Withdrawals Aren't Overwhelming Starwood
Your article about Starwood Real Estate Income Trust (Sreit) presents readers a distorted picture ('Withdrawals Overwhelm Starwood Fund,' The Property Report, June 11). You write that Sreit's net asset value has declined by 40% since its peak in 2022. However, the total return is down only around 1% since the start of 2024. The NAV reduction is predominantly owing to Starwood's providing $5 billion of liquidity to investors. The portfolio also absorbed mark-to-market losses of nearly $800 million in interest-rate hedge gains, which cushioned our performance as the Federal Reserve raised interest rates by five percentage points after May 2022.
Sreit posted a cumulative 12% increase in its same-store net operating income the past two years, making it one of the best performing nonlisted real-estate investment trusts among its peers. Nearly 75% of our investors have never sought to redeem, instead enjoying our relative stability. Investors who submitted monthly repurchase requests since Sreit's redemptions were reduced would have had about 40% of their investment returned.
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