Starwood REIT Reports Monthly NAV Per Share and Acquisitions Update
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has updated its monthly net asset value per share for its classes of common stock as of July 31, 2021.
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has updated its monthly net asset value per share for its classes of common stock as of July 31, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have an NAV per share of approximately $22.89, compared to the previous month’s valuation of $22.57 per share.
Class T shares, which are typically available through brokerage and transaction-based accounts, have an NAV per share of approximately $22.79. The previous month, Class T shares had an NAV per share of $22.46.
Class D shares have a net asset value per share of approximately $22.73. 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. The previous month, Class D shares had an NAV per share of $22.42.
Class I shares, which are customarily sold to endowments, foundations, pension funds and other institutional investors, have an NAV per share of $22.83. The previous month, Class I shares had an NAV per share of $22.51.
Shares were initially priced at $20.00 each plus applicable selling commissions and fees.
Starwood REIT said in a filing with the Securities and Exchange Commission that July and August to date have been “very productive” for respect to its acquisitions efforts. The REIT has 10 separate real estate transactions under contract or exclusivity that are expected to close over the next 45-60 days with a total purchase price totaling $2.2 billion. The transactions comprise 61 percent multifamily apartments, 30 percent industrial and 9 percent other asset types.
Starwood REIT’s investments in real estate increased from $7.8 billion in June to $8.1 billion in July, while its real estate debt investments increased slightly from $980.4 million to $983 million.
Cash and cash equivalents increased from $455.4 million to $542.5 million month-over-month, restricted cash increased from $458.2 million to $487.5 million, and other assets increased from $185.2 million to $281.5 million.
The REIT’s debt obligation increased from approximately ($4.8 billion) in June to ($4.9 billion) in July. Secured financings on investments in real estate debt increased slightly from ($138.1 million) to ($139 million), subscriptions received in advance increased from ($346.6 million) to ($406 million), and other liabilities decreased from ($428.2 million) to ($152.5 million). The REIT had nearly 207.3 million shares outstanding as of July 31, 2021, compared to 182.6 million shares outstanding 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.
Starwood REIT’s $10 billion follow-on offering was declared effective in early June 2021 and has raised $1.1 billion, as of mid-August 2021. As of July 31, 2021, the REIT’s aggregate NAV was $4.7 billion.
