Starwood REIT repurchases $13 million in Q3 under April limits

Starwood Real Estate Income Trust (SREIT) repurchased about $13 million of shares in the third quarter, all through the two narrow categories its board left open when it suspended most redemptions in April.

Monthly totals were about $4.2 million in July, $5.1 million in August and $3.7 million in September, according to AltsWire. The company said it filled every request in those categories, and none were prorated because eligible volume stayed below the $5 million monthly cap. That is roughly a tenth of the $120.3 million bought back in the first quarter, the last quarter under its prior repurchase policy.

Clients with more than $5,000 in the fund have no scheduled exit. The amended plan limits repurchases to shares of a stockholder who has died or become disabled and to accounts below $5,000, with each category capped at $5 million a month.

Class I is down about 2.5% from its last pre-suspension mark of $19.65 at March 31 and about 6.2% below the $20.42 reported a year earlier. Class I NAV was $19.16 at Sept. 30, down from $19.27 at Aug. 31, and total NAV was about $7.87 billion, from $7.91 billion. Class S, Class T and Class D also declined, as shown in the table. Those September values set transaction prices for subscriptions accepted Nov. 2.

SREIT declared an October gross distribution of $0.0770 per share for every class on Oct. 30, payable on or about Nov. 4, the same monthly amount it has declared since the April cut. Holding the payout while NAV falls lifts the annualized Class I rate to about 4.8% at the Sept. 30 mark, from 4.7% set in April, according to the company.

October's repurchase total is the next checkpoint: the plan fills eligible requests in full until a category exceeds $5 million in a single month.