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 September 30, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have an NAV per share of approximately $24.48, compared to the previous month’s valuation of $23.82 per share.
Class T shares, which are typically available through brokerage and transaction-based accounts, have an NAV per share of approximately $24.40. The previous month, Class T shares had an NAV per share of $23.73.
Class D shares have a net asset value per share of approximately $24.03, compared to $23.66. 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 $24.40. The previous month, Class I shares had an NAV per share of $23.75.
Shares were initially priced at $20.00 each plus applicable selling commissions and fees.
Starwood REIT said that its acquisition pipeline includes 10 separate transactions totaling just under $7 billion of acquisition value. The REIT continues to favor multifamily with 88 percent of the pipeline allocated to the sector, and approximately two-thirds of the current pipeline is being sourced off-market.
Starwood REIT’s investments in real estate increased from nearly $8.6 billion in August to $10.4 billion in September, while its real estate debt investments decreased from $977 million to $964.1 million.
Cash and cash equivalents decreased from $747.4 million to $671.7 million, month-over-month, restricted cash increased from $453.2 million to $562.6 million, and other assets decreased from $522 million to $488.3 million.
The REIT’s debt obligations increased from ($4.96 billion) in August to ($5.76 billion) in September. Secured financings on investments in real estate debt decreased from ($137.6 million) to ($134.8 million), subscriptions received in advance increased from ($368.4 million) to ($476.5 million), and other liabilities increased from ($160.5 million) to ($176.2 million).
The REIT had nearly 260.5 million shares outstanding as of September 30, 2021, compared to 231.9 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 $2.4 billion, as of mid-October 2021. As of September 30, 2021, the REIT’s aggregate NAV was $6.4 billion.