Starwood Real Estate Income Trust, Inc. Notes to Consolidated Financial Statements
Common Stock The following table details the movement in the Company’s outstanding shares of common stock: Class T Class S Class D
Class I
Total
January 1, 2022
4,648,436 154,381,036 22,142,299 163,624,500 344,796,271 1,112,055 80,943,605 10,500,831 109,276,249 201,832,740
Common stock shares issued (1)
Distribution reinvestment plan shares issued Common stock shares repurchased Independent directors’ restricted stock grant (2)
125,187
3,647,656
720,473
3,664,723
8,158,039 (49,115,155)
(164,182) (14,415,387)
(2,389,430) (32,146,156)
—
—
— 35,697
35,697
December 31, 2022
5,721,496 224,556,910 30,974,173 244,455,013 505,707,592
Common stock shares issued (1)
(98,898) 141,944
4,915,057 3,788,883
(153,390) 335,712
14,803,271 19,466,040
Distribution reinvestment plan shares issued Common stock shares repurchased Independent directors’ restricted stock grant (2)
3,849,211
8,115,750
(482,517) (38,237,234)
(3,643,944) (60,147,804) (102,511,499)
—
—
— 30,361
30,361
December 31, 2023
5,282,025 195,023,616 27,512,551 202,990,052 430,808,244
Common stock shares issued (1)
(230,764) 142,951
209,158 3,660,648
293,126 500,536
9,457,765 3,204,529
9,729,285 7,508,664 (46,307,277)
Distribution reinvestment plan shares issued Common stock shares repurchased Independent directors’ restricted stock grant (2) __________ (1) Includes exchanges between share classes. December 31, 2024
(138,567) (17,502,181)
(2,378,099) (26,288,430)
—
—
— 33,797
33,797
5,055,645 181,391,241 25,928,114 189,397,713 401,772,713
(2) The independent directors’ restricted stock grant represents $0.8 million, $0.8 million and $0.8 million of the annual compensation paid to the independent directors for the years ended December 31, 2024, 2023 and 2022, respectively. Each grant is amortized over the one-year service period of such grant. Share Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. Should repurchase requests, in the Company’s judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may modify or suspend the Company’s share repurchase plan if it deems such action to be in the Company’s best interest and in the best interest of its stockholders. In addition, the total amount of shares that the Company may repurchase is limited. From the Company ’ s inception until its share repurchase plan was amended as described below, the total amount of shares that the Company could repurchase was limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) was no more than 2% of its aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5% of its aggregate NAV per calendar quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. On May 23, 2024, the Company amended its share repurchase plan such that, beginning with repurchases during the month of May 2024, the Company limits share repurchases to 0.33% of NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and, beginning on July 1, 2024, the Company limits share repurchases to 1% of NAV per quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). For the years ended December 31, 2024, 2023 and 2022, the Company repurchased 46.3 million, 102.5 million and 49.1 million shares of common stock representing a total of $1.1 billion, $2.6 billion and $1.3 billion, respectively.
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