVEST, investment, investors, NAV, net asset value, real estate, real estate investment trust, redemptions, REIT, share, shareholders, Starwood, Starwood Real Estate Income Trust, Starwood REIT
Starwood REIT Fulfills 51% of August Redemption Requests; Reports Slightly Lower NAV. Alternative investments, INVEST, investment, investors, NAV, net asset value, real estate, real estate investment trust, redemptions, REIT, share, shareholders, Starwood, Starwood Real Estate Income Trust, Starwood REIT

Starwood Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by Starwood Capital Group, has provided an update to its estimated monthly net asset value per share for its classes of common stock as of Aug. 31, 2023.

In August 2023, the company received repurchase requests equal to 3.9% of their aggregate monthly NAV. SREIT says they honored all repurchase requests for August 2023 on a pro rata basis up to the 2% monthly limitation. As such, 51.3% of each stockholder’s August repurchase request was satisfied.

The company says their August repurchase requests were approximately 34% lower than their peak and that investors who started redeeming in November 2022, when redemption requests were first prorated, would have received more than 99% of their money back in the ten months ended August 2023.

As The DI Wire previously reported, as of July 2023, SREIT reported that the company received repurchase requests equal to 3.6% of their aggregate monthly NAV and honored all repurchase requests for July 2023 on a pro-rata basis up to the 2% monthly limitation. As such, 55.3% of each stockholder’s share repurchase requests were satisfied in July 2023.

As of Aug. 31, 2023, the REIT’s NAV was approximately $11.9 billion, compared to approximately $12.1 billion the previous month.

Class S shares, which are purchased through brokerage and transaction-based accounts, have an NAV per share of approximately $24.98, compared to $25.04 the previous month.

Class T shares, which are typically available through brokerage and transaction-based accounts, have an NAV per share of approximately $24.99. The previous month, Class T shares were valued at $25.05.

Class D shares have a net asset value per share of approximately $24.55, compared to $24.61 the previous month. These shares are sold through fee-based programs known as wrap accounts as well as participating broker-dealers, certain registered investment advisers, and bank trust departments or other organizations.

Class I shares, which are sold to endowments, foundations, pension funds and other institutional investors, have an NAV per share of $24.80. The previous month, Class I shares had an NAV per share of $24.85.

Shares were initially priced at $20.00 each plus applicable selling commissions and fees.

The REIT had 478.4 million shares outstanding as of July 31, 2023, compared to 486.1 million shares the previous month.

Starwood Real Estate Income Trust invests in stabilized real estate across the United States and Europe. Since its launch in December 2017, the company has raised a total of $13.6 billion via multiple public offerings, as of June 30, 2023.

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