Starwood REIT Declares Monthly Net Asset Value Per Share
April 18, 2022 | The DI Wire
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 March 31, 2022.
Class S shares, which are purchased through brokerage and transaction-based accounts, have an NAV per share of approximately $27.22, compared to $26.66 the previous month.
Class T shares, which are typically available through brokerage and transaction-based accounts, have an NAV per share of approximately $27.19. The previous month, Class T shares were valued at $26.64.
Class D shares have a net asset value per share of approximately $26.79, compared to $26.25 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 $27.06. The previous month, Class I shares had an NAV per share of $26.51.
Shares were initially priced at $20.00 each plus applicable selling commissions and fees.
“Within the past few weeks, we have closed on four new acquisitions totaling approximately $745 million of purchase price,” the REIT said in a filing with the Securities and Exchange Commission. “The company’s current acquisitions pipeline includes nine acquisitions under contract or exclusivity totaling approximately $4.2 billion of purchase price. The pipeline is 73 percent comprised of residential and industrial assets located in growth markets.”
Last week, The DI Wire reported that Starwood REIT purchased a seven-property, 1,462-unit affordable housing portfolio located in the Phoenix area from ReNUE Properties for $345 million in one of the largest affordable housing transactions in Arizona history.
Starwood REIT’s investments in real estate increased from $20.01 billion in February to $20.18 billion in March, while its real estate debt investments decreased from $938.4 million to $1.03 billion.
Cash and cash equivalents increased from $977.8 million to $1.51 billion, month-over-month, restricted cash decreased from $666.6 million to $662.5 million, and other assets increased from $651.6 million to $893.3 million.
The REIT’s debt obligations remained flat at ($11.3 billion), and secured financings on investments in real estate debt decreased from ($265.7 million) to ($260.7 million). Subscriptions received in advance decreased from ($518.8 million) in February to ($500 million) in March, and other liabilities increased from ($268.7 million) to ($284.8 million).
The REIT had nearly 432.9 million shares outstanding as of March 31, 2022, compared to 403.7 million shares the previous month.
Starwood Real Estate Income Trust invests in stabilized real estate across the United States and Europe and has raised $3.9 billion in its initial public offering from December 2017 to June 2021. Its $10 billion follow-on offering was declared effective in early June 2021 and raised $6.5 billion, as of mid-April 2022. As of March 31, 2022, the REIT’s NAV was approximately $11.7 billion.
