Starwood REIT Reports Monthly NAV Per Share and Acquisition Pipeline Update
Starwood Real Estate Income Trust Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has updated its estimated monthly net asset value per share for its classes of common stock as of November 30, 2021.
Starwood Real Estate Income Trust Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has updated its estimated monthly net asset value per share for its classes of common stock as of November 30, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have an NAV per share of approximately $25.76, compared to the previous month’s valuation of $24.93 per share.
Class T shares, which are typically available through brokerage and transaction-based accounts, have an NAV per share of approximately $25.71. The previous month, Class T shares had an NAV per share of $24.86.
Class D shares have a net asset value per share of approximately $25.32, compared to $24.50. 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 customarily sold to endowments, foundations, pension funds and other institutional investors, have an NAV per share of $25.65. The previous month, Class I shares had an NAV per share of $24.83.
Shares were initially priced at $20.00 each plus applicable selling commissions and fees.
Starwood REIT said that over the last 30 days, it has closed on four investments totaling $1.1 billion. The REIT currently has eight acquisitions under contract or exclusivity totaling $2.7 billion that are expected to close over the next 60 days. The REIT remains oriented towards residential (multifamily and single-family rental) and industrial, which represent 83 percent of the pipeline.
Starwood REIT’s investments in real estate increased from $10.7 billion in October to $16.4 billion in November, while its real estate debt investments decreased from $968.4 million to $946.1 million.
Cash and cash equivalents decreased from $1.2 billion to $229.5 million, month-over-month, restricted cash decreased from $537.5 million to $518.9 million, and other assets increased from $533.6 million to $549.7 million.
The REIT’s debt obligations increased from ($5.90 billion) in October to ($9.25 billion) in November. Secured financings on investments in real estate debt increased from ($137.4 million) to ($262 million), subscriptions received in advance decreased from ($446.7 million) to ($423.7 million), and other liabilities increased from ($190.2 million) to ($414.3 million).
The REIT had nearly 312.2 million shares outstanding as of November 30, 2021, compared to 287.3 million shares the previous month.
Starwood Real Estate Income Trust Inc., which invests in stabilized real estate across the United States and Europe, raised $3.9 billion in its initial public offering from December 2017 to June 2021.
The REIT’s $10 billion follow-on offering was declared effective in early June 2021 and has raised $3.8 billion, as of mid-December 2021. As of November 30, 2021, the REIT’s aggregate NAV was $8 billion.
