Starwood European Real Estate Finance Ltd (SWEF)
Starwood European Real Estate Finance Limited (the “Company”) (Ticker: “SWEF”)
Net Asset Value, 28 February 2023
This announcement contains price sensitive information.
As at the close of business on 28 February 2023 the unaudited net asset value (NAV) of the Company’s Ordinary Shares was 105.28p (31 January 2023: 104.58p). Please refer to the Reconciliation of NAV per share movements below for more information.
Net Asset Value in total
Capital amounts drawn as at 28 February 2023 and amounts committed but undrawn as at 28 February 2023 is shown below.
(1) The balances shown corresponds to cash advanced.
(2) Euro amounts drawn and commitments converted at the month end spot rate.
The difference between amounts drawn in the table above and “Loans advanced” in the first table is accrued income.
Reconciliation of NAV per share movements for the month ended 28 February 2023:
(3) Operating Income available to distribute comprises loan income recognised in the period less the cost of debt facilities utilised by the Group and operating costs incurred. Included in loan income recognised in February 2023 is circa £0.55m (equivalent to 0.14p per share) of loan income related to Office and Industrial Portfolio, UK which has been fully repaid in February 2023 and which benefited from early repayment income protection. The Operating Income available to distribute also includes any realised foreign exchange gains or losses upon settlement of hedges, except those described in note 4.
(4) On occasion, the Group may realise a gain or loss on the roll forward of a hedge if it becomes necessary to extend a capital hedge beyond the initial anticipated loan term. If this situation arises the Group will separate the realised FX gain or loss from other realised FX gains or losses and not consider it available to distribute or as a reduction in distributable profits. The FX gain or loss will only be considered part of distributable reserves or as a reduction in distributable profits when the rolled hedge matures or is settled and the final net gain or loss on the capital hedges can be determined.
(5) Unrealised foreign exchange gain/losses relate to the net impact of changes in the valuation of foreign exchange hedges and the sterling equivalent value of Euro loan investments (using the applicable month end rate). Mis-matches between the hedge valuations and the loan investments may occur depending on the shape of the forward FX curve and this causes some movement in the NAV. These unrealised FX gains / losses are not considered part of distributable reserves.
All figures herein are published based on current information, estimates and judgements.
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
Duke Le Prevost
T: +44 203 5303 630
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