other material
confidence high
sentiment negative
materiality 0.75
SREIT cuts monthly share repurchase limit to 0.33% of NAV; advisor waives 20% management fee
Starwood Real Estate Income Trust, Inc.
- Monthly repurchase limit reduced from 2% to 0.33% of NAV starting May 2024; quarterly limit set at 1% of NAV starting July 1, 2024.
- New limits equate to ~$33M/month, $100M/quarter, or $400M/year based on April 30 NAV.
- Advisor will waive 20% of its management fee (from 1.25% to 1.0% of NAV) until repurchase limits restored to 2%/month and 5%/quarter.
- SREIT maintains 5.4% annualized distribution rate (Class I) during reduced liquidity period.
- Company cites near-bottom real estate market as reason; expects share repurchase limits to last ~6-12 months.