Starwood REIT NAV Drops 1.7% in March; Redemption Requests Remain High

The total net asset value for Starwood Real Estate Income Trust Inc. declined in March 2024, this time by more than 1.7% month-over-month, from approximately $10.21 billion on Feb. 29, 2024, to approximately $10.04 billion. For the same period, the real estate investment trust met 24% of stockholder redemption requests.

Starwood REIT is a publicly registered non-traded REIT sponsored by Starwood Capital Group.

Its declared monthly NAV per share as of March 31, 2024, was as follows:

Class S shares had a NAV per share of $23.21, compared to $23.27 per share the previous month, a 0.26% decrease.

Class T shares had a NAV per share of $23.22, compared to $23.29 per share the previous month, a 0.3% decrease.

Class D shares had a NAV per share of $22.77, compared to $22.84 per share the previous month, a 0.31% decrease.

Class I shares had a NAV per share of $23.03 compared to $23.09 per share the previous month, a 0.26% decrease.

In March 2024, Starwood REIT received repurchase requests totaling approximately $408 million. As per the terms of its share repurchase plan, it honored all repurchase requests for the month on a pro rata basis up to the 5% quarterly limitation. As such, approximately 24% of each stockholder’s March repurchase request was satisfied.

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 April 15, 2024, Starwood REIT had issued and sold nearly 47.4 million shares of its common stock in the primary offering for total proceeds of approximately $1.3 billion, and approximately 13.8 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 434.6 million as of March 31, 2024, compared to 441 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.