Key Takeaways 01 Strong Portfolio Construction
• Well-positioned portfolio with strong long-term fundamentals and prospects for future growth • Market leading 5.1% same-store NOI growth • Strong balance sheet: 3.8% weighted average interest rate and only 7% of loans maturing in 2025
02 Stable, Attractive Income
• 5.7% annualized distribution rate (Class I share) • Approximately 9.7% on a tax equivalent basis
• SREIT’s yield becoming attractive again with lower expected short-term rates; i.e. paid well to wait while markets recover 03 Market Dynamics Continue to Improve • Real estate markets at or near bottom • New construction starts across SREIT’s core sectors are down significantly • Lower borrowing cost are beginning to improve the capital markets 04 Focused on Transparency and Putting Investors First • Continue to have high conviction in SREIT’s portfolio, strategy and structure • Using Starwood’s 30+ years of real estate experience to protect and maximize value for stockholders
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SREIT | 2024 YEAR-END LETTER
FOR SREIT STOCKHOLDERS ONLY
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