STARWOOD PROPERTY TRUST WKN: A0N9JF ISIN: US85571B1052 Kürzel: STWD Forum: Aktien Thema: Hauptdiskussion

https://www.perenews.com/starwood-private-reit-gating-will-lead-others-to-consider-it/

Bondholders Beware: Anchor Office Tenants Aren’t Safe! AAA bondholders of a well-known Manhattan office building faced devastating losses as Blackstone’s fire sale led to a bond devaluation. https://www.credaily.com/newsletters/bondholders-beware-anchor-office-tenants-arent-safe/

On Wednesday, the latest FOMC minutes showed a "deterioration in conditions in domestic CRE markets or a sharp tightening in financial conditions." Recent data from Moody's Ratings showed the share of delinquent office packaged into CMBS topped 6.4% in April, the highest level since June 2018. https://www.zerohedge.com/markets/first-time-gfc-buyers-aaa-debt-backed-cre-hit-losses

Starwood’s trust has continued to face outflow pressure. In April, shareholders requested $518 million in redemptions. The fund paid out just about $192 million. SREIT had $752 million in liquidity at the end of April, including $275 million in an undrawn credit line, according to the shareholder letter. With liquidity worsening, executives had to choose between selling assets, increasing borrowings or limiting redemptions. https://www.starwoodnav.reit/wp-content/uploads/Letter-to-SREIT-Stockholders-May-23-2024-2.pdf

Verluste in "AAA"-Tranche erstmals seit 2008. Da wird auch klar, weshalb SREIT jetzt ganz schnell den Ausgang dicht macht. Blackstone hatte es ja noch mit einem Rabatt von 50% auf den NYC Bürokredit versucht. Nun sind die AAA-Inhaber von 1740 Broadway CMBS mit erstem Teilausfall konfrontiert und die nachrangigen Gläubiger verlieren alles. https://www.institutional-money.com/news/maerkte/headline/cmbs-kaeufer-erleiden-verluste-in-aaa-tranche-erstmals-seit-2008-232974

Da bricht ein Sturm los. Jetzt crashen bereits wieder die AAAs in den USA. https://www.youtube.com/watch?v=M3amm983e-A

Facing Possible Cash Crunch, Giant Real Estate Fund Limits Withdrawals: Starwood Real Estate Income Trust is restricting what investors can redeem https://www.nytimes.com/2024/05/23/business/starwood-reit-limits-withdrawals.html

Volatility laundering in REITs https://www.accreditedinsight.com/p/non-traded-reits-dampening-volatility

Das war ja klar. Bald kommt man dann wohl garnicht mehr raus? Starwood’s $10 Billion REIT Turns to Survival Mode as Real Estate Pain Lingers. New restrictions are expected to last six months to a year. https://www.bloomberg.com/news/articles/2024-05-23/starwood-reit-sets-drastic-redemption-limits-on-liquidity-crunch

Starwood's woes betray the frailties of private capital vehicles. If you can’t get your money out, you better be sure your fund manager knows what they are doing. https://www.ft.com/content/0368b541-d5ea-4043-91bd-13059d8e194a

A sea of red https://www.reit.com/data-research/reit-indexes/real-time-index-returns

Losses Pile Up in Top-Rated Bonds Backed by Commercial Real Estate Debt https://www.bnnbloomberg.ca/losses-pile-up-in-top-rated-bonds-backed-by-commercial-real-estate-debt-1.2076558

Here’s How The REITs Value Assets — and Why It’s Drawing Concern: All of the REITs report NOI income figures quarterly, none of the 10 NAV REITs reviewed by CoStar News disclose a number for their NOI growth assumptions. McCann acknowledged this is a concern across the nonlisted REIT spectrum. https://www.costar.com/article/482983259/heres-how-blackstone-reit-values-assets-%E2%80%94-and-why-its-drawing-concern

Borrowing money to pay off redemption requests is the proverbial equivalent of robbing Peter to pay Paul. That's especially true considering that SREIT would likely need to borrow between $500 million and $1 billion to ease its liquidity crisis. https://nz.finance.yahoo.com/news/one-americas-biggest-reits-seriously-190016688.html

Hatte einen EK von 17,55 € und bin jetzt ausgestiegen. Bei einem weiteren Verfall steige ich wieder ein.

The rise and fall of real estate's biggest buyers. Blackstone's and Starwood's real estate funds see outflows. Here's what could come next: Firesale - SREIT may be forced to sell assets https://www.businessinsider.com/blackstone-starwood-real-estate-breit-sreit-investors-withdrawals-2024-5