Starwood REIT forms JV with Apollo; Apollo invests $1.02B for 41.5% stake in ~120 affordable housing properties

Starwood Real Estate Income Trust, Inc.

Apollo invested $1.02B for 41.5% Class B Common Units in JV holding ~120 affordable housing properties.
Starwood retains 58.5% equity, full asset management and operational control; JV consolidated with Apollo's interest as redeemable noncontrolling interest.
Proceeds used to repay significant portion of credit facility, reducing interest expense and improving operating cash flow.
Starwood guarantees Apollo a minimum annual yield that increases over time; call option exercisable between 5th and 10th anniversary with capped 7% IRR.
Goldman Sachs acted as exclusive structuring agent; multiple banks served as advisors and arrangers.

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